21 unchanged sentences
(4) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated;
−Removed: (5) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including,
−Removed: without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices;
+Added: (5) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices;
(6) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers;
18 unchanged sentences
Management has considered these risks in its forward-looking assessments and determined that, as of the reporting date, there are no material adverse effects on United’s financial position, results of operations, or estimates related to credit losses or asset impairments.
+Added: THE ONE BIG BEAUTIFUL BILL ACT
+Added: On July 4, 2025, President Trump signed into law H.R.
+Added: 1, The One Big Beautiful Bill Act (“OBBBA”).
+Added: Since the bill was signed after the close of the quarter, no financial statement impact was reflected in the second quarter or first six months of 2025.
+Added: The Company is currently evaluating the impact of the OBBBA on the consolidated financial statements but does not expect any impact will be material.
The following discussion and analysis presents the significant changes in financial condition and the results of operations of United and its subsidiaries for the periods indicated below.
1 unchanged sentence
and its wholly-owned subsidiaries, unless otherwise indicated.
−Removed: Management has evaluated all significant events and transactions that occurred after March 31, 2025, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements.
+Added: Management has evaluated all significant events and transactions that occurred after June 30, 2025, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements.
This discussion and analysis should be read in conjunction with the unaudited Consolidated Financial Statements and accompanying notes thereto, which are included elsewhere in this document.
26 unchanged sentences
Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has identified the determination of the allowance for loan and lease losses, the calculation of the income tax provision, and the use of fair value measurements to account for certain financial instruments to be the accounting areas that require the most subjective or complex judgments, and as such could be most subject to revision as new information becomes available.
−Removed: United’s critical accounting policies involving the significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of March 31, 2025 were unchanged from the policies disclosed in United’s Annual Report on Form 10-K for the year ended December 31, 2024 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
+Added: United’s critical accounting policies involving the significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of June 30, 2025 were unchanged from the policies disclosed in United’s Annual Report on Form 10-K for the year ended December 31, 2024 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
FINANCIAL CONDITION
−Removed: United’s total assets as of March 31, 2025 were $32.79 billion, which was an increase of $2.76 billion or 9.21% from December 31, 2024.
+Added: United’s total assets as of June 30, 2025 were $32.78 billion, which was an increase of $2.76 billion or 9.19% from December 31, 2024.
The acquisition of Piedmont on January 10, 2025 added $2.30 billion in total assets, including purchase accounting amounts.
−Removed: Portfolio loans increased $2.19 billion or 10.10%, cash and cash equivalents increased $317.94 million or 13.87%, investment securities increased $54.70 million or 1.68%, goodwill increased $134.72 million or 7.13%, other assets increased $43.75 million or 16.23%, bank-owned life insurance policies increased $41.55 million or 8.36%, bank premises and equipment increased $23.82 million or 12.80%, operating lease right-of-use assets increased $5.09 million or 6.23%, and interest receivable increased $8.10 million or 7.91%.
+Added: Portfolio loans increased $2.38 billion or 10.97%, investment securities increased $137.36 million or 4.21%, goodwill increased $130.02 million or 6.88%, other assets increased $55.58 million or 20.61%, bank-owned life insurance policies increased $44.04 million or 8.86%, bank premises and equipment increased $22.67 million or 12.18%, operating lease right-of-use assets increased $9.33 million or 11.41%, interest receivable increased $5.08 million or 4.96%, and cash and cash equivalents increased $22.45 million or less than 1%.
Loans held for sale decreased $7.31 million or 16.47%.
Total liabilities increased $2.39 billion or 9.54% from year-end 2024.
−Removed: This increase in total liabilities was due mainly to an increase of $2.40 billion or 10.03% in deposits, an increase of $24.01 million or 10.43% in accrued and other liabilities, and an increase of $20.40 million or 7.28% in long-term borrowings, all mainly due to the Piedmont acquisition.
+Added: This increase in total liabilities was due mainly to an increase of $2.37 billion or 9.91% in deposits, an increase of $8.14 million or 3.53% in accrued and other liabilities, and an increase of $10.13 million or 11.67% in operating lease right-of-use liabilities, all mainly due to the Piedmont acquisition.
+Added: Borrowings remained flat from year-end 2024, decreasing $4.69 million or less than 1%.
Shareholders’ equity increased $371.32 million or 7.44% from year-end 2024 due primarily to the acquisition of Piedmont.
1 unchanged sentence
Cash and Cash Equivalents
−Removed: Cash and cash equivalents at March 31, 2025 increased $317.94 million or 13.87% from year-end 2024.
+Added: Cash and cash equivalents at June 30, 2025 increased $22.45 million or less than 1% from year-end 2024.
Net cash acquired in the Piedmont merger was $77.47 million.
−Removed: In particular, interest-bearing deposits with other banks increased $271.41 million or 13.24% as United placed more cash in an interest-bearing account with the Federal Reserve while cash and due from banks increased $46.49 million or 19.32%.
+Added: In particular, cash and due from banks increased $86.24 million or 35.83%, which was mostly offset by a decrease of $63.83 million or 3.11% in interest-bearing deposits with other banks as United placed less cash in an interest-bearing account with the Federal Reserve.
Federal funds sold increased $40 thousand or 3.15%.
−Removed: During the first three months of 2025, net cash of $119.98 million and $216.63 million were provided by operating and financing activities, respectively, while net cash of $18.67 million was used in investing activities.
−Removed: See the unaudited Consolidated Statements of Cash Flows for data on cash and cash equivalents provided and used in operating, investing and financing activities for the first three months of 2025 and 2024.
−Removed: Total investment securities at March 31, 2025 increased $54.70 million or 1.68%.
+Added: During the first six months of 2025, net cash of $209.35 million and $86.92 million were provided by operating and financing activities, respectively, while net cash of $273.82 million was used in investing activities.
+Added: See the unaudited Consolidated Statements of Cash Flows for data on cash and cash equivalents provided and used in operating, investing and financing activities for the first six months of 2025 and 2024.
+Added: Total investment securities at June 30, 2025 increased $137.36 million or 4.21%.
Piedmont added $94.43 million in investment securities, including purchase accounting amounts, upon consummation of the acquisition.
1 unchanged sentence
This change in securities available for sale reflects $92.99 million related to the acquisition of Piedmont, $918.06 million in sales, maturities and calls of securities, $873.97 million in purchases, and an increase of $62.72 million in market value.
−Removed: Equity securities were $21.51 million at March 31, 2025, an increase of $456 thousand or 2.17% due mainly to a net increase in fair value.
+Added: Equity securities were $22.00 million at June 30, 2025, an increase of $938 thousand or 4.45% due mainly to a net increase in fair value.
Other investment securities increased $22.07 million or 7.95% from year-end 2024 due to an increase in Federal Reserve Bank stock as a result of the Piedmont acquisition and net purchases of investment tax credits.
15 unchanged sentences
net of allowance for credit losses of $18 thousand.
−Removed: At March 31, 2025, gross unrealized losses on available for sale securities were $286.60 million.
−Removed: Securities with the most significant gross unrealized losses at March 31, 2025 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and corporate securities.
−Removed: As of March 31, 2025, United’s available for sale mortgage-backed securities had an amortized cost of $1.81 billion, with an estimated fair value of $1.63 billion.
+Added: At June 30, 2025, gross unrealized losses on available for sale securities were $268.66 million.
+Added: Securities with the most significant gross unrealized losses at June 30, 2025 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and corporate securities.
+Added: As of June 30, 2025, United’s available for sale mortgage-backed securities had an amortized cost of $1.84 billion, with an estimated fair value of $1.68 billion.
The portfolio consisted primarily of $1.33 billion in agency residential mortgage-backed securities with a fair value of $1.20 billion, $86.79 million in non-agency residential mortgage-backed securities with an estimated fair value of $81.96 million, and $429.28 million in commercial agency mortgage-backed securities with an estimated fair value of $401.53 million.
−Removed: As of March 31, 2025, United’s available for sale state and political subdivisions securities had an amortized cost of $584.98 million, with an estimated fair value of $510.39 million.
−Removed: The portfolio relates to securities issued by various municipalities located throughout the United States, and no securities within the portfolio were rated below investment grade as of March 31, 2025.
−Removed: As of March 31, 2025, United’s available for sale corporate securities had an amortized cost of $640.65 million, with an estimated fair value of $617.58 million.
+Added: As of June 30, 2025, United’s available for sale state and political subdivisions securities had an amortized cost of $582.35 million, with an estimated fair value of $510.18 million.
+Added: The portfolio relates to securities issued by various municipalities located throughout the United States, and no securities within the portfolio were rated below investment grade as of June 30, 2025.
+Added: As of June 30, 2025, United’s available for sale corporate securities had an amortized cost of $591.21 million, with an estimated fair value of $569.01 million.
The portfolio consisted of $13.31 million in single issue trust preferred securities with an estimated fair value of $12.05 million.
In addition to the single issue trust preferred securities, the Company held positions in various other corporate securities, including asset-backed securities with an amortized cost of $321.17 million and a fair value of $317.99 million and other corporate securities, with an amortized cost of $256.74 million and a fair value of $238.96 million.
−Removed: United’s available for sale single issue trust preferred securities had a fair value of $12.03 million as of March 31, 2025.
+Added: United’s available for sale single issue trust preferred securities had a fair value of $12.05 million as of June 30, 2025.
Of the $12.05 million, $7.36 million or 61.05% were investment grade rated and $4.69 million or 38.95% were unrated.
2 unchanged sentences
All single issue trust preferred securities are currently receiving full scheduled principal and interest payments.
−Removed: During the first quarter of 2025, United did not recognize any credit losses on its available for sale investment securities.
−Removed: Management does not believe that any individual security with an unrealized loss as of March 31, 2025 is impaired.
+Added: During the second quarter of 2025, United did not recognize any credit losses on its available for sale investment securities.
+Added: Management does not believe that any individual security with an unrealized loss as of June 30, 2025 is impaired.
United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a deterioration of credit.
1 unchanged sentence
United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature.
−Removed: As of March 31, 2025, there was no allowance for credit losses related to the Company’s available for sale securities.
+Added: As of June 30, 2025, there was no allowance for credit losses related to the Company’s available for sale securities.
However, United acknowledges that any securities in an unrealized loss position may be sold in future periods in response to significant, unanticipated changes in asset/liability management decisions, unanticipated future market movements or business plan changes.
1 unchanged sentence
Loans Held for Sale
−Removed: Loans held for sale were $28.64 million at March 31, 2025, a decrease of $15.72 million or 35.43% from year-end 2024.
−Removed: Loan sales in the secondary market exceeded originations during the first three months of 2025.
−Removed: Loan originations for the first three months of 2025 were $75.90 million while loans sales were $91.62 million.
+Added: Loans held for sale were $37.05 million at June 30, 2025, a decrease of $7.31 million or 16.47% from year-end 2024.
+Added: Loan sales in the secondary market exceeded originations during the first six months of 2025.
+Added: Loan originations for the first six months of 2025 were $192.49 million while loans sales were $199.80 million.
Portfolio Loans
19 unchanged sentences
Bank-Owned Life Insurance
−Removed: The cash surrender value of bank-owned life insurance policies increased $41.55 million, of which $40.80 million was acquired from Piedmont while the remaining increase was due to an increase in the cash surrender value.
+Added: The cash surrender value of bank-owned life insurance policies increased $44.04 million, of which $40.80 million was acquired from Piedmont while the remaining increase was due to an increase in the cash surrender value as a result of higher market values of underlying investments.
Other assets increased $55.58 million or 20.61% from year-end 2024.
The Piedmont acquisition added $30.60 million in other assets plus an additional $32.76 million in core deposit intangibles.
−Removed: Deferred tax assets increased $5.85 million due mainly to the deferred taxes recorded on the purchase accounting adjustments in the Piedmont acquisition.
−Removed: The remainder of the increase in other assets is the result of an increase of $3.19 million in prepaid assets, an increase of $2.62 million in accounts receivable, and an increase of $1.15 million in OREO.
+Added: Deferred tax assets increased $5.43 million, due mainly to the deferred taxes recorded on the purchase accounting adjustments in the Piedmont acquisition, and income tax receivable increased $11.14 million or 107.11%.
+Added: The remainder of the increase in other assets is the result of an increase of $4.52 million in prepaid assets and an increase of $6.00 million in OREO.
Deposits represent United’s primary source of funding.
−Removed: Total deposits at March 31, 2025 increased $2.40 billion or 10.03% due mainly to the Piedmont acquisition.
+Added: Total deposits at June 30, 2025 increased $2.37 billion or 9.91% due mainly to the Piedmont acquisition.
Piedmont added $2.11 billion in deposits, including purchase accounting amounts.
2 unchanged sentences
Noninterest-bearing deposits consist of demand deposit and noninterest bearing money market (“MMDA”) account balances.
−Removed: The $345.46 million increase in noninterest-bearing deposits was due to a $385.39 million or 8.65% increase in commercial noninterest-bearing deposits, a $73.07 million or 5.25% increase in personal noninterest-bearing deposits, and a $76.38 million increase in public funds noninterest-bearing deposits.
+Added: The $491.85 million increase in noninterest-bearing deposits was due to a $414.23 million or 9.30% increase in commercial noninterest-bearing deposits, a $66.36 million or 4.68% increase in personal noninterest-bearing deposits, and a $19.73 million or 11.12% increase in public funds noninterest-bearing deposits.
Partially offsetting these increases in noninterest-bearing deposits was a $17.19 million decrease in official checks.
1 unchanged sentence
Interest-bearing transaction accounts increased $319.00 million or 5.37% since year-end 2024 as the result of increases of $52.94 million in personal interest-bearing transaction accounts, $167.80 million in commercial interest-bearing transaction accounts, and $98.25 million in public funds interest-bearing transaction accounts.
−Removed: Regular savings accounts increased $56.32 million or 4.50% mainly as a result of a $40.96 million increase in personal savings accounts and a $14.85 million increase in commercial savings accounts.
+Added: Regular savings accounts increased $31.09 million or 2.49% mainly as a result of a $29.95 million increase in personal savings accounts.
Interest-bearing MMDAs increased $518.81 million or 7.35%.
1 unchanged sentence
Time deposits under $100,000 increased $169.51 million or 14.46% from year-end 2024.
−Removed: This increase in time deposits under $100,000 was the result of a $76.71 million increase in variable rate Certificates of Deposits (“CDs”) under $100,000 and a $49.68 million increase in fixed rate CDs.
+Added: This increase in time deposits under $100,000 was the result of a $110.56 million increase in fixed rate Certificates of Deposits (“CDs”) under $100,000 and a $53.62 million increase in variable rate CDs.
Since year-end 2024, time deposits over $100,000 increased $843.76 million or 35.01% as fixed rate CDs increased $665.21 million, brokered CDs increased $111.28 million, variable rate CDs increased $32.30 million, and CDARS over $100,000 increased $8.20 million.
8 unchanged sentences
Total deposits
−Removed: Includes time deposits of $250,000 or more of $1,375,203 and $1,115,748 at March 31, 2025 and December 31, 2024, respectively.
−Removed: Total borrowings at March 31, 2025 increased $10.13 million or 1.41% since year-end 2024.
+Added: Includes time deposits of $250,000 or more of $1,557,717 and $1,115,748 at June 30, 2025 and December 31, 2024, respectively.
+Added: Total borrowings at June 30, 2025 decreased $4.69 million or less than 1% since year-end 2024.
Piedmont added $20.00 million of subordinated debt upon consummation of the acquisition.
−Removed: During the first three months of 2025, short-term borrowings decreased $75 thousand or less than 1% due to a decrease in securities sold under agreements to repurchase.
+Added: During the first six months of 2025, short-term borrowings decreased $15.29 million or 8.68% due to a decrease in securities sold under agreements to repurchase.
Long-term borrowings increased $10.60 million or 1.96% from year-end 2024 as a result of adding Piedmont’s subordinated debt totaling $20.00 million partially offset by a $10.20 million reduction in long-term FHLB advances.
9 unchanged sentences
Accrued Expenses and Other Liabilities
−Removed: Accrued expenses and other liabilities at March 31, 2025 increased $24.01 million or 10.43% from year-end 2024.
+Added: Accrued expenses and other liabilities at June 30, 2025 increased $8.14 million or 3.53% from year-end 2024.
Piedmont added $20.88 million.
−Removed: In particular, income taxes payable increased $17.49 million due to timing differences, business franchise taxes increased $2.87 million, and accrued loan expenses increased $9.46 million.
−Removed: In addition, interest payable increased $4.10 million due to an increase in CDs.
−Removed: Partially offsetting these increases was a decrease of $12.90 million in incentives payable due to payments.
+Added: In particular, interest payable increased $5.28 million due to an increase in CDs and accrued loan expenses increased $12.07 million due to an increase in the loan portfolio.
+Added: Partially offsetting these increases were decreases of $6.03 million in business franchise taxes and $1.59 million in income tax payable, both due to timing differences, and $7.20 million in incentives payable due to payments,.
Shareholders’ Equity
−Removed: Shareholders’ equity at March 31, 2025 was $5.31 billion, which was an increase of $321.23 million or 6.43% from year-end 2024, mainly as the result of the Piedmont acquisition.
−Removed: The Piedmont transaction added approximately $280.95 million in shareholders’ equity as 7,860,831 shares were issued from United’s authorized but unissued shares for the merger at a cost of approximately $280.95 million.
+Added: Shareholders’ equity at June 30, 2025 was $5.36 billion, which was an increase of $371.32 million or 7.44% from year-end 2024, mainly as the result of the Piedmont acquisition.
+Added: The Piedmont transaction added approximately $280.95 million in shareholders’ equity as 7,860,831 shares were issued from United’s authorized but unissued shares for the merger at a cost of $280.95 million.
Retained earnings increased $98.95 million or 5.16% from year-end 2024.
−Removed: Earnings net of dividends for the first three months of 2025 were $30.97 million.
+Added: Earnings net of dividends for the first six months of 2025 were $98.95 million.
Accumulated other comprehensive income increased $40.18 million or 17.94% from year-end 2024 due mainly to an increase of $47.73 million in the fair value of United’s available for sale investment portfolio, net of deferred income taxes.
1 unchanged sentence
During the first quarter of 2025, United restarted repurchasing its common stock on the open market under a repurchase plan approved by United’s Board of Directors.
−Removed: United repurchased 567,405 shares during the first quarter at a cost of $19.82 million or an average share price of $34.93.
+Added: United repurchased 1,548,827 shares during the first six months at a cost of $52.37 million or an average share price of $33.81.
RESULTS OF OPERATIONS
1 unchanged sentence
Three Months Ended
+Added: Six Months Ended
(Dollars in thousands)
−Removed: Income Statement Summary:
Interest income
2 unchanged sentences
Provision for credit losses
−Removed: Other expense
+Added: Noninterest income
+Added: Noninterest expense
Income before income taxes
−Removed: Net income for the first quarter of 2025 was $84.31 million as compared to earnings of $86.81 million for the first quarter of 2024.
−Removed: Diluted earnings per share were $0.59 for the first quarter of 2025 and $0.64 for the first quarter of 2024.
−Removed: On a linked-quarter basis, net income for the fourth quarter of 2024 was $94.41 million or $0.69 per diluted share.
+Added: Net income for the second quarter and first six months of 2025 was $120.72 million and $205.03 million, respectively, as compared to earnings of $96.51 million and $183.32 million for the second quarter and first six months of 2024.
+Added: Diluted earnings per share were $0.85 for the second quarter of 2025 and $0.71 for the second quarter of 2024.
+Added: Diluted earnings per share were $1.44 for the first six months of 2025 as compared to $1.35 for the first six months of 2024.
+Added: On a linked-quarter basis, net income for the first quarter of 2025 was $84.31 million or $0.59 per diluted share.
As previously mentioned, United completed its acquisition of Piedmont on January 10, 2025.
The financial results of Piedmont are included in United’s results from the acquisition date.
−Removed: As a result of the acquisition, the first quarter of 2025 was impacted for nearly three months of increased levels of average balances, income, and expense as compared to the first quarter of 2024 and the fourth quarter of 2024.
−Removed: In addition, United recorded acquisition-related costs for the Piedmont merger of $30.04 million, including a provision for credit losses of $18.73 million for purchased non-PCD loans for the first quarter of 2025 and $1.26 million for the fourth quarter of 2024.
−Removed: United’s annualized return on average assets for the first three months of 2025 was 1.06% and return on average shareholders’ equity was 6.47% as compared to 1.19% and 7.25%, respectively, for the first three months of 2024.
−Removed: On a linked-quarter basis, United’s annualized return on average assets for the fourth quarter of 2024 was 1.25% and return on average shareholders’ equity was 7.48%.
−Removed: For the first three months of 2025, United’s annualized return on average tangible equity, a non-GAAP measure, was 10.61%, as compared to 11.98% for the first three months of 2024.
−Removed: On a linked-quarter basis, United’s annualized return on average tangible equity was 12.03% for the fourth quarter of 2024.
+Added: As a result of the acquisition, the second quarter and first six months of 2025 was impacted for three and nearly six months of increased levels of average balances, income, and expense as compared to the second quarter and first six months of 2024.
+Added: In addition, United recorded acquisition-related costs for the Piedmont merger of $1.32 million for the second quarter of 2025 and $31.36 million for the first six months of 2025, including a provision for credit losses of $18.73 million for purchased non-PCD loans recorded in the first quarter of 2025, as compared to $1.27 million for both the second quarter and first six months of 2024.
+Added: For the second quarter of 2025, United’s annualized return on average assets was 1.49% and return on average shareholders’ equity was 9.05% as compared to 1.32% and 7.99% for the second quarter of 2024.
+Added: United’s annualized return on average assets was 1.06% and return on average shareholders’ equity was 6.47% for the first quarter of 2025.
+Added: United’s annualized return on average assets for the first six months of 2025 was 1.28% and return on average shareholders’ equity was 7.78% as compared to 1.25% and 7.62% for the first six months of 2024.
+Added: For the second quarter and first half of 2025, United’s annualized return on average tangible equity, a non-GAAP measure, was 14.67% and 12.67%, respectively, as compared to 13.12% and 12.55% for the second quarter and first half of 2024, respectively.
+Added: United’s annualized return on average tangible equity was 10.61% for the first quarter of 2025.
Three Months Ended
+Added: Six Months Ended
+Added: (Dollars in thousands)
Return on Average Tangible Equity:
5 unchanged sentences
Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366/ (c)
−Removed: Net interest income for the first quarter of 2025 increased $37.57 million, or 16.88% from the first quarter of 2024.
−Removed: The increase of $37.57 million in net interest income occurred because total interest income increased $34.47 million while total interest expense decreased $3.10 million from the first quarter of 2024.
−Removed: Net interest income for the first quarter of 2025 increased $27.45 million, or 11.80%, from the fourth quarter of 2024.
−Removed: The increase of $27.45 million in net interest income occurred because total interest income increased $27.61 million while total interest expense increased $166 thousand from the fourth quarter of 2024.
−Removed: The provision for credit losses was $29.10 million for the first quarter of 2025 as compared to a provision for credit losses of $5.74 million and $6.69 million for the first quarter and fourth quarter of 2024, respectively.
−Removed: The increase in the provision for credit losses was mainly due to the previously mentioned $18.73 million of provision recorded on purchased non-PCD loans from Piedmont.
−Removed: For the first quarter of 2025, noninterest income decreased $2.66 million or 8.25% from the first quarter of 2024.
−Removed: The decrease of $2.66 million was primarily due to a decrease in income from mortgage banking activities as a result of lower mortgage loan origination and sale volume.
−Removed: Noninterest expense for the first quarter of 2025 increased $12.83 million or 9.12% from the first quarter of 2024.
−Removed: The increase of $12.83 million was due mainly to $11.31 million of merger-rated expenses incurred during the first quarter of 2025 from the Piedmont acquisition.
−Removed: Income taxes increased $1.22 million or 5.71% for the first three months of 2025 as compared to the first three months of 2024 primarily due to a higher effective tax rate partially offset by lower earnings.
−Removed: On a linked-quarter basis, income taxes decreased $4.02 million or 15.10% for the first quarter of 2025 as compared to the fourth quarter of 2024 due mainly to lower earnings and a lower effective tax rate.
−Removed: The effective tax rate was 21.16% and 19.78% for the first quarter of 2025 and 2024, respectively.
−Removed: The effective tax rate was 22.01% for the fourth quarter of 2024.
+Added: Net interest income for the second quarter of 2025 increased $48.82 million, or 21.63% from the second quarter of 2024.
+Added: The increase of $48.82 million in net interest income occurred because total interest income increased $47.01 million while total interest expense decreased $1.81 million from the second quarter of 2024.
+Added: Net interest income for the first half of 2025 increased $86.39 million or 19.27% from the first half of 2024.
+Added: The increase of $86.39 million in net interest income occurred because total interest income increased $81.48 million while total interest expense decreased $4.91 million from the first half of 2024.
+Added: Net interest income for the second quarter of 2025 increased $14.48 million, or 5.57%, from the first quarter of 2025.
+Added: The increase of $14.48 million in net interest income occurred because total interest income increased $17.55 million while total interest expense increased $3.07 million from the first quarter of 2025.
+Added: The provision for credit losses was $5.89 million and $34.99 million for the second quarter and first half of 2025, respectively, while the provision for credit losses was $5.78 million and $11.52 million for the second quarter and first half of 2024.
+Added: The provision for credit losses was $29.10 million for the first quarter of 2025.
+Added: The increase in the provision for credit losses for the first half of 2025 was mainly due to the previously mentioned $18.73 million of provision recorded on purchased non-PCD loans from Piedmont.
+Added: For the second quarter of 2025, noninterest income increased $1.24 million or 4.09% from the second quarter of 2024 due primarily to increased income from bank-owned life insurance policies due to the impact of higher market values of underlying investments and net proceeds from death benefits.
+Added: Noninterest income for the first six months of 2025 decreased $1.42 million or 2.28% from the first six months of 2024 due primarily to a decrease in income from mortgage banking activities as a result of lower mortgage loan origination and sale volume.
+Added: Noninterest income for the second quarter of 2025 increased $1.91 million, or 6.45%, from the first quarter of 2025.
+Added: Noninterest expense for the second quarter of 2025 increased $13.25 million or 9.83% from the second quarter of 2024 due mainly to the additional employees and branches from the Piedmont acquisition.
+Added: For the first six months of 2025, noninterest expense increased $26.08 million or 9.46% from the first six months of 2024 due mainly to $11.36 million of additional merger-related expenses from the Piedmont acquisition in the first six months of 2025 as compared to the first six months of 2024.
+Added: Noninterest expense for the second quarter of 2025 decreased $5.55 million, or 3.62%, from the first quarter of 2025.
+Added: The decrease in noninterest expense was due mainly to a $9.99 million decrease in merger-related expenses from the Piedmont acquisition partially offset by an increase of $2.06 million in employee compensation expense due mainly to increased employee incentives, stock-based compensation, and employee commissions driven by higher mortgage production.
+Added: Income taxes for the second quarter of 2025 were $31.37 million as compared to $18.88 million for the second quarter of 2024.
+Added: For the first six months of 2025 and 2024 income tax expense was $53.99 million and $40.28 million, respectively.
+Added: These increases in income tax expense for the 2025 time periods above were primarily due to higher earnings and effective tax rates.
+Added: Income tax expense increased $8.74 million from the first quarter of 2025 due mainly to increased earnings partially offset by a lower effective tax rate.
+Added: For the quarters ended June 30, 2025 and 2024, United’s effective tax rate was 20.62% and 16.36%, respectively.
+Added: The effective tax rate for the first six months of 2025 and 2024 was 20.85% and 18.02%, respectively.
+Added: For the quarter ended March 31, 2025, United’s effective tax rate was 21.16%.
The following discussion explains in more detail the consolidated results of operations by major category.
4 unchanged sentences
Such changes, and their impact on net interest income in 2025 and 2024, are presented below.
−Removed: Net interest income for the first quarter of 2025 was $260.06 million, which was an increase of $37.57 million or 16.88% from the first quarter of 2024.
−Removed: The $37.57 million increase in net interest income occurred because total interest income increased $34.47 million while total interest expense decreased $3.10 million from the first quarter of 2024.
−Removed: On a linked-quarter basis, net interest income for the first quarter of 2025 increased $27.45 million, or 11.80%, from the fourth quarter of 2024.
−Removed: The $27.45 million increase in net interest income occurred because total interest income increased $27.61 million while total interest expense increased $166 thousand from the fourth quarter of 2024.
+Added: Net interest income for the second quarter of 2025 was $274.54 million, which was an increase of $48.82 million or 21.63% from the second quarter of 2024.
+Added: The $48.82 million increase in net interest income occurred because total interest income increased $47.01 million while total interest expense decreased $1.81 million from the second quarter of 2024.
+Added: Net interest income for the first half of 2025 was $534.59 million, which was an increase of $86.39 million or 19.27% from the first half of 2024.
+Added: The $86.39 million increase in net interest income occurred because total interest income increased $81.48 million while total interest expense decreased $4.91 million from the first half of 2024.
+Added: On a linked-quarter basis, net interest income for the second quarter of 2025 increased $14.48 million or 5.57% from the first quarter of 2025.
+Added: The $14.48 million increase in net interest income occurred because total interest income increased $17.55 million while total interest expense increased $3.07 million from the first quarter of 2025.
For the purpose of this remaining discussion, net interest income is presented on a tax-equivalent basis to provide a comparison among all types of interest earning assets.
2 unchanged sentences
United uses this measure to monitor net interest income performance and to manage its balance sheet composition.
−Removed: Tax-equivalent net interest income for the first quarter of 2025 was $260.84 million, an increase of $37.48 million or 16.78% from the first quarter of 2024 due mainly to an increase in average earning assets from the Piedmont acquisition.
−Removed: Average earning assets for the first quarter of 2025 increased $2.48 billion or 9.51% from the first quarter of 2024.
−Removed: The increase in average earning assets was due mainly to a $1.94 billion or 9.14% increase in average net loans and a $1.25 billion or 141.45% increase in average short-term investments, partially offset by a decrease of $709.58 million or 17.94% in average investment securities.
−Removed: Average interest-bearing funds for the first quarter of 2025 increased $1.72 billion or 9.37% from the first quarter of 2024.
−Removed: In particular, average interest-bearing deposits increased $2.70 billion while average long-term borrowings decreased $945.62 million from the first quarter of 2024.
−Removed: In addition, the average cost of funds for the first quarter of 2025 decreased 31 basis points due primarily to a decrease in interest rates from the first quarter of 2024.
−Removed: Most notably, the cost of average interest-bearing deposits and short-term borrowings decreased 25 and 59 basis points, respectively, from the first quarter of 2024.
−Removed: Also, the average yield on earning assets for the first quarter of 2025 increased 3 basis points from the first quarter of 2024 despite a decline in interest rates due mainly to an increase in loan accretion on acquired loans.
−Removed: For the first quarter of 2025, interest income and tax-equivalent net interest income included $5.99 million of acquired loan accretion income as compared to $2.51 million for the first quarter of 2024.
−Removed: The net interest margin of 3.69% for the first quarter of 2025 was an increase of 25 basis points from the net interest margin of 3.44% for the first quarter of 2024.
−Removed: On a linked-quarter basis, tax-equivalent net interest income for the first quarter of 2025 increased $27.43 million, or 11.75%, from the fourth quarter of 2024.
−Removed: The increase in tax-equivalent net interest income was primarily due to an increase in average earning assets from the Piedmont acquisition as well as a decrease in the average cost of funds due to the impact of deposit rate repricing as a result of lower interest rates.
−Removed: Average earning assets for the first quarter of 2025 increased $1.88 million or 7.05% from the fourth quarter of 2024 as average net loans increased $1.75 billion or 8.16% and average short-term investments increased $323.95 million or 17.93% while average investments decreased $192.28 million or 5.59%.
−Removed: The average cost of funds for the first quarter of 2025 decreased 17 basis points.
−Removed: In particular, the cost on average interest-bearing deposits and long-term borrowings decreased 17 and 22 basis points, respectively, for the first quarter of 2025.
−Removed: The yield on average earning assets for the first quarter of 2025 increased 11 basis points from the fourth quarter of 2024 driven by an increase of 13 basis points on the yield on average net loans.
−Removed: Acquired loan accretion income for the first quarter of 2025 was $5.99 million as compared to $1.98 million for the fourth quarter of 2024.
−Removed: The net interest margin of 3.69% for the first quarter of 2025 was an increase of 20 basis points from the net interest margin of 3.49% for the fourth quarter of 2024.
+Added: Tax-equivalent net interest income for the second quarter of 2025 increased $48.75 million, or 21.51%, from the second quarter of 2024.
+Added: The increase in tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, a higher yield on average net loans, an increase in acquired loan accretion income, and a decrease in average long-term borrowings.
+Added: These increases were partially offset by an increase in average interest-bearing deposits.
+Added: Average earning assets increased $2.94 billion, or 11.29%, from the second quarter of 2024 driven by increases in average net loans of $2.33 billion and average short-term investments of $1.10 billion partially offset by a decrease in average investment securities of $485.28 million.
+Added: The decrease in average investment securities was driven by sales of available for sale (“AFS”) investment securities during 2024.
+Added: The cost of average interest-bearing deposits decreased 33 basis points from the second quarter of 2024.
+Added: The yield on average net loans increased 14 basis points from the second quarter of 2024.
+Added: Acquired loan accretion income was $11.76 million for the second quarter of 2025 as compared to $2.41 million for the second quarter of 2024.
+Added: Average long-term borrowings decreased $739.61 million from the second quarter of 2024.
+Added: Average interest-bearing deposits increased $2.86 billion, or 17.11%, from the second quarter of 2024.
+Added: The net interest margin of 3.81% for the second quarter of 2025 was an increase of 31 basis points from the net interest margin of 3.50% for the second quarter of 2024.
+Added: Tax-equivalent net interest income for the first half of 2025 increased $86.22 million, or 19.16%, from the first half of 2024.
+Added: The increase in tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, a decrease in average long-term borrowings, a higher yield on average net loans, and an increase in acquired loan accretion income.
+Added: These increases were partially offset by an increase in average interest-bearing deposits and a decrease in average investment securities.
+Added: Average earning assets increased $2.71 billion, or 10.40%, from the first half of 2024 driven by increases in average net loans of $2.14 billion and average short-term investments of $1.17 billion partially offset by a decrease in average investment securities of $597.50 million.
+Added: Average interest-bearing deposits increased $2.79 billion, or 16.68%, from the first half of 2024.
+Added: The cost of average interest-bearing deposits decreased 29 basis points from the first half of 2024.
+Added: Average long-term borrowings decreased $842.63 million from the first half of 2024.
+Added: The yield on average net loans and loans held for sale increased 10 basis points from the first half of 2024.
+Added: Acquired loan accretion income was $17.75 million for the first half of 2025 as compared to $4.91 million for the first half of 2024.
+Added: The net interest margin of 3.75% for the first half of 2025 was an increase of 28 basis points from the net interest margin of 3.47% for the first half of 2024.
+Added: On a linked-quarter basis, tax-equivalent net interest income for the second quarter of 2025 also increased $14.49 million, or 5.56%, from the first quarter of 2025.
+Added: The second quarter of 2025 reflected a full three months of average earning assets and interest-bearing liabilities balances from the Piedmont acquisition.
+Added: The increase in tax-equivalent net interest income was driven by increases in average loans from the Piedmont acquisition and organic loan growth, a higher yield on average net loans, and an increase in acquired loan accretion income.
+Added: These increases were partially offset by an increase in average interest-bearing deposits primarily due to the Piedmont acquisition.
+Added: Average net loans increased $511.10 million, or 2.20%, from the first quarter of 2025.
+Added: The interest rate spread increased 12 basis points to 2.95% for the second quarter of 2025 driven by an increase in the yield on average net loans and loans held for sale of 13 basis points.
+Added: Acquired loan accretion income for the second quarter of 2025 increased of $5.77 million from the first quarter of 2025 which contributed to an approximately 8 basis point increase in the interest rate spread and in the net interest margin.
+Added: Average interest-bearing deposits increased $237.49 million, or 1.23%, from the first quarter of 2025.
+Added: The net interest margin of 3.81% for the second quarter of 2025 was an increase of 12 basis points from the net interest margin of 3.69% for the first quarter of 2025.
United’s tax-equivalent net interest income also includes the impact of acquisition accounting fair value adjustments.
−Removed: The following table provides the discount/premium and net accretion impact to tax-equivalent net interest income for the three months ended March 31, 2025, March 31, 2024 and December 31, 2024:
+Added: The following table provides the discount/premium and net accretion impact to tax-equivalent net interest income for the three months ended June 30, 2025, June 30, 2024 and March 31, 2025 and the six months ended June 30, 2025 and June 30, 2024:
Three Months Ended
3 unchanged sentences
Long-term borrowings
−Removed: The following tables reconcile the difference between net interest income and tax-equivalent net interest income for the three months ended March 31, 2025, March 31, 2024 and December 31, 2024.
+Added: Six Months Ended
+Added: (Dollars in thousands)
+Added: Loan accretion
+Added: Certificates of deposit
+Added: Long-term borrowings
+Added: Tax-equivalent net interest income
+Added: The following tables reconcile the difference between net interest income and tax-equivalent net interest income for the three months ended June 30, 2025, June 30, 2024 and March 31, 2025 and the six months ended June 30, 2025 and June 30, 2024.
Three Months Ended
3 unchanged sentences
Tax-equivalent net interest income
−Removed: The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21% for the three months ended March 31, 2025 and 2024 and December 31, 2024.
+Added: Six Months Ended
+Added: (Dollars in thousands)
+Added: Net interest income, GAAP basis
+Added: Tax-equivalent adjustment (1)
+Added: Tax-equivalent net interest income
+Added: The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21% for the three months and six months ended June 30, 2025 and 2024 and the three months ended March 31, 2025.
All interest income on loans and investment securities was subject to state income taxes.
−Removed: The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended March 31, 2025 and 2024, respectively, with the interest and rate earned or paid on such amount.
−Removed: The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended March 31, 2025 and 2024.
+Added: The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended June 30, 2025 and 2024, respectively, with the interest and rate earned or paid on such amount.
+Added: The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended June 30, 2025 and 2024.
Interest income on all loans and investment securities was subject to state income taxes.
1 unchanged sentence
Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
(Dollars in thousands)
5 unchanged sentences
Allowance for loan losses
−Removed: Net loans (2)(3)
Total earning assets
−Removed: Interest-Bearing Funds:
+Added: Interest-Bearing Liabilities:
Interest-bearing deposits
1 unchanged sentence
Long-term borrowings
−Removed: Total Interest-Bearing Funds
+Added: Total Interest-Bearing Liabilities
Noninterest-bearing deposits
4 unchanged sentences
NET INTEREST INCOME
−Removed: INTEREST SPREAD
+Added: INTEREST RATE SPREAD
NET INTEREST MARGIN
2 unchanged sentences
Loans held for sale and leases are included in the daily average loan amounts outstanding.
−Removed: The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, with the interest and rate earned or paid on such amount.
−Removed: The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended March 31, 2025 and December 31, 2024.
+Added: The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended June 30, 2025 and March 31, 2025, respectively, with the interest and rate earned or paid on such amount.
+Added: The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended June 30, 2025 and March 31, 2025.
Interest income on all loans and investment securities was subject to state income taxes.
1 unchanged sentence
Three Months Ended
+Added: June 30, 2025
March 31, 2025
−Removed: December 31, 2024
(Dollars in thousands)
5 unchanged sentences
Allowance for loan losses
−Removed: Net loans (2)(3)
Total earning assets
−Removed: Interest-Bearing Funds:
+Added: Interest-Bearing Liabilities:
Interest-bearing deposits
1 unchanged sentence
Long-term borrowings
−Removed: Total Interest-Bearing Funds
+Added: Total Interest-Bearing Liabilities
Noninterest-bearing deposits
4 unchanged sentences
NET INTEREST INCOME
−Removed: INTEREST SPREAD
+Added: INTEREST RATE SPREAD
NET INTEREST MARGIN
2 unchanged sentences
Loans held for sale and leases are included in the daily average loan amounts outstanding.
+Added: The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the six-month periods ended June 30, 2025 and 2024, respectively, with the interest and rate earned or paid on such amount.
+Added: The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the six-month period ended June 30, 2025 and 2024.
+Added: Interest income on all loans and investment securities was subject to state income taxes.
+Added: Six Months Ended
+Added: Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: (Dollars in thousands)
+Added: Earning Assets:
+Added: Federal funds sold and securities repurchased under agreements to resell and other short-term investments
+Added: Investment Securities:
+Added: Total Securities
+Added: Loans, net of unearned income (2)(3)
+Added: Allowance for loan losses
+Added: Total earning assets
+Added: Interest-Bearing Liabilities:
+Added: Interest-bearing deposits
+Added: Short-term borrowings
+Added: Long-term borrowings
+Added: Total Interest-Bearing Liabilities
+Added: Non-interest bearing deposits
+Added: Accrued expenses and other liabilities
+Added: TOTAL LIABILITIES
+Added: SHAREHOLDERS’ EQUITY
+Added: TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
+Added: NET INTEREST INCOME
+Added: INTEREST RATE SPREAD
+Added: NET INTEREST MARGIN
+Added: The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.
+Added: Nonaccruing loans are included in the daily average loan amounts outstanding.
+Added: Loans held for sale and leases are included in the daily average loan amounts outstanding.
Provision for Credit Losses
−Removed: The provision for credit losses was $29.10 million for the first quarter of 2025 as compared to a provision for credit losses of $5.74 million for the first quarter of 2024.
−Removed: On a linked-quarter basis, the provision for credit losses for the fourth quarter of 2024 was $6.69 million.
−Removed: The provision for credit losses for the first quarter of 2025 included provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont.
+Added: The provision for credit losses was $5.89 million and $34.99 million for the second quarter and first half of 2025, respectively, as compared to a provision for credit losses of $5.78 million and $11.52 million for the second quarter and first half of 2024, respectively.
+Added: On a linked-quarter basis, the provision for credit losses for the first quarter of 2025 was $29.10 million.
+Added: The provision for credit losses for the first quarter and first half of 2025 included provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont.
United’s provision for credit losses relates to its portfolio of loans and leases, available-for-sale securities and held-to-maturity securities are discussed in more detail in the following paragraphs.
−Removed: For the quarter ended March 31, 2025, the provision for loan and lease losses was $29.10 million as compared to a provision for loan and lease losses of $5.74 million for the quarter ended March 31, 2024.
−Removed: The higher amount of provision expense for the first quarter of 2025 compared to the first quarter of 2024 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont.
−Removed: Net charge-offs were $8.04 million for the first quarter of 2025 compared to net charge-offs of $2.07 million for the first quarter of 2024.
−Removed: The higher amount of net charge-offs for 2025 as compared to 2024 was primarily due to increased charge-offs within the consumer, commercial real estate nonowner-occupied and other commercial portfolios.
−Removed: On a linked-quarter basis, the provision for loan and lease losses for the fourth quarter of 2024 was $6.69 million.
−Removed: Again, the higher amount of provision expense for the first quarter of 2025 from the fourth quarter of 2024 was due primarily to the provision expense recorded on the non-PCD loans acquired from Piedmont.
−Removed: Net charge-offs were $5.62 million for the fourth quarter of 2024.
−Removed: Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the first quarter of 2025 was 0.14% as compared to annualized net charge-offs of 0.04% for the first quarter of 2024 and annualized net charge-offs of 0.10% for the fourth quarter of 2024.
−Removed: The following table shows a summary of United’s nonperforming assets including nonperforming loans and other real estate owned (“OREO”) at March 31, 2025 and December 31, 2024:
+Added: For the quarter ended June 30, 2025, the provision for loan and lease losses was $5.89 million as compared to a provision for loan and lease losses of $5.78 million for the quarter ended June 30, 2024.
+Added: The provision for loan and lease losses for the first six months of 2025 was $34.99 million as compared to a provision for loan and lease losses of $11.52 million for the first six months of 2024.
+Added: The higher amount of provision expense for the first half of 2025 compared to the first half of 2024 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont.
+Added: Net charge-offs for the first six months of 2025 were $16.39 million as compared to net charge-offs of $3.33 million for the first six months of 2024.
+Added: The higher amount of net charge-offs for 2025 as compared to 2024 was primarily due to increased charge-offs within the commercial real estate nonowner-occupied and other commercial portfolios.
+Added: On a linked-quarter basis, the provision for loan and lease losses was $5.89 million for the second quarter of 2025 which was a $23.21 million decrease from the provision for loan and lease losses of $29.10 million for the first quarter of 2025.
+Added: This decrease was due mainly to the previously mentioned provision expense of $18.73 million recorded in the first quarter of 2025 for purchased non-PCD loans from Piedmont.
+Added: Net charge-offs were $8.04 million for the first quarter of 2025.
+Added: Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the second quarter and first half of 2025 was 0.14% for both time periods as compared to annualized net charge-offs of 0.02% and 0.03% for the second quarter and first half of 2024, respectively.
+Added: Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the first quarter of 2025 were 0.14%.
+Added: The following table shows a summary of United’s nonperforming assets including nonperforming loans and other real estate owned (“OREO”) at June 30, 2025 and December 31, 2024:
(In thousands)
6 unchanged sentences
The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses.
−Removed: At March 31, 2025, the allowance for credit losses was $346.99 million as compared to $306.76 million at December 31, 2024.
−Removed: At March 31, 2025, the allowance for loan and lease losses was $310.42 million as compared to $271.84 million at December 31, 2024.
+Added: At June 30, 2025, the allowance for credit losses was $343.78 million as compared to $306.75 million at December 31, 2024.
+Added: At June 30, 2025, the allowance for loan and lease losses was $307.96 million as compared to $271.84 million at December 31, 2024.
The increase in the allowance for loan and lease losses was primarily driven by the allowance for loan and lease losses recorded as a result of the Piedmont acquisition.
−Removed: The allowance for loan and lease losses at March 31, 2025 saw the largest increases in the reserves for commercial real estate, both owner and nonowner-occupied, the residential real estate and the real estate construction and development loans segments from year-end 2024 due to increased outstanding loan balances from the Piedmont acquisition, increased allocations for individually evaluated loans that do not share similar portfolio characteristics and increased adjustments resulting from the reasonable and supportable forecast.
−Removed: As a percentage of loans and leases, net of unearned income, the allowance for loan losses was 1.30% at March 31, 2025 and 1.25% at December 31, 2024.
−Removed: The ratio of the allowance for loan and lease losses to nonperforming loans and leases or coverage ratio was 444.89% and 370.36% at March 31, 2025 and December 31, 2024, respectively.
+Added: The allowance for loan and lease losses at June 30, 2025 saw the largest increases in the reserves for the commercial real estate nonowner-occupied, residential real estate and real estate construction and development loans segments from year-end 2024 due to increased outstanding loan balances from the Piedmont acquisition, increased allocations for individually evaluated loans that do not share similar portfolio characteristics and increased adjustments resulting from the reasonable and supportable forecast.
+Added: As a percentage of loans and leases, net
+Added: of unearned income, the allowance for loan losses was 1.28% at June 30, 2025 and 1.25% at December 31, 2024.
+Added: The ratio of the allowance for loan and lease losses to nonperforming loans and leases or coverage ratio was 451.11% and 370.36% at June 30, 2025 and December 31, 2024, respectively.
The increase in this ratio was due mainly to an increase in the allowance for loan losses as well as a slight decline in nonperforming loans.
3 unchanged sentences
If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, an adjustment was made for that factor.
−Removed: The first quarter of 2025 qualitative adjustments include analyses of the following:
−Removed: Current conditions – United considered the impact of government efficiency efforts and potential tariffs when making determinations related to factor adjustments for the external environment.
+Added: The second quarter of 2025 qualitative adjustments include analyses of the following:
+Added: • Current conditions – United considered the impact of government efficiency efforts, potential tariffs and geopolitical events when making determinations related to factor adjustments for the external environment.
United also considered the impact of changes in economic and business conditions;
5 unchanged sentences
Assumptions for the economic variables were the following:
−Removed: The forecast for real GDP adjusted downward in the first quarter, from a projection of 2.10% for 2025 as of mid-December 2024 to 1.70% for 2025 as of mid-March with a projection of 1.80% for 2026.
−Removed: The unemployment rate forecast shifted slightly in the first quarter from a projection of 4.30% for 2025 as of mid-December 2024 to 4.40% for 2025 as of mid-March with a projection of 4.30% for 2026.
+Added: The forecast for real GDP adjusted downward in the second quarter, from a projection of 1.70% for 2025 as of mid-March 2025 to 1.40% for 2025 as of mid-June with a projection of 1.60% for 2026.
+Added: The unemployment rate forecast shifted slightly in the second quarter from a projection of 4.40% for 2025 as of mid-March 2025 to 4.50% for 2025 as of mid-June with a projection of 4.50% for 2026.
Greater risk of loss in the office portfolio due to continued hybrid and remote work that may be exacerbated by future economic conditions.
Reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period.
−Removed: United’s review of the allowance for loan and lease losses at March 31, 2025 produced increased reserves in each of the four loan categories as compared to December 31, 2024.
−Removed: The allowance related to the commercial, financial & agricultural loan pool, consisting of the owner and non-owner occupied commercial real estate and other commercial loan segments, increased $21.39 million due to the first quarter acquisition of Piedmont and increased outstanding balances.
+Added: United’s review of the allowance for loan and lease losses at June 30, 2025 produced increased reserves in each of the four loan categories as compared to December 31, 2024.
+Added: The allowance related to the commercial, financial & agricultural loan pool, consisting of the owner and non-owner occupied commercial real estate and other commercial loan segments, increased $21.91 million due to the first quarter acquisition of Piedmont and increased outstanding balances as well as increased allocations for individually evaluated loans that do not share similar portfolio characteristics.
The residential real estate segment reserve increased $5.44 million due to increased outstanding balances with the acquisition of Piedmont and the annual evaluation of delay periods utilized in the historical loss rate calculation.
The real estate construction and development loan segment reserve increased $7.14 million due to increased outstanding balances with the acquisition of Piedmont.
−Removed: The consumer loan segment reserve increased $217 thousand primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment.
+Added: The consumer loan segment reserve increased $1.62 million primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment.
An allowance is established for estimated lifetime losses for loans that are individually assessed.
4 unchanged sentences
When the selected measure is less than the recorded investment in the loan, an expected credit loss has occurred.
−Removed: The allowance for loans and leases that were individually assessed was $18.44 million at March 31, 2025 and $11.21 million at December 31, 2024.
−Removed: In comparison to year-end, this element of the allowance increased $7.23 million due to loans individually evaluated from the acquisition of Piedmont requiring allocations as well as a large United-originated office loan with elevated collection concerns due to pending lease maturities and upcoming loan maturity which will necessitate an increase in the loan’s interest rate.
−Removed: Management believes that the allowance for credit losses of $346.99 million at March 31, 2025 is adequate to provide for expected losses on existing loans and lending-related commitments based on information currently available.
+Added: The allowance for loans and leases that were individually assessed was $17.61 million at June 30, 2025 and $11.21 million at December 31, 2024.
+Added: In comparison to year-end, this element of the allowance increased $6.40 million due to loans individually evaluated from the acquisition of Piedmont requiring allocations as well as a large United-originated office relationship with elevated collection concerns due to the impact of government efficiency efforts which resulted in the termination of leases.
+Added: Management believes that the allowance for credit losses of $343.78 million at June 30, 2025 is adequate to provide for expected losses on existing loans and lending-related commitments based on information currently available.
United’s loan administration policies are focused on the risk characteristics of the loan portfolio in terms of loan approval and credit quality.
3 unchanged sentences
It is the opinion of management that these commercial loans do not pose any unusual risks and that adequate consideration has been given to these loans in establishing the allowance for credit losses.
−Removed: The provision for credit losses related to held to maturity securities for the first quarter of 2025 and 2024 was immaterial.
−Removed: The allowance for credit losses related to held to maturity securities was $18 thousand as of March 31, 2025 as well as December 31, 2024.
−Removed: There was no provision for credit losses recorded on available for sale investment securities for the first quarter of 2025 and 2024 and no allowance for credit losses on available for sale investment securities as of March 31, 2025 and December 31, 2024.
+Added: The provision for credit losses related to held to maturity securities for the second quarter of 2025 and 2024 was immaterial.
+Added: The allowance for credit losses related to held to maturity securities was $18 thousand as of June 30, 2025 as well as December 31, 2024.
+Added: There was no provision for credit losses recorded on available for sale investment securities for the first half of 2025 and 2024 and no allowance for credit losses on available for sale investment securities as of June 30, 2025 and December 31, 2024.
Management is not aware of any potential problem loans or leases, trends or uncertainties, which it reasonably expects, will materially impact future operating results, liquidity, or capital resources which have not been disclosed.
3 unchanged sentences
Recognizing the importance, management continues to evaluate areas where noninterest income can be enhanced.
−Removed: Noninterest income for the first quarter of 2025 was $29.55 million, a decrease of $2.66 million or 8.25% from the first quarter of 2024.
−Removed: This decrease was driven by decreases in mortgage banking income and mortgage loan servicing income partially offset by higher income from bank-owned life insurance.
−Removed: Income from mortgage banking activities totaled $2.48 million for the first quarter of 2025 compared to $5.30 million for the first quarter of 2024.
−Removed: The decrease of $2.82 million or 53.21% for the first quarter of 2025 was mainly due to lower mortgage loan origination and sale volume.
−Removed: Mortgage loan sales were $91.62 million in the first quarter of 2025 as compared to $188.74 million in the first quarter of 2024.
−Removed: Mortgage loans originated for sale were $75.90 million for the first quarter of 2025 as compared to $176.91 million for the first quarter of 2024.
−Removed: Mortgage loan servicing income for the first quarter of 2025 decreased $789 thousand or 100.00% from the first quarter of 2024.
−Removed: The decrease in mortgage loan servicing income was due to the sale of United’s remaining mortgage servicing portfolio in the second half of 2024.
−Removed: Income from bank-owned life insurance for the first quarter of 2025 increased $952 thousand or 39.37% from the first quarter of 2024.
−Removed: The increase was primarily due to death proceeds of $461 thousand in the first quarter of 2025 as well as income from the bank-owned life insurance policies added from the Piedmont acquisition and an increase in the cash surrender value.
−Removed: Net gains on investment securities were $521 thousand for the first quarter of 2025 as compared to net losses on investment securities of $99 thousand for the first quarter of 2024.
−Removed: On a linked-quarter basis, noninterest income for the first quarter of 2025 was flat from the fourth quarter of 2024, increasing $236 thousand, or less than 1%.
−Removed: Net gains on investment securities were $521 thousand for the first quarter of 2025 as compared to net losses on investment securities of $688 thousand for the fourth quarter of 2024.
−Removed: Fees from brokerage services increased $667 thousand from the fourth quarter of 2024 due to increased volume.
−Removed: Partially offsetting these increases in noninterest income was a decrease in other noninterest income of $1.32 million.
+Added: Noninterest income for the second quarter of 2025 was $31.46 million, an increase of $1.24 million or 4.09% from the second quarter of 2024.
+Added: Noninterest income for the first half of 2025 was $61.01 million, a decrease of $1.42 million or 2.28% from the first half of 2024.
+Added: Income from mortgage banking activities totaled $2.60 million and $5.08 million for the second quarter and first half of 2025 compared to $3.90 million and $9.20 million for the second quarter and first half of 2024.
+Added: The decreases for 2025 as compared to 2024 were mainly due to lower mortgage loan origination and sale volume.
+Added: For the three months ended June 30, 2025 and 2024, mortgage loan sales were $108.18 million and $163.27 million, respectively.
+Added: For the six months ended June 30, 2025 and 2024, mortgage loan sales were $199.80 million and $352.01 million, respectively.
+Added: Mortgage loans originated for sale were $116.59 million and $192.49 million for the second quarter and first half of 2025, respectively, as compared to $185.32 million and $362.23 million for the second quarter and first half of 2024, respectively.
+Added: Mortgage loan servicing income for the second quarter and first half of 2025 decreased $783 thousand and $1.57 million from the second quarter and first half of 2024, respectively.
+Added: Both were 100% decreases in 2025 from the same time periods in 2024 due to the sale of United’s remaining mortgage servicing portfolio in the second half of 2024.
+Added: Income from bank-owned life insurance for the second quarter and first half of 2025 increased $1.07 million or 41.94% and $2.02 million or 40.69%, respectively, from the second quarter and first half of 2024.
+Added: These increases were primarily due to death proceeds of $612 thousand and $1.07 million in the second quarter and first half of 2025, respectively, as well as income from the bank-owned life insurance policies added from the Piedmont acquisition and an increase in the cash surrender values primarily due to the impact of higher market values of underlying investments.
+Added: Bankcard fees and merchant discounts for the second quarter and first half of 2025 increased $747 thousand or 55.13% and $625 thousand or 19.36%, respectively, from the second quarter and first half of 2024 due primarily to an increase in volume.
+Added: Net gains on investment securities were $425 thousand for the second quarter of 2025 as compared to net losses on investment securities of $218 thousand for the second quarter of 2024.
+Added: For the first six months of 2025, net gains on investment securities were $946 thousand as compared to net losses on investment securities of $317 thousand for the first six months of 2024.
+Added: The net gains in the second quarter and first half of 2025 were due to a change in the fair value of equity securities.
+Added: The net losses the second quarter and first half of 2024 were due to sales of AFS investment securities and a decline in the fair value of equity securities partially offset by the exchange of VISA shares.
+Added: On a linked-quarter basis, noninterest income for the second quarter of 2025 increased $1.91 million or 6.45% from the first quarter of 2025 driven by an increase in other noninterest income of $1.48 million.
Other Expenses
1 unchanged sentence
Other expenses include all items of expense other than interest expense, the provision for credit losses, and income taxes.
−Removed: Noninterest expense for the first quarter of 2025 was $153.57 million, which was an increase of $12.83 million or 9.12% from the first quarter of 2024.
−Removed: This increase was due mainly to $11.31 million of merger-rated expenses incurred during the first quarter of 2025 from the Piedmont acquisition.
−Removed: Employee compensation for the first quarter of 2025 increased $1.57 million or 2.65% when compared to the first quarter of 2024.
−Removed: The increase in employee compensation was due primarily due to $1.17 million in merger-related expenses and the additional employees from the Piedmont acquisition.
−Removed: Employee benefits expense for the first quarter of 2025 decreased $1.38 million or 9.41% from the first quarter of 2024.
−Removed: This decrease was primarily due to a decline in expenses for postretirement benefits partially offset by an increase in health care insurance expense due to a higher amount of claims and the additional employees from the Piedmont acquisition.
−Removed: Equipment expense for the first quarter of 2025 increased $1.73 million or 25.23% from the first quarter of 2024.
−Removed: This increase was due to higher equipment maintenance and depreciation expense.
−Removed: Data processing expense for the first quarter of 2025 increased $992 thousand or 13.29% from the first quarter of 2024 due to increased processing from the Piedmont acquisition.
−Removed: Mortgage servicing and impairment expense decreased $1.02 million or 100.00% due to the sale of the remaining loans serviced by United in 2024.
−Removed: FDIC expense decreased $1.73 million or 25.23% from the first quarter of 2024 due to an additional assessment accrual of $1.81 million during the first quarter of 2024 resulting from the FDIC’s revised loss estimates to the Deposit Insurance Fund.
−Removed: Other expense for the first quarter of 2025 increased $12.48 million or 39.06% from the first quarter of 2024.
+Added: Noninterest expense for the second quarter of 2025 was $148.02 million, which was an increase of $13.25 million or 9.83% from the second quarter of 2024.
+Added: For the first half of 2025, noninterest expense was $301.59 million, which was an increase of $26.08 million or 9.46% from the first half of 2024.
+Added: Generally, these increases in the 2025 time periods related primarily to the expenses associated with the additional employees and branch offices from the Piedmont acquisition.
+Added: In addition, merger-related expenses from the Piedmont acquisition increased $11.36 million for the first half of 2025 from the first half of 2024.
+Added: Employee compensation for the second quarter and first half of 2025 increased $4.43 million or 7.57% and $6.00 million or 5.09%, respectively, from the second quarter and first half of 2024.
+Added: The increases in employee compensation were due primarily to the additional employees from the Piedmont acquisition as well as higher employee incentives.
+Added: In addition, $310 thousand and $1.46 million in merger-related expenses were recognized in the second quarter and first half of 2025.
+Added: Employee benefits expense for the second quarter of 2025 increased $1.29 million or 10.60% from the second quarter of 2024.
+Added: This increase was primarily due to increased health insurance costs due to a higher amount of claims and the additional employees from the Piedmont acquisition partially offset by a decline in expenses for postretirement benefits.
+Added: Net occupancy for the second quarter and first half of 2025 increased $1.13 million or 9.87% and $1.38 million or 5.82% from the second quarter and first half of 2024.
+Added: These increases were due mainly to increased building maintenance, depreciation and utilities costs.
+Added: Equipment expense for the second quarter and first half of 2025 increased $1.00 million or 13.29% and $2.73 million or 18.97%, respectively, from the second quarter and first half of 2024.
+Added: These increases were due to higher equipment maintenance expense.
+Added: Data processing expense for the second quarter and first half of 2025 increased $662 thousand or 9.08% and $1.65 million or 11.21% from the second quarter and first half of 2024, respectively, due to increased processing from the Piedmont acquisition.
+Added: Mortgage servicing and impairment expense for the second quarter and first half of 2025 decreased $1.01 million and $2.03 million, respectively, from the second quarter and first half of 2024.
+Added: Both were 100.00% decreases due to the sale of the remaining loans serviced by United in 2024.
+Added: FDIC expense for the first half of 2025 decreased $2.25 million or 19.57% from the first half of 2024.
+Added: FDIC insurance expense for the first half of 2024 included $2.1 million in expense for the FDIC’s special assessment resulting from the FDIC’s revised loss estimates to the Deposit Insurance Fund.
+Added: Other expense for the second quarter of 2025 increased $6.34 million or 20.51% from the second quarter of 2024.
+Added: Within other expense, consulting expense increased $1.63 million, the expense for the reserve for unfunded commitments increased $1.43 million, and advertising expense increased $786 thousand.
+Added: In addition, the amortization of core deposit intangibles increased $1.43 million due mainly to the Piedmont acquisition.
+Added: Other expense for the first half of 2025 increased $18.82 million or 29.94% from the first half of 2024.
Within other expense, merger-related expenses increased $5.69 million and the expense for the reserve for unfunded commitments increased $4.88 million, which includes $4.06 million for the expense related to the reserve for the acquired unfunded loan commitments from Piedmont.
−Removed: In addition, consulting fees increased $2.73 million and the amortization of core deposit intangibles increased $1.43 million due mainly to the Piedmont acquisition.
−Removed: On a linked-quarter basis, noninterest expense for the first quarter of 2025 increased $19.40 million or 14.46% from the fourth quarter of 2024.
−Removed: Generally, most general operating expenses for the first quarter of 2025 increased from the fourth quarter of 2024 due primarily to the added employees and branch offices from the Piedmont acquisition in addition to an increase in merger-related expense.
−Removed: In particular, employee compensation expense increased $2.52 million, $1.17 million of which was merger-related expense, net occupancy expense increased $1.53 million, equipment expense increased $1.11 million, data processing expense increased $1.02 million, and other expenses increased $13.12 million.
−Removed: Within other expense, merger-related expenses increased $4.74 million, the expense for the reserve for unfunded commitments increased $4.72 million, $4.06 million of which was for the expense related to the reserve for the acquired unfunded loan commitments from Piedmont, consulting fees increased $2.94 million and amortization expense for core deposit intangibles increased $1.43 million due mainly to the Piedmont acquisition.
−Removed: For the first quarter of 2025, income tax expense was $22.63 million as compared to $21.41 million for the first quarter of 2024.
−Removed: The increase of $1.22 million was primarily due to a higher effective tax rate partially offset by lower earnings.
−Removed: On a linked-quarter basis, income tax expense decreased $4.02 million primarily due to lower earnings and a lower effective tax rate.
−Removed: United’s effective tax rate was 21.16% for the first quarter of 2025, 19.78% for the first quarter of 2024 and 22.01% for the fourth quarter of 2024.
+Added: In addition, consulting fees increased $4.36 million and advertising expense increased $1.30 million.
+Added: The amortization of core deposit intangibles increased $2.86 million due mainly to the Piedmont acquisition.
+Added: On a linked-quarter basis, noninterest expense for the second quarter of 2025 decreased $5.55 million or 3.62% from the first quarter of 2025.
+Added: This decrease of $5.55 million in noninterest expense was driven by a $7.18 million decrease in other noninterest expense, which included a $748 thousand net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 as compared to $1.66 million of expense for the reserve for unfunded loan commitments for the first quarter of 2025, which included $4.06 million of merger expense related to the Piedmont acquisition.
+Added: These decreases in noninterest expense were partially offset by an increase in employee compensation of $2.06 million.
+Added: Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses while the first quarter of 2025 included $6.00 million of merger-related expenses.
+Added: The net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 was primarily due to a decrease in the outstanding balance of loan commitments at period-end as compared to the first quarter of 2025.
+Added: Employee compensation for the second quarter of 2025 increased from the first quarter of 2025 primarily due to higher employee incentives, stock-based compensation, and employee commissions driven by higher mortgage production.
+Added: This increase in employee compensation was partially offset by lower merger-related employee compensation expenses of $310 thousand for the second quarter of 2025 as compared to $1.17 million for the first quarter of 2025.
+Added: For the second quarter of 2025, income tax expense was $31.37 million as compared to $18.88 million in the second quarter of 2024.
+Added: For the first half of 2025, income tax expense was $53.99 million as compared to $40.28 million in the first half of 2024.
+Added: These increases were due primarily to higher earnings as well as higher effective tax rates in 2025 resulting from the impact of discrete tax benefits recognized in the second quarter of 2024.
+Added: On a linked-quarter basis, income tax expense increased $8.74 million from the first quarter of 2025 due to higher earnings partially offset by a lower effective tax rate.
+Added: United’s effective tax rate was 20.62% for the second quarter of 2025, 16.36% for the second quarter of 2024 and 21.16% for the first quarter of 2025.
+Added: For the first half of 2025 and 2024, United’s effective tax rate was 20.85% and 18.02%, respectively.
Liquidity and Capital Resources
16 unchanged sentences
In the normal course of business, United through its Asset Liability Committee evaluates these as well as other alternative funding strategies that may be utilized to meet short-term and long-term funding needs.
−Removed: During the first quarter of 2025, United increased its interest-bearing deposit balance at the FRB by $271.52 million to $2.24 billion.
−Removed: The change in the balance at the FRB was mostly the result of a $2.40 billion increase in total deposits and $94.26 million of net sales, maturities, and paydowns in the available for sale debt securities portfolio partially offset by a $10.20 million decrease in FHLB advances.
−Removed: For the three months ended March 31, 2025, cash of $119.98 million was provided by operating activities due mainly to net income of $84.31 million.
−Removed: In addition, proceeds from the sale of mortgage loans in the secondary market exceeded originations by $18.20 million and the provision for loan losses was $29.10 million for the first quarter.
−Removed: Net cash of $18.67 million was used in investing activities which was primarily due to loan growth of $177.79 million partially offset by $83.41 million of net proceeds from sales of investment securities over purchases and $77.48 million in net cash received in the Piedmont acquisition.
−Removed: During the first three months of 2025, net cash of $216.63 million was provided by financing activities due primarily to growth of $297.21 million in deposits partially offset by cash dividends paid of $50.48 million, net acquisition of $20.35 million in treasury stock and the net repayment of $10.00 million in FHLB borrowings during the first quarter.
−Removed: The net effect of the cash flow activities was an increase in cash and cash equivalents of $317.94 million for the first three months of 2025.
−Removed: At March 31, 2025, United had an unused borrowing amount at the FHLB of approximately $8.14 billion subject to delivery of collateral after certain trigger points, $4.29 billion without the delivery of additional collateral.
−Removed: United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280 million, all of which was available at March 31, 2025.
−Removed: At March 31, 2025, United’s borrowing capacity for the FRB Discount Window was $4.59 billion.
−Removed: United did not have any borrowings from the FRB’s Discount Window during the first quarter of 2025.
+Added: During the first half of 2025, United decreased its interest-bearing deposit balance at the FRB by $71.88 million to $1.90 billion.
+Added: The change in the balance at the FRB was mostly the result of a $2.37 billion increase in total deposits and $44.09 million of net sales, maturities, and paydowns in the available for sale debt securities portfolio partially offset by declines of $15.29 million and $10.20 million, respectively, in securities sold under agreements to repurchase and FHLB advances.
+Added: For the six months ended June 30, 2025, cash of $209.35 million was provided by operating activities due mainly to net income of $205.03 million.
+Added: Net cash of $273.82 million was used in investing activities which was primarily due to $365.75 million of portfolio loan growth partially offset by net cash received of $77.48 million in the Piedmont acquisition.
+Added: During the first six months of 2025, net cash of $86.92 million was provided by financing activities due primarily to growth in deposits of $268.59 million partially offset by cash dividends paid of $103.80 million and cash used of $52.90 million to repurchase shares of United common stock.
+Added: The net effect of the cash flow activities was an increase in cash and cash equivalents of $22.45 million for the first half of 2025.
+Added: At June 30, 2025, United had an unused borrowing amount at the FHLB of approximately $9.03 billion subject to delivery of collateral after certain trigger points and $4.44 billion without the delivery of additional collateral.
+Added: United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280 million, all of which was available at June 30, 2025.
+Added: At June 30, 2025, United’s borrowing capacity for the FRB Discount Window was $4.98 billion.
+Added: United did not have any borrowings from the FRB’s Discount Window during the first half of 2025.
United anticipates it can meet its obligations over the next 12 months and has no material commitments for capital expenditures.
7 unchanged sentences
United is well-capitalized based upon regulatory guidelines.
−Removed: United’s risk-based capital ratio is 15.69% at March 31, 2025 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.26%, 13.26% and 11.32%, respectively.
+Added: United’s risk-based capital ratio is 15.83% at June 30, 2025 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.42%, 13.42% and 11.33%, respectively.
The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.
−Removed: Total shareholders’ equity was $5.31 billion at March 31, 2025, which was an increase of $321.23 million or 6.43% from December 31, 2024.
+Added: Total shareholders’ equity was $5.36 billion at June 30, 2025, which was an increase of $371.32 million or 7.44% from December 31, 2024.
This increase is primarily due to increases of $20.34 million and $265.10 million to common stock and surplus, respectively, related to the Piedmont acquisition and $98.95 million in retained earnings (net income less dividends declared).
−Removed: During the first quarter of 2025, United repurchased 567,405 shares of its common stock at an average price of $34.93 per share.
−Removed: United’s equity to assets ratio was 16.21% at March 31, 2025 as compared to 16.63% at December 31, 2024.
−Removed: The primary capital ratio, capital and reserves to total assets and reserves, was 17.09% at March 31, 2025 as compared to 17.47% at December 31, 2024.
−Removed: United’s average equity to average asset ratio was 16.42% for the first quarter of 2025 as compared to 16.36% the first quarter of 2024.
+Added: During the first half of 2025, United repurchased 1,548,827 shares of its common stock at an average price of $33.81 per share.
+Added: United’s equity to assets ratio was 16.36% at June 30, 2025 as compared to 16.63% at December 31, 2024.
+Added: The primary capital ratio, capital and reserves to total assets and reserves, was 17.23% at June 30, 2025 as compared to 17.47% at December 31, 2024.
+Added: United’s average equity to average asset ratio was 16.42% for the second quarter of 2025 as compared to 16.54% the second quarter of 2024.
+Added: United’s average equity to average asset ratio was 16.42% for the first half of 2025 as compared to 16.45% for the first half of 2024.
All of these financial measurements reflect a financially sound position.
−Removed: During the first quarter of 2025, United’s Board of Directors declared a cash dividend of $0.37 per share.
−Removed: Total cash dividends declared were $53.34 million for the first quarter of 2025 which was an increase of $3.12 million or 6.22% from dividends declared of $50.21 million for the first quarter of 2024.
+Added: During the second quarter of 2025, United’s Board of Directors declared a cash dividend of $0.37 per share.
+Added: Cash dividends were $0.74 per common share for the first six months of 2025.
+Added: Total cash dividends declared were $52.75 million for the second quarter of 2025 and $106.08 million for the first six months of 2025 as compared to $50.20 million for the second quarter of 2024 and $100.42 million for the first six months of 2025, respectively.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.