What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-08 · 359 added, 309 removed, 1634 unchanged (29% of the section changed)

FINANCIAL STATEMENTS (UNAUDITED)

The June 30, 2025 and December 31, 2024, consolidated balance sheets of United Bankshares, Inc.

and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three and six months ended June 30, 2025 and 2024, the related consolidated statement of changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024, the related condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024, and the notes to consolidated financial statements appear on the following pages.

The September 30, 2025 and December 31, 2024, consolidated balance sheets of United Bankshares, Inc.

and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2025 and 2024, the related consolidated statement of changes in shareholders’ equity for the three and nine months ended September 30, 2025 and 2024, the related condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024, and the notes to consolidated financial statements appear on the following pages.

CONSOLIDATED BALANCE SHEETS

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Total cash and cash equivalents

Securities available for sale at estimated fair value (amortized cost-$ 3,334,324 at June 30, 2025 and $ 3,282,690 at December 31, 2024, allowance for credit losses of $ 0 at June 30, 2025 and December 31, 2024)

Securities held to maturity, net of allowance for credit losses of $ 18 at June 30, 2025 and December 31, 2024 (estimated fair value-$ 1,020 at June 30, 2025 and December 31, 2024)

Securities available for sale at estimated fair value (amortized cost-$ 3,248,173 at September 30, 2025 and $ 3,282,690 at December 31, 2024, allowance for credit losses of $ 0 at September 30, 2025 and December 31, 2024)

Securities held to maturity, net of allowance for credit losses of $ 17 at September 30, 2025 and $ 18 at December 31, 2024 (estimated fair value-$ 1,020 at September 30, 2025 and December 31, 2024)

Equity securities at estimated fair value

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issued- 150,832,358

and 142,694,816 at June 30, 2025 and December 31, 2024, respectively, including 8,921,329 and 7,348,188 shares in treasury at June 30, 2025 and December 31, 2024, respectively

and 142,694,816 at September 30, 2025 and December 31, 2024, respectively, including 9,662,100 and 7,348,188 shares in treasury at September 30, 2025 and December 31, 2024, respectively

Retained earnings

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Three Months Ended

Six Months Ended

Nine Months Ended

Interest income

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Other real estate owned (“OREO”) expense

Net losses (gains) on the sales of OREO properties

Net (gains) losses on the sales of OREO properties

Equipment expense

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Three Months Ended

Six Months Ended

Nine Months Ended

Earnings per common share:

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Three Months Ended

Six Months Ended

Other comprehensive income (loss) on available-for-sale

Nine Months Ended

Other comprehensive income on available-for-sale

(“AFS”) securities, net of tax

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(Dollars in thousands, except per share data)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Comprehensive

Income (Loss)

Shareholders’

Income (Loss)

Balance at January 1, 2025

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Balance at June 30, 2025

Comprehensive income:

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Stock grant forfeiture ( 5,311 shares)

Purchase of treasury stock ( 735,460 shares)

Cash dividends ($ 0.37 per share)

Net issuance of common stock under stock-based compensation plans ( 1,577 shares)

Balance at September 30, 2025

See notes to consolidated unaudited financial statements.

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(Dollars in thousands, except per share data)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Comprehensive

Income (Loss)

Shareholders’

Income (Loss)

Balance at January 1, 2024

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Stock based compensation expense

Stock grant forfeiture ( 2,053 shares)

Purchase of treasury stock ( 65 shares)

Cash dividends ($ 0.37 per share)

Stock grant forfeiture ( 2,053 shares)

Net issuance of common stock under stock-based compensation plans ( 5,147 shares)

Balance at June 30, 2024

Comprehensive income:

Other comprehensive gain, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Purchase of treasury stock ( 226 shares)

Cash dividends ($ 0.37 per share)

Stock grant forfeiture ( 357 shares)

Net issuance of common stock under stock-based compensation plans ( 25,649 shares)

Balance at September 30, 2024

See notes to consolidated unaudited financial statements.

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(Dollars in thousands)

Six Months Ended

Nine Months Ended

NET CASH PROVIDED BY OPERATING ACTIVITIES

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Proceeds from redemption of bank-owned life insurance policies

Proceeds from sale of mortgage servicing rights

Acquisition of Piedmont Bancorp, Inc., net of cash paid

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Proceeds from issuance of long-term Federal Home Loan Bank borrowings

Redemption of subordinated debt

Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings

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Noncash investing activities:

Transfers of other investment securities to equity securities

Transfers of loans to OREO

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Actual results could differ from those estimates.

The financial statements presented as of June 30, 2025 and 2024 and for the three-month and six-month

periods then ended have not been audited.

The financial statements presented as of September 30, 2025 and 2024 and for the three-month and nine-month periods then ended have not been audited.

The consolidated balance sheet as of December 31, 2024 has been extracted from the audited financial statements included in United’s 2024 Annual Report to Shareholders.

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Operating and Reporting Segments

As of June 30, 2025, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking.

As of September 30, 2025, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking.

As a community banking entity, United, through United Bank, offers a full range of products and services through various delivery channels.

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New Accounting Standards

In May 2025, The Financial Accounting Standards Board (“FASB”) has released Accounting Standards Update (“ASU”) 2025-03, “Determining

In September 2025, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2025-06, “Goodwill

and Other—Internal-Use

Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use

Software.” ASU 2025-06

modernizes the accounting for internal-use

software (the existing internal-use

software guidance does not contemplate more current methods of software development).

The amendments in ASU 2025-06

are limited and focused on the key challenge that entities face in applying FASB ASC 350-40—applying

that guidance to software that is developed using an incremental and iterative method.

The amendments in ASU 2025-06

apply to all entities subject to the internal-use

software guidance in FASB ASC 350-40.

The amendments also apply to all entities that account for website development costs in accordance with FASB ASC 350-50,

Intangibles— Goodwill and Other—Website Development Costs.

is effective for all business entities for annual periods beginning after December 15, 2027, with early adoption permitted.

The adoption of ASU 2025-06

is not expected to have a material impact on the Company’s financial condition or results of operations.

In July 2025, the FASB released ASU 2025-05, “Measurement

of Credit Losses for Accounts Receivable and Contract Assets.” ASU 2025-05

amends ASC Subtopic 326-20

to provide a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

addresses concerns from stakeholders that estimating expected credit losses can be costly and complex for such transactions.

is effective for all business entities for annual periods beginning after December 15, 2025, with early adoption permitted.

The adoption of ASU 2025-05

is not expected to have a material impact on the Company’s financial condition or results of operations.

In May 2025, The FASB has released ASU 2025-03, “Determining

the Accounting Acquirer in the Acquisition of a Variable Interest Entity.” ASU 2025-03

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The adoption of ASU 2025-03

is not expected to have an impact on the Company’s financial condition or results of operations.

is not expected to have a material impact on the Company’s financial condition or results of operations.

In January 2025, the FASB issued ASU 2025-01,

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The adoption of ASU 2025-01

is not expected to have an impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In November 2024, the FASB issued Accounting Standards Update ASU 2024-04,

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The adoption of ASU 2024-04

is not expected to have an impact on the Company’s financial condition or results of operations.

is not expected to have a material impact on the Company’s financial condition or results of operations.

In November 2024, the FASB issued Accounting Standards Update ASU 2024-03,

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The adoption of ASU 2024-03

is not expected to have an impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09,

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The adoption of ASU 2023-09

is not expected to have an impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In November 2023, the FASB issued ASU 2023-07,

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The adoption of ASU 2023-07

did not have an impact on the Company’s financial condition or results of operations but changed certain disclosures in United’s SEC filings starting with the 2024 Annual Report on Form 10-K.

did not have a material impact on the Company’s financial condition or results of operations but changed certain disclosures in United’s SEC filings starting with the 2024 Annual Report on Form 10-K.

In October 2023, the FASB issued ASU 2023-06,

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The adoption of ASU 2023-06

did not have an impact on the Company’s financial condition or results of operations.

did not have a material impact on the Company’s financial condition or results of operations.

In August 2023, the FASB issued ASU 2023-05,

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The adoption of ASU 2023-05

did not have an impact on the Company’s financial condition or results of operations.

did not have a material impact on the Company’s financial condition or results of operations.

In March 2023, the FASB issued Accounting ASU 2023-02,

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defers the expiration date of ASU 848 to December 31, 2024.

United implemented a comprehensive project plan to execute the transition of its LIBOR-based financial instruments to alternative reference rates.

United utilized the Secured Overnight Financing Rate (“SO

FR”) and Prime as the preferred alternatives to LIBOR.

United implemented a comprehensive project plan to execute the transition of its LIBOR-based financial

instruments to alternative reference

United utilized the Secured Overnight Financing Rate (“SOFR”) and Prime as the preferred alternatives to LIBOR.

MERGERS AND ACQUISITIONS

On January 10, 2025 (“Acquisition Date”), Un ited co

nsummated its acquisition of Piedmont Bancorp, Inc.

On January 10, 2025 (“Acquisition Date”), United consummated its acquisition of Piedmont Bancorp, Inc.

(“Piedmont”).

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United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation.

The former Piedmont offices will operate under the DBA United Bankshares.

The former Piedmont offices operate under the DBA United Bankshares.

The Piedmont Merger was accounted for under the acquisition method of accounting.

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At the Acquisition Date, Piedmont had $ 2,356,883 in total assets, $ 2,079,933 in loans and leases, net of unearned income and $ 2,105,402 in deposits.

For the first six months of 2025, United recorded acquisition-related costs for the Piedmont merger of $ 31,356 , including a provision for credit losses of $ 18,726 for purchased non-credit

For the first nine months of 2025, United recorded acquisition-related costs for the Piedmont merger of $ 31,407 , including a provision for credit losses of $ 18,726 for purchased non-credit

deteriorated (“non-PCD”)

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United used an independent third party to help determine the fair values of the assets and liabilities acquired from Piedmont.

As a result of the merger, United recorded preliminary fair value discounts of $

64,065 on the loans and leases acquired, $

available-for-sale

investment securities acquired, and $

3,492 on land acquired, respectively, and premiums of $

1,469 on buildings acquired and $

408 on interest-bearing time deposits,

respectively.

As a result of the merger, United recorded preliminary fair value discounts of $ 64,065 on the loans and leases acquired, $ 24,977 on available-for-sale

investment securities acquired, and $ 3,492 on land acquired, respectively, and premiums of $ 1,469 on buildings acquired and $ 408 on interest-bearing time deposits, respectively.

United also recorded an allowance for loan and lease losses of $ 36,244 on the loans acquired split between $ 17,518 for purchased credit deteriorated (“PCD”) loans which is part of the acquisition date fair value, and $ 18,726 for non-PCD

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The discounts and premium amounts, except for discount on the land acquired, are being accreted or amortized on an accelerated or straight-line basis, based on the type of asset or liability, over each asset’s or liability’s estimated remaining life at the time of acquisition.

At June 30, 2025, the premiums on the buildings and interest-bearing time deposits each had an average estimated remaining life of 31.0 years and 1.5 years, respectively.

At September 30, 2025, the premiums on the buildings and interest-bearing time deposits each had an average estimated remaining life of 30.75 years and 1.25 years, respectively.

Portfolio loans acquired from Piedmont were recorded at their fair value at the Acquisition Date based on a discounted cash flow methodology.

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This initial allowance for loan and lease losses is allocated to individual PCD loans and leases and added to the acquisition date fair values to establish the initial amortized cost basis for the PCD loans and leases.

The difference between the unpaid principal balance (“UPB”), or par value, of PCD loans and leases and the amortized cost basis is considered to relate to noncredit factors and resulted in a discount of

at Acquisition Date.

This discount will be recognized through interest income on a level-yield method over the life of the loans which is estimated at June 30, 2025 to be a weighted-average of 6.0 years.

acquired loans and leases, the differences between the initial fair value and the UPB, or par value, are recognized as interest income on a level-yield basis over the lives of the related loans and leases which at June 30, 2025 is estimated to be a weighted-average of 5.3 years.

This discount will be recognized through interest income on a level-yield method over the life of the loans which is estimated at September 30, 2025 to be a weighted-average of 5.75 years.

acquired loans and leases, the differences between the initial fair value and the UPB, or par value, are recognized as interest income on a level-yield basis over the lives of the related loans and leases which at September 30, 2025 is estimated to be a weighted-average of 5.05 years.

The total fair value mark on the non-PCD

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During the preliminary period (“Measurement Period”), which may last up to twelve months subsequent to the Acquisition Date, the Company will continue to review information relating to events and circumstances existing as of the Acquisition Date that could impact the preliminary fair value estimates of the acquired assets and liabilities.

In the table of acquired net assets above, the amount of net assets acquired reflect Measurement Period adjustments made during the second quarter of 2025 that resulted in a net increase in net assets acquired of $ 4,694 .

This increase was primarily driven by an increase of $ 5,910 in deferred taxes on fair value adjustments partially offset by an increase of $ 1,643 in accrued liabilities based on factors that were determined to be in existence as of the Acquisition Date.

In the table of acquired net assets above, the amount of net assets acquired reflect Measurement Period adjustments made since the Acquisition Date that resulted in a net increase in net assets acquired of $ 4,740 and therefore, a corresponding decrease in resulting goodwill from the acquisition.

The increase in net assts acquired was primarily driven by an increase of $ 5,910 in deferred taxes on fair value adjustments partially offset by an increase of $ 1,040 in accrued liabilities based on factors that were determined to be in existence as of the Acquisition Date.

The operating results of United include operating results of acquired assets and assumed liabilities subsequent to the Acquisition Date.

The operations of United’s Georgia geographic area, which comprises the acquired operations of Piedmont provided

$ 71,446 in total revenues (net interest income plus other income), and

$ 47,667 in net income, excluding non-allocated

The operations of United’s Georgia geographic area, which comprises the acquired operations of Piedmont provided $ 110,911 in total revenues (net interest income plus other income), and $ 74,172 in net income, excluding non-allocated

items, since the Acquisition Date.

These amounts are included in United’s consolidated financial statements as of June 30, 2025 and for the first six months of 2025.

These amounts are included in United’s consolidated financial statements as of September 30, 2025 and for the first nine months of 2025.

Piedmont’s results of operations prior to the Acquisition Date are not included in United’s consolidated results of operations.

The following table presents certain unaudited pro forma information for the results of operations for the six months ended June 30, 2025 and 2024, as if the Piedmont merger had occurred on January 1, 2025 and 2024, respectively.

The following table presents certain unaudited pro forma information for the results of operations for the nine months ended September 30, 2025 and 2024, as if the Piedmont merger had occurred on January 1, 2025 and 2024, respectively.

These results combine the historical results of Piedmont into United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations.

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Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts.

Six Months Ended

Nine Months Ended

Total Revenues (1)

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The amortized cost and estimated fair values of securities available for sale are summarized as follows.

June 30, 2025

September 30, 2025

Treasury securities and obligations of U.S.

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debt securities.

The table above excludes accrued interest receivable of $ 13,264 and $ 14,776 at June 30, 2025 and December 31, 2024, respectively, that is recorded in “Accrued interest receivable.”

The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2025 and December 31, 2024.

The table above excludes accrued interest receivable of $ 13,821 and $ 14,776 at September 30, 2025 and December 31, 2024, respectively, that is recorded in “Accrued interest receivable.”

The following is a summary

of securities available for sale which were in an unrealized loss position at September 30, 2025 and December 31, 2024.

Less than 12 months

12 months or longer

June 30, 2025

September 30, 2025

Treasury securities and obligations of U.S.

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Three Months Ended

Six Months Ended

Nine Months Ended

Proceeds from sales, calls and maturities

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Gross realized losses

At June 30, 2025, gross unrealized losses on available for sale securities were $ 268,656 on 932 securities of a total portfolio of 1,089 available for sale securities.

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 other corporate securities.

At September 30, 2025, gross unrealized losses on available for sale securities were $ 234,511 on 887 securities of a total portfolio of 1,065 available for sale securities.

Securities with the most significant gross unrealized losses at September 30, 2025 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and other corporate securities.

In determining whether or not a security is impaired, management considered the severity of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity.

Generally, the significant amount of gross unrealized losses on available for sale securities at June 30, 2025 was the result of rising interest rates.

Generally, the significant amount of gross unrealized losses on available for sale securities at September 30, 2025 was the result of higher interest rates.

State and political subdivisions

United’s state and political subdivisions portfolio relates to securities issued by various municipalities located throughout the United States.

The total amortized cost of available for sale state and political subdivision securities was $ 582,353 at June 30, 2025.

As of June 30, 2025, approximately 46 % of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality.

The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of June 30, 2025.

The total amortized cost of available for sale state and political subdivision securities was $ 577,706 at September 30, 2025.

As of September 30, 2025, approximately 46 % of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality.

The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of September 30, 2025.

In addition to monitoring the credit ratings of these securities, management also evaluates the financial performance of the underlying issuers on an ongoing basis.

Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities had credit losses at June 30, 2025.

Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities had credit losses at September 30, 2025.

Mortgage-backed securities

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United had a net unrealized loss of $ 145,199 on mortgage-backed

securities at June 30, 2025.

securities at September 30, 2025.

Below is a detailed discussion of mortgage-backed securities by type.

United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.

The total amortized cost of available for sale agency mortgage-backed securities was $ 1,757,541 at June 30, 2025.

The total amortized cost of available for sale agency mortgage-backed securities was $ 1,759,762 at September 30, 2025.

Of the $ 1,759,762 amount, $ 422,037 was related to agency commercial mortgage-backed securities and $ 1,337,725 was related to agency residential mortgage-backed securities.

Each of the agency mortgage-backed securities provides a guarantee of full and timely payments of principal and interest by the issuing agency.

Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at June 30, 2025.

Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at September 30, 2025.

United’s non-agency

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The total amortized cost of available for sale non-agency

residential mortgage-backed securities was $ 86,794 at June 30, 2025.

residential mortgage-backed securities was $ 73,258 at September 30, 2025.

Of the $73,258, 100 % was rated AAA.

Based upon management’s analysis and judgment, it was determined that none of the non-agency

residential mortgage-backed securities had credit losses at June 30, 2025.

residential mortgage-backed securities had credit losses at September 30, 2025.

Asset-backed securities

As of June 30, 2025, United’s asset-backed securities portfolio had a total amortized cost balance of $ 321,167 .

100 % of the portfolio was investment grade rated as of June 30, 2025.

As of September 30, 2025, United’s asset-backed securities portfolio had a total amortized cost balance of $ 279,702 .

100 % of the portfolio was investment grade rated as of September 30, 2025.

Approximately 53 % of the portfolio relates to securities that are backed by Federal Family Education Loan Program (“FFELP”) student loan collateral which includes a minimum of a 97 % government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion.

Approximately 47 % of the portfolio relates to collateralized loan obligation securities that are all AAA rated.

Upon reviewing this portfolio as of June 30, 2025, it was determined that none of the asset-backed securities had credit losses.

Upon reviewing this portfolio as of September 30, 2025, it was determined that none of the asset-backed securities had credit losses.

Single issue trust preferred securities

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All single issue trust preferred securities are currently receiving interest payments.

The amortized cost of available for sale single issue trust preferred securities as of June 30, 2025 consisted of $ 7,485 in investment grade bonds and $ 5,822 in unrated bonds.

The amortized cost of available for sale single issue trust preferred securities as of September 30, 2025 consisted of $ 7,486 in investment grade bonds and $ 5,825 in unrated bonds.

Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, and other key factors.

Upon completing the review for the second quarter of 2025, it was determined that none of the single issue trust preferred securities had credit losses.

Upon completing the review for the third quarter of 2025, it was determined that none of the single issue trust preferred securities had credit losses.

Other corporate securities

As of June 30, 2025, United’s other corporate securities portfolio had a total amortized cost balance of $ 256,736 .

As of September 30, 2025, United’s other corporate securities portfolio had a total amortized cost balance of $ 249,992 .

The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions.

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For other corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity of any unrealized loss.

Based upon management’s analysis and judgment, it was determined that none of the other corporate securities had credit losses at June 30, 2025.

The amortized cost and estimated fair value of securities available for sale at June 30, 2025 and December 31, 2024 by contractual maturity are shown as follows.

Based upon management’s analysis and judgment, it was determined that none of the other corporate securities had credit losses at September 30, 2025.

The amortized cost and estimated fair value of securities available for sale at September 30, 2025 and December 31, 2024 by contractual maturity are shown as follows.

Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties.

June 30, 2025

September 30, 2025

December 31, 2024

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Equity securities consist mainly of equity securities of financial institutions, mutual funds of Community Reinvestment Act (“CRA”) qualified investments and equity securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

The fair value of United’s equity securities was $ 21,996 at June 30, 2025 and $ 21,058 at December 31, 2024.

The fair value of United’s equity securities was $ 34,694 at September 30, 2025 and $ 21,058 at December 31, 2024.

Three Months Ended

Six Months Ended

Net gains recognized during the period on equity securities sold

Nine Months Ended

Net gains (losses) recognized during the period on equity securities sold

Unrealized gains recognized during the period on equity securities still held at period end

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Other investment securities

During the second quarter of 2025, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the second quarter of 2025 had a significant adverse effect on the recorded value of any of its cost method securities.

United determined that there was no individual security that experienced an adverse event during the second quarter.

There were no other events or changes in circumstances during the second quarter which would have an adverse effect on the recorded fair value of its cost method securities.

The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $ 2,049,191 and $ 2,038,864 at June 30, 2025 and December 31, 2024, respectively.

During the third quarter of 2025, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the third quarter of 2025 had a significant adverse effect on the recorded value of any of its cost method securities.

United determined that there was no individual security that experienced an adverse event during the third quarter.

There were no other events or changes in circumstances during the third quarter which would have an adverse effect on the recorded fair value of its cost method securities.

The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $ 2,003,904 and $ 2,038,864 at September 30, 2025 and December 31, 2024, respectively.

LOANS AND LEASES

Major classes of loans and leases are as follows:

June 30, 2025

December 31, 2024

September 30,

Commercial, financial and agricultural:

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Total gross loans

The table above does not include loans held for sale of $ 37,053 and $ 44,360 at June 30, 2025 and December 31, 2024, respectively.

The table above does not include loans held for sale of $ 24,226 and $ 44,360 at September 30, 2025 and December 31, 2024, respectively.

Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market.

United’s subsidiary bank has made loans to the directors and officers of United and its subsidiaries, and to their affiliates.

The aggregate dollar amount of these loans was $ 25,158 and $ 22,702 at June 30, 2025 and December 31, 2024, respectively.

The aggregate dollar amount of these loans was $ 32,710 and $ 22,702 at September 30, 2025 and December 31, 2024, respectively.

CREDIT QUALITY

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Age Analysis of Past Due Loans and Leases

As of June 30, 2025

As of September 30, 2025

Commercial real estate:

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Other consumer

The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases:

At June 30, 2025

The following table sets forth United’s nonaccrual

loans and leases, segregated by class of loans and leases:

At September 30, 2025

At December 31, 2024

11 unchanged sentences

Other consumer

Interest income recognized on nonaccrual loans was insignificant during the three and six months ended June 30, 2025 and 2024.

Interest income recognized on nonaccrual loans was insignificant during the three and nine months ended September 30, 2025 and 2024.

In some cases, United will modify a loan to a borrower experiencing financial difficulty by providing multiple types of concessions such as a term extension, principal forgiveness, an interest rate reduction or a combination thereof.

The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified during the three and six months ended June 30, 2025 and 2024, respectively, by class of financing receivable and by type of modification.

The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified during the three and nine months ended September 30, 2025 and 2024, respectively, by class of financing receivable and by type of modification.

The percentage of the amortized cost basis of loans and leases that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also represented below.

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended June 30, 2025

Interest Rate

For the Three Months ended September 30, 2025

Interest Rate

1 unchanged sentence

% of Total Class of

Financing Receivable

Commercial real estate:

6 unchanged sentences

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended June 30, 2024

For the Three Months ended September 30, 2024

Term Extension &

Interest Rate

10 unchanged sentences

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Six Months ended June 30, 2025

For the Nine Months ended September 30, 2025

Interest Rate

8 unchanged sentences

Other consumer

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing

Financial Difficulty

For the Six Months ended June 30, 2024

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Nine Months ended September 30, 2024

Term Extension &

2 unchanged sentences

Payment Delay

% of Total Class of

Commercial real estate:

5 unchanged sentences

Other consumer

As of June 30, 2025 and December 31, 2024, there were commitments to lend additional funds of $ 589 and $ 1,199 , respectively, to debtors owing loan receivables whose terms have been modified.

As of September 30, 2025 and December 31, 2024, there were commitments to lend additional funds of $ 106 and $ 1,199 , respectively, to debtors owing loan receivables whose terms have been modified.

United’s estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on the extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts.

3 unchanged sentences

Payment Status (Amortized Cost Basis)

As of June 30, 2025

As of June 30, 2024

As of September 30, 2025

As of September 30, 2024

Commercial real estate:

5 unchanged sentences

Other consumer

The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the three and

six months ended June 30, 2025 and 2024.

The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2025 and 2024.

For the Three Months Ended

June 30, 2025

June 30, 2024

September 30, 2025

September 30, 2024

Commercial Real Estate:

5 unchanged sentences

Other consumer

For the Six Months Ended

June 30, 2025

June 30, 2024

For the Nine Months Ended

September 30, 2025

September 30, 2024

Commercial Real Estate:

5 unchanged sentences

Other consumer

No loan or lease modifications completed within the last 12 months to borrowers experiencing financial difficulty had a payment default during the three and six months ended June 30, 2025 and 2024.

No loan or lease modifications completed within the last 12 months to borrowers experiencing financial difficulty had a payment default during the three and nine months ended September 30, 2025 and 2024.

United elected the practical expedient to measure expected credit losses on collateral dependent loans and leases based on the difference between the loan’s amortized cost and the collateral’s fair value, adjusted for selling costs.

The following table presents the amortized cost basis of collateral-dependent loans and leases in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans and leases as of June 30, 2025 and December 31, 2024:

Collateral Dependent Loans and Leases

At June 30, 2025

At September 30, 2025

Commercial real estate:

3 unchanged sentences

Residential real estate

Collateral Dependent Loans and Leases

At June 30, 2025

Construction & land development

44 unchanged sentences

Origination Year

Revolving loans

amortized cost

As of June 30, 2025

As of September 30, 2025

Internal Risk Grade:

3 unchanged sentences

Current-period net recoveries (charge-offs)

amortized cost

Origination Year

Revolving loans

amortized cost

loans and leases

As of December 31, 2024

5 unchanged sentences

Commercial Real Estate – Nonowner-occupied

amortized cost

Origination Year

As of June 30, 2025

Revolving loans

amortized cost

As of September 30, 2025

Internal Risk Grade:

3 unchanged sentences

Current-period net charge-offs

loans and leases

Origination Year

Revolving loans

amortized cost

loans and leases

As of December 31, 2024

6 unchanged sentences

Term Loans and leases

loans and leases

Origination Year

As of June 30, 2025

Revolving loans

amortized cost

loans and leases

As of September 30, 2025

Internal Risk Grade:

5 unchanged sentences

Origination Year

Revolving loans

amortized cost

loans and leases

As of December 31, 2024

5 unchanged sentences

Residential Real Estate

Origination Year

Revolving loans

amortized cost

Origination Year

As of June 30, 2025

As of September 30, 2025

Internal Risk Grade:

3 unchanged sentences

Current-period net (charge-offs) recoveries

Origination Year

Revolving loans

amortized cost

Origination Year

As of December 31, 2024

6 unchanged sentences

Origination Year

As of June 30, 2025

Revolving loans

amortized cost

As of September 30, 2025

Internal Risk Grade:

4 unchanged sentences

Origination Year

Revolving loans

amortized cost

As of December 31, 2024

4 unchanged sentences

Current-period net recoveries

Origination Year

Revolving loans

amortized cost

Origination Year

As of June 30, 2025

As of September 30, 2025

Internal Risk Grade:

1 unchanged sentence

Current-period charge-offs

Current-period recoveries

-period recoveries

Current-period net charge-offs

Origination Year

Revolving loans

amortized cost

Origination Year

As of December 31, 2024

Internal Risk Grade:

Special Mention

Current-period charge-offs

2 unchanged sentences

Other Consumer

Origination Year

Revolving loans

amortized cost

Origination Year

As of June 30, 2025

As of September 30, 2025

Internal Risk Grade:

3 unchanged sentences

Current-period net charge-offs

Origination Year

Revolving loans

amortized cost

Origination Year

As of December 31, 2024

4 unchanged sentences

Current-period net charge-offs

At June 30, 2025 and December 31, 2024, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $ 6,331 and $ 327 , respectively.

At September 30, 2025 and December 31, 2024, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $ 6,891 and $ 327 , respectively.

OREO consists of real estate acquired in foreclosure or other settlement of loans.

2 unchanged sentences

Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred.

At June 30, 2025 and December 31, 2024, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 788 and $ 795 , respectively.

ALLOWANCE FOR CREDIT LOSSES

At September 30, 2025 and December 31, 2024, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 97 and $ 795 , respectively.

ALLOWANCE FOR CREDIT

The allowance for loan losses is an estimate of the expected credit losses on financial assets measured at amortized cost to present the net amount expected to be collected as of the balance sheet date.

1 unchanged sentence

Assets are charged off when United determines that such financial assets are deemed uncollectible or based on regulatory requirements, whichever is earlier.

Charge-offs are recognize d as a deduct

ion from the allowance for credit losses.

Charge-offs are recognized as a deduction from the allowance for credit losses.

Expected recoveries of amounts previously charged-off,

2 unchanged sentences

United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan.

Accrued interest receivable was $ 93,636 and $ 87,062 at June 30, 2025 and December 31, 2024, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets.

Accrued interest receivable was $ 96,642 and $ 87,062 at September 30, 2025 and December 31, 2024, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets.

For all classes of loans and leases receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due, unless the loan is well secured and in the process of collection.

Interest received on nonaccrual loans and leases, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal.

The following table represents the accrued interest receivable as of June 30, 2025 and December 31, 2024:

The following table represents the accrued interest receivable as of September 30, 2025 and December 31, 2024:

Accrued Interest Receivable

At June 30, 2025

At September 30, 2025

At December 31, 2024

5 unchanged sentences

Other consumer

The following table represents the accrued interest receivables written off by reversing interest income for the three months and six months ended June 30, 2025 and 2024:

Accrued Interest Receivables Written Off by Reversing Interest Income

The following table represents the accrued interest receivables written off by reversing interest income for the three months and nine months ended September 30, 2025 and 2024:

Accrued Interest Receivables Written

Off by Reversing Interest Income

Three Months Ended

Six Months Ended

Nine Months Ended

Commercial real estate:

34 unchanged sentences

For allowance for credit losses under ASC Topic 326 calculation purposes, United includes its acquired loans and leases in their relevant pool unless they meet the criteria for specific review.

maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit.

The reserve for lending-related commitments of $

34,911 at June

2025 and December

2024 , respectively, is separately classified on the balance sheet and is included in other liabilities.

United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit.

The reserve for lending-related commitments of $ 32,639 and $ 34,911 at September 30, 2025 and December 31, 2024, respectively, is separately classified on the balance sheet and is included in other liabilities.

The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses.

United’s allowance for loan and lease losses at June 30, 2025 increased $ 36,118 or 13.29 % from December 31, 2024.

As previously mentioned, during the six months of 2025, United recorded an allowance for loan and lease losses on acquired Piedmont non-PCD

United’s allowance for loan and lease losses at September 30, 2025 increased $ 28,206 or 10.38 % from December 31, 2024.

As previously mentioned, during the first nine months of 2025, United recorded an allowance for loan and lease losses on acquired Piedmont non-PCD

loans of $ 18,726 and on acquired Piedmont PCD loans of $ 17,518 .

The second quarter of 2025 qualitative adjustments include analyses of the following:

The third quarter of 2025 qualitative adjustments include analyses of the following:

Current conditions

9 unchanged sentences

Assumptions for the economic variables were the following:

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

The forecast for real GDP increased slightly in the third quarter, from a projection of 1.40 % for 2025 as of mid-June

2025 to 1.60 % for 2025 as of mid-September

with a projection of 1.80 % for 2026.

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

The unemployment rate forecast remained the same in the third quarter with a projection of 4.50 % for 2025 as of mid-June

2025 and 4.50 % for 2025 as of mid-September

with a projection of 4.40 % 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.

Greater risk of loss in the office portfolio within the CRE NOO loan segment due to challenging office market dynamics and stress in certain markets.

Reversion to historical loss data occurs via a straight-line method during the year following the one-year

2 unchanged sentences

Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases

For the Three Months Ended June 30, 2025

For the Three Months Ended September 30, 2025

Commercial Real Estate

4 unchanged sentences

Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases

For the Six Months Ended June 30, 2025

For the Nine Months Ended September 30, 2025

Commercial Real Estate

5 unchanged sentences

For the Year Ended December 31, 2024

Commercial Real

Construction &

Commercial Real Estate

Allowance for Loan and Lease Losses:

3 unchanged sentences

The following is a summary of intangible assets subject to amortization and those not subject to amortization:

June 30, 2025

September 30, 2025

Community Banking

10 unchanged sentences

Preliminary addition to goodwill from Piedmont acquisition

Goodwill at June 30, 2025

United incurred amortization expense of $ 2,341 and $ 4,682 for the three and six months ended June 30, 2025 as compared to $ 910 and $ 1,820 for the three and six months ended June 30, 2024, respectively.

Goodwill at September 30, 2025

United incurred amortization expense of $ 2,340 and $ 7,022 for the three and nine months ended September 30, 2025 as compared to $ 909 and $ 2,729 for the three and nine months ended September 30, 2024, respectively.

The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2024:

18 unchanged sentences

Classification

June 30, 2025

June 30, 2024

September 30,

Operating lease cost

4 unchanged sentences

Classification

June 30, 2025

June 30, 2024

September 30,

Operating lease cost

5 unchanged sentences

Classification

June 30, 2025

September 30, 2025

December 31, 2024

Operating lease right-of-use

Operating lease right-of-use assets

Operating lease liabilities

1 unchanged sentence

Other information related to leases was as follows:

June 30, 2025

September 30, 2025

Weighted-average remaining lease term:

4 unchanged sentences

Three Months Ended

June 30, 2025

June 30, 2024

September 30, 2025

September 30, 2024

Cash paid for amounts in the measurement of lease liabilities:

1 unchanged sentence

ROU assets obtained in the exchange for lease liabilities

Six Months Ended

June 30, 2025

June 30, 2024

Nine Months Ended

September 30, 2025

September 30, 2024

Cash paid for amounts in the measurement of lease liabilities:

1 unchanged sentence

ROU assets obtained in the exchange for lease liabilities

Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2024, consists of the following as of June 30, 2025:

Total lease payments

1 unchanged sentence

SHORT-TERM BORROWINGS

At June 30, 2025 and December 31, 2024, short-term borrowings were as follows:

June 30, 2025

At September 30, 2025 and December 31, 2024, short-term borrowings were as follows:

September 30, 2025

December 31, 2024

11 unchanged sentences

All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities.

At June 30, 2025, United had an unused borrowing amount of approximately $ 9,034,215 available subject to delivery of collateral after certain trigger points.

At September 30, 2025, United had an unused borrowing amount of approximately $ 8,969,909 available subject to delivery of collateral after certain trigger points.

Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties.

At June 30, 2025, a $ 250,000 FHLB advance with a weighted-average contractual interest rate of 4.41 % and a weighted-average effective interest rate of 0.59 % is scheduled to mature in 2025.

The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at June 30, 2025 to manage interest rate risk on its long-term debt.

At September 30, 2025, a $ 250,000 FHLB advance with a weighted-average contractual interest rate of 4.43 % and a weighted-average effective interest rate of 0.59 % is scheduled to mature in 2025.

The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at September 30, 2025 to manage interest rate risk on its long-term debt.

The scheduled maturities of these FHLB borrowings are as follows:

2029 and thereafter

At June 30, 2025, United had a total of twenty statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United.

At September 30, 2025, United had a total of twenty statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United.

The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts.

At June 30, 2025 and December 31, 2024, the outstanding balance of the Debentures was $ 281,021 and $ 280,221 , respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets.

At September 30, 2025 and December 31, 2024, the outstanding balance of the Debentures was $ 281,418 and $ 280,221 , respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets.

United fully and unconditionally guarantees each individual trust’s obligations under the Capital Securities.

3 unchanged sentences

United also assumed $20,000 in aggregate principal amount of fixed-to-floating

rate subordinated notes in the Piedmont acquisition which are also included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.”.

rate subordinated notes in the Piedmont acquisition which were also included in the category of long-term debt entitled “Other long-term borrowings” on the Consolidated Balance Sheets for June 30 and March 31, 2025.

These subordinated notes were redeemed during the third quarter of 2025.

In accordance with the fully-phased in “Basel III Capital Rules” as published by United’s primary federal regulator, the Federal Reserve, United is unable to consider the Capital Securities or the fixed-to-floating

17 unchanged sentences

The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty.

United had approximately $ 6,252,647 and $ 5,886,473 of loan commitments outstanding as of June 30, 2025 and December 31, 2024, respectively, approximately 37% of which contractually expire within one year .

United had approximately $ 6,327,914 and $ 5,886,473 of loan commitments outstanding as of September 30, 2025 and December 31, 2024, respectively, approximately 35% of which contractually expire within one year .

Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others.

2 unchanged sentences

Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party.

As of June 30, 2025 and December 31, 2024, United had $ 15,248 and $ 15,546 of commercial letters of credit outstanding.

As of September 30, 2025 and December 31, 2024, United had $ 16,514 and $ 15,546 of commercial letters of credit outstanding.

A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party.

United has issued standby letters of credit of $ 142,583 and $ 148,874 as of June 30, 2025 and December 31, 2024, respectively.

United has issued standby letters of credit of $ 138,049 and $ 148,874 as of September 30, 2025 and December 31, 2024, respectively.

In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial.

2 unchanged sentences

United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims.

United’s reserve was immaterial as of June 30, 2025 and December 31, 2024.

United’s reserve was immaterial as of September 30, 2025 and December 31, 2024.

United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking third party investors to meet the terms of their forward sales contracts.

27 unchanged sentences

One of these two interest rate swap derivatives with a notional amount of $ 250,000 matured during the third quarter of 2024.

As of June 30, 2025, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring.

As of September 30, 2025, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring.

United estimates that $ 7,940 will be reclassified from AOCI as a decrease to interest expense over the next 12-months

following June 30, 2025 related to the cash flow hedges.

As of June 30, 2025, the maximum length of time over which forecasted transactions are hedged is five years.

following September 30, 2025 related to the cash flow hedges.

As of September 30, 2025, the maximum length of time over which forecasted transactions are hedged is five years.

At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured.

7 unchanged sentences

The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.

The total notional amount of interest rate swap derivatives designated as cash flow hedges cleared through the LCH include $ 250,000 for asset derivatives as of June 30, 2025.

The total notional amount of interest rate swap derivatives designated as cash flow hedges cleared through the LCH include $ 250,000 for asset derivatives as of September 30, 2025.

Balances related to LCH are presented as a single unit of account with the fair value of the designated cash flow interest rate swap asset being reduced by variation margin posted by (with) the applicable counterparty and reported in the following table on a net basis.

10 unchanged sentences

Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value.

The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at June 30, 2025 and December 31, 2024.

Asset Derivatives

June 30, 2025

September 30, 2025

December 31, 2024

Derivatives designated as hedging instruments Fair Value Hedges:

Derivatives designated as hedging instruments

Fair Value Hedges:

Interest rate swap contracts (hedging commercial loans)

11 unchanged sentences

Liability Derivatives

June 30, 2025

September 30, 2025

December 31, 2024

8 unchanged sentences

Total liability derivatives

The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of June 30, 2025 and December 31, 2024.

The following table represents

the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of September 30, 2025 and December 31, 2024.

Derivatives in Fair Value

Hedging Relationships

Location in the Statement of

June 30, 2025

Location in the Statement

September 30, 2025

Carrying Amount of

the Hedged Assets/

(Liabilities)

Assets/(Liabilities)

Cumulative Amount of

14 unchanged sentences

Derivatives in Fair Value

Relationships

Hedging Relationships

Location in the Statement

1 unchanged sentence

Carrying Amount of

the Hedged Assets/

(Liabilities)

Assets/(Liabilities)

Cumulative Amount of

18 unchanged sentences

Additionally, the Company attempts to minimize credit risk through certain approval processes established by management.

The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 are presented as follows:

The effect of United’s derivative financial instruments

on its unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 are presented as follows:

Three Months Ended

Income Statement

September 30,

Derivatives in hedging relationships

8 unchanged sentences

Forward loan sales commitments

Income from Mortgage Banking

Income from Mortgage Banking Activities

TBA mortgage-backed securities

Income from Mortgage Banking

Income from Mortgage Banking Activities

Interest rate lock commitments

Income from Mortgage Banking

Income from Mortgage Banking Activities

Total derivatives not designated as hedging instruments

Total derivatives

Six Months Ended

Nine Months Ended

Income Statement

September 30,

Derivatives in hedging relationships

8 unchanged sentences

Forward loan sales commitments

Income from Mortgage Banking

Income from Mortgage Banking Activities

TBA mortgage-backed securities

Income from Mortgage Banking

Income from Mortgage Banking Activities

Interest rate lock commitments

Income from Mortgage Banking

Income from Mortgage Banking Activities

Total derivatives not designated as hedging instruments

Total derivatives

For the three and six months ended June 30, 2025 and 2024, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income.

For the three and nine months ended September 30, 2025 and 2024, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income.

FAIR VALUE MEASUREMENTS

an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable.

23 unchanged sentences

Management also obtains an independent service auditor’s report from third party vendors to provide reasonable assurance that appropriate controls are in place over the valuation process.

Upon completing its review of the pricing from third party vendors at June 30, 2025, management determined that the prices provided by its third party pricing sources were reasonable and in line with management’s expectations for the market values of these securities.

Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted materially by management at June 30, 2025.

Upon completing its review of the pricing from third party vendors at September 30, 2025, management determined that the prices provided by its third party pricing sources were reasonable and in line with management’s expectations for the market values of these securities.

Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted materially by management at September 30, 2025.

Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment.

8 unchanged sentences

The unobservable input for Level 3 valuations is the Company’s historical sales prices.

For June 30, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.10 % to 0.48 % with a weighted average increase of 0.11 %.

For September 30, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.01 % to 0.34 % with a weighted average increase of 0.11 %.

United utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item.

22 unchanged sentences

The unobservable input for Level 3 valuations is the Company’s historical sales prices.

For June 30, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.10 % to 0.48 % with a weighted average increase of 0.11 %.

For September 30, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.01 % to 0.34 % with a weighted average increase of 0.11 %.

For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in income from mortgage banking activities in the same period as the change in the fair value.

Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationships are included in noninterest income and noninterest expense, respectively.

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy.

Fair Value at June 30, 2025 Using

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy.

Fair Value at September 30, 2025 Using

Balance as of

September 30,

Quoted Prices

4 unchanged sentences

Residential mortgage-backed securities

Commercial mortgage-backed securities Agency

Commercial mortgage-backed securities

Asset-backed securities

11 unchanged sentences

Forward loan sales commitments

TBA mortgage-backed securities

Interest rate lock commitments

Total derivative financial assets

Derivative financial liabilities:

TBA mortgage-backed securities

Total derivative financial liabilities

Fair Value at December 31, 2024 Using

5 unchanged sentences

State and political subdivisions

Residential mortgage-backed securities Agency

Commercial mortgage-backed securities Agency

Residential mortgage-backed securities

Commercial mortgage-backed securities

Asset-backed securities

Fair Value at December 31, 2024 Using

Balance as of

Quoted Prices

Single issue trust preferred securities

16 unchanged sentences

The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the three months ended June 30, 2025 and the year ended December 31, 2024.

The following tables present additional information about financial assets and liabilities measured at fair value at June 30, 2025 and December 31, 2024 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value.

There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the nine months ended September 30, 2025 and the year ended December 31, 2024.

The following tables present additional

information about financial assets and liabilities measured at fair value at September 30, 2025 and December 31, 2024 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value.

The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses related to assets still held at the reporting date are recorded in Income from mortgage banking activities in the Consolidated Statements of Income.

1 unchanged sentence

Derivative Liabilities

June 30, 2025

September 30, 2025

Forward Sales

8 unchanged sentences

December 31, 2024

Forward Sales

Interest Rate

7 unchanged sentences

Three Months Ended

June 30, 2025

September 30, 2025

Three Months Ended

June 30, 2024

September 30, 2024

Income from mortgage banking activities

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

Income from mortgage banking activities

No loans held for sale were past due or on nonaccrual status as of June 30, 2025 and December 31, 2024.

No loans held for sale were past due or on nonaccrual status as of September 30, 2025 and December 31, 2024.

The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected:

June 30, 2025

September 30, 2025

December 31, 2024

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that the fair value of a reporting unit is less than its carrying value, United may use either a market or income quantitative approach to determine the fair value of the reporting unit.

If the fair value of the reporting unit is less than its carrying value, an

impairment charge would be recorded for the difference, not to exceed the amount of goodwill allocated to the reporting unit.

If the fair value of the reporting unit is less than its carrying value, an impairment charge would be recorded for the difference, not to exceed the amount of goodwill allocated to the reporting unit.

At each reporting date, the Company considers potential indicators of impairment.

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Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value.

Other than those intangible assets recorded in the acquisition of Piedmont in the first six months of 2025, no other fair value measurement of intangible assets was made during the three and six months of 2025 and 2024.

Other than those intangible assets recorded in the acquisition of Piedmont in the first nine months of 2025, no other fair value measurement of intangible assets was made during the three and nine months ended September 30, 2025 and 2024.

The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period:

Balance as of

June 30, 2025

Fair Value at June 30, 2025

September 30, 2025

Fair Value at September 30, 2025

Quoted Prices

31 unchanged sentences

Quoted Prices

June 30, 2025

September 30, 2025

Cash and cash equivalents

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Loans held for sale

Fair Value Measurements

Quoted Prices

Derivative financial assets

12 unchanged sentences

was filed on May 30, 2025 with the Securities and Exchange Commission to register all the shares which were available for issuance under the 2025 EIP Plan.

During the first six months of 2025, a total of 184,515 shares of restricted stock and 256,385 of restricted stock units were granted under the 2020 LTI Plan.

During the first nine months of 2025, a total of 184,515 shares of restricted stock and 256,385 of restricted stock units were granted under the 2020 LTI Plan.

No non-qualified

stock options were granted under the 2020 LTI Plan during the first six months of 2025.

Compensation expense of $ 3,384 and $ 6,259 related to the all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the second quarter and first six months of 2025, respectively, as compared to compensation expense of $ 3,004 and $ 6,270 related to the all share-based grants and awards under United’s Long-Term Incentive Plans for the second quarter and first six months of 2024, respectively.

stock options were granted under the 2020 LTI Plan during the first nine months of 2025.

Compensation expense of $ 3,442 and $ 9,701 related to all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the third quarter and first nine months of 2025, respectively, as compared to compensation expense of $ 3,118 and $ 9,388 related to the all share-based grants and awards under United’s Long-Term Incentive Plans for the third quarter and first nine months of 2024, respectively.

Compensation expense was included in employee compensation in the unaudited Consolidated Statements of Income.

Stock Options

As of June 30, 2025, no stock option awards have been granted under the 2025 EIP.

As of September 30, 2025, no

stock option awards have been granted under the 2025 EIP.

United does have options outstanding from various other option plans (the “Prior Plans”);

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The maximum term for options granted under the plans is ten ( 10 ) years.

A summary of activity under United’s stock option plans as of June 30, 2025, and the changes during the first six months of 2025 are presented below:

Six Months Ended June 30, 2025

A summary of activity under United’s stock option plans as of September 30, 2025, and the changes during the first nine months of 2025 are presented below:

Nine Months Ended September 30, 2025

Weighted Average

1 unchanged sentence

Forfeited or expired

Outstanding at June 30, 2025

Exercisable at June 30, 2025

During the six months ended June 30, 2025 and 2024,

31,138 shares, respectively, were issued in connection with stock option exercises.

All shares issued in connection with stock option exercises for the six months ended June 30, 2025 and 2024 were issued from authorized and unissued stock.

The total intrinsic value of options exercised under the Plans during the six months ended June 30, 2025 and 2024 was $

254 respectively.

As of June 30, 2025, there was no unrecognized compensation cost related to nonvested stock option awards.

Outstanding at September 30, 2025

Exercisable at September 30, 2025

During the nine months ended September 30, 2025 and 2024, 11,971 and 56,787 shares, respectively, were issued in connection with stock option exercises.

All shares issued in connection with stock option exercises for the nine months ended September 30, 2025 and 2024 were issued from authorized and unissued stock.

The total intrinsic value of options exercised under the Plans during the nine months ended September 30, 2025 and 2024 was $ 92 and $ 524 respectively.

As of September 30, 2025, there was no unrecognized compensation cost related to nonvested stock option awards.

Restricted Stock

As of June 30, 2025, no restricted stock awards have been granted under the 2025 EIP.

As of September 30, 2025, no restricted stock awards have been granted under the 2025 EIP.

Under the 2020 LTI Plan, United awarded restricted common shares to key employees and non-employee

5 unchanged sentences

However, in a change from the 2020 LTI Plan, any dividends paid upon any restricted stock granted under the 2025 EIP, during the period of restriction, will be retained by the Company and will be paid to the relevant grantee (without interest) when the restricted stock vests and will revert back to the Company if for any reason the restricted stock upon which such dividends were paid reverts back to the Company.

As of June 30, 2025, the total unrecognized compensation cost related to nonvested restricted stock awards was $ 10,080 with a weighted-average expense recognition period of 1.4 years.

The following summarizes the changes to United’s nonvested restricted common shares for the period ended June 30, 2025:

As of September 30, 2025, the total unrecognized compensation cost related to nonvested restricted stock awards was $ 8,616 with a weighted-average expense recognition period of 1.1 years.

The following summarizes the changes to United’s nonvested restricted common shares for the period ended September 30, 2025:

Weighted-Average Grant

1 unchanged sentence

Nonvested at January 1, 2025

Nonvested at June 30, 2025

Nonvested at September 30, 2025

Restricted Stock Units

As of June 30, 2025, no restricted stock units have been granted under the 2025 EIP.

As of September 30, 2025, no restricted stock units have been granted under the 2025 EIP.

Under the 2020 LTI Plan, United granted restricted stock units (“RSUs”) to key employees.

13 unchanged sentences

The Company recognizes expense on the RSUs in accordance with ASC Topic 718.

The following table summarizes the status of United’s nonvested RSUs during the first six months of 2025:

The following table summarizes the status of United’s nonvested RSUs during the first nine months of 2025:

Weighted-Average Grant

2 unchanged sentences

Forfeited or expired

Nonvested at June 30, 2025

As of June 30, 2025, the total unrecognized compensation cost related to nonvested restricted stock units was $ 13,399 with a weighted-average expense recognition period of 1.7 years.

Nonvested at September 30, 2025

As of September 30, 2025, the total unrecognized compensation cost related to nonvested restricted stock units was $ 11,486 with a weighted-average expense recognition period of 1.4 years.

EMPLOYEE BENEFIT PLANS

2 unchanged sentences

Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future.

discretionary contributions were made during the second quarter or first six months of 2025 and 2024.

No discretionary contributions were made during the third quarter or first nine months of 2025 and 2024.

Included in accumulated other comprehensive income at December 31, 2024 are unrecognized actuarial losses of $ 17,884 ($ 9,645 net of tax) that have not yet been recognized in net periodic pension cost.

Net periodic pension cost for the three and six months ended June 30, 2025 and 2024 included the following components:

Net periodic pension cost for the three and nine months ended September 30, 2025 and 2024 included the following components:

Three Months Ended

Six Months Ended

Nine Months Ended

Interest cost

13 unchanged sentences

and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.

As of June 30, 2025 and 2024, the total amount of accrued interest related to uncertain tax positions was $ 704 and $ 800 , respectively.

As of September 30, 2025 and 2024, the total amount of accrued interest related to uncertain tax positions was $ 731 and $ 827 , respectively.

United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes.

United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2021, 2022 and 2023 and certain State Taxing authorities for the years ended December 31, 2021 through 2023.

United’s effective tax rate was 20.62 % and 20.85 % for the second quarter and first six months of 2025, respectively, and 16.36 % and 18.02 % for the second quarter and first six months of 2024.

United’s effective tax rate was 21.16 % for the first quarter of 2025.

United’s effective tax rate was 20.51 % and 20.72 % for the third quarter and first nine months of 2025, respectively, and 20.56 % and 18.90 % for the third quarter and first nine months of 2024.

United’s effective tax rate was 20.62 % for the second quarter of 2025.

COMPREHENSIVE INCOME

The components of total comprehensive income for the three and six months ended June 30, 2025 and 2024 are as follows:

The components of total comprehensive income for the three and nine months ended September 30, 2025 and 2024 are as follows:

Three Months Ended

Six Months Ended

Nine Months Ended

Available for sale (“AFS”) securities:

Change in net unrealized gain (loss) on AFS securities arising during the period

Change in net unrealized gain on AFS securities arising during the period

Related income tax effect

3 unchanged sentences

Cash flow hedge derivatives:

Unrealized (loss) gain on cash flow hedge before reclassification to interest

Unrealized gain (loss) on cash flow hedge before reclassification to interest expense

Related income tax effect

6 unchanged sentences

Net effect of change in defined benefit pension plan asset on other comprehensive income

Total change in other comprehensive income (loss), net of tax

Total change in other comprehensive income, net of tax

Total Comprehensive Income

The components of accumulated other comprehensive income for the six months ended June 30, 2025 are as follows:

The components of accumulated other comprehensive income for the nine months ended September 30, 2025 are as follows:

Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a)

For the Six Months Ended June 30, 2025

For the Nine Months Ended September 30, 2025

Balance at January 1, 2025

2 unchanged sentences

Net current-period other comprehensive income (loss), net of tax

Balance at June 30, 2025

Balance at September 30, 2025

All amounts are net-of-tax.

1 unchanged sentence

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

For the Six Months Ended June 30, 2025

For the Nine Months Ended September 30, 2025

Details about AOCI Components

2 unchanged sentences

Cash flow hedge:

Net reclassification adjustment for gains included in net income

Net reclassification adjustment for gains included

in net income

Interest expense

1 unchanged sentence

Related income tax effect

Pension plan:

Recognized net actuarial loss

Employee benefits

Total before tax

Related income tax effect

Total reclassifications for the period

This AOCI component is included in the computation of changes in plan assets (see Note 15, Employee Benefit Plans)

EARNINGS PER SHARE

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

Distributed earnings allocated to common stock

6 unchanged sentences

Earnings per diluted common share

Antidilutive stock options and restricted stock outstanding of 567,520 and 1,003,456 for the three months and six months ended June 30, 2025, respectively, were excluded from the earnings per diluted com mo

n share calculation as compared to 1,025,677 and 1,321,544 for the three months and six months ended June 30, 2024, respectively.

Antidilutive stock options and restricted stock outstanding of 564,090 and 996,626 for the three months and nine months ended September 30, 2025, respectively, were excluded from the earnings per diluted common share calculation as compared to 754,682 and 1,318,294 for the three months and nine months ended September 30, 2024, respectively.

VARIABLE INTEREST ENTITIES

14 unchanged sentences

Accordingly, its accounts are not included in United’s consolidated financial statements.

At June 30, 2025 and December 31, 2024, United’s investment (maximum exposure to loss) in these trusts were

$ 12,457 and $ 12,238 , respectively.

At September 30, 2025 and December 31, 2024, United’s investment (maximum exposure to loss) in these trusts were $ 12,569 and $ 12,238 , respectively.

Information related to United’s statutory trusts is presented in the table below:

86 unchanged sentences

These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships.

These partnerships are not consolidated as United is not deemed to be the prima ry

At June 30, 2025 and December 31, 2024, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $ 106,184 and $ 98,441 , respectively, while related unfunded commitments were $ 84,806 and $ 89,292 respectively.

As of June 30, 2025, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

These partnerships are not consolidated as United is not deemed to be the primary beneficiary.

At September 30, 2025 and December 31, 2024, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $ 108,666 and $ 98,441 , respectively, while related unfunded commitments were $ 88,211 and $ 89,292 respectively.

As of September 30, 2025, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

SEGMENT INFORMATION

13 unchanged sentences

The comparative analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment.

Information about the community banking segment net income for the three and six months ended June 30, 2025 and 2024 is as follows:

Information about the community banking segment net income for the three and nine months ended September 30, 2025 and 2024 is as follows:

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

Net interest income

4 unchanged sentences

Net occupancy expense

Net losses (gains) on the sales of OREO properties

Net (gains) losses on the sales of OREO properties

Equipment expense

11 unchanged sentences

Other segment expense includes legal, consulting and other professional services expense, franchise and other taxes not on income, expense for reserve on lending-related commitments, ATM expenses, marketing expense, core deposits amortization, and other general operating expenses.

Information about community banking segment total assets as of June 30, 2025 and 2024 is as follows:

As of June 30,

Information about community banking segment total assets as of September 30, 2025 and 2024 is as follows:

As of September 30,

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.

What changed 10-Q

Item 1. Financial Statements