20 unchanged sentences
The principal function of managing interest rate risk is to maintain an appropriate relationship between those assets and liabilities that are sensitive to changing market interest rates.
−Removed: The difference between rate sensitive assets and rate sensitive liabilities for specified periods of time is known as the “GAP.” Earnings-simulation
−Removed: analysis captures not only the potential of these interest sensitive assets and liabilities to mature or reprice, but also the probability that they will do so.
+Added: The difference between rate sensitive assets and rate sensitive liabilities for specified periods of time is known as the “GAP.” Earnings-simulation analysis captures not only the potential of these interest sensitive assets and liabilities to mature or reprice, but also the probability that they will do so.
Moreover, earnings-simulation analysis considers the relative sensitivities of these balance sheet items and projects their behavior over an extended period of time.
7 unchanged sentences
At December 31, 2025, given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to increase by 2.31% over one year as compared to an increase by 1.75% at December 31, 2024.
−Removed: A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 2.82% over one year as of December 31, 2024, as compared to a decrease of 0.28% as of December 31, 2023.
+Added: A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 3.85% over one year as of December 31, 2025, as compared to an increase of 2.82% as of December 31, 2024.
A 100 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 0.20% over one year as of December 31, 2025 as compared to an increase of 0.26%, over one year as of December 31, 2024.
24 unchanged sentences
This is generally referred to as extension risk.
−Removed: At December 31, 2024, United’s mortgage related securities portfolio had an amortized cost of $1.7 billion, of which approximately $827.7 million or 49% were fixed rate collateralized mortgage obligations (CMOs).
+Added: At December 31, 2025, United’s mortgage related securities portfolio had an amortized cost of $1.9 billion, of which approximately $1.05 billion or 54% were fixed rate collateralized mortgage obligations (“CMOs”).
These fixed rate CMOs consisted primarily of planned amortization class (“PACs”), sequential-pay and accretion directed (“VADMs”) bonds having an average life of approximately 4.2 years and a weighted average yield of 3.33%, under current projected prepayment assumptions.
These securities are expected to have moderate extension risk in a rising rate environment.
−Removed: Current models show that given an immediate, sustained upward shock of 300 basis points, the average life of these securities would only extend to 7 years.
+Added: Current models show that that given an immediate, sustained upward shock of 300 basis points, the average life of these securities would only extend to 5.8 years.
The projected price decline of the fixed rate CMO portfolio in rates up 300 basis points would be 13.9%, or less than the price decline of a 7-year treasury note.
3 unchanged sentences
United had approximately $19.7 million in 15-year mortgage-backed securities with a projected yield of 4.00% and a projected average life of 3.8 years as of December 31, 2025.
−Removed: This portfolio consisted of seasoned 15-year mortgage paper with a weighted average loan age (WALA) of 5.7 years and a weighted average maturity (WAM) of 10.2 years.
+Added: This portfolio consisted of seasoned 15-year mortgage paper with a weighted average loan age (“WALA”) of 5.8 years and a WAM of 9.3 years.
United had approximately $295.4 million in 20-year mortgage-backed securities with a projected yield of 2.15% and a projected average life of 5.7 years on December 31, 2025.
−Removed: This portfolio consisted of seasoned 20-year mortgage paper with a weighted average loan age (WALA) of 3.8 years and a weighted average maturity (WAM) of 16 years.
+Added: This portfolio consisted of seasoned 20-year mortgage paper with a WALA of 4.8 years and a WAM of 14.9 years.
United had approximately $210 million in 30-year mortgage-backed securities with a projected yield of 3.92% and a projected average life of 7.2 years on December 31, 2025.
−Removed: This portfolio consisted of seasoned 30-year mortgage paper with a weighted average loan age (WALA) of 4.8 years and a weighted average maturity (WAM) of 23.1 years.
+Added: This portfolio consisted of seasoned 30-year mortgage paper with a WALA of 6.3 years and a WAM of 22.3 years.
The remaining 1% of the mortgage related securities portfolio on December 31, 2025, included floating rate CMO, CMBS and mortgage-backed securities.
13 unchanged sentences
Chief Executive Officer
−Removed: Mark Tatterson
−Removed: Executive Vice President and Chief Financial Officer
+Added: Mark Tatterson Executive Vice President and Chief Financial Officer
February 27, 2026
27 unchanged sentences
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.