UNITED BANKSHARES INC/WV 10-K

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of United Bankshares, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of United Bankshares, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 27, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 66 Table of Contents Allowance for Loan Losses Description of the Matter The Company’s loan portfolio totaled $24.7 billion as of December 31, 2025, and the associated allowance for loan losses (ALL) for the loan portfolio was $297.5 million. As discussed in Notes A and F to the consolidated financial statements, the ALL is an estimate of the expected credit losses on loans at amortized cost to present the net amount expected to be collected as of the balance sheet date. The ALL is based on the credit losses expected to arise over the life of the asset. Management pools its loans based on similar risk characteristics and assigns an appropriate calculation method to estimate the expected credit losses. For loans that do not share risk characteristics, management evaluates the ALL on an individual basis based on the present value of expected future cash flows using the loan’s effective interest rate, or as a practical expedient, the fair value of the collateral if the loan is collateral-dependent. For loans not specifically reviewed on an individual basis, management measures the ALL using a probability of default/loss given default method or cohort method based on portfolio segment. Management also records qualitative adjustments to expected credit losses for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as reasonable and supportable forecast adjustments for changes in macroeconomic and environmental conditions, such as changes in unemployment rates, gross domestic product or other relevant factors, that have not been fully captured in the allowance calculation. Auditing management’s estimate used in determining the ALL for the loan portfolio involved a high degree of subjectivity in evaluating management’s determination of the forecast selection used to derive the reasonable and supportable forecast qualitative adjustment. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s ALL process for the loan portfolio. Controls tested included, among others, those over the risk rating process, management’s review and approval of the calculations used to determine the ALL, including the underlying data and data inputs and outputs of those calculations, and management’s evaluation and review of the qualitative adjustments, including the reasonable and supportable forecast qualitative adjustment. To test the Company’s reasonable and supportable forecast qualitative adjustment for the loan portfolio, we tested the underlying data used in the estimate calculation to determine it was accurate, complete and relevant. Further, we evaluated management’s basis for the adjustment in relation to changes in economic conditions and forecasts. Our procedures included evaluating management’s inputs and assumptions used in determining the qualitative adjustment by comparing the information to internal and external source data including, among others, the economic forecasts utilized by the Company and third-party economic outlook reports. We involved our internal modeling specialists in evaluating the model performance. In addition, we evaluated the overall ALL amount, inclusive of the qualitative adjustments, and whether the amount appropriately reflects losses expected in the loan portfolios as of the consolidated balance sheet date. For example, we evaluated the Company’s analysis of their historical loss experience and peer losses to the Company’s recorded ALL to test the ALL in totality. We also reviewed subsequent events and transactions and considered whether they corroborate or contradict the Company’s conclusion. /s/ Ernst & Young LLP We have served as the Company’s auditor since 1986. Charleston, West Virginia February 27, 2026 67 Table of Contents CONSOLIDATED BALANCE SHEETS UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands, except par value) December 31 December 31  2025 2024  Assets Cash and due from banks $ 247,613 $ 240,655 Interest-bearing deposits with other banks 2,293,279 2,050,321 Federal funds sold 1,358 1,268 Total cash and cash equivalents 2,542,250 2,292,244 Securities available for sale at estimated fair value (amortized cost-$ 3,264,860 at December 31, 2025 and $ 3,282,690 at December 31, 2024, allowance for credit losses of $ 0 at December 31, 2025 and December 31, 2024) 3,059,452 2,959,719 Securities held to maturity, net of allowance for credit losses of $ 16 at December 31, 2025 and $ 18 at December 31, 2024 (estimated fair value-$ 1,020 at December 31, 2025 and December 31, 2024) 1,004 1,002 Equity securities at estimated fair value 34,760 21,058 Other investment securities 305,184 277,517 Loans held for sale measured using fair value option 31,277 44,360 Loans and leases 24,720,620 21,680,498 Less: Unearned income ( 11,498 ) ( 7,005 ) Loans and leases, net of unearned income 24,709,122 21,673,493 Less: Allowance for loan and lease losses ( 297,518 ) ( 271,844 ) Net loans and leases 24,411,604 21,401,649 Bank premises and equipment 208,831 186,131 Operating lease right-of-use assets 89,312 81,742 Goodwill 2,018,848 1,888,889 Bank-owned life insurance (“BOLI”) 547,127 497,181 Accrued interest receivable 109,232 102,412 Other assets 301,400 269,641 TOTAL ASSETS $ 33,660,281 $ 30,023,545 Liabilities Deposits: Noninterest-bearing $ 6,573,630 $ 6,135,413 Interest-bearing 20,487,309 17,826,446 Total deposits 27,060,939 23,961,859 Borrowings: Securities sold under agreements to repurchase 198,573 176,090 Federal Home Loan Bank (“FHLB”) borrowings 250,000 260,199 Other long-term borrowings 281,817 280,221 Reserve for lending-related commitments 35,075 34,911 Operating lease liabilities 95,392 86,771 Accrued expenses and other liabilities 242,502 230,271 TOTAL LIABILITIES 28,164,298 25,030,322 Shareholders’ Equity Preferred stock, $ 1.00 par value; Authorized- 50,000,000 shares, no ne issued 0 0 Common stock, $ 2.50 par value; Authorized- 200,000,000 shares; issued- 150,856,999 and 142,694,816 at December 31, 2025 and December 31, 2024, respectively, including 10,976,752 and 7,348,188 shares in treasury at December 31, 2025 and December 31, 2024, respectively 377,142 356,737 Surplus 3,468,869 3,196,154 Retained earnings 2,170,327 1,917,726 Accumulated other comprehensive loss ( 138,927 ) ( 223,903 ) Treasury stock, at cost ( 381,428 ) ( 253,491 ) TOTAL SHAREHOLDERS’ EQUITY 5,495,983 4,993,223 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,660,281 $ 30,023,545 See notes to consolidated financial statements. 6 8 Table of Contents CONSOLIDATED STATEMENTS OF INCOME UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands, except per share data) Year Ended December 31 2025 2024 2023 Interest income Interest and fees on loans and leases  $   1,480,112  $   1,302,604  $   1,203,186 Interest on federal funds sold and other short-term investments 93,700 66,207 47,069 Interest and dividends on securities: Taxable 107,265 128,731 144,420 Tax-exempt 4,776 4,579 6,645 Total interest income 1,685,853 1,502,121 1,401,320 Interest expense Interest on deposits 554,491 539,805 391,094 Interest on short-term borrowings 5,801 7,966 6,449 Interest on long-term borrowings 23,397 43,282 83,853 Total interest expense 583,689 591,053 481,396 Net interest income 1,102,164 911,068 919,924 Provision for credit losses 53,866 25,153 31,153 Net interest income after provision for credit losses 1,048,298 885,915 888,771 Other income Fees from trust services 19,762 19,450 18,318 Fees from brokerage services 22,729 20,277 16,911 Fees from deposit services 38,995 37,183 37,076 Bankcard fees and merchant discounts 7,913 7,059 7,013 Other service charges, commissions, and fees 4,629 3,485 3,861 Income from bank-owned life insurance 13,199 11,225 8,330 Income from mortgage banking activities 9,567 16,057 26,593 Mortgage loan servicing income 0 8,958 13,746 Net investment securities gains (losses) 11,170 ( 7,720 ) ( 7,646 ) Other income 7,190 7,721 11,056 Total other income 135,154 123,695 135,258 Other expense Employee compensation 252,054 234,618 230,809 Employee benefits 54,333 53,621 48,368 Net occupancy expense 49,794 46,084 46,426 Other real estate owned (“OREO”) expense 892 576 1,355 Net gains on the sales of OREO properties ( 148 ) ( 75 ) ( 60 ) Equipment expense 34,917 29,686 29,731 Data processing expense 32,622 29,646 29,395 Mortgage loan servicing expense and impairment 0 2,694 5,596 Bankcard processing expense 2,342 2,490 2,192 FDIC insurance expense 17,022 19,735 30,376 Other expense 156,224 125,956 136,036 Total other expense 600,052 545,031 560,224 Income before income taxes 583,400 464,579 463,805 Income taxes 118,797 91,583 97,492 Net income  $ 464,603  $ 372,996  $ 366,313 6 9 Table of Contents CONSOLIDATED STATEMENTS OF INCOME UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands, except per share data) Year Ended December 31 2025 2024 2023 Earnings per common share: Basic  $ 3.28  $ 2.76  $ 2.72 Diluted  $ 3.27  $ 2.75  $ 2.71 Dividends per common share  $ 1.49  $ 1.48  $ 1.45 Average outstanding shares: Basic 141,497,205 134,947,592 134,505,058 Diluted 141,827,360 135,225,417 134,753,820 See notes to consolidated financial statements 7 0 Table of Contents CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands) Year Ended December 31 2025 2024 2023 Net income  $   464,603  $   372,996  $   366,313 Other comprehensive income on available-for-sale (“AFS”) securities, net of tax 89,466 30,855 81,521 Other comprehensive loss on cash flow hedge, net of tax ( 9,937 ) ( 6,249 ) ( 13,059 ) Other comprehensive income on defined benefit pension plan, net of tax 5,447 11,172 4,589 Total comprehensive income, net of tax  $ 549,579  $ 408,774  $   439,364 See notes to consolidated financial statements 71 Table of Contents CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands, except per share data) Accumulated Common Stock Other Total Par Retained Comprehensive Treasury Shareholders’ Shares Value Surplus Earnings (Loss) Income Stock Equity Balance at January 1, 2022 142,011,560 $ 355,029 $ 3,168,874 $ 1,575,426 $ ( 332,732 ) $ ( 250,404 ) $ 4,516,193 Comprehensive income: Net income 0 0 0 366,313 0 0 366,313 Other comprehensive income, net of tax 0 0 0 0 73,051 0 73,051 Total comprehensive income, net of tax 439,364 Stock based compensation expense 0 0 12,463 0 0 0 12,463 Stock grant forfeiture ( 8,295 shares) 0 0 320 0 0 ( 320 ) 0 Purchase of treasury stock ( 33,850 shares) 0 0 0 0 0 ( 1,382 ) ( 1,382 ) Cash dividends ($ 1.45 per share) 0 0 0 ( 196,120 ) 0 0 ( 196,120 ) Net issuance of common stock under stock-based compensation plans ( 246,086 shares) 246,086 615 107 0 0 0 722 Balance at December 31, 2023 142,257,646 355,644 3,181,764 1,745,619 ( 259,681 ) ( 252,106 ) 4,771,240 Comprehensive income: Net income 0 0 0 372,996 0 0 372,996 Other comprehensive income, net of tax 0 0 0 0 35,778 0 35,778 Total comprehensive income, net of tax 408,774 Stock based compensation expense 0 0 12,130 0 0 0 12,130 Stock grant forfeiture ( 9,413 shares) 0 0 345 0 0 ( 345 ) 0 Purchase of treasury stock ( 30,192 shares) 0 0 0 0 0 ( 1,040 ) ( 1,040 ) Cash dividends ($ 1.48 per share) 0 0 0 ( 200,889 ) 0 0 ( 200,889 ) Net issuance of common stock under stock-based compensation plans ( 437,170 shares) 437,170 1,093 1,915 0 0 0 3,008 Balance at December 31, 2024 142,694,816 356,737 3,196,154 1,917,726 ( 223,903 ) ( 253,491 ) 4,993,223 Comprehensive income: Net income 0 0 0 464,603 0 0 464,603 Other comprehensive income, net of tax 0 0 0 0 84,976 0 84,976 Total comprehensive income, net of tax 549,579 Acquisition of Piedmont Bancorp, Inc. ( 7,860,831 shares) 7,860,831 19,652 261,294 0 0 0 280,946 Stock based compensation expense 0 0 13,089 0 0 0 13,089 Stock grant forfeiture ( 16,682 shares) 0 0 610 0 0 ( 610 ) 0 Termination of management stock bonus plan ( 8,811 shares) 0 0 338 0 0 ( 338 ) 0 Purchase of treasury stock ( 3,603,071 shares) 0 0 0 0 0 ( 126,989 ) ( 126,989 ) Cash dividends ($ 1.49 per share) 0 0 0 ( 212,002 ) 0 0 ( 212,002 ) Net issuance of common stock under stock-based compensation plans ( 301,352 shares) 301,352 753 ( 2,616 ) 0 0 0 ( 1,863 ) Balance at December 31, 2025 150,856,999 $ 377,142 $ 3,468,869 $ 2,170,327 $ ( 138,927 ) $ ( 381,428 ) $ 5,495,983 See notes to consolidated financial statements 7 2 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands) Year Ended December 31 2025 2024 2023 OPERATING ACTIVITIES Net income $ 464,603 $ 372,996 $ 366,313 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 53,866 25,153 31,153 Amortization and accretion ( 29,864 ) ( 5,313 ) 5,915 Loss on sales of bank premises, OREO, leases and equipment 97 322 345 Write-downs on bank premises, OREO, leases and equipment 55 219 945 Depreciation 16,813 15,709 17,191 (Gain) loss on securities ( 11,170 ) 7,720 7,646 Loans originated for sale ( 370,856 ) ( 645,942 ) ( 860,901 ) Proceeds from sales of loans 393,506 673,906 887,398 Gain on sales of loans ( 9,567 ) ( 16,063 ) ( 25,879 ) Mortgage repurchase loan reserve activity ( 327 ) 19 ( 304 ) Stock-based compensation 13,089 12,130 12,463 Excess tax benefits from stock-based compensation arrangements 83 258 128 Deferred income tax expense (benefit) 16,645 ( 3,368 ) ( 2,921 ) Amortization of tax credit investments 15,424 15,277 15,238 Originations of mortgage servicing rights 0 0 ( 715 ) Gain on sale of mortgage servicing rights 0 ( 7,086 ) ( 8,306 ) Increase in cash surrender value of bank-owned life insurance policies ( 14,489 ) ( 14,150 ) ( 9,267 ) (Amortization) accretion of net periodic pension costs ( 2,257 ) 10 159 Changes in: Interest receivable ( 6,820 ) 9,008 ( 16,530 ) Other assets ( 12,464 ) 2,056 ( 3,618 ) Accrued expenses and other liabilities ( 17,461 ) 2,593 18,784 NET CASH PROVIDED BY OPERATING ACTIVITIES 498,906 445,454 435,237 INVESTING ACTIVITIES Proceeds from sales of securities available for sale 527 454,993 181,824 Proceeds from maturities and calls of securities available for sale 2,260,333 2,459,102 770,389 Purchases of securities available for sale ( 2,142,828 ) ( 2,062,441 ) ( 107,866 ) Proceeds from sales of equity securities 713 8,113 344 Purchases of equity securities ( 929 ) ( 1,159 ) ( 1,647 ) Proceeds from sales and redemptions of other investment securities 15,396 160,637 155,299 Purchases of other investment securities ( 58,817 ) ( 136,392 ) ( 178,476 ) Redemption of bank-owned life insurance policies 5,344 3,864 2,556 Purchases of bank premises and equipment ( 17,714 ) ( 12,128 ) ( 11,687 ) Proceeds from sales of bank premises and equipment 1,444 101 2,542 Proceeds from sales of mortgage servicing rights 0 12,489 23,450 Acquisition of Piedmont Bancorp, Inc., net of cash paid 77,476 0 0 Proceeds from sales of OREO properties 553 2,355 3,240 Net change in loans and leases ( 1,040,810 ) ( 318,049 ) ( 800,974 ) NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES ( 899,312 ) 571,485 38,994 FINANCING ACTIVITIES Cash dividends paid ( 209,002 ) ( 200,727 ) ( 194,727 ) Acquisition of treasury stock ( 126,989 ) ( 1,040 ) ( 1,382 ) Proceeds from exercise of stock options 751 5,274 1,750 Repayment of long-term Federal Home Loan Bank borrowings ( 10,000 ) ( 1,500,000 ) ( 1,900,000 ) Proceeds from issuance of long-term Federal Home Loan Bank borrowings 0 250,000 1,500,000 Redemption of subordinated debt ( 20,575 ) 0 ( 10,250 ) Changes in: Time deposits 328,749 254,936 1,318,577 Other deposits 664,995 887,924 ( 801,305 ) Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings 22,483 ( 20,005 ) 35,397 NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 650,412 ( 323,638 ) ( 51,940 ) INCREASE IN CASH AND CASH EQUIVALENTS 250,006 693,301 422,291 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 2,292,244 1,598,943 1,176,652 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 2,542,250 $ 2,292,244 $ 1,598,943 7 3 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands) Year Ended December 31 2025 2024 2023 Supplemental information Cash paid for: Interest on deposits and borrowed funds $ 581,620 $ 590,635 $ 468,123 Income taxes, net of refunds 114,463 86,221 105,460 Amounts in the measurement of lease liabilities 19,739 19,900 21,581 Noncash investing activities: Transfers of other investment securities to equity securities 2,316 0 0 Transfers of loans to OREO 9,034 359 4,941 Right-of-use assets obtained in the exchange for lease liabilities 18,673 8,896 33,403 Acquisition of subsidiaries and purchase price adjustments: Assets acquired, net of cash 2,225,854 0 0 Liabilities assumed 2,152,343 0 0 Goodwill 129,959 0 0 Issuance of common stock as consideration for acquisition 280,946 0 0 See notes to consolidated financial statements 74 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNITED BANKSHARES, INC. AND SUBSIDIARIES December 31, 2025 NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: United Bankshares, Inc. (“United”, the “Company”) is a financial holding company headquartered in Charleston, West Virginia. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (“MSA”): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Morgantown MSA and the Wheeling MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and the Pennsylvania counties of Washington and Fayette, primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties in nearby West Virginia. United’s Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. Through its acquisition of Carolina Financial, United’s market also includes the Coastal, Midlands, and Upstate regions of South Carolina, including the Charleston (Charleston, Dorchester and Berkeley Counties), Myrtle Beach (Horry and Georgetown Counties), Columbia (Richland and Lexington Counties), and the Upstate (Greenville and Spartanburg Counties) areas as well as areas in North Carolina including Wilmington (New Hanover County), Raleigh-Durham (Durham and Wake Counties), Charlotte-Concord-Gastonia (NC and SC) and the southeastern coastal region of North Carolina (Bladen, Brunswick, Columbus, Cumberland, Duplin and Robeson Counties). Through its acquisition of Community Bankers Trust, United added new markets in Baltimore and Annapolis, Maryland and Lynchburg and Richmond, Virginia as well as the Northern Neck of Virginia. Through its acquisition of Piedmont, United added the Atlanta, Georgia MSA to its market area. United considers all of the above locations to be the primary market areas for its business. Operating and Reporting Segments As of December 31, 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. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. United’s chief operating decision maker regularly reviews the operating results of United Bank in order to assess performance and make decisions about resource allocation. At December 31, 2023, United had three operating segments: United Bank, George Mason Mortgage, LLC (“George Mason”) and Crescent Mortgage Company (“Crescent”), and two reporting segments: community banking and mortgage banking. However, during the first quarter of 2024, United consolidated the mortgage origination and sales business of George Mason and Crescent with that of United Bank. United previously exited the third-party origination (“TPO”) business during the fourth quarter of 2023. Basis of Presentation: The consolidated financial statements and the notes to consolidated financial statements include the accounts of United and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. As defined in applicable accounting standards, variable interest entities (“VIEs”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. 7 5 Table of Contents The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2025 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. The Company has evaluated events and transactions subsequent to December 31, 2025 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. Cash and Cash Equivalents: United considers cash and due from banks, interest-bearing deposits with other banks and federal funds sold as cash and cash equivalents. Debt securities : The Company accounts for debt securities in two categories: held to maturity (“HTM”) and available for sale (“AFS”). Premiums and discounts on debt securities are deferred and recognized into income over the contractual life of the asset using the effective interest method. HTM securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the HTM category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Substantially all of the Company’s HTM debt securities are issued by state and political subdivisions (municipalities). As of December 31, 2025, United considers its HTM debt securities portfolio to be immaterial. AFS securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for AFS securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of shareholders’ equity. Allowance for Credit Losses (HTM Debt Securities) : For HTM debt securities, the Company is required to utilize a current expected credit losses (“CECL”) methodology to estimate expected credit losses. As of December 31, 2025 and 2024, the Company recorded an allowance for credit losses of $ 16 ,000 and $ 18 ,000, respectively, on its HTM debt securities portfolio. Allowance for Credit Losses (AFS Debt Securities) : The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC Topic 326, “Financial Instruments – Credit Losses” replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. An entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of December 31, 2025, the Company determined that the unrealized loss positions in AFS securities were no t the result of credit losses, and therefore, an allowance for credit losses was not recorded. United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature. 7 6 Table of Contents Equity securities: Investments in equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in Net investment securities gains in the Consolidated Statements of Income. Other investment securities: Certain security investments such as Federal Reserve Bank stock and Federal Home Loan Bank stock that do not have readily determinable fair values are accounted for at cost minus impairment, if any. For other security investments that do not have readily determinable fair values (non-marketable), they are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, also referred to as the measurement alternative. Any adjustments to the carrying value of these investments are recorded in Other income in the Consolidated Statements of Income. Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions. They are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be repledged or sold, unless replaced, by the secured party. The fair value of the collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to United as deemed appropriate. Loans: Loans are reported at the principal amount outstanding, net of unearned income, except loans acquired through transfer (see below). Interest on loans is accrued and credited to operations using methods that produce a level yield on individual principal amounts outstanding. Loan origination and commitment fees and related direct loan origination costs are deferred and amortized as an adjustment of loan yield over the estimated life of the related loan. Loan fees net of costs accreted and included in interest income were $ 64,392 ,000, $ 36,937 ,000, and $ 39,509 ,000, for the years of 2025, 2024 and 2023, respectively. For all loan classes, past due loans and leases are reviewed on a monthly basis to identify loans and leases for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses. United’s method of income recognition for loans and leases that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Nonaccrual loans and leases will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note. Loans Acquired Through Transfer: Acquired loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain purchased loans are individually evaluated while certain purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. 7 7 Table of Contents For loans and leases acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans and leases meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD assets: • Financial assets that are delinquent as of the acquisition date • Financial assets that have been downgraded since origination • Financial assets that have been placed on nonaccrual status For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans and an allowance for credit losses is established subsequent to the acquisition. Loans Held for Sale: Loans held for sale consist of one-to-four family conforming residential real estate loans originated for sale in the secondary market. Loans held for sale are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Gains and losses on sale of loans are recorded within income from mortgage banking activities. Allowance for Loan and Lease Losses: 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. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). 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 recognized as a deduction from the allowance for loan losses. Expected recoveries of amounts previously charged-off, not to exceed the aggregate of the amount previously charged-off, are included in determining the necessary reserve at the balance sheet date. 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. United estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as reasonable and supportable forecast adjustments for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. A reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period. United pools its loans and leases based on similar risk characteristics in estimating expected credit losses. United has identified the following portfolio segments and measures the allowance for credit losses using the following methods: • Method: Probability of Default/Loss Given Default (PD/LGD) Ø Commercial Real Estate Owner-Occupied Ø Commercial Real Estate Nonowner-Occupied Ø Commercial Other • Method: Cohort Ø Residential Real Estate Ø Construction & Land Development Ø Consumer Ø Bankcard 7 8 Table of Contents Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral but may also include other non-performing loans, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans. Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by United. At the acquisition date, an initial allowance for expected credit losses for non-PCD loans is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. 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. Bank Premises and Equipment: Bank premises and equipment are stated at cost, less allowances for depreciation and amortization. The provision for depreciation is computed principally by the straight-line method over the estimated useful lives of the respective assets. Useful lives range primarily from three to 15 years for furniture, fixtures and equipment and five to 40 years for buildings and improvements. Leasehold improvements are generally amortized over the lesser of the term of the respective leases or the estimated useful lives of the improvements. Other Real Estate Owned : At December 31, 2025 and 2024, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $ 8,857,000 and $ 327,000 , respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. 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 December 31, 2025 and 2024, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 1,868,000 and $ 795,000 , respectively. Intangible Assets: Intangible assets relating to the estimated fair value of the deposit base of the acquired institutions are being amortized on an accelerated basis over a one to ten-year period. Management reviews 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. United incurred amortization expense of $ 9,363,000 , $ 3,639,000 , and $ 5,116,000 , in 2025, 2024, and 2023, respectively, related to all intangible assets. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If United elects to bypass this qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, United may use either a market or income quantitative approach, whichever is more practical, to determine the fair value of the reporting unit to compare to its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, an impairment charge would be recorded for the excess, not to exceed the amount of goodwill allocated to the reporting unit. At each reporting date, the Company considers potential indicators of impairment. United utilized a qualitative approach to test goodwill for impairment as of September 30, 2025. The goodwill impairment test did not identify any indicators of goodwill impairment. As of December 31, 2025, and 2024, total goodwill approximated $ 2,018,848,000 and $ 1,888,889,000 , respectively. 79 Table of Contents Mortgage Servicing Rights, Fees and Costs: The Company initially measures servicing assets and liabilities retained related to the sale of residential loans held for sale (“MSRs”) at fair value. For subsequent measurement purposes, the Company measures servicing assets and liabilities using the amortization method. MSRs are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the MSRs is analyzed periodically and is adjusted to reflect changes in prepayment rates and other estimates. The Company evaluates potential impairment of MSRs based on the difference between the carrying amount and current estimated fair value of the servicing rights. In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. If impairment exists, a valuation allowance is established for any excess of amortized cost over the current estimated fair value by a charge to income. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Service fee income is recorded for fees earned for servicing mortgage loans under servicing agreements with the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and certain private investors. The fees are based on a contractual percentage of the outstanding principal balance of the loans serviced and are recorded in noninterest income. Amortization of MSRs and mortgage servicing costs are charged to expense when incurred. During the third quarter of 2024, United sold its remaining balance of MSRs. Accrued Interest Receivable : In accordance with ASC Topic 326, the Company made the following elections regarding accrued interest receivable (“AIR”): • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. Revenue Recognition : Interest and dividend income, loan fees, fees from trust and brokerage services, deposit services and bankcard fees are recognized and accrued as earned. Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. 80 Table of Contents Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and interchange are largely satisfied, and related revenue recognized at the time services are rendered. Payment is typically received immediately or in the following month. Advertising Costs: Advertising costs are generally expensed as incurred and included in Other Expense on the Consolidated Statements of Income. Advertising expense was $ 9,003 ,000, $ 8,336 ,000, and $ 9,330 ,000, for the years of 2025, 2024, and 2023, respectively. Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more-likely-than-not that all of the deferred tax assets will be realized. Interest and/or penalties related to income taxes are reported as a component of income tax expense. For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, 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. United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. Derivative Financial Instruments: United accounts for its derivative financial instruments in accordance with ASC Topic 815 which requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments used to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. 8 1 Table of Contents For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to accumulated other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings. Fair value hedges may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. United has elected not to offset the assets and liabilities subject to such arrangements on the consolidated financial statements. 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. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. United enters into interest rate lock commitments to finance residential mortgage loans with its customers. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by United. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Market risk on interest rate lock commitments and mortgage loans held for sale is managed using corresponding forward mortgage loan sales contracts. United is a party to these forward mortgage loan sales contracts to sell loans with servicing released and short sales of mortgage-backed securities. When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings. The fair value of the rate lock derivative is measured using valuations from investors for loans with similar characteristics as well as considering the probability of the loan closing (i.e. the “pull-through” rate) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value. United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market and settled daily based on the prior day value, rather than collateralized-to-market. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Cash flows from derivative financial instruments are classified as cash flows from operating activities on the consolidated statements of cash flows. Off-balance-sheet credit exposures : United maintains a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. United estimates expected credit losses over the contractual period in which United is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by United. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Methodology is based on a loss rate approach that starts with the probability of funding based on historical experience. Similar to methodology discussed previously related to the loans and leases receivable portfolio, adjustments are made to the historical losses for current conditions and reasonable and supportable forecast. Adjustments to the reserve for lending-related commitments on off-balance sheet credit exposures is recorded as other expense in the consolidated statements of income. The reserve for lending-related commitments is separately classified on the balance sheet within liabilities. The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses on loans and leases. 82 Table of Contents Stock-Based Compensation : Compensation expense related to stock options, restricted stock awards (“RSA”) and restricted stock units (“RSU”) issued to participants is based upon the fair value of the award at the date of grant. The fair value of stock options is estimated at the date of grant using a binomial lattice option pricing model, while the fair value of RSAs is based upon the stock price at the date of grant. RSU grants could be time-vested RSUs, performance-vested RSUs, or a combination of both. The value of the time-vested RSUs and the performance-vested, based on a performance condition, RSUs awarded is established as the fair market value of the stock at the time of the grant. The value of the performance-vested, based on a market condition, RSUs awarded is estimated through the use of a Monte Carlo valuation model as of the grant date. Compensation expense is recognized on a straight-line basis over the vesting period for all stock-based awards and grants. Stock-based compensation expense was $ 13,089 ,000 in 2025, $ 12,130 ,000 in 2024, and $ 12,463 ,000 in 2023. Treasury Stock : United records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the weighted-average cost method. Trust Assets and Income: Assets held in a fiduciary or agency capacity for customers are not included in the balance sheets since such items are not assets of the company. Trust income is reported on an accrual basis. Earnings Per Common Share: United calculates earnings per common share in accordance with ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. United has determined that its outstanding non-vested restricted stock awards are participating securities. Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive stock options and restricted stock outstanding of 563,090 , 590,395 , and 1,410,389 for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the earnings per diluted common share calculation. The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2025 2024 2023 Distributed earnings allocated to common stock $ 211,141 $ 200,156 $ 195,167 Undistributed earnings allocated to common stock 252,428 172,006 170,267 Net earnings allocated to common shareholders $ 463,569 $ 372,162 $ 365,434 Average common shares outstanding 141,497,205 134,947,592 134,505,058 Dilutive effect of stock compensation 330,155 277,825 248,762 Average diluted shares outstanding 141,827,360 135,225,417 134,753,820 Earnings per basic common share $ 3.28 $ 2.76 $ 2.72 Earnings per diluted common share $ 3.27 $ 2.75 $ 2.71 Fair Value Measurements : 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. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. 8 3 Table of Contents The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 -  Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. Recent Accounting Pronouncements : In December 2025, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” ASU 2025-11 is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” ASU 2025-11 is effective for all public business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2025-11 is not expected to have a material impact on the Company’s financial condition or results of operations. In November 2025, the FASB released ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815. In addition to addressing stakeholder concerns, the amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. ASU 2025-09 is effective for all public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The ASU 2025-09 guidance should be applied prospectively for all hedging relationships as of the date of adoption. Entities must disclose the nature of and reason for the change in accounting principle, as well as the method of applying the change, in both the interim reporting period and the annual reporting period in which they adopt the ASU. The adoption of ASU 2025-09 is not expected to have a material impact on the Company’s financial condition or results of operations. In November 2025, the FASB released ASU 2025-08, “Financial Instruments—Credit Losses (Topic 326): Purchased Loans.” ASU 2025-08 makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model (CECL). No changes were made to the existing models for originated assets, purchased credit deteriorated assets (PCD) or other acquired assets. Under the ASU 2025-08, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. ASU 2025-08 is effective for all business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2025-08 may have on the Company’s financial condition or results of operations for subsequent acquisitions. 8 4 Table of Contents In September 2025, the FASB released 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. ASU 2025-06 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. ASU 2025-05 addresses concerns from stakeholders that estimating expected credit losses can be costly and complex for such transactions. ASU 2025-05 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 is based on an EITF Issue and revises the guidance in ASC 805 to clarify that, in determining the accounting acquirer in “a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired,” an entity would be required to consider the factors in ASC 805-10-55-12 through 55-15. Previously, the accounting acquirer in such transactions was always the primary beneficiary. ASU 2025-03 is effective for all business entities for annual periods beginning after December 15, 2026. The adoption of ASU 2025-03 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, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2025-01 revised the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt. The adoption of ASU 2025-01 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, “Induced Conversions of Convertible Debt Instruments.” ASU 2024-04 provides additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments’ preexisting terms. ASU 2024-04 requires entities to apply a preexisting contract approach. To qualify for induced conversion accounting under this approach, the inducement offer is required to preserve the form of consideration and result in an amount of consideration that is not less than that issuable pursuant to the preexisting conversion privileges. ASU 2024-04 clarifies how entities should assess the form and amount of consideration when applying this approach. ASU 2024-04 is effective for public business entities for annual periods beginning after December 15, 2025, with early adoption permitted, and can be adopted either on a prospective or retrospective basis. However, the effective date was updated by ASU 2025-01. The adoption of ASU 2024-04 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, “Disaggregation of Income Statement Expenses.” ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 adds ASC 220-40 to require a footnote disclosure about specific expenses by requiring public business entities to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. Certain other expenses and gains or losses that must be disclosed under existing U.S. GAAP, and that are recorded in a relevant expense caption, must be presented in the same tabular disclosure. ASU 85 Table of Contents 2024-03 does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnote to the financial statements. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026. Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2024-03 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, “Improvements to Income Tax Disclosures.” ASU 2023-09 enhances annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2023-09 did not have a material impact on the Company’s financial condition or results of operations but did change certain disclosures in United’s SEC filings. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in ASU 2023-07 improve reportable segment disclosure requirements, mainly through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments will enable investors to better understand an entity’s overall performance and assess potential future cash flows. ASU No. 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted. 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. In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which adopts certain disclosure requirements referred by the SEC. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The adoption of ASU 2023-06 did not have an impact on the Company’s financial condition or results of operations. In August 2023, the FASB issued ASU 2023-05, “Business Combinations – Joint Venture Formations (Subtopic 805-60).” ASU 2023-05 requires a joint venture to apply a new basis of accounting at its formation date by valuing the net assets contributed at fair value for both business and asset transactions. The value of the net assets in total is then allocated to individual assets and liabilities by applying Topic 805 with certain exceptions. ASU 2023-05 requires certain disclosures to aid the user of the financial statements in understanding the implications of the joint venture formation. ASU 2023-05 is effective for joint venture formations with a formation date on or after January 1, 2025. The adoption of ASU 2023-05 is not expected to have an impact on the Company’s financial condition or results of operations. In March 2023, the FASB issued Accounting ASU 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU 2023-02 permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this ASU apply to all reporting entities that hold tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or an investment in a low income housing tax credit (“LIHTC”) structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from Subtopic 323-740 has been applied. Additionally, the disclosure requirements apply to investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method (including investments within that elected program that do not meet the conditions to apply the proportional amortization method). ASU 2023-02 was effective for United on January 1, 2024. The amendments in this update must be applied on either a modified retrospective or a retrospective basis except for LIHTC investments not accounted for using the proportional amortization method. At January 1, 2024, United chose not to elect to account for its tax equity investments using the proportional amortization method. 86 Table of Contents In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” ASU 2022-06 extends the period of time financial statement preparers can utilize the reference rate reform relief guidance. In 2020, the FASB issued ASU 2020-04 to provide temporary, optional expedients related to the accounting for contract modifications and hedging transactions as a result of the global markets’ anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. At the time ASU 2020-04 was issued, the United Kingdom’s Financial Conduct Authority (“FCA”) had established the intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022; 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023, which has now taken effect as intended. Accordingly, ASU 2022-06 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 (“SOFR”) and Prime as the preferred alternatives to LIBOR. In June 2022, the FASB issued ASU 2022 - 03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires certain new disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 was effective for United on January 1, 2024. The adoption of ASU 2022-03 did not have a material impact on the Company’s financial condition or results of operations. NOTE B--MERGERS AND ACQUISITIONS On January 10, 2025 (“Acquisition Date”), United consummated its acquisition of Piedmont Bancorp, Inc. (“Piedmont”). Piedmont was merged with and into United (the “Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated May 9, 2024, by and between United and Piedmont (the “Agreement”). The Merger was accounted for under the acquisition method of accounting. Piedmont was the holding company for The Piedmont Bank, a Georgia state-chartered bank, with sixteen locations in the State of Georgia. Under the terms of the Agreement, each outstanding share of common stock of Piedmont was converted into the right to receive 0.300 shares of United common stock, par value $ 2.50 per share (the “Exchange Ratio”). Also pursuant to the Agreement, as of the effective time of the Merger, each option to purchase shares of Piedmont Common Stock (each, a “Piedmont Stock Option”) that was outstanding under the Piedmont Bancorp, Inc. 2009 Stock Option Plan (the “Piedmont Stock Plan”) immediately prior to the effective time of the Merger, was, to the extent not vested, became fully vested and exercisable and was canceled in consideration for the right to receive a lump sum cash payment with respect thereto equal to the product of: (i) the excess, if any, of the product of (A) the volume-weighted average of the closing sales price on Nasdaq of United Common Stock for the 10 full trading days ending on the second trading day immediately preceding the effective date of the Merger (the “Average United Closing Price”) multiplied by (B) the Exchange Ratio, over the applicable exercise price of such Piedmont Stock Option; and (ii) the number of shares of Piedmont Common Stock subject to such Piedmont Stock Option, less any required withholding taxes. Also pursuant to the Agreement, as of the effective time of the Merger, each warrant to purchase shares of Piedmont Common Stock (each, a “Piedmont Stock Warrant”) that was outstanding under the Piedmont Stock Plan or individual award agreement immediately prior to the Effective Time, was, to the extent not vested, became fully vested and exercisable and canceled, and in consideration therefor, received a lump sum cash payment with respect thereto equal to the product of: (A) the excess, if any, of the product of (x) the Average United Closing Price multiplied by (y) the Exchange Ratio, over the applicable exercise price of such Piedmont Stock Warrant; and (B) the number of shares of Piedmont Common Stock subject to such Piedmont Stock Warrant, less any required withholding taxes. 8 7 Table of Contents In addition, at the effective time of the Merger, each restricted stock grant, restricted stock unit grant and any other award in respect of a share of Piedmont Common Stock subject to vesting, repurchase or other lapse restriction under a Piedmont Stock Plan that was outstanding immediately prior to the Effective Time other than a Piedmont Option or a Piedmont Stock Warrant (each, a “Piedmont Stock Award”) became fully vested, cancelled and converted automatically into the right to receive the Merger Consideration (with any fractional share being entitled to receive cash in lieu thereof) in respect of each share of Piedmont Common Stock underlying such Piedmont Stock Award, less any required withholding taxes. Immediately following the Merger, The Piedmont Bank, a wholly-owned subsidiary of Piedmont, merged with and into United Bank, a wholly-owned subsidiary of United (the “Bank Merger”) pursuant to an Agreement and Plan of Merger dated May 9, 2024 (the “Bank Plan of Merger”). United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation. The former Piedmont offices operate under the DBA United Bankshares. The Piedmont Merger was accounted for under the acquisition method of accounting. The results of operations of Piedmont are included in the consolidated results of operations from the Acquisition Date. At the Acquisition Date, Piedmont had $ 2,356,883 ,000 in total assets, $ 2,079,933 ,000 in loans and leases, net of unearned income and $ 2,105,402 ,000 in deposits. For the year of 2025, United recorded acquisition-related costs for the Piedmont merger of $ 31,407 ,000, including a provision for credit losses of $ 18,726 ,000 for purchased non-credit deteriorated (“non-PCD”) loans. The aggregate purchase price was $ 280,967 ,000, including common stock valued at $ 280,946 ,000 and cash paid for fractional shares of $ 21 ,000. The number of shares issued in the transaction was 7,860,831 , which were valued based on the closing market price of $ 35.74 for United’s common shares on January 10, 2025. The purchase price has been allocated to the identifiable tangible and intangible assets resulting in additions to goodwill, and core deposit intangibles of $ 129,959 ,000 and $ 32,764 ,000, respectively. The goodwill recognized results from the expected synergies and potential earnings from the combination of United and Piedmont. None of the goodwill from the Piedmont acquisition is expected to be deductible for tax purposes. The core deposit intangible is expected to be amortized on an accelerated basis over ten years from the date of the merger. 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 fair value discounts of $ 64,065 ,000 on the loans and leases acquired, $ 24,977 ,000 on available-for-sale investment securities acquired, and $ 3,492 ,000 on land acquired, respectively, and premiums of $ 1,469 ,000 on buildings acquired and $ 408 ,000 on interest-bearing time deposits, respectively. United also recorded an allowance for loan and lease losses of $ 36,244 ,000 on the loans acquired split between $ 17,518 ,000 for purchased credit deteriorated (“PCD”) loans which is part of the acquisition date fair value, and $ 18,726 ,000 for non-PCD loans recorded to the provision for credit losses. In addition, United also recorded a reserve for lending-related commitments of $ 4,058 ,000 on the loan commitments acquired with an offset within other expense. 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 December 31, 2025, the premium on the buildings had an average estimated remaining life of 30.50 years. Portfolio loans acquired from Piedmont were recorded at their fair value at the Acquisition Date based on a discounted cash flow methodology. The estimated fair value incorporates adjustments related to market loss assumptions and prevailing market interest rates for comparable assets and other market factors such as liquidity from the perspective of a market participant. Also, acquired portfolio loans and leases were evaluated upon acquisition and classified as either PCD, which indicates that the loan has experienced a more-than-insignificant deterioration in credit quality since origination, or non-PCD. United considered a variety of factors in evaluating the acquired loans and leases for a more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, current or previous troubled debt restructurings or bankruptcies, watch list credits and other qualitative factors that indicated a deterioration in credit quality since origination. For PCD loans and leases, an initial allowance is determined based on the same methodology as other portfolio loans and leases. 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 $ 20,906 ,000 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 December 31, 2025 to be a weighted-average of 5.50 years. For non-PCD 8 8 Table of Contents 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 December 31, 2025 is estimated to be a weighted-average of 4.80 years. The total fair value mark on the non-PCD loans at the Acquisition Date was $ 43,159 ,000 . At the Acquisition Date, an initial allowance for expected loan and lease losses of $ 18,726 ,000 was recorded with a corresponding charge to the provision for credit losses in the Consolidated Statements of Income. Subsequent changes in the allowance for credit losses related to PCD and non-PCD loans and leases are recognized in the provision for credit losses. The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Piedmont as of the Acquisition Date: (Dollars in thousands) Purchase price of PCD loans and leases at acquisition $ 409,872 Allowance for credit losses at acquisition 17,518 Non-credit discount at acquisition 20,906 Par value (UPB) of acquired PCD loans and leases at acquisition $ 448,296 The consideration paid for Piedmont’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Piedmont Acquisition Date were as follows: (Dollars in thousands) Purchase price: Value of common shares issued (7,860,831 shares) $ 280,946 Cash for fractional shares 21 Total purchase price 280,967 Identifiable assets: Cash and cash equivalents 77,497 Investment securities 94,426 Net loans and leases 1,998,350 Premises and equipment 23,816 Operating lease right-of-use assets 5,124 BOLI 40,801 Core deposit intangible 32,764 Other assets 30,573 Total identifiable assets $ 2,303,351 Identifiable liabilities: Deposits $ 2,105,810 Long-term borrowings 20,000 Operating lease liabilities 5,744 Other liabilities 20,789 Total identifiable liabilities 2,152,343 Fair value of net assets acquired including identifiable intangible assets 151,008 Resulting goodwill $ 129,959 During the twelve month period subsequent to the Acquisition Date (“Measurement Period”) the Company reviewed information relating to events and circumstances existing as of the Acquisition Date that impacted 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 since the Acquisition Date that resulted in a net increase in net assets acquired of $ 4,756 ,000 and therefore, a corresponding decrease in resulting goodwill from the acquisition. The increase in net assets acquired was primarily driven by an increase of $ 5,910 ,000 in deferred taxes on fair value adjustments partially offset by an increase of $ 1,024 ,000 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 $ 151,925 ,000 in total revenues (net interest income plus other income), and $ 102,675 ,000 in net income, excluding non-allocated items, since the Acquisition Date. These amounts are included in United’s consolidated financial statements as of December 31, 2025 and for the year of 2025. Piedmont’s results of operations prior to the Acquisition Date are not included in United’s consolidated results of operations. 89 Table of Contents The following table presents certain unaudited pro forma information for the results of operations for the year ended December 31, 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. In particular, no adjustments have been made to eliminate the amount of Piedmont’s provision for credit losses for 2025 and 2024 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2025 and 2024. 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. Proforma Year Ended December 31 (Dollars in thousands) 2025 2024 Total Revenues (1) $ 1,240,758 $ 1,152,368 Net Income 452,896 416,376 (1) Represents net interest income plus other income NOTE C--INVESTMENT SECURITIES Securities Available for Sale Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows. December 31, 2025 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 283,058 $ 75 $ 1,476 $ 0 $ 281,657 State and political subdivisions 572,217 343 55,634 0 516,926 Residential mortgage-backed securities Agency 1,467,436 5,517 114,317 0 1,358,636 Non-agency 42,792 330 4,237 0 38,885 Commercial mortgage-backed securities Agency 416,177 4,948 26,052 0 395,073 Asset-backed securities 225,617 18 2,381 0 223,254 Single issue trust preferred securities 13,319 0 661 0 12,658 Other corporate securities 244,244 0 11,881 0 232,363 Total $ 3,264,860 $ 11,231 $ 216,639 $ 0 $ 3,059,452 90 Table of Contents December 31, 2024 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance For Credit Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 248,867 $ 59 $ 3,084 $ 0 $ 245,842 State and political subdivisions 574,580 8 79,515 0 495,073 Residential mortgage-backed securities Agency 1,226,400 433 167,114 0 1,059,719 Non-agency 88,392 262 6,531 0 82,123 Commercial mortgage-backed securities Agency 372,646 38 42,698 0 329,986 Asset-backed securities 476,863 166 2,047 0 474,982 Single issue trust preferred securities 13,296 0 1,377 0 11,919 Other corporate securities 281,646 0 21,571 0 260,075 Total $ 3,282,690 $ 966 $ 323,937 $ 0 $ 2,959,719 For the adoption of ASC Topic 326, “Financial Instruments—Credit Losses,” United made a policy election to exclude accrued interest from the amortized cost basis of available-for-sale debt securities and report accrued interest separately in “Accrued interest receivable” in the consolidated balance sheets. Available-for-sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, United does not currently recognize an allowance for credit loss against accrued interest receivable on available-for-sale debt securities. The table above excludes accrued interest receivable of $ 12,717,000 and $ 14,776,000 at December 31, 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 December 31, 2025 and December 31, 2024. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses December 31, 2025 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 133 $ 1 $ 31,485 $ 1,475 $ 31,618 $ 1,476 State and political subdivisions 6,177 543 483,564 55,091 489,741 55,634 Residential mortgage-backed securities Agency 109,848 270 795,183 114,047 905,031 114,317 Non-agency 0 0 21,189 4,237 21,189 4,237 Commercial mortgage-backed securities Agency 6,287 4 293,038 26,048 299,325 26,052 Asset-backed securities 50,181 154 136,940 2,227 187,121 2,381 Single issue trust preferred securities 0 0 12,658 661 12,658 661 Other corporate securities 0 0 224,942 11,881 224,942 11,881 Total $ 172,626 $ 972 $ 1,998,999 $ 215,667 $ 2,171,625 $ 216,639 91 Table of Contents Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses December 31, 2024 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,476 $ 3 $ 42,886 $ 3,081 $ 44,362 $ 3,084 State and political subdivisions 3,314 22 479,681 79,493 482,995 79,515 Residential mortgage-backed securities Agency 128,655 1,660 856,448 165,454 985,103 167,114 Non-agency 0 0 59,668 6,531 59,668 6,531 Commercial mortgage-backed securities Agency 0 0 319,506 42,698 319,506 42,698 Asset-backed securities 83,188 50 215,886 1,997 299,074 2,047 Single issue trust preferred securities 0 0 11,919 1,377 11,919 1,377 Other corporate securities 2,476 24 252,634 21,547 255,110 21,571 Total $ 219,109 $ 1,759 $ 2,238,628 $ 322,178 $ 2,457,737 $ 323,937 The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. Year Ended (In thousands) 2025 2024 2023 Proceeds from maturities, sales and calls $ 2,260,860 $ 2,914,095 $ 952,213 Gross realized gains 0 0 0 Gross realized losses 0 16,296 7,659 At December 31, 2025, gross unrealized losses on available for sale securities were $ 216,639 ,000 on 864 securities of a total portfolio of 1,045 available for sale securities. Securities with the most significant gross unrealized losses at December 31, 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 December 31, 2025 was the result of rising 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 $ 572,217,000 at December 31, 2025. As of December 31, 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 December 31, 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 December 31, 2025. 92 Table of Contents Mortgage-backed securities The fair value of mortgage-backed securities is affected by changes in interest rates and prepayment speeds. When interest rates decline, prepayment speeds generally accelerate due to homeowners refinancing their mortgages at lower interest rates. This may result in the proceeds being reinvested at lower interest rates. Rising interest rates may decrease the assumed prepayment speed. Slower prepayment speeds may extend the maturity of the security beyond its estimated maturity. Therefore, investors may not be able to invest at current higher market rates due to the extended expected maturity of the security. United had a net unrealized loss of $ 133,811,000 on mortgage-backed securities at December 31, 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 $ 1,883,613,000 at December 31, 2025. Of the $ 1,883,613,000 amount, $ 416,177,000 was related to agency commercial mortgage-backed securities and $ 1,467,436,000 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 December 31, 2025. United’s non-agency residential mortgage-backed securities portfolio relates to securities of various private label issuers. The total amortized cost of available for sale non-agency residential mortgage-backed securities was $ 42,792,000 at December 31, 2025. Of the $ 42,792,000 , 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 December 31, 2025. Asset-backed securities As of December 31, 2025, United’s asset-backed securities portfolio had a total amortized cost balance of $ 225,617,000 . 99 % of the portfolio was investment grade rated as of December 31, 2025. Approximately 64 % 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 36 % of the portfolio relates to collateralized loan obligation securities that are all AAA rated. Upon reviewing this portfolio as of December 31, 2025, it was determined that none of the asset-backed securities had credit losses. Single issue trust preferred securities The majority of United’s single issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $ 10 billion). 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 December 31, 2025 consisted of $ 7,489,000 in investment grade bonds and $ 5,830,000 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 fourth quarter of 2025, it was determined that none of the single issue trust preferred securities had credit losses. Corporate securities As of December 31, 2025, United’s other corporate securities portfolio had a total amortized cost balance of $ 244,244,000 . The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $ 244,244,000 , 95 % had at least one rating above investment grade, 2 % were below investment grade rated, and 3 % were unrated. 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 December 31, 2025. The amortized cost and estimated fair value of securities available for sale at December 31, 2025 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. 93 Table of Contents Maturities of mortgage-backed securities with an amortized cost of $ 1,926,405,000 and an estimated fair value of $ 1,792,594,000 at December 31, 2025 are included below based upon contractual maturity. (In thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 298,573 $ 298,193 Due after one year through five years 527,383 494,204 Due after five years through ten years 559,647 521,011 Due after ten years 1,879,257 1,746,044 Total $ 3,264,860 $ 3,059,452 Equity securities at fair value 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 $ 34,760,000 at December 31, 2025 and $ 21,058,000 at December 31, 2024. Year Ended (In thousands) December 31, 2025 December 31, 2024 Net gains recognized during the period on equity securities sold $ 0 $ 4,602 Unrealized gains recognized during the period on equity securities still held at period end 11,445 4,259 Unrealized losses recognized during the period on equity securities still held at period end ( 275 ) ( 285 ) Net gains recognized during the period $ 11,170 $ 8,576 Other investment securities During the fourth quarter of 2025, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth 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 fourth quarter. There were no other events or changes in circumstances during the fourth 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 $ 2,102,175,000 and $ 2,038,864,000 at December 31, 2025 and December 31, 2024, respectively. NOTE D—LOANS AND LEASES Major classes of loans and leases are as follows: (In thousands) December 31, 2025 December 31, 2024 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 2,145,921 $ 1,590,002 Nonowner-occupied commercial real estate 8,343,520 6,939,641 Other commercial 3,784,833 3,351,362 Total commercial, financial & agricultural 14,274,274 11,881,005 Residential real estate 6,098,262 5,507,384 Construction & land development 3,570,902 3,509,034 Consumer: Bankcard 9,686 9,998 Other consumer 767,496 773,077 Less: Unearned income ( 11,498 ) ( 7,005 ) Loans and leases, net of unearned income $ 24,709,122 $ 21,673,493 94 Table of Contents The table above does not include loans held for sale of $ 31,277 ,000 and $ 44,360 ,000 at December 31, 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. At December 31, 2025 and 2024, loans-in-process of $ 34,905,000 and $ 5,569,000 and overdrafts from deposit accounts of $ 4,331,000 and $ 4,919,000 , respectively, are included within the appropriate loan classifications above. The outstanding loan balances in the table above also include unamortized net discounts of $ 56,690,000 and $ 26,322,000 at December 31, 2025 and December 31, 2024, respectively. United’s subsidiary bank has made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. The aggregate dollar amount of these loans was $ 42,441,000 and $ 22,702,000 at December 31, 2025 and 2024, respectively. During 2025, $ 22,432,000 of new loans were made and repayments totaled $ 2,693,000 . NOTE E--CREDIT QUALITY Management monitors the credit quality of its loans and leases on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. United considers a loan to be past due when it is 30 days or more past its contractual payment due date. For all loan classes, past due loans and leases are reviewed on a monthly basis to identify loans and leases for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses. United’s method of income recognition for loans and leases that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectability of principal is in doubt. Nonaccrual loans and leases will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note. The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of December 31, 2025 (In thousands) 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing Receivables 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 4,754 $ 1,830 $ 6,584 $ 2,139,337 $ 2,145,921 $ 81 Nonowner-occupied 7,598 71,038 78,636 8,264,884 8,343,520 0 Other commercial 2,490 6,569 9,059 3,775,774 3,784,833 591 Residential real estate 25,026 19,124 44,150 6,054,112 6,098,262 3,701 Construction & land development 1,508 1,301 2,809 3,568,093 3,570,902 0 Consumer: Bankcard 28 54 82 9,604 9,686 54 Other consumer 13,661 1,550 15,211 752,285 767,496 547 Total $ 55,065 $ 101,466 $ 156,531 $ 24,564,089 $ 24,720,620 $ 4,974 9 5 Table of Contents Age Analysis of Past Due Loans and Leases As of December 31, 2024 (In thousands) 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing Receivables 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 3,767 $ 1,284 $ 5,051 $ 1,584,951 $ 1,590,002 $ 0 Nonowner-occupied 11,931 23,379 35,310 6,904,331 6,939,641 0 Other commercial 5,594 19,019 24,613 3,326,749 3,351,362 431 Residential real estate 33,783 20,946 54,729 5,452,655 5,507,384 12,429 Construction & land development 390 4,265 4,655 3,504,379 3,509,034 1,677 Consumer: Bankcard 63 61 124 9,874 9,998 61 Other consumer 28,414 4,446 32,860 740,217 773,077 2,342 Total $ 83,942 $ 73,400 $ 157,342 $ 21,523,156 $ 21,680,498 $ 16,940 The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At December 31, 2025 At December 31, 2024 (In thousands) Nonaccruals With No Related Allowance for Credit Losses Nonaccruals With No Related Allowance for Credit Losses Commercial Real Estate: Owner-occupied $ 1,749 $ 1,749 $ 1,284 $ 1,284 Nonowner-occupied 71,038 71,038 23,379 8,475 Other Commercial 5,978 3,515 18,588 584 Residential Real Estate 15,423 15,423 8,517 5,562 Construction 1,301 1,301 2,588 2,589 Consumer: Bankcard 0 0 0 0 Other consumer 1,003 1,003 2,104 2,104 Total $ 96,492 $ 94,029 $ 56,460 $ 20,598 Interest income recognized on nonaccrual loans was insignificant during the year ended December 31, 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 years of 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. 96 Table of Contents Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty For the Year ended December 31, 2025 (Dollars in thousands) Term  Extension  Other- Than- Insignificant Payment Delay Interest Rate Reduction Term Extension &  Interest Rate  Reduction Interest Rate Reduction & Payment Delay % of Total Class of Financing Receivable Commercial real estate: Owner-occupied $ 8,015 $ 0 $ 0 $ 0 $ 3,466 0.54 % Nonowner- occupied 7,460 7,160 4,616 0 0 0.23 % Other commercial 0 0 0 1,000 0 0.03 % Residential real estate 0 0 0 0 0 0.00 % Construction & land development 0 0 0 0 0 0.00 % Consumer: Bankcard 0 0 0 0 0 0.00 % Other consumer 0 0 0 0 0 0.00 % Total $ 15,475 $ 7,160 $ 4,616 $ 1,000 $ 3,466 0.13 % Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty For the Year ended December 31, 2024 (Dollars in thousands) Term  Extension  Other- Than- Insignificant Payment Delay  Interest Rate  Reduction Term Extension & Interest Rate Reduction Term Extension & Payment Delay % of Total Class of Financing Receivable Commercial real estate: Owner-occupied $ 445 $ 0 $ 0 $ 0 $ 0 0.03 % Nonowner-occupied 5,765 0 0 0 0 0.08 % Other commercial 0 0 0 2,400 0 0.00 % Residential real estate 185 0 0 0 168 0.06 % Construction & land development 52 0 0 0 0 0.00 % Consumer: Bankcard 0 0 0 0 0 0.00 % Other consumer 0 0 0 0 0 0.00 % Total $ 6,447 $ 0 $ 0 $ 2,400 $ 168 0.04 % As of December 31, 2025, there was a commitment to lend additional funds of $ 139,000 to two debtors owing a loan receivable 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. The historical loss experience used in United’s credit loss models includes the impact of loan modifications provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of loan defaults. United closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance in the 12 months after a modification made to borrowers experiencing financial difficulty presented by class of financing receivable: Payment Status (Amortized Cost Basis) As of December 31, 2025 As of December 31, 2024 (In thousands) Current 30-89  Days Past  Due 90+  Days Past  Due Current 30-89  Days Past  Due 90+  Days Past  Due Commercial real estate: Owner-occupied $ 11,481 $ 0 $ 0 $ 445 $ 0 $ 0 Nonowner-occupied 14,838 4,398 0 1,366 4,399 0 Other commercial 1,000 0 0 2,400 0 0 Residential real estate 0 0 0 297 56 0 Construction & land development 0 0 0 52 0 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 27,319 $ 4,398 $ 0 $ 4,560 $ 4,455 $ 0 9 7 Table of Contents The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the year ended December 31, 2025 and 2024. For the Year Ended December 31, 2025 December 31, 2024 Weighted- Average Interest Rate Reduction Weighted- Average Other-Than- Insignificant Payment Delay (in years) Weighted Average Term Extension (in years) Weighted- Average Interest Rate Reduction Weighted Average Term Extension (in years) Commercial Real Estate: Owner-occupied    0.50 %    2.4    0.8    0.00 %    0.3 Nonowner-occupied 0.50 % 1.6 0.4 0.00 % 0.5 Other Commercial 0.00 % 0 0.3 1.00 % 0.3 Residential Real Estate 0.00 % 0 0 0.00 % 4.9 Construction & land development 0.00 % 0 0 0.00 % 4.5 Consumer: Bankcard 0.00 % 0 0 0.00 % 0 Other consumer    0.00 % 0 0 0.00 %    0 No loan or lease modifications completed within the last 12 months to borrowers experiencing financial difficulty had a payment default during the year ended December 31, 2025. The following table presents loan or lease modifications completed within the 12-month period ended December 31, 2024 to borrowers experiencing financial difficulty had a payment default during the year ended December 31, 2024 . For the Year ended December 31, 2024 (Dollars in thousands) Term  Extension   Interest Rate  Reduction Term Extension & Interest Rate Reduction Term Extension & Payment Delay % of Total Class of  Financing Receivable  Commercial real estate: Owner-occupied $ 0 $ 0 $ 0 $ 0 0.00 % Nonowner-occupied 0 0 0 0 0.00 % Other commercial 0 0 0 0 0.00 % Residential real estate 0 0 0 0 0.00 % Construction & land development 0 0 0 674 0.02 % Consumer: Bankcard 0 0 0 0 0.00 % Other consumer 0 0 0 0 0.00 % Total $ 0 $ 0 $ 0 $ 674 0.00 % 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 December 31, 2025 and December 31, 2024: Collateral Dependent Loans and Leases At December 31, 2025 (In thousands) Residential Property Business Assets Land Commercial Property Other Total Commercial real estate: Owner-occupied $ 0 $ 0 $ 0 $ 3,094 $ 19,366 $ 22,460 Nonowner-occupied 6,830 0 0 84,786 38,761 130,377 Other commercial 0 4,005 0 4,893 3,174 12,072 Residential real estate 6,049 0 0 0 5 6,054 Construction & land development 250 0 849 0 1,170 2,269 98 Table of Contents Collateral Dependent Loans and Leases At December 31, 2025 (In thousands) Residential Property Business Assets Land Commercial Property Other Total Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 13,129 $ 4,005 $ 849 $ 92,773 $ 62,476 $ 173,232 Collateral Dependent Loans and Leases At December 31, 2024 (In thousands) Residential Property Business Assets Land Commercial Property Other Total Commercial real estate: Owner-occupied $ 5 $ 0 $ 0 $ 3,119 $ 6,465 $ 9,589 Nonowner-occupied 7,037 0 0 23,975 2,367 33,379 Other commercial 0 15,816 0 5,041 528 21,385 Residential real estate 7,348 0 0 0 11 7,359 Construction & land development 0 0 2,492 0 873 3,365 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 14,390 $ 15,816 $ 2,492 $ 32,135 $ 10,244 $ 75,077 United categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt: current financial information, historical payment experience, credit documentation, underlying collateral (if any), public information and current economic trends, among other factors. United uses the following definitions for risk ratings: • Pass • Special Mention • Substandard • Doubtful For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000,000 or greater) and classified (substandard-rated and worse in the amount of $500,000 and greater) loans is completed once per quarter. Review of notes with committed exposure of $3,000,000 or greater is completed at least annually. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis. Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due 30 - 89 days are generally considered special mention. A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by 99 Table of Contents management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard. A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are charged-off prior to such a classification. Based on the most recent analysis performed, the risk category of loans and leases as well as charge-offs and recoveries by class of loans is as follows. Loans originated in any year may be renewals of existing loans and not necessarily new loans. Commercial Real Estate – Owner-occupied Revolving loans converted to term loans Term Loans Revolving loans amortized cost basis Total (In thousands) Origination Year As of December 31, 2025 2025 2024 2023 2022 2021 Prior Internal Risk Grade: Pass $ 353,313 $ 362,198 $ 196,733 $ 301,328 $ 278,290 $ 555,204 $ 51,711 $ 0 $ 2,098,777 Special Mention 0 0 4,842 0 0 3,727 2,695 0 11,264 Substandard 0 246 4,027 3,402 0 19,671 8,220 116 35,682 Doubtful 0 0 0 0 0 198 0 0 198 Total $ 353,313 $ 362,444 $ 205,602 $ 304,730 $ 278,290 $ 578,800 $ 62,626 $ 116 $ 2,145,921 Current-period charge-offs 0 0 0 0 0 ( 228 ) 0 0 ( 228 ) Current-period recoveries 0 0 0 14 0 304 0 0 318 Current-period net recoveries $ 0 $ 0 $ 0 $ 14 $ 0 $ 76 $ 0 $ 0 $ 90 Term Loans Revolving loans amortized cost basis Revolving loans converted to term loans Total (In thousands) Origination Year As of December 31, 2024 2024 2023 2022 2021 2020 Prior Internal Risk Grade: Pass $ 236,547 $ 132,095 $ 243,103 $ 225,152 $ 205,461 $ 467,417 $ 29,900 $ 0 $ 1,539,675 Special Mention 0 0 0 0 0 15,199 8,545 0 23,744 Substandard 247 0 3,493 0 307 21,744 445 121 26,357 Doubtful 0 0 0 0 0 226 0 0 226 Total $ 236,794 $ 132,095 $ 246,596 $ 225,152 $ 205,768 $ 504,586 $ 38,890 $ 121 $ 1,590,002 Current-period charge- offs 0 0 0 0 0 ( 116 ) 0 0 ( 116 ) Current-period recoveries 0 0 15 0 0 1,168 0 0 1,183 Current-period net recoveries $ 0 $ 0 $ 15 $ 0 $ 0 $ 1,052 $ 0 $ 0 $ 1,067 Commercial Real Estate – Nonowner-occupied (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2025 2025 2024 2023 2022 2021 Prior Internal Risk Grade: Pass $ 1,628,785 $ 856,235 $ 760,043 $ 1,917,759 $ 1,165,300 $ 1,397,941 $ 143,406 $ 0 $ 7,869,469 Special Mention 1,983 0 7,058 51,603 113,708 120,213 0 0 294,565 Substandard 0 0 5,431 48,950 5,323 97,607 22,175 0 179,486 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,630,768 $ 856,235 $ 772,532 $ 2,018,312 $ 1,284,331 $ 1,615,761 $ 165,581 $ 0 $ 8,343,520 Current-period charge-offs 0 0 0 0 0 ( 35,798 ) 0 0 ( 35,798 ) Current-period recoveries 0 0 0 0 0 160 0 0 160 Current-period net charge-offs $         0         0 $         0 $         0 $         0 $ ( 35,638 ) $        0 $     0 $ ( 35,638 ) 100 Table of Contents (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans As of December 31, 2024 2024 2023 2022 2021 2020 Prior Total Internal Risk Grade: Pass $ 741,996 $ 485,437 $ 1,623,423 $ 1,294,232 $ 639,143 $ 1,584,833 $ 160,243 $ 78 $ 6,529,385 Special Mention 0 0 8,465 82,240 29,940 210,912 0 0 331,557 Substandard 0 0 4,085 4,020 143 48,633 21,818 0 78,699 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 741,996 $ 485,437 $ 1,635,973 $ 1,380,492 $ 669,226 $ 1,844,378 $ 182,061 $ 78 $ 6,939,641 Current-period charge-offs 0 0 0 0 ( 751 ) ( 1,830 ) 0 0 ( 2,581 ) Current-period recoveries 0 0 0 0 0 200 0 0 200 Current-period net (charge-offs) recoveries $ 0 $ 0 $ 0 $ 0 $ ( 751 ) $ ( 1,630 ) $ 0 $ 0 $ ( 2,381 ) Other commercial (In thousands) Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Revolving loans and leases converted to term loans As of December 31, 2025 2025 2024 2023 2022 2021 Prior Total Internal Risk Grade: Pass $ 628,597 $ 373,700 $ 472,334 $ 214,442 $ 324,424 $ 600,824 $ 1,117,879 $ 47 $ 3,732,247 Special Mention 5 431 117 949 1,128 9,012 458 0 12,100 Substandard 0 1,689 2,853 6,225 6,926 17,469 5,324 0 40,486 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 628,602 $ 375,820 $ 475,304 $ 221,616 $ 332,478 $ 627,305 $ 1,123,661 $ 47 $ 3,784,833 Current-period charge-offs 0 ( 48 ) ( 150 ) ( 229 ) ( 1,625 ) ( 2,459 ) ( 913 ) 0 ( 5,424 ) Current-period recoveries 0 0 27 75 32 2,111 64 0 2,309 Current-period net charge- offs $ 0 $ ( 48 ) $ ( 123 ) $ ( 154 ) $ ( 1,593 ) $ ( 348 ) $ ( 849 ) $ 0 $ ( 3,115 ) Term Loans and leases Revolving loans and leases amortized cost basis Revolving loans and leases converted to term loans Total (In thousands) Origination Year As of December 31, 2024 2024 2023 2022 2021 2020 Prior Internal Risk Grade: Pass $ 403,641 $ 505,947 $ 378,072 $ 394,412 $ 164,671 $ 519,488 $ 912,293 $ 0 $ 3,278,524 Special Mention 81 36 1,129 339 251 18,941 4,652 0 25,429 Substandard 206 419 18,927 7,029 835 11,262 8,706 0 47,384 Doubtful 0 0 0 0 0 25 0 0 25 Total $ 403,928 $ 506,402 $ 398,128 $ 401,780 $ 165,757 $ 549,716 $ 925,651 $ 0 $ 3,351,362 Current-period charge-offs 0 ( 464 ) ( 252 ) ( 156 ) ( 148 ) ( 1,352 ) ( 1,217 ) 0 ( 3,589 ) Current-period recoveries 10 67 9 45 0 1,512 7 0 1,650 Current-period net recoveries (charge- offs) $ 10 $ ( 397 ) $ ( 243 ) $ ( 111 ) $ ( 148 ) $ 160 $ ( 1,210 ) $ 0 $ ( 1,939 ) Residential Real Estate (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans As of December 31, 2025 2025 2024 2023 2022 2021 Prior Total Internal Risk Grade: Pass $ 746,665 $ 427,238 $ 784,994 $ 1,608,513 $ 822,932 $ 1,148,481 $ 533,509 $ 160 $ 6,072,492 Special Mention 0 476 104 0 0 4,048 637 0 5,265 Substandard 0 407 107 0 7,800 11,984 207 0 20,505 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 746,665 $ 428,121 $ 785,205 $ 1,608,513 $ 830,732 $ 1,164,513 $ 534,353 $ 160 $ 6,098,262 Current-period charge-offs 0 ( 67 ) ( 205 ) ( 189 ) ( 6 ) ( 532 ) 0 0 ( 999 ) Current-period recoveries 0 0 0 0 2 701 1 0 704 Current-period net (charge- offs) recoveries $ 0 $ ( 67 ) $ ( 205 ) $ ( 189 ) $ ( 4 ) $ 169 $ 1 $ 0 $ ( 295 ) 101 Table of Contents (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans As of December 31, 2024 2024 2023 2022 2021 2020 Prior Total Internal Risk Grade: Pass $ 407,430 $ 820,059 $ 1,617,541 $ 827,395 $ 396,094 $ 971,226 $ 447,363 $ 2,467 $ 5,489,575 Special Mention 382 107 0 0 0 2,466 1,326 0 4,281 Substandard 0 0 0 508 0 12,430 507 83 13,528 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 407,812 $ 820,166 $ 1,617,541 $ 827,903 $ 396,094 $ 986,122 $ 449,196 $ 2,550 $ 5,507,384 Current-period charge-offs 0 ( 7 ) ( 2 ) 0 0 ( 359 ) ( 113 ) 0 ( 481 ) Current-period recoveries 0 0 0 5 0 489 1 0 495 Current-period net (charge- offs) recoveries $ 0 $ ( 7 ) $ ( 2 ) $ 5 $ 0 $ 130 $ ( 112 ) $ 0 $ 14 Construction and Land Development (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans As of December 31, 2025 2025 2024 2023 2022 2021 Prior Total Internal Risk Grade: Pass $ 1,031,215 $ 992,846 $ 693,752 $ 401,811 $ 65,460 $ 27,716 $ 305,750 $ 0 $ 3,518,550 Special Mention 0 2,827 30,509 0 4,208 8,281 0 0 45,825 Substandard 541 0 4,468 34 0 1,484 0 0 6,527 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,031,756 $ 995,673 $ 728,729 $ 401,845 $ 69,668 $ 37,481 $ 305,750 $ 0 $ 3,570,902 Current-period charge-offs 0 0 ( 141 ) 0 ( 103 ) ( 164 ) 0 0 ( 408 ) Current-period recoveries 0 0 0 0 0 225 0 0 225 Current-period net (charge-offs) recoveries $ 0 $ 0 $ ( 141 ) $ 0 $ ( 103 ) $ 61 $ 0 $ 0 $ ( 183 ) (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans As of December 31, 2024 2024 2023 2022 2021 2020 Prior Total Internal Risk Grade: Pass $ 628,186 $ 837,662 $ 1,253,480 $ 426,662 $ 18,559 $ 18,542 $ 302,302 $ 0 $ 3,485,393 Special Mention 0 0 1,455 18,356 57 153 0 0 20,021 Substandard 0 0 0 200 1,607 1,813 0 0 3,620 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 628,186 $ 837,662 $ 1,254,935 $ 445,218 $ 20,223 $ 20,508 $ 302,302 $ 0 $ 3,509,034 Current-period charge-offs 0 0 0 0 0 ( 29 ) 0 0 ( 29 ) Current-period recoveries 0 0 0 0 0 319 0 0 319 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 290 $ 0 $ 0 $ 290 Bankcard (In thousands) Term Loans Origination Year Revolving loans amortized cost Revolving loans converted to As of December 31, 2025 2025 2024 2023 2022 2021 Prior basis term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,603 $ 0 $ 9,603 Special Mention 0 0 0 0 0 0 28 0 28 Substandard 0 0 0 0 0 0 55 0 55 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,686 $ 0 $ 9,686 Current-period charge-offs 0 0 0 0 0 0 ( 320 ) 0 ( 320 ) Current-period recoveries 0 0 0 0 0 0 55 0 55 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ ( 265 ) $ 0 $ ( 265 ) 102 Table of Contents (In thousands) Term Loans Origination Year Revolving loans amortized cost Revolving loans converted to As of December 31, 2024 2024 2023 2022 2021 2020 Prior basis term loans Total Internal Risk Grade: Pass $ 0 $    0  $    0  $    0  $    0  $   0 $ 9,874 $ 0 $   9,874 Special Mention 0 0 0 0 0 0 63 0 63 Substandard 0 0 0 0 0 0 61 0 61 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,998 $ 0 $ 9,998 Current-period charge-offs 0 0 0 0 0 0 ( 431 ) 0 ( 431 ) Current-period recoveries 0 0 0 0 0 0 19 0 19 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ ( 412 ) $ 0 $ ( 412 ) Other Consumer (In thousands) Term Loans Origination Year Revolving loans amortized cost Revolving loans converted to As of December 31, 2025 2025 2024 2023 2022 2021 Prior basis term loans Total Internal Risk Grade: Pass $ 346,057 $ 90,623 $ 79,353 $ 157,220 $ 57,987 $ 18,929 $ 2,104 $ 0 $ 752,273 Special Mention 682 446 821 6,741 3,794 1,171 13 0 13,668 Substandard 221 57 88 617 464 101 7 0 1,555 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 346,960 $ 91,126 $ 80,262 $ 164,578 $ 62,245 $ 20,201 $ 2,124 $ 0 $ 767,496 Current-period charge-offs ( 15 ) ( 185 ) ( 507 ) ( 4,547 ) ( 1,698 ) ( 783 ) 0 0 ( 7,735 ) Current-period recoveries 0 7 78 642 273 429 0 0 1,429 Current-period net charge-offs $ ( 15 ) $ ( 178 ) $ ( 429 ) $ ( 3,905 ) $ ( 1,425 ) $ ( 354 ) $ 0 $ 0 $ ( 6,306 ) (In thousands) Term Loans Origination Year Revolving loans amortized cost Revolving loans converted to As of December 31, 2024 2024 2023 2022 2021 2020 Prior basis term loans Total Internal Risk Grade: Pass $ 139,908 $ 131,108 $ 276,041 $ 118,478 $ 49,553 $ 22,913 $ 2,215 $ 0 $ 740,216 Special Mention 495 1,805 13,462 8,485 2,704 1,440 23 0 28,414 Substandard 76 182 2,454 1,106 358 261 10 0 4,447 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 140,479 $ 133,095 $ 291,957 $ 128,069 $ 52,615 $ 24,614 $ 2,248 $ 0 $ 773,077 Current-period charge-offs ( 28 ) ( 206 ) ( 5,724 ) ( 3,096 ) ( 869 ) ( 380 ) 0 0 ( 10,303 ) Current-period recoveries 0 21 402 241 125 330 0 0 1,119 Current-period net charge-offs $ ( 28 ) $ ( 185 ) $ ( 5,322 ) $ ( 2,855 ) $ ( 744 ) $ ( 50 ) $ 0 $ 0 $ ( 9,184 ) N OTE F—ALLOWANCE FOR CREDIT LOSSES 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. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). 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 recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously charged-off, not to exceed the aggregate of the amount previously charged-off, are included in determining the necessary reserve at the balance sheet date. United made a policy election to present the balance separately in its consolidated balance sheets from the amortized cost of a loan. Accrued interest receivable was $ 95,960,000 and $ 87,062,000 at December 31, 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. 103 Table of Contents The following table represents the accrued interest receivable as of December 31, 2025 and December 31, 2024: Accrued Interest Receivable (In thousands) At December 31, 2025 At December 31, 2024 Commercial Real Estate: Owner-occupied $ 6,922 $ 4,700 Nonowner-occupied 37,086 30,582 Other Commercial 11,822 10,512 Residential Real Estate 21,643 21,662 Construction 16,046 17,174 Consumer: Bankcard 0 0 Other consumer 2,441 2,432 Total $ 95,960 $ 87,062 The following table represents the accrued interest receivables written off by reversing interest income for the year ended December 31, 2025 and December 31, 2024: Accrued Interest Receivables Written Off by Reversing Interest Income (In thousands) Year Ended  2025   2024  Commercial Real Estate: Owner-occupied $ 90 $ 186 Nonowner-occupied 1,481 853 Other Commercial 82 736 Residential Real Estate 577 232 Construction 267 23 Consumer: Bankcard 0 0 Other consumer 241 345 Total $ 2,738 $ 2,375 United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. For a detailed discussion of the methodology used to estimate the reserve for lending-related commitments, see Note A, “Summary of Significant Accounting Policies.” The reserve for lending-related commitments of $ 35,075,000 and $ 34,911,000 at December 31, 2025 and December 31, 2024, respectively, is separately classified on the balance sheet within liabilities. The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses. United continuously evaluates any risks which may impact its loan and lease portfolios. Reserves are initially determined based on losses identified from the PD/LGD and Cohort models which utilize the Company’s historical information. Then any qualitative adjustments are applied to account for the Company’s view of the future and other factors. If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, then an adjustment was made for that factor. United’s allowance for loan and lease losses at December 31, 2025 increased $ 25,674,000 or 9.44 % from December 31, 2024. As previously mentioned, during the year of 2025, United recorded an allowance for loan and lease losses on acquired Piedmont non-PCD loans of $ 18,726,000 and on acquired Piedmont PCD loans of $ 17,518,000 . The year of 2025 qualitative adjustments include analyses of the following: • Current conditions – United considered the impact of changes in economic and business conditions; collateral values for dependent loans; past due, nonaccrual and adversely classified loans and leases; external environment; and concentrations of credit. 104 Table of Contents • Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio basis by relating the correlation of real GDP and the unemployment rate to loss rates to forecasts of those variables. The reasonable and supportable forecast selection is subjective in nature and requires more judgment compared to the other components of the allowance. Assumptions for the economic variables were the following: Ø The forecast for real GDP improved in the fourth quarter, from a projection of 1.80 % for 2026 as of mid-September 2025 to 2.30 % for 2026 as of mid-December with a projection of 2.00 % for 2027. The unemployment rate forecast remained consistent in the fourth quarter with a projection of 4.40 % for 2026 as of mid-September 2025 and as of mid-December with a projection of 4.20 % for 2027. Ø Greater risk of loss in the office portfolio due to continued hybrid and remote work that may be exacerbated by future economic conditions. Ø Reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period. A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2025 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Other Consumer Total (In thousands) Owner- occupied Nonowner- occupied Allowance for Loan and Lease Losses: Beginning balance $ 11,852 $ 74,522 $ 65,105 $ 46,373 $ 63,621 $ 891 $ 9,480 $ 271,844 Initial allowance for PCD loans (acquired during the period) 795 11,059 872 208 4,584 0 0 17,518 Charge-offs ( 228 ) ( 35,798 ) ( 5,424 ) ( 999 ) ( 408 ) ( 320 ) ( 7,735 ) ( 50,912 ) Recoveries 318 160 2,309 704 225 55 1,429 5,200 Provision 827 46,773 ( 1,133 ) 7,663 ( 10,055 ) 263 9,530 53,868 Ending balance $ 13,564 $ 96,716 $ 61,729 $ 53,949 $ 57,967 $ 889 $ 12,704 $ 297,518 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2024 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Other Consumer Total Owner- occupied Nonowner- occupied Allowance for Loan and Lease Losses: Beginning balance $ 11,895 $ 57,935 $ 75,007 $ 41,167 $ 59,913 $ 810 $ 12,510 $ 259,237 Charge-offs ( 116 ) ( 2,581 ) ( 3,589 ) ( 481 ) ( 29 ) ( 431 ) ( 10,303 ) ( 17,530 ) Recoveries 1,183 200 1,650 495 319 19 1,119 4,985 Provision ( 1,110 ) 18,968 ( 7,963 ) 5,192 3,418 493 6,154 25,152 Ending balance $ 11,852 $ 74,522 $ 65,105 $ 46,373 $ 63,621 $ 891 $ 9,480 $ 271,844 105 Table of Contents A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2025 2024 2023 Balance of allowance for loan and lease losses at beginning of period $ 271,844 $ 259,237 $ 234,746 Initial allowance for acquired PCD loans 17,518 0 0 Gross charge-offs ( 50,912 ) ( 17,530 ) ( 11,304 ) Recoveries 5,200 4,985 4,641 Net charge-offs ( 45,712 ) ( 12,545 ) ( 6,663 ) Provision for loan and lease losses 53,868 25,152 31,154 Balance of allowance for loan and lease losses at end of period $ 297,518 $ 271,844 $ 259,237 Reserve for lending-related commitments 35,075 34,911 44,706 Balance of allowance for credit losses at end of period $ 332,593 $ 306,755 $ 303,943 NOTE G—BANK PREMISES AND EQUIPMENT Bank premises and equipment are summarized as follows: December 31 (In thousands) 2025 2024 Land $ 69,573 $ 62,506 Buildings and improvements 234,963 206,281 Leasehold improvements 45,727 43,971 Furniture, fixtures and equipment 123,063 109,510 473,326 422,268 Less allowance for depreciation and amortization ( 264,495 ) ( 236,137 ) Bank premises and equipment $ 208,831 $ 186,131 Depreciation expense was $ 16,813,000 , $ 15,709,000 , and $ 17,191,000 for years ending December 31, 2025, 2024 and 2023, respectively, while amortization expense was $ 328,000 , $ 310,000 and $ 310,000 for the years ended December 31, 2025, 2024 and 2023, respectively. NOTE H—LEASES United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. Operating leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. Presently, United does not have any finance leases. United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 15 years, some of which include options to extend leases generally for periods of 5 years. United rents or subleases certain real estate to third parties. Our sublease portfolio generally consists of operating leases to other organizations for former branch offices. ROU assets represent United’s right to use an underlying asset for the lease term and lease liabilities represent United’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of United’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend the lease when it is reasonably certain that United will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 10 6 Table of Contents The components of lease expense were as follows: Year Ended Year Ended (In thousands) Classification December 31, 2025 December 31, 2024 Operating lease cost Net occupancy expense $ 20,061 $ 20,367 Sublease income Net occupancy expense ( 213 ) ( 184 ) Net lease cost $ 19,848 $ 20,183 Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, 2025 December 31, 2024 Operating lease right-of-use assets Operating lease right-of-use assets $ 89,312 $ 81,742 Operating lease liabilities Operating lease liabilities $ 95,392 $ 86,771 Other information related to leases was as follows: December 31, 2025 Weighted-average remaining lease term: Operating leases 7.59 years Weighted-average discount rate: Operating leases 3.62 % Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2025 December 31, 2024 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,739 $ 19,900 ROU assets obtained in the exchange for lease liabilities 18,673 8,896 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, 2025, consists of the following: Year Amount (Dollars in thousands) 2026 $ 18,633 2027 17,451 2028 15,279 2029 13,147 2030 10,861 Thereafter 34,981 Total lease payments 110,352 Less: imputed interest ( 14,960 ) Total $ 95,392 NOTE I—INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: December 31, 2025 Community Banking Total (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 137,929 ($ 105,662 ) $ 137,929 ($ 105,662 ) Goodwill not subject to amortization $ 2,018,848 $ 2,018,848 10 7 Table of Contents December 31, 2024 Community Banking Total (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 96,299 ) $ 105,165 ($ 96,299 ) Goodwill not subject to amortization $ 1,888,889 $ 1,888,889 The following table provides a reconciliation of goodwill: (In thousands) Community Banking Total Goodwill at December 31, 2024 $ 1,888,889 $ 1,888,889 Addition to goodwill from Piedmont acquisition 129,959 129,959 Goodwill at December 31, 2025 $ 2,018,848 $ 2,018,848 The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2025: Year Amount (Dollars in thousands) 2026 $ 7,351 2027 5,060 2028 4,003 2029 3,518 2030 3,086 2031 and thereafter 9,249 NOTE J—DEPOSITS The book value of deposits consisted of the following: December 31 (In thousands) 2025 2024 Noninterest-bearing accounts $ 6,573,630 $ 6,135,413 Interest-bearing transaction accounts 6,657,771 5,936,925 Regular savings 1,265,334 1,250,295 Interest-bearing money market accounts 7,835,796 7,056,897 Time deposits under $100,000 1,363,881 1,172,462 Time deposits over $100,000 3,364,527 2,409,867 Total deposits $ 27,060,939 $ 23,961,859 Included in time deposits over $100,000 at December 31, 2025 and 2024 were time deposits of $250,000 or more of $ 1,724,739,000 and $ 1,115,748,000 , respectively. Interest paid on deposits approximated $ 552,108,000 , $ 537,661,000 , and $ 377,008,000 in 2025, 2024 and 2023, respectively. United’s subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $ 32,822,000 and $ 34,197,000 at December 31, 2025 and 2024, respectively. 10 8 Table of Contents NOTE K—SHORT-TERM BORROWINGS At December 31, 2025 and 2024, short-term borrowings were as follows: December 31 (In thousands) 2025 2024 Federal funds purchased $ 0 $ 0 Securities sold under agreements to repurchase 198,573 176,090 Total short-term borrowings $ 198,573 $ 176,090 Federal funds purchased and securities sold under agreements to repurchase have not been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $ 280,000,000 . These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. At December 31, 2025, all the repurchase agreements were in overnight accounts. The rates offered on these funds vary according to movements in the federal funds and short-term investment market rates. United has a $ 20,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2025, United had no outstanding balance under this credit. Interest paid on short-term borrowings approximated $ 5,786,000 , $ 8,063,000 , and $ 6,390,000 in 2025, 2024 and 2023, respectively. NOTE L—LONG-TERM BORROWINGS United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At December 31, 2025, the total carrying value of loans pledged as collateral for FHLB advances approximated $ 8,163,013,000 . United had an unused borrowing amount as of December 31, 2025 of approximately $ 9,192,225,000 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 December 31, 2025 and 2024, FHLB advances and the related weighted-average interest rates were as follows: 2025 2024 (Dollars in thousands)  Amount  Weighted- Average Contractual Rate Weighted- Average Effective Rate  Amount  Weighted- Average Contractual Rate Weighted- Average Effective Rate FHLB advances $ 250,000 4.05 % 0.59 % $ 260,199 4.62 % 0.63 % No overnight funds were included in the $ 250,000,000 and $ 260,199,000 above at December 31, 2025 and 2024, respectively. At December 31, 2025, FHLB advances of $ 250,000,000 mature in 2026. The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at year-end 2025 and 2024 to manage interest rate risk on its long-term debt. Additional information is provided in Note R, Notes to Consolidated Financial Statements. At December 31, 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 December 31, 2025 and 2024, the outstanding balance of the Debentures was $ 281,817,000 and $ 280,221,000 , respectively, and was included the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The 10 9 Table of Contents 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. Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years . If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative. 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 as Tier 1 capital, but rather the Capital Securities are included as a component of United’s Tier 2 capital. United can include the Capital Securities in its Tier 2 capital on a permanent basis. Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) Description Issuance Date Amount of Capital Securities Issued Stated Interest Rate (1) Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month CME Term SOFR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month CME Term SOFR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month CME Term SOFR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month CME Term SOFR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month CME Term SOFR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month CME Term SOFR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month CME Term SOFR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month CME Term SOFR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month CME Term SOFR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month CME Term SOFR + 1.65% July 7, 2036 VCBI Capital Trust II December 19, 2002 $ 15,000 6-month CME Term SOFR + 3.30% December 19, 2032 VCBI Capital Trust III December 20, 2005 $ 25,000 3-month CME Term SOFR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month CME Term SOFR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month CME Term SOFR + 2.10% March 15, 2035 Carolina Financial Capital Trust I December 19, 2002 $ 5,000 Prime + 0.50% December 31, 2032 Carolina Financial Capital Trust II November 5, 2003 $ 10,000 3-month CME Term SOFR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month CME Term SOFR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month CME Term SOFR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month CME Term SOFR + 2.95% September 30, 2033 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month CME Term SOFR + 3.00% December 12, 2033 (1) The 3-month CME Term SOFR rates have a spread adjustment of 0.26161 % and the 6-month CME Term SOFR rate has a spread adjustment of 0.42826 %. At December 31, 2025 and 2024, the Debentures and their related weighted-average interest rates were as follows: 2025 2024 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate United Statutory Trust III  $ 20,619 6.82 %  $   20,619 7.46 % United Statutory Trust IV 25,774 6.95 % 25,774 7.70 % United Statutory Trust V 51,547 5.80 % 51,547 6.40 % United Statutory Trust VI 30,928 5.28 % 30,928 5.92 % Premier Statutory Trust II 6,186 7.27 % 6,186 8.02 % Premier Statutory Trust III 8,248 5.72 % 8,248 6.95 % Premier Statutory Trust IV 14,433 5.50 % 14,433 6.15 % Premier Statutory Trust V 10,310 5.66 % 10,310 6.37 % Centra Statutory Trust I 10,000 6.25 % 10,000 6.91 % Centra Statutory Trust II 10,000 5.82 % 10,000 6.57 % Virginia Commerce Trust II 13,857 7.34 % 13,627 8.31 % Virginia Commerce Trust III 20,425 5.56 % 19,899 6.20 % Cardinal Statutory Trust I 17,209 6.38 % 16,812 7.02 % UFBC Capital Trust I 4,182 6.08 % 4,076 6.72 % Carolina Financial Capital Trust I 5,058 7.25 % 5,046 8.00 % Carolina Financial Capital Trust II 9,706 7.22 % 9,641 7.97 % Greer Capital Trust I 5,492 6.35 % 5,419 7.09 % Greer Capital Trust II 4,360 5.83 % 4,275 6.58 % First South Preferred Trust I 9,656 6.90 % 9,587 7.54 % BOE Statutory Trust I 3,827 6.93 % 3,794 7.59 % Total $ 281,817 6.19 % $ 280,221 6.88 % 1 10 Table of Contents At December 31, 2025, the scheduled maturities of long-term borrowings were as follows: Year Amount (Dollars in thousands) 2026  $ 250,000 2027 0 2028 0 2029 0 2030 0 2031 and thereafter 281,817 Total $   531,817 Interest paid on long-term borrowings approximated $ 23,726,000 , $ 44,911,000 , and $ 84,775,000 in 2025, 2024 and 2023, respectively. NOTE M—OTHER EXPENSE The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2025 2024 2023 Legal, consulting & other professional services $   29,444 $   24,330 $   25,604 Franchise & other taxes not on income 18,345 16,916 16,202 Expense for reserve on lending-related commitments 164 ( 9,795 ) ( 1,483 ) Automated Teller Machine (“ATM”) expenses 13,485 11,885 10,914 Amortization of income tax credits 17,886 15,277 15,238 NOTE N—INCOME TAXES The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2025 2024 2023 Current expense: Federal $ 85,133 $ 77,347 $ 84,441 State and local 17,019 17,604 15,972 Total current income tax expense 102,152 94,951 100,413 Deferred expense (benefit): Federal 11,764 334 ( 2,053 ) State and local 4,881 ( 3,702 ) ( 868 ) Total deferred income tax expense (benefit) 16,645 ( 3,368 ) ( 2,921 ) Total income tax expense: $ 118,797 $ 91,583 $ 97,492 1 11 Table of Contents The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2025 2024 2023 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate  $   122,514 21.0 %  $   97,562 21.0 %  $   97,399 21.0 % State and local income taxes net of federal tax benefits (1) 17,137 2.9 13,591 2.9 11,847 2.6 Domestic Federal Tax Credits Low income housing ( 19,030 ) ( 3.3 ) ( 15,814 ) ( 3.4 ) ( 13,557 ) ( 2.9 ) Other ( 1,303 ) ( 0.2 ) ( 706 ) ( 0.1 ) ( 1,639 ) ( 0.4 ) Nontaxable and nondeductible items ( 2,301 ) ( 0.4 ) ( 2,439 ) ( 0.5 ) ( 2,974 ) ( 0.6 ) Other 1,780 0.4 ( 611 ) ( 0.2 ) 6,416 1.3 Total income tax expense  $ 118,797 20.4 %  $ 91,583 19.7 %  $ 97,492 21.0 % (1) State taxes in West Virginia and Maryland made up the majority (greater than 50 percent) of the tax effect in this category. For the year of 2025, United had no taxes applicable to sales and calls of securities. For years ended 2024 and 2023, United incurred a federal income tax benefit of $ 2,456,000 and $ 1,608,000 , respectively, applicable to the sales and calls of securities. The following presents a disaggregation of income taxes paid, net of refunds: Year Ended December 31 (Dollars in thousands) 2025 2024 2023 Federal $ 89,800 $ 70,407 $ 89,500 State and local 24,663 (1) 15,814 (2) 15,960 (3) Total income taxes paid, net of refunds (4) $ 114,463 $ 86,221 $ 105,460 (1) For the year ended December 31, 2025, income taxes paid to West Virginia of $ 9,000 and Maryland of $ 5,950 exceeded 5 % of total income taxes paid. (2) For the year ended December 31, 2024, income taxes paid to Maryland of $ 6,150 exceeded 5 % of total income taxes paid. (3) For the year ended December 31, 2023, income taxes paid to West Virginia of $ 6,851 exceeded 5 % of total income taxes paid. (4) Income taxes paid, net of refunds includes amounts paid to third parties for purchases of transferable tax credits of $ 11,680 in 2025 and $ 1,636 in 2024. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2025, United had a federal net operating loss carryforward of $ 2,724,000 , the majority of which has an indefinite life , and a state tax credit of $ 1,406,000 which expires in 2034. Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2025 and 2024 are as follows: (In thousands) 2025 2024 Deferred tax assets: Allowance for credit losses $ 79,490 $ 73,315 Accrued benefits payable 16,514 20,256 Other accrued liabilities 603 1,857 Unrealized loss on securities available for sale 49,091 77,189 Other real estate owned 122 127 Lease liabilities under operating leases 22,799 20,738 1 12 Table of Contents (In thousands) 2025 2024 Net operating loss carryforwards 2,724 0 Purchase accounting intangibles 1,159 0 Income tax credit carryforward 1,406 4,415 Deferred mortgage points 1,465 425 Total deferred tax assets 175,373 198,322 Deferred tax liabilities: Premises and equipment 8,937 8,307 Right-of-use assets under operating leases 21,345 19,536 Pension plan accruals 13,050 10,743 Derivatives 7,367 10,487 Purchase accounting intangibles 0 6,626 Other 1,584 1,063 Total deferred tax liabilities 52,283 56,762 Net deferred tax assets $ 123,090 $ 141,560 At December 31, 2025 and 2024, United believes that all of the deferred tax amounts shown above are more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no valuation allowance has been recorded. In accordance with ASC Topic 740, “Income Taxes,” United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, 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. Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2025 2024 Unrecognized tax benefits at beginning of year  $ 2,144  $ 2,599 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 956 323 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations ( 2,144 ) ( 778 ) Unrecognized tax benefits at end of year  $ 956  $ 2,144 The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2022, 2023 and 2024 and certain State Taxing authorities for the years ended December 31, 2022 through 2024. As of December 31, 2025, and 2024, the total amount of accrued interest related to uncertain tax positions was zero and $ 651,000 , respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results of operations for the years of 2025, 2024 and 2023. NOTE O—EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the “Plan”) was amended to change the participation rules. The decision to change the participation rules for the Plan followed industry trends, as many large and medium size companies took similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan. 11 3 Table of Contents Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation. Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2025 2024 2023 Service cost  $ 1,293  $ 1,387 $ 1,440 Interest cost 7,427 6,967 7,134 Expected return on plan assets ( 11,046 ) ( 10,659 ) ( 11,762 ) Amortization of net actuarial loss 69 2,315 3,347 Net periodic pension cost (income)  $ ( 2,257 )  $ 10 $ 159 Weighted-Average Assumptions: Discount rate 5.76 % 5.07 % 5.26 % Expected return on assets 6.15 % 6.25 % 7.25 % Rate of compensation increase (prior to age 40) 6.00 % 5.00 % 5.00 % Rate if compensation increase (ages 40-49) 5.50 % n/a n/a Rate of compensation increase (ages 40-54) n/a 4.00 % 4.00 % Rate if compensation increase (ages 50-54) 5.00 % n/a n/a Rate of compensation increase (ages 55-64) 4.00 % n/a n/a Rate of compensation increase (otherwise) 3.00 % 3.50 % 3.50 % Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31,  2025   2024   2023  Net actuarial gain  $ ( 7,089 )  $ ( 12,348 )  $ ( 2,635 ) Amortization of actuarial loss ( 69 ) ( 2,315 ) ( 3,347 ) Total recognized in other comprehensive income  $ ( 7,158 )  $ ( 14,663 )  $ ( 5,982 ) Included in accumulated other comprehensive income at December 31, 2025 are unrecognized actuarial losses of $ 10,725,000 that have not yet been recognized in net periodic pension cost. The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2025 and 2024 and the accumulated benefit obligation at December 31, 2025 and 2024 are as follows: (Dollars in thousands) December 31,  2025   2024  Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year  $   137,847  $   143,306 Service Cost 1,293 1,387 Interest Cost 7,427 6,967 Actuarial Loss (Gain) 3,088 ( 7,506 ) Benefits Paid ( 6,877 ) ( 6,307 ) Projected Benefit Obligation at the End of the Year  $ 142,778  $ 137,847 Accumulated Benefit Obligation at the End of the Year  $ 130,900  $ 125,429 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year  $ 183,035  $ 173,840 Actual Return on Plan Assets 21,223 15,502 Benefits Paid ( 6,877 ) ( 6,307 ) Fair Value of Plan Assets at End of Year  $ 197,381  $ 183,035 114 Table of Contents (Dollars in thousands) December 31, 2025 2024 Net Amount Recognized Funded Status $ 54,603 $ 45,187 Unrecognized Actuarial Net Loss 10,725 17,884 Net Amount Recognized $ 65,328 $ 63,071 Weighted-Average Assumptions at the End of the Year Discount Rate 5.66 % 5.76 % Rate of compensation Increase (prior to age 40) 6.00 % 6.00 % Rate of compensation Increase (ages 40-49) 5.50 % 5.50 % Rate of compensation Increase (ages 50-54) 5.00 % 5.00 % Rate of compensation Increase (ages 55-64) 4.00 % 4.00 % Rate of compensation Increase (otherwise) 3.00 % 3.00 % Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2026 Allowable Allocation Range Percentage of Plan Assets at December 31, 2025 December 31, 2024 Equity Securities 47 % 20 - 70 % 54 % 56 % Fixed Income Securities 43 % 20 - 50 % 42 % 41 % Other 10 % 0 - 25 % 4 % 3 % Total 100 % 100 % Equity securities include United common stock in the amounts of $ 4,064,000 at December 31, 2025 and $ 3,974,000 at December 31, 2024 . The policy, as established by the United’s Retirement Committee (formerly known as United’s Pension Committee), primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10 % of the total plan assets, and no more than the 15 % of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15 % of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class. United uses the corridor approach based on 10 % of the greater of the projected benefit obligation and the market-related value of plan assets to amortize actuarial gains and losses. At December 31, 2025, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year  Amount  (Dollars in thousands) 2026 $ 7,433 2027 7,786 2028 8,265 2029 8,648 2030 9,000 2031 through 2035 48,551 United did not contribute to the plan in 2025, 2024 or in 2023 as no contributions were required by funding regulations or law. For 2026, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2026, the amount of which cannot be reasonably estimated at this time. In accordance with ASC Topic 715 and using the guidance contained in ASC Topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. 11 5 Table of Contents Cash and Cash Equivalents: These underlying assets are highly liquid U.S. government obligations. The fair value of cash and cash equivalents approximates cost (Level 1 or 2). Debt Securities : Securities of the U.S. Government, municipalities, private issuers and corporations are valued at the closing price reported in the active market in which the individual security is traded, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Common and Preferred Stock: These securities are valued at the closing price on the respective stock exchange (Level 1). Mutual Funds: Generally, these securities are valued at the closing price reported in the active market in which the individual mutual fund is traded (Level 1). The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2025 and 2024: Fair Value Measurements at December 31, 2025 Using (In thousands) Description Balance as of December 31, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents  $ 6,505  $ 0  $ 6,505  $ 0 Fixed Income Debt Securities: U.S. Government and agencies 29,982 0 29,982 0 Mortgage backed & other asset-backed securities 7,705 0 7,705 0 Municipal obligations 631 0 631 0 Corporate bonds 9,300 0 9,300 0 Fixed Income Mutual Funds & Exchange-Traded Funds: General 36,667 36,667 0 0 Equity Securities: Common stock 20,187 20,187 0 0 Equity Mutual Funds: Domestic equity large cap 38,185 38,185 0 0 Domestic equity small cap 13,273 13,273 0 0 Alternative equity 17,500 17,500 International emerging equity 4,304 4,304 0 0 International equity developed 13,142 13,142 0 0 Total $    197,381 $    143,258 $ 54,123 $    0 Fair Value Measurements at December 31, 2024 Using (In thousands) Description Balance as of December 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents  $ 5,829  $ 5,829  $ 0  $ 0 Fixed Income Debt Securities: U.S. Government and agencies 24,874 24,874 0 0 Mortgage backed securities 6,588 6,588 0 0 Collateralized mortgage obligations 623 623 0 0 11 6 Table of Contents Fair Value Measurements at December 31, 2024 Using (In thousands) Description Balance as of December 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Municipal obligations 707 707 0 0 Corporate bonds 8,394 8,394 0 0 Fixed Income Mutual Funds: General 33,537 33,537 0 0 Equity Securities: Common stock 19,539 19,539 0 0 Equity Mutual Funds: Domestic equity large cap 37,990 37,990 0 0 Domestic equity small cap 13,332 13,332 0 0 Alternative equity 16,145 16,145 International emerging equity 3,993 3,993 0 0 International equity developed 11,484 11,484 0 0 Total  $ 183,035  $    183,035  $    0  $    0 Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety ( 90 ) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1 % to 100 % of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. United matches 100 % of the first 5 % of salary deferred with United stock, subject to certain imposed limitations. Vesting is 100 % for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $ 7,829,000 , $ 7,332,000 , and $ 7,590,000 in 2025, 2024 and 2023, respectively. The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2025 and 2024, the combined plan assets included 1,879,671 and 1,810,400 shares, respectively, of United common stock with an approximate fair value of $ 72,179,000 and $ 67,981,000 , respectively. Dividends paid on United common stock held by the plans approximated $ 2,755,000 , $ 2,727,000 , and $ 2,468,000 for the years ended December 31, 2025, 2024, and 2023, respectively. United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year. NOTE P—STOCK BASED COMPENSATION On May 14, 2025, United’s shareholders approved the 2025 Equity Incentive Plan (“2025 EIP”), becoming effective on that date. The 2025 EIP replaced United’s 2020 Long-Term Incentive Plan (“2020 LTI Plan”). An award granted under the 2025 EIP may consist of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, performance based stock awards, dividend equivalent rights and other equity-based or equity-related awards. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2025 EIP is 3,000,000 . The 2025 EIP will be administered by the Compensation and Human Capital Committee of the Board (the “Committee”). Awards are subject to a minimum vesting schedule of at least twelve months following the date of grant of such award, subject to accelerated vesting on certain events, including a change in control, and 5 % of the shares available for grant under the 2025 EIP may be granted with a shorter minimum vesting period. Awards under the 2025 EIP will be subject to the terms of the Company’s Compensation Recoupment Policy and any other clawback or recapture policy that the Company may adopt from time to time and, in accordance with such policy, may be subject to the requirement that the awards be repaid to the Company after they have been distributed to the grantee. A Form S-8 was filed on May 30, 2025 with the Securities and Exchange Commission to register all the shares available for issuance under the 2025 EIP Plan. 117 Table of Contents During the year 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 year of 2025. Compensation expense of $ 13,089 ,000, $ 12,130 ,000, and $ 12,463 ,000 related to all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the years 2025, 2024 and 2023, respectively. Compensation expense was included in employee compensation in the Consolidated Statements of Income. Stock Options As of December 31, 2025, no stock option awards have been granted under the 2025 EIP. United does have options outstanding from various plans under which stock options may be granted, including the 2020 LTI Plan (the “Prior Plans”); however, no shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the Prior Plans is ten ( 10 ) years. A summary of activity under United’s stock option plans as of December 31, 2025, and the changes during the year of 2025 are presented below: Year ended December 31, 2025 Weighted Average (Dollars in thousands, except per share amounts) Aggregate Intrinsic Remaining Contractual Exercise Price Shares Value Term (Yrs.) Outstanding at January 1, 2025 1,049,668 $ 36.29 Exercised ( 36,612 ) 26.07 Forfeited or expired ( 103,540 ) 35.62 Outstanding at December 31, 2025 909,516  $   3,057 2.6 $   36.78 Exercisable at December 31, 2025 909,516  $   3,057 2.6 $   36.78 Cash received from options exercised under the Plans for the years ended December 31, 2025, 2024 and 2023 was $ 751,000 , $ 5,274,000 , and $ 1,750,000 , respectively. During 2025 and 2024, 36,612 and 183,888 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for 2025 and 2024 were issued from authorized and unissued common stock. The total intrinsic value of options exercised under the Prior Plans during the years ended December 31, 2025, 2024, and 2023 was $ 453 ,000, $ 1,881 ,000, and $ 947 ,000, respectively. As of December 31, 2025, there was no unrecognized compensation costs related to nonvested stock option awards. ASC Topic 230, “Statement of Cash Flows,” requires the benefits of tax deductions in excess of recognized compensation cost to be reported as an operating cash flow. This requirement reduces net operating cash flows. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows used in operating activities of $ 83 ,000, $ 258 ,000, and $ 128 ,000 from excess tax benefits related to share-based compensation arrangements for the year of 2025, 2024 and 2023, respectively. Restricted Stock As of December 31, 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 directors. Shares of restricted stock granted to participants were scheduled to vest no sooner than 1/3 per year over the first three anniversaries of the award. Recipients of shares of restricted stock under the Prior Plans did not pay any consideration to United for the shares, had the right to vote all shares subject to such grant and received all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. Under the 2025 EIP, recipients of restricted stock will have the right to vote all shares subject to such grant, whether 118 Table of Contents or not the shares have vested, but any dividends paid upon any restricted stock will be retained by the Company during the period of restriction, 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 is forfeited by the grantee prior to vesting. As of December 31, 2025, the total unrecognized compensation cost related to nonvested restricted stock awards was $ 7,097 ,000 with a weighted-average expense recognition period of 0.9 years. The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2025: Number of Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2025 310,027  $  36.58 Granted 184,515     36.77 Vested ( 152,433 )     36.94 Forfeited ( 16,682 )     36.54 Outstanding at December 31, 2025 325,427  $  36.52 Restricted Stock Units As of December 31, 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. These awards helped align the interests of these employees with the interests of the shareholders of United by providing economic value directly related to the performance of the Company. These RSU grants were time-vested RSUs, performance-vested RSUs, or a combination of both. Currently, time-vested RSUs vest ratably over three years from the date of grant. Performance-vested RSUs cliff-vest after assessment of the Company’s performance over a period of three years. The number of performance-vested RSUs outstanding as of December 31, 2025 that vest is determined by two metrics measured relative to peers: Return on Average Tangible Common Equity (“ROATCE”) and Total Shareholder Return (“TSR”). Based on ASC Topic 718, the ROATCE comparison is considered a performance condition while the TSR comparison is considered a market condition. There will be no payout of the performance-vested awards if the threshold performance is not achieved. United communicates the specific threshold, target, and maximum performance-vested RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Dividend equivalents are accrued but not paid in respect to the awards until the RSUs vest. The holder does not have the right to vote the shares until shares of common stock are delivered in respect of vested RSUs. The value of the time-vested RSUs and the performance-vested, based on the performance condition, RSUs awarded is established as the fair market value of the stock at the time of the grant. The value of the performance-vested, based on the market condition, RSUs awarded is estimated through the use of a Monte Carlo valuation model as of the grant date. 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 year ended December 31, 2025: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2025 490,119  $  35.41 Granted 256,385     35.35 Vested ( 148,597 )     35.81 Forfeited or expired ( 2,422 )     36.26 Nonvested at December 31, 2025 595,485  $  35.28 As of December 31, 2025, the total unrecognized compensation cost related to nonvested restricted stock units was $ 9,572 ,000 with a weighted-average expense recognition period of 1.2 years. NOTE Q—COMMITMENTS AND CONTINGENT LIABILITIES Lending-related Commitments United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. 119 Table of Contents United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. 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 $ 6,408,827,000 and $ 5,886,473,000 of loan commitments outstanding as of December 31, 2025 and December 31, 2024, respectively, approximately 32.13% 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. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. 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 December 31, 2025 and December 31, 2024, United had $ 2,762,000 and $ 15,546,000 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 $ 166,885,000 and $ 148,874,000 as of December 31, 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. Mortgage Banking Related to its mortgage banking activities, United provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. 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 December 31, 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. United works with mortgage banking third-party investors that are generally well-capitalized, are investment grade and exhibit strong financial performance to mitigate this risk. United does not expect any third-party investor to fail to meet its obligation. Legal Proceedings United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. On at least a quarterly basis, United assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter-by-matter basis, an accrual for loss is established for those matters which United believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial statements. 120 Table of Contents Regulatory Matters A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against United in regard to these consumer products. United could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters. NOTE R—DERIVATIVE FINANCIAL INSTRUMENTS United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies. During 2020, United entered into two interest rate swap derivatives designated as cash flow hedges. The notional amount of these cash flow hedge derivatives totaled $ 500,000,000 . The derivatives are intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. One of these two interest rate swap derivatives matured during the third quarter of 2024. As of December 31, 2025, United has determined that no forecasted transactions related to its cash flow hedge 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 $ 7,378,000 will be reclassified from AOCI as a decrease to interest expense over the next 12-months following December 31, 2025 related to the cash flow hedge. As of December 31, 2025, the maximum length of time over which forecasted transactions are hedged is five years. United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market and settled daily based on the prior day value, rather than collateralized-to-market. 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 $ 250,000,000 for asset derivatives as of December 31, 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. The related fair value on a net basis approximates zero . 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 December 31, 2025 and December 31, 2024. Asset Derivatives December 31, 2025 December 31, 2024 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 9,466 $ 316 Other assets $ 10,770 $ 644 Total Fair Value Hedges $ 9,466 $ 316 $ 10,770 $ 644 Cash Flow Hedges: Interest rate swap contracts (hedging FHLB borrowings) Other assets $ 250,000 $ 0 Other assets $ 250,000 $ 0 Total Cash Flow Hedges $ 250,000 $ 0 $ 250,000 $ 0 Total derivatives designated as hedging instruments $   259,466 $   316 $   260,770 $   644 121 Table of Contents Asset Derivatives December 31, 2025 December 31, 2024 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 3,981 $ 15 Other assets $ 0 $ 0 TBA mortgage-backed securities Other assets 0 0 Other assets 54,826 278 Interest rate lock commitments Other assets 23,046 458 Other assets 21,553 339 Total derivatives not designated as hedging instruments $ 27,027 $ 473 $ 76,379 $ 617 Total asset derivatives $ 286,493 $ 789 $ 337,149 $ 1,261 Liability Derivatives December 31, 2025 December 31, 2024 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments TBA mortgage-backed securities Other liabilities $ 33,882 $ 70 Other liabilities $ 0 $ 0 Forward loan sales commitments Other liabilities 0 0 Other liabilities 3,186 20 Total derivatives not designated as hedging instruments $ 33,882 $ 70 $ 3,186 $ 20 Total liability derivatives $   33,882 $   70 $ 3,186 $ 20 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 December 31, 2025 and December 31, 2024. December 31, 2025 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/ (Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income  $  9,466  $  ( 331 )  $    0 December 31, 2024 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income  $   10,770  $  ( 657 )  $    0 Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. 1 22 Table of Contents The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 is presented as follows: Year Ended (In thousands) Income Statement Location December 31, 2025 December 31, 2024 December 31, 2023 Derivatives in hedging relationships Cash Flow Hedges: Interest rate swap contracts Interest on long-term borrowings (1) $ 9,718 $ 20,932 $ 23,574 Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ ( 2 ) $ 8 $ 117 Total derivatives in hedging relationships $ 9,716 $ 20,940 $ 23,691 Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities 35 ( 114 ) ( 127 ) TBA mortgage-backed securities Income from Mortgage Banking Activities ( 348 ) 956 ( 611 ) Interest rate lock commitments Income from Mortgage Banking Activities ( 11 ) ( 489 ) ( 240 ) Total derivatives not designated as hedging instruments $ ( 324 ) $ 353 $ ( 978 ) Total derivatives $ 9,392 $ 21,293 $ 22,713 (1) Decreases or increases in interest expense are expressed as positive or negative amounts, respectively, based on their impact to net income. For the years ended December 31, 2025, 2024 and 2023, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but were not significant to United’s Consolidated Statements of Income. NOTE S—COMPREHENSIVE INCOME The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2025 2024 2023 Net Income  $    464,603  $    372,996  $    366,313 Available for sale (“AFS”) securities: Change in net unrealized gains on AFS securities arising during the period 117,563 24,251 98,627 Related income tax effect ( 28,097 ) ( 5,840 ) ( 22,980 ) Net reclassification adjustment for losses included in net income 0 16,296 7,659 Related income tax effect 0 ( 3,852 ) ( 1,785 ) 89,466 30,855 81,521 Net effect of AFS securities on other comprehensive income 89,466 30,855 81,521 Cash flow hedge derivatives: Unrealized (loss) gain on cash flow hedge before reclassification to interest expense ( 3,340 ) 12,744 6,548 Related income tax effect 798 ( 2,987 ) ( 1,526 ) Net reclassification adjustment for gains included in net income ( 9,718 ) ( 20,932 ) ( 23,574 ) Related income tax effect 2,323 4,926 5,493 Net effect of cash flow hedge derivatives on other comprehensive income ( 9,937 ) ( 6,249 ) ( 13,059 ) Defined benefit pension plan: Net actuarial gain during the period 7,089 12,348 2,635 Related income tax expense ( 1,694 ) ( 2,951 ) ( 613 ) Amortization of net actuarial loss recognized in net income 69 2,315 3,347 Related income tax effect ( 17 ) ( 540 ) ( 780 ) Net effect of change in defined benefit pension plan on other comprehensive income 5,447 11,172 4,589 Total change in other comprehensive income, net of tax 84,976 35,778 73,051 Total Comprehensive Income $ 549,579 $ 408,774 $ 439,364 12 3 Table of Contents The components of accumulated other comprehensive income for the year ended December 31, 2025 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2025 (Dollars in thousands) Unrealized Gains/ Losses on AFS Securities Unrealized Gains/ Losses on Cash Flow Hedges Defined Benefit Pension Items Total Balance at January 1, 2025 $ ( 247,964 ) $ 33,706 $ ( 9,645 ) $ ( 223,903 ) Other comprehensive income (loss) before reclassification 89,466 ( 2,542 ) 0 86,924 Amounts reclassified from accumulated other comprehensive income 0 ( 7,395 ) 5,447 ( 1,948 ) Net current-period other comprehensive income (loss), net of tax 89,466 ( 9,937 ) 5,447 84,976 Balance at December 31, 2025 $ ( 158,498 ) $ 23,769 $ ( 4,198 ) $ ( 138,927 ) (a) All amounts are net-of-tax. United has adopted the portfolio approach for purposes of releasing residual tax effects within AOCI. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2025 (In thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Cash flow hedge: Net reclassification adjustment for gains included in net income $ ( 9,718 ) Interest expense ( 9,718 ) Total before tax Related income tax effect 2,323 Tax expense ( 7,395 ) Net of tax Pension plan: Recognized net actuarial gain 7,089   (a) Amortization of net actuarial loss 69   (b) 7,158 Total before tax Related income tax effect ( 1,711 ) Tax expense 5,447 Net of tax Total reclassifications for the period $ ( 1,948 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note O, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note O, Employee Benefit Plans) 124 Table of Contents NOTE T--UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets December 31 (In thousands) 2025 2024 Assets Cash and due from banks $ 186,446 $ 249,515 Securities available for sale 5,253 5,663 Securities held to maturity 20 20 Equity securities 29,434 15,897 Other investment securities 10,879 11,400 Investment in subsidiaries: Bank subsidiaries 5,577,829 5,024,692 Nonbank subsidiaries 56,009 55,755 Goodwill ( 16,466 ) ( 16,715 ) Other assets 33,837 32,152 Total Assets $ 5,883,241 $ 5,378,379 Liabilities and Shareholders’ Equity Junior subordinated debentures of subsidiary trusts $ 281,817 $ 280,221 Accrued expenses and other liabilities 105,441 104,935 Shareholders’ equity (including other accumulated comprehensive losses of $ 138,927 and $ 223,903 at December 31, 2025 and 2024, respectively) 5,495,983 4,993,223 Total Liabilities and Shareholders’ Equity $ 5,883,241 $ 5,378,379 Condensed Statements of Income Year Ended December 31 (In thousands) 2025 2024 2023 Income Dividends from banking subsidiaries $ 317,000 $ 231,000 $ 217,000 Net interest income 720 933 970 Management fees: Bank subsidiaries 51,913 48,307 43,852 Nonbank subsidiaries 51 51 27 Other income 12,580 5,064 2,167 Total Income 382,264 285,355 264,016 Expenses Interest paid on borrowings 767 0 0 Operating expenses 83,167 80,922 67,968 Total Expenses 83,934 80,922 67,968 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 298,330 204,433 196,048 Applicable income tax benefit ( 2,732 ) ( 5,589 ) ( 4,521 ) Income Before Equity in Undistributed Net Income of Subsidiaries 301,062 210,022 200,569 Equity in undistributed net income of subsidiaries: Bank subsidiaries 169,335 169,778 170,997 Nonbank subsidiaries ( 5,794 ) ( 6,804 ) ( 5,253 ) Net Income $ 464,603 $ 372,996 $ 366,313 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2025 2024 2023 Operating Activities Net income $ 464,603 $ 372,996 $ 366,313 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries ( 163,541 ) ( 162,974 ) ( 165,744 ) Amortization of net periodic pension costs 1 141 204 Stock-based compensation 13,089 12,130 12,463 Excess tax benefits from stock-based compensation arrangements 83 258 128 Net change in other assets and liabilities ( 14,316 ) ( 5,925 ) ( 5,420 ) Net Cash Provided by Operating Activities 299,919 216,626 207,944 Investing Activities Net proceeds from sales of debt securities 410 183 338 125 Table of Contents Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2025 2024 2023 Net (purchases) proceeds from sales of equity securities ( 216 ) 130 ( 1,303 ) Net cash paid in acquisition of subsidiary 428 0 0 Increase in investment in subsidiaries ( 6,000 ) ( 8,000 ) ( 16,000 ) Change in other investment securities ( 1,795 ) ( 1,187 ) ( 1,525 ) Net Cash Used in Investing Activities ( 7,173 ) ( 8,874 ) ( 18,490 ) Financing Activities Repayment of subordinated notes ( 20,575 ) 0 ( 10,250 ) Cash dividends paid ( 209,002 ) ( 200,727 ) ( 194,727 ) Acquisition of treasury stock ( 126,989 ) ( 1,040 ) ( 1,382 ) Proceeds from exercise of stock options 751 5,274 1,750 Net Cash Used in Financing Activities ( 355,815 ) ( 196,493 ) ( 204,609 ) (Decrease) Increase in Cash and Cash Equivalents ( 63,069 ) 11,259 ( 15,155 ) Cash and Cash Equivalents at Beginning of Year 249,515 238,256 253,411 Cash and Cash Equivalents at End of Year $ 186,446 $ 249,515 $ 238,256 NOTE U—REGULATORY MATTERS United Bank maintains average reserve balances with its Federal Reserve Bank. The average amount of those consolidated reserve balances maintained for the year ended December 31, 2025 and 2024 were approximately $ 2,036,744,000 and $ 1,184,007,000 , respectively. No reserve balance for the year ended December 31, 2025 and 2024 was required. The primary source of funds for the dividends paid by United to its shareholders is dividends received from United Bank. Dividends paid by United Bank are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year’s net income, as defined, plus the retained net profits of the two preceding years. During 2026, the retained net profits available for distribution to United by United Bank as dividends without regulatory approval, are approximately $ 339,113,000 , plus net income for the interim period through the date of declaration. Under Federal Reserve regulation, United Bank is also limited as to the amount they may loan to affiliates, including the parent company. Loans from United Bank to the parent company are limited to 10 % of the banking subsidiaries’ capital and surplus, as defined, or $ 425,053,000 at December 31, 2025, and must be secured by qualifying collateral. United’s subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United’s subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks’ assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. United’s subsidiary banks’ capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. As previously mentioned, in December 2017, the Basel Committee published standards that it described as the finalization of the Basel III post-crisis regulatory reforms. The quantitative measures established by the Basel III regulation to ensure capital adequacy require United and United Bank to maintain minimum amounts and ratios of total, Tier I capital, and common Tier I capital as defined in the regulations, to risk-weighted assets, as defined, and of Tier I capital, as defined, to average assets, as defined. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on United’s financial statements. As of December 31, 2025, United exceeds all capital adequacy requirements to which it is subject. At December 31, 2025, the most recent notification from its regulators, United and United Bank were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, Common Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United’s well-capitalized status. 12 6 Table of Contents United’s and United Bank’s capital amounts (in thousands of dollars) and ratios are presented in the following table. (Dollars in thousands) Actual For Capital Adequacy Purposeas To Be Well- Capitalized  Amount   Ratio   Amount   Ratio   Amount   Ratio  As of December 31, 2025: Total Capital (to Risk- Weighted Assets): United Bankshares $ 4,191,144 15.7 % $ 2,133,353 ≥ 8.0 % $ 2,666,691 ≥ 10.0 % United Bank 3,967,217 15.0 % 2,122,625 ≥ 8.0 % 2,653,281 ≥ 10.0 % Tier I Capital (to Risk- Weighted Assets): United Bankshares $ 3,583,795 13.4 % $ 1,600,014 ≥ 6.0 % $ 2,133,353 ≥ 8.0 % United Bank 3,647,868 13.8 % 1,591,968 ≥ 6.0 % 2,122,625 ≥ 8.0 % Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 3,583,795 13.4 % $ 1,200,011 ≥ 4.5 % $ 1,733,349 ≥ 6.5 % United Bank 3,647,868 13.8 % 1,193,976 ≥ 4.5 % 1,724,632 ≥ 6.5 % Tier I Capital (to Average Assets): United Bankshares $ 3,583,795 11.3 % $ 1,270,832 ≥ 4.0 % $ 1,588,540 ≥ 5.0 % United Bank 3,647,868 11.5 % 1,265,588 ≥ 4.0 % 1,581,985 ≥ 5.0 % As of December 31, 2024: Total Capital (to Risk- Weighted Assets): United Bankshares $ 3,897,755 16.5 % $ 1,887,433 ≥ 8.0 % $ 2,359,292 ≥ 10.0 % United Bank 3,620,657 15.4 % 1,877,704 ≥ 8.0 % 2,347,131 ≥ 10.0 % Tier I Capital (to Risk- Weighted Assets): United Bankshares $ 3,335,667 14.1 % $ 1,415,575 ≥ 6.0 % $ 1,887,433 ≥ 8.0 % United Bank 3,348,071 14.3 % 1,408,278 ≥ 6.0 % 1,877,704 ≥ 8.0 % Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 3,335,667 14.1 % $ 1,061,681 ≥ 4.5 % $ 1,533,540 ≥ 6.5 % United Bank 3,348,071 14.3 % 1,056,209 ≥ 4.5 % 1,525,635 ≥ 6.5 % Tier I Capital (to Average Assets): United Bankshares $ 3,335,667 11.7 % $ 1,136,661 ≥ 4.0 % $ 1,420,827 ≥ 5.0 % United Bank 3,348,071 11.8 % 1,132,023 ≥ 4.0 % 1,415,029 ≥ 5.0 % NOTE V—FAIR VALUES OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities : Securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (“Level 1”). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, and “To Be Announced” prices (“Level 2”). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management also performs a quarterly price testing analysis at the individual security level which compares the pricing provided by the third party vendors to an independent pricing source’s valuation of the same securities. Variances that are deemed to be material are reviewed by management. Additionally, to further assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report 12 7 Table of Contents 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 December 31, 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 December 31, 2025. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United does not have any available-for-sale securities considered as Level 3. Loans held for sale : For residential mortgage loans sold, the loans closed are recorded at fair value using the fair value option which is measured using valuations from investors for loans with similar characteristics (“Level 2”) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For December 31, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.11 % to 0.45 % with a weighted average increase of 0.10 %. Derivatives : 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. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (“Level 2”). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to accumulated other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings. The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, United enters into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within the timeframes established by the mortgage companies. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Interest rate risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to the investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, United enters into either a forward sales contract to sell loans to investors or a TBA mortgage-backed security. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics (“Level 2”). The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. These valuations fall into a Level 2 category. The interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (“Level 2”) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For December 31, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.11 % to 0.45 % with a weighted average increase of 0.10 %. For derivatives that are not designated in a hedge relationship, changes in the fair value of these 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 relationship, if any, are included in noninterest income and noninterest expense, respectively. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, segregated by the level of the valuation inputs within the fair value hierarchy: 12 8 Table of Contents Fair Value at December 31, 2025 Using (In thousands) Description Balance as of December 31, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 281,657 $ 0 $ 281,657 $ 0 State and political subdivisions 516,926 0 516,926 0 Residential mortgage-backed securities Agency 1,358,636 0 1,358,636 0 Non-agency 38,885 0 38,885 0 Commercial mortgage-backed securities Agency 395,073 0 395,073 0 Asset-backed securities 223,254 0 223,254 0 Single issue trust preferred securities 12,658 0 12,658 0 Other corporate securities 232,363 4,678 227,685 0 Total available for sale securities 3,059,452 4,678 3,054,774 0 Equity securities: Financial services industry 25,825 20,421 5,404 0 Equity mutual funds (1) 3,610 3,610 0 0 Fixed income mutual funds 5,325 5,325 0 0 Total equity securities 34,760 29,356 5,404 0 Loans held for sale 31,277 0 0 31,277 Derivative financial assets: Interest rate swap contracts 316 0 316 0 Forward loan sales commitments 15 0 0 15 Interest rate lock commitments 458 0 0 458 Total derivative financial assets 789 0 316 473 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 70 0 0 70 Total derivative financial liabilities 70 0 0 70 Fair Value at December 31, 2024 Using (In thousands) Description Balance as of December 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 245,842 $ 0 $ 245,842 $      0 State and political subdivisions 495,073 0 495,073 0 Residential mortgage-backed securities Agency 1,059,719 0 1,059,719 0 Non-agency 82,123 0 82,123 0 Commercial mortgage-backed securities 12 9 Table of Contents Fair Value at December 31, 2024 Using (In thousands) Description Balance as of December 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Agency 329,986 0 329,986 0 Asset-backed securities 474,982 0 474,982 0 Single issue trust preferred securities 11,919 0 11,919 0 Other corporate securities 260,075 4,965 255,110 0 Total available for sale securities 2,959,719 4,965 2,954,754 0 Equity securities: Financial services industry 12.504 12,504 0 0 Equity mutual funds (1) 3,394 3,394 0 0 Fixed income mutual funds 5,160 5,160 0 0 Total equity securities 21,058 21,058 0 0 Loans held for sale 44,360 0 0 44,360 Derivative financial assets: Interest rate swap contracts 644 0 644 0 TBA mortgage-backed securities 278 0 0 278 Interest rate lock commitments 339 0 0 339 Total derivative financial assets 1,261 0 644 617 Liabilities Derivative financial liabilities: Forward sales commitments 20 0 0 20 Total derivative financial liabilities 20 0 0 20 (1) 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, Level 2 and Level 3 for financial assets and liabilities measured at fair value on a recurring basis during the year ended December 31, 2025 and 2024. The following tables present additional information about financial assets and liabilities measured at fair value at December 31, 2025 and 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. Derivative Assets Derivative Liabilities (In thousands) December 31, 2025 Loans Held for Sale TBA Securities Forward Sales Commitments Interest Rate Lock Commitments TBA Securities Forward Sales Commitments Balance, beginning of period  $ 44,360  $ 278  $ 0  $ 339  $ 0  $ 20 Originations 370,856 0 0 0 0 0 Sales ( 393,506 ) 0 0 0 0 0 Transfers other 0 ( 278 ) 15 119 70 ( 20 ) Total gains during the period recognized in earnings 9,567 0 0 0 0 0 Balance, end of period  $ 31,277  $ 0  $ 15  $ 458  $ 70  $ 0 The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date  $ 48  $ 0  $ 15  $ 458  $ 70  $ 0 1 30 Table of Contents 131 Table of Contents Derivative Assets Derivative Liabilities (In thousands) December 31, 2024 Loans Held for Sale TBA Securities Forward Sales Commitments Interest Rate Lock Commitments TBA Securities Forward Sales Commitments Balance, beginning of period  $ 51,978  $ 0  $ 33  $ 1,005  $ 667  $ 0 Originations 607,383 0 0 0 0 0 Sales ( 630,244 ) 0 0 0 0 0 Transfers other 0 278 ( 33 ) ( 666 ) ( 667 ) 20 Total gains during the period recognized in earnings 15,243 0 0 0 0 0 Balance, end of period  $ 44,360 $ 278  $ 0  $ 339  $ 0  $ 20 The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date  $ ( 1,133 ) $ 278  $ 0  $ 339  $ 0  $ 20 Fair Value Option The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: (In thousands) Description Year Ended December 31, 2025 Year Ended December 31, 2024 Income from mortgage banking activities $ 48 $ ( 1,222 ) 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: December 31, 2025 December 31, 2024 (In thousands) Description Unpaid Principal Balance Fair Value Fair Value Over/(Under) Unpaid Principal Balance Unpaid Principal Balance Fair Value Fair Value Over/(Under) Unpaid Principal Balance Loans held for sale  $   30,567  $   31,277  $   710  $   43,698  $   44,360  $   662 No loans held for sale were past due or on nonaccrual status as of December 31, 2025 and 2024. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Individually assessed loans : In the determination of the allowance for loan losses, loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Fair value is measured using a market approach based on the value of the collateral securing the 1 32 Table of Contents loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (“Level 2”). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (“Level 3”). For individually assessed loans, a specific reserve is established through the allowance for loan losses, if necessary, by estimating the fair value of the underlying collateral on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income. OREO : OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (“Level 2”). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing construction property, the appraiser develops two appraised amounts: an “as is” appraised value and a “completed” value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (“Level 3”). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a bi-annual basis with values lowered as necessary. Intangible Assets : For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount. If United elects to bypass this qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not 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. At each reporting date, the Company considers potential indicators of impairment. United performed its annual goodwill impairment test on the Company’s reporting units as of September 30, 2025. The goodwill impairment test did not identify any goodwill impairment. In subsequent periods, economic uncertainty, market volatility and the performance of the Company’s stock as well as possible other impairment indicators could cause us to perform a goodwill impairment test which could result in an impairment charge being recorded for that period if the carrying value of goodwill was found to exceed fair value. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. 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 year of 2025, no other fair value measurement of intangible assets was made during the year of 2025 and 2024. 1 33 Table of Contents The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: (In thousands) Description Balance as of December 31, 2025 Fair Value at December 31, 2025 YTD Gains (Losses)  Quoted Prices  in Active Markets for Identical Assets (Level 1 ) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 51,485 $ 0 $ 49,870 $ 1,615 $ 1,172 OREO 8,857 0 8,857 0 0 (In thousands) Description Balance as of December 31, 2024 Fair Value at December 31, 2024 YTD Gains (Losses)  Quoted Prices  in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 40,701 $ 0 $ 21,725 $ 18,976 $ ( 231 ) OREO 327 0 240 87 0 Fair Value of Other Financial Instruments The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments: Cash and Cash Equivalents: The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Securities held to maturity and other securities : The estimated fair values of securities held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data. Any securities held to maturity, not valued based upon the methods above, are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock as well as investment tax credits that do not have readily determinable fair values and are carried at cost. Loans and leases : The fair values of certain mortgage loans (e.g., one-to-four family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other loans and leases (e.g., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans and agricultural loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans and leases with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns. For acquired PCD loans, fair value is assumed to equal United’s carrying value, which represents the present value of expected future principal and interest cash flows, as adjusted for any Allowance for Credit Losses recorded for these loans. Deposits : The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. 13 4 Table of Contents Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and any other short-term borrowings approximate their fair values. Long-term Borrowings: The fair values of United’s Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United’s current incremental borrowing rates for similar types of borrowing arrangements. Summary of Fair Values for All Financial Instruments The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements (In thousands)  Carrying  Amount   Fair Value    Quoted Prices  in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2025 Cash and cash equivalents $ 2,542,250 $ 2,542,250 $ 0 $ 2,542,250 $ 0 Securities available for sale 3,059,452 3,059,452 4,678 3,054,774 0 Securities held to maturity 1,004 1,020 0 0 1,020 Equity securities 34,760 34,760 29,356 5,404 0 Other securities 305,184 289,925 0 0 289,925 Loans held for sale 31,277 31,277 0 0 31,277 Net loans 24,411,604 24,432,980 0 0 24,432,980 Derivative financial assets, 789 789 0 316 473 Deposits 27,060,939 27,031,873 0 27,031,873 0 Short-term borrowings 198,573 198,573 0 198,573 0 Long-term borrowings 531,817 524,281 0 524,281 0 Derivative financial liabilities 70 70 0 70 0 December 31, 2024 Cash and cash equivalents $ 2,292,244 $ 2,292,244 $ 0 $ 2,292,244 $ 0 Securities available for sale 2,959,719 2,959,719 4,965 2,954,754 0 Securities held to maturity 1,002 1,020 0 0 1,020 Equity securities 21,058 21,058 21,058 0 0 Other securities 277,517 263,641 0 0 263,641 Loans held for sale 44,360 44,360 0 0 44,360 Net loans 21,401,649 20,868,239 0 0 20,868,239 Derivative financial assets, 1,261 1,261 0 644 617 Deposits 23,961,859 23,922,063 0 23,922,063 0 Short-term borrowings 176,090 176,090 0 176,090 0 Long-term borrowings 540,420 505,305 0 505,305 0 Derivative financial liabilities 20 20 0 0 20 NOTE W—VARIABLE INTEREST ENTITIES Variable interest entities (“VIEs”) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities. United currently sponsors twenty statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, these trusts now are considered Tier II regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred 13 5 Table of Contents capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100 % of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. At December 31, 2025 and 2024, United’s investment (maximum exposure to loss) in these trusts were $ 12,686,000 and $ 12,238,000 , respectively. United, through its banking subsidiary, also makes limited partner equity investments in various low income housing, community development and other partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. 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 primary beneficiary. At December 31, 2025 and 2024, United’s investment (maximum exposure to loss) in these low income housing, community development and other partnerships were $ 129,861,000 and $ 98,441,000 , respectively, while related unfunded commitments were $ 103,184,000 and $ 89,292,000 , respectively. The total amount of these unfunded commitments in low income housing, community development and other partnerships at December 31, 2025 includes $5,000,000 to a related interest of a director of the Company. As of December 31, 2025, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments. NOTE X—SEGMENT INFORMATION United operates in one reportable segment, community banking. Through its community banking segment, United offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. The community banking segment derives revenues mainly from interest income on loans to customers, investment securities held and other short-term investments in addition to fees and income derived related to the services listed above. The accounting policies of the community banking segment are the same as those described in the summary of significant accounting policies. United’s chief operating decision maker (“CODM”) is its chief executive officer who maintains responsibility for the day-to-day management of the Company including regularly reviewing the operating results of the community banking segment in order to assess performance and make decisions about resource allocation based on net income that also is reported on the income statement as consolidated net income. The measure of community banking segment assets is reported on the Consolidated Balance Sheets as total assets. The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the community banking segment or into other parts of the entity, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results as well as comparing to prior year’s results. The comparative analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment. 13 6 Table of Contents Information about the community banking segment for the years ended December 31, 2025, 2024 and 2023 is as follows: For the Year Ended December 31 (In thousands) 2025 2024 2023 Total Assets $ 33,660,281 $ 30,023,545 $ 29,926,482 Net interest income $ 1,102,164 $ 911,068 $ 919,924 Provision for credit losses 53,866 25,153 31,153 Other income 135,154 123,695 135,258 Other expense Employee compensation 252,054 234,618 230,809 Employee benefits 54,333 53,621 48,368 Net occupancy expense 49,794 46,084 46,426 OREO expense 892 576 1,355 Net gains on the sales of OREO properties ( 148 ) ( 75 ) ( 60 ) Equipment expense 34,917 29,686 29,731 Data processing expense 32,622 29,646 29,395 Mortgage loan servicing expense and impairment 0 2,694 5,596 Bankcard processing expense 2,342 2,490 2,192 FDIC insurance expense 17,022 19,735 30,376 Other segment expense (a) 156,224 125,956 136,036 Total other expense 600,052 545,031 560,224 Income before income taxes 583,400 464,579 463,805 Income taxes 118,797 91,583 97,492 Segment net income 464,603 372,996 366,313 Reconciliation of profit or loss Adjustments and reconciling items 0 0 0 Consolidated net income $ 464,603 $ 372,996 $ 366,313 (a) 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. NOTE Y—QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for 2025 and 2024 is summarized below: (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2025 Interest income $ 403,647 $ 421,196 $ 430,957 $ 430,053 Interest expense 143,592 146,659 150,842 142,596 Net interest income 260,055 274,537 280,115 287,457 Provision for credit losses 29,103 5,889 12,095 6,779 Mortgage banking income 2,479 2,603 2,495 1,990 Securities gains(losses), net 521 425 10,442 ( 218 ) Other noninterest income 26,554 28,432 30,267 29,164 Noninterest expense 153,573 148,020 146,741 151,718 Income taxes 22,627 31,367 33,735 31,068 Net income (1) 84,306 120,721 130,748 128,828 Per share data: Average shares outstanding (000s): Basic 142,331 142,207 141,548 140,481 Diluted 142,698 142,444 141,961 140,980 Net income per share: Basic $ 0.59 $ 0.85 $ 0.92 $ 0.92 Diluted $ 0.59 $ 0.85 $ 0.92 $ 0.91 Dividends per share $ 0.37 $ 0.37 $ 0.37 $ 0.38 2024 Interest income $ 369,180 $ 374,184 $ 382,723 $ 376,034 Interest expense 146,691 148,469 152,467 143,426 Net interest income 222,489 225,715 230,256 232,608 Provision for credit losses 5,740 5,779 6,943 6,691 Mortgage banking income 5,298 3,901 4,544 2,314 (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Securities losses, net ( 99 ) ( 218 ) ( 6,715 ) ( 688 ) Other noninterest income 27,013 26,540 34,113 27,692 Noninterest expense 140,742 134,774 135,339 134,176 Income taxes 21,405 18,878 24,649 26,651 Net income (1) 86,814 96,507 95,267 94,408 Per share data: Average shares outstanding (000s): Basic 134,809 135,138 135,158 135,236 Diluted 135,121 135,315 135,505 135,732 Net income per share: Basic $ 0.64 $ 0.71 $ 0.70 $ 0.70 Diluted $ 0.64 $ 0.71 $ 0.70 $ 0.69 Dividends per share $ 0.37 $ 0.37 $ 0.37 $ 0.37 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. 13 7 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES This item is omitted since it is not applicable.