What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 342 added, 594 removed, 1399 unchanged (40% of the section changed)

FINANCIAL STATEMENTS (UNAUDITED)

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

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

The March 31, 2026 and December 31, 2025, consolidated balance sheets of United Bankshares, Inc.

and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three months ended March 31, 2026 and 2025, the related consolidated statement of changes in shareholders’ equity for the three months ended March 31, 2026 and 2025, the related condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and the notes to consolidated financial statements appear on the following pages.

CONSOLIDATED BALANCE SHEETS

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Total cash and cash equivalents

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

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

Securities available for sale at estimated fair value (amortized cost-$ 3,430,689 at March 31, 2026 and $ 3,264,860 at December 31, 2025, allowance for credit losses of $ 0 at March 31, 2026 and December 31, 2025)

Securities held to maturity, net of allowance for credit losses of $ 16 at March 31, 2026 and December 31, 2025 (estimated fair value-$ 1,020 at March 31, 2026 and December 31, 2025)

Equity securities at estimated fair value

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issued- 151,168,230

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

and 150,856,999 at March 31, 2026 and December 31, 2025, respectively, including 12,737,221 and 10,976,752 shares in treasury at March 31, 2026 and December 31, 2025, respectively

Retained earnings

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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

See notes to consolidated unaudited financial statements.

See notes to consolidated financial statements (unaudited).

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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Three Months Ended

Nine Months Ended

Interest income

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Income from mortgage banking activities

Mortgage loan servicing income

Net investment securities gains (losses)

Net investment securities gains

Total other income

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Other real estate owned (“OREO”) expense

Net (gains) losses on the sales of OREO properties

Net gains on the sales of OREO properties

Equipment expense

Data processing expense

Mortgage loan servicing expense and impairment

Bankcard processing expense

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Three Months Ended

Nine Months Ended

Earnings per common share:

Average outstanding shares:

See notes to consolidated unaudited financial statements.

See notes to consolidated financial statements (unaudited).

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

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Three Months Ended

Nine Months Ended

Other comprehensive income on available-for-sale

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

(“AFS”) securities, net of tax

Other comprehensive loss on cash flow hedge, net of tax

Other comprehensive income on defined benefit pension plan, net of tax

Comprehensive income, net of tax

See notes to consolidated unaudited financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Total comprehensive income, net of tax

See notes to consolidated financial statements (unaudited).

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

UNITED BANKSHARES, INC.

1 unchanged sentence

(Dollars in thousands, except per share data)

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Comprehensive

Shareholders’

Income (Loss)

Balance at January 1, 2026

Comprehensive income:

Other comprehensive income, net of tax

Other comprehensive loss, net of tax

Total comprehensive income, net of tax

Acquisition of Piedmont Bancorp, Inc.

( 7,860,831 shares)

Stock based compensation expense

1 unchanged sentence

Purchase of treasury stock ( 1,758,233 shares)

Excise tax on net stock repurchases

Cash dividends ($ 0.38 per share)

1 unchanged sentence

Balance at March 31, 2026

Comprehensive income:

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Stock grant forfeiture ( 846 shares)

Purchase of treasury stock ( 981,428 shares)

Cash dividends ($ 0.37 per share)

Net issuance of common stock under stock-based compensation plans ( 578 shares)

Balance at June 30, 2025

Comprehensive income:

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Stock grant forfeiture ( 5,311 shares)

Purchase of treasury stock ( 735,460 shares)

Cash dividends ($ 0.37 per share)

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

Balance at September 30, 2025

See notes to consolidated unaudited financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

UNITED BANKSHARES, INC.

AND SUBSIDIARIES

(Dollars in thousands, except per share data)

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Comprehensive

Shareholders’

Income (Loss)

Balance at January 1, 2025

Comprehensive income:

Other comprehensive loss, net of tax

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Acquisition of Piedmont Bancorp, Inc.

( 7,860,831 shares)

Stock grant forfeiture ( 8,543 shares)

3 unchanged sentences

Balance at March 31, 2025

Comprehensive income:

Other comprehensive loss, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Purchase of treasury stock ( 65 shares)

Cash dividends ($ 0.37 per share)

Stock grant forfeiture ( 2,053 shares)

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

Balance at June 30, 2024

Comprehensive income:

Other comprehensive gain, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Purchase of treasury stock ( 226 shares)

Cash dividends ($ 0.37 per share)

Stock grant forfeiture ( 357 shares)

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

Balance at September 30, 2024

See notes to consolidated unaudited financial statements.

See notes to consolidated financial statements (unaudited).

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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(Dollars in thousands)

Nine Months Ended

Three Months Ended

NET CASH PROVIDED BY OPERATING ACTIVITIES

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Proceeds from sales of bank premises and equipment

Proceeds from redemption of bank-owned life insurance policies

Proceeds from sale of mortgage servicing rights

Proceeds from termination of bank-owned life insurance policies

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

1 unchanged sentence

Net change in loans and leases

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

NET CASH USED IN INVESTING ACTIVITIES

FINANCING ACTIVITIES

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

Redemption of subordinated debt

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

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

Increase in cash and cash equivalents

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

(Decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

1 unchanged sentence

Supplemental information

Noncash investing activities:

Transfers of other investment securities to equity securities

Noncash investing and financing activities:

Transfers of loans to OREO

assets obtained in the exchange for lease liabilities

Excise tax on net stock repurchases

Acquisition of Piedmont Bancorp, Inc.:

2 unchanged sentences

Issuance of common stock as consideration for acquisition

See notes to consolidated unaudited financial statements

See notes to consolidated financial statements (unaudited).

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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Actual results could differ from those estimates.

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

The financial statements presented as of March 31, 2026 and 2025 and for the three-month periods then ended have not been audited.

The consolidated balance sheet as of December 31, 2025 has been extracted from the audited financial statements included in United’s 2025 Annual Report to Shareholders.

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Operating and Reporting Segments

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

As of March 31, 2026, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking.

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

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New Accounting Standards

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

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 Accounting Standards Codification (“ASC”) Topic 270 and clarify when it applies.

Under the amendments, an entity is subject to ASC Topic 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 Topic 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 but could change certain disclosures in United’s SEC filings.

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 Topic 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.

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.

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.

In September 2025, the FASB released ASU 2025-06, “Goodwill

and Other—Internal-Use

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The amendments in ASU 2025-06

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

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

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

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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,

software guidance in FASB ASC Subtopic 350-40.

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

Intangibles— Goodwill and Other—Website Development Costs.

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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

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

Instruments – Credit Losses (Topic 326):

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

amends ASC Subtopic 326-20

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

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

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

was 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

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

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

Combinations (Topic 805) and Consolidation (Topic 810):

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 Topic 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 Subtopic 805-10-55-12

through 55-15.

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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

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

“Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses.” ASU 2024-03

requires disaggregated disclosure of income statement expenses for public business entities.

adds ASC 220-40

adds ASC Subtopic 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:

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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.

also includes certain other amendments to improve the effectiveness of income tax disclosures.

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.

However, the effective date was amended by ASU 2025-01

to clarify that all public business entities adopt ASU 2024-03

in the first annual reporting period beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027 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 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.

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 a material impact on the Company’s financial condition or results of operations but changed certain disclosures in United’s SEC filings starting with the 2024 Annual Report on Form 10-K.

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

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The adoption of ASU 2023-06

did not have a material 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).”

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.

requires certain disclosures to aid the user of the financial statements in understanding the implications of the joint venture formation.

is effective for joint venture formations with a formation date on or after January 1, 2025.

The adoption of ASU 2023-05

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

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

“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).

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.

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

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

MERGERS AND ACQUISITIONS

On January 10, 2025 (“Acquisition Date”), 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.

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 in total assets, $ 2,079,933 in loans and leases, net of unearned income and $ 2,105,402 in deposits.

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

deteriorated (“non-PCD”)

The aggregate purchase price was $ 280,967 , including common stock valued at $ 280,946 and cash paid for fractional shares of $ 21 .

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 preliminary additions to goodwill, and core deposit intangibles of $ 129,975 and $ 32,764 , 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.

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

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

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

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

loans recorded to the provision for credit losses.

In addition, United also recorded a reserve for lending-related commitments of $ 4,058 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 September 30, 2025, the premiums on the buildings and interest-bearing time deposits each had an average estimated remaining life of 30.75 years and 1.25 years, respectively.

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

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 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 September 30, 2025 to be a weighted-average of 5.75 years.

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

The total fair value mark on the non-PCD

loans at the Acquisition Date was $ 43,159 .

At the Acquisition Date, an initial allowance for expected loan and lease losses of $ 18,726 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:

Purchase price of PCD loans and leases at acquisition

Allowance for credit losses at acquisition

discount at acquisition

Par value (UPB) of acquired PCD loans and leases at acquisition

The consideration paid for Piedmont’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Piedmont Acquisition Date were as follows:

Purchase price:

Value of common shares issued (7,860,831 shares)

Cash for fractional shares

Total purchase price

Identifiable assets:

Cash and cash equivalents

Investment securities

Net loans and leases

Premises and equipment

Operating lease right-of-use

Core deposit intangible

Total identifiable assets

Identifiable liabilities:

Long-term borrowings

Operating lease liabilities

Other liabilities

Total identifiable liabilities

Preliminary fair value of net assets acquired including identifiable intangible assets

Preliminary resulting goodwill

The fair value of the acquired assets and liabilities noted in the table above is preliminary pending review of the final valuation information for those assets and liabilities.

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

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

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

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

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

items, since the Acquisition Date.

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

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

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

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

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.

Nine Months Ended

Total Revenues (1)

Represents net interest income plus other income

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

INVESTMENT SECURITIES

2 unchanged sentences

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

September 30, 2025

March 31, 2026

Treasury securities and obligations of U.S.

15 unchanged sentences

Other corporate securities

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

For the adoption of ASC Topic 326, 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.

5 unchanged sentences

debt securities.

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

The following is a summary

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

The table above excludes accrued interest receivable of $ 14,000 and $ 12,717 at March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.

Less than 12 months

12 months or longer

September 30, 2025

March 31, 2026

Treasury securities and obligations of U.S.

17 unchanged sentences

Other corporate securities

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.

Three Months Ended

Nine Months Ended

Proceeds from sales, calls and maturities

Gross realized gains

Gross realized losses

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

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

Proceeds from maturities, sales and calls of available for sale securities were $ 350,405 and $ 586,237 for the three months ended March 31, 2026 and 2025, respectively.

There were no gross realized gains and losses included in earnings on any sales and calls of available for sale securities for the three months ended March 31, 2026 and 2025.

United recognizes any gains or losses on sales and calls of available for sale securities using the specific identification method.

At March 31, 2026, gross unrealized losses on available for sale securities were $ 226,446 on 870 securities of a total portfolio of 1,037 available for sale securities.

Securities with the most significant gross unrealized losses at March 31, 2026 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 September 30, 2025 was the result of higher interest rates.

Generally, the significant amount of gross unrealized losses on available for sale securities at March 31, 2026 was the result of elevated 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 $ 577,706 at September 30, 2025.

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

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

The total amortized cost of available for sale state and political subdivision securities was $ 569,145 at March 31, 2026.

As of March 31, 2026, 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 March 31, 2026.

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 September 30, 2025.

Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities had credit losses at March 31, 2026.

Mortgage-backed securities

7 unchanged sentences

United had a net unrealized loss of $ 143,756 on mortgage-backed

securities at September 30, 2025.

securities at March 31, 2026.

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 $ 1,759,762 at September 30, 2025.

The total amortized cost of available for sale agency mortgage-backed securities was $ 2,086,968 at March 31, 2026.

Of the $ 2,086,968 amount, $ 413,080 was related to agency commercial mortgage-backed securities and $ 1,673,888 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 September 30, 2025.

Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at March 31, 2026.

United’s non-agency

1 unchanged sentence

The total amortized cost of available for sale non-agency

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

residential mortgage-backed securities was $ 42,296 at March 31, 2026.

Of the $ 42,296 , 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 September 30, 2025.

residential mortgage-backed securities had credit losses at March 31, 2026.

Asset-backed securities

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

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

As of March 31, 2026, United’s asset-backed securities portfolio had a total amortized cost balance of $ 204,171 .

100 % of the portfolio had at least one rating above investment grade as of March 31, 2026.

Approximately 69 % 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 31 % of the portfolio relates to collateralized loan obligation securities that are all AAA rated.

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

Upon reviewing this portfolio as of March 31, 2026, it was determined that none of the asset-backed securities had credit losses.

Single issue trust preferred securities

2 unchanged sentences

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 September 30, 2025 consisted of $ 7,486 in investment grade bonds and $ 5,825 in unrated bonds.

The amortized cost of available for sale single issue trust preferred securities as of March 31, 2026 consisted of $ 7,490 in investment grade bonds and $ 5,834 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 third quarter of 2025, it was determined that none of the single issue trust preferred securities had credit losses.

Upon completing the review for the first quarter of 2026, it was determined that none of the single issue trust preferred securities had credit losses.

Other corporate securities

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

As of March 31, 2026, United’s other corporate securities portfolio had a total amortized cost balance of $ 232,746 .

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

1 unchanged sentence

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 September 30, 2025.

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

Based upon management’s analysis and judgment, it was determined that none of the other corporate securities had credit losses at March 31, 2026.

The amortized cost and estimated fair value of securities available for sale at March 31, 2026 and December 31, 2025 by contractual maturity are shown as follows.

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

September 30, 2025

March 31, 2026

December 31, 2025

5 unchanged sentences

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 $ 34,694 at September 30, 2025 and $ 21,058 at December 31, 2024.

The fair value of United’s equity securities was $ 12,248 at March 31, 2026 and $ 34,760 at December 31, 2025.

The decline in equity securities from December 31, 2025 was due mainly to the sale of equity securities totaling $ 26,646 in the first quarter of 2026.

Three Months Ended

Nine Months Ended

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

Net gains recognized during the period on equity securities sold

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

2 unchanged sentences

Other investment securities

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

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

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

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

During the first quarter of 2026, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the first quarter of 2026 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 first quarter.

There were no other events or changes in circumstances during the first 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 $ 2,042,566 and $ 2,102,175 at March 31, 2026 and December 31, 2025, respectively.

LOANS AND LEASES

Major classes of loans and leases are as follows:

September 30,

March 31, 2026

December 31, 2025

Commercial, financial and agricultural:

8 unchanged sentences

Total gross loans

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

The table above does not include loans held for sale of $ 29,235 and $ 31,277 at March 31, 2026 and December 31, 2025, respectively.

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

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

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

The aggregate dollar amount of these loans was $ 47,215 and $ 42,441 at March 31, 2026 and December 31, 2025, respectively.

CREDIT QUALITY

6 unchanged sentences

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.

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.

2 unchanged sentences

Age Analysis of Past Due Loans and Leases

As of September 30, 2025

As of March 31, 2026

Commercial real estate:

14 unchanged sentences

Other consumer

The following table sets forth United’s nonaccrual

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

At September 30, 2025

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

At March 31, 2026

At December 31, 2025

11 unchanged sentences

Other consumer

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

Interest income recognized on nonaccrual loans was insignificant during the three months ended March 31, 2026 and 2025.

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

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

The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified during the first three months of 2026 and 2025, respectively, by class of financing receivable and by type of modification.

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

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended September 30, 2025

Interest Rate

Payment Delay

% of Total Class of

Financing Receivable

Commercial real estate:

Owner-occupied

Nonowner-occupied

Other commercial

Residential real estate

Construction & land development

Other consumer

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended September 30, 2024

For the Three Months ended March 31, 2026

Insignificant

Term Extension

11 unchanged sentences

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Nine Months ended September 30, 2025

For the Three Months ended March 31, 2025

Insignificant

Term Extension

& Interest Rate

Term Extension &

Payment Delay

5 unchanged sentences

Residential real estate

Construction & land development

Other consumer

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Nine Months ended September 30, 2024

For the Three Months ended March 31, 2025

Insignificant

Term Extension

3 unchanged sentences

% of Total Class of

Commercial real estate:

Owner-occupied

Nonowner-occupied

Other commercial

Residential real estate

Construction & land development

Other consumer

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

As of March 31, 2026 and December 31, 2025, there were commitments to lend additional funds of $ 210 and $ 139 respectively, to debtors owing loan receivables whose terms have been modified.

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

3 unchanged sentences

Payment Status (Amortized Cost Basis)

As of September 30, 2025

As of September 30, 2024

As of March 31, 2026

As of March 31, 2025

Commercial real estate:

5 unchanged sentences

Other consumer

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

The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the three months ended March 31, 2026 and 2025.

For the Three Months Ended

March 31, 2026

For the Three Months Ended

September 30, 2025

September 30, 2024

Commercial Real Estate:

Owner-occupied

Nonowner-occupied

Other Commercial

Residential Real Estate

Construction & land development

Other consumer

For the Nine Months Ended

September 30, 2025

September 30, 2024

March 31, 2025

Insignificant

Payment Delay

Insignificant

Payment Delay

Commercial Real Estate:

5 unchanged sentences

Other consumer

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

No loan or lease modifications completed within the last 12 months to borrowers experiencing financial difficulty had a payment default during the three months ended March 31, 2026 and 2025.

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 September 30, 2025 and December 31, 2024:

Collateral Dependent Loans and Leases

At September 30, 2025

At March 31, 2026

Commercial real estate:

13 unchanged sentences

Construction & land development

Collateral Dependent Loans and Leases

At December 31, 2025

Other consumer

36 unchanged sentences

amortized cost

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net recoveries (charge-offs)

Current-period net recoveries

Origination Year

1 unchanged sentence

amortized cost

loans and leases

As of December 31, 2025

8 unchanged sentences

amortized cost

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net charge-offs

Current-period charge-offs

Origination Year

14 unchanged sentences

loans and leases

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net charge-offs

Current-period net (charge-offs) recoveries

Term Loans and leases

8 unchanged sentences

Current-period recoveries

Current-period net recoveries (charge- offs)

Current-period net charge- offs

Residential Real Estate

2 unchanged sentences

amortized cost

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

16 unchanged sentences

amortized cost

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net recoveries

Current-period net recoveries (charge-offs)

Origination Year

6 unchanged sentences

Current-period recoveries

Current-period net recoveries

Current-period net (charge-offs) recoveries

Origination Year

1 unchanged sentence

amortized cost

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

1 unchanged sentence

Current-period charge-offs

-period recoveries

Current-period recoveries

Current-period net charge-offs

4 unchanged sentences

Internal Risk Grade:

Special Mention

Current-period charge-offs

5 unchanged sentences

amortized cost

As of September 30, 2025

As of March 31, 2026

Internal Risk Grade:

12 unchanged sentences

Current-period net charge-offs

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

At March 31, 2026 and December 31, 2025, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $ 10,390 and $ 8,857 , respectively.

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

2 unchanged sentences

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

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

ALLOWANCE FOR CREDIT

At March 31, 2026 and December 31, 2025, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 1,946 and $ 1,868 , respectively.

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.

6 unchanged sentences

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

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

Accrued interest receivable was $ 93,656 and $ 95,960 at March 31, 2026 and December 31, 2025, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets.

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

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

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

The following table represents the accrued interest receivable as of March 31, 2026 and December 31, 2025:

Accrued Interest Receivable

At September 30, 2025

At March 31, 2026

At December 31, 2025

5 unchanged sentences

Other consumer

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

Accrued Interest Receivables Written

Off by Reversing Interest Income

Three Months Ended

Nine Months Ended

The following table represents the accrued interest receivables written off by reversing interest income for the three months ended March 31, 2026 and 2025:

Accrued Interest Receivables Written Off by

Reversing Interest Income

Three Months Ended March 31

Commercial Real Estate:

3 unchanged sentences

Residential Real Estate

Construction & land development

Other consumer

29 unchanged sentences

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

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

The reserve for lending-related commitments of $ 37,047 and $ 35,075 at March 31, 2026 and December 31, 2025, respectively, is separately classified on the balance sheet and is included in other liabilities.

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

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

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

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

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

United’s allowance for loan and lease losses at March 31, 2026 was relatively flat from December 31, 2025, increasing $ 2,081 or less than 1 % from December 31, 2025.

The first quarter of 2026 qualitative adjustments include analyses of the following:

Current conditions

– United considered the impact of government efficiency efforts, potential tariffs and geopolitical events when making determinations related to factor adjustments for the external environment.

United also considered the impact of changes in economic and business conditions;

– United considered the impact of changes in economic and business conditions;

collateral values for dependent loans;

6 unchanged sentences

Assumptions for the economic variables were the following:

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

2025 to 1.60 % for 2025 as of mid-September

with a projection of 1.80 % for 2026.

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

2025 and 4.50 % for 2025 as of mid-September

The forecast for real GDP improved slightly in the first quarter, from a projection of 2.30 % for 2026 as of mid-December

2025 to 2.40 % for 2026 as of mid-March

with a projection of 2.30 % for 2027.

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

The unemployment rate forecast remained the same in the first quarter with a projection of 4.40 % for 2026 as of mid-December

2025 and mid-March

2026 with a slightly lower projection of 4.30 % for 2027.

Greater risk of loss in the office portfolio due to continued hybrid and remote work that may be exacerbated by future economic conditions.

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

2 unchanged sentences

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

For the Three Months Ended September 30, 2025

Commercial Real Estate

Allowance for Loan and Lease Losses:

Beginning balance

Initial allowance for PCD loans (acquired during the period)

Ending balance

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

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Commercial Real Estate

1 unchanged sentence

Beginning balance

Initial allowance for PCD loans (acquired during the period)

Ending balance

4 unchanged sentences

Beginning balance

Initial allowance for PCD

loans (acquired during the period)

Ending balance

1 unchanged sentence

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

September 30, 2025

March 31, 2026

Community Banking

7 unchanged sentences

Goodwill not subject to amortization

The following table provides a reconciliation of goodwill:

Goodwill at December 31, 2024

Preliminary addition to goodwill from Piedmont acquisition

Goodwill at September 30, 2025

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

United incurred amortization expense of $ 1,838 and $ 2,341 for the quarters ended March 31, 2026 and 2025, respectively.

The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2025:

17 unchanged sentences

The components of lease expense were as follows:

Classification

September 30,

Operating lease cost

Net occupancy expense

Sublease income

Net occupancy expense

Net lease cost

Three Months Ended

Classification

September 30,

March 31, 2026

March 31, 2025

Operating lease cost

5 unchanged sentences

Classification

September 30, 2025

March 31, 2026

December 31, 2025

4 unchanged sentences

Other information related to leases was as follows:

September 30, 2025

March 31, 2026

Weighted-average remaining lease term:

4 unchanged sentences

Three Months Ended

September 30, 2025

September 30, 2024

Cash paid for amounts in the measurement of lease liabilities:

Operating cash flows from operating leases

ROU assets obtained in the exchange for lease liabilities

Nine Months Ended

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Cash paid for amounts in the measurement of lease liabilities:

1 unchanged sentence

ROU assets obtained in the exchange for lease liabilities

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

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 as of March 31, 2026:

Total lease payments

1 unchanged sentence

SHORT-TERM BORROWINGS

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

September 30, 2025

At March 31, 2026 and December 31, 2025, short-term borrowings were as follows:

March 31, 2026

December 31, 2025

7 unchanged sentences

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.

United has a $ 20,000 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 March 31, 2026, United had no outstanding balance under this credit.

LONG-TERM BORROWINGS

2 unchanged sentences

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

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

At March 31, 2026, United had an unused borrowing amount of approximately $ 9,236,038 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 September 30, 2025, a $ 250,000 FHLB advance with a weighted-average contractual interest rate of 4.43 % and a weighted-average effective interest rate of 0.59 % is scheduled to mature in 2025.

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

The scheduled maturities of these FHLB borrowings are as follows:

2029 and thereafter

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

At March 31, 2026, a $ 250,000 FHLB advance with a weighted-average contractual interest rate of 3.82 % and a weighted-average effective interest rate of 0.59 % is scheduled to mature in 2026.

The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at March 31, 2026 to manage interest rate risk on its long-term debt.

At March 31, 2026, 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 September 30, 2025 and December 31, 2024, the outstanding balance of the Debentures was $ 281,418 and $ 280,221 , respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets.

At March 31, 2026 and December 31, 2025, the outstanding balance of the Debentures was $ 282,216 and $ 281,817 , respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets.

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

2 unchanged sentences

Interest on the subordinated debt is cumulative.

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

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

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

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

17 unchanged sentences

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

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

United had approximately $ 6,796,307 and $ 6,408,827 of loan commitments outstanding as of March 31, 2026 and December 31, 2025, respectively, approximately 31% 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.

1 unchanged sentence

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

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 March 31, 2026 and December 31, 2025, United had $ 2,761 and $ 2,762 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 $ 138,049 and $ 148,874 as of September 30, 2025 and December 31, 2024, respectively.

United has issued standby letters of credit of $ 170,105 and $ 166,885 as of March 31, 2026 and December 31, 2025, respectively.

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

2 unchanged sentences

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

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

United’s reserve was immaterial as of March 31, 2026 and December 31, 2025.

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.

23 unchanged sentences

United has elected not to offset the assets and liabilities subject to such arrangements on the consolidated financial statements.

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 .

The derivatives were intended to hedge the changes in cash flows associated with floating rate FHLB borrowings.

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

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

United holds an interest rate swap derivative with a notional amount of $ 250,000 .

The derivatives is designated as a cash flow hedge and is intended to hedge the changes in cash flows associated with floating rate FHLB borrowings.

As of March 31, 2026, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring.

United estimates that $ 7,922 will be reclassified from AOCI as a decrease to interest expense over the next 12-months

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

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

following March 31, 2026 related to the cash flow hedges.

As of March 31, 2026, the maximum length of time over which forecasted transactions are hedged is five years.

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

7 unchanged sentences

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

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

The total notional amount of interest rate swap derivatives designated as cash flow hedges cleared through the LCH include $ 250,000 for asset derivatives as of March 31, 2026.

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

10 unchanged sentences

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

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

Asset Derivatives

September 30, 2025

March 31, 2026

December 31, 2025

14 unchanged sentences

Liability Derivatives

September 30, 2025

March 31, 2026

December 31, 2025

8 unchanged sentences

Total liability derivatives

The following table represents

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

The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of March 31, 2026 and December 31, 2025.

Derivatives in Fair Value

1 unchanged sentence

Location in the Statement

September 30, 2025

March 31, 2026

Carrying Amount of

Assets/(Liabilities)

Cumulative Amount of

Fair Value Hedging

Cumulative Amount

of Fair Value Hedging

Adjustment Included

17 unchanged sentences

Assets/(Liabilities)

Cumulative Amount of

Fair Value Hedging

Cumulative Amount

of Fair Value Hedging

Adjustment Included

16 unchanged sentences

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

The effect of United’s derivative financial instruments

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

The effect on net income of United’s derivative financial instruments in its unaudited Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 is presented as follows:

Three Months Ended

Income Statement

September 30,

Derivatives in hedging relationships

Cash flow Hedges:

Interest rate swap contracts

Interest on long-term borrowings

Fair Value Hedges:

1 unchanged sentence

Interest and fees on loans

Total derivatives in hedging relationships

Derivatives not designated as hedging instruments

Forward loan sales commitments

Income from Mortgage Banking Activities

TBA mortgage-backed securities

Income from Mortgage Banking Activities

Interest rate lock commitments

Income from Mortgage Banking Activities

Total derivatives not designated as hedging instruments

Total derivatives

Nine Months Ended

Income Statement

September 30,

Derivatives in hedging relationships

Cash flow Hedges:

1 unchanged sentence

Interest on long-term borrowings

Fair Value Hedges:

Interest rate swap contracts

Interest and fees on loans

Total derivatives in hedging relationships

8 unchanged sentences

Total derivatives

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

For the three months ended March 31, 2026 and 2025, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income.

FAIR VALUE MEASUREMENTS

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.

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

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

23 unchanged sentences

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

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

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

Upon completing its review of the pricing from third party vendors at March 31, 2026, 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 March 31, 2026.

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

8 unchanged sentences

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

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

For March 31, 2026, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.006 % to 0.622 % with a weighted average increase of 0.207 %.

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.

17 unchanged sentences

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”).

Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”).

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 interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (“Level 2”) 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 September 30, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.01 % to 0.34 % with a weighted average increase of 0.11 %.

For March 31, 2026, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.006 % to 0.622 % with a weighted average increase of 0.207 %.

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

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

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

Fair Value at September 30, 2025 Using

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, segregated by the level of the valuation inputs within the fair value hierarchy.

Fair Value at March 31, 2026 Using

Balance as of

September 30,

Quoted Prices

17 unchanged sentences

Interest rate swap contracts

Forward loan sales commitments

TBA mortgage-backed securities

1 unchanged sentence

Total derivative financial assets

Derivative financial liabilities:

Forward loan sales commitments

Total derivative financial liabilities

Fair Value at December 31, 2025 Using

6 unchanged sentences

Residential mortgage-backed securities

Fair Value at December 31, 2025 Using

Balance as of

Quoted Prices

Commercial mortgage-backed securities

11 unchanged sentences

Interest rate swap contracts

TBA mortgage-backed securities

Forward loan sales commitments

Interest rate lock commitments

1 unchanged sentence

Derivative financial liabilities:

Forward loan sales commitments

TBA mortgage-backed securities

Total derivative financial liabilities

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

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

The following tables present additional

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

The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key

officers of United and its subsidiaries.

There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2026 and the year ended December 31, 2025.

The following tables present additional information about financial assets and liabilities measured at fair value at March 31, 2026 and December 31, 2025 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value.

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

1 unchanged sentence

Derivative Liabilities

September 30, 2025

March 31, 2026

Forward Sales

4 unchanged sentences

Balance, end of period

Derivative Assets

Derivative Liabilities

March 31, 2026

Interest Rate

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

2 unchanged sentences

December 31, 2025

Forward Sales

Interest Rate

7 unchanged sentences

Three Months Ended

September 30, 2025

March 31, 2026

Three Months Ended

September 30, 2024

Income from mortgage banking activities

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

March 31, 2025

Income from mortgage banking activities

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

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

September 30, 2025

March 31, 2026

December 31, 2025

Loans held for sale

No loans held for sale were past due or on nonaccrual status as of March 31, 2026 and December 31, 2025.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

45 unchanged sentences

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

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

Other than those intangible assets recorded in the acquisition of Piedmont in the first quarter of 2025, no other fair value measurement of intangible assets was made during the first three months of 2026 and 2025.

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

Fair Value at March 31, 2026

Balance as of

September 30, 2025

Fair Value at September 30, 2025

March 31, 2026

Quoted Prices

Individually assessed loans

Fair Value at December 31, 2025

Balance as of

December 31, 2025

Fair Value at December 31, 2024

Quoted Prices

26 unchanged sentences

Quoted Prices

September 30, 2025

March 31, 2026

Cash and cash equivalents

8 unchanged sentences

Derivative financial liabilities

Fair Value Measurements

Quoted Prices

December 31, 2025

11 unchanged sentences

On May 14, 2025, United’s shareholders approved the 2025 Equity Incentive Plan (“2025 EIP”), becoming effective on that date.

The 2025 EIP replaces United’s 2020 Long-Term Incentive Plan (“2020 LTI Plan”).

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.

2 unchanged sentences

The 2025 EIP will be administered by the Compensation and Human Capital Committee of the Board (the “Committee”).

Subject to certain change in control provisions, all awards are subject to a minimum vesting schedule of at least twelve months following the date of grant of such award, except that 5 % of the shares available for grant under the 2025 EIP may be granted with a shorter minimum vesting period.

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.

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

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

No non-qualified

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

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

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.

During the first three months of 2026, a total of 155,135 shares of restricted stock and 226,556 of restricted stock units were granted under the 2025 EIP.

No stock options were granted under the 2025 EIP during the first three months of 2026.

Compensation expense of $ 3,214 and $ 2,875 related to the all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the first quarter of 2026 and 2025, respectively.

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

Stock Options

As of September 30, 2025, no

stock option awards have been granted under the 2025 EIP.

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

however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired.

During the first quarter of 2026, no stock option awards were granted under the 2025 EIP.

United does have options outstanding from various plans (the “Prior Plans”) under which stock options were granted;

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 plans is ten ( 10 ) years.

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

Nine Months Ended September 30, 2025

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 March 31, 2026, and the changes during the first three months of 2026 are presented below:

Weighted Average

1 unchanged sentence

Forfeited or expired

Outstanding at September 30, 2025

Exercisable at September 30, 2025

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

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

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

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

Outstanding at March 31, 2026

Exercisable at March 31, 2026

During the three months ended March 31, 2026 and 2025, 70,904 and 9,816 shares, respectively, were issued in connection with stock option exercises.

All shares issued in connection with stock option exercises for the three months ended March 31, 2026 and 2025 were issued from authorized and unissued stock.

The total intrinsic value of options exercised under the Plans during the three months ended March 31, 2026 and 2025 was $ 930 and $ 55 , respectively.

As of March 31, 2026, there was no unrecognized compensation cost related to nonvested stock option awards.

Restricted Stock

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

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

Restricted shares granted to participants vested no sooner than 1/3 per year over the first three

During the first quarter of 2026, restricted stock awards totaling 155,135 shares were granted under the 2025 EIP.

Under the 2025 EIP, recipients of restricted stock will have the right to vote all shares subject to such grant, whether 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.

United also has unvested restricted stock awards granted to key employees and non-employee

directors of the Company under the 2020 LTI Plan.

Shares of restricted stock granted under the 2020 LTI Plan to participants were scheduled to vest no sooner than 1/3 per year over the first three

anniversaries of the award.

Recipients of restricted shares 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.

Recipients of shares of restricted stock under the 2020 LTI Plan 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 shares will still not pay any consideration to United for the shares and still have the right to vote all shares subject to such grant, whether or not the shares have vested.

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

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

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

Weighted-Average Grant

Date Fair Value Per

As of March 31, 2026, the total unrecognized compensation cost related to nonvested restricted stock awards was $ 12,441 with a weighted-average expense recognition period of 1.6 years.

The following summarizes the changes to United’s nonvested restricted common shares for the period ended March 31, 2026:

Weighted-Average

Grant Date Fair Value

Nonvested at January 1, 2026

Nonvested at September 30, 2025

Nonvested at March 31, 2026

Restricted Stock Units

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

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

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.

During the first quarter of 2026, restricted stock units (“RSUs”) totaling 226,556 were granted to key employees of the Company under the 2025 EIP.

These RSUs awarded help 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.

United also has unvested RSUs granted under the 2020 LTI Plan.

RSUs granted under these two plans are 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 that vest is determined by two metrics measured relative to peers:

The number of performance-vested RSUs outstanding as of March 31, 2026 that will vest in the future 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.

Based on ASC Topic 718, “Compensation – Stock Compensation,” 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.

Dividends 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 during the time and performance periods.

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.

1 unchanged sentence

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

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

Weighted-Average Grant

Date Fair Value Per

The following table summarizes the changes to United’s nonvested RSUs during the first three months of 2026:

Weighted-Average

Grant Date Fair Value

Nonvested at January 1, 2026

Forfeited or expired

Nonvested at September 30, 2025

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

Nonvested at March 31, 2026

As of March 31, 2026, the total unrecognized compensation cost related to nonvested restricted stock units was $ 18,378 with a weighted-average expense recognition period of 1.8 years.

EMPLOYEE BENEFIT PLANS

2 unchanged sentences

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

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

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

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

Three Months Ended

Nine Months Ended

No discretionary contributions were made during the first quarter of 2026 and 2025.

Included in accumulated other comprehensive income at December 31, 2025 are unrecognized actuarial losses of $ 10,725 that have not yet been recognized in net periodic pension cost.

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 periodic pension cost for the three months ended March 31, 2026 and 2025 included the following components:

Three Months Ended March 31

Interest cost

9 unchanged sentences

Rate of Compensation Increase (ages 55-64)

Rate of Compensation Increase (otherwise)

1 unchanged sentence

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

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

As of March 31, 2026, no interest was accrued related to uncertain tax positions as compared to $ 677 as of March 31, 2025.

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

United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2022, 2023 and 2024 and certain State Taxing authorities for the years ended December 31, 2022 through 2024.

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

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

United’s effective tax rate was 20.38 % for the first quarter of 2026 and 21.16 % for the first quarter of 2025.

COMPREHENSIVE INCOME

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

The components of total comprehensive income for the three months ended March 31, 2026 and 2025 are as follows:

Three Months Ended

Nine Months Ended

Available for sale (“AFS”) securities:

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

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

Related income tax effect

Net reclassification adjustment for losses included in net income

Net reclassification adjustment for losses (gains) included in net income

Related income tax effect

6 unchanged sentences

Net effect of cash flow hedge derivatives on other comprehensive income

Defined benefit pension plan:

Amortization of net actuarial loss recognized in net income

Related income tax benefit

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

Total change in other comprehensive income, net of tax

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

Total Comprehensive Income

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

The components of accumulated other comprehensive income for the three months ended March 31, 2026 are as follows:

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

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Balance at January 1, 2026

Other comprehensive income before reclassification

Other comprehensive (loss) income before reclassification

Amounts reclassified from accumulated other comprehensive income

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

Balance at September 30, 2025

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

Balance at March 31, 2026

All amounts are net-of-tax.

United has adopted the portfolio approach for purposes of releasing residual tax effects within AOCI.

United has adopted the portfolio approach for purposes of releasing residual tax effects within

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Details about AOCI Components

2 unchanged sentences

Cash flow hedge:

Net reclassification adjustment for gains included

in net income

Net reclassification adjustment for gains included in net income

Interest expense

1 unchanged sentence

Related income tax effect

Pension plan:

Recognized net actuarial loss

Employee benefits

Total before tax

Related income tax effect

Total reclassifications for the period

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

EARNINGS PER SHARE

1 unchanged sentence

Three Months Ended

Nine Months Ended

Distributed earnings allocated to common stock

2 unchanged sentences

Average common shares outstanding

Equivalents from stock options

Common stock equivalents

Average diluted shares outstanding

1 unchanged sentence

Earnings per diluted common share

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

Antidilutive stock options and restricted stock outstanding of 607,649 for the three months ended March 31, 2026 were excluded from the earnings per diluted common share calculation as compared to 567,715 for the three months ended March 31, 2025.

VARIABLE INTEREST ENTITIES

14 unchanged sentences

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

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

At March 31, 2026 and December 31, 2025, United’s investment (maximum exposure to loss) in these trusts were $ 12,775 and $ 12,686 , respectively.

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

87 unchanged sentences

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

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

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

At March 31, 2026 and December 31, 2025, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $ 130,924 and $ 129,861 , respectively, while related unfunded commitments were $ 96,038 and $ 103,184 respectively.

The total amount of these unfunded commitments in low income housing, community development and other partnerships at March 31, 2026 and December 31, 2025 includes $ 5,000 to a related interest of a director of the Company.

As of March 31, 2026, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

SEGMENT INFORMATION

13 unchanged sentences

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

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

Information about the community banking segment for the three months ended March 31, 2026 and 2025 is as follows:

For the Three Months Ended

For the Nine Months Ended

Net interest income

4 unchanged sentences

Net occupancy expense

Net (gains) losses on the sales of OREO properties

Net gains on the sales of OREO properties

Equipment expense

Data processing expense

Mortgage loan servicing expense and impairment

Bankcard processing expense

8 unchanged sentences

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

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

As of September 30,

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements