What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-07 · 229 added, 357 removed, 289 unchanged (67% of the section changed)

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United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations:

(1) the duration of the U.S.

government shutdown and the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade tariff policies;

(1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies;

(2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk;

the economic impact of oil and gas prices;

the inability to sustain revenue and earnings growth;

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and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms;

(3) risks related to the acquisition and integration of Piedmont Bancorp, Inc.

including, among others, (i) the risk that the expected growth opportunities or cost savings from the acquisition may not be fully realized or may take longer to realize than expected, and (ii) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the acquisition;

(3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated;

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United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

(“Piedmont”).

As of January 10, 2025, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately $2.2 billion and total deposits of approximately $2.1 billion.

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

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

ECONOMIC AND TRADE POLICY UNCERTAINTY

United continues to monitor the potential impact of evolving trade policies, including the threat of additional tariffs imposed by the United States.

While no specific tariffs have been implemented during the reporting period that materially affect United’s operations, the potential for future changes in cross-border trade arrangements and import/export duties contributes to broader economic uncertainty.

Management has considered these risks in its forward-looking assessments and determined that, as of the reporting date, there are no material adverse effects on United’s financial position, results of operations, or estimates related to credit losses or asset impairments.

THE ONE BIG BEAUTIFUL BILL ACT

On July 4, 2025, President Trump signed into law H.R.

1, The One Big Beautiful Bill Act (“OBBBA”).

There was no significant financial statement impact reflected in the third quarter or first nine months of 2025.

However, the Company will continue to evaluate and apply the provisions of the OBBBA but does not expect any material impact on the consolidated financial statements .

The following discussion and analysis presents the significant changes in financial condition and the results of operations of United and its subsidiaries for the periods indicated below.

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and its wholly-owned subsidiaries, unless otherwise indicated.

Management has evaluated all significant events and transactions that occurred after September 30, 2025, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements.

Management has evaluated all significant events and transactions that occurred after March 31, 2026, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements.

This discussion and analysis should be read in conjunction with the unaudited Consolidated Financial Statements and accompanying notes thereto, which are included elsewhere in this document.

On January 10, 2025, United consummated its acquisition of Atlanta-based Piedmont Bancorp, Inc.

(“Piedmont”).

At the acquisition date, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately $2.2 billion, total deposits of approximately $2.1 billion, and total shareholders’ equity of approximately $202 million.

As a result of the Piedmont acquisition, the first quarter of 2025 included $30.0 million of pre-tax merger-related noninterest expenses and merger-related provision for credit losses.

USE OF NON-GAAP FINANCIAL MEASURES

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United uses this measure to monitor net interest income performance and to manage its balance sheet composition.

Average tangible equity is calculated as GAAP total shareholders’ equity minus total intangible assets.

Tangible equity can thus be considered a more conservative valuation of the company.

When considering net income, a return on average tangible equity can be calculated.

Average tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets.

Tangible common equity can thus be considered a more conservative valuation of the company.

When considering net income, a return on average tangible common equity can be calculated.

Management provides a return on average equity to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure.

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Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has identified the determination of the allowance for loan and lease losses, the calculation of the income tax provision, and the use of fair value measurements to account for certain financial instruments to be the accounting areas that require the most subjective or complex judgments, and as such could be most subject to revision as new information becomes available.

United’s critical accounting policies involving the significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of September 30, 2025 were unchanged from the policies disclosed in United’s Annual Report on Form 10-K for the year ended December 31, 2024 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

United’s critical accounting policies involving the significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of March 31, 2026 were unchanged from the policies disclosed in United’s Annual Report on Form 10-K for the year ended December 31, 2025 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

FINANCIAL CONDITION

United’s total assets as of September 30, 2025 were $33.41 billion, which was an increase of $3.38 billion or 11.27% from December 31, 2024.

The acquisition of Piedmont on January 10, 2025 added $2.30 billion in total assets, including purchase accounting amounts.

Portfolio loans increased $2.85 billion or 13.13%, investment securities increased $100.23 million or 3.08%, goodwill increased $129.98 million or 6.88%, other assets increased $41.86 million or 15.52%, bank-owned life insurance policies increased $47.80 million or 9.61%, bank premises and equipment increased $21.54 million or 11.57%, operating lease right-of-use assets increased $8.23 million or 10.06%, interest receivable increased $9.67 million or 9.44%, and cash and cash equivalents increased $226.48 million or 9.88%.

Loans held for sale decreased $20.13 million or 45.39%.

Total liabilities increased $2.93 billion or 11.71% from year-end 2024.

This increase in total liabilities was due mainly to an increase of $2.92 billion or 12.19% in deposits, an increase of $18.70 million or 8.12% in accrued and other liabilities, and an increase of $9.13 million or 10.52% in operating lease right-of-use liabilities, all mainly due to the Piedmont acquisition.

Borrowings decreased $16.08 million or 2.24% from year-end 2024.

Shareholders’ equity increased $452.49 million or 9.06% from year-end 2024 due primarily to the acquisition of Piedmont.

United’s total assets as of March 31, 2026 were $33.71 billion, remaining steady from December 31, 2025.

Investment securities increased $130.17 million or 3.83%, portfolio loans increased $154.02 million or less than 1% and bank-owned life insurance policies increased $4.18 million or less than 1%.

Partially offsetting these increases in assets, cash and cash equivalents decreased $237.22 million or 9.33%, operating lease right-of-use assets decreased $1.47 million or 1.65%, and loans held for sale decreased $2.04 million or 6.53%.

Total liabilities remained flat, increasing $52.96 million or less than 1% from year-end 2025.

This increase in total liabilities was due mainly to an increase of $59.94 million or less than 1% in deposits, an increase of $24.51 million or 10.11% in accrued and other liabilities, and an increase of $1.97 million or 5.62% in the allowance for lending-related commitments.

Partially offsetting these increases in liabilities was a $32.40 million or 16.32% decrease in securities sold under agreements to repurchase.

Shareholders’ equity was relatively flat from year-end 2025, decreasing $7.86 million or less than 1%.

The following discussion explains in more detail the changes in financial condition by major category.

Cash and Cash Equivalents

Cash and cash equivalents at September 30, 2025 increased $226.48 million or 9.88% from year-end 2024.

Net cash acquired in the Piedmont merger was $77.47 million.

In particular, cash and due from banks increased $26.85 million or 11.16%, while interest-bearing deposits with other banks increased $199.55 million or 9.73% as United placed more cash in an interest-bearing account with the Federal Reserve.

Cash and cash equivalents at March 31, 2026 decreased $237.22 million or 9.33% from year-end 2025.

In particular, interest-bearing deposits with other banks decreased $258.67 million or 11.28%, as United placed less cash in an interest-bearing account with the Federal Reserve, while cash and due from banks increased $21.42 million or 8.65%.

Federal funds sold increased $25 thousand or 1.84%.

During the first nine months of 2025, net cash of $359.99 million and $543.08 million were provided by operating and financing activities, respectively, while net cash of $676.59 million was used in investing activities.

See the unaudited Consolidated Statements of Cash Flows for data on cash and cash equivalents provided and used in operating, investing and financing activities for the first nine months of 2025 and 2024.

Total investment securities at September 30, 2025 increased $100.23 million or 3.08%.

Piedmont added $94.43 million in investment securities, including purchase accounting amounts, upon consummation of the acquisition.

During the first three months of 2026, net cash of $160.86 million was provided by operating activities while net cash of $304.11 million and $93.96 million were used in investing and financing activities.

See the unaudited Consolidated Statements of Cash Flows (unaudited) for data on cash and cash equivalents provided and used in operating, investing and financing activities for the first three months of 2026 and 2025.

Total investment securities at March 31, 2026 increased $130.17 million or 3.83%.

Securities available for sale increased $152.62 million or 4.99%.

This change in securities available for sale reflects $92.99 million related to the acquisition of Piedmont, $1.58 billion in sales, maturities and calls of securities, $1.45 billion in purchases, and an increase of $98.77 million in market value.

Equity securities were $34.69 million at September 30, 2025, an increase of $13.64 million or 64.75% due mainly to a net increase in fair value.

Other investment securities increased $22.33 million or 8.05% from year-end 2024 due to an increase in Federal Reserve Bank stock as a result of the Piedmont acquisition and net purchases of investment tax credits.

This change in securities available for sale reflects $350.41 million in sales, maturities and calls of securities, $514.59 million in purchases, and a decrease of $13.21 million in market value.

Equity securities were $12.25 million at March 31, 2026, a decrease of $22.51 million or 64.76% due mainly to the sale of equity securities totaling $26.65 million partially offset by the purchase of $4.16 million in equity securities during the first quarter of 2026.

Other investment securities were flat, increasing $60 thousand or less than 1% from year-end 2025.

The following table summarizes the changes in the available for sale securities since year-end 2025:

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net of allowance for credit losses of $16 thousand.

net of allowance for credit losses of $18 thousand.

At September 30, 2025, gross unrealized losses on available for sale securities were $234.51 million.

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 corporate securities.

As of September 30, 2025, United’s available for sale mortgage-backed securities had an amortized cost of $1.83 billion, with an estimated fair value of $1.69 billion.

At March 31, 2026, gross unrealized losses on available for sale securities were $226.45 million.

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 corporate securities.

As of March 31, 2026, United’s available for sale mortgage-backed securities had an amortized cost of $2.13 billion, with an estimated fair value of $1.99 billion.

The portfolio consisted primarily of $1.67 billion in agency residential mortgage-backed securities with a fair value of $1.56 billion, $42.30 million in non-agency residential mortgage-backed securities with an estimated fair value of $38.55 million, and $413.08 million in commercial agency mortgage-backed securities with an estimated fair value of $390.55 million.

As of September 30, 2025, United’s available for sale state and political subdivisions securities had an amortized cost of $577.71 million, with an estimated fair value of $516.77 million.

The portfolio relates to securities issued by various municipalities located throughout the United States, and no securities within the portfolio were rated below investment grade as of September 30, 2025.

As of September 30, 2025, United’s available for sale corporate securities had an amortized cost of $543.01 million, with an estimated fair value of $526.68 million.

As of March 31, 2026, United’s available for sale state and political subdivisions securities had an amortized cost of $569.15 million, with an estimated fair value of $510.65 million.

As of March 31, 2026, United’s available for sale corporate securities had an amortized cost of $450.24 million, with an estimated fair value of $435.26 million.

The portfolio consisted of $13.32 million in single issue trust preferred securities with an estimated fair value of $12.67 million.

In addition to the single issue trust preferred securities, the Company held positions in various other corporate securities, including asset-backed securities with an amortized cost of $204.17 million and a fair value of $202.04 million and other corporate securities, with an amortized cost of $232.75 million and a fair value of $220.54 million.

United’s available for sale single issue trust preferred securities had a fair value of $12.62 million as of September 30, 2025.

United’s available for sale single issue trust preferred securities had a fair value of $12.67 million as of March 31, 2026.

Of the $12.67 million, $7.42 million or 58.55% were investment grade rated and $5.25 million or 41.45% were unrated.

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All single issue trust preferred securities are currently receiving full scheduled principal and interest payments.

During the third quarter of 2025, United did not recognize any credit losses on its available for sale investment securities.

Management does not believe that any individual security with an unrealized loss as of September 30, 2025 is impaired.

During the first quarter of 2026, United did not recognize any credit losses on its available for sale investment securities.

Management does not believe that any individual security with an unrealized loss as of March 31, 2026 is impaired.

United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a deterioration of credit.

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United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature.

As of September 30, 2025, there was no allowance for credit losses related to the Company’s available for sale securities.

As of March 31, 2026, there was no allowance for credit losses related to the Company’s available for sale securities.

However, United acknowledges that any securities in an unrealized loss position may be sold in future periods in response to significant, unanticipated changes in asset/liability management decisions, unanticipated future market movements or business plan changes.

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Loans Held for Sale

Loans held for sale were $24.23 million at September 30, 2025, a decrease of $20.13 million or 45.39% from year-end 2024.

Loan sales in the secondary market exceeded originations during the first nine months of 2025.

Loan originations for the first nine months of 2025 were $283.72 million while loans sales were $303.86 million.

Loans held for sale were $29.24 million at March 31, 2026, a decrease of $2.04 million or 6.53% from year-end 2025.

Loan sales in the secondary market exceeded originations during the first three months of 2026.

Loan originations for the first three months of 2026 were $87.05 million while loans sales were $89.10 million.

Portfolio Loans

Loans, net of unearned income, increased $2.85 billion or 13.13% from year-end 2024 mainly as a result of the Piedmont acquisition which added $2.02 billion, including purchase accounting amounts, in portfolio loans.

Otherwise, portfolio loans and leases, net of unearned income, grew $848.33 million from year-end 2024.

Since year-end 2024, commercial, financial and agricultural loans increased $2.21 billion or 18.57% as a result of a $1.98 billion or 23.18% increase in commercial real estate loans and a $228.10 million or 6.81% increase in commercial loans (not secured by real estate).

Residential real estate loans increased $502.89 million or 9.13% and construction and land development loans increased $142.17 million or 4.05%, while consumer loans remained flat, decreasing $135 thousand or less than 1%.

Loans, net of unearned income, increased $154.02 million or less than 1% from year-end 2025.

Since year-end 2025, commercial, financial and agricultural loans increased $171.54 million or 1.20% as a result of a $197.45 million or 1.88% increase in commercial real estate loans, which was partially offset by a $25.91 million or less than 1% decrease in commercial loans (not secured by real estate).

Residential real estate loans increased $16.79 million while construction and land development loans decreased $28.91 million and consumer loans decreased $5.30 million.

The following table summarizes the changes in the major loan classes since year-end 2025:

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Bank-Owned Life Insurance

The cash surrender value of bank-owned life insurance policies increased $47.80 million, of which $40.80 million was acquired from Piedmont while the remaining increase was due to an increase in the cash surrender value as a result of higher market values of underlying investments.

Other assets increased $41.86 million or 15.52% from year-end 2024.

In particular, core deposit intangibles increased $25.74 million as the Piedmont acquisition added $32.76 million.

Income tax receivable increased $11.32 million, prepaid assets increased $4.09 million, OREO increased $6.56 million and accounts receivable increased $3.36 million.

Partially offsetting these increases in other assets was a $8.12 million decrease in deferred tax assets due an increase in fair value of securities.

The balance of bank-owned life insurance increased $4.18 million due to an increase in the cash surrender value of underlying policies.

Other assets remained relatively flat from year-end 2025, decreasing $999 thousand or less than 1% from year-end 2025 as prepaid assets decreased $5.06 million, income taxes receivable decreased $2.01 million due to timing differences and core deposit intangibles decreased $1.84 million due to amortization.

Partially offsetting these decreases were increases in deferred tax assets of $4.41 million due mainly to the decrease in the fair value of available for sale securities, OREO of $1.53 million and accounts receivable of $1.79 million.

Deposits represent United’s primary source of funding.

Total deposits at September 30, 2025 increased $2.92 billion or 12.19% due mainly to the Piedmont acquisition.

Piedmont added $2.11 billion in deposits, including purchase accounting amounts.

In terms of composition, noninterest-bearing deposits increased $452.50 million or 7.38% ($378.24 million added from Piedmont acquisition) while interest-bearing deposits increased $2.47 billion or 13.85% ($1.73 billion added from Piedmont acquisition) from December 31, 2024.

Organically, deposits grew $816.29 million from year-end 2024.

Total deposits at March 31, 2026 increased $59.94 million or less than 1% from year-end 2025.

In terms of composition, noninterest-bearing deposits decreased $163.71 million or 2.49% while interest-bearing deposits increased $223.66 million or 1.09% from December 31, 2025.

Noninterest-bearing deposits consist of demand deposit and noninterest bearing money market (“MMDA”) account balances.

The $452.50 million increase in noninterest-bearing deposits was due to a $419.11 million or 9.41% increase in commercial noninterest-bearing deposits, a $68.06 million or 4.80% increase in personal noninterest-bearing deposits, and a $50.66 million or 28.55% increase in public funds noninterest-bearing deposits.

Partially offsetting these increases in noninterest-bearing deposits was a $107.16 million decrease in official checks.

The $163.71 million decrease in noninterest-bearing deposits was due to a $156.81 million decrease in official checks and a $30.41 million decrease in commercial noninterest-bearing deposits.

Partially offsetting these decreases was a $38.43 million increase in personal noninterest-bearing deposits and a $5.73 million increase in public funds noninterest-bearing deposits.

Interest-bearing deposits consist of interest-bearing transactions, regular savings, interest-bearing MMDA, and time deposit account balances.

Interest-bearing transaction accounts increased $484.66 million or 8.16% since year-end 2024 as the result of increases of $363.42 million in commercial interest-bearing transaction accounts and $115.80 million in public funds interest-bearing transaction accounts.

Regular savings accounts increased $16.72 million or 1.34% mainly as a result of a $13.36 million increase in personal savings accounts.

Interest-bearing MMDAs increased $830.19 million or 11.76%.

Interest-bearing transaction accounts decreased $39.74 million since year-end 2025 as the result of a $59.80 million decrease in public funds interest-bearing transaction accounts, partially offset by a $16.53 million increase in commercial interest-bearing transaction accounts.

Regular savings accounts increased $20.89 million mainly as a result of a $27.94 million increase in personal savings accounts.

Interest-bearing MMDAs increased $198.35 million.

In particular, personal MMDAs increased $64.96 million while commercial MMDAs and public funds MMDAs increased $114.40 million and $18.99 million, respectively.

Time deposits under $100,000 increased $202.92 million or 17.31% from year-end 2024.

This increase in time deposits under $100,000 was the result of a $152.81 million increase in fixed rate Certificates of Deposits (“CDs”) under $100,000 and a $45.11 million increase in variable rate CDs.

Since year-end 2024, time deposits over $100,000 increased $934.68 million or 38.79% as fixed rate CDs increased $857.66 million, brokered CDs increased $30.02 million, variable rate CDs increased $28.58 million, and public funds CDs over $100,000 increased $27.20 million.

Time deposits under $100,000 increased $5.73 million or less than 1% from year-end 2025.

This increase in time deposits under $100,000 was the result of a $26.26 million increase in fixed rate Certificates of Deposits (“CDs”) under $100,000 and a $1.77 million increase in Certificate of Deposit Account Registry Service (“CDARS”) under $100,000, partially offset by a $23.49 million decrease in variable rate CDs.

Since year-end 2025, time deposits over $100,000 increased $38.44 million or 1.14% as fixed rate CDs increased $56.84 million.

Partially offsetting this increase was a $14.47 million decrease in variable rate CDs and a $5.47 million decrease in CDARS over $100,000.

The table below summarizes the changes by deposit category since year-end 2025:

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Total deposits

Includes time deposits of $250,000 or more of $1,695,144 and $1,115,748 at September 30, 2025 and December 31, 2024, respectively.

Total borrowings at September 30, 2025 decreased $16.08 million or 2.24% since year-end 2024.

Piedmont added $20.00 million of subordinated debt upon consummation of the acquisition which was redeemed during the third quarter of 2025.

During the first nine months of 2025, short-term borrowings decreased $7.08 million or 4.02% due to a decrease in securities sold under agreements to repurchase.

Long-term borrowings decreased $9.00 million or 1.67% from year-end 2024 as a result of a $10.20 million reduction in long-term FHLB advances.

Includes time deposits of $250,000 or more of $1,760,815 and $1,724,739 at March 31, 2026 and December 31,

2025, respectively.

Total borrowings at March 31, 2026 decreased $32.00 million or 4.38% since year-end 2025.

During the first three months of 2026, short-term borrowings decreased $32.40 million or 16.32% due to a decrease in securities sold under agreements to repurchase.

Long-term borrowings remained flat, increasing $399 thousand or less than 1% from year-end 2025.

The table below summarizes the change in the borrowing categories since year-end 2025:

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Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at September 30, 2025 increased $18.70 million or 8.12% from year-end 2024.

Piedmont added $20.80 million.

In particular, interest payable increased $2.51 million due to an increase in CDs, accrued loan expenses increased $13.36 million due to an increase in the loan portfolio, deferred compensation increased $3.78 million and dividends payable increased $2.02 million.

Partially offsetting these increases were decreases of $2.51 million in business franchise taxes and $1.59 million in income tax payable, both due to timing differences, and $1.45 million in incentives payable due to payments.

Accrued expenses and other liabilities at March 31, 2026 increased $24.51 million or 10.11% from year-end 2025.

In particular, income taxes payable increased $30.80 million due to timing differences, business franchise taxes increased $3.03 million, and accrued loan expenses increased $10.43 million.

Partially offsetting these increases was a decrease of $16.69 million in incentives payable due to payments.

Shareholders’ Equity

Shareholders’ equity at September 30, 2025 was $5.45 billion, which was an increase of $452.49 million or 9.06% from year-end 2024, mainly as the result of the Piedmont acquisition.

The Piedmont transaction added approximately $280.95 million in shareholders’ equity as 7,860,831 shares were issued from United’s authorized but unissued shares for the merger at a cost of $280.95 million.

Shareholders’ equity at March 31, 2026 was $5.49 billion, which was a decrease of $7.86 million or less than 1% from year-end 2025.

Retained earnings increased $71.03 million or 3.27% from year-end 2025.

Earnings net of dividends for the first nine months of 2025 were $177.23 million.

Accumulated other comprehensive income increased $66.09 million or 29.52% from year-end 2024 due mainly to an increase of $75.17 million in the fair value of United’s available for sale investment portfolio, net of deferred income taxes.

The fair value of cash flow hedges, net of deferred income taxes, decreased $9.12 million.

During the first quarter of 2025, United restarted repurchasing its common stock on the open market under a repurchase plan approved by United’s Board of Directors.

United repurchased 2,284,282 shares during the first nine months at a cost of $78.88 million or an average share price of $34.53.

Earnings net of dividends for the first three months of 2026 were $71.03 million.

Accumulated other comprehensive income decreased $10.19 million or 7.33% from year-end 2025 due mainly to a decrease of $10.05 million in the fair value of United’s available for sale investment portfolio, net of deferred income taxes.

The fair value of cash flow hedges, net of deferred income taxes, decreased $136 thousand.

Treasury stock increased $70.91 million or 18.59%.

During the first quarter of 2026, United repurchased 1,739,501 shares on the open market under a repurchase plan approved by United’s Board of Directors at a cost of $69.43 million or an average share price of $39.92.

RESULTS OF OPERATIONS

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Three Months Ended

Nine Months Ended

(Dollars in thousands)

Income Statement Summary :

Interest income

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Provision for credit losses

Noninterest income

Noninterest expense

Other expense

Income before income taxes

Net income for the third quarter and first nine months of 2025 was $130.75 million and $335.78 million, respectively, as compared to earnings of $95.27 million and $278.59 million for the third quarter and first nine months of 2024.

Diluted earnings per share were $0.92 for the third quarter of 2025 and $0.70 for the third quarter of 2024.

Diluted earnings per share were $2.36 for the first nine months of 2025 as compared to $2.06 for the first nine months of 2024.

On a linked-quarter basis, net income for the second quarter of 2025 was $120.72 million or $0.85 per diluted share.

Net income for the first quarter of 2026 was $124.20 million as compared to earnings of $84.31 million for the first quarter of 2025.

Diluted earnings per share were $0.89 for the first quarter of 2026 and $0.59 for the first quarter of 2025.

On a linked-quarter basis, net income for the fourth quarter of 2025 was $128.83 million or $0.91 per diluted share.

As previously mentioned, United completed its acquisition of Piedmont on January 10, 2025.

The financial results of Piedmont are included in United’s results from the acquisition date.

As a result of the acquisition, the third quarter and first nine months of 2025 were impacted for three and nearly nine months of increased levels of average balances, income, and expense as compared to the third quarter and first nine months of 2024.

In addition, United recorded acquisition-related costs for the Piedmont merger of $31.41 million for the first nine months of 2025, including a provision for credit losses of $18.73 million for purchased non-PCD loans recorded in the first quarter of 2025, as compared to $1.61 million for the first nine months of 2024.

For the third quarter of 2025, United’s annualized return on average assets was 1.57% and return on average shareholders’ equity was 9.58% as compared to 1.28% and 7.72% for the third quarter of 2024.

United’s annualized return on average assets was 1.49% and return on average shareholders’ equity was 9.05% for the second quarter of 2025.

United’s annualized return on average assets for the first nine months of 2025 was 1.38% and return on average shareholders’ equity was 8.39% as compared to 1.26% and 7.65% for the first nine months of 2024.

For the third quarter and first nine months of 2025, United’s annualized return on average tangible equity, a non-GAAP measure, was 15.45% and 13.63%, respectively, as compared to 12.59% and 12.57% for the third quarter and first nine months of 2024, respectively.

United’s annualized return on average tangible equity was 14.67% for the second quarter of 2025.

As a result of the acquisition, United recorded acquisition-related costs for the Piedmont merger of $30.04 million, including a provision for credit losses of $18.73 million for purchased non-PCD loans for the first quarter of 2025.

United’s annualized return on average assets for the first three months of 2026 was 1.49% and return on average shareholders’ equity was 9.08% as compared to 1.06% and 6.47%, respectively, for the first three months of 2025.

On a linked-quarter basis, United’s annualized return on average assets for the fourth quarter of 2025 was 1.52% and return on average shareholders’ equity was 9.31%.

For the first three months of 2026, United’s annualized return on average tangible common equity, a non-GAAP measure, was 14.40%, as compared to 10.61% for the first three months of 2025.

On a linked-quarter basis, United’s annualized return on average tangible common equity was 14.86% for the fourth quarter of 2025.

Three Months Ended

Nine Months Ended

(Dollars in thousands)

September 30,

Return on Average Tangible Equity:

Return on Average Tangible Common Equity:

(a) Net Income (GAAP)

2 unchanged sentences

Average Total Intangibles

Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366/ (c)

Net interest income for the third quarter of 2025 increased $49.86 million, or 21.65% from the third quarter of 2024.

The increase of $49.86 million in net interest income occurred because total interest income increased $48.23 million while total interest expense decreased $1.63 million from the third quarter of 2024.

Net interest income for the first nine months of 2025 increased $136.25 million or 20.08% from the first nine months of 2024.

The increase of $136.25 million in net interest income occurred because total interest income increased $129.71 million while total interest expense decreased $6.53 million from the first nine months of 2024.

Net interest income for the third quarter of 2025 increased $5.58 million, or 2.03%, from the second quarter of 2025.

The increase of $5.58 million in net interest income occurred because total interest income increased $9.76 million while total interest expense increased $4.18 million from the second quarter of 2025.

The provision for credit losses was $12.10 million and $47.09 million for the third quarter and first nine months of 2025, respectively, while the provision for credit losses was $6.94 million and $18.46 million for the third quarter and first nine months of 2024.

The provision for credit losses was $5.89 million for the second quarter of 2025.

The increase in the provision for credit losses for the first nine months of 2025 was mainly due to the previously mentioned $18.73 million of provision recorded on purchased non-PCD loans from Piedmont.

For the third quarter of 2025, noninterest income increased $11.26 million or 35.26% from the third quarter of 2024.

The increase in noninterest income was driven by net gains on investment securities for the third quarter of 2025 as compared to net losses on investment securities for the third quarter of 2024, an increase in fees from brokerage services, and smaller increases in several other categories of noninterest income.

Noninterest income for the first nine months of 2025 increased $9.84 million or 10.43% from the first nine months of 2024.

The increase in noninterest income was driven by net gains on investment securities for the first nine months of 2025 as compared to net losses on investment securities for the first nine months of 2024 and increases in income from bank-owned life insurance (“BOLI”), fees from brokerage services, and fees from deposit services.

Noninterest income for the third quarter of 2025 increased $11.74 million, or 37.33%, from the second quarter of 2025.

Noninterest expense for the third quarter of 2025 increased $11.40 million or 8.42% from the third quarter of 2024 due mainly to the additional employees and branches from the Piedmont acquisition.

For the first nine months of 2025, noninterest expense increased $37.48 million or 9.12% from the first nine months of 2024 due mainly to the additional employees and branches from the Piedmont acquisition as well as $11.07 million of specific merger-related expenses from the acquisition in the first nine months of 2025.

Noninterest expense for the third quarter of 2025 was flat, decreasing $1.28 million, or less than 1% from the second quarter of 2025.

Income taxes for the third quarter of 2025 were $33.74 million as compared to $24.65 million for the third quarter of 2024.

The increase of $9.09 million in income tax expense for the third quarter of 2025 compared to the third quarter of 2024 was primarily due to higher earnings partially offset by a slightly lower effective tax rate.

For the first nine months of 2025 and 2024 income tax expense was $87.73 million and $64.93 million, respectively.

The increase of $22.80 million in income tax expense for the first nine months of 2025 was due mainly to an increase in earnings and a higher effective tax rate.

Income tax expense increased $2.37 million from the second quarter of 2025 due mainly to increased earnings partially offset by a slightly lower effective tax rate.

For the quarters ended September 30, 2025 and 2024, United’s effective tax rate was 20.51% and 20.56%, respectively.

The effective tax rate for the first nine months of 2025 and 2024 was 20.72% and 18.90%, respectively.

For the quarter ended June 30, 2025, United’s effective tax rate was 20.62%.

Return on Average Tangible Common Equity (non-GAAP)

[(a) / (b)] x 365 / (c)]

Net interest income for the first quarter of 2026 increased $22.46 million, or 8.64% from the first quarter of 2025.

The increase of $22.46 million in net interest income occurred because total interest income increased $12.28 million while total interest expense decreased $10.18 million from the first quarter of 2025.

Net interest income for the first quarter of 2026 decreased $4.94 million, or 1.72%, from the fourth quarter of 2025.

The decrease of $4.94 million in net interest income occurred because total interest income decreased $14.12 million while total interest expense decreased $9.18 million from the fourth quarter of 2025.

The provision for credit losses was $7.78 million for the first quarter of 2026 as compared to $29.10 million for the first quarter of 2025.

This decrease in the provision for credit losses was mainly due to the previously mentioned $18.73 million of provision recorded on purchased non-PCD loans from Piedmont during the first quarter of 2025.

The provision for credit losses was $6.78 million for the fourth quarter of 2025.

For the first quarter of 2026, noninterest income increased $4.51 million or 15.26% and $3.13 million or 10.11% from the first quarter and fourth quarter of 2025, respectively.

These increases were primarily due to increased fees from brokerage services and net gains on the sale of equity securities in the first quarter of 2026.

Noninterest expense for the first quarter of 2026 was flat, decreasing $759 thousand or less than 1% from the first quarter of 2025.

The decrease was due mainly to merger-related expenses from the Piedmont acquisition incurred in the first quarter of 2025 being mostly offset by increases in employee compensation and employee benefits expenses during the first quarter of 2026.

Noninterest expense for the first quarter of 2026 was also flat from the fourth quarter of 2025, increasing $1.10 million or less than 1% from the fourth quarter of 2025.

The increase was primarily due to an increase in employee benefits expense mostly offset by decreases in data processing expense and the amortization of investment tax credits within other expense.

Income taxes increased $9.16 million or 40.49% for the first three months of 2026 as compared to the first three months of 2025 primarily due to higher earnings partially offset by a lower effective tax rate.

On a linked-quarter basis, income taxes increased $720 thousand or 2.32% for the first quarter of 2026 as compared to the fourth quarter of 2025 due mainly to a higher effective tax rate partially offset by lower earnings.

The effective tax rate was 20.38% and 21.16% for the first quarter of 2026 and 2025, respectively.

The effective tax rate was 19.43% for the fourth quarter of 2025.

The following discussion explains in more detail the consolidated results of operations by major category.

4 unchanged sentences

Such changes, and their impact on net interest income in 2026 and 2025, are presented below.

Net interest income for the third quarter of 2025 was $280.12 million, which was an increase of $49.86 million or 21.65% from the third quarter of 2024.

The $49.86 million increase in net interest income occurred because total interest income increased $48.23 million while total interest expense decreased $1.63 million from the third quarter of 2024.

Net interest income for the first nine months of 2025 was $814.71 million, which was an increase of $136.25 million or 20.08% from the first nine months of 2024.

The $136.25 million increase in net interest income occurred because total interest income increased $129.71 million while total interest expense decreased $6.53 million from the first nine months of 2024.

On a linked-quarter basis, net interest income for the third quarter of 2025 increased $5.58 million or 2.03% from the second quarter of 2025.

The $5.58 million increase in net interest income occurred because total interest income increased $9.76 million while total interest expense increased $4.18 million from the second quarter of 2025.

Net interest income for the first quarter of 2026 was $282.52 million, which was an increase of $22.46 million or 8.64% from the first quarter of 2025.

The $22.46 million increase in net interest income occurred because total interest income increased $12.28 million while total interest expense decreased $10.18 million from the first quarter of 2025.

On a linked-quarter basis, net interest income for the first quarter of 2026 decreased $4.94 million, or 1.72%, from the fourth quarter of 2025.

The $4.94 million decrease in net interest income occurred because total interest income decreased $14.12 million while total interest expense decreased $9.18 million from the fourth quarter of 2025.

For the purpose of this remaining discussion, net interest income is presented on a tax-equivalent basis to provide a comparison among all types of interest earning assets.

2 unchanged sentences

United uses this measure to monitor net interest income performance and to manage its balance sheet composition.

Tax-equivalent net interest income increased $49.81 million, or 21.56%, from the third quarter of 2024.

The increase in tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, and an increase in acquired loan accretion income.

These increases to tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits.

Average earning assets increased $3.29 billion, or 12.58%, from the third quarter of 2024, driven by increases in average net loans of $2.69 billion and average short-term investments of $750.23 million, partially offset by a decrease in average investment securities of $154.76 million.

The increase in average net loans from the third quarter of 2024 was driven by the Piedmont acquisition and organic loan growth.

The cost of average interest-bearing deposits decreased 44 basis points from the third quarter of 2024.

Acquired loan accretion income was $7.49 million for the third quarter of 2025 as compared to $2.37 million for the third quarter of 2024.

Average interest-bearing deposits increased $2.62 billion, or 15.06%, from the third quarter of 2024.

The net interest margin of 3.80% for the third quarter of 2025 was an increase of 28 basis points from the net interest margin of 3.52% for the third quarter of 2024.

Tax-equivalent net interest income for the first nine months of 2025 increased $136.03 million, or 19.97%, from the first nine months of 2024.

The increase in tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, an increase in acquired loan accretion income, and a decrease in average long-term borrowings.

These increases to tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits.

Average earning assets increased $2.90 billion, or 11.14%, from the first nine months of 2024, driven by increases in average net loans of $2.32 billion and average short-term investments of $1.03 billion, partially offset by a decrease in average investment securities of $448.80 million.

The cost of average interest-bearing deposits decreased 34 basis points from the first nine months of 2024.

Acquired loan accretion income was $25.24 million for the first nine months of 2025 as compared to $7.29 million for the first nine months of 2024.

Average long-term borrowings decreased $628.41 million, or 53.34%, from the first nine months of 2024.

Average interest-bearing deposits increased $2.73 billion, or 16.12%, from the first nine months of 2024.

The net interest margin of 3.77% for the first nine months of 2025 was an increase of 28 basis points from the net interest margin of 3.49% for the first nine months of 2024.

On a linked-quarter basis, tax-equivalent net interest income for the third quarter of 2025 also increased $5.57 million, or 2.02%, from the second quarter of 2025.

The increase in net interest income and tax-equivalent net interest income was driven by an increase in average earning assets partially offset by an increase in average interest-bearing deposits and a decrease in acquired loan accretion income.

Average earning assets increased $470.28 million, or 1.62%, from the second quarter of 2025 driven by increases in average net loans of $310.77 million and average short-term investments of $111.08 million.

Average interest-bearing deposits increased $415.45 million, or 2.12%, from the second quarter of 2025.

Acquired loan accretion income for the third quarter of 2025 decreased $4.27 million from the second quarter of 2025.

The net interest margin was 3.80% and 3.81% for the third quarter of 2025 and the second quarter of 2025, respectively.

Tax-equivalent net interest income for the first quarter of 2026 was $283.30 million, an increase of $22.46 million or 8.61% from the first quarter of 2025.

This increase in tax-equivalent net interest income was primarily due to an increase in average earning assets, mainly net loans, and a lower average cost of interest-bearing funds, mainly deposits.

These increases to tax-equivalent net interest income were partially offset by an increase in average interest-bearing funds, mainly deposits, and a lower yield on average earning assets, mainly short-term investments.

Average earning assets for the first quarter of 2026 increased $1.54 billion or 5.39% from the first quarter of 2025.

The increase in average earning assets was due mainly to a $1.38 billion or 5.97% increase in average net loans as well as increases of $107.72 million or 5.05% and $48.75 million or 1.50% in average short-term investments and average investment securities, respectively.

Average interest-bearing funds for the first quarter of 2026 increased $1.24 billion or 6.17% from the first quarter of 2025.

In particular, average interest-bearing deposits increased $1.25 billion or 6.44% while average short-term borrowings increased $15.35 million or 9.19% and average long-term borrowings decreased $22.64 million or 4.08% from the first quarter of 2025.

The average cost of funds for the first quarter of 2026 decreased 36 basis points due primarily to a decrease in interest rates from the first quarter of 2025.

Most notably, the cost of average interest-bearing deposits decreased 36 basis points and the cost of average short-term and long-term borrowings decreased 32 basis points and 28 basis points, respectively, from the first quarter of 2025.

The average yield on earning assets for the first quarter of 2026 decreased 13 basis points from the first quarter of 2025.

In particular, the yield on average short-term investments decreased 76 basis points while the yield on average net loans and average investment securities declined 8 basis points and 15 basis points, respectively.

For the first quarter of 2026, interest income and tax-equivalent net interest income included $7.47 million of acquired loan accretion income as compared to $5.99 million for the first quarter of 2025.

The net interest margin of 3.80% for the first quarter of 2026 was an increase of 11 basis points from the net interest margin of 3.69% for the first quarter of 2025.

On a linked-quarter basis, tax-equivalent net interest income decreased $4.96 million or 1.72% from the fourth quarter of 2025.

The net interest margin was 3.80% and 3.83% for first quarter of 2026 and the fourth quarter of 2025, respectively.

The interest rate spread for the first quarter of 2026 increased 2 basis points to 3.06% from the fourth quarter of 2025 due to a 14 basis point decrease in the average cost of funds partially offset by a 12 basis point decrease in the yield on average earning assets.

The decrease in the average cost of funds was primarily due to a 14 basis point decrease in the average rate paid on deposits.

The decrease in the yield on average earning assets was primarily due to an 11 basis point decrease in the yield on average net loans, a 26 basis point decrease in the yield on average short-term investments and lower acquired loan accretion income.

Acquired loan accretion income for the first quarter of 2026 decreased $988 thousand or 11.68% from the fourth quarter of 2025.

United’s tax-equivalent net interest income also includes the impact of acquisition accounting fair value adjustments.

The following table provides the discount/premium and net accretion impact to tax-equivalent net interest income for the three months ended September 30, 2025, September 30, 2024 and June 30, 2025 and the nine months ended September 30, 2025 and September 30, 2024:

The following table provides the discount/premium and net accretion impact to tax-equivalent net interest income for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025:

Three Months Ended

3 unchanged sentences

Long-term borrowings

Nine Months Ended

(Dollars in thousands)

Loan accretion

Certificates of deposit

Long-term borrowings

Tax-equivalent net interest income

The following tables reconcile the difference between net interest income and tax-equivalent net interest income for the three months ended September 30, 2025, September 30, 2024 and June 30, 2025 and the nine months ended September 30, 2025 and September 30, 2024.

The following tables reconcile the difference between net interest income and tax-equivalent net interest income for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025.

Three Months Ended

3 unchanged sentences

Tax-equivalent net interest income

Nine Months Ended

(Dollars in thousands)

Net interest income, GAAP basis

Tax-equivalent adjustment (1)

Tax-equivalent net interest income

The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21% for the three months and nine months ended September 30, 2025 and 2024 and the three months ended June 30, 2025.

The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21% for the three months ended March 31, 2026 and 2025 and December 31, 2025.

All interest income on loans and investment securities was subject to state income taxes.

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended September 30, 2025 and 2024, respectively, with the interest and rate earned or paid on such amount.

The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended September 30, 2025 and 2024.

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended March 31, 2026 and 2025, respectively, with the interest and rate earned or paid on such amount.

Interest income on all loans and investment securities was subject to state income taxes.

Three Months Ended

September 30, 2025

March 31, 2026

Three Months Ended

September 30, 2024

March 31, 2025

(Dollars in thousands)

5 unchanged sentences

Allowance for loan losses

Net loans (2)(3)

Total earning assets

Interest-Bearing Liabilities:

Interest-Bearing Funds:

Interest-bearing deposits

1 unchanged sentence

Long-term borrowings

Total Interest-Bearing Liabilities

Total Interest-Bearing Funds

Noninterest-bearing deposits

5 unchanged sentences

NET INTEREST INCOME

INTEREST RATE SPREAD

INTEREST SPREAD

NET INTEREST MARGIN

2 unchanged sentences

Loans held for sale and leases are included in the daily average loan amounts outstanding.

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended September 30, 2025 and June 30, 2025, respectively, with the interest and rate earned or paid on such amount.

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended March 31, 2026 and December 31, 2025, respectively, with the interest and rate earned or paid on such amount.

Interest income on all loans and investment securities was subject to state income taxes.

Three Months Ended

September 30, 2025

March 31, 2026

Three Months Ended

June 30, 2025

December 31, 2025

(Dollars in thousands)

5 unchanged sentences

Allowance for loan losses

Net loans (2)(3)

Total earning assets

Interest-Bearing Liabilities:

Interest-Bearing Funds:

Interest-bearing deposits

1 unchanged sentence

Long-term borrowings

Total Interest-Bearing Liabilities

Total Interest-Bearing Funds

Noninterest-bearing deposits

5 unchanged sentences

NET INTEREST INCOME

INTEREST RATE SPREAD

NET INTEREST MARGIN

The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

Nonaccruing loans are included in the daily average loan amounts outstanding.

Loans held for sale and leases are included in the daily average loan amounts outstanding.

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the nine-month periods ended September 30, 2025 and 2024, respectively, with the interest and rate earned or paid on such amount.

The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the nine-month period ended September 30, 2025 and 2024.

Interest income on all loans and investment securities was subject to state income taxes.

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

(Dollars in thousands)

Earning Assets:

Federal funds sold and securities repurchased under agreements to resell and other short-term investments

Investment Securities:

Total Securities

Loans, net of unearned income (2)(3)

Allowance for loan losses

Total earning assets

Interest-Bearing Liabilities:

Interest-bearing deposits

Short-term borrowings

Long-term borrowings

Total Interest-Bearing Liabilities

Non-interest bearing deposits

Accrued expenses and other liabilities

TOTAL LIABILITIES

SHAREHOLDERS’ EQUITY

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

NET INTEREST INCOME

INTEREST RATE SPREAD

INTEREST SPREAD

NET INTEREST MARGIN

3 unchanged sentences

Provision for Credit Losses

The provision for credit losses was $12.10 million and $47.09 million for the third quarter and first nine months of 2025, respectively, as compared to a provision for credit losses of $6.94 million and $18.46 million for the third quarter and first nine months of 2024, respectively.

The provision for credit losses for the first nine months of 2025 included provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont.

On a linked-quarter basis, the provision for credit losses for the second quarter of 2025 was $5.89 million.

The provision for credit losses was $7.78 million for the first quarter of 2026 as compared to a provision for credit losses of $29.10 million for the first quarter of 2025.

On a linked-quarter basis, the provision for credit losses for the fourth quarter of 2025 was $6.78 million.

The provision for credit losses for the first quarter of 2025 included provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont.

United’s provision for credit losses relates to its portfolio of loans and leases, available-for-sale securities and held-to-maturity securities are discussed in more detail in the following paragraphs.

For the quarter ended September 30, 2025, the provision for loan and lease losses was $12.10 million as compared to a provision for loan and lease losses of $6.94 million for the quarter ended September 30, 2024.

The higher amount of provision expense for the third quarter of 2025 compared to the third quarter of 2024 was mainly due to increased provision for the commercial real estate nonowner-occupied (“CRE NOO”) loan segment.

The provision for loan and lease losses for the first nine months of 2025 was $47.09 million as compared to a provision for loan and lease losses of $18.46 million for the first nine months of 2024.

The higher amount of provision expense for the first nine months of 2025 compared to the first nine months of 2024 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont as well as increased provision for the CRE NOO loan segment.

Net charge-offs for the third quarter of 2025 were $20.01 million as compared to net charge-offs of $3.60 million for the third quarter of 2024.

During the third quarter of 2025, United recorded $16.50 million of charge-offs reflecting updated collateral valuations on two CRE NOO loans associated with the same sponsor downgraded to nonaccrual status.

The loans, originated in 2018 and 2019, are collateralized by office buildings in Northern Virginia and include a full guarantee from the sponsor.

During the third quarter of 2025, the sponsor experienced a significant deterioration in financial condition and concerns arose regarding the sponsor’s ability to support the credits on a long-term basis.

Net charge-offs for the first nine months of 2025 were $36.40 million as compared to net charge-offs of $6.93 million for the first nine months of 2024.

In addition to the two aforementioned CRE NOO loans, the higher amount of net charge-offs for the first nine months of 2025 as compared to the same time period in 2024 was primarily due to additional charge-offs within the CRE NOO, other commercial, and consumer loan segments.

On a linked-quarter basis, the provision for loan and lease losses of $12.10 million for the third quarter of 2025 was an increase of $6.21 million from the provision for loan and lease losses of $5.89 million for the second quarter of 2025.

The higher amount of provision expense for the third quarter of 2025 compared to the second quarter of 2025 was mainly due to increased provision for the CRE NOO loan segment and decreased provision requirements for the construction and land development loan segment.

Net charge-offs were $8.35 million for the second quarter of 2025.

Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the third quarter and first nine months of 2025 were 0.33% and 0.20%, respectively, as compared to annualized net charge-offs of 0.07% and 0.04% for the third quarter and first nine months of 2024, respectively.

Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the second quarter of 2025 were 0.14%.

The following table shows a summary of United’s nonperforming assets including nonperforming loans and other real estate owned (“OREO”) at September 30, 2025 and December 31, 2024:

For the quarter ended March 31, 2026, the provision for loan and lease losses was $7.78 million as compared to a provision for loan and lease losses of $29.10 million for the quarter ended March 31, 2025.

The lower amount of provision expense for the first quarter of 2026 compared to the first quarter of 2025 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont during the first quarter of 2025.

Net charge-offs were $5.70 million for the first quarter of 2026 compared to net charge-offs of $8.04 million for the first quarter of 2025.

The lower amount of net charge-offs for 2026 as compared to 2025 was primarily due to decreased charge-offs within the consumer and other commercial loan segments.

On a linked-quarter basis, the provision for loan and lease losses for the fourth quarter of 2025 was $6.78 million.

Net charge-offs were $9.31 million for the fourth quarter of 2025.

Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the first quarter of 2026 was 0.15% as compared to annualized net charge-offs of 0.14% for the first quarter of 2025 and annualized net charge-offs of 0.15% for the fourth quarter of 2025.

The following table shows a summary of United’s nonperforming assets including nonperforming loans and other real estate owned (“OREO”) at March 31, 2026 and December 31, 2025:

(In thousands)

4 unchanged sentences

Total nonperforming assets

At September 30, 2025, the nonaccrual balance on the two CRE NOO loans discussed above was $60.46 million.

United maintains an allowance for loan and lease losses and a reserve for lending-related commitments.

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

At September 30, 2025, the allowance for credit losses was $332.69 million as compared to $306.76 million at December 31, 2024.

At September 30, 2025, the allowance for loan and lease losses was $300.05 million as compared to $271.84 million at December 31, 2024.

The increase in the allowance for loan and lease losses was primarily driven by the allowance for loan and lease losses recorded as a result of the Piedmont acquisition.

The allowance for loan and lease losses at September 30, 2025 saw the largest increases in the reserves for the CRE NOO and residential real estate segments from year-end 2024 due to increased outstanding loan balances from the Piedmont acquisition and increased adjustments resulting from the reasonable and supportable forecast.

As a percentage of loans and leases, net of unearned income, the allowance for loan losses was 1.22% at September 30, 2025 and 1.25% at December 31, 2024.

The ratio of the allowance for loan and lease losses to nonperforming loans and leases or coverage ratio was 256.75% and 370.36% at September 30, 2025 and December 31, 2024, respectively.

The decrease in this ratio was due mainly to a larger increase in nonperforming loans as compared to the allowance for loan losses.

At March 31, 2026, the allowance for credit losses was $336.65 million as compared to $332.59 million at December 31, 2025.

At March 31, 2026, the allowance for loan and lease losses was $299.60 million as compared to $297.52 million at December 31, 2025.

The allowance for loan and lease losses at March 31, 2026 saw the largest increase in the reserves for the commercial real estate nonowner-occupied loan segment from year-end 2025 due to increased outstanding loan balances and an increased adjustment resulting from the reasonable and supportable forecast around economic and business conditions.

The largest decrease in reserves at March 31, 2026 was for the real estate construction and development loan segment due to a decreased adjustment within the reasonable and supportable forecast around strength and growth of the segment.

As a percentage of loans and leases, net of unearned income, the allowance for loan and lease losses was 1.20% at both March 31, 2026 and December 31, 2025.

The ratio of the allowance for loan and lease losses to nonperforming loans and leases or coverage ratio was 291.34% and 293.22% at March 31, 2026 and December 31, 2025, respectively.

The slight decrease in this ratio was due mainly to a larger increase in nonperforming loans as compared to the increase in the allowance for loan and lease losses.

United continues to evaluate risks which may impact its loan and lease portfolios.

2 unchanged sentences

If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, an adjustment was made for that factor.

The third quarter of 2025 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;

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

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

collateral values for dependent loans;

4 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 with a projection of 4.40% for 2026.

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 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.

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 reasonable and supportable forecast period.

United’s review of the allowance for loan and lease losses at September 30, 2025 produced increased reserves in three of the four loan categories as compared to December 31, 2024.

The allowance related to the commercial, financial & agricultural loan pool, consisting of the owner and non-owner occupied commercial real estate and other commercial loan segments, increased $22.28 million due to the first quarter acquisition of Piedmont and increased outstanding balances as well as increased allocations for the reasonable and supportable forecast adjustment.

The residential real estate loan segment reserve increased $6.93 million due to increased outstanding balances with the acquisition of Piedmont and the annual evaluation of delay periods utilized in the historical loss rate calculation.

The consumer loan segment reserve increased $2.43 million primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment.

The real estate construction and development loan segment reserve decreased $3.44 million due to reduced concern over collateral values and improved strength of the portfolio.

United’s review of the allowance for loan and lease losses at March 31, 2026 produced increased reserves in two of the four loan categories as compared to December 31, 2025.

The consumer loan segment reserve increased $738 thousand primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment.

The real estate construction and development loan segment reserve decreased $4.09 million due to improvement in the reasonable and supportable adjustment.

The residential real estate loan segment reserve decreased $319 thousand due to an improvement in historical loss rates.

An allowance is established for estimated lifetime losses for loans that are individually assessed.

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When the selected measure is less than the recorded investment in the loan, an expected credit loss has occurred.

The allowance for loans and leases that were individually assessed was $11.04 million at September 30, 2025 and $11.21 million at December 31, 2024.

In comparison to year-end, this element of the allowance decreased $168 thousand due to loans individually evaluated from the acquisition of Piedmont requiring allocations as well as a large United-originated office relationship with elevated collection concerns due to the impact of government efficiency efforts which resulted in the termination of leases.

These increases were offset by the resolution of an office relationship that necessitated a charge-off as well as collateral liquidation on a relationship and improved collateral position on another that negated the need for continued additional reserves.

Management believes that the allowance for credit losses of $332.69 million at September 30, 2025 is adequate to provide for expected losses on existing loans and lending-related commitments based on information currently available.

The allowance for loans and leases that were individually assessed was $10.60 million at March 31, 2026 and $8.04 million at December 31, 2025.

In comparison to year-end, this element of the allowance increased $2.57 million due to collateral weaknesses identified in several relationships which necessitated individually assessed reserves and increases to reserves previously identified.

Management believes that the allowance for credit losses of $336.65 million at March 31, 2026 is appropriate to provide for expected losses on existing loans and lending-related commitments based on information currently available.

United’s loan administration policies are focused on the risk characteristics of the loan portfolio in terms of loan approval and credit quality.

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It is the opinion of management that these commercial loans do not pose any unusual risks and that adequate consideration has been given to these loans in establishing the allowance for credit losses.

The provision for credit losses related to held to maturity securities for the third quarter of 2025 and 2024 was immaterial.

The allowance for credit losses related to held to maturity securities was $17 thousand and $18 thousand, respectively, as of September 30, 2025 and December 31, 2024.

There was no provision for credit losses recorded on available for sale investment securities for the first nine months of 2025 and 2024 and no allowance for credit losses on available for sale investment securities as of September 30, 2025 and December 31, 2024.

The provision for credit losses related to held to maturity securities for the first quarter of 2026 and 2025 was immaterial.

The allowance for credit losses related to held to maturity securities was $16 thousand as of March 31, 2026 as well as December 31, 2025.

There was no provision for credit losses recorded on available for sale investment securities for the first quarter of 2026 and 2025 and no allowance for credit losses on available for sale investment securities as of March 31, 2026 and December 31, 2025.

Management is not aware of any potential problem loans or leases, trends or uncertainties, which it reasonably expects, will materially impact future operating results, liquidity, or capital resources which have not been disclosed.

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Recognizing the importance, management continues to evaluate areas where noninterest income can be enhanced.

Noninterest income for the third quarter of 2025 was $43.20 million, an increase of $11.26 million or 35.26% from the third quarter of 2024.

Noninterest income for the first nine months of 2025 was $104.22 million, an increase of $9.84 million or 10.43% from the first nine months of 2024.

Net gains on investment securities were $10.44 million for the third quarter of 2025 as compared to net losses on investment securities of $6.72 million for the third quarter of 2024.

For the first nine months of 2025, net gains on investment securities were $11.39 million as compared to net losses on investment securities of $7.03 million for the first nine months of 2024.

The net gains in the third quarter and first nine months of 2025 were primarily due to a net increase in the fair value of equity securities reflecting common stock net appreciation at September 30, 2025, from the prior quarter-end.

The net losses in the third quarter and first nine months of 2024 were due to sales of AFS investment securities and a decline in the fair value of equity securities partially offset by the exchange of VISA shares.

Fees from brokerage services for the third quarter and first nine months of 2025 increased $1.19 million or 23.48% and $1.47 million or 9.62%, respectively, from the third quarter and first nine months of 2024.

The increases in fees from brokerage services for 2025 were primarily due to higher volume.

Fees from deposit services for the first nine months of 2025 increased $1.41 million or 5.07% from the first nine months of 2024.

In particular, debit card, overdraft, and account analysis fees increased for the first nine months of 2025 as compared to the first nine months of 2024.

Income from mortgage banking activities totaled $2.50 million and $7.58 million for the third quarter and first nine months of 2025, respectively, compared to $4.54 million and $13.74 million for the third quarter and first nine months of 2024, respectively.

The decreases for 2025 as compared to 2024 were mainly due to lower mortgage loan origination and sale volume.

For the three months ended September 30, 2025 and 2024, mortgage loan sales were $104.06 million and $171.32 million, respectively.

For the nine months ended September 30, 2025 and 2024, mortgage loan sales were $303.86 million and $523.33 million, respectively.

Mortgage loans originated for sale were $91.23 million and $283.72 million for the third quarter and first nine months of 2025, respectively, as compared to $151.33 million and $513.56 million for the third quarter and first nine of 2024, respectively.

Mortgage loan servicing income for the first nine months of 2025 decreased $8.96 million from the first nine months of 2024.

This 100% decrease in 2025 from the same time period in 2024 was due to the sale of United’s remaining mortgage servicing portfolio in the second half of 2024.

Income from bank-owned life insurance for the first nine months of 2025 increased $2.45 million or 30.62% from the first nine months of 2024.

These increases were primarily due to death proceeds of $1.28 million in the first nine months of 2025 as well as income from the bank-owned life insurance policies added from the Piedmont acquisition and an increase in the cash surrender values primarily due to the impact of higher market values of underlying investments.

On a linked-quarter basis, noninterest income for the third quarter of 2025 was $43.20 million, an increase of $11.74 million, or 37.33%, from the second quarter of 2025, driven by increases in net gains on investment securities of $10.02 million and fees from brokerage services of $1.40 million.

As previously mentioned, net gains on investment securities of $10.44 million for the third quarter of 2025 were primarily due to unrealized fair value gains on equity securities reflecting common stock appreciation at September 30, 2025, from the prior quarter-end.

The increase in fees from brokerage services was primarily due to higher volume.

Noninterest income for the first quarter of 2026 was $34.06 million, an increase of $4.51 million or 15.26% from the first quarter of 2025.

This increase was driven by increases in fees from brokerage services and net gains on investment securities.

Fees from brokerage services for the first quarter of 2026 increased $1.76 million or 31.14% from the first quarter of 2025 due to higher volume driven by growth in the business.

Net gains on investment securities were $2.27 million for the first quarter of 2026 as compared to net gains on investment securities were $521 thousand for the first quarter of 2025.

The net gains on investment securities in the first quarter of 2026 were primarily due to a net gain on the sale of equity securities whereas the net gains on investment securities in the first quarter of 2025 were due to an increase in the fair value of equity securities.

On a linked-quarter basis, noninterest income for the first quarter of 2026 increased of $3.13 million, or 10.11%, from the fourth quarter of 2025.

Net gains on investment securities were $2.27 million for the first quarter of 2026 as compared to net losses on investment securities of $218 thousand for the fourth quarter of 2025.

Net gains on investment securities for the first quarter of 2026 were primarily due to the above mentioned gains on sales of equity securities.

Fees from brokerage services increased $1.45 million from the fourth quarter of 2025, primarily due to previously mentioned higher volume driven by growth in the business.

Other Expenses

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Other expenses include all items of expense other than interest expense, the provision for credit losses, and income taxes.

Noninterest expense for the third quarter of 2025 was $146.74 million, which was an increase of $11.40 million or 8.42% from the third quarter of 2024.

For the first nine months of 2025, noninterest expense was $448.33 million, which was an increase of $37.48 million or 9.12% from the first nine months of 2024.

Generally, these increases in the 2025 time periods related primarily to the expenses associated with the additional employees and branch offices from the Piedmont acquisition.

In addition, merger-related expenses within the non-interest expense category from the Piedmont acquisition increased $11.07 million for the first nine months of 2025 from the first nine months of 2024.

Employee compensation for the third quarter and first nine months of 2025 increased $5.61 million or 9.59% and $11.61 million or 6.59%, respectively, from the third quarter and first nine months of 2024.

The increases in employee compensation were due primarily to the additional employees from the Piedmont acquisition as well as higher employee incentives.

In addition, $1.46 million in merger-related expenses were recognized in the first nine months of 2025.

Employee benefits expense for the third quarter and first nine months of 2025 increased $1.56 million or 11.90% and $1.46 million or 3.67%, respectively, from the third quarter and first nine months of 2024.

This increase was primarily due to increased health insurance costs due to a higher amount of claims and the additional employees from the Piedmont acquisition partially offset by a decline in expenses for postretirement benefits.

Net occupancy for the third quarter and first nine months of 2025 increased $1.22 million or 10.80% and $2.60 million or 7.43%, respectively, from the third quarter and first nine months of 2024.

These increases were due mainly to increased building rental, maintenance, and depreciation costs primarily as a result of the Piedmont acquisition.

Equipment expense for the first nine months of 2025 increased $3.46 million or 15.58% from the first nine months of 2024.

This increase was due to higher equipment maintenance expense.

Data processing expense for the first nine months of 2025 increased $2.33 million or 10.50% from the first nine months of 2024 due to increased processing from the Piedmont acquisition.

Mortgage servicing and impairment expense for first nine months of 2025 decreased $2.43 million from the first nine months of 2024 due to the sale of the remaining loans serviced by United in 2024.

FDIC expense for the first nine months of 2025 decreased $2.25 million or 14.17% from the first nine months of 2024.

FDIC insurance expense for the first nine months of 2024 included $2.1 million in expense for the FDIC’s special assessment resulting from the FDIC’s revised loss estimates to the Deposit Insurance Fund.

Other expense for the third quarter of 2025 increased $1.96 million or 6.17% from the third quarter of 2024 due primarily to increases of $1.43 million for the amortization of core deposit intangibles due mainly to the Piedmont acquisition, $1.42 million for the amortization of investment tax credits and $930 thousand for consulting and legal fees partially offset by a decline of $2.62 million in operational losses due primarily due to fewer fraud losses.

Other expense for the first nine months of 2025 increased $20.78 million or 21.96% from the first nine months of 2024.

Within other expense, merger-related expenses increased $5.41 million and the expense for the reserve for unfunded commitments increased $4.46 million, which includes $4.06 million for the expense related to the reserve for the acquired unfunded loan commitments from Piedmont.

In addition, consulting and legal fees increased $5.67 million, advertising expense increased $1.31 million, business franchise taxes increased $1.31 million and automated teller machine (“ATM”) fees increased $1.23 million.

The amortization of core deposit intangibles increased $4.29 million due mainly to the Piedmont acquisition.

On a linked-quarter basis, noninterest expense for the third quarter of 2025 of $146.74 million was flat from the second quarter of 2025, slightly decreasing $1.28 million, or less than 1%.

The decrease in noninterest expense was driven by a $3.53 million decrease in other noninterest expense.

Within other noninterest expense, the expense on the reserve for unfunded commitments declined $2.43 million primarily due to a decrease in the modeled loss rate within certain loan portfolios partially offset by an increase in the outstanding balance of loan commitments from the prior quarter-end.

In addition, consulting and legal fees declined $1.31 million and merger expenses decreased $910 thousand.

Partially offsetting these decreases in noninterest expense were a $1.16 million increase in employee compensation and a $1.21 million increase in employee benefits.

Additionally, within other noninterest expense, investment tax credit amortization increased $1.36 million for the third quarter of 2025 as compared to the second quarter of 2025.

The increase in employee compensation was primarily due to higher employee headcount and brokerage commissions.

The increase in employee benefits was primarily due to higher postretirement benefit costs.

For the third quarter of 2025, income tax expense was $33.74 million as compared to $24.65 million in the third quarter of 2024.

The increase of $9.09 million in income tax expense for the third quarter of 2025 as compared to the third quarter of 2024 was primarily due to higher earnings partially offset by a slightly lower effective tax rate.

For the first nine months of 2025, income tax expense was $87.73 million as compared to $64.93 million in the first nine months of 2024.

The increase of $22.80 million in income tax expense for the first nine months of 2025 was due mainly to an increase in earnings and a higher effective tax rate.

On a linked-quarter basis, income tax expense increased $2.37 million from the second quarter of 2025 due mainly to increased earnings partially offset by a slightly lower effective tax rate.

For the quarters ended September 30, 2025 and 2024, United’s effective tax rate was 20.51% and 20.56%, respectively.

The effective tax rate for the first nine months of 2025 and 2024 was 20.72% and 18.90%, respectively.

For the quarter ended June 30, 2025, United’s effective tax rate was 20.62%.

Noninterest expense for the first quarter of 2026 was $152.81 million which was relatively flat from the first quarter of 2025, decreasing $759 thousand or less than 1%.

The first quarter of 2025 included $11.31 million of merger-rated expenses from the Piedmont acquisition.

Employee compensation for the first quarter of 2026 increased $2.63 million or 4.32% when compared to the first quarter of 2025.

The increase in employee compensation was primarily due to higher employee incentives and higher brokerage commissions.

Employee compensation for the first quarter of 2025 included $1.17 million in merger-related expenses.

Employee benefits expense for the first quarter of 2026 increased $2.69 million or 20.23% from the first quarter of 2025.

This increase in employee benefits was primarily due to higher post-retirement benefit and Federal Insurance Contributions Act (“FICA”) costs.

Data processing expense for the first quarter of 2026 decreased $1.45 million or 17.20% from the first quarter of 2025.

The decrease in data processing was primarily due to technology contract renegotiations.

Other expense for the first quarter of 2026 decreased $5.43 million or 12.21% from the first quarter of 2025.

Within other expense for the first quarter of 2026, merger-related expenses decreased $6.00 million and consulting fees declined $2.93 million from the first quarter of 2025.

These decreases within other expense were partially offset by increases of $873 thousand in the amortization of investment tax credits and $811 thousand in business franchise taxes.

On a linked-quarter basis, noninterest expense for the first quarter of 2026 was relatively flat from the fourth quarter of 2025, increasing $1.10 million, or less than 1%.

An increase in employee benefits of $3.01 million and an increase in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $1.06 million was mostly offset by a $1.08 million decrease in data processing expense and a $1.79 million decrease in other expense.

The increase in employee benefits was primarily due to higher FICA and post-retirement benefit costs.

FDIC insurance expense for the fourth quarter of 2025 included a $1.2 million reduction of expense reflecting the FDIC’s reduced estimates related to the special assessment.

The decrease in data processing was primarily due to the previously mentioned technology contract renegotiations.

Within other expense, the amortization of investment tax credits declined $920 thousand.

For the first quarter of 2026, income tax expense was $31.79 million as compared to $22.63 million for the first quarter of 2025.

The increase of $9.16 million was primarily due to higher earnings partially offset by a lower effective tax rate.

On a linked-quarter basis, income tax expense increased $720 thousand primarily due to a higher effective tax rate partially offset by lower earnings.

United’s effective tax rate was 20.38% for the first quarter of 2026, 21.16% for the first quarter of 2025 and 19.43% for the fourth quarter of 2025.

Liquidity and Capital Resources

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In the normal course of business, United through its Asset Liability Committee evaluates these as well as other alternative funding strategies that may be utilized to meet short-term and long-term funding needs.

During the first nine months of 2025, United increased its interest-bearing deposit balance at the FRB by $178.69 million to $2.15 billion.

The change in the balance at the FRB was mostly the result of a $2.92 billion increase in total deposits and $132.96 million of net sales, maturities, and paydowns in the available for sale debt securities portfolio partially offset by loan growth of $848.33 million and declines of $7.08 million and $10.20 million, respectively, in securities sold under agreements to repurchase and FHLB advances.

For the nine months ended September 30, 2025, cash of $359.99 million was provided by operating activities due mainly to net income of $335.78 million.

Net cash of $676.59 million was used in investing activities which was primarily due to $848.33 million of portfolio loan growth and net proceeds of $100.68 million from the sales, maturities, redemptions and calls of investment securities over purchases partially offset by net cash received of $77.47 million in the Piedmont acquisition.

During the first nine months of 2025, net cash of $543.08 million was provided by financing activities due primarily to growth in deposits of $816.29 million partially offset by cash dividends paid of $156.52 million and cash used of $79.41 million to repurchase shares of United common stock and $20.58 million to redeem subordinated notes assumed in the Piedmont acquisition.

The net effect of the cash flow activities was an increase in cash and cash equivalents of $226.48 million for the first nine months of 2025.

At September 30, 2025, United had an unused borrowing amount at the FHLB of approximately $8.97 billion subject to delivery of collateral after certain trigger points and $4.77 billion without the delivery of additional collateral.

United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280 million, all of which was available at September 30, 2025.

At September 30, 2025, United’s borrowing capacity for the FRB Discount Window was $4.64 billion.

United did not have any borrowings from the FRB’s Discount Window during the first nine months of 2025.

During the first quarter of 2026, United decreased its interest-bearing deposit balance at the FRB by $264.52 million to $1.97 billion.

The change in the balance at the FRB was mostly the result of growth in loans of $154.34 million, net purchases of $164.18 million in available for sale debt securities and a net repayment of $32.40 million in securities sold under agreements to repurchase partially offset by a growth in total deposits of $59.95 million.

For the three months ended March 31, 2026, cash of $160.86 million was provided by operating activities due mainly to net income of $124.20 million.

In addition, proceeds from the sale of mortgage loans in the secondary market exceeded originations by $4.60 million and the provision for loan losses was $7.78 million for the first quarter.

Net cash of $304.11 million was used in investing activities which was primarily due to loan growth of $154.34 million and net purchases of investment securities of $145.46 million over proceeds from sales.

During the first three months of 2026, net cash of $93.96 million was used in financing activities due primarily to net acquisition of $70.26 million in treasury stock, cash dividends paid of $53.38 million and the net repayment of securities sold under agreements to repurchase of $32.40 million partially offset by growth in deposits of $59.95 million.

The net effect of the cash flow activities was a decrease in cash and cash equivalents of $237.22 million for the first three months of 2026.

At March 31, 2026, United had an unused borrowing amount at the FHLB of approximately $9.24 billion subject to delivery of collateral after certain trigger points and $4.89 billion without the delivery of additional collateral.

United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280 million, all of which was available at March 31, 2026.

At March 31, 2026, United’s borrowing capacity for the FRB Discount Window was $4.59 billion.

United did not have any borrowings from the FRB’s Discount Window during the first quarter of 2026.

United anticipates it can meet its obligations over the next 12 months and has no material commitments for capital expenditures.

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United is well-capitalized based upon regulatory guidelines.

United’s risk-based capital ratio is 15.67% at September 30, 2025 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.40%, 13.40% and 11.34%, respectively.

United’s risk-based capital ratio is 15.54% at March 31, 2026 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.27%, 13.27% and 11.24%, respectively.

The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

Total shareholders’ equity was $5.45 billion at September 30, 2025, which was an increase of $452.49 million or 9.06% from December 31, 2024.

This increase is primarily due to increases of $20.34 million and $268.77 million to common stock and surplus, respectively, related to the Piedmont acquisition and $177.23 million in retained earnings (net income less dividends declared).

During the first nine months of 2025, United repurchased 2,284,282 shares of its common stock at an average price of $34.53 per share.

United’s equity to assets ratio was 16.30% at September 30, 2025 as compared to 16.63% at December 31, 2024.

The primary capital ratio, capital and reserves to total assets and reserves, was 17.13% at September 30, 2025 as compared to 17.47% at December 31, 2024.

United’s average equity to average asset ratio was 16.37% for the third quarter of 2025 as compared to 16.64% the third quarter of 2024.

United’s average equity to average asset ratio was 16.40% for the first nine months of 2025 as compared to 16.52% for the first nine months of 2024.

All of these financial measurements reflect a financially sound position.

During the third quarter of 2025, United’s Board of Directors declared a cash dividend of $0.37 per share.

Cash dividends were $1.11 per common share for the first nine months of 2025.

Total cash dividends declared were $52.46 million for the third quarter of 2025 and $158.54 million for the first nine months of 2025 as compared to $50.21 million for the third quarter of 2024 and $150.63 million for the first nine months of 2024, respectively.

Total shareholders’ equity was $5.49 billion at March 31, 2026, which was a relatively flat from December 31, 2025, decreasing $7.86 million or less than 1%.

This slight decrease was primarily due to a decrease of $10.19 million in accumulated other comprehensive loss and an increase of $70.91 million in treasury stock.

During the first quarter of 2026, United repurchased 1,739,501 shares of its common stock at an average price of $39.92 per share.

Partially offsetting these decreases to shareholders’ equity was an increase of $71.03 million in retained earnings as a result of net earnings (net income less dividends declared) during the first quarter of 2026.

United’s shareholders’ equity to assets ratio was 16.28% at March 31, 2026 as compared to 16.33% at December 31, 2025.

The primary capital ratio, capital and reserves to total assets and reserves, was 17.11% at March 31, 2026 as compared to 17.15% at December 31, 2025.

United’s average shareholders’ equity to average asset ratio was 16.45% for the first quarter of 2026 as compared to 16.42% the first quarter of 2025.

During the first quarter of 2026, United’s Board of Directors declared a cash dividend of $0.38 per share.

Total cash dividends declared were $53.17 million for the first quarter of 2026 which was relatively flat from dividends declared of $53.34 million for the first quarter of 2025.

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 2. Management’s Discussion and Analysis