What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 411 added, 265 removed, 1476 unchanged (31% of the section changed)

FINANCIAL STATEMENTS (UNAUDITED)

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

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

The June 30, 2026 and December 31, 2025, consolidated balance sheets of United Bankshares, Inc.

and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three and six months ended June 30, 2026 and 2025, the related consolidated statement of changes in shareholders’ equity for the three and six months ended June 30, 2026 and 2025, the related condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025, and the notes to consolidated financial statements appear on the following pages.

CONSOLIDATED BALANCE SHEETS

6 unchanged sentences

Total cash and cash equivalents

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

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

Securities available for sale at estimated fair value (amortized cost-$ 3,531,722 at June 30, 2026 and $ 3,264,860 at December 31, 2025, allowance for credit losses of $ 0 at June 30, 2026 and December 31, 2025)

Securities held to maturity, net of allowance for credit losses of $ 14 at June 30, 2026 and $ 16 at December 31, 2025 (estimated fair value-$ 1,020 at June 30, 2026 and December 31, 2025)

Equity securities at estimated fair value

27 unchanged sentences

issued- 151,183,683

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

and 150,856,999 at June 30, 2026 and December 31, 2025, respectively, including 14,241,534 and 10,976,752 shares in treasury at June 30, 2026 and December 31, 2025, respectively

Retained earnings

3 unchanged sentences

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

See notes to consolidated financial statements (unaudited).

See notes to consolidated unaudited financial statements.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

3 unchanged sentences

Three Months Ended

Six Months Ended

Interest income

25 unchanged sentences

Other real estate owned (“OREO”) expense

Net gains on the sales of OREO properties

Net losses on the sales of OREO properties

Equipment expense

10 unchanged sentences

Three Months Ended

Six Months Ended

Earnings per common share:

Average outstanding shares:

See notes to consolidated financial statements (unaudited).

See notes to consolidated unaudited financial statements

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

3 unchanged sentences

Three Months Ended

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

Six Months Ended

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

(“AFS”) securities, net of tax

Other comprehensive loss on cash flow hedge, net of tax

Total comprehensive income, net of tax

See notes to consolidated financial statements (unaudited).

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

Other comprehensive gain (loss) on cash flow hedge, net of tax

Comprehensive income, net of tax

See notes to consolidated unaudited financial statements

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

UNITED BANKSHARES, INC.

1 unchanged sentence

(Dollars in thousands, except per share data)

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Comprehensive

Income (Loss)

Shareholders’

7 unchanged sentences

Excise tax on net stock repurchases

Cash dividends ($ 0.38 per share)

Cash dividends ($ 0.38

Net issuance of common stock under stock-based compensation plans ( 311,231 shares)

Balance at March 31, 2026

Three Months Ended March 31, 2025

Comprehensive income:

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Stock grant forfeiture ( 2,093 shares)

Purchase of treasury stock ( 1,502,220 shares)

Excise tax on net stock repurchases

Cash dividends ($ 0.38 per share)

Net issuance of common stock under stock-based compensation plans ( 15,453 shares)

Balance at June 30, 2026

See notes to consolidated unaudited financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

UNITED BANKSHARES, INC.

AND SUBSIDIARIES

(Dollars in thousands, except per share data)

Six Months Ended June 30, 2025

Comprehensive

Income (Loss)

Shareholders’

3 unchanged sentences

Total comprehensive income, net of tax

Stock based compensation expense

Acquisition of Piedmont Bancorp, Inc.

( 7,860,831 shares)

Stock based compensation expense

Stock grant forfeiture ( 8,543 shares)

3 unchanged sentences

Balance at March 31, 2025

See notes to consolidated financial statements (unaudited).

Comprehensive income:

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Stock based compensation expense

Stock grant forfeiture ( 846 shares)

Purchase of treasury stock ( 981,428 shares)

Cash dividends ($ 0.37 per share)

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

Balance at June 30, 2025

See notes to consolidated unaudited financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

2 unchanged sentences

(Dollars in thousands)

Three Months Ended

Six Months Ended

NET CASH PROVIDED BY OPERATING ACTIVITIES

9 unchanged sentences

Proceeds from sales of bank premises and equipment

Proceeds from termination of bank-owned life insurance policies

Proceeds from bank-owned life insurance death benefits

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

7 unchanged sentences

Repayment of long-term Federal Home Loan Bank borrowings

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

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

4 unchanged sentences

Supplemental information

Noncash investing and financing activities:

Noncash investing activities:

Transfers of loans to OREO

5 unchanged sentences

Issuance of common stock as consideration for acquisition

See notes to consolidated financial statements (unaudited).

See notes to consolidated unaudited financial statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

9 unchanged sentences

Actual results could differ from those estimates.

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

The financial statements presented as of June 30, 2026 and 2025 and for the three-month and six-month

periods then ended have not been audited.

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

7 unchanged sentences

Operating and Reporting Segments

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

As of June 30, 2026, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking.

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

5 unchanged sentences

New Accounting Standards

In December 2025, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2025-11, “Interim

In May 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2026-02, “Environmental

Credits and Environmental Credit Obligations (Topic 818)”, to establish guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations.

Under the new standard, an entity will recognize and measure environmental credit assets based on their intended use (e.g., compliance environmental credits, noncompliance environmental credits, voluntary credits) as well as how the credits are obtained (e.g., acquired, internally generated).

Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation.

is effective for public business entities in annual periods beginning after December 15, 2027 (including interim periods within) and one year later for all other entities, with early adoption permitted as of the beginning of an annual reporting period.

The adoption of ASU 2026-02

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

In April 2026, the FASB released ASU 2026-01, “Equity

(Topic 505), Initial measurement of Paid-in-Kind

Dividends on Equity-Classified Preferred Stock”, to add guidance on how an issuer should measure paid-in-kind

(PIK) dividends on equity-classified preferred stock.

The ASU’s requirements are limited to the measurement of PIK dividends and do not address recognition.

is effective for all entities for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual reporting periods.

An entity may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date.

Early adoption is permitted for interim and annual periods for which financial statements have not been issued or made available for issuance.

An entity adopting the amendments in an interim period would be required to adopt them as of the beginning of the annual reporting period that includes that interim period.

The adoption of ASU 2026-01

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

In December 2025, the FASB released ASU 2025-11, “Interim

Reporting (Topic 270):

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

in the first annual reporting period beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027 Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance.

The adoption of ASU 2024-03

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

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

“Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which adopts certain disclosure requirements referred by the SEC.

For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X

or Regulation S-K

becomes effective, with early adoption prohibited.

For all other entities, the amendments will be effective two years later.

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

Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance.

The adoption of ASU 2024-03

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

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

INVESTMENT SECURITIES

2 unchanged sentences

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

March 31, 2026

June 30, 2026

Treasury securities and obligations of U.S.

23 unchanged sentences

debt securities.

The table above excludes accrued interest receivable of $ 14,000 and $ 12,717 at March 31, 2026 and December 31, 2025, respectively, that is recorded in “Accrued interest receivable.”

The following is a summary of securities available for sale which were in an unrealized loss position at March 31, 2026 and December 31, 2025.

The table above excludes accrued interest receivable of $ 13,608 and $ 12,717 at June 30, 2026 and December 31, 2025, respectively, that is recorded in “Accrued interest receivable.”

The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2026 and December 31, 2025.

Less than 12 months

12 months or longer

March 31, 2026

June 30, 2026

Treasury securities and obligations of U.S.

17 unchanged sentences

Other corporate securities

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

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

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

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

Securities with the most significant gross unrealized losses at March 31, 2026 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and other corporate securities.

The following table shows the proceeds from maturities, sales and calls of

available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls.

Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method.

Three Months Ended

Six Months Ended

Proceeds from sales, calls and maturities

Gross realized gains

Gross realized losses

At June 30, 2026, gross unrealized losses on available for sale securities were $ 218,489 on 878 securities of a total portfolio of 1,034 available for sale securities.

Securities with the most significant gross unrealized losses at June 30, 2026 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and other corporate securities.

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

Generally, the significant amount of gross unrealized losses on available for sale securities at March 31, 2026 was the result of elevated interest rates.

Generally, the significant amount of gross unrealized losses on available for sale securities at June 30, 2026 was the result of rising interest rates.

State and political subdivisions

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

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

As of March 31, 2026, approximately 46 % of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality.

The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of March 31, 2026.

The total amortized cost of available for sale state and political subdivision securities was $ 564,691 at June 30, 2026.

As of June 30, 2026, approximately 46 % of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality.

The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of June 30, 2026.

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

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

Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities had credit losses at June 30, 2026.

Mortgage-backed securities

7 unchanged sentences

United had a net unrealized loss of $ 143,149 on mortgage-backed

securities at March 31, 2026.

securities at June 30, 2026.

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

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

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

The total amortized cost of available for sale agency mortgage-backed securities was $ 2,242,507 at June 30, 2026.

Of the $ 2,242,507 amount, $ 327,174 was related to agency commercial mortgage-backed securities and $ 1,915,333 was related to agency residential mortgage-backed securities.

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

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

Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at June 30, 2026.

United’s non-agency

1 unchanged sentence

The total amortized cost of available for sale non-agency

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

Of the $ 42,296 , 100 % was rated AAA.

residential mortgage-backed securities was $ 41,938 at June 30, 2026.

Of the $ 41,938

, 100 % was rated AAA.

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

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

residential mortgage-backed securities had credit losses at June 30, 2026.

Asset-backed securities

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

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

As of June 30, 2026, United’s asset-backed securities portfolio had a total amortized cost balance of $ 175,611 .

100 % of the portfolio had at least one rating above investment grade as of June 30, 2026.

Approximately 77 % of the portfolio relates to securities that are backed by Federal Family Education Loan Program (“FFELP”) student loan collateral which includes a minimum of a 97 % government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion.

Approximately 23 % of the portfolio relates to collateralized loan obligation securities that are all AAA rated.

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

Upon reviewing this portfolio as of June 30, 2026, it was determined that none of the asset-backed securities had credit losses.

Single issue trust preferred securities

2 unchanged sentences

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

The amortized cost of available for sale single issue trust preferred securities as of March 31, 2026 consisted of $ 7,490 in investment grade bonds and $ 5,834 in unrated bonds.

The amortized cost of available for sale single issue trust preferred securities as of June 30, 2026 consisted of $ 7,492 in investment grade bonds and $ 5,838 in unrated bonds.

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

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

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

Other corporate securities

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

As of June 30, 2026, United’s other corporate securities portfolio had a total amortized cost balance of $ 212,504 .

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

1 unchanged sentence

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

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

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

Based upon management’s analysis and judgment, it was determined that none of the other corporate securities had credit losses at June 30, 2026.

The amortized cost and estimated fair value of securities available for sale at June 30, 2026 and December 31, 2025 by contractual maturity are shown as follows.

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

March 31, 2026

June 30, 2026

December 31, 2025

5 unchanged sentences

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

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

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

The fair value of United’s equity securities was $ 30,107 at June 30, 2026 and $ 34,760 at December 31, 2025.

Three Months Ended

Six Months Ended

Net gains recognized during the period on equity securities sold

3 unchanged sentences

Other investment securities

During the first quarter of 2026, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the first quarter of 2026 had a significant adverse effect on the recorded value of any of its cost method securities.

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

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

The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $ 2,042,566 and $ 2,102,175 at March 31, 2026 and December 31, 2025, respectively.

During the second quarter of 2026, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the second quarter of 2026 had a significant adverse effect on the recorded value of any of its cost method securities.

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

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

The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $ 2,063,626 and $ 2,102,175 at June 30, 2026 and December 31, 2025, respectively.

LOANS AND LEASES

Major classes of loans and leases are as follows:

March 31, 2026

December 31, 2025

June 30, 2026

Commercial, financial and agricultural:

7 unchanged sentences

Unearned income

Total gross loans

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

Loans and leases, net of unearned income

The table above does not include loans held for sale of $ 35,224 and $ 31,277 at June 30, 2026 and December 31, 2025, respectively.

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

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

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

The aggregate dollar amount of these loans was $ 50,594 and $ 42,441 at June 30, 2026 and December 31, 2025, respectively.

CREDIT QUALITY

6 unchanged sentences

However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status.

When interest accruals are discontinued, unpaid interest

recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses.

When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses.

United’s method of income recognition for loans and leases that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectability of principal is in doubt.

2 unchanged sentences

Age Analysis of Past Due Loans and Leases

As of March 31, 2026

As of June 30, 2026

Commercial real estate:

15 unchanged sentences

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

At March 31, 2026

At June 30, 2026

At December 31, 2025

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Other consumer

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

Interest income recognized on nonaccrual loans was insignificant during the three and six months ended June 30, 2026 and 2 02

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

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

The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified during the three and six months ended June 30, 2026 and 2025, respectively, by class of financing receivable and by type of modification.

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

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing

Financial Difficulty

For the Three Months ended June 30, 2026

Insignificant

Term Extension &

Interest Rate

Term Extension &

Payment Delay

% of Total Class of

Commercial real estate:

Owner-occupied

Nonowner-occupied

Other commercial

Residential real estate

Construction & land development

Other consumer

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended March 31, 2026

For the Three Months ended June 30, 2025

Insignificant

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Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended March 31, 2025

For the Six Months ended June 30, 2026

Insignificant

9 unchanged sentences

Residential real estate

Construction & land development

Other consumer

Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial

For the Three Months ended March 31, 2025

For the Six Months ended June 30, 2025

Insignificant

4 unchanged sentences

% of Total Class of

Commercial real estate:

Owner-occupied

Nonowner-occupied

Other commercial

Residential real estate

Construction & land development

Other consumer

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

As of June 30, 2026 and December 31, 2025, there were commitments to lend additional funds of $ 9 and $ 139 , respectively, to debtors owing loan receivables whose terms have been modified.

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

3 unchanged sentences

Payment Status (Amortized Cost Basis)

As of March 31, 2026

As of March 31, 2025

As of June 30, 2026

As of June 30, 2025

Commercial real estate:

5 unchanged sentences

Other consumer

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

The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the three and six months ended June 30, 2026 and 2025.

For the Three Months Ended

March 31, 2026

For the Three Months Ended

March 31, 2025

Insignificant

Payment Delay

Insignificant

June 30, 2026

June 30, 2025

Payment Delay

6 unchanged sentences

Other consumer

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

For the Six Months Ended

June 30, 2026

June 30, 2025

Average Payment

Commercial Real Estate:

Owner-occupied

Nonowner-occupied

Other Commercial

Residential Real Estate

Construction & land development

Other consumer

No loan or lease modifications completed within the last 12 months to borrowers experiencing financial difficulty had a payment default during the three and six months ended June 30, 2026 and 2025.

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

The following table presents the amortized cost basis of collateral-dependent loans and leases in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans and leases as of March 31, 2026 and December 31, 2025:

Collateral Dependent Loans and Leases

At March 31, 2026

At June 30, 2026

Commercial real estate:

3 unchanged sentences

Residential real estate

Collateral Dependent Loans and Leases

At June 30, 2026

Construction & land development

8 unchanged sentences

Construction & land development

Collateral Dependent Loans and Leases

At December 31, 2025

Other consumer

36 unchanged sentences

amortized cost

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

6 unchanged sentences

amortized cost

loans and leases

As of December 31, 2025

8 unchanged sentences

amortized cost

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period charge-offs

Current-period net charge-offs

Origination Year

1 unchanged sentence

amortized cost

loans and leases

As of December 31, 2025

9 unchanged sentences

amortized cost

loans and leases

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net (charge-offs) recoveries

Current-period net charge-offs

Term Loans and leases

2 unchanged sentences

amortized cost

loans and leases

As of December 31, 2025

8 unchanged sentences

amortized cost

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net (charge-offs) recoveries

Current-period net recoveries (charge-offs)

Origination Year

11 unchanged sentences

amortized cost

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

2 unchanged sentences

Current-period recoveries

Current-period net recoveries (charge-offs)

Current-period net recoveries

Origination Year

10 unchanged sentences

amortized cost

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

16 unchanged sentences

amortized cost

As of March 31, 2026

As of June 30, 2026

Internal Risk Grade:

12 unchanged sentences

Current-period net charge-offs

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

At June 30, 2026 and December 31, 2025, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $ 10,212 and $ 8,857 , respectively.

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

2 unchanged sentences

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

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

At June 30, 2026 and December 31, 2025, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 2,324 and $ 1,868 , respectively.

ALLOWANCE FOR CREDIT LOSSES

7 unchanged sentences

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

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

Accrued interest receivable was $ 85,508 and $ 95,960 at June 30, 2026 and December 31, 2025, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets.

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

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

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

The following table represents the accrued interest receivable as of June 30, 2026 and December 31, 2025:

Accrued Interest Receivable

At March 31, 2026

At June 30, 2026

At December 31, 2025

5 unchanged sentences

Other consumer

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

Accrued Interest Receivables Written Off by

Reversing Interest Income

Three Months Ended March 31

The following table represents the accrued interest receivables written off by reversing interest income for the three months and six months ended June 30, 2026 and 2025:

Accrued Interest Receivables Written Off by Reversing Interest Income

Three Months Ended

Six Months Ended

Commercial real estate:

3 unchanged sentences

Residential real estate

Construction & land development

Other consumer

29 unchanged sentences

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

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

The reserve for lending-related commitments of $ 37,222 and $ 35,075 at June 30, 2026 and December 31, 2025, respectively, is separately classified on the balance sheet and is included in other liabilities.

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

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

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

United’s allowance for loan and lease losses at June 30, 2026 was relatively flat from December 31, 2025, increasing $ 1,986 or less than 1 %.

The second 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;

– United considered the impact of changes in collateral values for dependent loans;

past due, nonaccrual and adversely classified loans and leases;

2 unchanged sentences

– The forecast is determined on a portfolio-by-portfolio

basis by relating the correlation of real GDP and the unemployment rate to loss rates to forecasts of those variables.

basis by relating the correlation of real GDP, the unemployment rate, commercial real estate price index, mortgage rate, house price index and real disposable personal income to loss rates to forecasts of those variables.

The reasonable and supportable forecast selection is subjective in nature and requires more judgment compared to the other components of the allowance.

Assumptions for the economic variables were the following:

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

The forecast for real GDP declined slightly in the second quarter, from a projection of 2.40 % for 2026 as of mid-March

2026 to 2.20 % for 2026 as of mid-June

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.

The unemployment rate forecast improved slightly in the second quarter with a projection of 4.40 % for 2026 as of mid-March

2026 to 4.30 % as of mid-June

2026 with projection of 4.30 % for 2027.

The forecast for the house price index declined in the second quarter with a projection of 0.67 % for 2026 and 0.70 % for 2027 compared to 1.82 % and 2.24 % for 2026 and 2027, respectively, in the first quarter.

Similarly, the mortgage rate increased to 6.32 % for 2026 and 2027 during the second quarter compared to 6.13 % in 2026 and 6.22 % in 2027 in the first quarter.

The real disposable personal income forecast declined for 2026 from 2.03 % in the first quarter to 0.87 % in the second quarter but improved for 2027 from 2.13 % in the first quarter to 2.40 % in the second quarter.

The outlook for the commercial real estate price index experienced minimal change in the second quarter as compared to the first quarter of 2026.

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

2 unchanged sentences

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

For the Three Months Ended March 31, 2026

For the Three Months Ended June 30, 2026

Commercial Real Estate

3 unchanged sentences

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

For the Six Months Ended June 30, 2026

Commercial Real Estate

Allowance for Loan and Lease Losses:

Beginning balance

Ending balance

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

For the Year Ended December 31, 2025

2 unchanged sentences

Beginning balance

Initial allowance for PCD

loans (acquired during the period)

Initial allowance for PCD loans (acquired during the period)

Ending balance

1 unchanged sentence

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

March 31, 2026

June 30, 2026

Community Banking

7 unchanged sentences

Goodwill not subject to amortization

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

United incurred amortization expense of $ 1,838 and $ 3,676 for the three and six months ended June 30, 2026 as compared to $ 2,341 and $ 4,682 for the three and six months ended June 30, 2025, respectively.

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

17 unchanged sentences

The components of lease expense were as follows:

Three Months Ended

Classification

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Operating lease cost

3 unchanged sentences

Net lease cost

Classification

June 30, 2026

June 30, 2025

Operating lease cost

Net occupancy expense

Sublease income

Net occupancy expense

Net lease cost

Supplemental balance sheet information related to leases was as follows:

Classification

March 31, 2026

June 30, 2026

December 31, 2025

4 unchanged sentences

Other information related to leases was as follows:

March 31, 2026

June 30, 2026

Weighted-average remaining lease term:

4 unchanged sentences

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Cash paid for amounts in the measurement of lease liabilities:

1 unchanged sentence

ROU assets obtained in the exchange for lease liabilities

Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2025, consists of the following as of March 31, 2026:

Six Months Ended

June 30, 2026

June 30, 2025

Cash paid for amounts in the measurement of lease liabilities:

Operating cash flows from operating leases

ROU assets obtained in the exchange for lease liabilities

Total lease payments

1 unchanged sentence

SHORT-TERM BORROWINGS

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

March 31, 2026

At June 30, 2026 and December 31, 2025, short-term borrowings were as follows:

June 30, 2026

December 31, 2025

11 unchanged sentences

The line requires compliance with various financial and nonfinancial covenants.

At March 31, 2026, United had no outstanding balance under this credit.

At June 30, 2026, United had no outstanding balance under this credit.

LONG-TERM BORROWINGS

2 unchanged sentences

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

At March 31, 2026, United had an unused borrowing amount of approximately $ 9,236,038 available subject to delivery of collateral after certain trigger points.

At June 30, 2026, United had an unused borrowing amount of approximately $ 9,253,375 available subject to delivery of collateral after certain trigger points.

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

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

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

At March 31, 2026, United had a total of twenty statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United.

At June 30, 2026, a $ 250,000 FHLB advance with a weighted-average contractual interest rate of 3.82 % and a weighted-average effective interest rate of 0.59 % is scheduled to mature in 2026.

The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at June 30, 2026 to manage interest rate risk on its long-term debt.

At June 30, 2026, United had a total of twenty statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United.

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

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

At June 30, 2026 and December 31, 2025, the outstanding balance of the Debentures was $ 282,615 and $ 281,817 , respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets.

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

21 unchanged sentences

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

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

United had approximately $ 6,919,609 and $ 6,408,827 of loan commitments outstanding as of June 30, 2026 and December 31, 2025, respectively, approximately 33% of which contractually expire within one year .

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

1 unchanged sentence

A commercial letter of credit is issued specifically to facilitate trade or commerce.

Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as

intended between the customer and a third party.

As of March 31, 2026 and December 31, 2025, United had $ 2,761 and $ 2,762 of commercial letters of credit outstanding.

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

As of June 30, 2026 and December 31, 2025, United had $ 125 and $ 2,762 of commercial letters of credit outstanding.

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

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

United has issued standby letters of credit of $ 170,436 and $ 166,885 as of June 30, 2026 and December 31, 2025, respectively.

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

2 unchanged sentences

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

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

United’s reserve was immaterial as of June 30, 2026 and December 31, 2025.

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

24 unchanged sentences

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

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

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

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

As of June 30, 2026, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring.

United estimates that $ 8,528 will be reclassified from AOCI as a decrease to interest expense over the next 12-months

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

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

following June 30, 2026 related to the cash flow hedges.

As of June 30, 2026, the maximum length of time over which forecasted transactions are hedged is f our

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

7 unchanged sentences

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

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

The total notional amount of interest rate swap derivatives designated as cash flow hedges cleared through the LCH include $ 250,000 for asset derivatives as of June 30, 2026.

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

6 unchanged sentences

When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings.

The fair value of the rate lock derivative is measured using valuations from investors for loans with similar characteristics as well as considering the probability of the loan closing (i.e.

the “pull-through” rate) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing.

Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics.

A detailed discussion to determine the fair value of derivative financial instruments is presented in Note 12 to these unaudited Notes to Consolidated Financial Statements.

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

The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at March 31, 2026 and December 31, 2025.

Asset Derivatives

March 31, 2026

June 30, 2026

December 31, 2025

9 unchanged sentences

Forward loan sales commitments

TBA mortgage-backed securities

Interest rate lock commitments

2 unchanged sentences

Liability Derivatives

March 31, 2026

June 30, 2026

December 31, 2025

8 unchanged sentences

Total liability derivatives

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

are designated as a fair value accounting relationship as of June 30, 2026 and December 31, 2025.

June 30, 2026

Derivatives in Fair Value

1 unchanged sentence

Location in the Statement

March 31, 2026

Carrying Amount of

Assets/(Liabilities)

Cumulative Amount

of Fair Value Hedging

Cumulative Amount of

Fair Value Hedging

Adjustment Included

11 unchanged sentences

Loans, net of unearned income

December 31, 2025

Derivatives in Fair Value

1 unchanged sentence

Location in the Statement

December 31, 2025

Carrying Amount of

Assets/(Liabilities)

Cumulative Amount

of Fair Value Hedging

Cumulative Amount of

Fair Value Hedging

Adjustment Included

16 unchanged sentences

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

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

The effect of United’s derivative financial instruments on its unaudited Cons ol

idated Statements of Income for the three and six months ended June 30, 2026 and 2025 are presented as follows:

Three Months Ended

1 unchanged sentence

Derivatives in hedging relationships

Cash flow Hedges:

Interest rate swap contracts

Interest on long-term borrowings

Fair Value Hedges:

1 unchanged sentence

Interest and fees on loans

Total derivatives in hedging relationships

Three Months Ended

Income Statement

Derivatives not designated as hedging instruments

Forward loan sales commitments

Income from Mortgage Banking Activities

TBA mortgage-backed securities

Income from Mortgage Banking Activities

Interest rate lock commitments

Income from Mortgage Banking Activities

Total derivatives not designated as hedging instruments

Total derivatives

Six Months Ended

Income Statement

Derivatives in hedging relationships

Cash flow Hedges:

1 unchanged sentence

Interest on long-term borrowings

Fair Value Hedges:

Interest rate swap contracts

Interest and fees on loans

Total derivatives in hedging relationships

8 unchanged sentences

Total derivatives

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

For the three and six months ended June 30, 2026 and 2025, changes in the fair value of any interest rate swaps attributed to he

dge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income

FAIR VALUE MEASUREMENTS

25 unchanged sentences

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

Upon completing its review of the pricing from third party vendors at March 31, 2026, management determined that the prices provided by its third party pricing sources were reasonable and in line with management’s expectations for the market values of these securities.

Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted materially by management at March 31, 2026.

Upon completing its review of the pricing from third party vendors at June 30, 2026, management determined that the prices provided by its third party pricing sources were reasonable and in line with management’s expectations for the market values of these securities.

Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted materially by management at June 30, 2026.

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

8 unchanged sentences

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

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

For June 30, 2026, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.043 % to 0.313 % with a weighted average increase of 0.202 %.

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

10 unchanged sentences

Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings.

The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date.

The Company records its interest rate lock commitments, forward loan sales commitments and TBA mortgage-backed securities at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date.

In the normal course of business, United enters into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates.

4 unchanged sentences

To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, United enters into either a forward sales contract to sell loans to investors or a TBA mortgage-backed security.

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

Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics (“Level 2”) adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”).

The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments.

These valuations fall into a Level 2 category.

(“Level 2”) adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”).

The interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (“Level 2”) adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”).

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

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

For June 30, 2026, the range of historical sales prices increased the investor’s indicated pricing by a range

0.313 % with a weighted average increase of

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

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

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

Fair Value at March 31, 2026 Using

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31

, 2025, segregated by the level of the valuation inputs within the fair value hierarchy.

Fair Value at June 30, 2026 Using

Balance as of

5 unchanged sentences

Residential mortgage-backed securities

Fair Value at June 30, 2026 Using

Balance as of

Quoted Prices

Commercial mortgage-backed securities

6 unchanged sentences

Equity mutual funds (1)

Other equity securities

Fixed income mutual funds

Total equity securities

2 unchanged sentences

Interest rate swap contracts

TBA mortgage-backed securities

Interest rate lock commitments

2 unchanged sentences

Forward loan sales commitments

TBA mortgage-backed securities

Total derivative financial liabilities

7 unchanged sentences

Residential mortgage-backed securities

Fair Value at December 31, 2025 Using

Balance as of

Quoted Prices

Commercial mortgage-backed securities

7 unchanged sentences

Fixed income mutual funds

Total equity securities

ty securities

Loans held for sale

4 unchanged sentences

Total derivative financial assets

Fair Value at December 31, 2025 Using

Balance as of

Quoted Prices

Derivative financial liabilities:

1 unchanged sentence

Total derivative financial liabilities

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

officers of United and its subsidiaries.

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

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

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

There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the three and six

months ended June 30, 2026 and the year ended December 31, 2025.

The following tables present additional information about financial assets and liabilities measured at fair value at June 30, 2026 and December 31, 2025 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value.

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

1 unchanged sentence

Derivative Liabilities

March 31, 2026

June 30, 2026

Forward Sales

1 unchanged sentence

Balance, beginning of period

Sales proceeds

Transfers other

1 unchanged sentence

Balance, end of period

Derivative Assets

Derivative Liabilities

March 31, 2026

Interest Rate

The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date

2 unchanged sentences

December 31, 2025

Forward Sales

Interest Rate

7 unchanged sentences

Three Months Ended

March 31, 2026

June 30, 2026

Three Months Ended

March 31, 2025

June 30, 2025

Income from mortgage banking activities

Six Months Ended

June 30, 2026

Six Months Ended

June 30, 2025

Income from mortgage banking activities

No loans held for sale were past due or on nonaccrual status as of June 30, 2026 and December 31, 2025.

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

March 31, 2026

June 30, 2026

December 31, 2025

Loans held for sale

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

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

25 unchanged sentences

An authorized independent appraiser conducts appraisals for United.

Appraisals for property other than ongoing construction are based on consideration of comparable property sales (“Level 2”).

Appraisals for property other than ongoing construction are ba sed

on consideration of comparable property sales (“Level 2”).

In contrast, valuation of ongoing construction assets requires some degree of professional judgment.

6 unchanged sentences

For United, intangible assets consist of goodwill and core deposit intangibles.

Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist.

is tested for impairment at least annually or sooner if indicators of impairment exist.

United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount.

3 unchanged sentences

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

United performed its annual goodwill impairment test on the Company’s reporting units as of September 30, 2025.

United performed its annual goodwill impairment test on the Company’s reporting unit as of September 30, 2025.

The goodwill impairment test did not identify any goodwill impairment.

2 unchanged sentences

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

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

Other than those intangible assets recorded in the acquisition of Piedmont in the first six months of 2025, no other fair value measurement of intangible assets was made during the three and six months ended June 30, 2026 and 2025.

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

Fair Value at March 31, 2026

Fair Value at June 30, 2026

Balance as of

March 31, 2026

June 30, 2026

Quoted Prices

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Quoted Prices

March 31, 2026

June 30, 2026

Cash and cash equivalents

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Derivative financial liabilities

Fair Value Measurements

Quoted Prices

December 31, 2025

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The maximum number of shares of United common stock which may be issued under the 2025 EIP is 3,000,000 .

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

The 2025 EIP will be administered by the Compensation and Human Capital Committee of the

Board (the “Committee”).

Awards are subject to a minimum vesting schedule of at least twelve months following the date of grant of such award, subject to accelerated vesting on certain events, including a change in control, and 5 % of the shares available for grant under the 2025 EIP may be granted with a shorter minimum vesting period.

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

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

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

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

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

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

Compensation expense of $ 3,938 and $ 7,152 related to the all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the second quarter and first six months of 2026, respectively, as compared to compensation expense of $ 3,384 and $ 6,259 related to the all share-based grants and awards under United’s Long-Term Incentive Plans for the second quarter and first six months of 2025, respectively.

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

Stock Options

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

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

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

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

A summary of activity under United’s stock option plans as of March 31, 2026, and the changes during the first three months of 2026 are presented below:

A summary of activity under United’s stock option plans as of June 30, 2026, and the changes during the first six months of 2026 are presented below:

Weighted Average

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Forfeited or expired

Outstanding at March 31, 2026

Exercisable at March 31, 2026

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

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

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

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

Outstanding at June 30, 2026

Exercisable at June 30, 2026

During the six months ended June 30, 2026 and 2025, 86,357 and 10,394 shares, respectively, were issued in connection wi th

stock option exercises.

All shares issued in connection with stock option exercises for the six months ended June 30, 2026 and 2025 were issued from authorized and unissued stock.

The total intrinsic value of options exercised under the Plans during the six months ended June 30, 2026 and 2025 was $ 1,039 and $ 63 , respectively.

As of June 30, 2026, there was no unrecognized compensation cost related to nonvested stock option awards.

Restricted Stock

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

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

Under the 2025 EIP, recipients of restricted stock will have the right to vote all shares subject to such grant, whether or not the shares have vested, but any dividends paid upon any restricted stock will be retained by the Company during the period of restriction, and will be paid to the relevant grantee (without interest) when the restricted stock vests and will revert back to the Company if for any reason the restricted stock upon which such dividends were paid is forfeited by the grantee prior to vesting.

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directors of the Company under the 2020 LTI Plan.

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

Shares of restricted stock granted under the 2020 LTI Plan to participants were scheduled to vest no sooner than

per year over the first three

anniversaries of the award.

Recipients of shares of restricted stock under the 2020 LTI Plan did not pay any consideration to United for the shares, had the right to vote all shares subject to such grant and received all dividends with respect to such shares, whether or not the shares have vested.

Recipients of shares of

restricted stock under the 2020 LTI Plan did not pay any consideration to United for the shares, had the right to vote all shares subject to such grant and received all dividends with respect to such shares, whether or not the shares have vested.

Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share.

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

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

As of June 30, 2026, the total unrecognized compensation cost related to nonvested restricted stock awards was $ 10,424 with a weighted-average expense recognition period of 1.3 years.

The following summarizes the changes to United’s nonvested restricted common shares for the period ended June 30, 2026:

Weighted-Average

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Nonvested at January 1, 2026

Nonvested at March 31, 2026

Nonvested at June 30, 2026

Restricted Stock Units

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

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

These RSUs awarded help align the interests of these employees with the interests of the shareholders of United by providing economic value directly related to the performance of the Company.

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Performance-vested RSUs cliff-vest after assessment of the Company’s performance over a period of three years.

The number of performance-vested RSUs outstanding as of March 31, 2026 that will vest in the future is determined by two metrics measured relative to peers:

The number of performance-vested RSUs outstanding as of June 30, 2026 that will vest in the future is determined by two metrics measured relative to peers:

Return on Average Tangible Common Equity (“ROATCE”) and Total Shareholder Return (“TSR”).

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The Company recognizes expense on the RSUs in accordance with ASC Topic 71

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

The following table summarizes the status of United’s nonvested RSUs during the first six months of 2026:

Weighted-Average

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Forfeited or expired

Nonvested at March 31, 2026

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

Nonvested at June 30, 2026

As of June 30, 2026, the total unrecognized compensation cost related to nonvested restricted stock units was $ 16,111 with a weighted-average expense recognition period of 1.5 years.

EMPLOYEE BENEFIT PLANS

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

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

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

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

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Service cost is recognized in employee compensation.

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

Three Months Ended March 31

Net periodic pension cost for the three and six months ended June 30, 2026 and 2025 included the following components:

Three Months Ended

Six Months Ended

Interest cost

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

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

As of June 30, 2026, no interest was accrued related to uncertain tax positions as compared to $ 704 as of June 30, 2025.

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

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

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

United’s effective tax rate was 19.96 % and 20.16 % for the second quarter and first six months of 2026, respectively, and 20.62 % and 20.85 % for the second quarter and first six months of 2025.

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

COMPREHENSIVE INCOME

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

The components of total comprehensive income for the three and six months ended June 30, 2026 and 2025 are as follows:

Three Months Ended

Six Months Ended

Available for sale (“AFS”) securities:

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Related income tax effect

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

Net reclassification adjustment for losses included in net income

Related income tax effect

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Net effect of cash flow hedge derivatives on other comprehensive income

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

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

Total Comprehensive Income

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

The components of accumulated other comprehensive income for the six months ended June 30, 2026 are as follows:

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

For the Three Months Ended March 31, 2026

For the Six Months Ended June 30, 2026

Balance at January 1, 2026

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

Balance at March 31, 2026

Balance at June 30, 2026

All amounts are net-of-tax.

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

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

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

For the Three Months Ended March 31, 2026

For the Six Months Ended June 30, 2026

Details about AOCI Components

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Net Income is Presented

Available for sale (“AFS”) securities:

Net reclassification adjustment for losses included in net income

Net investment securities (losses) gains

Total before tax

Related income tax effect

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

For the Six Months Ended June 30, 2026

Details about AOCI Components

Affected Line Item in the Statement Where

Net Income is Presented

Cash flow hedge:

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Three Months Ended

Six Months Ended

Distributed earnings allocated to common stock

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Average common shares outstanding

Common stock equivalents

Effect of dilutive common stock-based awards

Average diluted shares outstanding

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Earnings per diluted common share

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

Antidilutive outstanding

common stock-based awards

of 357,799 and 600,438 for the three months and six months ended June 30, 2026, respectively, were excluded from the earnings per diluted common share calculation as compared to 567,520 and 1,003,456 for the three months and six months ended June

30, 2025, respectively.

VARIABLE INTEREST ENTITIES

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

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

At June 30, 2026 and December 31, 2025, United’s investment (maximum exposure to loss) in these trusts were $ 12,873 and $ 12,686 , respectively.

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

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December 12, 2033

CME Term SOFR rates have a spread adjustment of 0.26161% and the 6-month

SOFR rates have a spread adjustment of 0.26161% and the 6-month

CME Term SOFR rate has a spread adjustment of 0.42826%.

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

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

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

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

At June 30, 2026 and December 31, 2025, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $ 134,631 and $ 129,861 , respectively, while related unfunded commitments were $ 92,147 and $ 103,184 respectively.

The total amount of these unfunded commitments in low income housing, community development and other partnerships at June 30, 2026 and December 31, 2025 includes $ 5,000 to a related interest of a director of the Company.

As of June 30, 2026, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

SEGMENT INFORMATION

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

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

Information about the community banking segment net income for the three and six months ended June 30, 2026 and 2025 is as follows:

For the Three Months Ended

For the Six Months Ended

Net interest income

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Net occupancy expense

Net gains on the sales of OREO properties

Net losses on the sales of OREO properties

Equipment expense

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

Information about community banking segment total assets as of June 30, 2026 and 2025 is as follows:

As of June 30,

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

What changed 10-Q

Item 1. Financial Statements