10-Q

Large accelerated filer

Accelerated filer

Non-accelerated
filer

Smaller reporting company

Emerging growth company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

March 31

, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number:

002-86947

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)


West Virginia		55-0641179
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

300 United Center 500 Virginia Street, East Charleston, West Virginia		25301
(Address of principal executive offices)		Zip Code

Registrant’s telephone number, including area code: (304)

424-8716

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $2.50 per share	UBSI	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Act). Yes ☐

☒

As of

April

, 2025

, the registrant had

142,059,584

shares of common stock, $2.50 par value per share, outstanding.

CONSOLIDATED BALANCE SHEETS

UNITED BANKSHARES, INC. AND SUBSIDIARIES


(Dollars in thousands, except par value)	March 31 2025			December 31 2024
	(Unaudited)			(Note 1)

Assets
Cash and due from banks	$	287,149		$	240,655
Interest-bearing deposits with other banks		2,321,735			2,050,321
Federal funds sold		1,299			1,268

Total cash and cash equivalents		2,610,183			2,292,244
Securities available for sale at estimated fair value (amortized cost-$3,282,372 at March 31, 2025 and $3,282,690 at December 31, 2024, allowance for credit losses of $0 at March 31, 2025 and December 31, 2024)		3,002,984			2,959,719
Securities held to maturity, net of allowance for credit losses of $18 at March 31, 2025 and December 31, 2024 (estimated fair value-$1,020 at March 31, 2025 and December 31, 2024)		1,002			1,002
Equity securities at estimated fair value		21,514			21,058
Other investment securities		288,497			277,517
Loans held for sale measured using fair value option		28,642			44,360
Loans and leases		23,874,078			21,680,498
Less: Unearned income		(11,006	)		(7,005	)

Loans and leases, net of unearned income		23,863,072			21,673,493
Less: Allowance for loan and lease losses		(310,424	)		(271,844	)

Net loans and leases		23,552,648			21,401,649
Bank premises and equipment		209,952			186,131
Operating lease right-of-use assets		86,832			81,742
Goodwill		2,023,604			1,888,889
Bank-owned life insurance (“BOLI”)		538,733			497,181
Accrued interest receivable		110,509			102,412
Other assets		313,394			269,641

TOTAL ASSETS	$	32,788,494		$	30,023,545

Liabilities
Deposits:
Noninterest-bearing	$	6,480,877		$	6,135,413
Interest-bearing		19,883,758			17,826,446

Total deposits		26,364,635			23,961,859
Borrowings:
Securities sold under agreements to repurchase		176,015			176,090
Federal Home Loan Bank (“FHLB”) borrowings		250,000			260,199
Other long-term borrowings		300,623			280,221
Reserve for lending-related commitments		36,567			34,911
Operating lease liabilities		91,921			86,771
Accrued expenses and other liabilities		254,284			230,271

TOTAL LIABILITIES		27,474,045			25,030,322
Shareholders’ Equity
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued		0			0
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued- 150,830,203 and 142,694,816 at March 31, 2025 and December 31, 2024, respectively, including 7,939,055 and 7,348,188 shares in treasury at March 31, 2025 and December 31, 2024, respectively		377,076			356,737
Surplus		3,457,837			3,196,154
Retained earnings		1,948,696			1,917,726
Accumulated other comprehensive loss		(195,008	)		(223,903	)
Treasury stock, at cost		(274,152	)		(253,491	)

TOTAL SHAREHOLDERS’ EQUITY		5,314,449			4,993,223

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	32,788,494		$	30,023,545

See notes to consolidated unaudited financial statements

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

UNITED BANKSHARES, INC. AND SUBSIDIARIES


(Dollars in thousands, except per share data)	Three Months Ended
	March 31
	2025			2024
Interest income
Interest and fees on loans	$	351,836		$	320,991
Interest on federal funds sold and other short-term investments		23,726			12,303
Interest and dividends on securities:
Taxable		26,911			34,722
Tax-exempt		1,174			1,164

Total interest income		403,647			369,180
Interest expense
Interest on deposits		136,288			128,377
Interest on short-term borrowings		1,450			2,082
Interest on long-term borrowings		5,854			16,232

Total interest expense		143,592			146,691

Net interest income		260,055			222,489
Provision for credit losses		29,103			5,740

Net interest income after provision for credit losses		230,952			216,749
Other income
Fees from trust services		4,782			4,646
Fees from brokerage services		5,645			5,267
Fees from deposit services		9,307			8,971
Bankcard fees and merchant discounts		1,751			1,873
Other service charges, commissions, and fees		1,081			858
Income from bank-owned life insurance		3,370			2,418
Income from mortgage banking activities		2,479			5,298
Mortgage loan servicing income		0			789
Net investment securities gains (losses)		521			(99	)
Other income		618			2,191

Total other income		29,554			32,212
Other expense
Employee compensation		60,866			59,293
Employee benefits		13,291			14,671
Net occupancy expense		12,601			12,343
Other real estate owned (“OREO”) expense		22			159
Net gains on the sales of OREO properties		(11	)		(83	)
Equipment expense		8,582			6,853
Data processing expense		8,455			7,463
Mortgage loan servicing expense and impairment		0			1,015
Bankcard processing expense		600			616
FDIC insurance expense		4,728			6,455
Other expense		44,439			31,957

Total other expense		153,573			140,742

Income before income taxes		106,933			108,219
Income taxes		22,627			21,405

Net income	$	84,306		$	86,814

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(Dollars in thousands, except per share data)


	Three Months Ended March 31, 2025
	Common Stock										Accumulated Other Comprehensive Loss			Treasury Stock			Total Shareholders’ Equity
	Shares		Par Value		Surplus			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Shareholders’ Equity

Balance at January 1, 2025		142,694,816	$	356,737	$	3,196,154		$	1,917,726		$	(223,903	)	$	(253,491	)	$	4,993,223
Comprehensive income:
Net income		0		0		0			84,306			0			0			84,306
Other comprehensive income, net of tax		0		0		0			0			28,895			0			28,895

Total comprehensive income, net of tax																		113,201
Stock based compensation expense		0		0		2,875			0			0			0			2,875
Acquisition of Piedmont Bancorp, Inc. (7,860,831 shares)		7,860,831		19,652		261,294			0			0			0			280,946
Stock grant forfeiture (8,543 shares)		0		0		313			0			0			(313	)		0
Purchase of treasury stock (582,324 shares)		0		0		0			0			0			(20,348	)		(20,348	)
Cash dividends ($0.37 per share)		0		0		0			(53,336	)		0			0			(53,336	)
Net issuance of common stock under stock-based compensation plans (274,556 shares)		274,556		687		(2,799	)		0			0			0			(2,112	)

Balance at March 31, 2025		150,830,203	$	377,076	$	3,457,837		$	1,948,696		$	(195,008	)	$	(274,152	)	$	5,314,449


	Three Months Ended March 31, 2024
	Common Stock										Accumulated Other Comprehensive Loss			Treasury Stock			Total Shareholders’ Equity
	Shares		Par Value		Surplus			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Shareholders’ Equity

Balance at January 1, 2024		142,257,646	$	355,644	$	3,181,764		$	1,745,619		$	(259,681	)	$	(252,106	)	$	4,771,240
Comprehensive income:
Net income		0		0		0			86,814			0			0			86,814
Other comprehensive loss, net of tax		0		0		0			0			(1,311	)		0			(1,311	)

Total comprehensive income, net of tax																		85,503
Stock based compensation expense		0		0		3,266			0			0			0			3,266
Stock grant forfeiture (5,215 shares)		0		0		190			0			0			(190	)		0
Purchase of treasury stock (29,896 shares)		0		0		0			0			0			(1,030	)		(1,030	)
Cash dividends ($0.37 per share)		0		0		0			(50,213	)		0			0			(50,213	)
Net issuance of common stock under stock-based compensation plans (278,723 shares)		278,723		697		(2,022	)		0			0			0			(1,325	)

Balance at March 31, 2024		142,536,369	$	356,341	$	3,183,198		$	1,782,220		$	(260,992	)	$	(253,326	)	$	4,807,441

See notes to consolidated unaudited financial statements

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(Dollars in thousands)


	Three Months Ended March 31
	2025			2024

NET CASH PROVIDED BY OPERATING ACTIVITIES	$	119,982		$	124,371
INVESTING ACTIVITIES
Proceeds from sales of securities available for sale		90			93
Proceeds from maturities and calls of securities available for sale		586,147			416,317
Purchases of securities available for sale		(491,975	)		(248,049	)
Proceeds from sales of equity securities		161			289
Purchases of equity securities		(96	)		(205	)
Proceeds from sales and redemptions of other investment securities		2,251			46,739
Purchases of other investment securities		(13,170	)		(52,379	)
Purchases of bank premises and equipment		(3,895	)		(4,772	)
Proceeds from sales of bank premises and equipment		1			63
Proceeds from termination of bank-owned life insurance policies		2,105			0
Acquisition of Piedmont Bancorp, Inc., net of cash paid		77,476			0
Proceeds from the sales of OREO properties		19			146
Net change in loans and leases		(177,788	)		(160,675	)

NET CASH USED IN INVESTING ACTIVITIES		(18,674	)		(2,433	)

FINANCING ACTIVITIES
Cash dividends paid		(50,478	)		(50,137	)
Acquisition of treasury stock		(20,348	)		(1,030	)
Proceeds from exercise of stock options		319			702
Repayment of long-term Federal Home Loan Bank borrowings		(10,000	)		(1,500,000	)
Proceeds from issuance of long-term Federal Home Loan Bank borrowings		0			1,450,000
Changes in:
Deposits		297,213			100,598
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		(75	)		11,632

NET CASH PROVIDED BY FINANCING ACTIVITIES		216,631			11,765

Increase in cash and cash equivalents		317,939			133,703
Cash and cash equivalents at beginning of year		2,292,244			1,598,943

Cash and cash equivalents at end of period	$	2,610,183		$	1,732,646

Supplemental information
Noncash investing activities:
Transfers of loans to OREO	$	1,156		$	119
Right-of-use assets obtained in the exchange for lease liabilities		3,853			3,671
Acquisition of Piedmont Bancorp, Inc.:
Assets acquired, net of cash		2,219,731			0
Liabilities assumed		2,150,976			0
Goodwill		134,715			0

See notes to consolidated unaudited financial statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

UNITED BANKSHARES, INC. AND SUBSIDIARIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (“GAAP”) and with the instructions for Form

10-Q

and Article 10 of Regulation

S-X.

Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of March 31, 2025 and 2024 and for the three-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2024 has been extracted from the audited financial statements included in United’s 2024 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2024 Annual Report on Form

10-K,

which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature.

The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted.

Operating and Reporting Segments

As of March 31, 2025, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking. As a community banking entity, United, through United Bank, offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. United’s chief operating decision maker regularly reviews the operating results of United Bank in order to assess performance and make decisions about resource allocation.

New Accounting Standards

In January 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2025-01,

“Income Statement – Reporting, Comprehensive Income – Expense Disaggregation Disclosures (Subtopic

220-40).”

ASU

2025-01

revised the effective date of ASU

2024-03

to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt.

In November 2024, the FASB issued Accounting Standards Update ASU

2024-04,

“Induced Conversions of Convertible Debt Instruments.” ASU

2024-04

provides additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments’ preexisting terms. ASU

2024-04

requires entities to apply a preexisting contract approach. To qualify

for induced conversion accounting under this approach, the inducement offer is required to preserve the form of consideration and result in an amount of consideration that is not less than that issuable pursuant to the preexisting conversion privileges. ASU

2024-04

clarifies how entities should assess the form and amount of consideration when applying this approach. ASU

2024-04

is effective for public business entities for annual periods beginning after December 15, 2025, with early adoption permitted, and can be adopted either on a prospective or retrospective basis. However, the effective date was updated by ASU

2025-01.

The adoption of

ASU 2024-04

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

In November 2024, the FASB issued Accounting Standards Update ASU

2024-03,

“Disaggregation of Income Statement Expenses.” ASU

2024-03

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

2024-03

adds ASC

220-40

to require a footnote disclosure about specific expenses by requiring public business entities to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of

oil-

and

gas-producing

activities or other types of depletion expenses. Certain other expenses and gains or losses that must be disclosed under existing U.S. GAAP, and that are recorded in a relevant expense caption, must be presented in the same tabular disclosure. ASU

2024-03

does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnote to the financial statements. ASU

2024-03

is effective for public business entities for annual periods beginning after December 15, 2026. Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance. The adoption of

ASU 2024-03

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

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2023-09,

“Improvements to Income Tax Disclosures.” ASU

2023-09

enhances annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU

2023-09

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

2023-09

is effective for public business entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard for annual financial statements that have not yet been issued or made available for issuance. The adoption of

ASU 2023-09

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 November 2023, the FASB issued ASU

2023-07,

“Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in ASU

2023-07

improve reportable segment disclosure requirements, mainly through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments will enable investors to better understand an entity’s overall performance and assess potential future cash flows. ASU

No. 2023-07

is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted. The adoption of

ASU 2023-07

did not have an impact on the Company’s financial condition or results of operations but changed certain disclosures in United’s SEC filings starting with the 2024 Annual Report on Form

10-K.

In October 2023, the FASB issued ASU

2023-06,

“Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which adopts certain disclosure requirements referred by the SEC. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation

S-X

or Regulation

S-K

becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The adoption of

ASU 2023-06

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

In August 2023, the FASB issued ASU

2023-05,

“Business Combinations – Joint Venture Formations (Subtopic

805-60).”

ASU

2023-05

requires a joint venture to apply a new basis of accounting at its formation date by valuing the net assets contributed at fair value for both business and asset transactions. The value of the net assets in total is then allocated to individual assets and liabilities by applying Topic 805 with certain exceptions. ASU

2023-05

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

2023-05

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

ASU 2023-05

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

In March 2023, the FASB issued Accounting ASU

2023-02,

“Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU

2023-02

permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this ASU apply to all reporting entities that hold tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or an investment in a low income housing tax credit (“LIHTC”) structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from Subtopic

323-740

has been applied. Additionally, the disclosure requirements apply to investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method (including investments within that elected program that do not meet the conditions to apply the proportional amortization method). ASU

2023-02

was effective for United on January 1, 2024. The amendments in this update must be applied on either a modified retrospective or a retrospective basis except for LIHTC investments not accounted for using the proportional amortization method. At January 1, 2024, United chose not to elect to account for its tax equity investments using the proportional amortization method.

In December 2022, the FASB issued ASU

2022-06,

“Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” ASU

2022-06

extends the period of time financial statement preparers can utilize the reference rate reform relief guidance. In 2020, the FASB issued ASU

2020-04

to provide temporary, optional expedients related to the accounting for contract modifications and hedging transactions as a result of the global markets’ anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. At the time ASU

2020-04

was issued, the United Kingdom’s Financial Conduct Authority (“FCA”) had established the intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022; 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023, which has now taken effect as intended. Accordingly, ASU

2022-06

defers the expiration date of ASU

848

to December 31, 2024. United implemented a comprehensive project plan to execute the transition of its LIBOR-based financial instruments to alternative reference rates. United utilized the Secured Overnight Financing Rate (“SOFR”) and Prime as the preferred alternatives to LIBOR.

2. MERGERS AND ACQUISITIONS

On January 10, 2025 (“Acquisition Date”), United consummated its acquisition of Piedmont Bancorp, Inc. (“Piedmont”). Piedmont was merged with and into United (the “Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated May 9, 2024, by and between United and Piedmont (the “Agreement”). The Merger was accounted for under the acquisition method of accounting. Piedmont was the holding company for The Piedmont Bank, a Georgia state-chartered bank, with sixteen locations in the State of Georgia.

Under the terms of the Agreement, each outstanding share of common stock of Piedmont was converted into the right to receive 0.300 shares of United common stock, par value $2.50 per share

(the “Exchange Ratio”).

Table of Contents

Also pursuant to the Agreement, as of the effective time of the Merger, each option to purchase shares of Piedmont Common Stock (each, a “Piedmont Stock Option”) that was outstanding under the Piedmont Bancorp, Inc. 2009 Stock Option Plan (the “Piedmont Stock Plan”) immediately prior to the effective time of the Merger, was, to the extent not vested, became fully vested and exercisable and was canceled in consideration for the right to receive a lump sum cash payment with respect thereto equal to the product of: (i) the excess, if any, of the product of (A) the volume-weighted average of the closing sales price on Nasdaq of United Common Stock for the 10 full trading days ending on the second trading day immediately preceding the effective date of the Merger (the “Average United Closing Price”) multiplied by (B) the Exchange Ratio, over the applicable exercise price of such Piedmont Stock Option; and (ii) the number of shares of Piedmont Common Stock subject to such Piedmont Stock Option, less any required withholding taxes.

Also pursuant to the Agreement, as of the effective time of the Merger, each warrant to purchase shares of Piedmont Common Stock (each, a “Piedmont Stock Warrant”) that was outstanding under the Piedmont Stock Plan or individual award agreement immediately prior to the Effective Time, was, to the extent not vested, became fully vested and exercisable and canceled, and in consideration therefor, received a lump sum cash payment with respect thereto equal to the product of: (A) the excess, if any, of the product of (x) the Average United Closing Price multiplied by (y) the Exchange Ratio, over the applicable exercise price of such Piedmont Stock Warrant; and (B) the number of shares of Piedmont Common Stock subject to such Piedmont Stock Warrant, less any required withholding taxes.

In addition, at the effective time of the Merger, each restricted stock grant, restricted stock unit grant and any other award in respect of a share of Piedmont Common Stock subject to vesting, repurchase or other lapse restriction under a Piedmont Stock Plan that was outstanding immediately prior to the Effective Time other than a Piedmont Option or a Piedmont Stock Warrant (each, a “Piedmont Stock Award”) became fully vested, cancelled and converted automatically into the right to receive the Merger Consideration (with any fractional share being entitled to receive cash in lieu thereof) in respect of each share of Piedmont Common Stock underlying such Piedmont Stock Award, less any required withholding taxes.

Immediately following the Merger, The Piedmont Bank, a wholly-owned subsidiary of Piedmont, merged with and into United Bank, a wholly-owned subsidiary of United (the “Bank Merger”) pursuant to an Agreement and Plan of Merger dated May 9, 2024 (the “Bank Plan of Merger”). United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation.

The Piedmont Merger was accounted for under the acquisition method of accounting. The results of operations of Piedmont are included in the consolidated results of operations from the Acquisition Date. At the Acquisition Date, Piedmont had $2,356,883 in total assets, $2,079,933 in loans and leases, net of unearned income and $2,105,402 in deposits. For the first quarter of 2025, United recorded acquisition-related costs for the Piedmont merger of $30,041, including a provision for credit losses of $18,726 for purchased

non-credit

deteriorated

(“non-PCD”)

loans.

The aggregate purchase price was $280,967, including common stock valued at $280,946 and cash paid for fractional shares of $21. The number of shares issued in the transaction was 7,860,831, which were valued based on the closing market price of $35.74 for United’s common shares on January 10, 2025. The purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill, and core deposit intangibles of $134,715 and $32,764,

respectively. The goodwill recognized results from the expected synergies and potential earnings from the combination of United and Piedmont. None of the goodwill from the Piedmont acquisition is expected to be deductible for tax purposes. The core deposit intangible is expected to be amortized on an accelerated basis over ten years.

United

used an independent third party to help determine the fair values of the assets and liabilities acquired from Piedmont. As a result of the merger, United recorded preliminary fair value discounts of $64,934 on the loans and leases acquired, $

24,977

available-for-sale

investment securities acquired, and $

3,492

on land acquired, respectively, and premiums of $

1,469

on buildings acquired and $408 on interest-bearing time deposits, respectively. United also recorded an allowance for loan and lease losses of $

36,244

on the loans acquired split between $

17,518

for purchased credit deteriorated (“PCD”) loans which is part of the acquisition date fair value, and $

18,726

for

non-PCD

loans recorded to the provision for credit losses. In addition, United also recorded a reserve for lending-related commitments of $

4,058

on the loan commitments acquired with an offset within other expense. The discounts and premium amounts, except for discount on the land acquired, are being accreted or amortized on an accelerated or straight-line basis, based on the type of asset or liability, over each asset’s or liability’s estimated remaining life at the time of acquisition. At March 31, 2025, the premiums on the buildings and interest-bearing time deposits each had an average estimated remaining life of

31.3

years and 1.8 years, respectively.

Portfolio loans acquired from Piedmont were recorded at their fair value at the Acquisition Date based on a discounted cash flow methodology. The estimated fair value incorporates adjustments related to market loss assumptions and prevailing market interest rates for comparable assets and other market factors such as liquidity from the perspective of a market participant. Also, acquired portfolio loans and leases were evaluated upon acquisition and classified as either PCD, which indicates that the loan has experienced a more-than-insignificant deterioration in credit quality since origination, or

non-PCD.

United considered a variety of factors in evaluating the acquired loans and leases for a more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, current or previous troubled debt restructurings or bankruptcies, watch list credits and other qualitative factors that indicated a deterioration in credit quality since origination. For PCD loans and leases, an initial allowance is determined based on the same methodology as other portfolio loans and leases. This initial allowance for loan and lease losses is allocated to individual PCD loans and leases and added to the acquisition date fair values to establish the initial amortized cost basis for the PCD loans and leases. The difference between the unpaid principal balance (“UPB”), or par value, of PCD loans and leases and the amortized cost basis is considered to relate to noncredit factors and resulted in a discount

of $

20,300

at Acquisition Date. This discount will be recognized through interest income on a level-yield method over the life of the loans which is estimated

at March 31, 2025

to be a weighted-average of

6.3

years. For

non-PCD

acquired loans and leases, the differences between the initial fair value and the UPB, or par value, are recognized as interest income on a level-yield basis over the lives of the related loans and leases which

at March 31, 2025

is estimated to be a weighted-average of

5.6

years. The total fair value mark on the

non-PCD

loans at the Acquisition Date was $44,634. At the Acquisition Date, an initial allowance for expected loan and lease losses of $

18,726

was recorded with a corresponding charge to the provision for credit losses in the Consolidated Statements of Income. Subsequent changes in the allowance for credit losses related to PCD and

non-PCD

loans and leases are recognized in the provision for

credit

losses.

The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Piedmont as of the Acquisition Date:


Purchase price of PCD loans and leases at acquisition	$	410,478
Allowance for credit losses at acquisition		17,518
Non-credit discount at acquisition		20,300

Par value (UPB) of acquired PCD loans and leases at acquisition	$	448,296

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


Purchase price:
Value of common shares issued (7,860,831 shares)	$	280,946
Cash for fractional shares		21

Total purchase price		280,967

Identifiable assets:
Cash and cash equivalents		77,497
Investment securities		94,426
Net loans and leases		1,997,481
Premises and equipment		24,258
Operating lease right-of-use assets		5,744
BOLI		40,801
Core deposit intangible		32,764
Other assets		24,600

Total identifiable assets	$	2,297,571

Identifiable liabilities:
Deposits	$	2,105,810
Long-term borrowings		20,000
Operating lease liabilities		5,744
Other liabilities		19,765

Total identifiable liabilities		2,151,319

Preliminary fair value of net assets acquired including identifiable intangible assets		146,252

Preliminary resulting goodwill	$	134,715

The operating results of United include operating results of acquired assets and assumed liabilities subsequent to the Acquisition Date. The operations of United’s Georgia geographic area, which comprises the acquired operations of Piedmont provided $

30,154

in total revenues (net interest income plus other income), and $

19,424

in net income

, excluding non-allocated items,

since the Acquisition Date. These amounts are included in United’s consolidated financial statements as of March 31, 2025 and for the first three months of 2025. Piedmont’s results of operations prior to the Acquisition Date are not included in United’s consolidated results of operations.

The following table presents certain unaudited pro forma information for the results of operations for the three months ended March 31, 2025 and 2024, as if the Piedmont merger had occurred on January 1, 2025 and 2024, respectively. These results combine the historical results of Piedmont into United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of Piedmont’s provision for credit losses for 2025 and 2024 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2025 and 2024. Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts.


	Proforma Three Months Ended March 31
	2025		2024
Total Revenues (1)	$	292,841	$	280,486
Net Income		73,981		96,083

(1)	Represents net interest income plus other income

3. INVESTMENT SECURITIES

Securities Available for Sale

Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows.


	March 31, 2025
			Gross		Gross		Allowance		Estimated
	Amortized		Unrealized		Unrealized		For Credit		Fair
	Cost		Gains		Losses		Losses		Value

U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	247,180	$	28	$	2,527	$	0	$	244,681
State and political subdivisions		584,978		91		74,681		0		510,388
Residential mortgage-backed securities
Agency		1,264,894		2,743		144,715		0		1,122,922
Non-agency		87,215		383		5,558		0		82,040
Commercial mortgage-backed securities
Agency		457,455		3,930		36,009		0		425,376
Asset-backed securities		347,462		32		2,824		0		344,670
Single issue trust preferred securities		13,301		0		1,269		0		12,032
Other corporate securities		279,887		0		19,012		0		260,875

Total	$	3,282,372	$	7,207	$	286,595	$	0	$	3,002,984


	December 31, 2024
			Gross		Gross		Allowance		Estimated
	Amortized		Unrealized		Unrealized		For Credit		Fair
	Cost		Gains		Losses		Losses		Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	248,867	$	59	$	3,084	$	0	$	245,842
State and political subdivisions		574,580		8		79,515		0		495,073
Residential mortgage-backed securities
Agency		1,226,400		433		167,114		0		1,059,719
Non-agency		88,392		262		6,531		0		82,123
Commercial mortgage-backed securities
Agency		372,646		38		42,698		0		329,986
Asset-backed securities		476,863		166		2,047		0		474,982
Single issue trust preferred securities		13,296		0		1,377		0		11,919
Other corporate securities		281,646		0		21,571		0		260,075

Total	$	3,282,690	$	966	$	323,937	$	0	$	2,959,719

For the adoption of ASC Topic 326, “Financial Instruments—Credit Losses,” United made a policy election to exclude accrued interest from the amortized cost basis of

available-for-sale

debt securities and report accrued interest separately in “Accrued interest receivable” in the consolidated balance sheets.

Available-for-sale

debt securities are placed on

non-accrual

status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on

non-accrual

status. Accordingly, United does not currently recognize an allowance for credit loss against accrued interest receivable on

available-for-sale

debt securities. The table above excludes accrued interest receivable of $14,300 and $14,776 at March 31, 2025 and December 31, 2024, respectively, that is recorded in “Accrued interest receivable.”

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The following is a summary of securities available for sale which were in an unrealized loss position at March 31, 2025 and December 31, 2024.


	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses

March 31, 2025
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	1,268	$	4	$	42,454	$	2,523	$	43,722	$	2,527
State and political subdivisions		4,973		80		481,745		74,601		486,718		74,681
Residential mortgage-backed securities
Agency		54,626		576		849,024		144,139		903,650		144,715
Non-agency		0		0		59,798		5,558		59,798		5,558
Commercial mortgage-backed securities
Agency		7,259		2		317,295		36,007		324,554		36,009
Asset-backed securities		116,711		391		193,277		2,433		309,988		2,824
Single issue trust preferred securities		0		0		12,032		1,269		12,032		1,269
Other corporate securities		0		0		254,925		19,012		254,925		19,012

Total	$	184,837	$	1,053	$	2,210,550	$	285,542	$	2,395,387	$	286,595


	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
December 31, 2024
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	1,476	$	3	$	42,886	$	3,081	$	44,362	$	3,084
State and political subdivisions		3,314		22		479,681		79,493		482,995		79,515
Residential mortgage-backed securities
Agency		128,655		1,660		856,448		165,454		985,103		167,114
Non-agency		0		0		59,668		6,531		59,668		6,531
Commercial mortgage-backed securities
Agency		0		0		319,506		42,698		319,506		42,698
Asset-backed securities		83,188		50		215,886		1,997		299,074		2,047
Single issue trust preferred securities		0		0		11,919		1,377		11,919		1,377
Other corporate securities		2,476		24		252,634		21,547		255,110		21,571

Total	$	219,109	$	1,759	$	2,238,628	$	322,178	$	2,457,737	$	323,937

The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method.


	Three Months Ended March 31
	2025		2024
Proceeds from maturities, sales and calls	$	586,237	$	416,410
Gross realized gains		0		0
Gross realized losses		0		0

At March 31, 2025, gross unrealized losses on available for sale securities were $286,595 on 948 securities of a total portfolio of 1,096 available for sale securities. Securities with the most significant gross unrealized losses at March 31, 2025 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and other corporate securities.

In determining whether or not a security is impaired, management considered the severity of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity. Generally, the significant amount of gross unrealized losses on available for sale securities at March 31, 2025 was the result of rising interest rates.

State and political subdivisions

United’s state and political subdivisions portfolio relates to securities issued by various municipalities located throughout the United States. The total amortized cost of available for sale state and political subdivision securities was $584,978 at March 31, 2025. As of March 31, 2025, approximately 46% of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality. The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of March 31, 2025. In addition to monitoring the credit ratings of these securities, management also evaluates the financial performance of the underlying issuers on an ongoing basis. Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities had credit losses at March 31, 2025.

Mortgage-backed securities

The fair value of

mortgage-backed

securities is affected by changes in interest rates and prepayment speeds. When interest rates decline, prepayment speeds generally accelerate due to homeowners refinancing their mortgages at lower interest rates. This may result in the proceeds being reinvested at lower interest rates. Rising interest rates may decrease the assumed prepayment speed. Slower prepayment speeds may extend the maturity of the security beyond its estimated maturity. Therefore, investors may not be able to invest at current higher market rates due to the extended expected maturity of the security. United had a net unrealized loss of $179,226 on

mortgage-backed

securities at March 31, 2025. Below is a detailed discussion of mortgage-backed securities by type.

United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The total amortized cost of available for sale agency mortgage-backed securities was $1,722,349 at March 31, 2025. Of the $1,722,349 amount, $457,455 was related to agency commercial mortgage-backed securities and $1,264,894 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, 2025.

United’s

non-agency

residential mortgage-backed securities portfolio relates to securities of various private label issuers. The total amortized cost of available for sale

non-agency

residential mortgage-backed securities was $87,215 at March 31, 2025. Of the $87,215, 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, 2025.

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Asset-backed securities

As of March 31, 2025, United’s asset-backed securities portfolio had a total amortized cost balance of $347,462. 100% of the portfolio was investment grade rated as of March 31, 2025. Approximately 46% 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 54% of the portfolio relates to collateralized loan obligation securities that are all AAA rated. Upon reviewing this portfolio as of March 31, 2025, it was determined that none of the asset-backed securities had credit losses.

Single issue trust preferred securities

The majority of United’s single issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). All single issue trust preferred securities are currently receiving interest payments. The amortized cost of available for sale single issue trust preferred securities as of March 31, 2025 consisted of $7,483 in investment grade bonds and $5,818 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 2025, it was determined that none of the single issue trust preferred securities had credit losses.

Other corporate securities

As of March 31, 2025, United’s other corporate securities portfolio had a total amortized cost balance of $279,887. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $279,887, 95% had at least one rating above investment grade, 2% were below investment grade rated, and 3% were unrated. For other corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity of any unrealized loss. Based upon management’s analysis and judgment, it was determined that none of the other corporate securities had credit losses at March 31, 2025.

The amortized cost and estimated fair value of securities available for sale at March 31, 2025 and December 31, 2024 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, 2025				December 31, 2024
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value

Due in one year or less	$	255,284	$	254,868	$	262,093	$	261,458
Due after one year through five years		436,586		410,117		405,617		375,276
Due after five years through ten years		787,778		712,900		863,601		779,069
Due after ten years		1,802,724		1,625,099		1,751,379		1,543,916

Total	$	3,282,372	$	3,002,984	$	3,282,690	$	2,959,719

Equity securities at fair value

Equity securities consist mainly of equity securities of financial institutions, mutual funds of Community Reinvestment Act (“CRA”) qualified investments and equity securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The fair value of United’s equity securities was $21,514 at March 31, 2025 and $21,058 at December 31, 2024.


	Three Months Ended March 31
	2025			2024
Unrealized gains recognized during the period on equity securities still held at period end	$	554		$	0
Unrealized losses recognized during the period on equity securities still held at period end		(33	)		(99	)

Net gains (losses) recognized during the period	$	521		$	(99	)

Other investment securities

During the first quarter of 2025, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the first quarter of 2025 had a significant adverse effect on the recorded value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during the 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 $2,008,860 and $2,038,864 at March 31, 2025 and December 31, 2024, respectively.

4. LOANS AND LEASES

Major classes of loans and leases are as follows:


	March 31, 2025			December 31, 2024
Commercial, financial and agricultural:
Owner-occupied commercial real estate	$	2,074,426		$	1,590,002
Nonowner-occupied commercial real estate		7,916,340			6,939,641
Other commercial		3,565,992			3,351,362

Total commercial, financial & agricultural		13,556,758			11,881,005
Residential real estate		5,813,198			5,507,384
Construction & land development		3,751,921			3,509,034
Consumer:
Bankcard		9,117			9,998
Other consumer		743,084			773,077
Less: Unearned income		(11,006	)		(7,005	)

Total gross loans	$	23,863,072		$	21,673,493

The table above does not include loans held for sale of $28,642 and $44,360 at March 31, 2025 and December 31, 2024, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market.

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 $22,486 and $22,702 at March 31, 2025 and December 31, 2024, respectively.

5. CREDIT QUALITY

Management monitors the credit quality of its loans and leases on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. United considers a loan to be past due when it is 30 days or more past its contractual payment due date.

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For all loan classes, past due loans and leases are reviewed on a monthly basis to identify loans and leases for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses. United’s method of income recognition for loans and leases that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectability of principal is in doubt. Nonaccrual loans and leases will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note.

The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases:


Age Analysis of Past Due Loans and Leases
As of March 31, 2025
	30-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current & Other		Total Financing Receivables		90 Days or More Past Due & Accruing

Commercial real estate:
Owner-occupied	$	5,201	$	1,264	$	6,465	$	2,067,961	$	2,074,426	$	0
Nonowner-occupied		17,133		20,382		37,515		7,878,825		7,916,340		0
Other commercial		5,374		17,718		23,092		3,542,900		3,565,992		615
Residential real estate		27,613		22,214		49,827		5,763,371		5,813,198		9,178
Construction & land development		5,399		3,356		8,755		3,743,166		3,751,921		0
Consumer:
Bankcard		67		5		72		9,045		9,117		5
Other consumer		18,122		4,836		22,958		720,126		743,084		2,589

Total	$	78,909	$	69,775	$	148,684	$	23,725,394	$	23,874,078	$	12,387


Age Analysis of Past Due Loans and Leases
As of December 31, 2024
	30-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current & Other		Total Financing Receivables		90 Days or More Past Due & Accruing
Commercial real estate:
Owner-occupied	$	3,767	$	1,284	$	5,051	$	1,584,951	$	1,590,002	$	0
Nonowner-occupied		11,931		23,379		35,310		6,904,331		6,939,641		0
Other commercial		5,594		19,019		24,613		3,326,749		3,351,362		431
Residential real estate		33,783		20,946		54,729		5,452,655		5,507,384		12,429
Construction & land development		390		4,265		4,655		3,504,379		3,509,034		1,677
Consumer:
Bankcard		63		61		124		9,874		9,998		61
Other consumer		28,414		4,446		32,860		740,217		773,077		2,342

Total	$	83,942	$	73,400	$	157,342	$	21,523,156	$	21,680,498	$	16,940

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


	At March 31, 2025				At December 31, 2024
	Nonaccruals		With No Related Allowance for Credit Losses		Nonaccruals		With No Related Allowance for Credit Losses

Commercial Real Estate:
Owner-occupied	$	1,264	$	1,264	$	1,284	$	1,284
Nonowner-occupied		20,382		20,382		23,379		8,475
Other Commercial		17,103		1,087		18,588		584
Residential Real Estate		13,036		10,161		8,517		5,562
Construction		3,356		3,356		2,588		2,589
Consumer:
Bankcard		0		0		0		0
Other consumer		2,247		2,247		2,104		2,104

Total	$	57,388	$	38,497	$	56,460	$	20,598

Interest income recognized on nonaccrual loans was insignificant during the three months ended March 31, 2025 and 2024.

In some cases, United will modify a loan to a borrower experiencing financial difficulty by providing multiple types of concessions such as a term extension, principal forgiveness, an interest rate reduction or a combination thereof. The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified during the first three months of 2025 and 2024, respectively, by class of financing receivable and by type of modification. The percentage of the amortized cost basis of loans and leases that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also represented below.


	Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	For the Three Months ended March 31, 2025
	Term Extension		Payment Delay		Term Extension & Interest Rate Reduction		Term Extension & Payment Delay		% of Total Class of Financing Receivable

Commercial real estate:
Owner-occupied	$	0	$	0	$	0	$	0		0.00	%
Nonowner-occupied		0		179		0		0		0.00	%
Other commercial		7,270		0		0		0		0.20	%
Residential real estate		0		0		0		0		0.00	%
Construction & land development		0		0		0		0		0.00	%
Consumer:
Bankcard		0		0		0		0		0.00	%
Other consumer		0		0		0		0		0.00	%

Total	$	7,270	$	179	$	0	$	0		0.03	%

Table of Contents


	Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	For the Three Months ended March 31, 2024
	Term Extension		Payment Delay		Term Extension & Interest Rate Reduction		Term Extension & Payment Delay		% of Total Class of Financing Receivable

Commercial real estate:
Owner-occupied	$	0	$	0	$	0	$	0		0.00	%
Nonowner-occupied		5,726		0		0		0		0.08	%
Other commercial		0		0		2,316		0		0.07	%
Residential real estate		8,750		0		0		170		0.17	%
Construction & land development		300		0		0		0		0.01	%
Consumer:
Bankcard		0		0		0		0		0.00	%
Other consumer		0		0		0		0		0.00	%

Total	$	14,776	$	0	$	2,316	$	170		0.08	%

As of March 31, 2025 and December 31, 2024, there were commitments to lend additional funds of $1,386 and $1,199 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. The historical loss experience used in United’s credit loss models includes the impact of loan modifications provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of loan defaults.

United closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance in the 12 months after a modification made to borrowers experiencing financial difficulty presented by class of financing receivable:


	Payment Status (Amortized Cost Basis)
	As of March 31, 2025						As of March 31, 2024
	Current		30-89 Days Past Due		90+ Days Past Due		Current		30-89 Days Past Due		90+ Days Past Due

Commercial real estate:
Owner-occupied	$	430	$	0	$	0	$	474	$	0	$	0
Nonowner-occupied		1,344		4,577		0		38,736		0		0
Other commercial		7,270		0		0		2,474		0		0
Residential real estate		178		0		0		9,420		0		0
Construction & land development		49		0		0		300		0		0
Consumer:
Bankcard		0		0		0		0		0		0
Other consumer		0		0		0		0		0		0

Total	$	9,271	$	4,577	$	0	$	51,404	$	0	$	0

The

following

table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and 2024.

The following table presents 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, 2025. 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, 2025 and 2024.

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, 2025 and December 31, 2024:


	Collateral Dependent Loans and Leases
	At March 31, 2025
	Residential Property		Business Assets		Land		Commercial Property		Other		Total

Commercial real estate:
Owner-occupied	$	0	$	0	$	0	$	3,121	$	4,556	$	7,677
Nonowner-occupied		8,275		0		9,950		44,103		19,816		82,144
Other commercial		0		14,781		0		5,015		914		20,710
Residential real estate		7,110		0		0		0		9		7,119
Construction & land development		3,970		0		8,302		0		7,710		19,982
Consumer:
Bankcard		0		0		0		0		0		0
Other consumer		0		0		0		0		0		0

Total	$	19,355	$	14,781	$	18,252	$	52,239	$	33,005	$	137,632


	Collateral Dependent Loans and Leases
	At December 31, 2024
	Residential Property		Business Assets		Land		Commercial Property		Other		Total
Commercial real estate:
Owner-occupied	$	5	$	0	$	0	$	3,119	$	6,465	$	9,589
Nonowner-occupied		7,037		0		0		23,975		2,367		33,379
Other commercial		0		15,816		0		5,041		528		21,385
Residential real estate		7,348		0		0		0		11		7,359
Construction & land development		0		0		2,492		0		873		3,365
Consumer:
Bankcard		0		0		0		0		0		0
Other consumer		0		0		0		0		0		0

Total	$	14,390	$	15,816	$	2,492	$	32,135	$	10,244	$	75,077

Table of Contents

United categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt: current financial information, historical payment experience, credit documentation, underlying collateral (if any), public information and current economic trends, among other factors.

United uses the following definitions for risk ratings:

•

Pass

•

Special Mention

•

Substandard

•

Doubtful

For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000 or greater) and classified (substandard-rated and worse in the amount of $500 and greater) loans is completed once per quarter. Review of notes with committed exposure of $3,000 or greater is completed at least annually. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis.

Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due

30-89

days are generally considered special mention.

A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard.

A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are

charged-off

prior to such a classification.

Based on the most recent analysis performed, the risk category of loans and leases as well as charge-offs and recoveries by class of loans is as follows. Loans originated in any year may be renewals of existing loans and not necessarily new loans


Commercial Real Estate – Owner-occupied																Revolving loans converted to term loans
	Term Loans													Revolving loans amortized cost basis				Total
	Origination Year
As of March 31, 2025	2025		2024		2023		2022		2021		Prior
Internal Risk Grade:
Pass	$	79,406	$	392,661	$	208,796	$	332,177	$	300,931	$	666,596		$	43,514	$	0	$	2,024,081
Special Mention		0		0		0		0		0		16,791			7,427		0		24,218
Substandard		0		247		0		3,468		0		21,472			600		119		25,906
Doubtful		0		0		0		0		0		221			0		0		221

Total	$	79,406	$	392,908	$	208,796	$	335,645	$	300,931	$	705,080		$	51,541	$	119	$	2,074,426

Current-period charge-offs		0		0		0		0		0		(228	)		0		0		(228	)
Current-period recoveries		0		0		2		0		0		3			0		0		5

Current-period net recoveries (charge-offs)	$	0	$	0	$	2	$	0	$	0	$	(225	)	$	0	$	0	$	(223	)


	Term Loans													Revolving loans amortized cost basis		Revolving loans and leases converted to term loans		Total
	Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior
Internal Risk Grade:
Pass	$	236,547	$	132,095	$	243,103	$	225,152	$	205,461	$	467,417		$	29,900	$	0	$	1,539,675
Special Mention		0		0		0		0		0		15,199			8,545		0		23,744
Substandard		247		0		3,493		0		307		21,744			445		121		26,357
Doubtful		0		0		0		0		0		226			0		0		226

Total	$	236,794	$	132,095	$	246,596	$	225,152	$	205,768	$	504,586		$	38,890	$	121	$	1,590,002

Current-period charge-offs		0		0		0		0		0		(116	)		0		0		(116	)
Current-period recoveries		0		0		15		0		0		1,168			0		0		1,183

Current-period net recoveries	$	0	$	0	$	15	$	0	$	0	$	1,052		$	0	$	0	$	1,067


Commercial Real Estate – Nonowner-occupied																Revolving loans converted to term loans
	Term Loans													Revolving loans amortized cost basis				Total
	Origination Year
As of March 31, 2025	2025		2024		2023		2022		2021		Prior
Internal Risk Grade:
Pass	$	434,527	$	986,250	$	653,426	$	1,962,638	$	1,287,046	$	2,040,618		$	81,221	$	71	$	7,445,797
Special Mention		0		0		0		37,344		79,255		202,960			701		0		320,260
Substandard		0		0		1,137		33,481		6,640		81,757			27,268		0		150,283
Doubtful		0		0		0		0		0		0			0		0		0

Total	$	434,527	$	986,250	$	654,563	$	2,033,463	$	1,372,941	$	2,325,335		$	109,190	$	71	$	7,916,340

Current-period charge-offs		0		0		0		0		0		(3,118	)		0		0		(3,118	)
Current-period recoveries		0		0		0		0		0		48			0		0		48

Current-period net charge-offs	$	0	$	0	$	0	$	0	$	0	$	(3,070	)	$	0	$	0	$	(3,070	)

Table of Contents


	Term Loans														Revolving loans amortized cost basis		Revolving loans and leases converted to term loans		Total
	Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020			Prior
Internal Risk Grade:
Pass	$	741,996	$	485,437	$	1,623,423	$	1,294,232	$	639,143		$	1,584,833		$	160,243	$	78	$	6,529,385
Special Mention		0		0		8,465		82,240		29,940			210,912			0		0		331,557
Substandard		0		0		4,085		4,020		143			48,633			21,818		0		78,699
Doubtful		0		0		0		0		0			0			0		0		0

Total	$	741,996	$	485,437	$	1,635,973	$	1,380,492	$	669,226		$	1,844,378		$	182,061	$	78	$	6,939,641

Current-period charge-offs		0		0		0		0		(751	)		(1,830	)		0		0		(2,581	)
Current-period recoveries		0		0		0		0		0			200			0		0		200

Current-period net charge-offs	$	0	$	0	$	0	$	0	$	(751	)	$	(1,630	)	$	0	$	0	$	(2,381	)


Other commercial																					Revolving loans and leases converted to term loans
	Term Loans and leases																	Revolving loans and leases amortized cost basis					Total
	Origination Year
As of March 31, 2025	2025		2024			2023			2022			2021			Prior
Internal Risk Grade:
Pass	$	142,263	$	443,432		$	506,313		$	371,236		$	398,491		$	602,486		$	1,030,613		$	0	$	3,494,834
Special Mention		0		77			140			1,198			327			12,638			10,454			0		24,834
Substandard		0		391			591			16,518			7,852			12,040			8,907			0		46,299
Doubtful		0		0			0			0			0			25			0			0		25

Total	$	142,263	$	443,900		$	507,044		$	388,952		$	406,670		$	627,189		$	1,049,974		$	0	$	3,565,992

Current-period charge-offs		0		(31	)		(60	)		(142	)		(1,125	)		(1,445	)		(719	)		0		(3,522	)
Current-period recoveries		0		0			0			1			1			96			25			0		123

Current-period net charge-offs	$	0	$	(31	)	$	(60	)	$	(141	)	$	(1,124	)	$	(1,349	)	$	(694	)	$	0	$	(3,399	)


	Term Loans and leases																	Revolving loans and leases amortized cost basis			Revolving loans and leases converted to term loans		Total
	Origination Year
As of December 31, 2024	2024		2023			2022			2021			2020			Prior
Internal Risk Grade:
Pass	$	403,641	$	505,947		$	378,072		$	394,412		$	164,671		$	519,488		$	912,293		$	0	$	3,278,524
Special Mention		81		36			1,129			339			251			18,941			4,652			0		25,429
Substandard		206		419			18,927			7,029			835			11,262			8,706			0		47,384
Doubtful		0		0			0			0			0			25			0			0		25

Total	$	403,928	$	506,402		$	398,128		$	401,780		$	165,757		$	549,716		$	925,651		$	0	$	3,351,362

Current-period charge-offs		0		(464	)		(252	)		(156	)		(148	)		(1,352	)		(1,217	)		0		(3,589	)
Current-period recoveries		10		67			9			45			0			1,512			7			0		1,650

Current-period net recoveries (charge- offs)	$	10	$	(397	)	$	(243	)	$	(111	)	$	(148	)	$	160		$	(1,210	)	$	0	$	(1,939	)


Residential Real Estate																			Revolving loans converted to term loans
	Term Loans																Revolving loans amortized cost basis				Total
	Origination Year
As of March 31, 2025	2025		2024			2023			2022			2021		Prior
Internal Risk Grade:
Pass	$	94,551	$	498,749		$	882,810		$	1,646,244		$	851,542	$	1,321,136		$	498,710	$	2,447	$	5,796,189
Special Mention		0		380			106			0			0		2,642			976		82		4,186
Substandard		0		0			112			159			491		11,558			503		0		12,823
Doubtful		0		0			0			0			0		0			0		0		0

Total	$	94,551	$	499,129		$	883,028		$	1,646,403		$	852,033	$	1,335,336		$	500,189	$	2,529	$	5,813,198

Current-period charge-offs		0		(10	)		(101	)		(53	)		0		(110	)		0		0		(274	)
Current-period recoveries		0		0			0			0			1		45			0		0		46

Current-period net (charge- offs) recoveries	$	0	$	(10	)	$	(101	)	$	(53	)	$	1	$	(65	)	$	0	$	0	$	(228	)


	Term Loans															Revolving loans amortized cost basis			Revolving loans converted to term loans		Total
	Origination Year
As of December 31, 2024	2024		2023			2022			2021		2020		Prior
Internal Risk Grade:
Pass	$	407,430	$	820,059		$	1,617,541		$	827,395	$	396,094	$	971,226		$	447,363		$	2,467	$	5,489,575
Special Mention		382		107			0			0		0		2,466			1,326			0		4,281
Substandard		0		0			0			508		0		12,430			507			83		13,528
Doubtful		0		0			0			0		0		0			0			0		0

Total	$	407,812	$	820,166		$	1,617,541		$	827,903	$	396,094	$	986,122		$	449,196		$	2,550	$	5,507,384


Current-period charge-offs		0		(7	)		(2	)		0		0		(359	)		(113	)		0		(481	)
Current-period recoveries		0		0			0			5		0		489			1			0		495

Current-period net (charge- offs) recoveries	$	0	$	(7	)	$	(2	)	$	5	$	0	$	130		$	(112	)	$	0	$	14


Construction and Land Development															Revolving loans converted to term loans
	Term Loans												Revolving loans amortized cost basis				Total
	Origination Year
As of March 31, 2025	2025		2024		2023		2022		2021		Prior
Internal Risk Grade:
Pass	$	206,775	$	892,464	$	928,787	$	984,360	$	344,902	$	37,261	$	308,565	$	0	$	3,703,114
Special Mention		0		2,827		5,733		1,454		18,356		205		0		0		28,575
Substandard		0		5,131		3,970		7,550		200		3,381		0		0		20,232
Doubtful		0		0		0		0		0		0		0		0		0

Total	$	206,775	$	900,422	$	938,490	$	993,364	$	363,458	$	40,847	$	308,565	$	0	$	3,751,921

Current-period charge-offs		0		0		0		0		0		0		0		0		0
Current-period recoveries		0		0		0		0		0		23		0		0		23

Current-period net recoveries	$	0	$	0	$	0	$	0	$	0	$	23	$	0	$	0	$	23


	Term Loans													Revolving loans amortized cost basis		Revolving loans converted to term loans		Total
	Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior
Internal Risk Grade:
Pass	$	628,186	$	837,662	$	1,253,480	$	426,662	$	18,559	$	18,542		$	302,302	$	0	$	3,485,393
Special Mention		0		0		1,455		18,356		57		153			0		0		20,021
Substandard		0		0		0		200		1,607		1,813			0		0		3,620
Doubtful		0		0		0		0		0		0			0		0		0

Total	$	628,186	$	837,662	$	1,254,935	$	445,218	$	20,223	$	20,508		$	302,302	$	0	$	3,509,034

Current-period charge-offs		0		0		0		0		0		(29	)		0		0		(29	)
Current-period recoveries		0		0		0		0		0		319			0		0		319

Current-period net recoveries	$	0	$	0	$	0	$	0	$	0	$	290		$	0	$	0	$	290


Bankcard													Revolving loans amortized cost basis			Revolving loans converted to term loans
	Term Loans																	Total
	Origination Year
As of March 31, 2025	2025		2024		2023		2022		2021		Prior
Internal Risk Grade:
Pass
Special Mention	$	0	$	0	$	0	$	0	$	0	$	0	$	9,045		$	0	$	9,045
Substandard		0		0		0		0		0		0		67			0		67
Doubtful		0		0		0		0		0		0		5			0		5
Total		0		0		0		0		0		0		0			0		0

	$	0	$	0	$	0	$	0	$	0	$	0	$	9,117		$	0	$	9,117

Current-period charge-offs		0		0		0		0		0		0		(118	)		0		(118	)
Current-period recoveries		0		0		0		0		0		0		11			0		11

Current-period net charge-offs	$	0	$	0	$	0	$	0	$	0	$	0	$	(107	)	$	0	$	(107	)

Table of Contents


	Term Loans												Revolving loans amortized cost basis			Revolving loans converted to term loans		Total
	Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior
Internal Risk Grade:
Pass	$	0	$	0	$	0	$	0	$	0	$	0	$	9,874		$	0	$	9,874
Special Mention		0		0		0		0		0		0		63			0		63
Substandard		0		0		0		0		0		0		61			0		61
Doubtful		0		0		0		0		0		0		0			0		0

Total	$	0	$	0	$	0	$	0	$	0	$	0	$	9,998		$	0	$	9,998

Current-period charge-offs		0		0		0		0		0		0		(431	)		0		(431	)
Current-period recoveries		0		0		0		0		0		0		19			0		19

Current-period net charge-offs	$	0	$	0	$	0	$	0	$	0	$	0	$	(412	)	$	0	$	(412	)


Other Consumer																				Revolving loans converted to term loans
	Term Loans																	Revolving loans amortized cost basis				Total
	Origination Year
As of March 31, 2025	2025		2024			2023			2022			2021			Prior
Internal Risk Grade:
Pass	$	64,957	$	131,044		$	117,383		$	244,484		$	102,634		$	54,674		$	4,950	$	0	$	720,126
Special Mention		25		308			1,131			9,279			5,397			1,957			26		0		18,123
Substandard		0		215			429			2,481			1,168			540			2		0		4,835
Doubtful		0		0			0			0			0			0			0		0		0

Total	$	64,982	$	131,567		$	118,943		$	256,244		$	109,199		$	57,171		$	4,978	$	0	$	743,084

Current-period charge-offs		0		(21	)		(136	)		(760	)		(264	)		(236	)		0		0		(1,417	)
Current-period recoveries		0		6			28			150			85			111			0		0		380

Current-period net charge- offs	$	0	$	(15	)	$	(108	)	$	(610	)	$	(179	)	$	(125	)	$	0	$	0	$	(1,037	)


	Term Loans																		Revolving loans amortized cost basis		Revolving loans converted to term loans		Total
	Origination Year
As of December 31, 2024	2024			2023			2022			2021			2020			Prior
Internal Risk Grade:
Pass	$	139,908		$	131,108		$	276,041		$	118,478		$	49,553		$	22,913		$	2,215	$	0	$	740,216
Special Mention		495			1,805			13,462			8,485			2,704			1,440			23		0		28,414
Substandard		76			182			2,454			1,106			358			261			10		0		4,447
Doubtful		0			0			0			0			0			0			0		0		0

Total	$	140,479		$	133,095		$	291,957		$	128,069		$	52,615		$	24,614		$	2,248	$	0	$	773,077

Current-period charge-offs		(28	)		(206	)		(5,724	)		(3,096	)		(869	)		(380	)		0		0		(10,303	)
Current-period recoveries		0			21			402			241			125			330			0		0		1,119

Current-period net charge-offs	$	(28	)	$	(185	)	$	(5,322	)	$	(2,855	)	$	(744	)	$	(50	)	$	0	$	0	$	(9,184	)

At March 31, 2025 and December 31, 2024, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $1,475 and $327, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At March 31, 2025 and December 31, 2024, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $84 and $795, respectively.

ALLOWANCE

FOR CREDIT LOSSES

The allowance for loan losses is an estimate of the expected credit losses on financial assets measured at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). Assets are charged off when United determines that

such financial assets are deemed uncollectible or based on regulatory requirements, whichever is earlier. Charge-offs are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously

charged-off,

not to exceed the aggregate of the amount previously

charged-off,

are included in determining the necessary reserve at the balance sheet date.

United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan. Accrued interest receivable was $94,360 and $87,062 at March 31, 2025 and December 31, 2024, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets. For all classes of loans and leases receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due, unless the loan is well secured and in the process of collection. Interest received on nonaccrual loans and leases, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal.

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


	Accrued Interest Receivable
	At March 31, 2025		At December 31, 2024
Commercial Real Estate:
Owner-occupied	$	6,150	$	4,700
Nonowner-occupied		36,007		30,582
Other Commercial		11,613		10,512
Residential Real Estate		21,533		21,662
Construction		16,776		17,174
Consumer:
Bankcard		0		0
Other consumer		2,281		2,432

Total	$	94,360	$	87,062

The following table represents the accrued interest receivables written off by reversing interest income for the three months ended March 31, 2025 and 2024:


	Accrued Interest Receivables Written Off by Reversing Interest Income
	Three Months Ended March 31
	2025		2024
Commercial Real Estate:
Owner-occupied	$	27	$	168
Nonowner-occupied		12		2
Other Commercial		33		669
Residential Real Estate		224		6
Construction		44		0
Consumer:
Bankcard		0		0
Other consumer		76		115

Total	$	416	$	960

United estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as reasonable and supportable forecast adjustments for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. A reversion to historical loss data occurs via a straight-line method during the year following the

one-year

reasonable and supportable forecast period.

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United pools its loans and leases based on similar risk characteristics in estimating expected credit losses. United has identified the following portfolio segments and measures the allowance for credit losses using the following methods:

•

Method: Probability of Default/Loss Given Default (PD/LGD)

•

Commercial Real Estate Owner-Occupied

•

Commercial Real Estate Nonowner-Occupied

•

Commercial Other

•

Method: Cohort

•

Residential Real Estate

•

Construction & Land Development

•

Consumer

•

Bankcard

Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral but may also include other

non-performing

loans, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans.

Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by United.

At the acquisition date, an initial allowance for expected credit losses for

non-PCD

loans is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. For allowance for credit losses under ASC Topic 326 calculation purposes, United includes its acquired loans and leases in their relevant pool unless they meet the criteria for specific review.

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 $36,567 and $34,911 at March 31, 2025 and December 31, 2024, 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, 2025 increased $38,580 or 14.19% from December 31, 2024. As previously mentioned, during the first quarter of 2025, United recorded an allowance for loan and lease losses on acquired Piedmont

non-PCD

loans of $

18,726

and on acquired Piedmont PCD loans of $

17,518

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

•

Current conditions

– United considered the impact of government efficiency efforts and potential tariffs when making determinations related to factor adjustments for the external environment. United also considered the impact of changes in economic and business conditions; collateral values for dependent loans; past due, nonaccrual and adversely classified loans and leases; and concentrations of credit.

•

Reasonable and supportable forecasts

– The forecast is determined on a

portfolio-by-portfolio

basis by relating the correlation of real GDP and the unemployment rate to loss rates to forecasts of those variables. The reasonable and supportable forecast selection is subjective in nature and requires more judgment compared to the other components of the allowance. Assumptions for the economic variables were the following:

•

The forecast for real GDP adjusted downward in the first quarter, from a projection of 2.10% for 2025 as of

mid-December

2024 to 1.70% for 2025 as of

mid-March

with a projection of 1.80% for 2026. The unemployment rate forecast shifted slightly in the first quarter from a projection of 4.30% for 2025 as of

mid-December

2024 to 4.40% for 2025 as of

mid-March

with a projection of 4.30% for 2026.

•

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.

A progression of the allowance for loan and lease losses, by portfolio segment, for the periods indicated is summarized as follows:


	Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases
	For the Three Months Ended March 31, 2025
	Commercial Real Estate						Other Commercial			Residential Real Estate			Construction & Land Development		Bankcard			Other Consumer			Total
	Owner- occupied			Nonowner- occupied			Other Commercial			Residential Real Estate			Construction & Land Development		Bankcard			Other Consumer			Total

Allowance for Loan and Lease Losses:
Beginning balance	$	11,852		$	74,522		$	65,105		$	46,373		$	63,621	$	891		$	9,480		$	271,844
Initial allowance for PCD loans (acquired during the period)		795			11,059			872			208			4,584		0			0			17,518
Charge-offs		(228	)		(3,118	)		(3,522	)		(274	)		0		(118	)		(1,417	)		(8,677	)
Recoveries		5			48			123			46			23		11			380			636
Provision		2,630			10,155			2,572			8,654			3,731		45			1,316			29,103

Ending balance	$	15,054		$	92,666		$	65,150		$	55,007		$	71,959	$	829		$	9,759		$	310,424

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	Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases
	For the Year Ended December 31, 2024
	Commercial Real Estate						Other Commercial			Residential Real Estate			Construction & Land Development			Bankcard			Other Consumer			Total
	Owner- occupied			Nonowner- occupied			Other Commercial			Residential Real Estate			Construction & Land Development			Bankcard			Other Consumer			Total

Allowance for Loan and Lease Losses:
Beginning balance	$	11,895		$	57,935		$	75,007		$	41,167		$	59,913		$	810		$	12,510		$	259,237
Charge-offs		(116	)		(2,581	)		(3,589	)		(481	)		(29	)		(431	)		(10,303	)		(17,530	)
Recoveries		1,183			200			1,650			495			319			19			1,119			4,985
Provision		(1,110	)		18,968			(7,963	)		5,192			3,418			493			6,154			25,152

Ending balance	$	11,852		$	74,522		$	65,105		$	46,373		$	63,621		$	891		$	9,480		$	271,844

7. INTANGIBLE ASSETS

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


	March 31, 2025
	Community Banking					Total
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization

Amortized intangible assets:
Core deposit intangible assets	$	137,929	($	98,640	)	$	137,929	($	98,640	)

Goodwill not subject to amortization	$	2,023,604				$	2,023,604


	December 31, 2024
	Community Banking					Total
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangible assets	$	105,165	($	96,299	)	$	105,165	($	96,299	)

Goodwill not subject to amortization	$	1,888,889				$	1,888,889

The following table provides a reconciliation of goodwill:


	Community Banking		Total
Goodwill at December 31, 2024	$	1,888,889	$	1,888,889
Preliminary addition to goodwill from Piedmont acquisition		134,715		134,715

Goodwill at March 31, 2025	$	2,023,604	$	2,023,604

United incurred amortization expense of $2,341 and $910 for the quarters ended March 31, 2025 and 2024, respectively.

The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2024:


Year	Amount
2025	$	9,363
2026		7,351
2027		5,060
2028		4,003
2029		3,518
2030 and thereafter		12,335

8. LEASES

United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease

right-of-use

(“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. Operating leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. Presently, United does not have any finance leases.

United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 15 years, some of which include options to extend leases generally for periods of 5 years. United rents or subleases certain real estate to third parties. Our sublease portfolio generally consists of operating leases to other organizations for former branch offices.

ROU assets represent United’s right to use an underlying asset for the lease term and lease liabilities represent United’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of United’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend the lease when it is reasonably certain that United will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The components of lease expense were as follows:


		Three Months Ended
	Classification	March 31, 2025			March 31, 2024
Operating lease cost	Net occupancy expense	$	4,900		$	5,671
Sublease income	Net occupancy expense		(50	)		(84	)

Net lease cost		$	4,850		$	5,587

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Supplemental balance sheet information related to leases was as follows:

	Classification	March 31, 2025		December 31, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	86,832	$	81,742
Operating lease liabilities	Operating lease liabilities	$	91,921	$	86,771

Other information related to leases was as follows:


	March 31, 2025
Weighted-average remaining lease term:
Operating leases		7.33 years
Weighted-average discount rate:
Operating leases		3.35	%

Supplemental cash flow information related to leases was as follows:


	Three Months Ended
	March 31, 2025		March 31, 2024
Cash paid for amounts in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,872	$	5,378
ROU assets obtained in the exchange for lease liabilities		3,853		3,671

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


Year	Amount
2025	$	13,720
2026		17,170
2027		15,340
2028		13,047
2029		11,118
Thereafter		34,145

Total lease payments		104,540
Less: imputed interest		(12,619	)

Total	$	91,921

9. SHORT-TERM BORROWINGS

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


	As of March 31, 2025		As of December 31, 2024
Federal funds purchased	$	0	$	0
Securities sold under agreements to repurchase		176,015		176,090

Total short-term borrowings	$	176,015	$	176,090

Federal funds purchased and securities sold under agreements to repurchase have not been a significant source of funds for the company. The securities sold under agreements to repurchase were accounted for as collateralized financial transactions. They were recorded at the amounts at which the securities were acquired or sold plus accrued interest.

United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions.

10. LONG-TERM BORROWINGS

United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At March 31, 2025, United had an unused borrowing amount of approximately $8,138,657 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, 2025, a $

250,000

FHLB advance with a weighted-average contractual interest rate of

4.41

% and a weighted-average effective interest rate of

0.59

% is scheduled to mature in 2025. The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at March 31, 2025 to manage interest rate risk on its long-term debt.

The scheduled maturities of these FHLB borrowings are as follows:


Year	Amount
2025	$	250,000
2026		0
2027		0
2028		0
2029 and thereafter		0

Total	$	250,000

At March 31, 2025, United had a total of twenty statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. At March 31, 2025 and December 31, 2024, the outstanding balance of the Debentures was $280,623 and $280,221

, respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets. United fully and unconditionally guarantees each individual trust’s obligations under the Capital Securities. Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding

five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative.

United also assumed $20,000 in aggregate principal amount of

fixed-to-floating

rate subordinated notes in the Piedmont acquisition which are also included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.”.

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

fixed-to-floating

rate subordinated notes as Tier 1 capital, but rather the Capital Securities and the

fixed-to-floating

rate subordinated notes are included as a component of United’s Tier 2 capital. United can include the Capital Securities and the

fixed-to-floating

rate subordinated notes in its Tier 2 capital on a permanent basis.

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11. COMMITMENTS AND CONTINGENT LIABILITIES

Lending-related Commitments

United is a party to financial instruments with

off-balance-sheet

risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements.

United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for

on-balance

sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $6,408,461 and $5,886,473 of loan commitments outstanding as of March 31, 2025 and December 31, 2024, respectively, approximately

6% of which contractually expire within one year.

Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. As of March 31, 2025 and December 31, 2024, United had $15,398 and $15,546 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 $148,957 and $148,874 as of March 31, 2025 and December 31, 2024, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial.

Mortgage Banking

Related to its mortgage banking activities, United provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims. United’s reserve was immaterial as of March 31, 2025 and December 31, 2024.

United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking third party investors to meet the terms of their forward sales contracts. United works with mortgage banking third-party investors that are generally well-capitalized, are investment grade and exhibit strong financial performance to mitigate this risk. United does not expect any third-party investor to fail to meet its obligation.

Legal Proceedings

United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. On at least a quarterly basis, United assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a

matter-by-matter

basis, an accrual for loss is established for those matters which United believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.

Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial statements.

Regulatory Matters

A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against United in regard to these consumer products. United could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.

12. DERIVATIVE FINANCIAL INSTRUMENTS

United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

Fair value hedges may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. United has elected not to offset the assets and liabilities subject to such arrangements on the consolidated financial statements.

During 2020, United entered into two interest rate swap derivatives designated as cash flow hedges. The notional amount of these cash flow hedge derivatives totaled $500,000.

The derivatives were intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. One of these two interest rate swap derivatives with a notional amount of $

250,000 matured during the third quarter of 2024.

As of March 31, 2025, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring. United estimates that $8,714 will be reclassified from AOCI as a decrease to interest expense over the next

12-months

following March 31, 2025 related to the cash flow hedges. As of March 31, 2025, the maximum length of time over which forecasted transactions are hedged is five years.

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At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate.

United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as

settled-to-market

and settled daily based on the prior day value, rather than

collateralized-to-market.

The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. The total notional amount of interest rate swap derivatives designated as cash flow hedges cleared through the LCH include $250,000 for asset derivatives as of March 31, 2025. Balances related to LCH are presented as a single unit of account with the fair value of the designated cash flow interest rate swap asset being reduced by variation margin posted by (with) the applicable counterparty and reported in the following table on a net basis. The related fair value on a net basis approximates zero.

United enters into interest rate lock commitments to finance residential mortgage loans with its customers. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by United. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Market risk on interest rate lock commitments and mortgage loans held for sale is managed using corresponding forward mortgage loan sales contracts. United is a party to these forward mortgage loan sales contracts to sell loans with servicing released and short sales of mortgage-backed securities. When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings. The fair value of the rate lock derivative is measured using valuations from investors for loans with similar characteristics as well as considering the probability of the loan closing (i.e. the “pull-through” rate) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value.

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, 2025 and December 31, 2024.


	Asset Derivatives
	March 31, 2025						December 31, 2024
	Balance Sheet Location		Notional Amount		Fair Value		Balance Sheet Location		Notional Amount		Fair Value
Derivatives designated as hedging instruments
Fair Value Hedges:
Interest rate swap contracts (hedging commercial loans)		Other assets	$	10,448	$	492		Other assets	$	10,770	$	644

Total Fair Value Hedges			$	10,448	$	492			$	10,770	$	644
Cash Flow Hedges:
Interest rate swap contracts (hedging FHLB borrowings)		Other assets	$	250,000	$	0		Other assets	$	250,000	$	0

Total Cash Flow Hedges			$	250,000	$	0			$	250,000	$	0

Total derivatives designated as hedging instruments			$	260,448	$	492			$	260,770	$	644

Derivatives not designated as hedging instruments

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, 2025 and December 31, 2024.


Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	March 31, 2025
Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	Carrying Amount of the Hedged Assets/(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)			Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued
Interest rate swaps	Loans, net of unearned income	$	10,448	$	(507	)	$	0


Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	December 31, 2024
Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	Carrying Amount of the Hedged Assets/(Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)			Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued
Interest rate swaps	Loans, net of unearned income	$	10,770	$	(657	)	$	0

Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management.

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The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three months ended March 31, 2025 and 2024 are presented as follows:


		Three Months Ended
	Income Statement Location	March 31, 2025			March 31, 2024
Derivatives in hedging relationships Fair Value Hedges:
Interest rate swap contracts	Interest and fees on loans	$	(2	)	$	5
Cash flow Hedges:
Interest rate swap contracts	Interest on long-term borrowings		2,452			6,352

Total derivatives in hedging relationships		$	2,450		$	6,357

Derivatives not designated as hedging instruments
Forward loan sales commitments	Income from Mortgage Banking Activities	$	25		$	(89	)
TBA mortgage-backed securities	Income from Mortgage Banking Activities		(438	)		671
Interest rate lock commitments	Income from Mortgage Banking Activities		335			252

Total derivatives not designated as hedging instruments		$	(78	)	$	834

Total derivatives		$	2,272		$	7,191

For the three months ended March 31, 2025 and 2024, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income.

13. FAIR VALUE MEASUREMENTS

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

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions.

The three levels of the fair value hierarchy based on these two types of inputs are as follows:


Level 1	—	Valuation is based on quoted prices in active markets for identical assets and liabilities.

Level 2	—	Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.

Level 3	—	Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.

When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily

upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement.

In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements.

Securities available for sale and equity securities

: Securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (“Level 1”). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, and “To Be Announced” prices (“Level 2”). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management also performs a quarterly price testing analysis at the individual security level which compares the pricing provided by the third party vendors to an independent pricing source’s valuation of the same securities. Variances that are deemed to be material are reviewed by management. Additionally, to further assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report 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, 2025, management determined that the prices provided by its third party pricing sources were reasonable and in line with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted materially by management at March 31, 2025. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the

bid-ask

spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United does not have any

available-for-sale

securities considered as Level 3.

Loans held for sale

: For residential mortgage loans sold, the loans closed are recorded at fair value using the fair value option which is measured using valuations from investors for loans with similar characteristics (“Level 2”) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For March 31, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.042% to 0.270% with a weighted average increase of 0.141%.

Derivatives

: United utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (“Level 2”). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation.

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For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to accumulated other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings.

The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, United enters into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers

“lock-in”

a specified interest rate within the timeframes established by the mortgage companies. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Interest rate risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to the investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, United enters into either a forward sales contract to sell loans to investors or a TBA mortgage-backed security. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics

(“Level 2”). The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. These valuations fall into a Level 2 category. The interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (“Level 2”) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For March 31, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.042% to 0.270% with a weighted average increase of 0.141%.

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, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy.


			Fair Value at March 31, 2025 Using
Description	Balance as of March 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	244,681	$	0	$	244,681	$	0
State and political subdivisions		510,388		0		510,388		0
Residential mortgage-backed securities
Agency		1,122,922		0		1,122,922		0
Non-agency		82,040		0		82,040		0


			Fair Value at March 31, 2025 Using
Description	Balance as of March 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Commercial mortgage-backed securities
Agency		425,376		0		425,376		0
Asset-backed securities		344,670		0		344,670		0
Single issue trust preferred securities		12,032		0		12,032		0
Other corporate securities		260,875		4,900		255,975		0

Total available for sale securities		3,002,984		4,900		2,998,084		0
Equity securities:
Financial services industry		12,948		12,948		0		0
Equity mutual funds (1)		3,329		3,329		0		0
Other equity securities		5,237		5,237		0		0

Total equity securities		21,514		21,514		0		0
Loans held for sale		28,642		0		0		28,642
Derivative financial assets :
Interest rate swap contracts		492		0		492		0
Forward loan sales commitments		5		0		0		5
Interest rate lock commitments		876		0		0		876

Total derivative financial assets		1,373		0		492		881
Liabilities
Derivative financial liabilities :
TBA mortgage-backed securities		159		0		0		159

Total derivative financial liabilities		159		0		0		159


			Fair Value at December 31, 2024 Using
Description	Balance as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	245,842	$	0	$	245,842	$	0
State and political subdivisions		495,073		0		495,073		0
Residential mortgage-backed securities
Agency		1,059,719		0		1,059,719		0
Non-agency		82,123		0		82,123		0
Commercial mortgage-backed securities
Agency		329,986		0		329,986		0
Asset-backed securities		474,982		0		474,982		0
Single issue trust preferred securities		11,919		0		11,919		0
Other corporate securities		260,075		4,965		255,110		0

Total available for sale securities		2,959,719		4,965		2,954,754		0
Equity securities:
Financial services industry		12.504		12,504		0		0
Equity mutual funds (1)		3,394		3,394		0		0
Fixed income mutual funds		5,160		5,160		0		0

Total equity securities		21,058		21,058		0		0
Loans held for sale		44,360		0		0		44,360
Derivative financial assets:

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			Fair Value at December 31, 2024 Using
Description	Balance as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap contracts		644		0		644		0
TBA mortgage-backed securities		278		0		0		278
Interest rate lock commitments		339		0		0		339

Total derivative financial assets		1,261		0		644		617
Liabilities
Derivative financial liabilities:
Forward loan sales commitments		20		0		0		20

Total derivative financial liabilities		20		0		0		20

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

officers of United and its subsidiaries.

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

The following tables present additional information about financial assets and liabilities measured at fair value at March 31, 2025 and December 31, 2024 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value. The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses related to assets still held at the reporting date are recorded in Income from mortgage banking activities in the Consolidated Statements of Income.


				Derivative Assets							Derivative Liabilities
March 31, 2025	Loans Held for Sale			TBA Securities			Forward Sales Commitments		Interest Rate Lock Commitments		TBA Securities		Forward Sales Commitments
Balance, beginning of period	$	44,360		$	278		$	0	$	339	$	0	$	20
Originations		75,902			0			0		0		0		0
Sales		(94,099	)		0			0		0		0		0
Transfers other		0			(278	)		5		537		159		(20	)
Total gains during the period recognized in earnings		2,479			0			0		0		0		0

Balance, end of period	$	28,642		$	0		$	5	$	876	$	159	$	0

The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date	$	108		$	0		$	5	$	876	$	159	$	0


				Derivative Assets								Derivative Liabilities
December 31, 2024	Loans Held for Sale			TBA Securities		Forward Sales Commitments			Interest Rate Lock Commitments			TBA Securities			Forward Sales Commitments
Balance, beginning of period	$	51,978		$	0	$	33		$	1,005		$	667		$	0
Originations		607,383			0		0			0			0			0
Sales		(630,244	)		0		0			0			0			0
Transfers other		0			278		(33	)		(666	)		(667	)		20
Total gains during the period recognized in earnings		15,243			0		0			0			0			0

Balance, end of period	$	44,360		$	278	$	0		$	339		$	0		$	20

The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date	$	(1,133	)	$	278		0		$	339		$	0		$	20

Fair Value Option

The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:


Description	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Income from mortgage banking activities	$	108	$	(836	)

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, 2025						December 31, 2024
Description	Unpaid Principal Balance		Fair Value		Fair Value Over/(Under) Unpaid Principal Balance		Unpaid Principal Balance		Fair Value		Fair Value Over/(Under) Unpaid Principal Balance
Loans held for sale	$	27,860	$	28,642	$	782	$	43,686	$	44,360	$	674

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of

lower-of-cost-or-market

accounting or write-downs of individual assets.

The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements.

Individually assessed loans

: In the determination of the allowance for loan losses, loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of

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the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (“Level 2”). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (“Level 3”). For individually assessed loans, a specific reserve is established through the allowance for loan losses, if necessary, by estimating the fair value of the underlying collateral on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income.

OREO

: OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (“Level 2”). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing construction property, the appraiser develops two appraised amounts: an “as is” appraised value and a “completed” value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (“Level 3”). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a

bi-annual

basis with values lowered as necessary.

Intangible Assets

: For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount. If United elects to bypass this qualitative analysis, or concludes via qualitative analysis that it is

more-likely-than-not

that the fair value of a reporting unit is less than its carrying value, United may use either a market or income quantitative approach to determine the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment charge would be recorded for the difference, not to exceed the amount of goodwill allocated to the reporting unit. At each reporting date, the Company considers potential indicators of impairment. United performed its annual goodwill impairment test on the Company’s reporting units as of September 30, 2024. The goodwill impairment test did not identify any goodwill impairment. In subsequent periods, economic uncertainty, market volatility and the performance of the Company’s stock as well as possible other impairment indicators could cause us to perform a goodwill impairment test which could result in an impairment charge being recorded for that period if the carrying value of goodwill was found to exceed fair value. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. Other than those intangible assets recorded in the acquisition of Piedmont in the first quarter of 2025, no other fair value measurement of intangible assets was made during the first three months of 2025 and 2024.

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


Description	Balance as of March 31, 2025		Fair Value at March 31, 2025						YTD Gains (Losses)
Description	Balance as of March 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		YTD Gains (Losses)
Assets
Individually assessed loans	$	87,289	$	0	$	56,710	$	30,579	$	364
OREO		1,475		0		1,475		0		0


Description	Balance as of December 31, 2024		Fair Value at December 31, 2024						YTD Gains (Losses)
Description	Balance as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		YTD Gains (Losses)
Assets
Individually assessed loans	$	40,701	$	0	$	21,725	$	18,976	$	(231	)
OREO		327		0		240		87		0

Fair Value of Other Financial Instruments

The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments:

Cash and Cash Equivalents:

The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values.

Securities held to maturity and other securities

: The estimated fair values of securities held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data. Any securities held to maturity, not valued based upon the methods above, are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock as well as investment tax credits that do not have readily determinable fair values and are carried at cost.

Loans and leases

: The fair values of certain mortgage loans (e.g.,

one-to-four

family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other loans and leases (e.g., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans and agricultural loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans and leases with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns. For acquired PCD loans, fair value is assumed to equal United’s carrying value, which represents the present value of expected future principal and interest cash flows, as adjusted for any Allowance for Credit Losses recorded for these loans.

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Deposits

: The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Short-term Borrowings:

The carrying amounts of federal funds purchased, borrowings under repurchase agreements and any other short-term borrowings approximate their fair values.

Long-term Borrowings:

The fair values of United’s Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United’s current incremental borrowing rates for similar types of borrowing arrangements.

Summary of Fair Values for All Financial Instruments

The estimated fair values of United’s financial instruments are summarized below:


					Fair Value Measurements
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Cash and cash equivalents	$	2,610,183	$	2,610,183	$	0	$	2,610,183	$	0
Securities available for sale		3,002,984		3,002,984		4,900		2,998,084		0
Securities held to maturity		1,002		1,020		0		0		1,020
Equity securities		21,514		21,514		21,514		0		0
Other securities		288,497		274,072		0		0		274,072
Loans held for sale		28,642		28,642		0		0		28,642
Net loans		23,552,648		23,270,637		0		0		23,270,637
Derivative financial assets		1,373		1,373		0		492		881
Deposits		26,364,635		26,325,822		0		26,325,822		0
Short-term borrowings		176,015		176,015		0		176,015		0
Long-term borrowings		550,623		516,777		0		516,777		0
Derivative financial liabilities		159		159		0		0		159
December 31, 2024
Cash and cash equivalents	$	2,292,244	$	2,292,244	$	0	$	2,292,244	$	0
Securities available for sale		2,959,719		2,959,719		4,965		2,954,754		0
Securities held to maturity		1,002		1,020		0		0		1,020
Equity securities		21,058		21,058		21,058		0		0
Other securities		277,517		263,641		0		0		263,641
Loans held for sale		44,360		44,360		0		0		44,360
Net loans		21,401,649		20,868,239		0		0		20,868,239
Derivative financial assets		1,261		1,261		0		644		617
Deposits		23,961,859		23,922,063		0		23,922,063		0
Short-term borrowings		176,090		176,090		0		176,090		0
Long-term borrowings		540,420		505,305		0		505,305		0
Derivative financial liabilities		20		20		0		0		20

14. STOCK BASED COMPENSATION

On May 12, 2020, United’s shareholders approved the 2020 Long-Term Incentive Plan (“2020 LTI Plan”). The 2020 LTI Plan became effective May 13, 2020. An award granted under the 2020 LTI Plan may consist of any

non-qualified

stock options or incentive stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, performance units or other-stock-based award. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2020 LTI Plan is 2,300,000. The 2020 LTI Plan will be administered by a board committee appointed by United’s Board of Directors (the “Board”). Unless otherwise determined by the Board, the Compensation Committee of the Board (the “Committee”) shall administer the 2020 LTI Plan. The maximum number of options and stock appreciation rights, in the aggregate, which may be awarded to any individual key employee during any calendar year is 100,000. The maximum number of options and stock appreciation rights, in the aggregate, which may be awarded to any

non-employee

director during any calendar year is 10,000 or, if such Award is payable in cash, the Fair Market Value equivalent thereof. The maximum number of shares of restricted stock or shares subject to a restricted stock units award that may be granted during any calendar year is 225,000 shares to any individual key employee and 10,000 shares to any individual

non-employee

director. Subject to certain change in control provisions, the 2020 LTI Plan provides that all awards of will vest as the Committee determines in the award agreement, provided that no awards will vest sooner than 1/3 per year over the first three anniversaries of the award. United adopted a clawback policy that applies to named executive officers and other executive officers and permits the Committee to cancel certain awards and to recoup gains realized from previous awards should United be required to prepare an accounting restatement due to materially inaccurate performance metrics. A Form

S-8

was filed on May 29, 2020 with the Securities and Exchange Commission to register all the shares which were available for the 2020 LTI Plan. The 2020 LTI Plan replaces the 2016 LTI Plan.

During the

first

three months of 2025, a total of 184,515 shares of restricted stock and 256,385 of restricted stock units were granted under the 2020 LTI Plan. No

non-qualified

stock options were granted under the 2020 LTI Plan during the first three months of 2025. Compensation expense of $2,875 and $3,266 related to the all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the first quarter of 2025 and 2024, respectively. Compensation expense was included in employee compensation in the unaudited Consolidated Statements of Income.

Stock Options

United currently has options outstanding from various option plans other than the 2020 LTI Plan (the “Prior Plans”); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten (10) years.

A summary of activity under United’s stock option plans as of March 31, 2025, and the changes during the first three months of 2025 are presented below:


	Three Months Ended March 31, 2025
						Weighted Average
				Aggregate		Remaining
				Intrinsic		Contractual		Exercise
	Shares			Value		Term (Yrs.)		Price
Outstanding at January 1, 2025		1,049,668						$	36.29
Exercised		(9,816	)						32.48
Forfeited or expired		(15,551	)						37.70

Outstanding at March 31, 2025		1,024,301		$	1,942		3.0	$	36.30

Exercisable at March 31, 2025		1,024,301		$	1,942		3.0	$	36.30

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During the three months ended March 31, 2025 and 2024, 9,816 and 25,991 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, 2025 and 2024 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the three months ended March 31, 2025 and 2024 was $55 and $207

respectively.

As of March 31, 2025, there was no unrecognized compensation cost related to nonvested stock option awards.

Restricted Stock

Under the 2020 LTI Plan, United may award restricted common shares to key employees and

non-employee

directors. Restricted shares granted to participants will vest no sooner than 1/3 per year over the first

three

anniversaries of the award. Unless determined by the Committee or the Board and provided in the award agreement, recipients of restricted shares do not pay any consideration to United for the shares, have the right to vote all shares subject to such grant and receive 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, 2025, the total unrecognized compensation cost related to nonvested restricted stock awards was $11,581 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, 2025:


	Shares			Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2025		310,027		$	36.58
Granted		184,515			36.77
Vested		(147,534	)		36.96
Forfeited		(8,543	)		36.64

Nonvested at March 31, 2025		338,465		$	36.51

Restricted Stock Units

Under the 2020 LTI Plan, United may grant restricted stock units (“RSUs”) to key employees. These awards 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. These RSU grants could be time-vested RSUs, performance-vested RSUs, or a combination of both. Currently, time-vested RSUs vest ratably over three years from the date of grant. Performance-vested RSUs cliff-vest after assessment of the Company’s performance over a period of three years. The number of performance-vested RSUs that vest is determined by two metrics measured relative to peers: Return on Average Tangible Common Equity (“ROATCE”) and Total Shareholder Return (“TSR”). Based on ASC Topic 718, the ROATCE comparison is considered a performance condition while the TSR comparison is considered a market condition. There will be no payout of the performance-vested awards if the threshold performance is not achieved. United communicates the specific threshold, target, and maximum performance-vested RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Dividends are accrued but not paid in respect to the awards until the RSUs vest. The holder does not have the right to vote the shares during the time and performance periods. The value of the time-vested RSUs and the performance-vested, based on the performance condition, RSUs awarded is established as the fair market value of the stock at the time of the grant. The value of the performance-vested, based on the market condition, RSUs awarded is estimated through the use of a Monte Carlo valuation model as of the grant date. The Company recognizes expense on the RSUs in accordance with ASC Topic 718.

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


	Shares			Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2025		490,119		$	35.41
Granted		256,385			35.35
Vested		(148,597	)		35.81
Forfeited or expired		(2,422	)		36.26

Nonvested at March 31, 2025		595,485		$	35.28

As of March 31, 2025, the total unrecognized compensation cost related to nonvested restricted stock units was $15,313 with a weighted-average expense recognition period of 1.9 years.

15. EMPLOYEE BENEFIT PLANS

United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions 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 2025 and 2024.

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

Net periodic pension cost for the three months ended March 31, 2025 and 2024 included the following components:


	Three Months Ended March 31
	2025			2024
Service cost	$	344		$	391
Interest cost		1,815			1,719
Expected return on plan assets		(2,721	)		(2,650	)
Recognized net actuarial loss		0			550

Net periodic pension (benefit) cost	$	(562	)	$	10

Weighted-Average Assumptions:
Discount Rate		5.76	%		5.07	%
Expected return on assets		6.15	%		6.25	%
Rate of Compensation Increase (prior to age 40)		6.00	%		5.00	%
Rate of Compensation Increase (ages 40-49)		5.50	%		n/a
Rate of Compensation Increase (ages 40-54)		n/a			4.00	%
Rate of Compensation Increase (ages 50-54)		5.00	%		n/a
Rate of Compensation Increase (ages 55-64)		4.00	%		n/a
Rate of Compensation Increase (otherwise)		3.00	%		3.50	%

16. INCOME TAXES

United records a liability for uncertain income tax positions based on a recognition threshold of

more-likely-than-not,

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

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As of March 31, 2025 and 2024, the total amount of accrued interest related to uncertain tax positions was $677 and $773, respectively. 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, 2021, 2022 and 2023 and certain State Taxing authorities for the years ended December 31, 2021 through 2023.

United’s effective tax rate was 21.16% for the first quarter of 2025 and 19.78% for the first quarter of 2024.

17. COMPREHENSIVE INCOME

The components of total comprehensive income for the three months ended March 31, 2025 and 2024 are as follows:


	Three Months Ended
	March 31
	2025			2024
Net Income	$	84,306		$	86,814
Available for sale (“AFS”) securities:
Change in net unrealized gain (loss) on AFS securities arising during the period		43,583			(3,119	)
Related income tax effect		(10,416	)		727
Net reclassification adjustment for losses (gains) included in net income		0			0
Related income tax effect		0			0

		33,167			(2,392	)

Net effect of AFS securities on other comprehensive income		33,167			(2,392	)
Cash flow hedge derivatives:
Unrealized (loss) gain on cash flow hedge before reclassification to interest expense		(3,162	)		7,209
Related income tax effect		756			(1,680	)
Net reclassification adjustment for gains included in net income		(2,452	)		(6,352	)
Related income tax effect		586			1,480

Net effect of cash flow hedge derivatives on other comprehensive income		(4,272	)		657
Defined benefit pension plan:
Amortization of net actuarial loss recognized in net income		0			550
Related income tax benefit		0			(126	)

Net effect of change in defined benefit pension plan asset on other comprehensive income		0			424

Total change in other comprehensive income (loss), net of tax		28,895			(1,311	)

Total Comprehensive Income	$	113,201		$	85,503

The components of accumulated other comprehensive income for the three months ended March 31, 2025 are as follows:


Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a)
For the Three Months Ended March 31, 2025
	Unrealized Gains/Losses on AFS Securities			Unrealized Gains/Losses on Cash Flow Hedges			Defined Benefit Pension Items			Total
Balance at January 1, 2025	$	(247,964	)	$	33,706		$	(9,645	)	$	(223,903	)
Other comprehensive income before reclassification		33,167			(2,406	)		0			30,761
Amounts reclassified from accumulated other comprehensive income		0			(1,866	)		0			(1,866	)
Net current-period other comprehensive (loss) income, net of tax		33,167			(4,272	)		0			28,895
Balance at March 31, 2025	$	(214,797	)	$	29,434		$	(9,645	)	$	(195,008	)

(a)	All amounts are net-of-tax. United has adopted the portfolio approach for purposes of releasing residual tax effects within AOCI.


Reclassifications out of Accumulated Other Comprehensive Income (AOCI)
For the Three Months Ended March 31, 2025
Details about AOCI Components	Amount Reclassified from AOCI			Affected Line Item in the Statement Where Net Income is Presented
Cash flow hedge:
Net reclassification adjustment for gains included in net income	$	(2,452	)	Interest expense

		(2,452	)	Total before tax
Related income tax effect		586		Tax expense

		(1,866	)	Net of tax

Total reclassifications for the period	$	(1,866	)

18. EARNINGS PER SHARE

The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows:


	Three Months Ended
	March 31
	2025		2024
Distributed earnings allocated to common stock	$	53,510	$	50,374
Undistributed earnings allocated to common stock		30,613		36,242

Net earnings allocated to common shareholders	$	84,123	$	86,616

Average common shares outstanding		142,330,694		134,808,634
Common stock equivalents		367,424		312,746

Average diluted shares outstanding		142,698,118		135,121,380

Earnings per basic common share	$	0.59	$	0.64
Earnings per diluted common share	$	0.59	$	0.64

Antidilutive stock options and restricted stock outstanding of 567,715 for the three months ended March 31, 2025 were excluded from the earnings per diluted common share calculation as compared to 1,198,358 for the three months ended March 31, 2024.

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19. VARIABLE INTEREST ENTITIES

Variable interest entities (“VIEs”) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities.

United currently sponsors twenty statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, these trusts now are considered Tier II regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity.

As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. At March 31, 2025 and December 31, 2024, United’s investment (maximum exposure to loss) in these trusts were $12,345 and $12,238, respectively.

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

Description

Issuance Date

Amount of
Capital
Securities Issued

Stated Interest Rate

(1)

Maturity Date

United Statutory Trust III

December 17, 2003

20,000

3-month CME Term SOFR + 2.85%

December 17, 2033

United Statutory Trust IV

December 19, 2003

25,000

3-month CME Term SOFR + 2.85%

January 23, 2034

United Statutory Trust V

July 12, 2007

50,000

3-month CME Term SOFR + 1.55%

October 1, 2037

United Statutory Trust VI

September 20, 2007

30,000

3-month CME Term SOFR + 1.30%

December 15, 2037

Premier Statutory Trust II

September 25, 2003

6,000

3-month CME Term SOFR + 3.10%

October 8, 2033

Premier Statutory Trust III

May 16, 2005

8,000

3-month CME Term SOFR + 1.74%

June 15, 2035

Premier Statutory Trust IV

June 20, 2006

14,000

3-month CME Term SOFR + 1.55%

September 23, 2036

Premier Statutory Trust V

December 14, 2006

10,000

3-month CME Term SOFR + 1.61%

March 1, 2037

Centra Statutory Trust I

September 20, 2004

10,000

3-month CME Term SOFR + 2.29%

September 20, 2034

Centra Statutory Trust II

June 15, 2006

10,000

3-month CME Term SOFR + 1.65%

July 7, 2036

VCBI Capital Trust II

December 19, 2002

15,000

6-month CME Term SOFR + 3.30%

December 19, 2032

VCBI Capital Trust III

December 20, 2005

25,000

3-month CME Term SOFR + 1.42%

February 23, 2036

Cardinal Statutory Trust I

July 27, 2004

20,000

3-month CME Term SOFR + 2.40%

September 15, 2034

UFBC Capital Trust I

December 30, 2004

5,000

3-month CME Term SOFR + 2.10%

March 15, 2035

Carolina Financial Capital Trust I

December 19, 2002

5,000

Prime + 0.50%

December 31, 2032

Carolina Financial Capital Trust II

November 5, 2003

10,000

3-month CME Term SOFR + 3.05%

January 7, 2034

Greer Capital Trust I

October 12, 2004

6,000

3-month CME Term SOFR + 2.20%

October 18, 2034

Greer Capital Trust II

December 28, 2006

5,000

3-month CME Term SOFR + 1.73%

January 30, 2037

First South Preferred Trust I

September 26, 2003

10,000

3-month CME Term SOFR + 2.95%

September 30, 2033

BOE Statutory Trust I

December 12, 2003

4,000

3-month CME Term SOFR + 3.00%

December 12, 2033

(1)	The 3-month CME Term SOFR rates have a spread adjustment of 0.26161% and the 6-month CME Term SOFR rate has a spread adjustment of 0.42826 %.

United, through its banking subsidiary, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. These partnerships are not consolidated as United is not deemed to be the primary beneficiary. At March 31, 2025 and December 31, 2024, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $100,873 and $98,441, respectively, while related unfunded commitments were $82,952 and $89,292 respectively. As of March 31, 2025, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

20. SEGMENT INFORMATION

United operates in one reportable segment, community banking. Through its community banking segment, United offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. The community banking segment derives revenues mainly from interest income on loans to customers, investment securities held and other short-term investments in addition to fees and income derived related to the services listed above.

The accounting policies of the community banking segment are the same as those described in the summary of significant accounting policies. United’s chief operating decision maker (“CODM”) is its chief executive officer who maintains responsibility for the

day-to-day

management of the Company including regularly reviewing the operating results of the community banking segment in order to assess performance and make decisions about resource allocation based on net income that also is reported on the income statement as consolidated net income. The measure of community banking segment assets is reported on the Consolidated Balance Sheets as total assets.

The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the community banking segment or into other parts of the entity, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results as well as comparing to prior year’s results. The comparative analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment.

Information about the community banking segment for the three months ended March 31, 2025 and 2024 is as follows:


	For the Three Months Ended March 31
	2025			2024
Total Assets	$	32,788,494		$	30,028,798

Net interest income	$	260,055		$	222,489
Provision for credit losses		29,103			5,740
Other income		29,554			32,212
Other expense
Employee compensation		60,866			59,293
Employee benefits		13,291			14,671
Net occupancy expense		12,601			12,343
OREO expense		22			159
Net gains on the sales of OREO properties		(11	)		(83	)
Equipment expense		8,582			6,853
Data processing expense		8,455			7,463
Mortgage loan servicing expense and impairment		0			1,015
Bankcard processing expense		600			616
FDIC insurance expense		4,728			6,455
Other segment expense (a)		44,439			31,957

Total other expense		153,573			140,742

Income before income taxes		106,933			108,219
Income taxes		22,627			21,405

Segment net income		84,306			86,814
Reconciliation of profit or loss
Adjustments and reconciling items		0			0

Consolidated net income	$	84,306		$	86,814

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

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

Congress passed the Private Securities Litigation Act of 1995 to encourage corporations to provide investors with information about the company’s anticipated future financial performance, goals, and strategies. The act provides a safe haven for such disclosure; in other words, protection from unwarranted litigation if actual results are not the same as management expectations.

United desires to provide its shareholders with sound information about past performance and future trends. Consequently, any forward-looking statements contained in this report, in a report incorporated by reference to this report, or made by management of United in this report, in any other reports and filings, in press releases and in oral statements, involve numerous assumptions, risks and uncertainties. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. 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 effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the recently announced and future tariffs; (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 inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; 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; (4) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (5) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including,

without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (6) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (7) competitive pressures on product pricing and services; (8) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (9) volatility and disruptions in global capital and credit markets; (10) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (11) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (12) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (13) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; (14) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and any other risks described in the “Risk Factors” sections of this and other reports filed by United with the Securities and Exchange Commission.

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

ACQUISITION

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.

INTRODUCTION

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. This discussion and the unaudited consolidated financial statements and the notes to unaudited Consolidated Financial Statements include the accounts of United Bankshares, Inc. and its wholly-owned subsidiaries, unless otherwise indicated. Management has evaluated all significant events and transactions that occurred after March 31, 2025, 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.

USE OF NON-GAAP FINANCIAL MEASURES

This discussion and analysis contains certain financial measures that are not recognized under GAAP. Under SEC Regulation G, public companies making disclosures containing financial measures that are not in accordance with GAAP must also disclose, along with each “non-GAAP” financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure, as well as a statement of the company’s reasons for utilizing the non-GAAP financial measure.

Generally, United has presented a non-GAAP financial measure because it believes that this measure provides meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of a non-GAAP financial measure is consistent with how United’s management evaluates its performance internally and this non-GAAP financial measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry. Specifically, this discussion contains certain references to financial measures identified as tax-equivalent (“FTE”) net interest income and return on average tangible equity. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this discussion on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. 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. 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. This measure, along with others, is used by management to analyze capital adequacy and performance.

However, this non-GAAP information should be considered supplemental in nature and not as a substitute for related financial information prepared in accordance with GAAP. Where the non-GAAP financial measure is used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure, as well as a statement of the company’s reasons for utilizing the non-GAAP financial measure, can be found within this discussion and analysis. Investors should recognize that United’s presentation of this non-GAAP financial measure might not be comparable to a similarly titled measure at other companies.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments, which are reviewed with the Audit Committee of the Board of Directors, are based on information available as of the date of the financial statements. Actual results could differ from these estimates. These policies, along with the disclosures presented in the financial statement notes and in this financial review, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined. 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 March 31, 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.”

FINANCIAL CONDITION

United’s total assets as of March 31, 2025 were $32.79 billion, which was an increase of $2.76 billion or 9.21% 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 $2.19 billion or 10.10%, cash and cash equivalents increased $317.94 million or 13.87%, investment securities increased $54.70 million or 1.68%, goodwill increased $134.72 million or 7.13%, other assets increased $43.75 million or 16.23%, bank-owned life insurance policies increased $41.55 million or 8.36%, bank premises and equipment increased $23.82 million or 12.80%, operating lease right-of-use assets increased $5.09 million or 6.23%, and interest receivable increased $8.10 million or 7.91%. Loans held for sale decreased $15.72 million or 35.43%. Total liabilities increased $2.44 billion or 9.76% from year-end 2024. This increase in total liabilities was due mainly to an increase of $2.40 billion or 10.03% in deposits, an increase of $24.01 million or 10.43% in accrued and other liabilities, and an increase of $20.40 million or 7.28% in long-term borrowings, all mainly due to the Piedmont acquisition. Shareholders’ equity increased $321.23 million or 6.43% from year-end 2024 due primarily to the acquisition of Piedmont.

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

Cash and Cash Equivalents

Cash and cash equivalents at March 31, 2025 increased $317.94 million or 13.87% from year-end 2024. Net cash acquired in the Piedmont merger was $77.47 million. In particular, interest-bearing deposits with other banks increased $271.41 million or 13.24% as United placed more cash in an interest-bearing account with the Federal Reserve while cash and due from banks increased $46.49 million or 19.32%. Federal funds sold increased $31 thousand or 2.44%. During the first three months of 2025, net cash of $119.98 million and $216.63 million were provided by operating and financing activities, respectively, while net cash of $18.67 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 three months of 2025 and 2024.

Securities

Total investment securities at March 31, 2025 increased $54.70 million or 1.68%. Piedmont added $94.43 million in investment securities, including purchase accounting amounts, upon consummation of the acquisition. Securities available for sale increased $43.27 million or 1.46%. This change in securities available for sale reflects $92.99 million related to the acquisition of Piedmont, $586.24 million in sales, maturities and calls of securities, $491.98 million in purchases, and an increase of $43.58 million in market value. Equity securities were $21.51 million at March 31, 2025, an increase of $456 thousand or 2.17% due mainly to a net increase in fair value. Other investment securities increased $10.98 million or 3.96% 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.

The following table summarizes the changes in the available for sale securities since year-end 2024:


	March 31		December 31
(Dollars in thousands)	2025		2024		$ Change			% Change
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	244,681	$	245,842	$	(1,161	)		(0.47	%)
State and political subdivisions		510,388		495,073		15,315			3.09	%
Mortgage-backed securities		1,630,338		1,471,828		158,510			10.77	%
Asset-backed securities		344,670		474,982		(130,312	)		(27.44	%)
Single issue trust preferred securities		12,032		11,919		113			0.95	%
Other corporate securities		260,875		260,075		800			0.31	%

Total available for sale securities, at fair value	$	3,002,984	$	2,959,719	$	43,265			1.46	%

The following table summarizes the changes in the held to maturity securities since year-end 2024:


	March 31			December 31
(Dollars in thousands)	2025			2024			$ Change		% Change
State and political subdivisions	$	982	(1)	$	982	(1)	$	0		0.00	%
Other corporate securities		20			20			0		0.00	%

Total held to maturity securities, at amortized cost	$	1,002		$	1,002		$	0		0.00	%

(1)	net of allowance for credit losses of $18 thousand.

At March 31, 2025, gross unrealized losses on available for sale securities were $286.60 million. Securities with the most significant gross unrealized losses at March 31, 2025 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, 2025, United’s available for sale mortgage-backed securities had an amortized cost of $1.81 billion, with an estimated fair value of $1.63 billion. The portfolio consisted primarily of $1.26 billion in agency residential mortgage-backed securities with a fair value of $1.12 billion, $87.22 million in non-agency residential mortgage-backed securities with an estimated fair value of $82.04 million, and $457.46 million in commercial agency mortgage-backed securities with an estimated fair value of $425.38 million.

As of March 31, 2025, United’s available for sale state and political subdivisions securities had an amortized cost of $584.98 million, with an estimated fair value of $510.39 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 March 31, 2025.

As of March 31, 2025, United’s available for sale corporate securities had an amortized cost of $640.65 million, with an estimated fair value of $617.58 million. The portfolio consisted of $13.30 million in single issue trust preferred securities with an estimated fair value of $12.03 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 $347.46 million and a fair value of $344.67 million and other corporate securities, with an amortized cost of $279.89 million and a fair value of $260.88 million.

United’s available for sale single issue trust preferred securities had a fair value of $12.03 million as of March 31, 2025. Of the $12.03 million, $7.35 million or 61.10% were investment grade rated and $4.68 million or 38.90% were unrated. The two largest exposures accounted for 100% of the $12.03 million. These included Truist Bank at $7.35 million and Emigrant Bank at $4.68 million. All single issue trust preferred securities are currently receiving full scheduled principal and interest payments.

During the first 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 March 31, 2025 is impaired. United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a deterioration of credit. Based on a review of each of the securities in the available for sale investment portfolio, management concluded that it was more-likely-than-not that it would be able to realize the cost basis investment and appropriate interest payments on such securities. United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature. As of March 31, 2025, 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.

Further information regarding the amortized cost and estimated fair value of investment securities, including remaining maturities as well as a more detailed discussion of management’s impairment analysis, is presented in Note 3 to the unaudited Notes to Consolidated Financial Statements.

Loans Held for Sale

Loans held for sale were $28.64 million at March 31, 2025, a decrease of $15.72 million or 35.43% from year-end 2024. Loan sales in the secondary market exceeded originations during the first three months of 2025. Loan originations for the first three months of 2025 were $75.90 million while loans sales were $91.62 million.

Portfolio Loans

Loans, net of unearned income, increased $2.19 billion or 10.10% from year-end 2024 mainly as a result of the Piedmont acquisition which added $2.01 billion, including purchase accounting amounts, in portfolio loans. Otherwise, portfolio loans and leases, net of unearned income, grew $177.79 million from year-end 2024. Since year-end 2024, commercial, financial and agricultural loans increased $1.68 billion or 14.10% as a result of a $1.46 billion or 17.13% increase in commercial real estate loans and a $214.63 million or 6.40% increase in commercial loans (not secured by real estate). Construction and land development loans increased $242.89 million or 6.92% and residential real estate loans increased $305.81 million or 5.55%, while consumer loans decreased $30.87 million or 3.94% due to a decrease in indirect automobile financing.

The following table summarizes the changes in the major loan classes since year-end 2024:


	March 31			December 31
(Dollars in thousands)	2025			2024			$ Change			% Change
Loans held for sale	$	28,642		$	44,360		$	(15,718	)		(35.43	%)
Commercial, financial, and agricultural:
Owner-occupied commercial real estate	$	2,074,426		$	1,590,002		$	484,424			30.47	%
Nonowner-occupied commercial real estate		7,916,340			6,939,641			976,699			14.07	%
Other commercial loans		3,565,992			3,351,362			214,630			6.40	%

Total commercial, financial, and agricultural	$	13,556,758		$	11,881,005		$	1,675,753			14.10	%
Residential real estate		5,813,198			5,507,384			305,814			5.55	%
Construction & land development		3,751,921			3,509,034			242,887			6.92	%
Consumer:
Bankcard		9,117			9,998			(881	)		(8.81	%)
Other consumer		743,084			773,077			(29,993	)		(3.88	%)

Total gross loans	$	23,874,078		$	21,680,498		$	2,193,580			10.12	%
Less: Unearned income		(11,006	)		(7,005	)		(4,001	)		57.12	%

Total Loans, net of unearned income	$	23,863,072		$	21,673,493		$	2,189,579			10.10	%

For a further discussion of loans see Note 4 to the unaudited Notes to Consolidated Financial Statements.

Bank-Owned Life Insurance

The cash surrender value of bank-owned life insurance policies increased $41.55 million, of which $40.80 million was acquired from Piedmont while the remaining increase was due to an increase in the cash surrender value.

Other Assets

Other assets increased $43.75 million or 16.23% from year-end 2024. The Piedmont acquisition added $24.60 million in other assets plus an additional $32.76 million in core deposit intangibles. Deferred tax assets increased $5.85 million due mainly to the deferred taxes recorded on the purchase accounting adjustments in the Piedmont acquisition. The remainder of the increase in other assets is the result of an increase of $3.19 million in prepaid assets, an increase of $2.62 million in accounts receivable, and an increase of $1.15 million in OREO.

Deposits

Deposits represent United’s primary source of funding. Total deposits at March 31, 2025 increased $2.40 billion or 10.03% 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 $345.46 million or 5.63% ($378.24 million added from Piedmont acquisition) while interest-bearing deposits increased $2.06 billion or 11.54% ($1.73 billion added from Piedmont acquisition) from December 31, 2024. Organically, deposits grew $297.21 million from year-end 2024.

Noninterest-bearing deposits consist of demand deposit and noninterest bearing money market (“MMDA”) account balances. The $345.46 million increase in noninterest-bearing deposits was due to a $385.39 million or 8.65% increase in commercial noninterest-bearing deposits, a $73.07 million or 5.25% increase in personal noninterest-bearing deposits, and a $76.38 million increase in public funds noninterest-bearing deposits. Partially offsetting these increases in noninterest-bearing deposits was a $204.58 million decrease in official checks.

Interest-bearing deposits consist of interest-bearing transactions, regular savings, interest-bearing MMDA, and time deposit account balances. Interest-bearing transaction accounts increased $406.07 million or 6.84% since year-end 2024 as the result of increases of $118.65 million in personal interest-bearing transaction accounts, $230.68 million in commercial interest-bearing transaction accounts, and $56.75 million in public funds interest-bearing transaction accounts. Regular savings accounts increased $56.32 million or 4.50% mainly as a result of a $40.96 million increase in personal savings accounts and a $14.85 million increase in commercial savings accounts. Interest-bearing MMDAs increased $747.16 million or 10.59%. In particular, personal MMDAs increased $207.62 million while commercial MMDAs and public funds MMDAs increased $504.61 million and $34.93 million, respectively.

Time deposits under $100,000 increased $138.99 million or 11.85% from year-end 2024. This increase in time deposits under $100,000 was the result of a $76.71 million increase in variable rate Certificates of Deposits (“CDs”) under $100,000 and a $49.68 million increase in fixed rate CDs.

Since year-end 2024, time deposits over $100,000 increased $708.77 million or 29.41% as fixed rate CDs increased $428.03 million, brokered CDs increased $196.39 million, variable rate CDs increased $46.81 million, and CDARS over $100,000 increased $31.69 million.

The table below summarizes the changes by deposit category since year-end 2024:


	March 31		December 31
(Dollars in thousands)	2025		2024		$ Change		% Change
Demand deposits	$	6,480,877	$	6,135,413	$	345,464		5.63	%
Interest-bearing checking		6,342,999		5,936,925		406,074		6.84	%
Regular savings		1,306,619		1,250,295		56,324		4.50	%
Money market accounts		7,804,055		7,056,897		747,158		10.59	%
Time deposits under $100,000		1,311,452		1,172,462		138,990		11.85	%
Time deposits over $100,000 ⁽¹⁾		3,118,633		2,409,867		708,766		29.41	%

Total deposits	$	26,364,635	$	23,961,859	$	2,402,776		10.03	%

(1)	Includes time deposits of $250,000 or more of $1,375,203 and $1,115,748 at March 31, 2025 and December 31, 2024, respectively.

Borrowings

Total borrowings at March 31, 2025 increased $10.13 million or 1.41% since year-end 2024. Piedmont added $20.00 million of subordinated debt upon consummation of the acquisition. During the first three months of 2025, short-term borrowings decreased $75 thousand or less than 1% due to a decrease in securities sold under agreements to repurchase. Long-term borrowings increased $10.20 million or 1.89% from year-end 2024 as a result of adding Piedmont’s subordinated debt totaling $20.00 million partially offset by a $10.20 million reduction in long-term FHLB advances.

The table below summarizes the change in the borrowing categories since year-end 2024:


	March 31		December 31
(Dollars in thousands)	2025		2024		$ Change			% Change
Federal funds purchased	$	0	$	0	$	0			0.00	%
Short-term securities sold under agreements to repurchase		176,015		176,090		(75	)		(0.04	%)
Long-term FHLB advances		250,000		260,199		(10,199	)		(3.92	%)
Subordinated debt		20,000		0		20,000			100.00	%
Issuances of trust preferred capital securities		280,623		280,221		402			0.14	%

Total borrowings	$	726,638	$	716,510	$	10,128			1.41	%

For a further discussion of borrowings see Notes 9 and 10 to the unaudited Notes to Consolidated Financial Statements.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at March 31, 2025 increased $24.01 million or 10.43% from year-end 2024. Piedmont added $19.76 million. In particular, income taxes payable increased $17.49 million due to timing differences, business franchise taxes increased $2.87 million, and accrued loan expenses increased $9.46 million. In addition, interest payable increased $4.10 million due to an increase in CDs. Partially offsetting these increases was a decrease of $12.90 million in incentives payable due to payments.

Shareholders’ Equity

Shareholders’ equity at March 31, 2025 was $5.31 billion, which was an increase of $321.23 million or 6.43% 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 approximately $280.95 million.

Retained earnings increased $30.97 million or 1.61% from year-end 2024. Earnings net of dividends for the first three months of 2025 were $30.97 million.

Accumulated other comprehensive income increased $28.90 million or 12.91% from year-end 2024 due mainly to an increase of $33.17 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 $4.27 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 567,405 shares during the first quarter at a cost of $19.82 million or an average share price of $34.93.

RESULTS OF OPERATIONS

Overview

The following table sets forth certain consolidated income statement information of United:


	Three Months Ended
(Dollars in thousands)	March 2025		March 2024		December 2024
Income Statement Summary:
Interest income	$	403,647	$	369,180	$	376,034
Interest expense		143,592		146,691		143,426

Net interest income		260,055		222,489		232,608
Provision for credit losses		29,103		5,740		6,691
Other income		29,554		32,212		29,318
Other expense		153,573		140,742		134,176

Income before income taxes		106,933		108,219		121,059
Income taxes		22,627		21,405		26,651

Net income	$	84,306	$	86,814	$	94,408

Net income for the first quarter of 2025 was $84.31 million as compared to earnings of $86.81 million for the first quarter of 2024. Diluted earnings per share were $0.59 for the first quarter of 2025 and $0.64 for the first quarter of 2024. On a linked-quarter basis, net income for the fourth quarter of 2024 was $94.41 million or $0.69 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 first quarter of 2025 was impacted for nearly three months of increased levels of average balances, income, and expense as compared to the first quarter of 2024 and the fourth quarter of 2024. In addition, 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 and $1.26 million for the fourth quarter of 2024.

United’s annualized return on average assets for the first three months of 2025 was 1.06% and return on average shareholders’ equity was 6.47% as compared to 1.19% and 7.25%, respectively, for the first three months of 2024. On a linked-quarter basis, United’s annualized return on average assets for the fourth quarter of 2024 was 1.25% and return on average shareholders’ equity was 7.48%. For the first three months of 2025, United’s annualized return on average tangible equity, a non-GAAP measure, was 10.61%, as compared to 11.98% for the first three months of 2024. On a linked-quarter basis, United’s annualized return on average tangible equity was 12.03% for the fourth quarter of 2024.


	Three Months Ended
	March 31, 2025			March 31, 2024			December 31, 2024
Return on Average Tangible Equity:
(a) Net Income (GAAP)	$	84,306		$	86,814		$	94,408
(b) Number of Days		90			91			92
Average Total Shareholders’ Equity (GAAP)	$	5,283,542		$	4,816,476		$	5,019,069
Less: Average Total Intangibles		(2,060,975	)		(1,901,074	)		(1,898,335	)

(c) Average Tangible Equity (non-GAAP)	$	3,222,567		$	2,915,402		$	3,120,734
Return on Average Tangible Equity (non-GAAP)\ [(a) / (b)] x 365 or 366 / (c)]		10.61	%		11.98	%		12.03	%

Net interest income for the first quarter of 2025 increased $37.57 million, or 16.88% from the first quarter of 2024. The increase of $37.57 million in net interest income occurred because total interest income increased $34.47 million while total interest expense decreased $3.10 million from the first quarter of 2024. Net interest income for the first quarter of 2025 increased $27.45 million, or 11.80%, from the fourth quarter of 2024. The increase of $27.45 million in net interest income occurred because total interest income increased $27.61 million while total interest expense increased $166 thousand from the fourth quarter of 2024.

The provision for credit losses was $29.10 million for the first quarter of 2025 as compared to a provision for credit losses of $5.74 million and $6.69 million for the first quarter and fourth quarter of 2024, respectively. The increase 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.

For the first quarter of 2025, noninterest income decreased $2.66 million or 8.25% from the first quarter of 2024. The decrease of $2.66 million was primarily due to a decrease in income from mortgage banking activities as a result of lower mortgage loan origination and sale volume.

Noninterest expense for the first quarter of 2025 increased $12.83 million or 9.12% from the first quarter of 2024. The increase of $12.83 million was due mainly to $11.31 million of merger-rated expenses incurred during the first quarter of 2025 from the Piedmont acquisition.

Income taxes increased $1.22 million or 5.71% for the first three months of 2025 as compared to the first three months of 2024 primarily due to a higher effective tax rate partially offset by lower earnings. On a linked-quarter basis, income taxes decreased $4.02 million or 15.10% for the first quarter of 2025 as compared to the fourth quarter of 2024 due mainly to lower earnings and a lower effective tax rate. The effective tax rate was 21.16% and 19.78% for the first quarter of 2025 and 2024, respectively. The effective tax rate was 22.01% for the fourth quarter of 2024.

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

Net Interest Income

Net interest income represents the primary component of United’s earnings. It is the difference between interest income from earning assets and interest expense incurred to fund these assets. Net interest income is impacted by changes in the volume and mix of interest-earning assets and interest-bearing liabilities, as well as changes in market interest rates. Such changes, and their impact on net interest income in 2025 and 2024, are presented below.

Net interest income for the first quarter of 2025 was $260.06 million, which was an increase of $37.57 million or 16.88% from the first quarter of 2024. The $37.57 million increase in net interest income occurred because total interest income increased $34.47 million while total interest expense decreased $3.10 million from the first quarter of 2024. On a linked-quarter basis, net interest income for the first quarter of 2025 increased $27.45 million, or 11.80%, from the fourth quarter of 2024. The $27.45 million increase in net interest income occurred because total interest income increased $27.61 million while total interest expense increased $166 thousand from the fourth quarter of 2024.

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. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition.

Tax-equivalent net interest income for the first quarter of 2025 was $260.84 million, an increase of $37.48 million or 16.78% from the first quarter of 2024 due mainly to an increase in average earning assets from the Piedmont acquisition. Average earning assets for the first quarter of 2025 increased $2.48 billion or 9.51% from the first quarter of 2024. The increase in average earning assets was due mainly to a $1.94 billion or 9.14% increase in average net loans and a $1.25 billion or 141.45% increase in average short-term investments, partially offset by a decrease of $709.58 million or 17.94% in average investment securities. Average interest-bearing funds for the first quarter of 2025 increased $1.72 billion or 9.37% from the first quarter of 2024. In particular, average interest-bearing deposits increased $2.70 billion while average long-term borrowings decreased $945.62 million from the first quarter of 2024. In addition, the average cost of funds for the first quarter of 2025 decreased 31 basis points due primarily to a decrease in interest rates from the first quarter of 2024. Most notably, the cost of average interest-bearing deposits and short-term borrowings decreased 25 and 59 basis points, respectively, from the first quarter of 2024. Also, the average yield on earning assets for the first quarter of 2025 increased 3 basis points from the first quarter of 2024 despite a decline in interest rates due mainly to an increase in loan accretion on acquired loans. For the first quarter of 2025, interest income and tax-equivalent net interest income included $5.99 million of acquired loan accretion income as compared to $2.51 million for the first quarter of 2024. The net interest margin of 3.69% for the first quarter of 2025 was an increase of 25 basis points from the net interest margin of 3.44% for the first quarter of 2024.

On a linked-quarter basis, tax-equivalent net interest income for the first quarter of 2025 increased $27.43 million, or 11.75%, from the fourth quarter of 2024. The increase in tax-equivalent net interest income was primarily due to an increase in average earning assets from the Piedmont acquisition as well as a decrease in the average cost of funds due to the impact of deposit rate repricing as a result of lower interest rates. Average earning assets for the first quarter of 2025 increased $1.88 million or 7.05% from the fourth quarter of 2024 as average net loans increased $1.75 billion or 8.16% and average short-term investments increased $323.95 million or 17.93% while average investments decreased $192.28 million or 5.59%. The average cost of funds for the first quarter of 2025 decreased 17 basis points. In particular, the cost on average interest-bearing deposits and long-term borrowings decreased 17 and 22 basis points, respectively, for the first quarter of 2025. The yield on average earning assets for the first quarter of 2025 increased 11 basis points from the fourth quarter of 2024 driven by an increase of 13 basis points on the yield on average net loans. Acquired loan accretion income for the first quarter of 2025 was $5.99 million as compared to $1.98 million for the fourth quarter of 2024. The net interest margin of 3.69% for the first quarter of 2025 was an increase of 20 basis points from the net interest margin of 3.49% for the fourth quarter of 2024.

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 March 31, 2025, March 31, 2024 and December 31, 2024:


	Three Months Ended
	March 31			March 31			December 31
(Dollars in thousands)	2025			2024			2024
Loan accretion	$	5,989		$	2,506		$	1,978
Certificates of deposit		247			171			33
Long-term borrowings		(202	)		(331	)		(329	)

Total	$	6,034		$	2,346		$	1,682

The following tables reconcile the difference between net interest income and tax-equivalent net interest income for the three months ended March 31, 2025, March 31, 2024 and December 31, 2024.


	Three Months Ended
	March 31		March 31		December 31
(Dollars in thousands)	2025		2024		2024
Net interest income, GAAP basis	$	260,055	$	222,489	$	232,608
Tax-equivalent adjustment (1)		782		872		795

Tax-equivalent net interest income	$	260,837	$	223,361	$	233,403

(1)

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, 2025 and 2024 and December 31, 2024. 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 March 31, 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 March 31, 2025 and 2024. Interest income on all loans and investment securities was subject to state income taxes.


	Three Months Ended								Three Months Ended
	March 31, 2025								March 31, 2024
(Dollars in thousands)	Average Balance			Interest (1)		Avg. Rate (1)			Average Balance			Interest (1)		Avg. Rate (1)
ASSETS
Earning Assets:
Federal funds sold and securities purchased under agreements to resell and other short-term investments	$	2,131,157		$	23,726		4.51	%	$	882,656		$	12,303		5.61	%
Investment Securities:
Taxable		3,048,058			26,911		3.53	%		3,743,157			34,722		3.71	%
Tax-exempt		197,891			1,486		3.00	%		212,375			1,474		2.78	%

Total Securities		3,245,949			28,397		3.50	%		3,955,532			36,196		3.66	%
Loans, net of unearned income (2)(3)		23,499,660			352,306		6.07	%		21,508,611			321,553		6.01	%
Allowance for loan losses		(308,225	)							(259,341	)

Net loans (2)(3)		23,191,435					6.15	%		21,249,270					6.08	%

Total earning assets		28,568,541		$	404,429		5.73	%		26,087,458		$	370,052		5.70	%

Other assets		3,611,699								3,344,925

TOTAL ASSETS	$	32,180,240							$	29,432,383

LIABILITIES
Interest-Bearing Funds:
Interest-bearing deposits	$	19,367,638		$	136,288		2.85	%	$	16,663,765		$	128,377		3.10	%
Short-term borrowings		167,080			1,450		3.52	%		203,570			2,082		4.11	%
Long-term borrowings		554,614			5,854		4.28	%		1,500,237			16,232		4.35	%

Total Interest-Bearing Funds		20,089,332			143,592		2.90	%		18,367,572			146,691		3.21	%

Noninterest-bearing deposits		6,471,287								5,941,866
Accrued expenses and other liabilities		336,079								306,469

TOTAL LIABILITIES		26,896,698								24,615,907
SHAREHOLDERS’ EQUITY		5,283,542								4,816,476

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	32,180,240							$	29,432,383

NET INTEREST INCOME				$	260,837							$	223,361

INTEREST SPREAD							2.83	%							2.49	%
NET INTEREST MARGIN							3.69	%							3.44	%

(1)	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%.

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

(3)	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 March 31, 2025 and December 31, 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 March 31, 2025 and December 31, 2024. Interest income on all loans and investment securities was subject to state income taxes.


	Three Months Ended								Three Months Ended
	March 31, 2025								December 31, 2024
(Dollars in thousands)	Average Balance			Interest (1)		Avg. Rate (1)			Average Balance			Interest (1)		Avg. Rate (1)
ASSETS
Earning Assets:
Federal funds sold and securities purchased under agreements to resell and other short-term investments	$	2,131,157		$	23,726		4.51	%	$	1,807,207		$	21,876		4.82	%
Investment Securities:
Taxable		3,048,058			26,911		3.53	%		3,242,979			29,244		3.61	%
Tax-exempt		197,891			1,486		3.00	%		195,252			1,374		2.81	%

Total Securities		3,245,949			28,397		3.50	%		3,438,231			30,618		3.56	%
Loans, net of unearned income (2)(3)		23,499,660			352,306		6.07	%		21,713,148			324,335		5.95	%
Allowance for loan losses		(308,225	)							(270,751	)

Net loans (2)(3)		23,191,435					6.15	%		21,442,397					6.02	%

Total earning assets		28,568,541		$	404,429		5.73	%		26,687,835		$	376,829		5.62	%

Other assets		3,611,699								3,324,891

TOTAL ASSETS	$	32,180,240							$	30,012,726

LIABILITIES
Interest-Bearing Funds:
Interest-bearing deposits	$	19,367,638		$	136,288		2.85	%	$	17,871,685		$	135,690		3.02	%
Short-term borrowings		167,080			1,450		3.52	%		180,070			1,630		3.60	%
Long-term borrowings		554,614			5,854		4.28	%		540,247			6,106		4.50	%

Total Interest-Bearing Funds		20,089,332			143,592		2.90	%		18,592,002			143,426		3.07	%

Noninterest-bearing deposits		6,471,287								6,099,264
Accrued expenses and other liabilities		336,079								302,391

TOTAL LIABILITIES		26,896,698								24,993,657
SHAREHOLDERS’ EQUITY		5,283,542								5,019,069

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	32,180,240							$	30,012,726

NET INTEREST INCOME				$	260,837							$	233,403

INTEREST SPREAD							2.83	%							2.55	%
NET INTEREST MARGIN							3.69	%							3.49	%

(1)	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%.

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

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

Provision for Credit Losses

The provision for credit losses was $29.10 million for the first quarter of 2025 as compared to a provision for credit losses of $5.74 million for the first quarter of 2024. On a linked-quarter basis, the provision for credit losses for the fourth quarter of 2024 was $6.69 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 March 31, 2025, the provision for loan and lease losses was $29.10 million as compared to a provision for loan and lease losses of $5.74 million for the quarter ended March 31, 2024. The higher amount of provision expense for the first quarter of 2025 compared to the first quarter of 2024 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont. Net charge-offs were $8.04 million for the first quarter of 2025 compared to net charge-offs of $2.07 million for the first quarter of 2024. The higher amount of net charge-offs for 2025 as compared to 2024 was primarily due to increased charge-offs within the consumer, commercial real estate nonowner-occupied and other commercial portfolios. On a linked-quarter basis, the provision for loan and lease losses for the fourth quarter of 2024 was $6.69 million. Again, the higher amount of provision expense for the first quarter of 2025 from the fourth quarter of 2024 was due primarily to the provision expense recorded on the non-PCD loans acquired from Piedmont. Net charge-offs were $5.62 million for the fourth quarter of 2024. Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the first quarter of 2025 was 0.14% as compared to annualized net charge-offs of 0.04% for the first quarter of 2024 and annualized net charge-offs of 0.10% for the fourth quarter of 2024.

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


	March 31		December 31
(In thousands)	2025		2024
Nonaccrual loans	$	57,388	$	56,460
Loans past due 90 days or more		12,387		16,940

Total nonperforming loans	$	69,775	$	73,400
Other real estate owned		1,475		327

Total nonperforming assets	$	71,250	$	73,727

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 March 31, 2025, the allowance for credit losses was $346.99 million as compared to $306.76 million at December 31, 2024.

At March 31, 2025, the allowance for loan and lease losses was $310.42 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 March 31, 2025 saw the largest increases in the reserves for commercial real estate, both owner and nonowner-occupied, the residential real estate and the real estate construction and development loans segments from year-end 2024 due to increased outstanding loan balances from the Piedmont acquisition, increased allocations for individually evaluated loans that do not share similar portfolio characteristics 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 1.30% at March 31, 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 444.89% and 370.36% at March 31, 2025 and December 31, 2024, respectively. The increase in this ratio was due mainly to an increase in the allowance for loan losses as well as a slight decline in nonperforming loans.

United continues to evaluate risks which may impact its loan and lease portfolios. Reserves are initially determined based on losses identified from the PD/LGD and Cohort models which utilize the Company’s historical information. Then, any qualitative adjustments are applied to account for the Company’s view of the future and other factors. If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, an adjustment was made for that factor.

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

•

Current conditions – United considered the impact of government efficiency efforts and potential tariffs when making determinations related to factor adjustments for the external environment. United also considered the impact of changes in economic and business conditions; collateral values for dependent loans; past due, nonaccrual and adversely classified loans and leases; and concentrations of credit.

•

Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio basis by relating the correlation of real GDP and the unemployment rate to loss rates to forecasts of those variables. The reasonable and supportable forecast selection is subjective in nature and requires more judgment compared to the other components of the allowance. Assumptions for the economic variables were the following:

•

The forecast for real GDP adjusted downward in the first quarter, from a projection of 2.10% for 2025 as of mid-December 2024 to 1.70% for 2025 as of mid-March with a projection of 1.80% for 2026. The unemployment rate forecast shifted slightly in the first quarter from a projection of 4.30% for 2025 as of mid-December 2024 to 4.40% for 2025 as of mid-March with a projection of 4.30% for 2026.

•

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 March 31, 2025 produced increased reserves in each 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 $21.39 million due to the first quarter acquisition of Piedmont and increased outstanding balances. The residential real estate segment reserve increased $8.63 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 real estate construction and development loan segment reserve increased $8.34 million due to increased outstanding balances with the acquisition of Piedmont. The consumer loan segment reserve increased $217 thousand primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment.

An allowance is established for estimated lifetime losses for loans that are individually assessed. Nonperforming commercial loans and leases are regularly reviewed to identify expected credit losses. A loan is individually assessed for expected credit losses when the loan does not share similar characteristics with other loans in the portfolio. Measuring expected credit losses of a loan requires judgment and estimates, and the eventual outcomes may differ from those estimates. Expected credit losses are measured based upon the present value of expected future cash flows from the loan discounted at the loan’s effective rate or the fair value of collateral if the loan is collateral dependent. 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 $18.44 million at March 31, 2025 and $11.21 million at December 31, 2024. In comparison to year-end, this element of the allowance increased $7.23 million due to loans individually evaluated from the acquisition of Piedmont requiring allocations as well as a large United-originated office loan with elevated collection concerns due to pending lease maturities and upcoming loan maturity which will necessitate an increase in the loan’s interest rate.

Management believes that the allowance for credit losses of $346.99 million at March 31, 2025 is adequate 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. The commercial loan portfolio is monitored for possible concentrations of credit in one or more industries. Management has lending limits as a percentage of capital per type of credit concentration in an effort to ensure adequate diversification within the portfolio. Most of United’s commercial loans are secured by real estate located in United’s footprint. 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 first quarter of 2025 and 2024 was immaterial. The allowance for credit losses related to held to maturity securities was $18 thousand as of March 31, 2025 as well as December 31, 2024. There was no provision for credit losses recorded on available for sale investment securities for the first quarter of 2025 and 2024 and no allowance for credit losses on available for sale investment securities as of March 31, 2025 and December 31, 2024.

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. Additionally, management has disclosed all known material credits, which cause management to have serious doubts as to the ability of such borrowers to comply with the loan repayment schedules.

Other Income

Other income consists of all revenues, which are not included in interest and fee income related to earning assets. Noninterest income has been and will continue to be an important factor for improving United’s profitability. Recognizing the importance, management continues to evaluate areas where noninterest income can be enhanced.

Noninterest income for the first quarter of 2025 was $29.55 million, a decrease of $2.66 million or 8.25% from the first quarter of 2024. This decrease was driven by decreases in mortgage banking income and mortgage loan servicing income partially offset by higher income from bank-owned life insurance.

Income from mortgage banking activities totaled $2.48 million for the first quarter of 2025 compared to $5.30 million for the first quarter of 2024. The decrease of $2.82 million or 53.21% for the first quarter of 2025 was mainly due to lower mortgage loan origination and sale volume. Mortgage loan sales were $91.62 million in the first quarter of 2025 as compared to $188.74 million in the first quarter of 2024. Mortgage loans originated for sale were $75.90 million for the first quarter of 2025 as compared to $176.91 million for the first quarter of 2024.

Mortgage loan servicing income for the first quarter of 2025 decreased $789 thousand or 100.00% from the first quarter of 2024. The decrease in mortgage loan servicing income 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 quarter of 2025 increased $952 thousand or 39.37% from the first quarter of 2024. The increase was primarily due to death proceeds of $461 thousand in the first quarter 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 value.

Net gains on investment securities were $521 thousand for the first quarter of 2025 as compared to net losses on investment securities of $99 thousand for the first quarter of 2024.

On a linked-quarter basis, noninterest income for the first quarter of 2025 was flat from the fourth quarter of 2024, increasing $236 thousand, or less than 1%. Net gains on investment securities were $521 thousand for the first quarter of 2025 as compared to net losses on investment securities of $688 thousand for the fourth quarter of 2024. Fees from brokerage services increased $667 thousand from the fourth quarter of 2024 due to increased volume. Partially offsetting these increases in noninterest income was a decrease in other noninterest income of $1.32 million.

Other Expenses

Just as management continues to evaluate areas where noninterest income can be enhanced, it strives to improve the efficiency of its operations to reduce costs. Other expenses include all items of expense other than interest expense, the provision for credit losses, and income taxes. Noninterest expense for the first quarter of 2025 was $153.57 million, which was an increase of $12.83 million or 9.12% from the first quarter of 2024. This increase was due mainly to $11.31 million of merger-rated expenses incurred during the first quarter of 2025 from the Piedmont acquisition.

Employee compensation for the first quarter of 2025 increased $1.57 million or 2.65% when compared to the first quarter of 2024. The increase in employee compensation was due primarily due to $1.17 million in merger-related expenses and the additional employees from the Piedmont acquisition.

Employee benefits expense for the first quarter of 2025 decreased $1.38 million or 9.41% from the first quarter of 2024. This decrease was primarily due to a decline in expenses for postretirement benefits partially offset by an increase in health care insurance expense due to a higher amount of claims and the additional employees from the Piedmont acquisition.

Equipment expense for the first quarter of 2025 increased $1.73 million or 25.23% from the first quarter of 2024. This increase was due to higher equipment maintenance and depreciation expense.

Data processing expense for the first quarter of 2025 increased $992 thousand or 13.29% from the first quarter of 2024 due to increased processing from the Piedmont acquisition.

Mortgage servicing and impairment expense decreased $1.02 million or 100.00% due to the sale of the remaining loans serviced by United in 2024.

FDIC expense decreased $1.73 million or 25.23% from the first quarter of 2024 due to an additional assessment accrual of $1.81 million during the first quarter of 2024 resulting from the FDIC’s revised loss estimates to the Deposit Insurance Fund.

Other expense for the first quarter of 2025 increased $12.48 million or 39.06% from the first quarter of 2024. Within other expense, merger-related expenses increased $6.00 million and the expense for the reserve for unfunded commitments increased $3.45 million, which includes $4.06 million for the expense related to the reserve for the acquired unfunded loan commitments from Piedmont. In addition, consulting fees increased $2.73 million and the amortization of core deposit intangibles increased $1.43 million due mainly to the Piedmont acquisition.

On a linked-quarter basis, noninterest expense for the first quarter of 2025 increased $19.40 million or 14.46% from the fourth quarter of 2024. Generally, most general operating expenses for the first quarter of 2025 increased from the fourth quarter of 2024 due primarily to the added employees and branch offices from the Piedmont acquisition in addition to an increase in merger-related expense. In particular, employee compensation expense increased $2.52 million, $1.17 million of which was merger-related expense, net occupancy expense increased $1.53 million, equipment expense increased $1.11 million, data processing expense increased $1.02 million, and other expenses increased $13.12 million. Within other expense, merger-related expenses increased $4.74 million, the expense for the reserve for unfunded commitments increased $4.72 million, $4.06 million of which was for the expense related to the reserve for the acquired unfunded loan commitments from Piedmont, consulting fees increased $2.94 million and amortization expense for core deposit intangibles increased $1.43 million due mainly to the Piedmont acquisition.

Income Taxes

For the first quarter of 2025, income tax expense was $22.63 million as compared to $21.41 million for the first quarter of 2024. The increase of $1.22 million was primarily due to a higher effective tax rate partially offset by lower earnings. On a linked-quarter basis, income tax expense decreased $4.02 million primarily due to lower earnings and a lower effective tax rate. United’s effective tax rate was 21.16% for the first quarter of 2025, 19.78% for the first quarter of 2024 and 22.01% for the fourth quarter of 2024.

Liquidity and Capital Resources

In the opinion of management, United maintains liquidity that is sufficient to satisfy its depositors’ requirements and the credit needs of its customers. Like all banks, United depends upon its ability to renew maturing deposits and other liabilities on a daily basis and to acquire new funds in a variety of markets. A significant source of funds available to United is “core deposits”. Core deposits include certain demand deposits, statement and special savings and NOW accounts. These deposits are relatively stable, and they are the lowest cost source of funds available to United. Short-term borrowings have also been a significant source of funds. These include federal funds purchased and securities sold under agreements to repurchase as well as advances from the FHLB. Repurchase agreements represent funds which are obtained as the result of a competitive bidding process.

Liquid assets are cash and those items readily convertible to cash. All banks must maintain sufficient balances of cash and near-cash items to meet the day-to-day demands of customers and United’s cash needs. Other than cash and due from banks, the available for sale securities portfolio and maturing loans are the primary sources of liquidity.

The goal of liquidity management is to ensure the ability to access funding which enables United to efficiently satisfy the cash flow requirements of depositors and borrowers and meet United’s cash needs. Liquidity is managed by monitoring funds’ availability from a number of primary sources. Substantial funding is available from cash and cash equivalents, unused short-term borrowing and a geographically dispersed network of branches providing access to a diversified and substantial retail deposit market.

Short-term needs can be met through a wide array of outside sources such as correspondent and downstream correspondent federal funds and utilization of Federal Home Loan Bank advances.

Other sources of liquidity available to United to provide long-term as well as short-term funding alternatives, in addition to FHLB advances, are long-term certificates of deposit, lines of credit, borrowings that are secured by bank premises or stock of United’s subsidiaries and issuances of trust preferred securities. 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 quarter of 2025, United increased its interest-bearing deposit balance at the FRB by $271.52 million to $2.24 billion. The change in the balance at the FRB was mostly the result of a $2.40 billion increase in total deposits and $94.26 million of net sales, maturities, and paydowns in the available for sale debt securities portfolio partially offset by a $10.20 million decrease in FHLB advances.

For the three months ended March 31, 2025, cash of $119.98 million was provided by operating activities due mainly to net income of $84.31 million. In addition, proceeds from the sale of mortgage loans in the secondary market exceeded originations by $18.20 million and the provision for loan losses was $29.10 million for the first quarter. Net cash of $18.67 million was used in investing activities which was primarily due to loan growth of $177.79 million partially offset by $83.41 million of net proceeds from sales of investment securities over purchases and $77.48 million in net cash received in the Piedmont acquisition. During the first three months of 2025, net cash of $216.63 million was provided by financing activities due primarily to growth of $297.21 million in deposits partially offset by cash dividends paid of $50.48 million, net acquisition of $20.35 million in treasury stock and the net repayment of $10.00 million in FHLB borrowings during the first quarter. The net effect of the cash flow activities was an increase in cash and cash equivalents of $317.94 million for the first three months of 2025.

At March 31, 2025, United had an unused borrowing amount at the FHLB of approximately $8.14 billion subject to delivery of collateral after certain trigger points, $4.29 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, 2025. At March 31, 2025, 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 2025.

United anticipates it can meet its obligations over the next 12 months and has no material commitments for capital expenditures. United also has lines of credit available. See Notes 9 and 10 to the accompanying unaudited Notes to Consolidated Financial Statements for more details regarding the amounts available to United under lines of credit.

The Asset Liability Committee monitors liquidity to ascertain that a liquidity position within certain prescribed parameters is maintained. No changes are anticipated in the policies of United’s Asset Liability Committee.

United’s capital position is financially sound. United seeks to maintain a proper relationship between capital and total assets to support growth and sustain earnings. United has historically generated attractive returns on shareholders’ equity. United is well-capitalized based upon regulatory guidelines. United’s risk-based capital ratio is 15.69% at March 31, 2025 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.26%, 13.26% and 11.32%, 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 $5.31 billion at March 31, 2025, which was an increase of $321.23 million or 6.43% from December 31, 2024. This increase is primarily due to increases of $19.65 million and $261.29 million to common stock and surplus, respectively, related to the Piedmont acquisition and $30.97 million in retained earnings (net income less dividends declared). During the first quarter of 2025, United repurchased 567,405 shares of its common stock at an average price of $34.93 per share.

United’s equity to assets ratio was 16.21% at March 31, 2025 as compared to 16.63% at December 31, 2024. The primary capital ratio, capital and reserves to total assets and reserves, was 17.09% at March 31, 2025 as compared to 17.47% at December 31, 2024. United’s average equity to average asset ratio was 16.42% for the first quarter of 2025 as compared to 16.36% the first quarter of 2024. All of these financial measurements reflect a financially sound position.

During the first quarter of 2025, United’s Board of Directors declared a cash dividend of $0.37 per share. Total cash dividends declared were $53.34 million for the first quarter of 2025 which was an increase of $3.12 million or 6.22% from dividends declared of $50.21 million for the first quarter of 2024.

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The objective of United’s Asset Liability Management function is to maintain consistent growth in net interest income within United’s policy guidelines. This objective is accomplished through the management of balance sheet liquidity and interest rate risk exposures due to changes in economic conditions, interest rate levels and customer preferences.

Interest Rate Risk

Management considers interest rate risk to be United’s most significant market risk. Interest rate risk is the exposure to adverse changes in United’s net interest income as a result of changes in interest rates. United’s earnings are largely dependent on the effective management of interest rate risk.

Management of interest rate risk focuses on maintaining consistent growth in net interest income within Board-approved policy limits. United’s Asset/Liability Management Committee (“ALCO”), which includes senior management representatives and reports to the Board of Directors, monitors and manages interest rate risk to maintain an acceptable level of change to net interest income as a result of changes in interest rates. Policy established for interest rate risk is stated in terms of the change in net interest income over a one-year and two-year horizon given an immediate and sustained increase or decrease in interest rates. The current limits approved by the Board of Directors are structured on a staged basis with each stage requiring specific actions.

United employs a variety of measurement techniques to identify and manage its exposure to changing interest rates. One such technique utilizes an earnings simulation model to analyze the sensitivity of net interest income to movements in interest rates. The model is based on actual cash flows and repricing characteristics for on and off-balance sheet instruments and incorporates market-based assumptions regarding the impact of changing interest rates on the prepayment rate of certain assets and liabilities. The model also includes executive management projections for activity levels in product lines offered by United. Assumptions based on the historical behavior of deposit rates and balances in relation to changes in interest rates are also incorporated into the model. Rate scenarios could involve parallel or nonparallel shifts in the yield curve, depending on historical, current, and expected conditions, as well as the need to capture any material effects of explicit or embedded options. These assumptions are inherently uncertain and, as a result, the model cannot precisely measure net interest income or precisely predict the impact of fluctuations in interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and management’s strategies.

Interest sensitive assets and liabilities are defined as those assets or liabilities that mature or are repriced within a designated time frame. The principal function of managing interest rate risk is to maintain an appropriate relationship between those assets and liabilities that are sensitive to changing market interest rates. The difference between rate sensitive assets and rate sensitive liabilities for specified periods of time is known as the “GAP.” Earnings-simulation analysis captures not only the potential of these interest sensitive assets and liabilities to mature or reprice, but also the probability that they will do so. Moreover, earnings-simulation analysis considers the relative sensitivities of these balance sheet items and projects their behavior over an extended period of time. United closely monitors the sensitivity of its assets and liabilities on an on-going basis and projects the effect of various interest rate changes on its net interest margin.

The following table shows United’s estimated earnings sensitivity profile as of March 31, 2025 and December 31, 2024:


Change in Interest Rates (basis points)	Percentage Change in Net Interest Income
Change in Interest Rates (basis points)	March 31, 2025			December 31, 2024
+200		3.26	%		2.82	%
+100		2.05	%		1.75	%
-100		(0.24	%)		0.26	%
-200		(0.41	%)		0.40	%

At March 31, 2025, given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to increase by 2.05% over one year as compared to an increase by 1.75% at December 31, 2024. A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 3.26% over one year as of March 31, 2025, as compared to an increase of 2.82% as of December 31, 2024. A 100 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 0.24% over one year as of March 31, 2025 as compared to an increase of 0.26% over one year as of December 31, 2024. A 200 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 0.41% over one year as of March 31, 2025 as compared to an increase of 0.40% over one year as of December 31, 2024.

In addition to the one year earnings sensitivity analysis, a two-year analysis is also performed. Compared to the one year analysis, United is projected to show improved performance in year two within the upward rate shock scenarios. Given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to increase by 4.09% in year two as of March 31, 2025. A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 7.03% in year two as of March 31, 2025. A 100 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 2.63% in year two as of March 31, 2025. A 200 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 5.79% in year two as of March 31, 2025.

While it is unlikely market rates would immediately move 100 or 200 basis points upward or downward on a sustained basis, this is another tool used by management and the Board to gauge interest rate risk. All of these estimated changes in net interest income are and were within the policy guidelines established by the Board.

To further aid in interest rate management, United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). The use of FHLB advances provides United with a low risk means of matching maturities of earning assets and interest-bearing funds to achieve a desired interest rate spread over the life of the earning assets. In addition, United uses credit with large regional banks and trust preferred securities to provide funding.

As part of its interest rate risk management strategy, United may use derivative instruments to protect against adverse price or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives commonly consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. Interest rate swaps obligate two parties to exchange one or more payments generally calculated with reference to a fixed or variable rate of interest applied to the notional amount. United accounts for its derivative activities in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.”

Extension Risk

A key feature of most mortgage loans is the ability of the borrower to repay principal earlier than scheduled. This is called a prepayment. Prepayments arise primarily due to sale of the underlying property, refinancing, or foreclosure. In general, declining interest rates tend to increase prepayments, and rising interest rates tend to slow prepayments. Like other fixed-income securities, when interest rates rise, the value of mortgage- related securities generally declines. The rate of prepayments on underlying mortgages will affect the price and volatility of mortgage-related securities and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If interest rates rise, United’s holdings of mortgage-related securities may experience reduced returns if the borrowers of the underlying mortgages pay off their mortgages later than anticipated. This is generally referred to as extension risk.

At March 31, 2025, United’s mortgage related securities portfolio had an amortized cost of $1.8 billion, of which approximately $828.1 million or 46% were fixed rate collateralized mortgage obligations (“CMOs”). These fixed rate CMOs consisted primarily of planned amortization class (PACs), sequential-pay and accretion directed (“VADMs”) bonds having an average life of approximately 4.8 years and a weighted average yield of 2.84%, under current projected prepayment assumptions. These securities are expected to have moderate extension risk in a rising rate environment. Current models show that given an immediate, sustained upward shock of 300 basis points, the average life of these securities would only extend to 6.6 years. The projected price decline of the fixed rate CMO portfolio in rates up 300 basis points would be 15.6%, or less than the price decline of a 7- year treasury note. By comparison, the price decline of a 30-year 5.5% current coupon mortgage backed security (“MBS”) in rates higher by 300 basis points would be approximately 19.1%.

United had approximately $362.4 million in fixed rate Commercial mortgage backed Securities (CMBS) with a projected yield of 1.87% and a projected average life of 4.5 years on March 31, 2025. This portfolio consisted primarily of Freddie Mac Multifamily K securities and Fannie Mae Delegated Underwriting and Servicing (“DUS”) securities with a weighted average maturity (“WAM”) of 8.4 years.

United had approximately $22.3 million in 15-year mortgage backed securities with a projected yield of 4.02% and a projected average life of 4 years as of March 31, 2025. This portfolio consisted of seasoned 15-year mortgage paper with a weighted average loan age (“WALA”) of 5.3 years and a weighted average maturity (“WAM”) of 9.9 years.

United had approximately $317.5 million in 20-year mortgage backed securities with a projected yield of 2.14% and a projected average life of 6 years on March 31, 2025. This portfolio consisted of seasoned 20-year mortgage paper with a WALA of 4 years and a WAM of 15.7 years.

United had approximately $230.7 million in 30-year mortgage backed securities with a projected yield of 3.95% and a projected average life of 7.6 years on March 31, 2025. This portfolio consisted of seasoned 30-year mortgage paper with a WALA of 5.3 years and a WAM of 22.7 years.

The remaining 3% of the mortgage related securities portfolio on March 31, 2025, included floating rate CMO, CMBS and mortgage backed securities.

Item 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of March 31, 2025, an evaluation was performed under the supervision of and with the participation of United’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of United’s disclosure controls and procedures. Based on that evaluation, United’s management, including the CEO and CFO, concluded that United’s disclosure controls and procedures as of March 31, 2025 were effective in ensuring that information required to be disclosed in the Quarterly Report on Form 10-Q was recorded, processed, summarized and reported within the time period required by the Securities and Exchange Commission’s rules and forms.

Limitations on the Effectiveness of Controls

United’s management, including the CEO and CFO, does not expect that United’s disclosure controls and internal controls will prevent all errors and fraud. While United’s disclosure controls and procedures are designed to provide reasonable assurance of achieving their objective, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls.

PART II - OTHER INFORMATION

Item 1.

LEGAL PROCEEDINGS

United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position.

Item 1A.

RISK FACTORS

In addition to the other information set forth in this report, please refer to United’s Annual Report on Form 10-K for the year ended December 31, 2024 for disclosures with respect to United’s risk factors which could materially affect United’s business, financial condition or future results. The risks described in the Annual Report on Form 10-K are not the only risks facing United. Additional risks and uncertainties not currently known to United or that United currently deems to be immaterial also may materially adversely affect United’s business, financial condition and/or operating results.

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There have been no United equity securities sales during the quarter ended March 31, 2025 that were not registered. The table below includes certain information regarding United’s purchase of its common shares during the quarter ended March 31, 2025:


Period	Total Number of Shares Purchased (1) (2)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans (3)		Maximum Number of Shares that May Yet be Purchased Under the Plans (3)
1/01 – 1/31/2025		0	$	00.00		0		4,371,239
2/01 – 2/28/2025		14,919	$	35.54		0		4,371,239
3/01 – 3/31/2025		567,405	$	34.93		567,405		3,803,834

Total		582,324	$	34.94		567,405

(1)

Includes shares exchanged in connection with the exercise of stock options or the vesting of restricted stock under United’s long-term incentive plans. Shares are purchased pursuant to the terms of the applicable plan and not pursuant to a publicly announced stock repurchase plan. For the quarter ended March 31, 2025 – 14,914 shares were exchanged by participants in United’s long-term incentive plans at an average price of $35.54.

(2)

Includes shares purchased in open market transactions by United for a rabbi trust to provide payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. For the quarter ended March 31, 2025, the following shares were purchased for the deferred compensation plan: February 2025 – 5 shares at an average price of $37.00.

(3)

In May of 2022, United’s Board of Directors approved a repurchase plan to repurchase up to 4,750,000 shares of United’s common stock on the open market (the “2022 Plan”). The timing, price and quantity of purchases under the plan is at the discretion of management and the plan may be discontinued, suspended or restarted at any time depending on the facts and circumstances.


	Page
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheets (Unaudited) March 31, 2025 and December 31, 2024		4

Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2025 and 2024		5

Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2025 and 2024		7

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) for the Three Months Ended March 31, 2025 and 2024		8

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2025 and 2024		9

Notes to Consolidated Financial Statements		10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		57

Item 3. Quantitative and Qualitative Disclosures about Market Risk		77

Item 4. Controls and Procedures		79

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		81

Item 1A. Risk Factors		81

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		81

Item 3. Defaults Upon Senior Securities		82

Item 4. Mine Safety Disclosures		82

Item 5. Other Information		82

Item 6. Exhibits		82

Signatures		83


	For the Three Months Ended March 31, 2025					For the Three Months Ended March 31, 2024
	Weighted- Average Interest Rate Reduction			Weighted Average Term Extension (in years)		Weighted- Average Interest Rate Reduction			Weighted Average Term Extension (in years)

Commercial Real Estate:
Owner-occupied		0.00	%		0		0.00	%		0
Nonowner-occupied		0.00	%		0.3		0.00	%		0.6
Other Commercial		0.00	%		0.5		1.00	%		0.3
Residential Real Estate		0.00	%		0		0.00	%		0.6
Construction & land development		0.00	%		0		0.00	%		0.5
Consumer:
Bankcard		0.00	%		0		0.00	%		0
Other consumer		0.00	%		0		0.00	%		0


	Liability Derivatives
	March 31, 2025						December 31, 2024
	Balance Sheet Location		Notional Amount		Fair Value		Balance Sheet Location		Notional Amount		Fair Value
Derivatives not designated as hedging instruments
TBA mortgage-backed securities		Other liabilities	$	54,030	$	159		Other liabilities	$	0	$	0
Forward loan sales commitments		Other liabilities		0		0		Other liabilities		3,186		20

Total derivatives not designated as hedging instruments			$	54,030	$	159			$	3,186	$	20

Total liability derivatives			$	54,030	$	159			$	3,186	$	20


Exhibit No.		Description

2.1		Agreement and Plan of Merger, dated May 9, 2024, by and between United Bankshares, Inc. and Piedmont Bancorp, Inc. (incorporated into this filing by reference to Exhibit 2.1 to the Form 8-K dated May 9, 2024 and filed May 10, 2024 for United Bankshares, Inc., File No. 002-86947)

3.1		Amended and Restated Articles of Incorporation (incorporated into this filing by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q dated March 31, 2017 and filed May 9, 2017 for United Bankshares, Inc., File No.002-86947)

3.2		Restated Bylaws (incorporated into this filing by reference to Exhibit 3.1 to the Current Report on Form 8-K dated and filed on March 20, 2020 for United Bankshares, Inc., File No.002-86947)

4.1		Description of Registrant’s Securities (incorporated into this filing by reference to the Annual Report on Form 10-K dated December 31, 2019 and filed March 2, 2020 for United Bankshares, Inc., File No.002-86947)

31.1		Certification as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer (filed herewith)

31.2		Certification as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer (filed herewith)

32.1		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer (furnished herewith)

32.2		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer (furnished herewith)

101		Interactive data file (inline XBRL) (filed herewith)

104		Cover Page (embedded in inline XBRL and contained in Exhibit 101)


	UNITED BANKSHARES, INC.
	(Registrant)

Date: May 9, 2025	/s/ Richard M. Adams, Jr.
	Name:	Richard M. Adams, Jr.
	Title:	Chief Executive Officer

Date: May 9, 2025	/s/ W. Mark Tatterson
	Name:	W. Mark Tatterson
	Title:	Chief Financial Officer