| Schedule of Notional Amount and Fair Value of Derivative Financial Instruments |
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 June 30, 2026 and December 31, 2025.
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Derivatives designated as hedging instruments |
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Fair Value Hedges: |
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Interest rate swap contracts (hedging commercial loans) |
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Other assets |
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$ |
8,798 |
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$ |
394 |
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Other assets |
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$ |
9,466 |
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$ |
316 |
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Total Fair Value Hedges |
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$ |
8,798 |
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$ |
394 |
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$ |
9,466 |
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$ |
316 |
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Cash Flow Hedges: |
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Interest rate swap contracts (hedging FHLB borrowings) |
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Other assets |
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$ |
250,000 |
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$ |
0 |
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Other assets |
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$ |
250,000 |
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$ |
0 |
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Total Cash Flow Hedges |
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$ |
250,000 |
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$ |
0 |
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$ |
250,000 |
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$ |
0 |
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Total derivatives designated as hedging instruments |
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$ |
258,798 |
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$ |
394 |
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$ |
259,466 |
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$ |
316 |
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Derivatives not designated as hedging instruments |
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Forward loan sales commitments |
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Other assets |
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$ |
0 |
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$ |
0 |
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Other assets |
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$ |
3,981 |
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$ |
15 |
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Interest rate lock commitments |
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Other assets |
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36,350 |
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|
804 |
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Other assets |
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23,046 |
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|
458 |
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Total derivatives not designated as hedging instruments |
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$ |
36,350 |
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$ |
804 |
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$ |
27,027 |
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$ |
473 |
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Total asset derivatives |
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$ |
295,148 |
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$ |
1,198 |
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$ |
286,493 |
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$ |
789 |
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Derivatives not designated as hedging instruments |
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TBA mortgage-backed securities |
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Other liabilities |
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$ |
55,584 |
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$ |
77 |
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Other liabilities |
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$ |
33,882 |
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$ |
70 |
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Forward loan sales commitments |
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Other liabilities |
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1,784 |
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|
1 |
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Other liabilities |
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0 |
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0 |
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Total derivatives not designated as hedging instruments |
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$ |
57,368 |
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$ |
78 |
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$ |
33,882 |
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$ |
70 |
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Total liability derivatives |
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$ |
57,368 |
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$ |
78 |
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$ |
33,882 |
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$ |
70 |
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| Summary of Carrying Amount Hedged Assets/(Liabilities) |
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 June 30, 2026 and December 31, 2025.
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Derivatives in Fair Value Hedging Relationships |
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Location in the Statement of Condition |
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Carrying Amount of
the Hedged
Assets/(Liabilities) |
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Amount of the Hedged
Assets/(Liabilities) |
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Cumulative Amount of
Fair Value Hedging
Adjustment Remaining for
any Hedged Assets/
(Liabilities) for which
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Interest rate swaps |
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Loans, net of unearned income |
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$ |
8,798 |
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$ |
(405 |
) |
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$ |
0 |
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| |
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Derivatives in Fair Value Hedging Relationships |
|
Location in the Statement of Condition |
|
Carrying Amount of
the Hedged
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Cumulative Amount of
Fair Value Hedging
Adjustment Included
in the Carrying
Amount of the Hedged
Assets/(Liabilities) |
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Cumulative Amount of
Fair Value Hedging
Adjustment Remaining for
any Hedged Assets/
(Liabilities) for which
Hedge Accounting has
been Discontinued |
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Interest rate swaps |
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Loans, net of unearned income |
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$ |
9,466 |
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|
$ |
(331 |
) |
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$ |
0 |
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| Schedule of Derivative Financial Instruments on Statements of Income |
The effect of United’s derivative financial instruments on its unaudited Cons ol idated Statements of Income for the three and six months ended June 30, 2026 and 2025 are presented as follows:
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| |
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| |
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Derivatives in hedging relationships |
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Cash flow Hedges: |
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Interest rate swap contracts |
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Interest on long-term borrowings |
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$ |
2,016 |
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$ |
2,465 |
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Fair Value Hedges: |
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Interest rate swap contracts |
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Interest and fees on loans |
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2 |
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(1 |
) |
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Total derivatives in hedging relationships |
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$ |
2,018 |
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$ |
2,464 |
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Derivatives not designated as hedging instruments |
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Forward loan sales commitments |
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Income from Mortgage Banking Activities |
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$ |
18 |
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$ |
39 |
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TBA mortgage-backed securities |
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Income from Mortgage Banking Activities |
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|
(489 |
) |
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|
(403 |
) |
Interest rate lock commitments |
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Income from Mortgage Banking Activities |
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|
(27 |
) |
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0 |
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Total derivatives not designated as hedging instruments |
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$ |
(498 |
) |
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$ |
(364 |
) |
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Total derivatives |
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$ |
1,520 |
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$ |
2,100 |
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Derivatives in hedging relationships |
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Cash flow Hedges: |
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|
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|
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Interest rate swap contracts |
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Interest on long-term borrowings |
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$ |
4,035 |
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$ |
4,917 |
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Fair Value Hedges: |
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Interest rate swap contracts |
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Interest and fees on loans |
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|
4 |
|
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(3 |
) |
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Total derivatives in hedging relationships |
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$ |
4,039 |
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$ |
4,914 |
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Derivatives not designated as hedging instruments |
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|
|
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Forward loan sales commitments |
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|
Income from Mortgage Banking Activities |
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|
$ |
(15 |
) |
|
$ |
64 |
|
TBA mortgage-backed securities |
|
|
Income from Mortgage Banking Activities |
|
|
|
(8 |
) |
|
|
(841 |
) |
Interest rate lock commitments |
|
|
Income from Mortgage Banking Activities |
|
|
|
321 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
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Total derivatives not designated as hedging instruments |
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|
|
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|
$ |
298 |
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|
$ |
(442 |
) |
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Total derivatives |
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$ |
4,337 |
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$ |
4,472 |
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