Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025, segregated by the level of the valuation inputs within the fair value hierarchy.


			Fair Value at September 30, 2026 Using
Description	Balance as of September 30, 2026		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	$	271,749	$	0	$	271,749	$	0
State and political subdivisions		476,604		0		476,604		0

Residential mortgage-backed securities
Agency		2,089,347		0		2,089,347		0


			Fair Value at September 30, 2026 Using
Description	Balance as of September 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Non-agency		27,829		0		27,829		0
Commercial mortgage-backed securities
Agency		300,853		0		300,853		0
Asset-backed securities		149,596		0		149,596		0
Single issue trust preferred securities		12,984		0		12,984		0
Other corporate securities		171,533		4,431		167,102		0

Total available for sale securities		3,500,495		4,431		3,496,064		0
Equity securities:
Financial services industry		14,634		14,634		0		0
Equity mutual funds (1)		6,059		6,059		0		0
Fixed income mutual funds		5,072		5,072		0		0

Total equity securities		25,765		25,765		0		0
Loans held for sale		17,712		0		0		17,712
Derivative financial assets:
Interest rate swap contracts		543		0		543		0
Forward loan sales commitments		13		0		0		13
TBA mortgage-backed securities		588		0		0		588
Interest rate lock commitments		30		0		0		30

Total derivative financial assets		1,174		0		543		631
Liabilities
Derivative financial liabilities:
TBA mortgage-backed securities		0		0		0		0

Total derivative financial liabilities		0		0		0		0


			Fair Value at December 31, 2025 Using
Description	Balance as of December 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	$	281,657	$	0	$	281,657	$	0
State and political subdivisions		516,926		0		516,926		0
Residential mortgage-backed securities
Agency		1,358,636		0		1,358,636		0
Non-agency		38,885		0		38,885		0
Commercial mortgage-backed securities
Agency		395,073		0		395,073		0
Asset-backed securities		223,254		0		223,254		0
Single issue trust preferred securities		12,658		0		12,658		0
Other corporate securities		232,363		4,678		227,685		0

Total available for sale securities		3,059,452		4,678		3,054,774		0
Equity securities:
Financial services industry		25,825		20,421		5,404		0
Equity mutual funds (1)		3,610		3,610		0		0
Fixed income mutual funds		5,325		5,325		0		0

Total equity securities		34,760		29,356		5,404		0
Loans held for sale		31,277		0		0		31,277
Derivative financial assets:


			Fair Value at December 31, 2025 Using
Description	Balance as of December 31, 2025		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		316		0		316		0
Forward loan sales commitments		15		0		0		15
Interest rate lock commitments		458		0		0		458

Total derivative financial assets		789		0		316		473
Liabilities
Derivative financial liabilities:
TBA mortgage-backed securities		70		0		0		70

Total derivative financial liabilities		70		0		0		70

(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.

Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3

The following tables present additional information about financial assets and liabilities measured at fair value at September 30, 2026 and December 31, 2025 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value. The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses related to assets still held at the reporting date are recorded in Income from mortgage banking activities in the Consolidated Statements of Income.


				Derivative Assets								Derivative Liabilities
September 30, 2026	Loans Held for Sale			TBA Securities		Forward Sales Commitments			Interest Rate Lock Commitments			TBA Securities
Balance, beginning of period	$	31,277		$	0	$	15		$	458		$	70
Originations		263,725			0		0			0			0
Sales		(284,050	)		0		0			0			0
Transfers other		0			588		(2	)		(428	)		(70	)
Total gains during the period recognized in earnings		6,760			0		0			0			0

Balance, end of period	$	17,712		$	588	$	13		$	30		$	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	$	(765	)	$	588	$	13		$	30		$	0


				Derivative Assets							Derivative Liabilities
December 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		370,856			0			0		0		0		0
Sales		(393,506	)		0			0		0		0		0
Transfers other		0			(278	)		15		119		70		(20	)
Total gains during the period recognized in earnings		9,567			0			0		0		0		0

Balance, end of period	$	31,277		$	0		$	15	$	458	$	70	$	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	$	48		$	0		$	15	$	458	$	70	$	0

Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected

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 September 30, 2026			Three Months Ended September 30, 2025
Income from mortgage banking activities	$	(830	)	$	(424	)


Description	Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
Income from mortgage banking activities	$	(765	)	$	(12	)

Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected

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


	September 30, 2026							December 31, 2025
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	$	17,767	$	17,712	$	(55	)	$	30,567	$	31,277	$	710

Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis

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 September 30, 2026		Fair Value at September 30, 2026						YTD Gains (Losses)
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
					Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Individually assessed loans	$	55,403	$	0	$	53,832	$	1,571	$	(4,990	)
OREO		11,198		0		11,198		0		(42	)


Description	Balance as of December 31, 2025		Fair Value at December 31, 2025						YTD Gains (Losses)
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
					Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Individually assessed loans	$	51,485	$	0	$	49,870	$	1,615	$	1,172
OREO		8,857		0		8,857		0		0

Summary of Estimated Fair Values of 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)
September 30, 2026
Cash and cash equivalents	$	1,882,389	$	1,882,389	$	0	$	1,882,389	$	0
Securities available for sale		3,500,495		3,500,495		4,431		3,496,064		0
Securities held to maturity		1,007		1,020		0		0		1,020
Equity securities		25,765		25,765		25,765		0		0
Other securities		314,674		298,940		0		0		298,940
Loans held for sale		17,712		17,712		0		0		17,712
Net loans		25,166,112		24,768,971		0		0		24,768,971
Derivative financial assets		1,174		1,174		0		543		631
Deposits		27,710,734		27,662,016		0		27,662,016		0
Short-term borrowings		184,810		184,810		0		184,810		0
Long-term borrowings		533,011		528,764		0		528,764		0
Derivative financial liabilities		0		0		0		0		0
December 31, 2025
Cash and cash equivalents	$	2,542,250	$	2,542,250	$	0	$	2,542,250	$	0
Securities available for sale		3,059,452		3,059,452		4,678		3,054,774		0
Securities held to maturity		1,004		1,020		0		0		1,020
Equity securities		34,760		34,760		29,356		5,404		0
Other securities		305,184		289,925		0		0		289,925
Loans held for sale		31,277		31,277		0		0		31,277
Net loans		24,411,604		24,432,980		0		0		24,432,980
Derivative financial assets		789		789		0		316		473
Deposits		27,060,939		27,031,873		0		27,031,873		0
Short-term borrowings		198,573		198,573		0		198,573		0
Long-term borrowings		531,817		524,281		0		524,281		0
Derivative financial liabilities		70		70		0		70		0

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

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