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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE N—INCOME TAXES The income tax provisions included in the consolidated statements of income are summarized as follows:
|  | Year Ended December 31 |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 85,133 |  |  | $ | 77,347 |  |  | $ | 84,441 |
State and local |  |  | 17,019 |  |  |  | 17,604 |  |  |  | 15,972 |
Total current income tax expense |  |  | 102,152 |  |  |  | 94,951 |  |  |  | 100,413 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 11,764 |  |  |  | 334 |  |  |  | (2,053 | )
State and local |  |  | 4,881 |  |  |  | (3,702 | ) |  |  | (868 | )
Total deferred income tax expense (benefit) |  |  | 16,645 |  |  |  | (3,368 | ) |  |  | (2,921 | )
Total income tax expense: |  | $ | 118,797 |  |  | $ | 91,583 |  |  | $ | 97,492 |
The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes:
|  | Year Ended December 31 |
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Tax on income before taxes at statutory federal rate |  | $ | 122,514 |  |  |  | 21.0 | % |  | $ | 97,562 |  |  |  | 21.0 | % |  | $ | 97,399 |  |  |  | 21.0 | %
State and local income taxes net of federal tax benefits (1) |  |  | 17,137 |  |  |  | 2.9 |  |  |  | 13,591 |  |  |  | 2.9 |  |  |  | 11,847 |  |  |  | 2.6 |
Domestic Federal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax Credits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Low income housing |  |  | (19,030 | ) |  |  | (3.3 | ) |  |  | (15,814 | ) |  |  | (3.4 | ) |  |  | (13,557 | ) |  |  | (2.9 | )
Other |  |  | (1,303 | ) |  |  | (0.2 | ) |  |  | (706 | ) |  |  | (0.1 | ) |  |  | (1,639 | ) |  |  | (0.4 | )
Nontaxable and nondeductible items |  |  | (2,301 | ) |  |  | (0.4 | ) |  |  | (2,439 | ) |  |  | (0.5 | ) |  |  | (2,974 | ) |  |  | (0.6 | )
Other |  |  | 1,780 |  |  |  | 0.4 |  |  |  | (611 | ) |  |  | (0.2 | ) |  |  | 6,416 |  |  |  | 1.3 |
Total income tax expense |  | $ | 118,797 |  |  |  | 20.4 | % |  | $ | 91,583 |  |  |  | 19.7 | % |  | $ | 97,492 |  |  |  | 21.0 | %
(1) | State taxes in West Virginia and Maryland made up the majority (greater than 50 percent) of the tax effect in this category.
For the year of 2025, United had no taxes applicable to sales and calls of securities. For years ended 2024 and 2023, United incurred a federal income tax benefit of $2,456,000 and $1,608,000, respectively, applicable to the sales and calls of securities. The following presents a disaggregation of income taxes paid, net of refunds:
|  | Year Ended December 31 |
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Federal |  | $ | 89,800 |  |  | $ | 70,407 |  |  | $ | 89,500 |
State and local |  |  | 24,663 | (1) |  |  | 15,814 | (2) |  |  | 15,960 | (3)
Total income taxes paid, net of refunds (4) |  | $ | 114,463 |  |  | $ | 86,221 |  |  | $ | 105,460 |
(1) | For the year ended December 31, 2025, income taxes paid to West Virginia of $9,000 and Maryland of $5,950 exceeded 5% of total income taxes paid.
(2) | For the year ended December 31, 2024, income taxes paid to Maryland of $6,150 exceeded 5% of total income taxes paid.
(3) | For the year ended December 31, 2023, income taxes paid to West Virginia of $6,851 exceeded 5% of total income taxes paid.
(4) | Income taxes paid, net of refunds includes amounts paid to third parties for purchases of transferable tax credits of $11,680 in 2025 and $1,636 in 2024.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2025, United had a federal net operating loss carryforward of $2,724,000, the majority of which has an indefinite life , and a state tax credit of $1,406,000 which expires in 2034. Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2025 and 2024 are as follows:
(In thousands) |  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 79,490 |  |  | $ | 73,315 |
Accrued benefits payable |  |  | 16,514 |  |  |  | 20,256 |
Other accrued liabilities |  |  | 603 |  |  |  | 1,857 |
Unrealized loss on securities available for sale |  |  | 49,091 |  |  |  | 77,189 |
Other real estate owned |  |  | 122 |  |  |  | 127 |
Lease liabilities under operating leases |  |  | 22,799 |  |  |  | 20,738 |
(In thousands) |  | 2025 |  |  | 2024 |
Net operating loss carryforwards |  |  | 2,724 |  |  |  | 0 |
Purchase accounting intangibles |  |  | 1,159 |  |  |  | 0 |
Income tax credit carryforward |  |  | 1,406 |  |  |  | 4,415 |
Deferred mortgage points |  |  | 1,465 |  |  |  | 425 |
Total deferred tax assets |  |  | 175,373 |  |  |  | 198,322 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Premises and equipment |  |  | 8,937 |  |  |  | 8,307 |
Right-of-use assets under operating leases |  |  | 21,345 |  |  |  | 19,536 |
Pension plan accruals |  |  | 13,050 |  |  |  | 10,743 |
Derivatives |  |  | 7,367 |  |  |  | 10,487 |
Purchase accounting intangibles |  |  | 0 |  |  |  | 6,626 |
Other |  |  | 1,584 |  |  |  | 1,063 |
Total deferred tax liabilities |  |  | 52,283 |  |  |  | 56,762 |
Net deferred tax assets |  | $ | 123,090 |  |  | $ | 141,560 |
At December 31, 2025 and 2024, United believes that all of the deferred tax amounts shown above are more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no valuation allowance has been recorded. In accordance with ASC Topic 740, “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. Below is a reconciliation of the total amounts of unrecognized tax benefits:
|  | December 31 |
(In thousands) |  | 2025 |  |  | 2024 |
Unrecognized tax benefits at beginning of year |  | $ | 2,144 |  |  | $ | 2,599 |
Increase in unrecognized tax benefits as a result of tax positions taken during the current period |  |  | 956 |  |  |  | 323 |
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations |  |  | (2,144 | ) |  |  | (778 | )
Unrecognized tax benefits at end of year |  | $ | 956 |  |  | $ | 2,144 |
The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2022, 2023 and 2024 and certain State Taxing authorities for the years ended December 31, 2022 through 2024. As of December 31, 2025, and 2024, the total amount of accrued interest related to uncertain tax positions was zero and $651,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results of operations for the years of 2025, 2024 and 2023.

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