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Fair Values of Financial Instruments | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Values of Financial Instruments | NOTE V—FAIR VALUES OF FINANCIAL INSTRUMENTS 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 December 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 December 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 December 31, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.11% to 0.45% with a weighted average increase of 0.10%. 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. 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 December 31, 2025, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.11% to 0.45% with a weighted average increase of 0.10%. For derivatives that are not designated in a hedge relationship, changes in the fair value of these 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 relationship, if any, are included in noninterest income and noninterest expense, respectively. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, segregated by the level of the valuation inputs within the fair value hierarchy:
|  |  |  |  | Fair Value at December 31, 2025 Using |
(In thousands) 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
|  |  |  |  | Fair Value at December 31, 2024 Using |
(In thousands) 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Fair Value at December 31, 2024 Using |
(In thousands) 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) |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 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, Level 2 and Level 3 for financial assets and liabilities measured at fair value on a recurring basis during the year ended December 31, 2025 and 2024. The following tables present additional information about financial assets and liabilities measured at fair value at December 31, 2025 and 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 |
(In thousands) 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 |
|  |  |  |  | Derivative Assets |  |  | Derivative Liabilities |
(In thousands) 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:
(In thousands) Description |  | Year Ended December 31, 2025 |  | Year Ended December 31, 2024
Income from mortgage banking activities |  | $ 48 |  | $ (1,222)
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:
|  | December 31, 2025 |  |  | December 31, 2024 |
(In thousands) 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 |  | $ | 30,567 |  |  | $ | 31,277 |  |  | $ | 710 |  |  | $ | 43,698 |  |  | $ | 44,360 |  |  | $ | 662 |
No loans held for sale were past due or on nonaccrual status as of December 31, 2025 and 2024. 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 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, 2025. 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 year of 2025, no other fair value measurement of intangible assets was made during the year 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:
(In thousands) 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) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually assessed loans |  | $ | 51,485 |  |  | $ | 0 |  |  | $ | 49,870 |  |  | $ | 1,615 |  |  | $ | 1,172 |
OREO |  |  | 8,857 |  |  |  | 0 |  |  |  | 8,857 |  |  |  | 0 |  |  |  | 0 |
(In thousands) Description |  | Balance as of December 31, 2024 |  |  | Fair Value at December 31, 2024 |  |  | YTD Gains (Losses) |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
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. 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 |
(In thousands) |  | 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) |
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 |
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 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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