UBSI

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 trade and tariff policies; (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 economic impact of oil and gas prices; 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) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) 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; (5) 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; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) 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; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; (13) 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. 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 June 30, 2026, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements. 56 Table of Contents 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. ACQUISITION On January 10, 2025, United consummated its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”). At the acquisition date, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately $2.2 billion, total deposits of approximately $2.1 billion, and total shareholders’ equity of approximately $202 million. As a result of the Piedmont acquisition, the second quarter and first six months of 2025 included $1.32 million and $31.36 million, respectively, of pre-tax net income-related noninterest expenses and merger-related provision for credit losses. 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 fully tax-equivalent net interest income and return on average tangible common equity. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position. Net interest income, the yield on earning assets, yield on investment securities, net interest margin, and interest spread are presented in this Management’s Discussion and Analysis of Financial Condition and Results of Operations on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although these are non-GAAP measures, United’s management believes these measures are more widely used within the financial services industry and provide better comparability of net interest income arising from taxable and tax-exempt sources and additional insight into the net interest margin by adjusting for differences in tax treatment of interest income sources. United uses this measure to monitor net interest income performance, net interest margin and yields on earning assets and investment securities and to manage its balance sheet composition. Average tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered a more conservative valuation of the company. When considering net income, a return on average tangible common 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. 57 Table of Contents 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 June 30, 2026 were unchanged from the policies disclosed in United’s Annual Report on Form 10-K for the year ended December 31, 2025 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” FINANCIAL CONDITION United’s total assets as of June 30, 2026 were $33.75 billion, remaining steady from December 31, 2025. Investment securities increased $258.63 million or 7.61%, portfolio loans increased $285.40 million or 1.16%, bank-owned life insurance policies increased $10.91 million or 1.99%, operating lease right-of-use assets increased $3.46 million or 3.87%, and loans held for sale increased $3.95 million or 12.62%. Partially offsetting these increases in assets, cash and cash equivalents decreased $460.95 million or 18.13% and interest receivable decreased $9.57 million or 8.76%. Total liabilities remained flat, increasing $77.00 million or less than 1% from year-end 2025. This increase in total liabilities was due mainly to an increase of $109.81 million or less than 1% in deposits, an increase of $4.37 million or 4.58% in operating lease right-of-use liabilities, and an increase of $2.15 million or 6.12% in the allowance for lending-related commitments. Partially offsetting these increases in liabilities was a $31.58 million or 15.90% decrease in securities sold under agreements to repurchase and an $8.54 million or 3.52% decrease in accrued expenses and other liabilities. Shareholders’ equity was relatively flat from year-end 2025, increasing $14.55 million or less than 1%. The following discussion explains in more detail the changes in financial condition by major category. Cash and Cash Equivalents Cash and cash equivalents at June 30, 2026 decreased $460.95 million or 18.13% from year-end 2025. In particular, interest-bearing deposits with other banks decreased $491.10 million or 21.41%, as United placed less cash in an interest-bearing account with the Federal Reserve, while cash and due from banks increased $30.11 million or 12.16%. Federal funds sold increased $42 thousand or 3.09%. During the first six months of 2026, net cash of $266.02 million was provided by operating activities while net cash of $564.99 million and $161.97 million were used in investing and financing activities. See the unaudited Consolidated Statements of Cash Flows (unaudited) for data on cash and cash equivalents provided and used in operating, investing and financing activities for the first six months of 2026 and 2025. Securities Total investment securities at June 30, 2026 increased $258.63 million or 7.61%. Securities available for sale increased $260.30 million or 8.51%. This change in securities available for sale reflects $807.30 million in sales, maturities and calls of securities, $1.07 billion in purchases, and a decrease of $6.56 million in market value. Equity securities were $30.11 million at June 30, 2026, a decrease of $4.65 million or 13.39% due mainly to the sale of equity securities totaling $27.82 million partially offset by the purchase of $18.35 million in equity securities during the first six months of 2026. Other investment securities were flat, increasing $2.98 million or less than 1% from year-end 2025. 58 Table of Contents The following table summarizes the changes in the available for sale securities since year-end 2025: (Dollars in thousands) June 30 2026 December 31 2025 $ Change % Change U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 279,791 $ 281,657 $ (1,866 ) (0.66 %) State and political subdivisions 509,240 516,926 (7,686 ) (1.49 %) Mortgage-backed securities 2,141,296 1,792,594 348,702 19.45 % Asset-backed securities 173,527 223,254 (49,727 ) (22.27 %) Single issue trust preferred securities 12,958 12,658 300 2.37 % Other corporate securities 202,938 232,363 (29,425 ) (12.66 %) Total available for sale securities, at fair value $ 3,319,750 $ 3,059,452 $ 260,298 8.51 % The following table summarizes the changes in the held to maturity securities since year-end 2025: (Dollars in thousands) June 30 2026 December 31 2025 $ Change % Change State and political subdivisions $ 986 (1) $ 984 (2) $ 2 0.20 % Other corporate securities 20 20 0 0.00 % Total held to maturity securities, at amortized cost $ 1,006 $ 1,004 $ 2 0.20 % (1) net of allowance for credit losses of $14 thousand. (2) net of allowance for credit losses of $16 thousand. At June 30, 2026, gross unrealized losses on available for sale securities were $218.49 million. Securities with the most significant gross unrealized losses at June 30, 2026 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and corporate securities. As of June 30, 2026, United’s available for sale mortgage-backed securities had an amortized cost of $2.28 billion, with an estimated fair value of $2.14 billion. The portfolio consisted primarily of $1.92 billion in agency residential mortgage-backed securities with a fair value of $1.79 billion, $41.94 million in non-agency residential mortgage-backed securities with an estimated fair value of $38.35 million, and $327.17 million in commercial agency mortgage-backed securities with an estimated fair value of $312.76 million. As of June 30, 2026, United’s available for sale state and political subdivisions securities had an amortized cost of $564.69 million, with an estimated fair value of $509.24 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 June 30, 2026. As of June 30, 2026, United’s available for sale corporate securities had an amortized cost of $401.45 million, with an estimated fair value of $389.42 million. The portfolio consisted of $13.33 million in single issue trust preferred securities with an estimated fair value of $12.96 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 $175.61 million and a fair value of $173.53 million and other corporate securities, with an amortized cost of $212.50 million and a fair value of $202.94 million. United’s available for sale single issue trust preferred securities had a fair value of $12.96 million as of June 30, 2026. Of the $12.96 million, $7.44 million or 57.40% were investment grade rated and $5.52 million or 42.60% were unrated. The two largest exposures accounted for 100% of the $12.96 million. These included Truist Bank at $7.44 million and Emigrant Bank at $5.52 million. All single issue trust preferred securities are currently receiving full scheduled principal and interest payments. 59 Table of Contents During the second quarter of 2026, 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 June 30, 2026 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 June 30, 2026, 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 2 to the unaudited Notes to Consolidated Financial Statements. Loans Held for Sale Loans held for sale were $35.22 million at June 30, 2026, an increase of $3.95 million or 12.62% from year-end 2025. Loan originations in the secondary market exceeded sales during the first six months of 2026. Loan originations for the first six months of 2026 were $195.20 million while loans sales were $191.25 million. Portfolio Loans Loans, net of unearned income, increased $285.40 million or 1.16% from year-end 2025. Since year-end 2025, commercial, financial and agricultural loans increased $425.24 million or 2.98% as a result of a $403.09 million or 3.84% increase in commercial real estate loans and a $22.15 million or less than 1% increase in commercial loans (not secured by real estate). Residential real estate loans increased $81.75 million or 1.34% and consumer loans increased $13.99 million or 1.80%. Partially offsetting these increases in loans, net of unearned income, was a $235.36 million or 6.59% decrease in construction and land development loans. The following table summarizes the changes in the major loan classes since year-end 2025: (Dollars in thousands) June 30 2026 December 31 2025 $ Change % Change Loans held for sale $ 35,224 $ 31,277 $ 3,947 12.62 % Commercial, financial, and agricultural: Owner-occupied commercial real estate $ 2,170,900 $ 2,145,921 $ 24,979 1.16 % Nonowner-occupied commercial real estate 8,721,627 8,343,520 378,107 4.53 % Other commercial loans 3,806,987 3,784,833 22,154 0.59 % Total commercial, financial, and agricultural $ 14,699,514 $ 14,274,274 $ 425,240 2.98 % Residential real estate 6,180,010 6,098,262 81,748 1.34 % Construction & land development 3,335,543 3,570,902 (235,359 ) (6.59 %) Consumer: Bankcard 9,363 9,686 (323 ) (3.33 %) Other consumer 781,808 767,496 14,312 1.86 % Total gross loans $ 25,006,238 $ 24,720,620 $ 285,618 1.16 % Less: Unearned income (11,714 ) (11,498 ) (216 ) 1.88 % Total Loans, net of unearned income $ 24,994,524 $ 24,709,122 $ 285,402 1.16 % For a further discussion of loans see Note 3 to the unaudited Notes to Consolidated Financial Statements. 60 Table of Contents Bank-Owned Life Insurance The balance of bank-owned life insurance increased $10.91 million or 1.99% for the first six months of 2026 due to an increase in the cash surrender value of underlying policies. Other Assets Other assets remained relatively flat from year-end 2025, decreasing $746 thousand or less than 1% from year-end 2025 as prepaid assets decreased $2.59 million, core deposit intangibles decreased $3.68 million due to amortization, accounts receivable decreased $688 thousand due to timing differences, and repossessions decreased $609 thousand. Partially offsetting these decreases were increases in deferred tax assets of $2.10 million due mainly to the decrease in the fair value of available for sale securities, OREO of $1.35 million and income tax receivable of $2.48 million. Deposits Deposits represent United’s primary source of funding. Total deposits at June 30, 2026 increased $109.81 million or less than 1% from year-end 2025. In terms of composition, noninterest-bearing deposits increased $158.10 million or 2.41% while interest-bearing deposits decreased $48.30 million or less than 1% from December 31, 2025. Noninterest-bearing deposits consist of demand deposit and noninterest bearing money market (“MMDA”) account balances. The $158.10 million increase in noninterest-bearing deposits was due to a $88.52 million increase in commercial noninterest-bearing deposits, a $14.42 million increase in personal noninterest-bearing deposits and a $20.65 million increase in official checks. Partially offsetting these increases was a $20.15 million decrease in public funds noninterest-bearing deposits. Interest-bearing deposits consist of interest-bearing transactions, regular savings, interest-bearing MMDA, and time deposit account balances. Interest-bearing transaction accounts decreased $219.65 million since year-end 2025 as the result of a $198.44 million decrease in commercial interest-bearing transaction accounts, and a $52.07 million decrease in personal interest-bearing transaction accounts, which were partially offset by a $30.86 million increase in public funds interest-bearing transaction accounts. Regular savings accounts increased $7.82 million mainly as a result of a $16.24 million increase in personal savings accounts, partially offset by a $8.08 million decrease in commercial savings accounts. Interest-bearing MMDAs increased $62.11 million. In particular, commercial MMDAs increased $93.65 million while personal MMDAs decreased $33.19 million. Time deposits under $100,000 increased $1.93 million or less than 1% from year-end 2025. This increase in time deposits under $100,000 was the result of a $29.64 million increase in fixed rate Certificates of Deposits (“CDs”) under $100,000 and a $3.35 million increase in Certificate of Deposit Account Registry Service (“CDARS”) under $100,000, mostly offset by a $32.15 million decrease in variable rate CDs. Since year-end 2025, time deposits over $100,000 increased $99.51 million or 2.96% as fixed rate CDs increased $74.65 million and public funds CDs increased $48.05 million. Partially offsetting these increases was a $21.26 million decrease in variable rate CDs and a $1.93 million decrease in CDARS over $100,000. The table below summarizes the changes by deposit category since year-end 2025: (Dollars in thousands) June 30 2026 December 31 2025 $ Change % Change Demand deposits $ 6,731,733 $ 6,573,630 $ 158,103 2.41 % Interest-bearing checking 6,438,118 6,657,771 (219,653 ) (3.30 %) Regular savings 1,273,150 1,265,334 7,816 0.62 % Money market accounts 7,897,902 7,835,796 62,106 0.79 % Time deposits under $100,000 1,365,807 1,363,881 1,926 0.14 % Time deposits over $100,000 (1) 3,464,037 3,364,527 99,510 2.96 % Total deposits $ 27,170,747 $ 27,060,939 $ 109,808 0.41 % (1) Includes time deposits of $250,000 or more of $1,826,069 and $1,724,739 at June 30, 2026 and December 31, 2025, respectively. 61 Table of Contents Borrowings Total borrowings at June 30, 2026 decreased $30.78 million or 4.21% since year-end 2025. During the first six months of 2026, short-term borrowings decreased $31.58 million or 15.90% due to a decrease in securities sold under agreements to repurchase. Long-term borrowings remained flat, increasing $798 thousand or less than 1% from year-end 2025. The table below summarizes the change in the borrowing categories since year-end 2025: (Dollars in thousands) June 30 2026 December 31 2025 $ Change % Change Short-term securities sold under agreements to repurchase $ 166,996 $ 198,573 $ (31,577 ) (15.90 %) Long-term FHLB advances 250,000 250,000 0 0.00 % Issuances of trust preferred capital securities 282,615 281,817 798 0.28 % Total borrowings $ 699,611 $ 730,390 $ (30,779 ) (4.21 %) For a further discussion of borrowings see Notes 8 and 9 to the unaudited Notes to Consolidated Financial Statements. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities at June 30, 2026 decreased $8.54 million or 3.52% from year-end 2025. In particular, business franchise taxes decreased $6.85 million, income taxes payable decreased $687 thousand due to timing differences, incentives payable decreased $10.20 million due to payments, interest payable decreased $910 thousand due to a decrease in interest-bearing deposits as well as a lower average interest rate paid on these deposits and other accrued expenses decreased $5.00 million. Partially offsetting these decreases was an increase of $13.04 million in accrued mortgage escrow expense. Shareholders’ Equity Shareholders’ equity at June 30, 2026 was $5.51 billion, which was an increase of $14.55 million or less than 1% from year-end 2025. Retained earnings increased $149.80 million or 6.90% from year-end 2025. Earnings net of dividends for the first six months of 2026 were $149.80 million. Accumulated other comprehensive income decreased $4.44 million or 3.20% from year-end 2025 due mainly to a decrease of $5.00 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, increased $555 thousand. Treasury stock increased $137.64 million or 36.09%. During the first six months of 2026, United repurchased 3,241,721 shares on the open market under a repurchase plan approved by United’s Board of Directors at a cost of $135.43 million or an average share price of $41.78. 62 Table of Contents RESULTS OF OPERATIONS Overview The following table sets forth certain consolidated income statement information of United: Three Months Ended Six Months Ended (Dollars in thousands) June 2026 June 2025 March 2026 June 2026 June 2025 Interest income $ 418,197 $ 421,196 $ 415,929 $ 834,126 $ 824,843 Interest expense 132,885 146,659 133,414 266,299 290,251 Net interest income 285,312 274,537 282,515 567,827 534,592 Provision for credit losses 4,961 5,889 7,776 12,737 34,992 Noninterest income 38,506 31,460 34,063 72,569 61,014 Noninterest expense 154,715 148,020 152,814 307,529 301,593 Income before income taxes 164,142 152,088 155,988 320,130 259,021 Income taxes 32,765 31,367 31,788 64,553 53,994 Net income $ 131,377 $ 120,721 $ 124,200 $ 255,577 $ 205,027 Net income for the second quarter and first six months of 2026 was $131.38 million and $255.58 million, respectively, as compared to earnings of $120.72 million and $205.03 million for the second quarter and first six months of 2025. Diluted earnings per share were $0.95 for the second quarter of 2026 and $0.85 for the second quarter of 2025. Diluted earnings per share were $1.83 for the first six months of 2026 as compared to $1.44 for the first six months of 2025. On a linked-quarter basis, net income for the first quarter of 2026 was $124.20 million or $0.89 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, United recorded acquisition-related costs for the Piedmont merger of $1.32 million for the second quarter of 2025 and $31.36 million for the first six months of 2025, including a provision for credit losses of $18.73 million for purchased non-PCD loans recorded in the first quarter of 2025. For the second quarter of 2026, United’s annualized return on average assets was 1.56% and return on average shareholders’ equity was 9.53% as compared to 1.49% and 9.05% for the second quarter of 2025. United’s annualized return on average assets was 1.49% and return on average shareholders’ equity was 9.08% for the first quarter of 2026. United’s annualized return on average assets for the first six months of 2026 was 1.53% and return on average shareholders’ equity was 9.31% as compared to 1.28% and 7.78% for the first six months of 2025. For the second quarter and first half of 2026, United’s annualized return on average tangible common equity, a non-GAAP measure, was 15.15% and 14.77%, respectively, as compared to 14.67% and 12.67% for the second quarter and first half of 2025, respectively. United’s annualized return on average tangible common equity was 14.40% for the first quarter of 2026. Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 Return on Average Tangible Common Equity: (a) Net Income (GAAP) $ 131,377 $ 120,721 $ 124,200 $ 255,577 $ 205,027 (b) Number of Days 91 91 90 181 181 Average Total Shareholders’ Equity (GAAP) $ 5,527,850 $ 5,351,140 $ 5,549,114 $ 5,538,531 $ 5,317,203 Less: Average Total Intangibles (2,048,631 ) (2,049,504 ) (2,050,468 ) (2,049,544 ) (2,055,208 ) (c) Average Tangible Common Equity (non-GAAP) $ 3,479,219 $ 3,301,636 $ 3,498,646 $ 3,488,987 $ 3,261,995 Return on Average Tangible Common Equity (non-GAAP) [(a) / (b)] x 365 / (c) 15.15 % 14.67 % 14.40 % 14.77 % 12.67 % 63 Table of Contents Net interest income for the second quarter of 2026 increased $10.78 million, or 3.92% from the second quarter of 2025. The increase of $10.78 million in net interest income occurred because total interest income decreased $3.00 million while total interest expense decreased $13.77 million from the second quarter of 2025. Net interest income for the first half of 2026 increased $33.24 million or 6.22% from the first half of 2025. The increase of $33.24 million in net interest income occurred because total interest income increased $9.28 million while total interest expense decreased $23.95 million from the first half of 2025. Net interest income for the second quarter of 2026 was relatively flat from the first quarter of 2026, increasing $2.80 million, or less than 1%. The slight increase of $2.80 million in net interest income occurred because total interest income increased $2.27 million while total interest expense decreased $529 thousand from the first quarter of 2026. The provision for credit losses was $4.96 million and $12.74 million for the second quarter and first half of 2026, respectively, while the provision for credit losses was $5.89 million and $34.99 million for the second quarter and first half of 2025. The provision for credit losses was $7.78 million for the first quarter of 2026. The decrease in the provision for credit losses for the first half of 2026 was mainly due to the previously mentioned $18.73 million of provision recorded on purchased non-PCD loans from Piedmont. For the second quarter of 2026, noninterest income increased $7.05 million or 22.40% from the second quarter of 2025 while noninterest income for the first six months of 2026 increased $11.56 million or 18.94% from the first six months of 2025. These increases were primarily due to increased fees from brokerage services, net gains on investment securities and other noninterest income. Noninterest income for the second quarter of 2026 increased $4.44 million, or 13.04%, from the first quarter of 2026. Noninterest expense for the second quarter of 2026 increased $6.70 million or 4.52% from the second quarter of 2025 primarily due to increases in employee compensation and employee benefits. For the first six months of 2026, noninterest expense increased $5.94 million or 1.97% from the first six months of 2025 driven by increases in employee compensation, employee benefits, and equipment expense partially reduced by merger-related expenses from the Piedmont acquisition in the first six months of 2025. Noninterest expense for the second quarter of 2026 increased $1.90 million, or 1.24%, from the first quarter of 2026. Income taxes for the second quarter of 2026 were $32.77 million as compared to $31.37 million for the second quarter of 2025. For the first six months of 2026 and 2025 income tax expense was $64.55 million and $53.99 million, respectively. These increases in income tax expense for the 2026 time periods above were primarily due to higher earnings partially offset by lower effective tax rates. Income tax expense increased $977 thousand from the first quarter of 2026 due mainly to increased earnings partially offset by a lower effective tax rate. For the quarters ended June 30, 2026 and 2025, United’s effective tax rate was 19.96% and 20.62%, respectively. The effective tax rate for the first six months of 2026 and 2025 was 20.16% and 20.85%, respectively. For the quarter ended March 31, 2026, United’s effective tax rate was 20.38%. 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 2026 and 2025, are presented below. Net interest income for the second quarter of 2026 was $285.31 million, which was an increase of $10.78 million or 3.92% from the second quarter of 2025. The $10.78 million increase in net interest income occurred because total interest income decreased $3.00 million while total interest expense decreased $13.77 million from the second quarter of 2025. Net interest income for the first half of 2026 was $567.83 million, which was an increase of $33.24 million or 6.22% from the first half of 2025. The $33.24 million increase in net interest income occurred because total interest income increased $9.28 million while total interest expense decreased $23.95 million from the first half of 2025. On a linked-quarter basis, net interest income for the second quarter of 2026 was relatively flat from the first quarter of 2026, increasing $2.80 million or less than 1%. The $2.80 million slight increase in net interest income occurred because total interest income increased $2.27 million while total interest expense decreased $529 thousand from the first quarter of 2026. 64 Table of Contents For the purpose of this remaining discussion, net interest income is presented on a fully tax-equivalent basis to provide a comparison among all types of interest earning assets. The fully 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. Fully tax-equivalent net interest income for the second quarter of 2026 was $286.10 million, an increase of $10.77 million or 3.91% from the second quarter of 2025. The increase in fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits and an increase in average net loans partially offset by a lower yield on average net loans and an increase in average interest-bearing deposits. The rate paid on average interest-bearing deposits decreased 38 basis points from the second quarter of 2025. Average net loans increased $970.63 million, or 4.10%, from the second quarter of 2025. The yield on average net loans decreased 27 basis points from the second quarter of 2025. Acquired loan accretion income decreased $6.76 million from the second quarter of 2025. Average interest-bearing deposits increased $900.48 million, or 4.59%, from the second quarter of 2025. The net interest margin was 3.81% for both the second quarter of 2026 and the second quarter of 2025. Fully tax-equivalent net interest income for the first half of 2026 increased $33.23 million, or 6.20%, from the first half of 2025. The increase in fully tax-equivalent net interest income was primarily due to an increase in average net loans and a lower rate paid on average interest-bearing deposits. These increases to fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and an increase in average interest-bearing deposits. Average net loans increased $1.18 billion, or 5.02%, from the first half of 2025. The rate paid on average interest-bearing deposits decreased 37 basis points from the first half of 2025. The yield on average net loans decreased 17 basis points from the first half of 2025. Acquired loan accretion income decreased $5.27 million from the first half of 2025. Average interest-bearing deposits increased $1.07 billion, or 5.51%, from the first half of 2025. The net interest margin was 3.80% and 3.75% for the first half of 2026 and the first half of 2025, respectively. On a linked-quarter basis, fully tax-equivalent net interest income for the second quarter of 2026 was relatively flat from the first quarter of 2026, increasing $2.80 million, or less than 1%. The net interest margin was 3.81% and 3.80% for second quarter of 2026 and the first quarter of 2026, respectively. The interest spread for the second quarter of 2026 increased a basis point to 3.07% from the first quarter of 2026 due to a 3 basis point decrease in the average cost of funds partially offset by a 2 basis point decrease in the yield on average earning assets. The decrease in the average cost of funds was primarily due to a 2 basis point decrease in the rate paid on average interest-bearing deposits. The decrease in the yield on average earning assets was driven by a 6 basis point decrease in the yield on average net loans partially offset by a 19 basis point increase in the yield on average investment securities. Acquired loan accretion income was $5.00 million for the second quarter of 2026, a decrease of $2.47 million from the first quarter of 2026 which contributed to an approximately 4 basis point decrease in the interest spread and in the net interest margin. The increase in the yield on average investment securities reflects United’s strategic purchases of higher yielding investment securities throughout 2026. United’s fully 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 fully tax-equivalent net interest income for the three months ended June 30, 2026, June 30, 2025 and March 31, 2026 and the six months ended June 30, 2026 and June 30, 2025: Three Months Ended (Dollars in thousands) June 30 2026 June 30 2025 March 31 2026 Loan accretion $ 5,004 $ 11,760 $ 7,471 Certificates of deposit 4 141 8 Long-term borrowings (399 ) (398 ) (399 ) Total $ 4,609 $ 11,503 $ 7,080 Six Months Ended (Dollars in thousands) June 30 2026 June 30 2025 Loan accretion $ 12,475 $ 17,749 Certificates of deposit 12 388 Long-term borrowings (798 ) (600 ) Total $ 11,689 $ 17,537 65 Table of Contents The following tables reconcile the difference between net interest income and fully tax-equivalent net interest income for the three months ended June 30, 2026, June 30, 2025 and March 31, 2026 and the six months ended June 30, 2026 and June 30, 2025. Three Months Ended (Dollars in thousands) June 30 2026 June 30 2025 March 31 2026 Net interest income, GAAP basis $ 285,312 $ 274,537 $ 282,515 Fully tax-equivalent adjustment (1) 787 791 780 Fully tax-equivalent net interest income $ 286,099 $ 275,328 $ 283,295 Six Months Ended (Dollars in thousands) June 30 2026 June 30 2025 Net interest income, GAAP basis $ 567,827 $ 534,592 Fully tax-equivalent adjustment (1) 1,567 1,573 Fully tax-equivalent net interest income $ 569,394 $ 536,165 (1) The fully 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 and six months ended June 30, 2026 and 2025 and the three months ended March 31, 2026. All interest income on loans and investment securities was subject to state income taxes. 66 Table of Contents The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended June 30, 2026 and 2025, 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 fully tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended June 30, 2026 and 2025. Interest income on all loans and investment securities was subject to state income taxes. Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 (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 $ 1,916,842 $ 17,881 3.74 % $ 2,026,613 $ 22,633 4.48 % Investment Securities: Taxable 3,310,627 29,535 3.57 % 3,022,963 26,706 3.53 % Tax-exempt 201,172 1,506 2.99 % 197,180 1,536 3.12 % Total Securities 3,511,799 31,041 3.54 % 3,220,143 28,242 3.51 % Loans, net of unearned income (2)(3) 24,972,777 370,062 5.94 % 24,012,929 371,112 6.20 % Allowance for loan losses (299,614 ) (310,398 ) Net loans 24,673,163 6.01 % 23,702,531 6.28 % Total earning assets 30,101,804 $ 418,984 5.58 % 28,949,287 $ 421,987 5.84 % Other assets 3,638,497 3,635,081 TOTAL ASSETS $ 33,740,301 $ 32,584,368 LIABILITIES Interest-Bearing Liabilities: Interest-bearing deposits $ 20,505,605 $ 126,141 2.47 % $ 19,605,123 $ 139,156 2.85 % Short-term borrowings 177,707 1,425 3.22 % 165,405 1,488 3.61 % Long-term borrowings 532,390 5,319 4.01 % 550,795 6,015 4.38 % Total Interest-Bearing Liabilities 21,215,702 132,885 2.51 % 20,321,323 146,659 2.89 % Noninterest-bearing deposits 6,672,733 6,597,595 Accrued expenses and other liabilities 324,016 314,310 TOTAL LIABILITIES 28,212,451 27,233,228 SHAREHOLDERS’ EQUITY 5,527,850 5,351,140 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,740,301 $ 32,584,368 NET INTEREST INCOME $ 286,099 $ 275,328 INTEREST SPREAD 3.07 % 2.95 % NET INTEREST MARGIN 3.81 % 3.81 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully 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. 67 Table of Contents The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended June 30, 2026 and March 31, 2026, 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 fully tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended June 30, 2026 and March 31, 2026. Interest income on all loans and investment securities was subject to state income taxes. Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 (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 $ 1,916,842 $ 17,881 3.74 % $ 2,238,873 $ 20,710 3.75 % Investment Securities: Taxable 3,310,627 29,535 3.57 % 3,089,971 26,082 3.38 % Tax-exempt 201,172 1,506 2.99 % 204,728 1,502 2.94 % Total Securities 3,511,799 31,041 3.54 % 3,294,699 27,584 3.35 % Loans, net of unearned income (2)(3) 24,972,777 370,062 5.94 % 24,872,503 368,415 6.00 % Allowance for loan losses (299,614 ) (297,537 ) Net loans 24,673,163 6.01 % 24,574,966 6.07 % Total earning assets 30,101,804 $ 418,984 5.58 % 30,108,538 $ 416,709 5.60 % Other assets 3,638,497 3,620,673 TOTAL ASSETS $ 33,740,301 $ 33,729,211 LIABILITIES Interest-Bearing Liabilities: Interest-bearing deposits $ 20,505,605 $ 126,141 2.47 % $ 20,614,901 $ 126,728 2.49 % Short-term borrowings 177,707 1,425 3.22 % 182,428 1,439 3.20 % Long-term borrowings 532,390 5,319 4.01 % 531,978 5,247 4.00 % Total Interest-Bearing Liabilities 21,215,702 132,885 2.51 % 21,329,307 133,414 2.54 % Noninterest-bearing deposits 6,672,733 6,518,574 Accrued expenses and other liabilities 324,016 332,216 TOTAL LIABILITIES 28,212,451 28,180,097 SHAREHOLDERS’ EQUITY 5,527,850 5,549,114 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,740,301 $ 33,729,211 NET INTEREST INCOME $ 286,099 $ 283,295 INTEREST SPREAD 3.07 % 3.06 % NET INTEREST MARGIN 3.81 % 3.80 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully 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. 68 Table of Contents The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the six-month periods ended June 30, 2026 and 2025, 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 fully tax-equivalent basis using the statutory federal income tax rate of 21% for the six-month period ended June 30, 2026 and 2025. Interest income on all loans and investment securities was subject to state income taxes. Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 (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 repurchased under agreements to resell and other short-term investments $ 2,076,968 $ 38,591 3.75 % $ 2,078,596 $ 46,359 4.50 % Investment Securities: Taxable 3,200,908 55,617 3.48 % 3,035,442 53,617 3.53 % Tax-exempt 202,940 3,008 2.96 % 197,533 3,021 3.06 % Total Securities 3,403,848 58,625 3.44 % 3,232,975 56,638 3.50 % Loans, net of unearned income (2)(3) 24,922,917 738,477 5.97 % 23,757,712 723,419 6.13 % Allowance for loan losses (298,581 ) (309,318 ) Net loans 24,624,336 6.04 % 23,448,394 6.21 % Total earning assets 30,105,152 $ 835,693 5.59 % 28,759,965 $ 826,416 5.79 % Other assets 3,629,737 3,622,789 TOTAL ASSETS $ 33,734,889 $ 32,382,754 LIABILITIES Interest-Bearing Liabilities: Interest-bearing deposits $ 20,559,951 $ 252,869 2.48 % $ 19,487,037 $ 275,444 2.85 % Short-term borrowings 180,054 2,864 3.21 % 166,238 2,938 3.56 % Long-term borrowings 532,185 10,566 4.00 % 552,694 11,869 4.33 % Total Interest-Bearing Liabilities 21,272,190 266,299 2.52 % 20,205,969 290,251 2.90 % Non-interest bearing deposits 6,596,080 6,534,790 Accrued expenses and other liabilities 328,088 324,792 TOTAL LIABILITIES 28,196,358 27,065,551 SHAREHOLDERS’ EQUITY 5,538,531 5,317,203 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,734,889 $ 32,382,754 NET INTEREST INCOME $ 569,394 $ 536,165 INTEREST SPREAD 3.07 % 2.89 % NET INTEREST MARGIN 3.80 % 3.75 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully 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. 69 Table of Contents Provision for Credit Losses The provision for credit losses was $4.96 million and $12.74 million for the second quarter and first half of 2026, respectively, as compared to a provision for credit losses of $5.89 million and $34.99 million for the second quarter and first half of 2025, respectively. On a linked-quarter basis, the provision for credit losses for the first quarter of 2026 was $7.78 million. The provision for credit losses for the first quarter and first half 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 June 30, 2026, the provision for loan and lease losses was $4.96 million as compared to a provision for loan and lease losses of $5.89 million for the quarter ended June 30, 2025. The provision for loan and lease losses for the first six months of 2026 was $12.74 million as compared to a provision for loan and lease losses of $34.99 million for the first six months of 2025. The higher amount of provision expense for the first half of 2025 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont. Net charge-offs for the second quarter and first six months of 2026 were $5.06 million and $10.75 million, respectively, as compared to net charge-offs of $8.35 million and $16.39 million, respectively, for the second quarter and first six months of 2025. The lower amount of net charge-offs for 2026 as compared to 2025 was primarily due to decreased charge-offs within the consumer and other commercial real estate nonowner-occupied loan segments. On a linked-quarter basis, the provision for loan and lease losses was $7.78 million for the first quarter of 2026. Net charge-offs were $5.70 million for the first quarter of 2026. Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the second quarter and first half of 2026 was 0.08% and 0.09%, respectively, as compared to annualized net charge-offs of 0.14% for both time periods in 2025. Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the first quarter of 2026 was 0.09%. The following table shows a summary of United’s nonperforming assets including nonperforming loans and other real estate owned (“OREO”) at June 30, 2026 and December 31, 2025: (In thousands) June 30 2026 December 31 2025 Nonaccrual loans $ 99,301 $ 96,492 Loans past due 90 days or more 11,346 4,974 Total nonperforming loans $ 110,647 $ 101,466 Other real estate owned 10,212 8,857 Total nonperforming assets $ 120,859 $ 110,323 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 June 30, 2026, the allowance for credit losses was $336.73 million as compared to $332.59 million at December 31, 2025. At June 30, 2026, the allowance for loan and lease losses was $299.50 million as compared to $297.52 million at December 31, 2025. The allowance for loan and lease losses at June 30, 2026 saw the largest increase in the reserves for the commercial real estate nonowner-occupied loan segment from year-end 2025 due to increased outstanding loan balances and an increase in the allowance for individually evaluated loans. The largest decrease in reserves at June 30, 2026 was for the real estate construction and development loan segment due to an improvement in the historical loss rate and decreased outstanding loan balances. As a percentage of loans and leases, net of unearned income, the allowance for loan and lease losses was 1.20% for both June 30, 2026 and December 31, 2025. The ratio of the allowance for loan and lease losses to nonperforming loans and leases or coverage ratio was 270.68% and 293.22% at June 30, 2026 and December 31, 2025, respectively. The slight decrease in this ratio was due mainly to a larger increase in nonperforming loans as compared to the increase in the allowance for loan and lease losses. 70 Table of Contents 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 second quarter of 2026 qualitative adjustments include analyses of the following: • Current conditions – United 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, the unemployment rate, commercial real estate price index, mortgage rate, house price index and real disposable personal income 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 declined slightly in the second quarter, from a projection of 2.40% for 2026 as of mid-March 2026 to 2.20% for 2026 as of mid-June with a projection of 2.30% for 2027. The unemployment rate forecast improved slightly in the second quarter with a projection of 4.40% for 2026 as of mid-March 2026 to 4.30% as of mid-June 2026 with projection of 4.30% for 2027. The forecast for the house price index declined in the second quarter with a projection of 0.67% for 2026 and 0.70% for 2027 compared to 1.82% and 2.24% for 2026 and 2027, respectively, in the first quarter. Similarly, the mortgage rate increased to 6.32% for 2026 and 2027 during the second quarter compared to 6.13% in 2026 and 6.22% in 2027 in the first quarter. The real disposable personal income forecast declined for 2026 from 2.03% in the first quarter to 0.87% in the second quarter but improved for 2027 from 2.13% in the first quarter to 2.40% in the second quarter. The outlook for the commercial real estate price index experienced minimal change in the second quarter as compared to the first quarter of 2026. • 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 June 30, 2026 produced increased reserves in two of the four loan categories as compared to December 31, 2025. The allowance related to the commercial, financial & agricultural loan pool, consisting of the owner and nonowner-occupied commercial real estate and other commercial loan segments, increased $8.02 million due to increased outstanding loan balances. The consumer loan segment reserve increased $988 thousand primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment as well as increased outstanding loan balances. The real estate construction and development loan segment reserve decreased $6.65 million due to decreased outstanding loan balances as well as improvement in the reasonable and supportable adjustment. The residential real estate loan segment reserve decreased $377 thousand due to an improvement in historical loss rates. 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 $17.68 million at June 30, 2026 and $8.04 million at December 31, 2025. In comparison to year-end, this element of the allowance increased $9.64 million due to collateral weaknesses identified in several relationships which necessitated individually assessed reserves and increases to reserves previously identified. 71 Table of Contents Management believes that the allowance for credit losses of $336.73 million at June 30, 2026 is appropriate 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 second quarter of 2026 and 2025 was immaterial. The allowance for credit losses related to held to maturity securities was $14 thousand and $16 thousand, respectively, as of June 30, 2026 and December 31, 2025. There was no provision for credit losses recorded on available for sale investment securities for the first half of 2026 and 2025 and no allowance for credit losses on available for sale investment securities as of June 30, 2026 and December 31, 2025. 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 second quarter of 2026 was $38.51 million, an increase of $7.05 million or 22.40% from the second quarter of 2025. Noninterest income for the first half of 2026 was $72.57 million, an increase of $11.56 million or 18.94% from the first half of 2025. These increases were driven primarily by increases in fees from brokerage services and net gains on investment securities. Fees from brokerage services for the second quarter and first half of 2026 increased $1.90 million or 39.12% and $3.66 million or 34.83%, respectively, from the second quarter and first half of 2025 due to higher volume driven by growth in the business. Net gains on investment securities were $2.79 million for the second quarter of 2026 as compared to net gains on investment securities of $425 thousand for the second quarter of 2025. The net gains on investment securities for the second quarter of 2026 included a gain of $5.86 million as a result of the sale of an unaffiliated company in which United held an investment, a $5.66 million gain from a VISA share exchange, and a $1.00 million unrealized fair value net gain on equity securities. Partially offsetting these gains on investment securities was a loss of $9.73 million on the sale of available for sale investment securities. For the first six months of 2026, net gains on investment securities were $5.05 million as compared to net gains on investment securities of $946 thousand for the first six months of 2025. Net gains on investment securities for the first half of 2026 included the aforementioned gain as a result of the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain and unrealized fair value net gain on equity securities as well as a net gain of $2.29 million on the sale of equity securities in the first quarter of 2026. Partially offsetting these gains on investment securities was the aforementioned loss on the sale of available for sale investment securities. Other noninterest income for the second quarter and first half of 2026 increased $1.95 million or 92.72% and $2.67 million or 98.05% from the second quarter and first half of 2025, respectively. These increases in other noninterest income were primarily due to higher market values of underlying investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense as described in the “Other Expenses” section of this MD&A. 72 Table of Contents Income from bank-owned life insurance (“BOLI”) for the first half of 2026 decreased $860 thousand or 12.31% from the first half of 2025 due primarily to death proceeds of $1.07 million in the first half of 2025 partially offset by income on BOLI policies added from the Piedmont acquisition and an increase in the cash surrender value of insurance policies. On a linked-quarter basis, noninterest income for the second quarter of 2026 increased of $4.44 million, or 13.04%, from the first quarter of 2026 driven by a $2.71 million increase in other noninterest income and smaller increases in several other categories of noninterest income. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense. 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 second quarter of 2026 was $154.72 million, which was an increase of $6.70 million or 4.52% from the second quarter of 2025. For the first half of 2026, noninterest expense was $307.53 million, which was an increase of $5.94 million or 1.97% from the first half of 2025. The second quarter and first six months of 2025 included $1.32 million and $12.63 million, respectively, of merger-related expenses from the Piedmont acquisition. Employee compensation for the second quarter and first half of 2026 increased $3.62 million or 5.75% and $6.25 million or 5.05%, respectively, from the second quarter and first half of 2025. The increase in employee compensation was primarily due to higher salaries, brokerage commissions, employee incentives, and stock-based compensation costs. Included in employee compensation for the second quarter and first half of 2025 were $310 thousand and $1.46 million, respectively, in merger-related expenses. Employee benefits expense for the second quarter of 2026 increased $2.86 million or 21.30% from the second quarter of 2025. This increase in employee benefits was primarily due to higher postretirement benefit costs. Employee benefits expense for the first half of 2026 increased $5.55 million or 20.77%, from the first half of 2025. This increase in employee benefits was primarily due to higher post-retirement benefit and Federal Insurance Contributions Act (“FICA”) costs. Net occupancy for the first half of 2026 increased $995 thousand or 3.96% from the first half of 2025. This increase was due mainly to increased building maintenance, real property taxes and utilities costs. Equipment expense for the second quarter and first half of 2026 increased $884 thousand or 10.34% and $1.04 million or 6.08%, respectively, from the second quarter and first half of 2025. These increases were due to higher equipment maintenance expense. Data processing expense for the second quarter and first half of 2026 decreased $804 thousand or 10.11% and $2.26 million or 13.76%, respectively, from the second quarter and first half of 2025. The decrease in data processing was primarily due to technology contract renegotiations. Other expense for the second quarter of 2026 decreased $812 thousand or 2.18% from the second quarter of 2025. Within other expense for the second quarter of 2026, consulting fees declined $1.98 million and merger-related expenses decreased $961 thousand from the second quarter of 2025. These decreases within other expense were partially offset by increases of $1.32 million in the amortization of investment tax credits and $923 thousand in the expense for the reserve for unfunded commitments. Other expense for the first half of 2026 decreased $6.24 million or 7.64% from the first half of 2025. Within other expense, merger-related expenses decreased $6.96 million and the amortization of core deposit intangibles declined $1.01 million. Partially offsetting these decreases was an increase in the expense for the reserve for unfunded commitments of $1.24 million due to an increase in outstanding loan commitments. The expense for the reserve for unfunded loan commitments for the first half of 2025 included $4.06 million in merger-related expense. 73 Table of Contents On a linked-quarter basis, noninterest expense for the second quarter of 2026 increased $1.90 million or 1.24% from the first quarter of 2026 due primarily to an increase in employee compensation of $3.06 million. The increase in employee compensation was primarily due to the timing of annual salary increases, stock-based compensation costs, and employee incentives. Partially offsetting this increase was a decrease of $2.57 million in other noninterest expense. Within other expense, the expense for the reserve for unfunded commitments decreased $1.80 million which reflected a smaller increase in outstanding loan commitments during the second quarter of 2026 as compared to the increase during the first quarter of 2026. Income Taxes For the second quarter of 2026, income tax expense was $32.77 million as compared to $31.37 million in the second quarter of 2025. For the first half of 2026, income tax expense was $64.55 million as compared to $53.99 million in the first half of 2025. On a linked-quarter basis, income tax expense increased $977 thousand or 3.07% from the first quarter of 2026. All of these increases in income tax expense were primarily due to higher earnings partially offset by lower effective tax rates. United’s effective tax rate was 19.96% for the second quarter of 2026, 20.62% for the second quarter of 2025 and 20.38% for the first quarter of 2026. For the first half of 2026 and 2025, United’s effective tax rate was 20.16% and 20.85%, respectively. 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 half of 2026, United decreased its interest-bearing deposit balance at the FRB by $517.17 million to $1.72 billion. The change in the balance at the FRB was mostly the result of growth in loans of $286.87 million, net purchases of $267.87 million in investment securities and a net repayment of $31.58 million in securities sold under agreements to repurchase partially offset by a growth in total deposits of $109.82 million. 74 Table of Contents For the six months ended June 30, 2026, cash of $266.02 million was provided by operating activities due mainly to net income of $255.58 million. Net cash of $564.99 million was used in investing activities which was primarily due to the aforementioned loan growth of $286.87 million and net purchases of investment securities of $267.87 million. During the first six months of 2026, net cash of $161.97 million was used in financing activities due primarily to net acquisition of $136.25 million in treasury stock, cash dividends paid of $106.69 million and the net repayment of securities sold under agreements to repurchase of $31.58 million partially offset by growth in deposits of $109.82 million. The net effect of the cash flow activities was a decrease in cash and cash equivalents of $460.95 million for the first half of 2026. At June 30, 2026, United had an unused borrowing amount at the FHLB of approximately $9.25 billion subject to delivery of collateral after certain trigger points and $5.03 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 and a $20 million unsecured, revolving line of credit with an unrelated financial institution to provide for general liquidity needs, all of which was available at June 30, 2026. At June 30, 2026, United’s borrowing capacity for the FRB Discount Window was $4.42 billion. United did not have any borrowings from the FRB’s Discount Window during the first half of 2026. 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 8 and 9 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 15.57% at June 30, 2026 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.30%, 13.30% and 11.29%, 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 $5.51 billion at June 30, 2026, which was relatively flat from December 31, 2025, increasing $14.55 million or less than 1%. This slight increase was primarily due to an increase of $149.80 million in retained earnings as a result of net earnings (net income less dividends declared) during the first half of 2026 partially offset by an increase of $137.64 million in treasury stock. During the first half of 2026, United repurchased 3,241,721 shares of its common stock at an average price of $41.78 per share. United’s shareholders’ equity to assets ratio was 16.33% at June 30, 2026 as compared to 16.33% at December 31, 2025. The primary capital ratio, capital and reserves to total assets and reserves, was 17.15% at both June 30, 2026 and December 31, 2025. United’s average equity to average asset ratio was 16.38% for the second quarter of 2026 as compared to 16.42% the second quarter of 2025. United’s average equity to average asset ratio was 16.42% for both the first half of 2026 and the first half of 2025. All of these financial measurements reflect a financially sound position. During the second quarter of 2026, United’s Board of Directors declared a cash dividend of $0.38 per share. Cash dividends were $0.76 per common share for the first six months of 2026. Total cash dividends declared were $52.61 million for the second quarter of 2026 and $105.78 million for the first six months of 2026 as compared to $52.75 million for the second quarter of 2025 and $106.08 million for the first six months of 2025, respectively.