It seems like you've provided a financial report document, specifically a 10-Q filing, which is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). Since there is no article title provided, I'll assume you'd like me to generate a title based on the content. However, please note that the title might not be accurate or relevant without more context. Based on the 10-Q filing, a possible title could be: "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" Please provide more context or information about the article you'd like me to generate a title for. I'll do my best to assist you.

Press release · 05/09 16:20
It seems like you've provided a financial report document, specifically a 10-Q filing, which is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). Since there is no article title provided, I'll assume you'd like me to generate a title based on the content. However, please note that the title might not be accurate or relevant without more context. Based on the 10-Q filing, a possible title could be: "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" Please provide more context or information about the article you'd like me to generate a title for. I'll do my best to assist you.

It seems like you've provided a financial report document, specifically a 10-Q filing, which is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). Since there is no article title provided, I'll assume you'd like me to generate a title based on the content. However, please note that the title might not be accurate or relevant without more context. Based on the 10-Q filing, a possible title could be: "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" Please provide more context or information about the article you'd like me to generate a title for. I'll do my best to assist you.

I apologize, but it seems that you haven’t provided a financial report (10-Q) for me to summarize. A 10-Q is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). If you provide the report, I’d be happy to help you summarize it in a single paragraph, focusing on key financial figures, main events, and significant developments.

Overview of United’s Financial Performance

Financial Condition

  • United’s total assets increased 9.21% to $32.79 billion as of March 31, 2025, primarily due to the acquisition of Piedmont Bancorp, Inc. on January 10, 2025.
  • Key changes in assets include:
    • Loans increased 10.10% to $23.86 billion
    • Cash and cash equivalents increased 13.87% to $2.61 billion
    • Investment securities increased 1.68% to $3.30 billion
    • Goodwill increased 7.13% to $2.03 billion
  • Total liabilities increased 9.76% to $27.48 billion, driven by a 10.03% increase in deposits to $26.36 billion.
  • Shareholders’ equity increased 6.43% to $5.31 billion, mainly due to the Piedmont acquisition.

Results of Operations

  • Net income for Q1 2025 was $84.31 million, down from $86.81 million in Q1 2024. Diluted EPS was $0.59 compared to $0.64.
  • Net interest income increased 16.88% to $260.84 million, driven by higher earning assets from the Piedmont acquisition.
  • The provision for credit losses increased to $29.10 million, including $18.73 million related to the Piedmont acquisition.
  • Noninterest income decreased 8.25% to $29.55 million, primarily due to lower mortgage banking income.
  • Noninterest expense increased 9.12% to $153.57 million, with $11.31 million in merger-related costs.
  • The effective tax rate was 21.16% compared to 19.78% in Q1 2024.

Liquidity and Capital

  • United maintains strong liquidity, with access to various funding sources like deposits, short-term borrowings, and FHLB advances.
  • Capital ratios remain well above regulatory requirements, with a risk-based capital ratio of 15.69% at March 31, 2025.
  • Shareholders’ equity increased 6.43% to $5.31 billion, reflecting the Piedmont acquisition.
  • United repurchased 567,405 shares of common stock during Q1 2025.
  • The quarterly cash dividend was increased 6.22% to $0.37 per share.

In summary, United’s financial performance in Q1 2025 was impacted by the Piedmont acquisition, which added significant assets and liabilities but also merger-related costs. The company maintained strong liquidity and capital levels to support future growth.