Investment Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
As of March 31, 2026
U.S. Treasuries	$	19,935	$	—	$	917	$	19,018
U.S. Government Agencies & GSEs	98,322		—		11,424		86,898
State and political subdivisions	281,815		17		45,244		236,588
Residential MBS, Agency & GSEs	1,161,317		8		170,735		990,590

Commercial MBS, Agency & GSEs	635,134		—		102,957		532,177

Supranational entities	15,000		—		1,857		13,143
Total	$	2,211,523	$	25	$	333,134	$	1,878,414

As of December 31, 2025
U.S. Treasuries	$	19,927	$	—	$	888	$	19,039
U.S. Government Agencies & GSEs	98,851		—		11,233		87,618
State and political subdivisions	282,807		42		41,784		241,065
Residential MBS, Agency & GSEs	1,182,098		15		164,860		1,017,253

Commercial MBS, Agency & GSEs	638,673		—		98,391		540,282

Supranational entities	15,000		—		1,831		13,169
Total	$	2,237,356	$	57	$	318,987	$	1,918,426

The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
As of March 31, 2026
U.S. Treasuries	$	476,555	$	257	$	3,916	$	472,896
U.S. Government Agencies & GSEs	290,330		162		9,684		280,808
State and political subdivisions	160,393		1		10,153		150,241
Residential MBS, Agency & GSEs	1,419,548		6,258		82,530		1,343,276
Residential MBS, Non-Agency	266,723		4		12,862		253,865
Commercial MBS, Agency & GSEs	691,606		3,529		24,887		670,248
Commercial MBS, Non-Agency	7,746		—		124		7,622
Corporate bonds	140,041		23		5,978		134,086
Asset-backed securities	262,559		111		1,166		261,504
Total	$	3,715,501	$	10,345	$	151,300	$	3,574,546

As of December 31, 2025
U.S. Treasuries	$	496,402	$	1,106	$	3,753	$	493,755
U.S. Government Agencies & GSEs	308,096		129		9,875		298,350
State and political subdivisions	165,118		—		10,235		154,883
Residential MBS, Agency & GSEs	1,503,962		6,151		79,636		1,430,477
Residential MBS, Non-Agency	272,869		7		13,021		259,855
Commercial MBS, Agency & GSEs	704,318		4,896		24,897		684,317
Commercial MBS, Non-Agency	7,857		—		87		7,770
Corporate bonds	142,527		27		5,886		136,668
Asset-backed securities	285,435		294		941		284,788
Total	$	3,886,584	$	12,610	$	148,331	$	3,750,863

As of March 31, 2026 and December 31, 2025 the carrying value of pledged securities totaled $2.77 billion and $2.98 billion, respectively. Securities were pledged primarily to secure public deposits.

The following table summarizes the fair values and gross unrealized losses of HTM debt securities as of the dates indicated based on the length of time that individual securities have been in a continuous unrealized loss position.


	Length of Time in Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
As of March 31, 2026
U.S. Treasuries	$	—	$	—	$	19,018	$	917	$	19,018	$	917
U.S. Government Agencies & GSEs	—		—		86,898		11,424		86,898		11,424
State and political subdivisions	11,148		135		218,057		45,109		229,205		45,244
Residential MBS, Agency & GSEs	600		12		989,094		170,723		989,694		170,735

Commercial MBS, Agency & GSEs	6,134		270		526,043		102,687		532,177		102,957

Supranational entities	—		—		13,143		1,857		13,143		1,857
Total	$	17,882	$	417	$	1,852,253	$	332,717	$	1,870,135	$	333,134

As of December 31, 2025
U.S. Treasuries	$	—	$	—	$	19,039	$	888	$	19,039	$	888
U.S. Government Agencies & GSEs	—		—		87,618		11,233		87,618		11,233
State and political subdivisions	—		—		226,464		41,784		226,464		41,784
Residential MBS, Agency & GSEs	—		—		1,016,225		164,860		1,016,225		164,860

Commercial MBS, Agency & GSEs	—		—		540,282		98,391		540,282		98,391

Supranational entities	—		—		13,169		1,831		13,169		1,831
Total	$	—	$	—	$	1,902,797	$	318,987	$	1,902,797	$	318,987

The following table summarizes the fair values and gross unrealized losses of AFS debt securities as of the dates indicated based on the length of time that individual securities have been in a continuous unrealized loss position.


	Length of Time in Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
As of March 31, 2026
U.S. Treasuries	$	210,849	$	492	$	111,280	$	3,424	$	322,129	$	3,916
U.S. Government Agencies & GSEs	3,463		9		215,778		9,675		219,241		9,684
State and political subdivisions	1,526		2		145,545		10,151		147,071		10,153
Residential MBS, Agency & GSEs	77,377		574		760,369		81,956		837,746		82,530
Residential MBS, Non-Agency	32,343		525		221,143		12,337		253,486		12,862
Commercial MBS, Agency & GSEs	33,871		77		338,409		24,810		372,280		24,887
Commercial MBS, Non-Agency	—		—		7,622		124		7,622		124
Corporate bonds	—		—		132,149		5,978		132,149		5,978
Asset-backed securities	114,612		603		55,036		563		169,648		1,166
Total	$	474,041	$	2,282	$	1,987,331	$	149,018	$	2,461,372	$	151,300

As of December 31, 2025
U.S. Treasuries	$	25,372	$	3	$	110,899	$	3,750	$	136,271	$	3,753
U.S. Government Agencies & GSEs	49,487		167		211,151		9,708		260,638		9,875
State and political subdivisions	25		1		153,857		10,234		153,882		10,235
Residential MBS, Agency & GSEs	60,042		61		841,090		79,575		901,132		79,636
Residential MBS, Non-Agency	11,458		39		247,997		12,982		259,455		13,021
Commercial MBS, Agency & GSEs	13,138		46		356,038		24,851		369,176		24,897
Commercial MBS, Non-Agency	—		—		7,770		87		7,770		87
Corporate bonds	—		—		134,731		5,886		134,731		5,886
Asset-backed securities	81,248		408		58,594		533		139,842		941
Total	$	240,770	$	725	$	2,122,127	$	147,606	$	2,362,897	$	148,331

At March 31, 2026, there were 487 AFS debt securities and 286 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2026 were primarily attributable to changes in interest rates.

At March 31, 2026 and December 31, 2025, the majority of HTM securities were considered to have a zero loss assumption for ACL purposes. For the remaining HTM securities, primarily those issued by state and political subdivisions, calculated credit losses, and, thus, the related ACL were de minimis due to the high credit quality of the portfolio. As a result, no ACL was recorded on the HTM portfolio at March 31, 2026 and December 31, 2025. In addition, based on the assessments performed at March 31, 2026 and December 31, 2025, there was no ACL required related to the AFS portfolio.

The following table presents accrued interest receivable on HTM and AFS debt securities, which was excluded from the estimate of credit losses, for the periods indicated.



	Accrued Interest Receivable
(in thousands)	March 31, 2026		December 31, 2025
HTM	$	5,155	$	5,486
AFS	15,594		16,413

The amortized cost and fair value of AFS and HTM debt securities at March 31, 2026, by contractual maturity, are presented in the following table.


	AFS				HTM
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within 1 year:
U.S. Treasuries	$	240,109	$	239,372	$	—	$	—
U.S. Government Agencies & GSEs	27,145		26,695		—		—
State and political subdivisions	5,389		5,366		—		—
Corporate bonds	41,471		40,959		—		—

	314,114		312,392		—		—
1 to 5 years:
U.S. Treasuries	236,446		233,524		19,935		19,018
U.S. Government Agencies & GSEs	45,309		40,914		44,958		41,638
State and political subdivisions	47,822		44,202		35,191		33,557
Corporate bonds	87,658		83,119		—		—
Supranational entities	—		—		15,000		13,143
	417,235		401,759		115,084		107,356
5 to 10 years:

U.S. Government Agencies & GSEs	151,856		148,744		40,864		34,106
State and political subdivisions	66,905		61,561		85,833		74,770
Corporate bonds	10,912		10,008		—		—

	229,673		220,313		126,697		108,876
More than 10 years:
U.S. Government Agencies & GSEs	66,020		64,455		12,500		11,154
State and political subdivisions	40,277		39,112		160,791		128,261


	106,297		103,567		173,291		139,415
Debt securities not due at a single maturity date:
Asset-backed securities	262,559		261,504		—		—
Residential MBS	1,686,271		1,597,141		1,161,317		990,590
Commercial MBS	699,352		677,870		635,134		532,177
	2,648,182		2,536,515		1,796,451		1,522,767

Total	$	3,715,501	$	3,574,546	$	2,211,523	$	1,878,414

Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations.

Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes AFS securities sales activity for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(in thousands)		2026		2025
Proceeds from sales		$	25,030	$	53,476

Gross realized gains		$	193	$	6
Gross realized losses		(60)		—

Securities gains, net		$	133	$	6

Income tax expense attributable to sales		$	28	$	2

In addition, during the first quarter of 2026, United recognized $1.07 million in net losses on trading securities, of which $792,000 related to trading securities held at March 31, 2026.

Equity Investments

The table below reflects the carrying value of certain equity investments, which are included in other assets on the consolidated balance sheet, as of the dates indicated.


(in thousands)	March 31, 2026		December 31, 2025
Federal Reserve stock	$	89,979	$	89,979
FHLB stock	18,000		18,049
Equity securities with readily determinable fair values	1,124		2,481

UNITED COMMUNITY BANKS INC 10-Q