Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividends Declared

On February 17, 2022, the Board approved a regular quarterly cash dividend of $0.21 per common share and a preferred stock dividend of $429.6875 per preferred share (equivalent to $0.4296875 per depositary share, or 1/1000 interest per share). The common stock dividend is payable April 5, 2022, to common shareholders of record on March 15, 2022. The preferred stock dividend is payable March 15, 2022, to preferred shareholders of record on February 28, 2022.

Acquisition of Reliant

Subsequent to year-end, on January 1, 2022, United completed the acquisition of Reliant Bancorp, Inc. and its wholly-owned subsidiary, Reliant Bank, collectively referred to as “Reliant”. Reliant is headquartered in Brentwood, Tennessee, a suburb of Nashville, Tennessee. Reliant operates a 25 branch network in Tennessee, located primarily in the Nashville, Clarksville and

Chattanooga metropolitan areas. It also has a manufactured housing finance group based in Knoxville. As of December 31, 2021, Reliant reported total assets of $3.00 billion, total loans of $2.38 billion, and total deposits of $2.50 billion.

Reliant shareholders received $597 million in total consideration, of which $596 million was United common stock (16.6 million shares), $624,000 was cash and $795,000 was converted stock options. The acquisition will be accounted for as a business combination. Due to the timing of the acquisition, United is currently in the process of completing the purchase accounting and has not made all of the remaining required disclosures, such as the fair value of assets acquired and supplemental pro forma information, which will be disclosed in subsequent filings.