On January 1, 2022, United acquired all of the outstanding common stock of Reliant in a stock transaction. Reliant operated a 25-branch network primarily located in Middle Tennessee, which facilitated United’s growth into those markets. United’s operating results for the year ended December 31, 2022 include the operating results of the acquired business for the period subsequent to the acquisition date of January 1, 2022. The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands).


Reliant

Fair Value Recorded by United
	January 1, 2022
Assets
Cash and cash equivalents	$	62,867
Debt securities	249,107
Loans held for sale	116,406
Loans held for investment	2,320,737

Premises and equipment	35,631
BOLI	78,170
Accrued interest receivable	12,027

Net deferred tax asset	5,793
Core deposit intangible	14,500
Other assets	59,768
Total assets acquired	2,955,006
Liabilities
Deposits	2,504,823
Short-term borrowings	27,000
Long-term debt	76,730
Other liabilities	48,620
Total liabilities assumed	2,657,173
Total identifiable net assets	297,833
Consideration transferred
Cash	624
Common stock issued (16,571,545 shares)	595,581
Options converted	795
Total fair value of consideration transferred	597,000
Goodwill	$	299,167

Supplementary Information on Acquired Loans
	January 1, 2022
PCD loans:
Par value	$	258,462
ACL at acquisition	(12,737)
Non-credit discount	(3,294)
Purchase price	$	242,431

Non-PCD loans:
Fair value	$	2,078,306
Gross contractual amounts receivable	2,355,205
Estimate of contractual cash flows not expected to be collected	25,990

Goodwill represents the intangible value of Reliant’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Reliant core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method.

On October 1, 2021, United completed the acquisition of Aquesta, a bank headquartered in Cornelius, North Carolina, which operated a network of branches primarily located in the Charlotte metropolitan area. United’s operating results for the year ended December 31, 2021 include the operating results of the acquired business for the period subsequent to the acquisition date.

The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands).


Aquesta

Fair Value Recorded by United
	October 1, 2021
Assets
Cash and cash equivalents	$	153,091
Debt securities	60,762
Loans	498,312
Premises and equipment	18,112
BOLI	12,540
Accrued interest receivable	1,419
Net deferred tax asset	2,129
Core deposit intangible	2,030
Other assets	7,553
Total assets acquired	755,948
Liabilities
Deposits	657,724
FHLB advances	24,509
Other liabilities	12,084
Total liabilities assumed	694,317
Total identifiable net assets	61,631
Consideration transferred
Cash	40,542
Common stock issued (2,731,435 shares)	89,646
Option and warrant equity instruments converted	1,478
Total fair value of consideration transferred	131,666
Goodwill	$	70,035

Supplementary Information on Acquired Loans
	October 1, 2021
PCD loans:
Par value	$	75,579
ACL at acquisition	(3,544)
Non-credit discount	(692)
Purchase price	$	71,343

Non-PCD loans:
Fair value	$	426,969
Gross contractual amounts receivable	482,737
Estimate of contractual cash flows not expected to be collected	3,399

Goodwill represents the intangible value of Aquesta’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Aquesta core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method.

On July 6, 2021, United completed the acquisition of FinTrust, an investment advisory firm headquartered in Greenville, South Carolina, with additional locations in Anderson, South Carolina, and Athens and Macon, Georgia. The firm provides wealth and investment management services to individuals and institutions within its markets. United’s operating results for the year ended December 31, 2021 include FinTrust’s operating results for the period subsequent to the acquisition date.

FinTrust shareholders received $21.7 million in total consideration, which consisted of $4.40 million (132,299 shares) of United common stock, $9.62 million in cash paid at closing, $4.40 million in cash payable due on the first anniversary of the acquisition date and $3.30 million of contingent consideration. The first anniversary payment of $4.40 million was paid in 2022. The contingent consideration represents an earn-out payment due to the sellers of FinTrust on the second anniversary of the acquisition date. The earn-out payment is subject to the achievement of defined target revenue ratios during the two-year period following the acquisition date, which are expected to be fully achieved.

At acquisition, United recognized $22.8 million of assets and $1.10 million of liabilities. Assets recorded as a result of the acquisition included goodwill of $14.2 million and a customer relationship intangible of $7.53 million. Goodwill reflects the value of FinTrust’s broad array of products and services, which enhances United’s existing wealth management business. Goodwill is expected to be deductible for tax purposes. United is amortizing the related customer relationship intangible using the straight-line method over 15 years, which represents the expected useful life of the asset. In addition, United recognized right-of-use assets and operating lease liabilities totaling $822,000 for FinTrust’s leased locations.

The following table discloses the impact of the mergers with Reliant in 2022 and Aquesta and FinTrust in 2021 since the respective acquisition dates through December 31 of the year of acquisition. The table also presents certain pro forma information as if Reliant had been acquired on January 1, 2021, Aquesta and FinTrust had been acquired on January 1, 2020 and Three Shores had been acquired January 1, 2019. These results combine the historical results of the acquired entities with United’s consolidated statements of income and, while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisitions taken place in earlier years.

For purposes of pro forma information, merger-related costs incurred in the year of acquisition are excluded from the actual acquisition year results and included in the pro forma acquisition year results. As a result, merger-related costs related to the acquisition of Reliant of $15.7 million are reflected in 2021 pro forma information and merger related costs related to the acquisitions of Aquesta and FinTrust of $9.00 million and $518,000, respectively, are reflected in 2020 pro forma information. Merger-related costs related to the acquisition of Three Shores of $5.04 million were previously reported in 2019 pro forma information, which is not presented in the following table.


	(Unaudited) Year Ended December 31,
	Revenue		Net Income
2022
Actual Reliant results included in statement of income since acquisition date	$	100,529	$	48,926

Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021	842,182		301,308

2021
Actual Aquesta results included in statement of income since acquisition date	$	2,122	$	(282)
Actual FinTrust results included in statement of income since acquisition date	4,326		(26)
Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 and Aquesta and FinTrust had been acquired January 1, 2020	909,353		295,864
2020
Actual Three Shores results included in statement of income since acquisition date	$	24,541	$	6,800
Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 and Three Shores had been acquired January 1, 2019	622,848		164,284