聯合銀行公佈2026年第二季創紀錄盈利1.314億美元 每股0.95美元

EX-99.1
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d139267dex991.htm
EX-99.1

EX-99.1

 

 Exhibit 99.1 

News Release 
 

 
 

 
  

For Immediate Release
  
Contact: W. Mark Tatterson

July 23, 2026
  
Chief Financial Officer

  
(800) 445-1347 ext. 8716

 United Bankshares, Inc. Announces Record Earnings 

for the Second Quarter of 2026 

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”),
today reported record earnings for the second quarter of 2026 of $131.4 million, or $0.95 per diluted share. Second quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible
common equity, a non-GAAP measure, of 1.56%, 9.53%, and 15.15%, respectively. 
 “We delivered
record results in the second quarter, and our consistent and disciplined approach to managing our Company’s affairs continues to pay dividends,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We look forward
to continued growth in the second half of the year.” 
 Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per
diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.49%, 9.08%, and 14.40%, respectively. Earnings for the second quarter of 2025 were $120.7 million, or $0.85
per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.49%, 9.05%, and 14.67%, respectively. 

  
 1 

 

 United Bankshares, Inc. Announces… 

July 23, 2026 
 Page Two 

 

 Second quarter of 2026 compared to the first quarter of 2026 

Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, as compared to earnings of $124.2 million,
or $0.89 per diluted share, for the first quarter of 2026. 
 Net interest income for the second quarter of 2026 was $285.3 million, an
increase of $2.8 million, or 1%, from the first quarter of 2026. Fully tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, also increased $2.8 million, or 1%, from the first quarter of 2026. The net interest margin was 3.81% and 3.80% for the second quarter of 2026
and the first quarter of 2026, respectively. The interest spread for the second quarter of 2026 increased 1 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 and loans held for sale partially offset by a 19 basis point increase in the yield on average investment securities. Acquired loan accretion income was $5.0 million
for the second quarter of 2026, a decrease of $2.5 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. 
 The provision
for credit losses for the second quarter of 2026 was $5.0 million as compared to $7.8 million for the first quarter of 2026. The provision for credit losses for the second quarter of 2026 reflected $5.1 million of net charge-offs and
a relatively flat allowance for loan & lease losses from the prior quarter-end. The provision for credit losses for the first quarter of 2026 reflected $5.7 million of net charge-offs and a
$2.1 million increase in the allowance for loan & lease losses from the prior quarter-end. 

Noninterest income for the second quarter of 2026 was $38.5 million, an increase of $4.4 million, or 13%, from the first quarter of
2026 driven by a $2.7 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 as described below. Additionally, net gains on investment securities of
$2.8 million for the second quarter of 2026 included a $5.9 million gain as a result of the sale of an unaffiliated company in which United held an investment that was recorded within other investment securities, a $5.7 million gain
from a VISA share exchange, and $1.0 million in unrealized fair value gains on equity securities. The gain on the VISA share exchange included $1.8 million that was realized through the sale of eligible shares and the remainder of which
related to shares held at fair value at quarter-end and which are eligible to be sold in the third quarter of 2026. Partially offsetting these gains on investment securities was a $9.7 million loss on the
sale of $81.0 million of available for sale (“AFS”) investment securities. Net gains on investment securities of $2.3 million for the first quarter of 2026 were primarily due to gains on sales of equity securities. 

  
 2 

 

 United Bankshares, Inc. Announces… 

July 23, 2026 
 Page Three 

 

 Noninterest expense for the second quarter of 2026 was $154.7 million, an increase of
$1.9 million, or 1%, from the first quarter of 2026. The increase in noninterest expense was driven by a $3.1 million increase in employee compensation partially offset by a $1.8 million decrease in the expense for the reserve for
unfunded loan commitments. The increase in employee compensation was primarily due to the timing of annual salary increases, stock-based compensation costs, and employee incentives. The decrease in the expense for the reserve for unfunded loan
commitments reflected a smaller increase in outstanding loan commitments during the second quarter of 2026 as compared with the increase during the first quarter of 2026. Additionally, employee benefits were $16.3 million for the second quarter
of 2026 as compared to $16.0 million for the first quarter of 2026 as an increase in employee benefits driven by higher postretirement benefit costs and higher health insurance expenses was largely offset by a decrease in Federal Insurance
Contributions Act (“FICA”) costs. 
 For the second quarter of 2026, income tax expense was $32.8 million as compared to
$31.8 million for the first quarter of 2026. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.0% and 20.4% for the second
quarter of 2026 and first quarter of 2026, respectively. 
 Second quarter of 2026 compared to the second quarter of 2025 

Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, as compared to earnings of $120.7 million,
or $0.85 per diluted share, for the second quarter of 2025. 
 Net interest income for the second quarter of 2026 increased
$10.8 million, or 4%, from the second quarter of 2025. Fully tax-equivalent net interest income also increased $10.8 million, or 4%, from the second quarter of 2025. The increase in net interest
income and 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 and loans held for sale. These increases to
net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale 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 and loans held for sale increased $970.6 million, or 4%, from the second quarter of 2025. The yield on average net loans
and loans held for sale decreased 27 basis points from the second quarter of 2025. Acquired loan accretion income decreased $6.8 million from the second quarter of 2025. Average interest-bearing deposits increased $900.5 million, or 5%,
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. 

The provision for credit losses was $5.0 million for the second quarter of 2026 as compared to $5.9 million for the second quarter
of 2025. 
 Noninterest income for the second quarter of 2026 increased $7.0 million, or 22%, from the second quarter of 2025 driven by
increases in net gains on investment securities of $2.4 million, other noninterest income of $1.9 million, and fees from brokerage services of $1.9 million. Net gains on investment securities for the second quarter of 2026 of
$2.8 million 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 gains on equity securities. Partially offsetting these
gains on investment securities was a loss on the sale of AFS investment securities. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans. The
increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. 

  
 3 

 

 United Bankshares, Inc. Announces… 

July 23, 2026 
 Page Four 

 

 Noninterest expense for the second quarter of 2026 increased $6.7 million, or 5%, from
the second quarter of 2025 primarily due to a $3.6 million increase in employee compensation and a $2.9 million increase in employee benefits. The increase in employee compensation was primarily due to higher salaries, brokerage
commissions, employee incentives, and stock-based compensation costs. The increase in employee benefits was primarily due to higher postretirement benefit costs. Additionally, smaller increases in several other categories of noninterest expense were
largely offset by a $1.2 million decrease in other noninterest expense. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses related to the acquisition of Atlanta-based Piedmont
Bancorp, Inc. (“Piedmont”), which was completed on January 10, 2025. 
 For the second quarter of 2026, income tax expense
was $32.8 million as compared to $31.4 million for the second quarter of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax
rate was 20.0% and 20.6% for the second quarter of 2026 and second quarter of 2025, respectively. 
 First half of 2026 compared to the first half of
2025 
 Earnings for the first half of 2026 were $255.6 million, or $1.83 per diluted share, as compared to earnings of
$205.0 million, or $1.44 per diluted share, for the first half of 2025. 
 Net interest income for the first half of 2026 was
$567.8 million, an increase of $33.2 million, or 6%, from the first half of 2025. Fully tax-equivalent net interest income also increased $33.2 million, or 6%, from the first half of 2025. The
increase in net interest income and fully tax-equivalent net interest income was primarily due to an increase in average net loans and loans held for sale and a lower rate paid on average interest-bearing
deposits. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and an increase in average
interest-bearing deposits. Average net loans and loans held for sale increased $1.2 billion, or 5%, 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 and loans held for sale decreased 17 basis points from the first half of 2025. Acquired loan accretion income decreased $5.3 million from the first half of 2025. Average interest-bearing deposits increased
$1.1 billion, or 6%, 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. 

The provision for credit losses was $12.7 million for the first half of 2026. The provision for credit losses was $35.0 million for
the first half of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont. 

Noninterest income for the first half of 2026 increased $11.6 million, or 19%, from the first half of 2025 driven by increases in net
gains on investment securities of $4.1 million, fees from brokerage services of $3.7 million, and other noninterest income of $2.7 million. Net gains on investment securities for the first half of 2026 included the gain as a result of
the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, unrealized fair value gains on equity securities, and a gain on the sale of equity securities. Partially offsetting these gains on investment
securities was a loss on the sale of AFS investment securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. The increase in other noninterest income was primarily due to higher
market values of underlying investments associated with postretirement benefit plans. 

  
 4 

 

 United Bankshares, Inc. Announces… 

July 23, 2026 
 Page Five 

 

 Noninterest expense for the first half of 2026 was $307.5 million while noninterest
expense was $301.6 million for the first half of 2025, which included $12.6 million in merger-related expenses. The increase in noninterest expense was driven by a $6.2 million increase in employee compensation, a $5.6 million
increase in employee benefits, a $1.2 million increase in the expense for the reserve for unfunded loan commitments, and smaller increases in several other categories of noninterest expense. These increases in noninterest expense were partially
offset by a $6.4 million decrease in other noninterest expense, a $2.3 million decrease in data processing, and smaller decreases in several other categories of noninterest expense. The increase in employee compensation was primarily due
to higher brokerage commissions, employee incentives, salaries, and stock-based compensation costs. Employee compensation for the first half of 2025 included $1.5 million in merger-related expenses. The increase in employee benefits was
primarily due to higher postretirement benefit and FICA costs. The expense for the reserve for unfunded loan commitments for the first half of 2026 of $2.1 million was primarily due to an increase in outstanding loan commitments. The expense
for the reserve for unfunded loan commitments for the first half of 2025 of $909 thousand included $4.1 million in merger-related expense from the acquisition. Other noninterest expense for the first half of 2025 included $7.0 million
of merger-related expenses. The decrease in data processing was primarily due to technology contract renegotiations. 
 For the first half
of 2026, income tax expense was $64.6 million as compared to $54.0 million for the first half of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate.
United’s effective tax rate was 20.2% and 20.9% for the first half of 2026 and first half of 2025, respectively. 
 Credit Quality 

At June 30, 2026, non-performing loans (“NPLs”) were $110.6 million, or 0.44% of
loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $120.9 million, including other real estate owned (“OREO”) of $10.2 million, or
0.36% of total assets at June 30, 2026. At March 31, 2026, NPLs were $102.8 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $113.2 million, including OREO of $10.4 million, or 0.34% of
total assets at March 31, 2026. At December 31, 2025, NPLs were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $110.3 million, including OREO of $8.9 million, or 0.33% of total
assets at December 31, 2025. 
 As of June 30, 2026, the allowance for loan & lease losses was $299.5 million, or
1.20% of loans & leases, net of unearned income. As of March 31, 2026, the allowance for loan & lease losses was $299.6 million, or 1.20% of loans & leases, net of unearned income. At December 31, 2025, the
allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income. 
 Net
charge-offs were $5.1 million, or 0.08% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2026. Net charge-offs were $5.7 million, or 0.09% on an annualized basis as
a percentage of average loans & leases, net of unearned income for the first quarter of 2026. Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income
for the second quarter of 2025. Net charge-offs were $10.8 million, or 0.09% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2026. Net charge-offs were $16.4 million,
or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2025. 

  
 5 

 

 United Bankshares, Inc. Announces… 

July 23, 2026 
 Page Six 

 

 Capital 

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.6% at
June 30, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, and 11.3%, 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%. 
 During the second
quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.5 million shares of its common stock at an average price per share of $43.93. During the first half of 2026, United repurchased, under a
previously announced stock repurchase plan, approximately 3.2 million shares of its common stock at an average price per share of $41.78. 

About United Bankshares, Inc. 

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of
June 30, 2026. United is the 39th largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across
Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com. 

  
 6 

 

 United Bankshares, Inc. Announces… 

July 23, 2026 
 Page Seven 

 

 Cautionary Statements 

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30,
2026 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of
June 30, 2026 and will adjust amounts preliminarily reported, if necessary. 
 Use of non-GAAP
Financial Measures 
 This press release contains certain financial measures that are not recognized under U.S. generally accepted
accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to
assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its
performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry. 

Specifically, this press release contains certain references to financial measures identified as fully
tax-equivalent (FTE) net interest income, average tangible common equity, return on average tangible common equity, and tangible book value per share. 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 press release 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. The tax-equivalent
adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%. 

Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can
thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis and considering net income, a return on average tangible common equity. Management provides these amounts to
facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of
shareholders’ equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance. 

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as
reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these
non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a
substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety. 

Forward-Looking Statements 
 In
this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the
officers of the Company. 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; and (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms,
regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the
discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission and available on its website at
www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or
otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC. 

  
 7 

 

 UNITED BANKSHARES, INC. AND SUBSIDIARIES 

Washington, D.C. and Charleston, WV 

Stock Symbol: UBSI 
 (In
Thousands Except for Per Share Data) 
  

 
  
Three Months Ended
 
 
Six Months Ended
 

 
  
June2026
 
 
March2026
 
 
June2025
 
 
June2026
 
 
June2025
 

 EARNINGS SUMMARY:

  

 

 

 

 

 Interest income

  
$
 418,197
 
 
$
 415,929
 
 
$
 421,196
 
 
$
 834,126
 
 
$
 824,843
 

 Interest expense

  
 
132,885
 
 
 
133,414
 
 
 
146,659
 
 
 
266,299
 
 
 
290,251
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net interest income

  
 
285,312
 
 
 
282,515
 
 
 
274,537
 
 
 
567,827
 
 
 
534,592
 

 Provision for credit losses

  
 
4,961
 
 
 
7,776
 
 
 
5,889
 
 
 
12,737
 
 
 
34,992
 

 Noninterest income

  
 
38,506
 
 
 
34,063
 
 
 
31,460
 
 
 
72,569
 
 
 
61,014
 

 Noninterest expense

  
 
154,715
 
 
 
152,814
 
 
 
148,020
 
 
 
307,529
 
 
 
301,593
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income before income taxes

  
 
164,142
 
 
 
155,988
 
 
 
152,088
 
 
 
320,130
 
 
 
259,021
 

 Income taxes

  
 
32,765
 
 
 
31,788
 
 
 
31,367
 
 
 
64,553
 
 
 
53,994
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income

  
$
 131,377
 
 
$
 124,200
 
 
$
 120,721
 
 
$
 255,577
 
 
$
 205,027
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 PER COMMON SHARE:

  

 

 

 

 

 Net income:

  

 

 

 

 

 Basic

  
$
 0.95
 
 
$
 0.89
 
 
$
 0.85
 
 
$
 1.84
 
 
$
 1.44
 

 Diluted

  
 
0.95
 
 
 
0.89
 
 
 
0.85
 
 
 
1.83
 
 
 
1.44
 

 Cash dividends

  
 
0.38
 
 
 
0.38
 
 
 
0.37
 
 
$
 0.76
 
 
$
 0.74
 

 Book value

  
 
40.24
 
 
 
39.65
 
 
 
37.80
 
 

 

 Closing market price

  
$
 45.83
 
 
$
 41.42
 
 
$
 36.43
 
 

 

 Common shares outstanding:

  

 

 

 

 

 Actual at period end, net of treasury shares

  
 
136,942,149
 
 
 
138,431,009
 
 
 
141,909,452
 
 

 

 Weighted average-basic

  
 
137,982,273
 
 
 
139,566,209
 
 
 
142,206,539
 
 
 
138,691,869
 
 
 
142,175,506
 

 Weighted average-diluted

  
 
138,417,644
 
 
 
140,092,196
 
 
 
142,444,497
 
 
 
139,162,099
 
 
 
142,465,543
 

 FINANCIAL RATIOS:

  

 

 

 

 

 Return on average assets

  
 
1.56
% 
 
 
1.49
% 
 
 
1.49
% 
 
 
1.53
% 
 
 
1.28
% 

 Return on average shareholders’ equity

  
 
9.53
% 
 
 
9.08
% 
 
 
9.05
% 
 
 
9.31
% 
 
 
7.78
% 

 Return on average tangible common equity (non-GAAP)(1)

  
 
15.15
% 
 
 
14.40
% 
 
 
14.67
% 
 
 
14.77
% 
 
 
12.67
% 

 Average shareholders’ equity to average assets

  
 
16.38
% 
 
 
16.45
% 
 
 
16.42
% 
 
 
16.42
% 
 
 
16.42
% 

 Net interest margin (FTE)

  
 
3.81
% 
 
 
3.80
% 
 
 
3.81
% 
 
 
3.80
% 
 
 
3.75
% 

 
  
 
 
 
June 302026
 
 
March 312026
 
 
December 312025
 
 
June 302025
 

 PERIOD END BALANCES:

  

 

 

 

 

 Assets

  

 
$
 33,751,832
 
 
$
 33,705,380
 
 
$
 33,660,281
 
 
$
 32,783,363
 

 Earning assets

  

 
 
30,066,445
 
 
 
30,034,591
 
 
 
30,014,321
 
 
 
29,046,827
 

 Loans & leases, net of unearned income

  

 
 
24,994,524
 
 
 
24,863,138
 
 
 
24,709,122
 
 
 
24,050,222
 

 Loans held for sale

  

 
 
35,224
 
 
 
29,235
 
 
 
31,277
 
 
 
37,053
 

 Investment securities

  

 
 
3,659,031
 
 
 
3,530,568
 
 
 
3,400,400
 
 
 
3,396,653
 

 Total deposits

  

 
 
27,170,747
 
 
 
27,120,883
 
 
 
27,060,939
 
 
 
26,335,874
 

 Shareholders’ equity

  

 
 
5,510,537
 
 
 
5,488,126
 
 
 
5,495,983
 
 
 
5,364,541
 

 Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure. 

  
 8 

 

 UNITED BANKSHARES, INC. AND SUBSIDIARIES 

Washington, D.C. and Charleston, WV 

Stock Symbol: UBSI 
 (In
Thousands Except for Per Share Data) 
  

 Consolidated Statements of Income 

 

 
  
Three Months Ended
 
 
Six Months Ended
 

 
  
June2026
 
 
March2026
 
 
June2025
 
 
June2026
 
 
June2025
 

 Interest & Loan Fees Income (GAAP)

  
$
418,197
 
 
$
415,929
 
 
$
421,196
 
 
$
834,126
 
 
$
824,843
 

 Tax equivalent adjustment

  
 
787
 
 
 
780
 
 
 
791
 
 
 
1,567
 
 
 
1,573
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Interest & Fees Income (FTE) (non-GAAP)

  
 
418,984
 
 
 
416,709
 
 
 
421,987
 
 
 
835,693
 
 
 
826,416
 

 Interest Expense

  
 
132,885
 
 
 
133,414
 
 
 
146,659
 
 
 
266,299
 
 
 
290,251
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net Interest Income (FTE) (non-GAAP)

  
 
286,099
 
 
 
283,295
 
 
 
275,328
 
 
 
569,394
 
 
 
536,165
 

 Provision for Credit Losses

  
 
4,961
 
 
 
7,776
 
 
 
5,889
 
 
 
12,737
 
 
 
34,992
 

 Noninterest Income:

  

 

 

 

 

 Fees from trust services

  
 
5,190
 
 
 
4,857
 
 
 
4,931
 
 
 
10,047
 
 
 
9,713
 

 Fees from brokerage services

  
 
6,764
 
 
 
7,403
 
 
 
4,862
 
 
 
14,167
 
 
 
10,507
 

 Fees from deposit services

  
 
10,069
 
 
 
9,577
 
 
 
9,664
 
 
 
19,646
 
 
 
18,971
 

 Bankcard fees and merchant discounts

  
 
2,367
 
 
 
1,977
 
 
 
2,102
 
 
 
4,344
 
 
 
3,853
 

 Other charges, commissions, and fees

  
 
1,226
 
 
 
1,099
 
 
 
1,154
 
 
 
2,325
 
 
 
2,235
 

 Income from bank-owned life insurance

  
 
3,134
 
 
 
2,994
 
 
 
3,618
 
 
 
6,128
 
 
 
6,988
 

 Income from mortgage banking activities

  
 
2,922
 
 
 
2,555
 
 
 
2,603
 
 
 
5,477
 
 
 
5,082
 

 Net gains on investment securities

  
 
2,785
 
 
 
2,265
 
 
 
425
 
 
 
5,050
 
 
 
946
 

 Other noninterest income

  
 
4,049
 
 
 
1,336
 
 
 
2,101
 
 
 
5,385
 
 
 
2,719
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Noninterest Income

  
 
38,506
 
 
 
34,063
 
 
 
31,460
 
 
 
72,569
 
 
 
61,014
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Noninterest Expense:

  

 

 

 

 

 Employee compensation

  
 
66,549
 
 
 
63,493
 
 
 
62,929
 
 
 
130,042
 
 
 
123,795
 

 Employee benefits

  
 
16,296
 
 
 
15,980
 
 
 
13,434
 
 
 
32,276
 
 
 
26,725
 

 Net occupancy

  
 
13,108
 
 
 
13,013
 
 
 
12,525
 
 
 
26,121
 
 
 
25,126
 

 Data processing

  
 
7,148
 
 
 
7,001
 
 
 
7,952
 
 
 
14,149
 
 
 
16,407
 

 Amortization of intangibles

  
 
1,838
 
 
 
1,838
 
 
 
2,341
 
 
 
3,676
 
 
 
4,682
 

 OREO expense

  
 
516
 
 
 
475
 
 
 
236
 
 
 
991
 
 
 
258
 

 Net losses on the sale of OREO properties

  
 
37
 
 
 
— 
 
 
 
16
 
 
 
37
 
 
 
5
 

 Equipment expense

  
 
9,435
 
 
 
8,740
 
 
 
8,551
 
 
 
18,175
 
 
 
17,133
 

 FDIC insurance expense

  
 
4,550
 
 
 
4,476
 
 
 
4,532
 
 
 
9,026
 
 
 
9,260
 

 Expense for the reserve for unfunded loan commitments

  
 
175
 
 
 
1,972
 
 
 
(748
) 
 
 
2,147
 
 
 
909
 

 Other noninterest expense

  
 
35,063
 
 
 
35,826
 
 
 
36,252
 
 
 
70,889
 
 
 
77,293
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Noninterest Expense

  
 
154,715
 
 
 
152,814
 
 
 
148,020
 
 
 
307,529
 
 
 
301,593
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income Before Income Taxes (FTE)
(non-GAAP)

  
 
164,929
 
 
 
156,768
 
 
 
152,879
 
 
 
321,697
 
 
 
260,594
 

 Tax equivalent adjustment

  
 
787
 
 
 
780
 
 
 
791
 
 
 
1,567
 
 
 
1,573
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income Before Income Taxes (GAAP)

  
 
164,142
 
 
 
155,988
 
 
 
152,088
 
 
 
320,130
 
 
 
259,021
 

 Taxes

  
 
32,765
 
 
 
31,788
 
 
 
31,367
 
 
 
64,553
 
 
 
53,994
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net Income

  
$
131,377
 
 
$
124,200
 
 
$
120,721
 
 
$
255,577
 
 
$
205,027
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 MEMO: Effective Tax Rate

  
 
19.96
% 
 
 
20.38
% 
 
 
20.62
% 
 
 
20.16
% 
 
 
20.85
% 

  
 9 

 

 UNITED BANKSHARES, INC. AND SUBSIDIARIES 

Washington, D.C. and Charleston, WV 

Stock Symbol: UBSI 
 (In
Thousands Except for Per Share Data) 
  

 Consolidated Balance Sheets 

 

 
  
June 30
 
 
March 31
 
 
December 31
 
 
June 30
 

 
  
2026
 
 
2026
 
 
2025
 
 
2025
 

 Cash & Cash Equivalents

  
$
2,081,303
 
 
$
2,305,034
 
 
$
2,542,250
 
 
$
2,314,692
 

 Securities Available for Sale

  
 
3,319,750
 
 
 
3,212,072
 
 
 
3,059,452
 
 
 
3,074,071
 

 Less: Allowance for credit losses

  
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net available for sale securities

  
 
3,319,750
 
 
 
3,212,072
 
 
 
3,059,452
 
 
 
3,074,071
 

 Securities Held to Maturity

  
 
1,020
 
 
 
1,020
 
 
 
1,020
 
 
 
1,020
 

 Less: Allowance for credit losses

  
 
(14
) 
 
 
(16
) 
 
 
(16
) 
 
 
(18
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net held to maturity securities

  
 
1,006
 
 
 
1,004
 
 
 
1,004
 
 
 
1,002
 

 Equity Securities

  
 
30,107
 
 
 
12,248
 
 
 
34,760
 
 
 
21,996
 

 Other Investment Securities

  
 
308,168
 
 
 
305,244
 
 
 
305,184
 
 
 
299,584
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Securities

  
 
3,659,031
 
 
 
3,530,568
 
 
 
3,400,400
 
 
 
3,396,653
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Cash and Securities

  
 
5,740,334
 
 
 
5,835,602
 
 
 
5,942,650
 
 
 
5,711,345
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Loans held for sale

  
 
35,224
 
 
 
29,235
 
 
 
31,277
 
 
 
37,053
 

 Commercial Loans & Leases

  
 
19,216,523
 
 
 
19,160,057
 
 
 
19,049,978
 
 
 
18,478,990
 

 Mortgage Loans

  
 
4,958,277
 
 
 
4,896,513
 
 
 
4,854,418
 
 
 
4,773,340
 

 Consumer Loans

  
 
831,438
 
 
 
818,169
 
 
 
816,224
 
 
 
808,536
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Gross Loans

  
 
25,006,238
 
 
 
24,874,739
 
 
 
24,720,620
 
 
 
24,060,866
 

 Unearned income

  
 
(11,714
) 
 
 
(11,601
) 
 
 
(11,498
) 
 
 
(10,644
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Loans & Leases, net of unearned income

  
 
24,994,524
 
 
 
24,863,138
 
 
 
24,709,122
 
 
 
24,050,222
 

 Allowance for Loan & Lease Losses

  
 
(299,504
) 
 
 
(299,599
) 
 
 
(297,518
) 
 
 
(307,962
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net Loans

  
 
24,695,020
 
 
 
24,563,539
 
 
 
24,411,604
 
 
 
23,742,260
 

 Goodwill

  
 
2,018,848
 
 
 
2,018,848
 
 
 
2,018,848
 
 
 
2,018,910
 

 Other Intangibles

  
 
28,591
 
 
 
30,429
 
 
 
32,267
 
 
 
36,948
 

 Operating Lease
Right-of-Use Asset

  
 
92,772
 
 
 
87,841
 
 
 
89,312
 
 
 
91,071
 

 Other Real Estate Owned

  
 
10,212
 
 
 
10,390
 
 
 
8,857
 
 
 
6,331
 

 Bank Owned Life Insurance

  
 
558,032
 
 
 
551,306
 
 
 
547,127
 
 
 
541,216
 

 Other Assets

  
 
572,799
 
 
 
578,190
 
 
 
578,339
 
 
 
598,229
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Assets

  
$
33,751,832
 
 
$
33,705,380
 
 
$
33,660,281
 
 
$
32,783,363
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 MEMO: Interest-earning Assets

  
$
30,066,445
 
 
$
30,034,591
 
 
$
30,014,321
 
 
$
29,046,827
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Interest-bearing Deposits

  
$
20,439,014
 
 
$
20,710,965
 
 
$
20,487,309
 
 
$
19,708,609
 

 Noninterest-bearing Deposits

  
 
6,731,733
 
 
 
6,409,918
 
 
 
6,573,630
 
 
 
6,627,265
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Deposits

  
 
27,170,747
 
 
 
27,120,883
 
 
 
27,060,939
 
 
 
26,335,874
 

 Short-term Borrowings

  
 
166,996
 
 
 
166,175
 
 
 
198,573
 
 
 
160,798
 

 Long-term Borrowings

  
 
532,615
 
 
 
532,216
 
 
 
531,817
 
 
 
551,021
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Borrowings

  
 
699,611
 
 
 
698,391
 
 
 
730,390
 
 
 
711,819
 

 Operating Lease Liability

  
 
99,757
 
 
 
93,921
 
 
 
95,392
 
 
 
96,899
 

 Other Liabilities

  
 
271,180
 
 
 
304,059
 
 
 
277,577
 
 
 
274,230
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Liabilities

  
 
28,241,295
 
 
 
28,217,254
 
 
 
28,164,298
 
 
 
27,418,822
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Preferred Equity

  
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 

 Common Equity

  
 
5,510,537
 
 
 
5,488,126
 
 
 
5,495,983
 
 
 
5,364,541
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Shareholders’ Equity

  
 
5,510,537
 
 
 
5,488,126
 
 
 
5,495,983
 
 
 
5,364,541
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total Liabilities & Shareholders’ Equity

  
$
33,751,832
 
 
$
33,705,380
 
 
$
33,660,281
 
 
$
32,783,363
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 MEMO: Interest-bearing Liabilities

  
$
21,138,625
 
 
$
21,409,356
 
 
$
21,217,699
 
 
$
20,420,428
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

  
 10 

 

 UNITED BANKSHARES, INC. AND SUBSIDIARIES 

Washington, D.C. and Charleston, WV 

Stock Symbol: UBSI 
 (In
Thousands Except for Per Share Data) 
  

 Consolidated Average Balance Sheets 

 

 
  
June 2026
 
 
March 2026
 
 
June 2025
 

 
  
Q-T-D Average
 
 
Q-T-D Average
 
 
Q-T-D Average
 

 Cash & Cash Equivalents

  
$
2,166,377
 
 
$
2,486,561
 
 
$
2,285,499
 

 Securities Available for Sale

  
 
3,306,377
 
 
 
3,089,155
 
 
 
3,017,191
 

 Less: Allowance for credit losses

  
 
— 
 
 
 
— 
 
 
 
— 
 

  
  

  

 
 
  

  

 
 
  

  

 

 Net available for sale securities

  
 
3,306,377
 
 
 
3,089,155
 
 
 
3,017,191
 

 Securities Held to Maturity

  
 
1,020
 
 
 
1,020
 
 
 
1,020
 

 Less: Allowance for credit losses

  
 
(16
) 
 
 
(16
) 
 
 
(18
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Net held to maturity securities

  
 
1,004
 
 
 
1,004
 
 
 
1,002
 

 Equity Securities

  
 
23,786
 
 
 
23,249
 
 
 
21,690
 

 Other Investment Securities

  
 
309,340
 
 
 
307,199
 
 
 
297,214
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Securities

  
 
3,640,507
 
 
 
3,420,607
 
 
 
3,337,097
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Cash and Securities

  
 
5,806,884
 
 
 
5,907,168
 
 
 
5,622,596
 

  
  

  

 
 
  

  

 
 
  

  

 

 Loans held for sale

  
 
34,273
 
 
 
26,283
 
 
 
35,730
 

 Commercial Loans & Leases

  
 
19,174,662
 
 
 
19,129,811
 
 
 
18,393,910
 

 Mortgage Loans

  
 
4,917,634
 
 
 
4,868,411
 
 
 
4,765,760
 

 Consumer Loans

  
 
858,082
 
 
 
860,168
 
 
 
829,201
 

  
  

  

 
 
  

  

 
 
  

  

 

 Gross Loans

  
 
24,950,378
 
 
 
24,858,390
 
 
 
23,988,871
 

 Unearned income

  
 
(11,874
) 
 
 
(12,170
) 
 
 
(11,672
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Loans & Leases, net of unearned income

  
 
24,938,504
 
 
 
24,846,220
 
 
 
23,977,199
 

 Allowance for Loan & Lease Losses

  
 
(299,614
) 
 
 
(297,537
) 
 
 
(310,398
) 

  
  

  

 
 
  

  

 
 
  

  

 

 Net Loans

  
 
24,638,890
 
 
 
24,548,683
 
 
 
23,666,801
 

 Goodwill

  
 
2,018,848
 
 
 
2,018,848
 
 
 
2,011,030
 

 Other Intangibles

  
 
29,783
 
 
 
31,620
 
 
 
38,474
 

 Operating Lease
Right-of-Use Asset

  
 
88,433
 
 
 
88,864
 
 
 
86,025
 

 Other Real Estate Owned

  
 
10,281
 
 
 
9,160
 
 
 
3,314
 

 Bank Owned Life Insurance

  
 
554,079
 
 
 
548,690
 
 
 
539,238
 

 Other Assets

  
 
558,830
 
 
 
549,895
 
 
 
581,160
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Assets

  
$
33,740,301
 
 
$
33,729,211
 
 
$
32,584,368
 

  
  

  

 
 
  

  

 
 
  

  

 

 MEMO: Interest-earning Assets

  
$
30,101,804
 
 
$
30,108,538
 
 
$
28,949,287
 

  
  

  

 
 
  

  

 
 
  

  

 

 Interest-bearing Deposits

  
$
20,505,605
 
 
$
20,614,901
 
 
$
19,605,123
 

 Noninterest-bearing Deposits

  
 
6,672,733
 
 
 
6,518,574
 
 
 
6,597,595
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Deposits

  
 
27,178,338
 
 
 
27,133,475
 
 
 
26,202,718
 

 Short-term Borrowings

  
 
177,707
 
 
 
182,428
 
 
 
165,405
 

 Long-term Borrowings

  
 
532,390
 
 
 
531,978
 
 
 
550,795
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Borrowings

  
 
710,097
 
 
 
714,406
 
 
 
716,200
 

 Operating Lease Liability

  
 
94,525
 
 
 
94,963
 
 
 
91,553
 

 Other Liabilities

  
 
229,491
 
 
 
237,253
 
 
 
222,757
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Liabilities

  
 
28,212,451
 
 
 
28,180,097
 
 
 
27,233,228
 

  
  

  

 
 
  

  

 
 
  

  

 

 Preferred Equity

  
 
— 
 
 
 
—
 
 
 
—
 

 Common Equity

  
 
5,527,850
 
 
 
5,549,114
 
 
 
5,351,140
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Shareholders’ Equity

  
 
5,527,850
 
 
 
5,549,114
 
 
 
5,351,140
 

  
  

  

 
 
  

  

 
 
  

  

 

 Total Liabilities & Equity

  
$
33,740,301
 
 
$
33,729,211
 
 
$
32,584,368
 

  
  

  

 
 
  

  

 
 
  

  

 

 MEMO: Interest-bearing Liabilities

  
$
21,215,702
 
 
$
21,329,307
 
 
$
20,321,323
 

  
  

  

 
 
  

  

 
 
  

  

 

  
 11 

 

 UNITED BANKSHARES, INC. AND SUBSIDIARIES 

Washington, D.C. and Charleston, WV 

Stock Symbol: UBSI 
 (In
Thousands Except for Per Share Data) 
  

 
  
Three Months Ended
 
 
Six Months Ended
 

 
  
June
 
 
March
 
 
June
 
 
June
 
 
June
 

 
  
2026
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 

Quarterly/Year-to-Date Share
Data:

  

 

 

 

 

 Earnings Per Share:

  

 

 

 

 

 Basic

  
$
0.95
 
 
$
0.89
 
 
$
0.85
 
 
$
1.84
 
 
$
1.44
 

 Diluted

  
$
0.95
 
 
$
0.89
 
 
$
0.85
 
 
$
1.83
 
 
$
1.44
 

 Common Dividend Declared Per Share

  
$
0.38
 
 
$
0.38
 
 
$
0.37
 
 
$
0.76
 
 
$
0.74
 

 High Common Stock Price

  
$
46.50
 
 
$
45.92
 
 
$
37.46
 
 
$
46.50
 
 
$
39.56
 

 Low Common Stock Price

  
$
41.12
 
 
$
37.92
 
 
$
30.50
 
 
$
37.92
 
 
$
30.50
 

 Average Shares Outstanding (Net of Treasury Stock):

  

 

 

 

 

 Basic

  
 
137,982,273
 
 
 
139,566,209
 
 
 
142,206,539
 
 
 
138,691,869
 
 
 
142,175,506
 

 Diluted

  
 
138,417,644
 
 
 
140,092,196
 
 
 
142,444,497
 
 
 
139,162,099
 
 
 
142,465,543
 

 Common Dividends

  
$
52,606
 
 
$
53,173
 
 
$
52,746
 
 
$
105,779
 
 
$
106,082
 

 Dividend Payout Ratio

  
 
40.04
% 
 
 
42.81
% 
 
 
43.69
% 
 
 
41.39
% 
 
 
51.74
% 

 
  
 
 
 
June 30
 
 
March 31
 
 
December 31
 
 
June 30
 

 
  
 
 
 
2026
 
 
2026
 
 
2025
 
 
2025
 

 EOP Share Data:

  

 

 

 

 

 Book Value Per Share

  

 
$
40.24
 
 
$
39.65
 
 
$
39.29
 
 
$
37.80
 

 Tangible Book Value Per Share (non-GAAP) (1)

  

 
$
25.29
 
 
$
24.84
 
 
$
24.63
 
 
$
23.32
 

 52-week High Common Stock Price

  

 
$
46.50
 
 
$
45.92
 
 
$
40.52
 
 
$
44.43
 

 Date

  

 
 
06/26/26
 
 
 
02/06/26
 
 
 
12/18/25
 
 
 
11/25/24
 

 52-week Low Common Stock Price

  

 
$
34.10
 
 
$
30.50
 
 
$
30.50
 
 
$
30.50
 

 Date

  

 
 
10/16/25
 
 
 
04/04/25
 
 
 
04/04/25
 
 
 
04/04/25
 

 EOP Shares Outstanding (Net of Treasury Stock):

  

 
 
136,942,149
 
 
 
138,431,009
 
 
 
139,880,247
 
 
 
141,909,452
 

 Memorandum Items:

  

 

 

 

 

 Employees (full-time equivalent)

  

 
 
2,754
 
 
 
2,749
 
 
 
2,740
 
 
 
2,760
 

 Note:

  

 

 

 

 

 (1) Tangible Book Value Per Share:

  

 

 

 

 

 Total Shareholders’ Equity (GAAP)

  

 
$
5,510,537
 
 
$
5,488,126
 
 
$
5,495,983
 
 
$
5,364,541
 

 Less: Total Intangibles

  

 
 
(2,047,439
) 
 
 
(2,049,277
) 
 
 
(2,051,115
) 
 
 
(2,055,858
) 

  

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Tangible Common Equity (non-GAAP)

  

 
$
3,463,098
 
 
$
3,438,849
 
 
$
3,444,868
 
 
$
3,308,683
 

 ÷ EOP Shares Outstanding (Net of Treasury Stock)

  

 
 
136,942,149
 
 
 
138,431,009
 
 
 
139,880,247
 
 
 
141,909,452
 

  

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Tangible Book Value Per Share (non-GAAP)

  

 
$
25.29
 
 
$
24.84
 
 
$
24.63
 
 
$
23.32
 

  
 12 

 

 UNITED BANKSHARES, INC. AND SUBSIDIARIES 

Washington, D.C. and Charleston, WV 

Stock Symbol: UBSI 
 (In
Thousands Except for Per Share Data) 
  

 
 
Three Months EndedJune 2026
 
 
Three Months EndedMarch 2026
 
 
Three Months EndedJune 2025
 

 Selected Average Balances and Yields:

 
AverageBalance
 
 
Interest(1)
 
 
AverageRate(1)
 
 
AverageBalance
 
 
Interest(1)
 
 
AverageRate(1)
 
 
AverageBalance
 
 
Interest(1)
 
 
AverageRate(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
% 
 
$
2,026,613
 
 
$
22,633
 
 
 
4.48
% 

 Investment securities:

 

 

 

 

 

 

 

 

 

 Taxable

 
 
3,310,627
 
 
 
29,535
 
 
 
3.57
% 
 
 
3,089,971
 
 
 
26,082
 
 
 
3.38
% 
 
 
3,022,963
 
 
 
26,706
 
 
 
3.53
% 

 Tax-exempt

 
 
201,172
 
 
 
1,506
 
 
 
2.99
% 
 
 
204,728
 
 
 
1,502
 
 
 
2.94
% 
 
 
197,180
 
 
 
1,536
 
 
 
3.12
% 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total securities

 
 
3,511,799
 
 
 
31,041
 
 
 
3.54
% 
 
 
3,294,699
 
 
 
27,584
 
 
 
3.35
% 
 
 
3,220,143
 
 
 
28,242
 
 
 
3.51
% 

 Loans and loans held for sale, net of unearned income (2)

 
 
24,972,777
 
 
 
370,062
 
 
 
5.94
% 
 
 
24,872,503
 
 
 
368,415
 
 
 
6.00
% 
 
 
24,012,929
 
 
 
371,112
 
 
 
6.20
% 

 Allowance for loan losses

 
 
(299,614
) 
 

 

 
 
(297,537
) 
 

 

 
 
(310,398
) 
 

 

 
  

  

 
 

 

 
  

  

 
 

 

 
  

  

 
 

 

 Net loans and loans held for sale

 
 
24,673,163
 
 

 
 
6.01
% 
 
 
24,574,966
 
 

 
 
6.07
% 
 
 
23,702,531
 
 

 
 
6.28
% 

 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total earning assets

 
 
30,101,804
 
 
$
418,984
 
 
 
5.58
% 
 
 
30,108,538
 
 
$
416,709
 
 
 
5.60
% 
 
 
28,949,287
 
 
$
421,987
 
 
 
5.84
% 

 

 
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 
 

 
  

  

 
 
  

  

 

 Other assets

 
 
3,638,497
 
 

 

 
 
3,620,673
 
 

 

 
 
3,635,081
 
 

 

 
  

  

 
 

 

 
  

  

 
 

 

 
  

  

 
 

 

 TOTAL ASSETS

 
$
33,740,301
 
 

 

 
$
33,729,211
 
 

 

 
$
32,584,368
 
 

 

 
  

  

 
 

 

 
  

  

 
 

 

 
  

  

 
 

 

 LIABILITIES:

 

 

 

 

 

 

 

 

 

 Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 Interest-bearing deposits

 
$
20,505,605
 
 
$
126,141
 
 
 
2.47
% 
 
$
20,614,901
 
 
$
126,728
 
 
 
2.49
% 
 
$
19,605,123
 
 
$
139,156
 
 
 
2.85
% 

 Short-term borrowings

 
 
177,707
 
 
 
1,425
 
 
 
3.22
% 
 
 
182,428
 
 
 
1,439