Open the filing on EDGARUnited Bankshares, Inc. Announces Earnings
for the First Quarter of 2026
WASHINGTON, D.C. and CHARLESTON, WV - United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2026 of $124.2 million, or $0.89 per diluted share. First quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible common equity, a non-GAAP measure, of 1.49%, 9.08%, and 14.40%, respectively.
“Against the backdrop of geopolitical and macroeconomic uncertainties, UBSI continues to deliver resilient results,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Strong earnings, sound asset quality, and efficient capital allocation highlight the first quarter, and we are well-positioned for success going forward.”
Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity for the fourth quarter of 2025 were 1.52%, 9.31%, and 14.86%, respectively. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.06%, 6.47%, and 10.61%, respectively. United completed its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025. The first quarter of 2025 included $30.0 million, or approximately $0.17 per diluted share, in merger-related noninterest expenses and merger-related provision for credit losses.
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First quarter of 2026 compared to the fourth quarter of 2025
Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per diluted share, as compared to earnings of $128.8 million, or $0.91 per diluted share, for the fourth quarter of 2025.
Net interest income for the first quarter of 2026 was $282.5 million, a decrease of $4.9 million, or 2%, from the fourth quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, decreased $5.0 million, or 2%, from the fourth quarter of 2025. The net interest margin was 3.80% and 3.83% for first quarter of 2026 and the fourth quarter of 2025, respectively. The interest rate spread for the first quarter of 2026 increased 2 basis points to 3.06% from the fourth quarter of 2025 due to a 14 basis point decrease in the average cost of funds partially offset by a 12 basis point decrease in the yield on average earning assets. The decrease in the average cost of funds was primarily due to a 14 basis point decrease in the average rate paid on interest-bearing deposits. The decrease in the yield on average earning assets was primarily due to an 11 basis point decrease in the yield on average net loans and loans held for sale, a 26 basis point decrease in the yield on average short-term investments and lower acquired loan accretion income. Acquired loan accretion income was $7.5 million and $8.5 million for the first quarter of 2026 and fourth quarter of 2025, respectively.
The provision for credit losses for the first quarter of 2026 was $7.8 million as compared to $6.8 million for the fourth quarter of 2025. 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. The provision for credit losses for the fourth quarter of 2025 reflected $9.3 million of net charge-offs and a $2.5 million decrease in the allowance for loan & lease losses from the prior quarter-end.
Noninterest income for the first quarter of 2026 was $34.1 million, an increase of $3.1 million, or 10%, from the fourth quarter of 2025. Net gains on investment securities were $2.3 million for the first quarter of 2026 as compared to net losses on investment securities of $218 thousand for the fourth quarter of 2025. Net gains on investment securities for the first quarter of 2026 were primarily due to gains on sales of equity securities. Fees from brokerage services increased $1.4 million from the fourth quarter of 2025 to $7.4 million, primarily due to higher volume driven by growth in the business.
Noninterest expense for the first quarter of 2026 of $152.8 million was relatively flat from the fourth quarter of 2025, slightly increasing $1.1 million, or less than 1%. An increase in employee benefits of $3.0 million and an increase in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $1.1 million was mostly offset by a $1.1 million decrease in data processing and smaller decreases in several other categories of noninterest expense. The increase in employee benefits was primarily due to higher Federal Insurance Contributions Act (“FICA”) and postretirement benefit costs. FDIC insurance expense for the fourth quarter of 2025 included a $1.2 million reduction of expense reflecting the FDIC’s reduced estimates related to the special assessment. The decrease in data processing was primarily due to technology contract renegotiations.
Income tax expense for the first quarter of 2026 was $31.8 million as compared to $31.1 million for the fourth quarter of 2025. This increase in income tax expense was primarily due to the impact of a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 20.4% and 19.4% for the first quarter of 2026 and fourth quarter of 2025, respectively. The effective tax rate for the fourth quarter of 2025 reflected the impact of provision to return adjustments.
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First quarter of 2026 compared to the first quarter of 2025
Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per diluted share, as compared to earnings of $84.3 million, or $0.59 per diluted share, for the first quarter of 2025.
Net interest income for the first quarter of 2026 increased $22.5 million, or 9%, from the first quarter of 2025. Tax-equivalent net interest income also increased $22.5 million, or 9%, from the first quarter of 2025. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average net loans and loans held for sale and a lower average rate paid on interest-bearing deposits. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average net loans and loans held for sale increased $1.4 billion, or 6%, from the first quarter of 2025. The average rate paid on interest-bearing deposits decreased 36 basis points from the first quarter of 2025. Average interest-bearing deposits increased $1.2 billion, or 6%, from the first quarter of 2025. The net interest margin of 3.80% for the first quarter of 2026 was an increase of 11 basis points from the net interest margin of 3.69% for the first quarter of 2025.
The provision for credit losses was $7.8 million for the first quarter of 2026. The provision for credit losses was $29.1 million for the first quarter 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 quarter of 2026 increased $4.5 million, or 15%, from the first quarter of 2025, driven by increases in net gains on investment securities of $1.7 million and fees from brokerage services of $1.8 million. Net gains on investment securities of $2.3 million for the first quarter of 2026 were primarily due to gains on the aforementioned sales of equity securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business.
Noninterest expense for the first quarter of 2026 was $152.8 million while noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses. A $5.2 million decrease in other noninterest expense and a $1.5 million decrease in data processing were partially offset by a $2.7 million increase in employee benefits and a $2.6 million increase in employee compensation. Other noninterest expense for the first quarter of 2025 included $6.0 million of merger-related expenses. The decrease in data processing was primarily due to the aforementioned technology contract renegotiations. The increase in employee benefits was primarily due to higher postretirement benefit and FICA costs. The increase in employee compensation was primarily due to higher employee incentives and higher brokerage commissions. Employee compensation for the first quarter of 2025 included $1.2 million in merger-related expenses. Additionally, the expense for the reserve for unfunded loan commitments was $2.0 million and $1.7 million for the first quarter of 2026 and the first quarter of 2025, respectively. The expense for the reserve for unfunded loan commitments for the first quarter of 2026 was primarily due to an increase in the outstanding balance of loan commitments from the prior quarter-end. The expense for the reserve for unfunded loan commitments for the first quarter of 2025 included $4.1 million in merger-related expense from the acquisition.
Income tax expense for the first quarter of 2026 was $31.8 million as compared to $22.6 million for the first quarter of 2025. This increase in income tax expense was primarily due to the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.4% and 21.2% for the first quarter of 2026 and first quarter of 2025, respectively.
Page Four
Credit Quality
At March 31, 2026, non-performing loans (“NPLs”) were $102.8 million, or 0.41% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $113.2 million, including other real estate owned (“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 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 $5.7 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 $9.3 million, or 0.15% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2025. Net charge-offs were $8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025.
Capital
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.5% at March 31, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, and 11.2%, 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 first quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.7 million shares of its common stock at an average price per share of $39.92.
About United Bankshares, Inc.
United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of March 31, 2026. United is the 38 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.
Page Five
Cautionary Statements
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its March 31, 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 March 31, 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 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 is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance 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
Forward-looking statements notice
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.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended |
|---|
| March 2026 | December 2025 | March 2025 |
|---|
| EARNINGS SUMMARY: | | | |
| Interest income | $415,929 | $430,053 | $403,647 |
| Interest expense | 133,414 | 142,596 | 143,592 |
| Net interest income | 282,515 | 287,457 | 260,055 |
| Provision for credit losses | 7,776 | 6,779 | 29,103 |
| Noninterest income | 34,063 | 30,936 | 29,554 |
| Noninterest expense | 152,814 | 151,718 | 153,573 |
| Income before income taxes | 155,988 | 159,896 | 106,933 |
| Income taxes | 31,788 | 31,068 | 22,627 |
| Net income | $124,200 | $128,828 | $84,306 |
| PER COMMON SHARE: | | | |
| Net income: | | | |
| Basic | $0.89 | $0.92 | $0.59 |
| Diluted | 0.89 | 0.91 | 0.59 |
| Cash dividends | 0.38 | 0.38 | 0.37 |
| Book value | 39.65 | 39.29 | 37.19 |
| Closing market price | $41.42 | $38.40 | $34.67 |
| Common shares outstanding: | | | |
| Actual at period end, net of treasury shares | 138,431,009 | 139,880,247 | 142,891,148 |
| Weighted average-basic | 139,566,209 | 140,481,274 | 142,330,694 |
| Weighted average-diluted | 140,092,196 | 140,980,184 | 142,698,118 |
| FINANCIAL RATIOS: | | | |
| Return on average assets | 1.49% | 1.52% | 1.06% |
| Return on average shareholders’ equity | 9.08% | 9.31% | 6.47% |
| Return on average tangible common equity (non-GAAP) | 14.40% | 14.86% | 10.61% |
| Average shareholders’ equity to average assets | 16.45% | 16.35% | 16.42% |
| Net interest margin | 3.80% | 3.83% | 3.69% |
| March 31 2026 | December 31 2025 | March 31 2025 |
| PERIOD END BALANCES: | | | |
| Assets | $33,705,380 | $33,660,281 | $32,788,494 |
| Earning assets | 30,034,591 | 30,014,321 | 29,106,693 |
| Loans & leases, net of unearned income | 24,863,138 | 24,709,122 | 23,863,072 |
| Loans held for sale | 29,235 | 31,277 | 28,642 |
| Investment securities | 3,530,568 | 3,400,400 | 3,313,997 |
| Total deposits | 27,120,883 | 27,060,939 | 26,364,635 |
| Shareholders’ equity | 5,488,126 | 5,495,983 | 5,314,449 |
Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.
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 |
|---|
| March | December | March |
|---|
| 2026 | 2025 | 2025 |
|---|
| Interest & Loan Fees Income (GAAP) | $415,929 | $430,053 | $403,647 |
| Tax equivalent adjustment | 780 | 796 | 782 |
| Interest & Fees Income (FTE) (non-GAAP) | 416,709 | 430,849 | 404,429 |
| Interest Expense | 133,414 | 142,596 | 143,592 |
| Net Interest Income (FTE) (non-GAAP) | 283,295 | 288,253 | 260,837 |
| Provision for Credit Losses | 7,776 | 6,779 | 29,103 |
| Noninterest Income: | | | |
| Fees from trust services | 4,857 | 5,079 | 4,782 |
| Fees from brokerage services | 7,403 | 5,958 | 5,645 |
| Fees from deposit services | 9,577 | 9,879 | 9,307 |
| Bankcard fees and merchant discounts | 1,977 | 2,202 | 1,751 |
| Other charges, commissions, and fees | 1,099 | 1,211 | 1,081 |
| Income from bank-owned life insurance | 2,994 | 2,751 | 3,370 |
| Income from mortgage banking activities | 2,555 | 1,990 | 2,479 |
| Net gains (losses) on investment securities | 2,265 | (218) | 521 |
| Other noninterest income | 1,336 | 2,084 | 618 |
| Total Noninterest Income | 34,063 | 30,936 | 29,554 |
| Noninterest Expense: | | | |
| Employee compensation | 63,493 | 64,167 | 60,866 |
| Employee benefits | 15,980 | 12,967 | 13,291 |
| Net occupancy | 13,013 | 12,180 | 12,601 |
| Data processing | 7,001 | 8,080 | 8,455 |
| Amortization of intangibles | 1,838 | 2,340 | 2,341 |
| OREO expense | 475 | 433 | 22 |
| Net (gains) on the sale of OREO properties | - | (153) | (11) |
| Equipment expense | 8,740 | 9,244 | 8,582 |
| FDIC insurance expense | 4,476 | 3,417 | 4,728 |
| Expense for the reserve for unfunded loan commitments | 1,972 | 2,436 | 1,657 |
| Other noninterest expense | 35,826 | 36,607 | 41,041 |
| Total Noninterest Expense | 152,814 | 151,718 | 153,573 |
| Income Before Income Taxes (FTE) (non-GAAP) | 156,768 | 160,692 | 107,715 |
| Tax equivalent adjustment | 780 | 796 | 782 |
| Income Before Income Taxes (GAAP) | 155,988 | 159,896 | 106,933 |
| Taxes | 31,788 | 31,068 | 22,627 |
| Net Income | $124,200 | $128,828 | $84,306 |
| MEMO: Effective Tax Rate | 20.38% | 19.43% | 21.16% |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| March 31 | December 31 | March 31 |
|---|
| 2026 | 2025 | 2025 |
|---|
| Cash & Cash Equivalents | $2,305,034 | $2,542,250 | $2,610,183 |
| Securities Available for Sale | 3,212,072 | 3,059,452 | 3,002,984 |
| Less: Allowance for credit losses | - | - | - |
| Net available for sale securities | 3,212,072 | 3,059,452 | 3,002,984 |
| 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 | 12,248 | 34,760 | 21,514 |
| Other Investment Securities | 305,244 | 305,184 | 288,497 |
| Total Securities | 3,530,568 | 3,400,400 | 3,313,997 |
| Total Cash and Securities | 5,835,602 | 5,942,650 | 5,924,180 |
| Loans held for sale | 29,235 | 31,277 | 28,642 |
| Commercial Loans & Leases | 19,160,057 | 19,049,978 | 18,308,502 |
| Mortgage Loans | 4,896,513 | 4,854,418 | 4,768,669 |
| Consumer Loans | 818,169 | 816,224 | 796,907 |
| Gross Loans | 24,874,739 | 24,720,620 | 23,874,078 |
| Unearned income | (11,601) | (11,498) | (11,006) |
| Loans & Leases, net of unearned income | 24,863,138 | 24,709,122 | 23,863,072 |
| Allowance for Loan & Lease Losses | (299,599) | (297,518) | (310,424) |
| Net Loans | 24,563,539 | 24,411,604 | 23,552,648 |
| Goodwill | 2,018,848 | 2,018,848 | 2,023,604 |
| Other Intangibles | 30,429 | 32,267 | 39,289 |
| Operating Lease Right-of-Use Asset | 87,841 | 89,312 | 86,832 |
| Other Real Estate Owned | 10,390 | 8,857 | 1,475 |
| Bank-Owned Life Insurance | 551,306 | 547,127 | 538,733 |
| Other Assets | 578,190 | 578,339 | 593,091 |
| Total Assets | $33,705,380 | $33,660,281 | $32,788,494 |
| MEMO: Interest-earning Assets | $30,034,591 | $30,014,321 | $29,106,693 |
| Interest-bearing Deposits | $20,710,965 | $20,487,309 | $19,883,758 |
| Noninterest-bearing Deposits | 6,409,918 | 6,573,630 | 6,480,877 |
| Total Deposits | 27,120,883 | 27,060,939 | 26,364,635 |
| Short-term Borrowings | 166,175 | 198,573 | 176,015 |
| Long-term Borrowings | 532,216 | 531,817 | 550,623 |
| Total Borrowings | 698,391 | 730,390 | 726,638 |
| Operating Lease Liability | 93,921 | 95,392 | 91,921 |
| Other Liabilities | 304,059 | 277,577 | 290,851 |
| Total Liabilities | 28,217,254 | 28,164,298 | 27,474,045 |
| Preferred Equity | - | - | - |
| Common Equity | 5,488,126 | 5,495,983 | 5,314,449 |
| Total Shareholders’ Equity | 5,488,126 | 5,495,983 | 5,314,449 |
| Total Liabilities & Shareholders’ Equity | $33,705,380 | $33,660,281 | $32,788,494 |
| MEMO: Interest-bearing Liabilities | $21,409,356 | $21,217,699 | $20,610,396 |
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
| March 2026 | December 2025 | March 2025 |
|---|
| Q-T-D Average | Q-T-D Average | Q-T-D Average |
|---|
| Cash & Cash Equivalents | $2,486,561 | $2,564,586 | $2,376,426 |
| Securities Available for Sale | 3,089,155 | 3,023,817 | 3,047,164 |
| Less: Allowance for credit losses | - | - | - |
| Net available for sale securities | 3,089,155 | 3,023,817 | 3,047,164 |
| Securities Held to Maturity | 1,020 | 1,020 | 1,020 |
| Less: Allowance for credit losses | (16) | (17) | (18) |
| Net held to maturity securities | 1,004 | 1,003 | 1,002 |
| Equity Securities | 23,249 | 34,840 | 21,016 |
| Other Investment Securities | 307,199 | 302,743 | 288,618 |
| Total Securities | 3,420,607 | 3,362,403 | 3,357,800 |
| Total Cash and Securities | 5,907,168 | 5,926,989 | 5,734,226 |
| Loans held for sale | 26,283 | 28,415 | 23,865 |
| Commercial Loans & Leases | 19,129,811 | 19,010,060 | 17,903,431 |
| Mortgage Loans | 4,868,411 | 4,822,219 | 4,756,253 |
| Consumer Loans | 860,168 | 855,928 | 827,996 |
| Gross Loans | 24,858,390 | 24,688,207 | 23,487,680 |
| Unearned income | (12,170) | (12,551) | (11,885) |
| Loans & Leases, net of unearned income | 24,846,220 | 24,675,656 | 23,475,795 |
| Allowance for Loan & Lease Losses | (297,537) | (299,908) | (308,225) |
| Net Loans | 24,548,683 | 24,375,748 | 23,167,570 |
| Goodwill | 2,018,848 | 2,018,863 | 2,022,411 |
| Other Intangibles | 31,620 | 33,785 | 38,564 |
| Operating Lease Right-of-Use Asset | 88,864 | 90,208 | 87,363 |
| Other Real Estate Owned | 9,160 | 7,437 | 467 |
| Bank-Owned Life Insurance | 548,690 | 545,754 | 534,042 |
| Other Assets | 549,895 | 560,192 | 571,732 |
| Total Assets | $33,729,211 | $33,587,391 | $32,180,240 |
| MEMO: Interest-earning Assets | $30,108,538 | $29,948,501 | $28,568,541 |
| Interest-bearing Deposits | $20,614,901 | $20,419,740 | $19,367,638 |
| Noninterest-bearing Deposits | 6,518,574 | 6,657,360 | 6,471,287 |
| Total Deposits | 27,133,475 | 27,077,100 | 25,838,925 |
| Short-term Borrowings | 182,428 | 167,660 | 167,080 |
| Long-term Borrowings | 531,978 | 531,594 | 554,614 |
| Total Borrowings | 714,406 | 699,254 | 721,694 |
| Operating Lease Liability | 94,963 | 96,175 | 92,491 |
| Other Liabilities | 237,253 | 222,854 | 243,588 |
| Total Liabilities | 28,180,097 | 28,095,383 | 26,896,698 |
| Preferred Equity | - | - | - |
| Common Equity | 5,549,114 | 5,492,008 | 5,283,542 |
| Total Shareholders’ Equity | 5,549,114 | 5,492,008 | 5,283,542 |
| Total Liabilities & Shareholders’ Equity | $33,729,211 | $33,587,391 | $32,180,240 |
| MEMO: Interest-bearing Liabilities | $21,329,307 | $21,118,994 | $20,089,332 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended |
|---|
| Quarterly Share Data: | March 2026 | December 2025 | March 2025 |
| Earnings Per Share: | | | |
| Basic | $0.89 | $0.92 | $0.59 |
| Diluted | $0.89 | $0.91 | $0.59 |
| Common Dividend Declared Per Share | $0.38 | $0.38 | $0.37 |
| High Common Stock Price | $45.92 | $40.52 | $39.56 |
| Low Common Stock Price | $37.92 | $34.10 | $33.81 |
| Average Shares Outstanding (Net of Treasury Stock): | | | |
| Basic | 139,566,209 | 140,481,274 | 142,330,694 |
| Diluted | 140,092,196 | 140,980,184 | 142,698,118 |
| Common Dividends | $53,173 | $53,458 | $53,336 |
| Dividend Payout Ratio | 42.81% | 41.50% | 63.26% |
| March 31 | December 31 | March 31 |
| EOP Share Data: | 2026 | 2025 | 2025 |
| Book Value Per Share | $39.65 | $39.29 | $37.19 |
| Tangible Book Value Per Share (non-GAAP) | $24.84 | $24.63 | $22.76 |
| 52-week High Common Stock Price | $45.92 | $40.52 | $44.43 |
| Date | 02/06/26 | 12/18/25 | 11/25/24 |
| 52-week Low Common Stock Price | $30.50 | $30.50 | $30.68 |
| Date | 04/04/25 | 04/04/25 | 6/11/24 |
| EOP Shares Outstanding (Net of Treasury Stock): | 138,431,009 | 139,880,247 | 142,891,148 |
| Memorandum Items: | |
| Employees (full-time equivalent) | 2,749 | 2,740 | 2,790 |
| Note: | |
| (1) Tangible Book Value Per Share: | | | |
| Total Shareholders’ Equity (GAAP) | $5,488,126 | $5,495,983 | $5,314,449 |
| Less: Total Intangibles | (2,049,277) | (2,051,115) | (2,062,893) |
| Tangible Common Equity (non-GAAP) | $3,438,849 | $3,444,868 | $3,251,556 |
| ÷ EOP Shares Outstanding (Net of Treasury Stock) | 138,431,009 | 139,880,247 | 142,891,148 |
| Tangible Book Value Per Share (non-GAAP) | $24.84 | $24.63 | $22.76 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended March 2026 | Three Months Ended December 2025 | Three Months Ended March 2025 |
|---|
| Average | | Average | Average | | Average | Average | | Average |
|---|
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate |
|---|
| Selected Average Balances and Yields: | | | | | | | | | |
| ASSETS: | | | | | | | | | |
| Earning Assets: | | | | | | | | | |
| Federal funds sold and securities purchased under agreements to resell and other short-term investments | $2,238,873 | $20,710 | 3.75% | $2,304,536 | $23,288 | 4.01% | $2,131,157 | $23,726 | 4.51% |
| Investment securities: | | | | | | | | | |
| Taxable | 3,089,971 | 26,082 | 3.38% | 3,036,563 | 26,139 | 3.44% | 3,048,058 | 26,911 | 3.53% |
| Tax-exempt | 204,728 | 1,502 | 2.94% | 203,239 | 1,502 | 2.96% | 197,891 | 1,486 | 3.00% |
| Total securities | 3,294,699 | 27,584 | 3.35% | 3,239,802 | 27,641 | 3.41% | 3,245,949 | 28,397 | 3.50% |
| Loans and loans held for sale, net of unearned income | 24,872,503 | 368,415 | 6.00% | 24,704,071 | 379,920 | 6.11% | 23,499,660 | 352,306 | 6.07% |
| Allowance for loan & lease losses | (297,537) | | | (299,908) | | | (308,225) | | |
| Net loans and loans held for sale | 24,574,966 | | 6.07% | 24,404,163 | | 6.18% | 23,191,435 | | 6.15% |
| Total earning assets | 30,108,538 | $416,709 | 5.60% | 29,948,501 | $430,849 | 5.72% | 28,568,541 | $404,429 | 5.73% |
| Other assets | 3,620,673 | | | 3,638,890 | | | 3,611,699 | | |
| TOTAL ASSETS | $33,729,211 | | | $33,587,391 | | | $32,180,240 | | |
| LIABILITIES: | | | | | | | | | |
| Interest-Bearing Liabilities: | | | | | | | | | |
| Interest-bearing deposits | $20,614,901 | $126,728 | 2.49% | $20,419,740 | $135,602 | 2.63% | $19,367,638 | $136,288 | 2.85% |
| Short-term borrowings | 182,428 | 1,439 | 3.20% | 167,660 | 1,443 | 3.42% | 167,080 | 1,450 | 3.52% |
| Long-term borrowings | 531,978 | 5,247 | 4.00% | 531,594 | 5,551 | 4.14% | 554,614 | 5,854 | 4.28% |
| Total interest-bearing liabilities | 21,329,307 | 133,414 | 2.54% | 21,118,994 | 142,596 | 2.68% | 20,089,332 | 143,592 | 2.90% |
| Noninterest-bearing deposits | 6,518,574 | | | 6,657,360 | | | 6,471,287 | | |
| Accrued expenses and other liabilities | 332,216 | | | 319,029 | | | 336,079 | | |
| TOTAL LIABILITIES | 28,180,097 | | | 28,095,383 | | | 26,896,698 | | |
| SHAREHOLDERS’ EQUITY | 5,549,114 | | | 5,492,008 | | | 5,283,542 | | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $33,729,211 | | | $33,587,391 | | | $32,180,240 | | |
| NET INTEREST INCOME | | $283,295 | | | $288,253 | | | $260,837 | |
| INTEREST RATE SPREAD | | | 3.06% | | | 3.04% | | | 2.83% |
| NET INTEREST MARGIN | | | 3.80% | | | 3.83% | | | 3.69% |
- The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.
- Nonaccruing loans are included in the daily average loan amounts outstanding.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended |
|---|
| March | December | March |
|---|
| 2026 | 2025 | 2025 |
|---|
| Selected Financial Ratios: | | | |
| Return on Average Assets | 1.49% | 1.52% | 1.06% |
| Return on Average Shareholders’ Equity | 9.08% | 9.31% | 6.47% |
| Return on Average Tangible Common Equity (non-GAAP) | 14.40% | 14.86% | 10.61% |
| Efficiency Ratio | 48.27% | 47.65% | 53.03% |
| Price / Earnings Ratio | 11.54x | 10.62x | 14.70x |
| Note: | |
| (1) Return on Average Tangible Common Equity: | | | |
| (a) Net Income (GAAP) | $124,200 | $128,828 | $84,306 |
| (b) Number of Days | 90 | 92 | 90 |
| Average Total Shareholders’ Equity (GAAP) | $5,549,114 | $5,492,008 | $5,283,542 |
| Less: Average Total Intangibles | (2,050,468) | (2,052,648) | (2,060,975) |
| (c) Average Tangible Common Equity (non-GAAP) | $3,498,646 | $3,439,360 | $3,222,567 |
| Return on Average Tangible Common Equity (non-GAAP) [(a) / (b)] x 365 / (c) | 14.40% | 14.86% | 10.61% |
| March 31 2026 | December 31 2025 | March 31 2025 |
| Selected Financial Ratios: | | | |
| Loans & Leases, net of unearned income / Deposit Ratio | 91.68% | 91.31% | 90.51% |
| Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income | 1.20% | 1.20% | 1.30% |
| Allowance for Credit Losses / Loans & Leases, net of unearned income | 1.35% | 1.35% | 1.45% |
| Nonaccrual Loans / Loans & Leases, net of unearned income | 0.37% | 0.39% | 0.24% |
| 90-Day Past Due Loans/ Loans & Leases, net of unearned income | 0.05% | 0.02% | 0.05% |
| Non-performing Loans/ Loans & Leases, net of unearned income | 0.41% | 0.41% | 0.29% |
| Non-performing Assets/ Total Assets | 0.34% | 0.33% | 0.22% |
| Primary Capital Ratio | 17.11% | 17.15% | 17.09% |
| Shareholders’ Equity Ratio | 16.28% | 16.33% | 16.21% |
| Price / Book Ratio | 1.04x | 0.98x | 0.93x |
Note:
- Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended |
|---|
| Mortgage Banking Data: | March 2026 | December 2025 | March 2025 |
| Loans originated | $87,053 | $87,134 | $75,903 |
| Loans sold | 89,095 | 80,083 | 91,621 |
| Asset Quality Data: | March 31 2026 | December 31 2025 | March 31 2025 |
| EOP Non-Accrual Loans | $91,170 | $96,492 | $57,388 |
| EOP 90-Day Past Due Loans | 11,664 | 4,974 | 12,387 |
| Total EOP Non-performing Loans | $102,834 | $101,466 | $69,775 |
| EOP Other Real Estate Owned | 10,390 | 8,857 | 1,475 |
| Total EOP Non-performing Assets | $113,224 | $110,323 | $71,250 |
| Three Months Ended |
| Allowance for Loan & Lease Losses: | March 2026 | December 2025 | March 2025 |
| Beginning Balance | $297,518 | $300,050 | $271,844 |
| Initial allowance for acquired PCD loans | - | - | 17,518 |
| Gross Charge-offs | (6,830) | (11,179) | (8,677) |
| Recoveries | 1,135 | 1,867 | 636 |
| Net Charge-offs | (5,695) | (9,312) | (8,041) |
| Provision for Loan & Lease Losses | 7,776 | 6,780 | 29,103 |
| Ending Balance | 299,599 | $297,518 | 310,424 |
| Reserve for lending-related commitments | 37,047 | 35,075 | 36,567 |
| Allowance for Credit Losses | $336,646 | $332,593 | $346,991 |
Notes:
- Three months ended March 31, 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans.
- Includes allowances for loan losses and lending-related commitments.
Contacts
April 23, 2026
W. Mark Tatterson · Chief Financial Officer · (800) 445-1347 ext. 8716