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WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)--United Bankshares, Inc. Announces Record Earnings for the Second Quarter of 2026.

For the quarter ended June 2026, United Bankshares (UBSI - Free Report) reported revenue of $324.61 million, up 5.8% over the same period last year. EPS came in at $0.95, compared to $0.85 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $321.44 million, representing a surprise of +0.99%. The company delivered an EPS surprise of +6.74%, with the consensus EPS estimate being $0.89.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how United Bankshares performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 47.8% versus the three-analyst average estimate of 48.1%.Earning assets-Average balance: $30.1 billion compared to the $30.48 billion average estimate based on three analysts.Net interest margin: 3.8% compared to the 3.8% average estimate based on three analysts.Net Charge-off (% of Average Loans): 0.1% versus the two-analyst average estimate of 0.1%.Income from mortgage banking operations: $2.92 million versus the three-analyst average estimate of $2.86 million.Total Noninterest Income: $38.51 million compared to the $32.54 million average estimate based on three analysts.Income from bank-owned life insurance: $3.13 million versus the two-analyst average estimate of $3.3 million.Fees from deposit services: $10.07 million versus $10.06 million estimated by two analysts on average.Other service charges, commissions, and fees: $1.23 million versus $1.13 million estimated by two analysts on average.Bankcard fees and merchant discounts: $2.37 million compared to the $2.03 million average estimate based on two analysts.Net Interest Income (Taxable Equivalent): $286.1 million compared to the $288.74 million average estimate based on two analysts.Net Interest Income: $285.31 million versus the two-analyst average estimate of $287.93 million.View all Key Company Metrics for United Bankshares here>>>

Shares of United Bankshares have returned +2.7% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in Charleston, United Bankshares (UBSI - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 17.06%. The holding company for United Bank is currently shelling out a dividend of $0.38 per share, with a dividend yield of 3.38%. This compares to the Banks - Southeast industry's yield of 2.03% and the S&P 500's yield of 1.44%.

Looking at dividend growth, the company's current annualized dividend of $1.52 is up 2% from last year. Over the last 5 years, United Bankshares has increased its dividend 2 times on a year-over-year basis for an average annual increase of 1.39%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. United Bankshares's current payout ratio is 43%, meaning it paid out 43% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for UBSI for this fiscal year. The Zacks Consensus Estimate for 2026 is $3.64 per share, representing a year-over-year earnings growth rate of 11.31%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, UBSI is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

From the mortgage meltdown in 2009, which almost collapsed the global financial system, to the Long-Term Capital Management implosion in 1998, which required a Federal Reserve bailout, it always seems to come back to the same issues: leverage and debt. Once again, it appears we are at the same doorstep we arrive at every 10 to 15 years. This time, it’s private credit, which carries massive risks that investors often underestimate or misunderstand. Private credit loans typically flow to smaller, heavily leveraged borrowers who are most vulnerable when the economy turns.

Unlike public corporate and government bonds, there’s no liquid market to exit when trouble appears. Valuations are largely self-reported, just like in 1998 and 2009, making it difficult to know what these assets are actually worth until losses are realized. Covenant-lite structures have stripped away the early-warning protections that lenders once relied on, leaving little recourse before a borrower deteriorates. Then, when investors rush for the exits, the resulting liquidity mismatch between funds promising redemptions and assets that can’t be sold quickly can amplify a manageable problem into a serious one. That very well could be where we stand now.

We decided to screen the 24/7 Wall St. financial stocks research database and, combined with a separate AI search, we found five quality companies in the financial arena with little or no exposure to the private credit market. These companies are high-quality industry leaders with wide moats, and many are not in the business of lending money at all. We then screened the list for the stocks that paid the highest dividends, and five companies with long track records of success emerged. Four of the five are rated Buy by the top Wall Street firms we cover, and all offer outstanding value now as the major indices near correction territory.

ADP This company, founded in 1949, is a global leader in payroll and HR services and provides cloud-based software trusted by over 80% of Fortune 100 companies. Automatic Data Processing (NYSE: ADP | ADP Price Prediction) is a global technology company engaged in providing cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, time, tax, and benefits administration.

ADP benefits from its dominant position in payroll and HR services, with highly recurring, subscription-like revenue. The company is a Dividend King with a moat built on switching costs, not lending. It has raised its dividend for 51 consecutive years, with a current yield of 3% and a payout ratio of 59%, which is well covered by its recurring SaaS-like payroll revenues.

Its segments include:

Employer Services Professional Employer Organization (PEO) The Employer Services segment serves clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees worldwide, offering a range of technology-based HCM solutions, including its cloud-based platforms and human resource outsourcing (HRO) solutions (other than PEO).

The company’s offerings include:

Payroll Services Benefits Administration Talent Management HR Management Workforce Management Compliance Services Insurance Services Retirement Services Its PEO business, called ADP TotalSource, provides clients with employment administration outsourcing solutions. ADP serves over 1.1 million clients in 140 countries and territories.

Guggenheim has a Buy rating with a $270 target price.

Chubb Warren Buffett and Berkshire Hathaway own the shares and have increased their position over the last year. Chubb (NYSE: CB) provides a broad range of insurance and reinsurance products globally across commercial, personal, agricultural, and life segments and pays a 1.18% dividend.

Its offerings include:

Property and casualty Liability Crop and specialty insurance Reinsurance and life products such as annuities and employee benefits Risk management and claims services Chubb has raised its dividend for 17 consecutive years, with a payout ratio of just 14.6%, one of the lowest in the industry, leaving an enormous cushion. As a Property and Casualty insurer, it doesn’t rely on private credit to yield the way life insurers do.

Citigroup has a Buy rating for the shares with a $385 price target.

CME This company stands out as a top yield opportunity. CME Group (NYSE: CME) announced a $ 6.15-per-share annual variable dividend tied to its 2025 performance, in addition to a $ 1.30-per-share regular dividend for the first quarter, bringing the total yield to 4.2% based on average 2025 closing prices. Unlike private credit firms, CME generates revenue from derivatives trading and tends to benefit from market volatility rather than stability.

CME provides a derivatives marketplace that enables clients to trade futures, options, cash, and over-the-counter (OTC) markets, optimize portfolios, and analyze data. It offers a range of global benchmark products across all major asset classes, including interest rates, equity indexes, foreign exchange (FX), energy, agricultural products, and metals.

It offers futures and options trading on the CME Globex platform, fixed-income trading via BrokerTec, and FX trading on the EBS platform.

In addition, it operates a central counterparty clearing provider, CME Clearing. Its products provide a means to hedge, speculate, and allocate assets related to risks associated with, among other things, interest-rate-sensitive instruments and changes in the prices of agricultural, energy, and metal commodities. It provides clearing and settlement services for a range of exchange-traded futures and options on futures contracts, as well as OTC derivatives.

Jefferies has a Buy rating and a $356 target price.

T. Rowe Price This is a top mutual fund company with tremendous assets under management, and it pays a substantial dividend. T. Rowe Price (NASDAQ: TROW) is a financial services holding company that provides global investment advisory services to investors. This company is the standout here, with an annual dividend of $5.20/share, yielding 5.83%, and its last ex-dividend date was March 16, 2026. It manages mutual funds and retirement accounts with no private credit on the balance sheet whatsoever. The Dividend Aristocrat has $1.8 trillion in assets under management, boosted by strong performance in actively managed funds and growing retirement market focus.

The company offers a range of investment solutions across equity, fixed income, multi-asset, and alternative capabilities, catering to clients from individuals to advisors, institutions, and retirement plan sponsors.

The firm also provides specific investment advisory clients with related administrative services, including:

Distribution Mutual fund transfer agent Accounting Shareholder services Participant record-keeping Transfer agent services for defined contribution retirement plans Brokerage services Trust services Non-discretionary advisory services through model delivery It distributes its array of active investment solutions through a diverse set of distribution channels and vehicles.

These vehicles include a variety of U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts, and other sponsored products.

Morgan Stanley has an Equal Weight rating with a $115 price target.

United Bancshares United Bancshares (NASDAQ: UBSI) is a bank holding company with dual headquarters in Charleston, West Virginia, and Fairfax, Virginia. It primarily provides commercial and retail banking products and services in the United States. This company is the one bank on this list worth owning for income. United Bancshares has raised its dividend for 51 consecutive years, yielding 3.79%, and is a true Dividend King rooted in community banking across the mid-Atlantic region since 1839. As a traditional community bank, it has no material private credit exposure

It operates through two segments:

Community Banking Mortgage Banking The company accepts:

Checking, savings, and time and money market accounts Individual retirement accounts and demand deposits Statement and special savings NOW accounts Its loan products include:

Commercial loans and leases to small to mid-size industrial and commercial companies Construction and real estate loans, such as commercial and residential mortgages Loans secured by owner-occupied real estate Personal, student, and credit card receivables Personal, commercial, and floor plan loans Home equity loans In addition, the company offers credit cards, safe deposit boxes, wire transfers, and other banking products and services, as well as investment and security services. It also provides services to correspondent banks, including buying and selling federal funds, automated teller machine services, and internet and telephone banking services.

Furthermore, it provides community banking services, including asset management, real property title insurance, financial planning, mortgage banking, brokerage services, investment management, and retirement planning.

Piper Sandler has a Buy rating with a $47 price target.

Posted by Defense World Staff on Apr 2nd, 2026

Fvcbankcorp (NASDAQ:FVCB – Get Free Report) and United Bankshares (NASDAQ:UBSI – Get Free Report) are both finance companies, but which is the superior investment? We will contrast the two businesses based on the strength of their analyst recommendations, valuation, profitability, dividends, institutional ownership, risk and earnings.

Dividends Fvcbankcorp pays an annual dividend of $0.24 per share and has a dividend yield of 1.6%. United Bankshares pays an annual dividend of $1.52 per share and has a dividend yield of 3.6%. Fvcbankcorp pays out 19.8% of its earnings in the form of a dividend. United Bankshares pays out 46.5% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. United Bankshares has raised its dividend for 26 consecutive years. United Bankshares is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.

Profitability This table compares Fvcbankcorp and United Bankshares’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Fvcbankcorp 18.08% 8.92% 0.97% United Bankshares 25.51% 8.60% 1.40% Institutional and Insider Ownership 43.6% of Fvcbankcorp shares are held by institutional investors. Comparatively, 70.8% of United Bankshares shares are held by institutional investors. 10.9% of Fvcbankcorp shares are held by company insiders. Comparatively, 3.5% of United Bankshares shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth.

Volatility & Risk Fvcbankcorp has a beta of 0.36, suggesting that its share price is 64% less volatile than the S&P 500. Comparatively, United Bankshares has a beta of 0.73, suggesting that its share price is 27% less volatile than the S&P 500.

Valuation and Earnings This table compares Fvcbankcorp and United Bankshares”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Fvcbankcorp $122.03 million 2.23 $22.06 million $1.21 12.56 United Bankshares $1.82 billion 3.19 $464.60 million $3.27 12.75 United Bankshares has higher revenue and earnings than Fvcbankcorp. Fvcbankcorp is trading at a lower price-to-earnings ratio than United Bankshares, indicating that it is currently the more affordable of the two stocks.

Analyst Ratings This is a summary of current recommendations and price targets for Fvcbankcorp and United Bankshares, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Fvcbankcorp 0 1 2 0 2.67 United Bankshares 0 3 2 0 2.40 Fvcbankcorp presently has a consensus target price of $18.00, suggesting a potential upside of 18.42%. United Bankshares has a consensus target price of $44.67, suggesting a potential upside of 7.17%. Given Fvcbankcorp’s stronger consensus rating and higher probable upside, research analysts clearly believe Fvcbankcorp is more favorable than United Bankshares.

Summary United Bankshares beats Fvcbankcorp on 11 of the 16 factors compared between the two stocks.

About Fvcbankcorp (Get Free Report)

FVCBankcorp, Inc. operates as the bank holding company for FVCbank that provides various banking products and services in Virginia. It offers deposit products, including interest and noninterest-bearing transaction accounts, savings accounts, money market accounts, and certificates of deposit. The company also provides commercial real estate loans; commercial construction loans; commercial loans for various business purposes, such as for working capital, equipment purchases, lines of credit, and government contract financing; small business administration loans; asset-based loans and accounts receivable financing; home equity loans; and consumer loans. In addition, it offers business and consumer credit cards; merchant services; business insurance products; and online banking, remote deposit, and mobile banking services. The company serves commercial businesses, nonprofit organizations, professional service entities, and their respective owners and employees located in the greater Washington, D.C., and Baltimore metropolitan areas. It operates branch offices in Arlington, Virginia; the independent city of Manassas, Virginia; Reston, Fairfax County, Virginia; Springfield, Fairfax County in Virginia; and Montgomery County and Baltimore in Maryland, and Washington, D.C. FVCBankcorp, Inc. was founded in 2007 and is headquartered in Fairfax, Virginia.

About United Bankshares (Get Free Report)

United Bankshares, Inc., through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts. Its loan products include commercial loans and leases to small to mid-size industrial and commercial companies; construction and real estate loans, such as commercial and residential mortgages, and loans secured by owner-occupied real estate; personal, student, credit card receivables, personal, commercial, and floor plan loans; and home equity loans. In addition, the company provides credit cards; safe deposit boxes, wire transfers, and other banking products and services; investment and security services; services to correspondent banks, including buying and selling federal funds; automated teller machine services; and internet and telephone banking services. Further, it offers community banking services, such as asset management, real property title insurance, financial planning, mortgage banking, and brokerage services, as well as investment management and retirement planning services. United Bankshares, Inc. was incorporated in 1982 and is headquartered in Charleston, West Virginia.

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Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in Charleston, United Bankshares (UBSI - Free Report) is a Finance stock that has seen a price change of 13.28% so far this year. The holding company for United Bank is currently shelling out a dividend of $0.38 per share, with a dividend yield of 3.49%. This compares to the Banks - Southeast industry's yield of 2.04% and the S&P 500's yield of 1.39%.

Looking at dividend growth, the company's current annualized dividend of $1.52 is up 2% from last year. Over the last 5 years, United Bankshares has increased its dividend 2 times on a year-over-year basis for an average annual increase of 1.39%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. United Bankshares's current payout ratio is 46%, meaning it paid out 46% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for UBSI for this fiscal year. The Zacks Consensus Estimate for 2026 is $3.54 per share, with earnings expected to increase 8.26% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, UBSI is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--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.

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.

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.

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 38th 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.

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

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

EARNINGS SUMMARY:

March
2026

December
2025

March
2025

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)(1)

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%

PERIOD END BALANCES:

March 31
2026

December 31
2025

March 31
2025

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

March

December

March

Quarterly Share Data:

2026

2025

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) (1)

$

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

Selected Average Balances and Yields:

Average

Average

Average

Average

Average

Average

ASSETS:

Balance

Interest(1)

Rate(1)

Balance

Interest(1)

Rate(1)

Balance

Interest(1)

Rate(1)

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 (2)

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%

(1) 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%.

(2) 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

Selected Financial Ratios:

2026

2025

2025

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) (1)

14.40%

14.86%

10.61%

Efficiency Ratio

48.27%

47.65%

53.03%

Price / Earnings Ratio

11.54

x

10.62

x

14.70

x

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%

Selected Financial Ratios:

March 31

2026

December 31

2025

March 31

2025

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 (2)/ 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

1.04

x

0.98

x

0.93

x

Note:

(2) 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

March

December

March

Mortgage Banking Data:

2026

2025

2025

Loans originated

$

87,053

$

87,134

$

75,903

Loans sold

89,095

80,083

91,621

March 31

December 31

March 31

Asset Quality Data:

2026

2025

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

March

December

March

Allowance for Loan & Lease Losses:

2026

2025

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(1)

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 (2)

$

336,646

$

332,593

$

346,991

Notes:

(1) Three months ended March 31, 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans.

(2) Includes allowances for loan losses and lending-related commitments.

More News From United Bankshares, Inc.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in Charleston, United Bankshares (UBSI - Free Report) is a Finance stock that has seen a price change of 13.75% so far this year. The holding company for United Bank is currently shelling out a dividend of $0.38 per share, with a dividend yield of 3.48%. This compares to the Banks - Southeast industry's yield of 2.04% and the S&P 500's yield of 1.39%.

Looking at dividend growth, the company's current annualized dividend of $1.52 is up 2% from last year. Over the last 5 years, United Bankshares has increased its dividend 2 times on a year-over-year basis for an average annual increase of 1.39%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. United Bankshares's current payout ratio is 43%, meaning it paid out 43% of its trailing 12-month EPS as dividend.

UBSI is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $3.64 per share, which represents a year-over-year growth rate of 11.31%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that UBSI is not only an attractive dividend play, but also represents a compelling investment opportunity with a Zacks Rank of #2 (Buy).

WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)--United Bankshares, Inc. (“United” or “the Company”) (NASDAQ: UBSI), an approximately $34 billion regional financial services company, held its Annual Meeting of Shareholders on Wednesday, May 13, 2026, at Congressional Country Club in Bethesda, Maryland.

During the meeting, United Executive Chairman of the Board Richard M. Adams addressed shareholders by highlighting several key points from the 2025 Annual Report to Shareholders.

“2025 was a great year for our company,” Adams began. “We continued our strong performance with record earnings of $465 million – increasing earnings per share from $2.75 to $3.27 – and we outperformed our peers with a Return on Average Assets of 1.4%, compared to the peer median of 1.1%. Loan and deposit growth also continued to be very strong, as we increased each by approximately $1 billion in 2025, excluding balances acquired in the Piedmont Bancorp, Inc. merger.”

United’s total return in 2025 was 6.5%, which was in line with the KBW Regional Banking Index. United’s long-term stock performance has been excellent.

“The good news is that in 2026, as of yesterday, the KBW Regional Banking Index’s total return was 7.59%. Even better news is that UBSI’s total return was 11.80%, with a ‘buy’ recommendation and price target of $50.00,” Adams said.

United also increased the dividend to shareholders from $1.48 to $1.49, representing the Company’s 52nd consecutive year of dividend increases to shareholders. This is a record that only one other major banking company in the nation has achieved. “Our consistency increasing dividends to shareholders clearly demonstrates our strong earnings, sound asset quality, and strong capital in good times and bad times over many, many years,” Adams said.

Additionally, Adams highlighted that in January 2025, United closed its 34th acquisition with Piedmont Bancorp, Inc., headquartered in the Atlanta Metro area. The acquisition extended the Company’s Southeast banking franchise, which represented 43% of United’s outstanding loans as of year-end 2025. “This acquisition was highly accretive to earnings per share and moved us into one of the best banking markets in the nation,” Adams said.

In 2025, the Company also celebrated its 35th anniversary in the nation’s capital MSA, which it first entered through the purchase of a single-office, $28 million bank in McLean, Virginia. Today, United is the “Community Bank of the Nation’s Capital.”

“We truly had a very successful year, and I would like to congratulate United CEO Rick Adams for his leadership in 2025. I would also like to thank all of our United team members for their efforts in providing us with the opportunity to continue to build such a great banking company. Every day, we make a positive difference in the lives of our team members, our customers, our shareholders, and our communities,” Adams said.

During the meeting, it was announced that the following directors were elected by the shareholders to serve on the board until the 2027 Annual Meeting: Richard M. Adams, Executive Chairman of the Board, United Bankshares, Inc.; Richard M. Adams, Jr., Chief Executive Officer, United Bankshares, Inc.; Charles L. Capito, Jr., former Managing Director, Wells Fargo Advisors Complex; Peter A. Converse, former President and CEO, Virginia Commerce Bancorp, Inc.; Sara DuMond, MD, FAAP, Founder and CEO, Pediatric Housecalls, PLLC; Michael P. Fitzgerald, former Co-Founder, Chairman, CEO and President, Bank of Georgetown; Patrice A. Harris, MD, MA, FAPA, Psychiatrist, CEO and Principal, Health Strategies Enterprises, LLC; Diana Lewis Jackson, President and Founder, Action Facilities Management; Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC; Lacy I. Rice, III, Co-Founder and Managing Partner, Federated Capital Partners; Albert H. Small, Jr., Founder and President, Renaissance Centro Inc., LLC; Mary K. Weddle, CPA, former Executive Vice President, Long and Foster Companies; Gary G. White, Principal Consultant, JRW, LLC, and former Interim President, Marshall University; and P. Clinton Winter, President, Bray & Oakley Insurance Agency, Inc.

In addition to the election of directors, other proposals approved by shareholders included the ratification of the selection of Ernst & Young LLP to act as the independent registered public accounting firm for 2026 and approval, on an advisory basis, of the compensation of United’s named executive officers.

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 38th 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, Georgia, Ohio, and Pennsylvania. For more information, visit ubsi-inc.com.

More News From United Bankshares, Inc.

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in Charleston, United Bankshares (UBSI - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 13.85%. Currently paying a dividend of $0.38 per share, the company has a dividend yield of 3.48%. In comparison, the Banks - Southeast industry's yield is 2.03%, while the S&P 500's yield is 1.44%.

Looking at dividend growth, the company's current annualized dividend of $1.52 is up 2% from last year. Over the last 5 years, United Bankshares has increased its dividend 2 times on a year-over-year basis for an average annual increase of 1.39%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. United Bankshares's current payout ratio is 43%, meaning it paid out 43% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, UBSI expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $3.64 per share, which represents a year-over-year growth rate of 11.31%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that UBSI is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).