United Bankshares Q3 earnings slip to $129M
Nine-month earnings and net interest income rose, while third-quarter noninterest income declined 29% year over year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
United Bankshares, Inc. reported third-quarter 2026 net income of $128.7 million, or $0.94 per diluted share, compared with $131.4 million and $0.95 in the second quarter and $130.7 million and $0.92 a year earlier. Net interest income reached a record $294.3 million, up $8.9 million, or 3%, from Q2; net interest margin was 3.86%, versus 3.81%. First-nine-month net income was $384.3 million, compared with $335.8 million, and net interest income rose 6% to $862.1 million.
Third-quarter noninterest income fell 29% year over year to $30.8 million, while noninterest expense rose 7% to $156.7 million. Net charge-offs were $11.6 million, or 0.18% on an annualized basis as a percentage of average loans and leases, net of unearned income. At September 30, 2026, nonperforming assets were $121.1 million, or 0.35% of total assets, and estimated Common Equity Tier 1 capital was 12.9%. United repurchased 2.1 million shares at an average price of $46.84 in Q3 and announced a new plan for up to 6.8 million shares.
For Q4 2026, United expects non-FTE net interest income of $296 million to $301 million, assuming one 25 bps rate increase in Q4; the current provision-expense planning assumption is $8.5 million. United also announced plans to establish a full-service banking office in Palm Beach, Florida.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFirst-nine-month net income reached $384.3 million, versus $335.8 million.
- Moderate pointNine-month net interest income increased 6% to $862.1 million.
Negative
- Moderate pointThird-quarter noninterest income fell 29% year over year to $30.8 million.
Filing Explained
The post-quarter buyback is the new holder-relevant update: from
8-K Event Classification
Key Figures
Key Terms
Fully tax-equivalent net interest income financial
Net charge-offs financial
Common Equity Tier 1 capital financial
Allowance for loan & lease losses financial
Earnings Snapshot
For Q4 2026, non-FTE net interest income is expected to be $296 million to $301 million, and for 2026 it is expected to be $1.158 billion to $1.163 billion, assuming one 25 bps rate increase in Q4 2026. The current provision-expense planning assumption is $8.5 million for Q4 2026 and $27.5 million for FY 2026.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| No. |
||||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices)
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On October 22, 2026 United Bankshares, Inc. (“United”) announced its financial results for the third quarter and first nine months of 2026. A copy of the press release is attached as Exhibit 99.1 to this report. The press release is being furnished under Item 2.02 of this Form 8-K.
Item 9.01. Financial Statements and Exhibits
| (c) | The following exhibits are being furnished herewith: |
| 99.1 | Press Release, dated October 22, 2026, issued by United Bankshares, Inc. | |
| 99.2 | Slide presentation of financial information for the third quarter of 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED BANKSHARES, INC. | ||||||
| Date: October 22, 2026 | By: | /s/ W. Mark Tatterson | ||||
| W. Mark Tatterson, Executive Vice President and Chief Financial Officer | ||||||
EXHIBIT 99.1
News Release
| For Immediate Release | Contact: W. Mark Tatterson | |
| October 22, 2026 | Chief Financial Officer | |
| (800) 445-1347 ext. 8716 |
United Bankshares, Inc. Announces Earnings
for the Third Quarter of 2026
WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the third quarter of 2026 of $128.7 million, or $0.94 per diluted share. Third quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible common equity, a non-GAAP measure, of 1.50%, 9.24%, and 14.68%, respectively.
“Record net interest income, an expanding net interest margin, and strong organic growth drove earnings in the third quarter of 2026,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Continuing to underpin our success are our disciplined expense control and credit underwriting cultures, as well as our ongoing focus on efficient capital allocation.”
Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.56%, 9.53%, and 15.15%, respectively. Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.57%, 9.58%, and 15.45%, respectively.
1
United Bankshares, Inc. Announces…
October 22, 2026
Page Two
Third quarter of 2026 compared to the second quarter of 2026
Earnings for the third quarter of 2026 were $128.7 million, or $0.94 per diluted share, as compared to earnings of $131.4 million, or $0.95 per diluted share, for the second quarter of 2026.
Net interest income for the third quarter of 2026 was a record $294.3 million, an increase of $8.9 million, or 3%, from the second quarter of 2026. Fully tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, also increased $8.9 million, or 3%, from the second quarter of 2026. The increase in net interest income and fully tax-equivalent net interest income was primarily due to loan growth that was largely funded by deposit growth, the impact of strategic purchases of higher yielding investment securities throughout 2026, and the impact of higher market interest rates. Average net loans and loans held for sale increased $227.5 million, or 4% on an annualized basis, from the second quarter of 2026. The yield on average net loans and loans held for sale increased 7 basis points from the second quarter of 2026. Average investment securities increased $94.7 million and the yield on average investment securities increased 15 basis points from the second quarter of 2026. Average interest-bearing deposits increased $164.8 million, or 3% on an annualized basis, from the second quarter of 2026. The rate paid on average interest-bearing deposits increased 4 basis points from the second quarter of 2026. The net interest margin was 3.86% and 3.81% for the third quarter of 2026 and the second quarter of 2026, respectively.
The provision for credit losses for the third quarter of 2026 was $6.2 million as compared to $5.0 million for the second quarter of 2026. The provision for credit losses for the third quarter of 2026 reflected $11.6 million of net charge-offs and a $5.4 million decrease in the allowance for loan & lease losses from the prior quarter-end. For the third quarter of 2026, $6.3 million of net charge-offs, and the corresponding decrease in the allowance for loan & lease losses, were related to an individually evaluated commercial loan relationship for which the charged-off exposure was fully reserved as of the prior quarter-end. The provision for credit losses for the second quarter of 2026 reflected $5.1 million of net charge-offs and a relatively flat allowance for loan & lease losses from the prior quarter-end.
Noninterest income for the third quarter of 2026 was $30.8 million, a decrease of $7.7 million, or 20%, from the second quarter of 2026. Net losses on investment securities were $348 thousand for the third quarter of 2026 as compared to net gains on investment securities of $2.8 million for the second quarter of 2026. Other noninterest income of $1.3 million for the third quarter of 2026 was a decrease of $2.7 million from the second quarter of 2026. Income from mortgage banking activities of $1.3 million for the third quarter of 2026 was a decrease of $1.6 million from the second quarter of 2026. Net losses on investment securities for the third quarter of 2026 were driven by net unrealized fair value losses on equity securities. Net gains on investment securities of $2.8 million for the second quarter of 2026 included a $5.9 million gain as a result of the sale of an unaffiliated company in which United held an investment, a $5.7 million gain from a VISA share exchange, and $1.0 million in unrealized fair value gains on equity securities partially offset by a $9.7 million loss on the sale of $81.0 million of available for sale (“AFS”) investment securities. The decrease in other noninterest income was primarily due to lower market values of underlying investments associated with postretirement benefit plans, which was largely offset by a decrease in postretirement benefit costs recorded in noninterest expense as described below. The decrease in income from mortgage banking activities was primarily due to a lower quarter-end valuation of mortgage derivatives and loans held for sale as well as due to lower mortgage production volume.
2
United Bankshares, Inc. Announces…
October 22, 2026
Page Three
Noninterest expense for the third quarter of 2026 was $156.7 million, an increase of $2.0 million, or 1%, from the second quarter of 2026. The increase in noninterest expense was driven by a $2.8 million increase in employee compensation and a $2.7 million increase in the expense for the reserve for unfunded loan commitments partially offset by a $3.7 million decrease in employee benefits. The increase in employee compensation was primarily due to higher salaries, reflecting strategic hiring and a full quarter’s impact of annual salary increases, as well as due to higher production-related commissions. The increase in the expense for the reserve for unfunded loan commitments reflected a larger increase in outstanding loan commitments during the third quarter of 2026 as compared with the increase during the second quarter of 2026. The decrease in employee benefits was primarily due to lower postretirement benefit costs and lower health insurance expenses.
For the third quarter of 2026, income tax expense was $33.4 million as compared to $32.8 million for the second quarter of 2026. This increase in income tax expense was driven by the impact of a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 20.6% and 20.0% for the third quarter of 2026 and second quarter of 2026, respectively.
Third quarter of 2026 compared to the third quarter of 2025
Earnings for the third quarter of 2026 were $128.7 million, or $0.94 per diluted share, as compared to earnings of $130.7 million, or $0.92 per diluted share, for the third quarter of 2025.
Net interest income for the third quarter of 2026 increased $14.1 million, or 5%, from the third quarter of 2025. Fully tax-equivalent net interest income also increased $14.1 million, or 5%, from the third quarter of 2025. The increase in net interest income and fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits, loan growth, and the impact of strategic purchases of higher yielding investment securities throughout 2026. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and growth in average interest-bearing deposits. The rate paid on average interest-bearing deposits decreased 33 basis points from the third quarter of 2025. Average net loans and loans held for sale increased $887.3 million, or 4%, from the third quarter of 2025. The yield on average net loans and loans held for sale decreased 18 basis points from the third quarter of 2025. Acquired loan accretion income decreased $2.6 million from the third quarter of 2025. Average investment securities increased $337.9 million and the yield on average investment securities increased 14 basis points from the third quarter of 2025. Average interest-bearing deposits increased $649.8 million, or 3%, from the third quarter of 2025. The net interest margin was 3.86% and 3.80% for the third quarter of 2026 and the third quarter of 2025, respectively.
The provision for credit losses was $6.2 million for the third quarter of 2026 as compared to $12.1 million for the third quarter of 2025.
Noninterest income for the third quarter of 2026 decreased $12.4 million, or 29%, from the third quarter of 2025. Net losses on investment securities were $348 thousand for the third quarter of 2026 as compared to net gains on investment securities of $10.4 million for the third quarter of 2025. Other noninterest income of $1.3 million for the third quarter of 2026 was a decrease of $1.1 million from the third quarter of 2025. Income from mortgage banking activities of $1.3 million for the third quarter of 2026 was a decrease of $1.2 million from the third quarter of 2025. Net gains on investment securities of $10.4 million for the third quarter of 2025 were primarily due to unrealized fair value gains on equity securities. The decrease in other noninterest income was primarily due to lower market values of underlying investments associated with postretirement benefit plans, which was largely offset by a decrease in postretirement benefit costs recorded in noninterest expense as described below. The decrease in income from mortgage banking activities was primarily due to a lower quarter-end valuation of mortgage derivatives and loans held for sale as well as due to lower mortgage production volume.
3
United Bankshares, Inc. Announces…
October 22, 2026
Page Four
Noninterest expense for the third quarter of 2026 increased $10.0 million, or 7%, from the third quarter of 2025. Employee compensation increased $5.3 million from the third quarter of 2025 primarily due to higher salaries, production-related commissions, and employee incentives. The expense for the reserve for unfunded loan commitments was $2.8 million for the third quarter of 2026 as compared to a net benefit in the expense for the reserve for unfunded loan commitments of $3.2 million for the third quarter of 2025. Partially offsetting these increases to noninterest expense was a $2.0 million decrease in employee benefits from the third quarter of 2025 primarily due to lower postretirement benefit costs and lower health insurance expenses.
Income tax expense for the third quarter of 2026 was flat from the third quarter of 2025, decreasing $298 thousand, or less than 1%. The impact of lower earnings was largely offset by a slightly higher effective tax rate. United’s effective tax rate was 20.6% and 20.5% for the third quarter of 2026 and third quarter of 2025, respectively.
First nine months of 2026 compared to the first nine months of 2025
Earnings for the first nine months of 2026 were $384.3 million, or $2.77 per diluted share, as compared to earnings of $335.8 million, or $2.36 per diluted share, for the first nine months of 2025.
Net interest income for the first nine months of 2026 was $862.1 million, an increase of $47.4 million, or 6%, from the first nine months of 2025. Fully tax-equivalent net interest income increased $47.3 million, or 6%, from the first nine months of 2025. The increase in net interest income and fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits and loan growth. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and growth in average interest-bearing deposits. Average net loans and loans held for sale increased $1.1 billion from the first nine months of 2025. The yield on average net loans and loans held for sale decreased 18 basis points from the first nine months of 2025. Acquired loan accretion income decreased $7.9 million from the first nine months of 2025. Average investment securities increased $227.2 million from the first nine months of 2025. Average interest-bearing deposits increased $930.3 million from the first nine months of 2025. The rate paid on average interest-bearing deposits decreased 36 basis points from the first nine months of 2025. The net interest margin was 3.82% and 3.77% for the first nine months of 2026 and the first nine months of 2025, respectively.
The provision for credit losses was $19.0 million for the first nine months of 2026. The provision for credit losses was $47.1 million for the first nine months of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from the acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”), which was completed on January 10, 2025.
4
United Bankshares, Inc. Announces…
October 22, 2026
Page Five
Noninterest income for the first nine months of 2026 was relatively flat from the first nine months of 2025, decreasing $804 thousand, or less than 1%. A $6.7 million decrease in net gains on investment securities was largely offset by a $4.0 million increase in fees from brokerage services and a $1.6 million increase in other noninterest income. Net gains on investment securities for the first nine months of 2026 of $4.7 million included the gain as a result of the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, and a gain on the sale of equity securities partially offset by a loss on the sale of AFS investment securities. Net gains on investment securities for the first nine months of 2025 of $11.4 million were primarily due to unrealized fair value gains on equity securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense as described below.
Noninterest expense for the first nine months of 2026 was $464.2 million while noninterest expense was $448.3 million for the first nine months of 2025, which included $12.7 million in merger-related expenses. The increase in noninterest expense was driven by an $11.5 million increase in employee compensation, a $7.3 million increase in the expense for the reserve for unfunded loan commitments, a $3.5 million increase in employee benefits, a $2.1 million increase in software and equipment expense and smaller increases in several other categories of noninterest expense. These increases in noninterest expense were partially offset by a $5.8 million decrease in other noninterest expense, a $3.3 million decrease in data processing, and smaller decreases in several other categories of noninterest expense. The increase in employee compensation was primarily due to higher salaries, production-related commissions, employee incentives, and stock-based compensation costs. Employee compensation for the first nine months of 2025 included $1.5 million in merger-related expenses. The increase in employee benefits was primarily due to higher postretirement benefit and Federal Insurance Contributions Act (“FICA”) costs partially offset by lower health insurance expenses. The expense for the reserve for unfunded loan commitments for the first nine months of 2025 included $4.1 million in merger-related expense from the acquisition. Other noninterest expense for the first nine months of 2025 included $7.0 million of merger-related expenses. The decrease in data processing was primarily due to technology contract renegotiations. Other fluctuations in noninterest expense were driven by general operating expenses.
For the first nine months of 2026, income tax expense was $98.0 million as compared to $87.7 million for the first nine months of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.3% and 20.7% for the first nine months of 2026 and first nine months of 2025, respectively.
Credit Quality
At September 30, 2026, non-performing loans (“NPLs”) were $109.9 million, or 0.43% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $121.1 million, including other real estate owned (“OREO”) of $11.2 million, or 0.35% of total assets at September 30, 2026. At June 30, 2026, NPLs were $110.6 million, or 0.44% of loans & leases, net of unearned income. Total NPAs were $120.9 million, including OREO of $10.2 million, or 0.36% of total assets at June 30, 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 September 30, 2026, the allowance for loan & lease losses was $294.1 million, or 1.16% of loans & leases, net of unearned income. As of June 30, 2026, the allowance for loan & lease losses was $299.5 million, or 1.20% of loans & leases, net of unearned income. 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 $11.6 million, or 0.18% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2026. Net charge-offs were $5.1 million, or 0.08% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2026. Net charge-offs were $20.0 million, or 0.33% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2025. Net charge-offs were $22.4 million, or 0.12% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2026. Net charge-offs were $36.4 million, or 0.20% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2025.
5
United Bankshares, Inc. Announces…
October 22, 2026
Page Six
Capital
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.2% at September 30, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 12.9%, 12.9%, and 11.1%, 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 third quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 2.1 million shares of its common stock at an average price per share of $46.84. During the first nine months of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 5.4 million shares of its common stock at an average price per share of $43.77.
About United Bankshares, Inc.
United Bankshares, Inc. (“United”) (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of September 30, 2026. United is the 35th largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which has over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com.
6
United Bankshares, Inc. Announces…
October 22, 2026
Page Seven
Cautionary Statements
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2026 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2026 and will adjust amounts preliminarily reported, if necessary.
Use of non-GAAP Financial Measures
This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.
Specifically, this press release contains certain references to financial measures identified as fully tax-equivalent (FTE) net interest income, average tangible common equity, return on average tangible common equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.
Net interest income, the yield on earning assets, yield on investment securities, net interest margin, and interest spread are presented in this press release on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although these are non-GAAP measures, United’s management believes these measures are more widely used within the financial services industry and provide better comparability of net interest income arising from taxable and tax-exempt sources and additional insight into the net interest margin by adjusting for differences in tax treatment of interest income sources. United uses this measure to monitor net interest income performance, net interest margin and yields on earning assets and investment securities and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.
Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis and considering net income, a return on average tangible common equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of shareholders’ equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.
Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.
Forward-Looking Statements
In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the economic impact of oil and gas prices; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.
7
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 2026 |
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| EARNINGS SUMMARY: |
||||||||||||||||||||
| Interest income |
$ | 431,690 | $ | 418,197 | $ | 430,957 | $ | 1,265,816 | $ | 1,255,800 | ||||||||||
| Interest expense |
137,439 | 132,885 | 150,842 | 403,738 | 441,093 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest income |
294,251 | 285,312 | 280,115 | 862,078 | 814,707 | |||||||||||||||
| Provision for credit losses |
6,241 | 4,961 | 12,095 | 18,978 | 47,087 | |||||||||||||||
| Noninterest income |
30,845 | 38,506 | 43,204 | 103,414 | 104,218 | |||||||||||||||
| Noninterest expense |
156,714 | 154,715 | 146,741 | 464,243 | 448,334 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income before income taxes |
162,141 | 164,142 | 164,483 | 482,271 | 423,504 | |||||||||||||||
| Income taxes |
33,437 | 32,765 | 33,735 | 97,990 | 87,729 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
$ | 128,704 | $ | 131,377 | $ | 130,748 | $ | 384,281 | $ | 335,775 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| PER COMMON SHARE: |
||||||||||||||||||||
| Net income: |
||||||||||||||||||||
| Basic |
$ | 0.94 | $ | 0.95 | $ | 0.92 | $ | 2.78 | $ | 2.36 | ||||||||||
| Diluted |
0.94 | 0.95 | 0.92 | 2.77 | 2.36 | |||||||||||||||
| Cash dividends |
0.38 | 0.38 | 0.37 | $ | 1.14 | $ | 1.11 | |||||||||||||
| Book value |
40.14 | 40.24 | 38.58 | |||||||||||||||||
| Closing market price |
$ | 45.94 | $ | 45.83 | $ | 37.21 | ||||||||||||||
| Common shares outstanding: |
||||||||||||||||||||
| Actual at period end, net of treasury shares |
134,872,427 | 136,942,149 | 141,170,258 | |||||||||||||||||
| Weighted average-basic |
136,426,622 | 137,982,273 | 141,547,684 | 137,876,209 | 141,901,752 | |||||||||||||||
| Weighted average-diluted |
137,031,300 | 138,417,644 | 141,960,608 | 138,371,305 | 142,209,810 | |||||||||||||||
| FINANCIAL RATIOS(1): |
||||||||||||||||||||
| Return on average assets |
1.50 | % | 1.56 | % | 1.57 | % | 1.52 | % | 1.38 | % | ||||||||||
| Return on average shareholders’ equity |
9.24 | % | 9.53 | % | 9.58 | % | 9.28 | % | 8.39 | % | ||||||||||
| Return on average tangible common equity (non-GAAP)(2) |
14.68 | % | 15.15 | % | 15.45 | % | 14.74 | % | 13.63 | % | ||||||||||
| Average shareholders’ equity to average assets |
16.23 | % | 16.38 | % | 16.37 | % | 16.35 | % | 16.40 | % | ||||||||||
| Net interest margin (FTE) |
3.86 | % | 3.81 | % | 3.80 | % | 3.82 | % | 3.77 | % | ||||||||||
| September 30 2026 |
June 30 2026 |
December 31 2025 |
September 30 2025 |
|||||||||||||||||
| PERIOD END BALANCES: |
||||||||||||||||||||
| Assets |
$ | 34,228,531 | $ | 33,751,832 | $ | 33,660,281 | $ | 33,407,181 | ||||||||||||
| Earning assets |
30,534,364 | 30,066,445 | 30,014,321 | 29,734,793 | ||||||||||||||||
| Loans & leases, net of unearned income |
25,460,258 | 24,994,524 | 24,709,122 | 24,519,706 | ||||||||||||||||
| Loans held for sale |
17,712 | 35,224 | 31,277 | 24,226 | ||||||||||||||||
| Investment securities |
3,841,941 | 3,659,031 | 3,400,400 | 3,359,524 | ||||||||||||||||
| Total deposits |
27,710,734 | 27,170,747 | 27,060,939 | 26,883,520 | ||||||||||||||||
| Shareholders’ equity |
5,413,913 | 5,510,537 | 5,495,983 | 5,445,715 | ||||||||||||||||
Notes:
| (1) | Applicable ratios are annualized. |
| (2) | See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure. |
8
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 2026 |
June 2026 |
September 2025 |
September 2026 |
September 2025 |
||||||||||||||||
| Interest & Loan Fees Income (GAAP) |
$ | 431,690 | $ | 418,197 | $ | 430,957 | $ | 1,265,816 | $ | 1,255,800 | ||||||||||
| Tax equivalent adjustment |
713 | 787 | 781 | 2,280 | 2,354 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest & Fees Income (FTE) (non-GAAP) |
432,403 | 418,984 | 431,738 | 1,268,096 | 1,258,154 | |||||||||||||||
| Interest Expense |
137,439 | 132,885 | 150,842 | 403,738 | 441,093 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Interest Income (FTE) (non-GAAP) |
294,964 | 286,099 | 280,896 | 864,358 | 817,061 | |||||||||||||||
| Provision for Credit Losses |
6,241 | 4,961 | 12,095 | 18,978 | 47,087 | |||||||||||||||
| Noninterest Income: |
||||||||||||||||||||
| Fees from trust services |
5,118 | 5,190 | 4,970 | 15,165 | 14,683 | |||||||||||||||
| Fees from brokerage services |
6,606 | 6,764 | 6,264 | 20,773 | 16,771 | |||||||||||||||
| Fees from deposit services |
10,082 | 10,069 | 10,145 | 29,728 | 29,116 | |||||||||||||||
| Bankcard fees and merchant discounts |
2,227 | 2,367 | 1,858 | 6,571 | 5,711 | |||||||||||||||
| Other charges, commissions, and fees |
1,144 | 1,226 | 1,183 | 3,469 | 3,418 | |||||||||||||||
| Income from bank-owned life insurance |
3,422 | 3,134 | 3,460 | 9,550 | 10,448 | |||||||||||||||
| Income from mortgage banking activities |
1,283 | 2,922 | 2,495 | 6,760 | 7,577 | |||||||||||||||
| Net (losses) gains on investment securities |
(348 | ) | 2,785 | 10,442 | 4,702 | 11,388 | ||||||||||||||
| Other noninterest income |
1,311 | 4,049 | 2,387 | 6,696 | 5,106 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Noninterest Income |
30,845 | 38,506 | 43,204 | 103,414 | 104,218 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Noninterest Expense: |
||||||||||||||||||||
| Employee compensation |
69,391 | 66,549 | 64,092 | 199,433 | 187,887 | |||||||||||||||
| Employee benefits |
12,621 | 16,296 | 14,641 | 44,897 | 41,366 | |||||||||||||||
| Net occupancy |
12,809 | 13,108 | 12,488 | 38,930 | 37,614 | |||||||||||||||
| Data processing |
7,142 | 7,148 | 8,135 | 21,291 | 24,542 | |||||||||||||||
| Amortization of intangibles |
1,838 | 1,838 | 2,340 | 5,514 | 7,022 | |||||||||||||||
| OREO expense |
298 | 516 | 201 | 1,289 | 459 | |||||||||||||||
| Net losses on the sale of OREO properties |
20 | 37 | — | 57 | 5 | |||||||||||||||
| Software and equipment expense |
9,597 | 9,435 | 8,540 | 27,772 | 25,673 | |||||||||||||||
| FDIC insurance expense |
4,425 | 4,550 | 4,345 | 13,451 | 13,605 | |||||||||||||||
| Expense for the reserve for unfunded loan commitments |
2,845 | 175 | (3,181 | ) | 4,992 | (2,272 | ) | |||||||||||||
| Other noninterest expense |
35,728 | 35,063 | 35,140 | 106,617 | 112,433 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Noninterest Expense |
156,714 | 154,715 | 146,741 | 464,243 | 448,334 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income Before Income Taxes (FTE) (non-GAAP) |
162,854 | 164,929 | 165,264 | 484,551 | 425,858 | |||||||||||||||
| Tax equivalent adjustment |
713 | 787 | 781 | 2,280 | 2,354 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income Before Income Taxes (GAAP) |
162,141 | 164,142 | 164,483 | 482,271 | 423,504 | |||||||||||||||
| Taxes |
33,437 | 32,765 | 33,735 | 97,990 | 87,729 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Income |
$ | 128,704 | $ | 131,377 | $ | 130,748 | $ | 384,281 | $ | 335,775 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| MEMO: Effective Tax Rate |
20.62 | % | 19.96 | % | 20.51 | % | 20.32 | % | 20.72 | % | ||||||||||
9
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| September 30 2026 |
June 30 2026 |
December 31 2025 |
September 30 2025 |
|||||||||||||
| Cash & Cash Equivalents |
$ | 1,882,389 | $ | 2,081,303 | $ | 2,542,250 | $ | 2,518,719 | ||||||||
| Securities Available for Sale |
3,500,495 | 3,319,750 | 3,059,452 | 3,023,976 | ||||||||||||
| Less: Allowance for credit losses |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net available for sale securities |
3,500,495 | 3,319,750 | 3,059,452 | 3,023,976 | ||||||||||||
| Securities Held to Maturity |
1,020 | 1,020 | 1,020 | 1,020 | ||||||||||||
| Less: Allowance for credit losses |
(13 | ) | (14 | ) | (16 | ) | (17 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net held to maturity securities |
1,007 | 1,006 | 1,004 | 1,003 | ||||||||||||
| Equity Securities |
25,765 | 30,107 | 34,760 | 34,694 | ||||||||||||
| Other Investment Securities |
314,674 | 308,168 | 305,184 | 299,851 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Securities |
3,841,941 | 3,659,031 | 3,400,400 | 3,359,524 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Cash and Securities |
5,724,330 | 5,740,334 | 5,942,650 | 5,878,243 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loans held for sale |
17,712 | 35,224 | 31,277 | 24,226 | ||||||||||||
| Commercial Loans & Leases |
19,578,244 | 19,216,523 | 19,049,978 | 18,903,200 | ||||||||||||
| Mortgage Loans |
5,018,722 | 4,958,277 | 4,854,418 | 4,802,370 | ||||||||||||
| Consumer Loans |
876,516 | 831,438 | 816,224 | 825,585 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross Loans |
25,473,482 | 25,006,238 | 24,720,620 | 24,531,155 | ||||||||||||
| Unearned income |
(13,224 | ) | (11,714 | ) | (11,498 | ) | (11,449 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loans & Leases, net of unearned income |
25,460,258 | 24,994,524 | 24,709,122 | 24,519,706 | ||||||||||||
| Allowance for Loan & Lease Losses |
(294,146 | ) | (299,504 | ) | (297,518 | ) | (300,050 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Loans |
25,166,112 | 24,695,020 | 24,411,604 | 24,219,656 | ||||||||||||
| Goodwill |
2,018,848 | 2,018,848 | 2,018,848 | 2,018,864 | ||||||||||||
| Other Intangibles |
26,753 | 28,591 | 32,267 | 34,608 | ||||||||||||
| Operating Lease Right-of-Use Asset |
99,188 | 92,772 | 89,312 | 89,967 | ||||||||||||
| Other Real Estate Owned |
11,198 | 10,212 | 8,857 | 6,891 | ||||||||||||
| Bank Owned Life Insurance |
555,251 | 558,032 | 547,127 | 544,979 | ||||||||||||
| Other Assets |
609,139 | 572,799 | 578,339 | 589,747 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Assets |
$ | 34,228,531 | $ | 33,751,832 | $ | 33,660,281 | $ | 33,407,181 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| MEMO: Interest-earning Assets |
$ | 30,534,364 | $ | 30,066,445 | $ | 30,014,321 | $ | 29,734,793 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Interest-bearing Deposits |
$ | 20,886,181 | $ | 20,439,014 | $ | 20,487,309 | $ | 20,295,609 | ||||||||
| Noninterest-bearing Deposits |
6,824,553 | 6,731,733 | 6,573,630 | 6,587,911 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Deposits |
27,710,734 | 27,170,747 | 27,060,939 | 26,883,520 | ||||||||||||
| Short-term Borrowings |
184,810 | 166,996 | 198,573 | 169,013 | ||||||||||||
| Long-term Borrowings |
533,011 | 532,615 | 531,817 | 531,418 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Borrowings |
717,821 | 699,611 | 730,390 | 700,431 | ||||||||||||
| Operating Lease Liability |
106,918 | 99,757 | 95,392 | 95,901 | ||||||||||||
| Other Liabilities |
279,145 | 271,180 | 277,577 | 281,614 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities |
28,814,618 | 28,241,295 | 28,164,298 | 27,961,466 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Preferred Equity |
— | — | — | — | ||||||||||||
| Common Equity |
5,413,913 | 5,510,537 | 5,495,983 | 5,445,715 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Shareholders’ Equity |
5,413,913 | 5,510,537 | 5,495,983 | 5,445,715 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities & Shareholders’ Equity |
$ | 34,228,531 | $ | 33,751,832 | $ | 33,660,281 | $ | 33,407,181 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| MEMO: Interest-bearing Liabilities |
$ | 21,604,002 | $ | 21,138,625 | $ | 21,217,699 | $ | 20,996,040 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
10
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Average Balance Sheets
| September 2026 | June 2026 | September 2025 | ||||||||||
| Q-T-D Average | Q-T-D Average | Q-T-D Average | ||||||||||
| Cash & Cash Equivalents |
$ | 2,134,727 | $ | 2,166,377 | $ | 2,396,950 | ||||||
| Securities Available for Sale |
3,395,531 | 3,306,377 | 3,063,171 | |||||||||
| Less: Allowance for credit losses |
— | — | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Net available for sale securities |
3,395,531 | 3,306,377 | 3,063,171 | |||||||||
| Securities Held to Maturity |
1,020 | 1,020 | 1,020 | |||||||||
| Less: Allowance for credit losses |
(14 | ) | (16 | ) | (18 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net held to maturity securities |
1,006 | 1,004 | 1,002 | |||||||||
| Equity Securities |
28,019 | 23,786 | 22,157 | |||||||||
| Other Investment Securities |
316,468 | 309,340 | 302,668 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Securities |
3,741,024 | 3,640,507 | 3,388,998 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Cash and Securities |
5,875,751 | 5,806,884 | 5,785,948 | |||||||||
|
|
|
|
|
|
|
|||||||
| Loans held for sale |
24,056 | 34,273 | 30,368 | |||||||||
| Commercial Loans & Leases |
19,330,469 | 19,174,662 | 18,683,691 | |||||||||
| Mortgage Loans |
4,979,925 | 4,917,634 | 4,772,913 | |||||||||
| Consumer Loans |
878,583 | 858,082 | 846,488 | |||||||||
|
|
|
|
|
|
|
|||||||
| Gross Loans |
25,188,977 | 24,950,378 | 24,303,092 | |||||||||
| Unearned income |
(12,979 | ) | (11,874 | ) | (12,177 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Loans & Leases, net of unearned income |
25,175,998 | 24,938,504 | 24,290,915 | |||||||||
| Allowance for Loan & Lease Losses |
(299,439 | ) | (299,614 | ) | (307,983 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Loans |
24,876,559 | 24,638,890 | 23,982,932 | |||||||||
| Goodwill |
2,018,848 | 2,018,848 | 2,018,948 | |||||||||
| Other Intangibles |
27,965 | 29,783 | 36,134 | |||||||||
| Operating Lease Right-of-Use Asset |
94,716 | 88,433 | 89,820 | |||||||||
| Other Real Estate Owned |
10,767 | 10,281 | 6,414 | |||||||||
| Bank Owned Life Insurance |
559,014 | 554,079 | 542,684 | |||||||||
| Other Assets |
560,888 | 558,830 | 576,522 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 34,048,564 | $ | 33,740,301 | $ | 33,069,770 | ||||||
|
|
|
|
|
|
|
|||||||
| MEMO: Interest-earning Assets |
$ | 30,389,716 | $ | 30,101,804 | $ | 29,419,570 | ||||||
|
|
|
|
|
|
|
|||||||
| Interest-bearing Deposits |
$ | 20,670,359 | $ | 20,505,605 | $ | 20,020,573 | ||||||
| Noninterest-bearing Deposits |
6,817,000 | 6,672,733 | 6,614,586 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Deposits |
27,487,359 | 27,178,338 | 26,635,159 | |||||||||
| Short-term Borrowings |
174,815 | 177,707 | 155,966 | |||||||||
| Long-term Borrowings |
532,789 | 532,390 | 544,020 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Borrowings |
707,604 | 710,097 | 699,986 | |||||||||
| Operating Lease Liability |
101,921 | 94,525 | 95,686 | |||||||||
| Other Liabilities |
226,186 | 229,491 | 225,479 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
28,523,070 | 28,212,451 | 27,656,310 | |||||||||
|
|
|
|
|
|
|
|||||||
| Preferred Equity |
— | — | — | |||||||||
| Common Equity |
5,525,494 | 5,527,850 | 5,413,460 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Shareholders’ Equity |
5,525,494 | 5,527,850 | 5,413,460 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities & Equity |
$ | 34,048,564 | $ | 33,740,301 | $ | 33,069,770 | ||||||
|
|
|
|
|
|
|
|||||||
| MEMO: Interest-bearing Liabilities |
$ | 21,377,963 | $ | 21,215,702 | $ | 20,720,559 | ||||||
|
|
|
|
|
|
|
|||||||
11
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September | June | September | September | September | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
|
Quarterly/Year-to-Date Share Data: |
||||||||||||||||||||
| Earnings Per Share: |
||||||||||||||||||||
| Basic |
$ | 0.94 | $ | 0.95 | $ | 0.92 | $ | 2.78 | $ | 2.36 | ||||||||||
| Diluted |
$ | 0.94 | $ | 0.95 | $ | 0.92 | $ | 2.77 | $ | 2.36 | ||||||||||
| Common Dividend Declared Per Share |
$ | 0.38 | $ | 0.38 | $ | 0.37 | $ | 1.14 | $ | 1.11 | ||||||||||
| High Common Stock Price |
$ | 49.62 | $ | 46.50 | $ | 39.11 | $ | 49.62 | $ | 39.56 | ||||||||||
| Low Common Stock Price |
$ | 45.03 | $ | 41.12 | $ | 34.48 | $ | 37.92 | $ | 30.50 | ||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
||||||||||||||||||||
| Basic |
136,426,622 | 137,982,273 | 141,547,684 | 137,876,209 | 141,901,752 | |||||||||||||||
| Diluted |
137,031,300 | 138,417,644 | 141,960,608 | 138,371,305 | 142,209,810 | |||||||||||||||
| Common Dividends |
$ | 51,998 | $ | 52,606 | $ | 52,462 | $ | 157,777 | $ | 158,544 | ||||||||||
| Dividend Payout Ratio |
40.40 | % | 40.04 | % | 40.12 | % | 41.06 | % | 47.22 | % | ||||||||||
| September 30 | June 30 | December 31 | September 30 | |||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | |||||||||||||||||
| EOP Share Data: |
||||||||||||||||||||
| Book Value Per Share |
$ | 40.14 | $ | 40.24 | $ | 39.29 | $ | 38.58 | ||||||||||||
| Tangible Book Value Per Share (non-GAAP) (1) |
$ | 24.97 | $ | 25.29 | $ | 24.63 | $ | 24.03 | ||||||||||||
| 52-week High Common Stock Price |
$ | 49.62 | $ | 46.50 | $ | 40.52 | $ | 44.43 | ||||||||||||
| Date |
08/04/26 | 06/26/26 | 12/18/25 | 11/25/24 | ||||||||||||||||
| 52-week Low Common Stock Price |
$ | 34.10 | $ | 34.10 | $ | 30.50 | $ | 30.50 | ||||||||||||
| Date |
10/16/25 | 10/16/25 | 04/04/25 | 04/04/25 | ||||||||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
|
134,872,427 | 136,942,149 | 139,880,247 | 141,170,258 | |||||||||||||||
| Memorandum Items: |
||||||||||||||||||||
| Employees (full-time equivalent) |
2,812 | 2,754 | 2,740 | 2,779 | ||||||||||||||||
| Note: |
||||||||||||||||||||
| (1) Tangible Book Value Per Share: |
||||||||||||||||||||
| Total Shareholders’ Equity (GAAP) |
$ | 5,413,913 | $ | 5,510,537 | $ | 5,495,983 | $ | 5,445,715 | ||||||||||||
| Less: Total Intangibles |
(2,045,601 | ) | (2,047,439 | ) | (2,051,115 | ) | (2,053,472 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Tangible Common Equity (non-GAAP) |
$ | 3,368,312 | $ | 3,463,098 | $ | 3,444,868 | $ | 3,392,243 | ||||||||||||
| ÷ EOP Shares Outstanding (Net of Treasury Stock) |
134,872,427 | 136,942,149 | 139,880,247 | 141,170,258 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Tangible Book Value Per Share (non-GAAP) |
$ | 24.97 | $ | 25.29 | $ | 24.63 | $ | 24.03 | ||||||||||||
12
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended September 2026 |
Three Months Ended June 2026 |
Three Months Ended September 2025 |
||||||||||||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
| Balance | Interest(1) | Rate(1) | Balance | Interest(1) | Rate(1) | Balance | Interest(1) | Rate(1) | ||||||||||||||||||||||||||||
| Selected Average Balances and Yields: |
||||||||||||||||||||||||||||||||||||
| ASSETS: |
||||||||||||||||||||||||||||||||||||
| Earning Assets: |
||||||||||||||||||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell and other short-term investments |
$ | 1,882,636 | $ | 17,826 | 3.76 | % | $ | 1,916,842 | $ | 17,881 | 3.74 | % | $ | 2,137,694 | $ | 24,053 | 4.46 | % | ||||||||||||||||||
| Investment securities: |
||||||||||||||||||||||||||||||||||||
| Taxable |
3,408,328 | 31,807 | 3.73 | % | 3,310,627 | 29,535 | 3.57 | % | 3,073,283 | 27,509 | 3.58 | % | ||||||||||||||||||||||||
| Tax-exempt |
198,137 | 1,487 | 3.00 | % | 201,172 | 1,506 | 2.99 | % | 195,293 | 1,522 | 3.12 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total securities |
3,606,465 | 33,294 | 3.69 | % | 3,511,799 | 31,041 | 3.54 | % | 3,268,576 | 29,031 | 3.55 | % | ||||||||||||||||||||||||
| Loans and loans held for sale, net of unearned income (2) |
25,200,054 | 381,283 | 6.01 | % | 24,972,777 | 370,062 | 5.94 | % | 24,321,283 | 378,654 | 6.18 | % | ||||||||||||||||||||||||
| Allowance for loan losses |
(299,439 | ) | (299,614 | ) | (307,983 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Net loans and loans held for sale |
24,900,615 | 6.08 | % | 24,673,163 | 6.01 | % | 24,013,300 | 6.26 | % | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total earning assets |
30,389,716 | $ | 432,403 | 5.65 | % | 30,101,804 | $ | 418,984 | 5.58 | % | 29,419,570 | $ | 431,738 | 5.83 | % | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other assets |
3,658,848 | 3,638,497 | 3,650,200 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| TOTAL ASSETS |
$ | 34,048,564 | $ | 33,740,301 | $ | 33,069,770 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| LIABILITIES: |
||||||||||||||||||||||||||||||||||||
| Interest-Bearing Liabilities: |
||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits |
$ | 20,670,359 | $ | 130,563 | 2.51 | % | $ | 20,505,605 | $ | 126,141 | 2.47 | % | $ | 20,020,573 | $ | 143,445 | 2.84 | % | ||||||||||||||||||
| Short-term borrowings |
174,815 | 1,436 | 3.26 | % | 177,707 | 1,425 | 3.22 | % | 155,966 | 1,420 | 3.61 | % | ||||||||||||||||||||||||
| Long-term borrowings |
532,789 | 5,440 | 4.05 | % | 532,390 | 5,319 | 4.01 | % | 544,020 | 5,977 | 4.36 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total interest-bearing liabilities |
21,377,963 | 137,439 | 2.55 | % | 21,215,702 | 132,885 | 2.51 | % | 20,720,559 | 150,842 | 2.89 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Noninterest-bearing deposits |
6,817,000 | 6,672,733 | 6,614,586 | |||||||||||||||||||||||||||||||||
| Accrued expenses and other liabilities |
328,107 | 324,016 | 321,165 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| TOTAL LIABILITIES |
28,523,070 | 28,212,451 | 27,656,310 | |||||||||||||||||||||||||||||||||
| SHAREHOLDERS’ EQUITY |
5,525,494 | 5,527,850 | 5,413,460 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 34,048,564 | $ | 33,740,301 | $ | 33,069,770 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| NET INTEREST INCOME |
$ | 294,964 | $ | 286,099 | $ | 280,896 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| INTEREST SPREAD |
3.10 | % | 3.07 | % | 2.94 | % | ||||||||||||||||||||||||||||||
| NET INTEREST MARGIN |
3.86 | % | 3.81 | % | 3.80 | % | ||||||||||||||||||||||||||||||
| (1) | The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully tax-equivalent basis using the statutory federal income tax rate of 21%. |
| (2) | Non-accruing loans are included in the daily average loan amounts outstanding. |
13
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Nine Months Ended September 2026 |
Nine Months Ended September 2025 |
|||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest(1) | Rate(1) | Balance | Interest(1) | Rate(1) | |||||||||||||||||||
| Selected Average Balances and Yields: |
||||||||||||||||||||||||
| ASSETS: |
||||||||||||||||||||||||
| Earning Assets: |
||||||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell and other short-term investments |
$ | 2,011,479 | $ | 56,417 | 3.75 | % | $ | 2,098,511 | $ | 70,412 | 4.49 | % | ||||||||||||
| Investment securities: |
||||||||||||||||||||||||
| Taxable |
3,270,808 | 87,424 | 3.56 | % | 3,048,195 | 81,126 | 3.55 | % | ||||||||||||||||
| Tax-exempt |
201,321 | 4,495 | 2.98 | % | 196,778 | 4,543 | 3.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total securities |
3,472,129 | 91,919 | 3.53 | % | 3,244,973 | 85,669 | 3.52 | % | ||||||||||||||||
| Loans and loans held for sale, net of unearned income (2) |
25,016,311 | 1,119,760 | 5.98 | % | 23,947,635 | 1,102,073 | 6.15 | % | ||||||||||||||||
| Allowance for loan losses |
(298,871 | ) | (308,868 | ) | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net loans and loans held for sale |
24,717,440 | 6.05 | % | 23,638,767 | 6.23 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total earning assets |
30,201,048 | $ | 1,268,096 | 5.61 | % | 28,982,251 | $ | 1,258,154 | 5.80 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Other assets |
3,639,635 | 3,630,874 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| TOTAL ASSETS |
$ | 33,840,683 | $ | 32,613,125 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| LIABILITIES: |
||||||||||||||||||||||||
| Interest-Bearing Liabilities: |
||||||||||||||||||||||||
| Interest-bearing deposits |
$ | 20,597,158 | $ | 383,432 | 2.49 | % | $ | 19,666,836 | $ | 418,889 | 2.85 | % | ||||||||||||
| Short-term borrowings |
178,289 | 4,300 | 3.22 | % | 162,776 | 4,358 | 3.58 | % | ||||||||||||||||
| Long-term borrowings |
532,388 | 16,006 | 4.02 | % | 549,771 | 17,846 | 4.34 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest-bearing liabilities |
21,307,835 | 403,738 | 2.53 | % | 20,379,383 | 441,093 | 2.89 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Noninterest-bearing deposits |
6,670,529 | 6,561,681 | ||||||||||||||||||||||
| Accrued expenses and other liabilities |
328,095 | 322,358 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| TOTAL LIABILITIES |
28,306,459 | 27,263,422 | ||||||||||||||||||||||
| SHAREHOLDERS’ EQUITY |
5,534,224 | 5,349,703 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 33,840,683 | $ | 32,613,125 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| NET INTEREST INCOME |
$ | 864,358 | $ | 817,061 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| INTEREST SPREAD |
3.08 | % | 2.91 | % | ||||||||||||||||||||
| NET INTEREST MARGIN |
3.82 | % | 3.77 | % | ||||||||||||||||||||
| (1) | The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully tax-equivalent basis using the statutory federal income tax rate of 21%. |
| (2) | Non-accruing loans are included in the daily average loan amounts outstanding. |
14
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
| September | June | September | September | September | ||||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||
| Selected Financial Ratios(1): |
||||||||||||||||||||||||||||||||||||||||
| Return on Average Assets |
1.50 | % | 1.56 | % | 1.57 | % | 1.52 | % | 1.38 | % | ||||||||||||||||||||||||||||||
| Return on Average Shareholders’ Equity |
9.24 | % | 9.53 | % | 9.58 | % | 9.28 | % | 8.39 | % | ||||||||||||||||||||||||||||||
| Return on Average Tangible Common Equity (non-GAAP) (2) |
14.68 | % | 15.15 | % | 15.45 | % | 14.74 | % | 13.63 | % | ||||||||||||||||||||||||||||||
| Efficiency Ratio |
48.21 | % | 47.78 | % | 45.39 | % | 48.08 | % | 48.79 | % | ||||||||||||||||||||||||||||||
| Price / Earnings Ratio |
12.34 | x | 12.05 | x | 10.21 | x | 12.39 | x | 11.81 | x | ||||||||||||||||||||||||||||||
| Notes: |
||||||||||||||||||||||||||||||||||||||||
| (1) Applicable ratios are annualized. |
||||||||||||||||||||||||||||||||||||||||
| (2) Return on Average Tangible Common Equity: |
||||||||||||||||||||||||||||||||||||||||
| (a) Net Income (GAAP) |
$ | 128,704 | $ | 131,377 | $ | 130,748 | $ | 384,281 | $ | 335,775 | ||||||||||||||||||||||||||||||
| (b) Number of Days |
92 | 91 | 92 | 273 | 273 | |||||||||||||||||||||||||||||||||||
| Average Total Shareholders’ Equity (GAAP) |
$ | 5,525,494 | $ | 5,527,850 | $ | 5,413,460 | $ | 5,534,224 | $ | 5,349,703 | ||||||||||||||||||||||||||||||
| Less: Average Total Intangibles |
(2,046,813 | ) | (2,048,631 | ) | (2,055,082 | ) | (2,048,624 | ) | (2,055,165 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (c) Average Tangible Common Equity (non-GAAP) |
$ | 3,478,681 | $ | 3,479,219 | $ | 3,358,378 | $ | 3,485,600 | $ | 3,294,538 | ||||||||||||||||||||||||||||||
| Return on Average Tangible Common Equity (non-GAAP) [(a) / (b)] x 365 / (c) |
14.68 | % | 15.15 | % | 15.45 | % | 14.74 | % | 13.63 | % | ||||||||||||||||||||||||||||||
| September 30 2026 |
June 30 2026 |
December 31 2025 |
September 30 2025 |
|||||||||||||||||||||||||||||||||||||
| Selected Financial Ratios: |
||||||||||||||||||||||||||||||||||||||||
| Loans & Leases, net of unearned income / Deposit Ratio |
91.88 | % | 91.99 | % | 91.31 | % | 91.21 | % | ||||||||||||||||||||||||||||||||
| Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income |
1.16 | % | 1.20 | % | 1.20 | % | 1.22 | % | ||||||||||||||||||||||||||||||||
| Allowance for Credit Losses (3) / Loans & Leases, net of unearned income |
1.31 | % | 1.35 | % | 1.35 | % | 1.36 | % | ||||||||||||||||||||||||||||||||
| Non-accrual Loans / Loans & Leases, net of unearned income |
0.39 | % | 0.40 | % | 0.39 | % | 0.45 | % | ||||||||||||||||||||||||||||||||
| 90-Day Past Due Loans / Loans & Leases, net of unearned income |
0.04 | % | 0.05 | % | 0.02 | % | 0.03 | % | ||||||||||||||||||||||||||||||||
| Non-performing Loans / Loans & Leases, net of unearned income |
0.43 | % | 0.44 | % | 0.41 | % | 0.48 | % | ||||||||||||||||||||||||||||||||
| Non-performing Assets / Total Assets |
0.35 | % | 0.36 | % | 0.33 | % | 0.37 | % | ||||||||||||||||||||||||||||||||
| Primary Capital Ratio |
16.63 | % | 17.15 | % | 17.15 | % | 17.13 | % | ||||||||||||||||||||||||||||||||
| Shareholders’ Equity Ratio |
15.82 | % | 16.33 | % | 16.33 | % | 16.30 | % | ||||||||||||||||||||||||||||||||
| Price / Book Ratio |
1.14 | x | 1.14 | x | 0.98 | x | 0.96 | x | ||||||||||||||||||||||||||||||||
Note:
| (3) | Includes allowances for loan losses and lending-related commitments. |
15
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September | June | September | September | September | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Mortgage Loans Held for Sale Data: |
||||||||||||||||||||
| Loans originated |
$ | 68,529 | $ | 108,143 | $ | 91,228 | $ | 263,725 | $ | 283,722 | ||||||||||
| Loans sold |
86,041 | 102,154 | 104,055 | 277,290 | 303,856 | |||||||||||||||
| September 30 | June 30 | December 31 | September 30 | |||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | |||||||||||||||||
| Asset Quality Data: |
||||||||||||||||||||
| EOP Non-Accrual Loans |
$ | 99,907 | $ | 99,301 | $ | 96,492 | $ | 110,236 | ||||||||||||
| EOP 90-Day Past Due Loans |
9,987 | 11,346 | 4,974 | 6,631 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total EOP Non-performing Loans |
$ | 109,894 | $ | 110,647 | $ | 101,466 | $ | 116,867 | ||||||||||||
| EOP Other Real Estate Owned |
11,198 | 10,212 | 8,857 | 6,891 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total EOP Non-performing Assets |
$ | 121,092 | $ | 120,859 | $ | 110,323 | $ | 123,758 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September | June | September | September | September | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Allowance for Loan & Lease Losses: |
||||||||||||||||||||
| Beginning Balance |
$ | 299,504 | $ | 299,599 | $ | 307,962 | $ | 297,518 | $ | 271,844 | ||||||||||
| Initial allowance for acquired PCD loans |
— | — | — | — | 17,518 | |||||||||||||||
| Gross Charge-offs |
(12,283 | ) | (6,113 | ) | (21,790 | ) | (25,226 | ) | (39,733 | ) | ||||||||||
| Recoveries |
683 | 1,055 | 1,782 | 2,873 | 3,333 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Charge-offs |
(11,600 | ) | (5,058 | ) | (20,008 | ) | (22,353 | ) | (36,400 | ) | ||||||||||
| Provision for Loan & Lease Losses (1) |
6,242 | 4,963 | 12,096 | 18,981 | 47,088 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ending Balance |
294,146 | 299,504 | 300,050 | 294,146 | 300,050 | |||||||||||||||
| Reserve for lending-related commitments |
40,067 | 37,222 | 32,639 | 40,067 | 32,639 | |||||||||||||||
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| Allowance for Credit Losses (2) |
$ | 334,213 | $ | 336,726 | $ | 332,689 | $ | 334,213 | $ | 332,689 | ||||||||||
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Notes:
| (1) | Nine months ended September 30, 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans. |
| (2) | Includes allowances for loan losses and lending-related commitments. |
16
Third Quarter 2026 Earnings Review United Bankshares, Inc. (UBSI) October 22, 2026 EXHIBIT 99.2
This presentation and statements made by United Bankshares, Inc. (“UBSI”) and its management contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) projections of income, expenses, provision expense, capital structure and other financial information; (ii) UBSI’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” “will,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of UBSI and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of UBSI. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (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 UBSI, 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 UBSI’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 UBSI’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 UBSI common stock that may or may not reflect economic condition or performance of UBSI; (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and (14) other factors that may affect future results of UBSI, as disclosed in UBSI’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by UBSI with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements. UBSI cautions that the foregoing list of factors is not exclusive. UBSI does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. FORWARD LOOKING STATEMENTS
Achieved Net Income of $128.7 million and Diluted Earnings Per Share of $0.94 Generated Return on Average Assets of 1.50%, Return on Average Shareholders' Equity of 9.24%, and Return on Average Tangible Common Equity* of 14.68% Returned capital through $52 million of common dividends and $99 million of share repurchases (repurchased 2.1 million shares during 3Q26) Net Interest Income (FTE) was a record $295.0 million and Net Interest Margin (FTE) increased from 3.81% to 3.86% Achieved period end annualized loan growth of ~7.5% and deposit growth of ~7.9% Announced de novo expansion into Florida with plans to establish a full-service banking office in Palm Beach Consistently ranked as one of the most trustworthy banks in America by Newsweek (ranked in the top 10 each year, including #1 in 2023) Quarterly dividend of $0.38 per share equates to a yield of ~3.3% (based upon recent prices). United has increased dividends to shareholders for 52 consecutive years Asset quality remains sound with Non-Performing Assets to Total Assets of 0.35% Strong expense control with an efficiency ratio of 48.21% Capital position remains robust and liquidity remains sound 3Q26 HIGHLIGHTS *Non-GAAP measure. Refer to appendix.
Linked-Quarter (LQ) Net Income was $128.7 million in 3Q26 compared to $131.4 million in 2Q26, with diluted EPS of $0.94 in 3Q26 compared to $0.95 in 2Q26. Net Interest Income increased $8.9 million primarily due to loan growth that was largely funded by deposit growth, the impact of strategic purchases of higher yielding investment securities throughout 2026, and the impact of higher market interest rates. Provision Expense was $6.2 million in 3Q26 compared to $5.0 million in 2Q26. Noninterest Income decreased $7.7 million compared to 2Q26. Net losses on investment securities were $0.3 million for 3Q26 compared to net gains of $2.8 million for 2Q26. Additionally, other noninterest income declined $2.7 million driven by lower market values of underlying investments associated with postretirement benefit plans, and income from mortgage banking activities declined $1.6 million. Noninterest Expense increased $2.0 million driven by a $2.8 million increase in employee compensation and a $2.7 million increase in the expense for the reserve for unfunded loan commitments, partially offset by a $3.7 million decrease in employee benefits. The effective tax rate increased from 20.0% in 2Q26 to 20.6% in 3Q26. EARNINGS SUMMARY
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control PERFORMANCE RATIOS Applicable ratios are annualized. 3Q25 was impacted by net gains on investment securities of $10.4 million primarily due to unrealized fair value gains on equity securities.
Reported Net Interest Margin (FTE) increased from 3.81% to 3.86% LQ. Linked-quarter Net Interest Income (FTE) increased $8.9 million primarily due to loan growth that was largely funded by deposit growth, the impact of strategic purchases of higher yielding investment securities throughout 2026, and the impact of higher market interest rates. Year 1 of a +100 bps rate shock scenario shows projected NII up ~1.9%, and Year 2 shows projected NII up ~3.4% (compared to base case projections). Year 1 of a (100) bps rate shock scenario shows projected NII down ~0.2%, and Year 2 shows projected NII down ~2.2% (compared to base case projections). Approximately ~48% of the loan portfolio is fixed rate and ~52% is adjustable rate, while ~43% of the total portfolio is projected to reprice within the next 3 months. ~7% of the securities portfolio is floating rate. Securities balances of approximately ~$332 million with an average yield of ~4.0% are projected to roll off during the remainder of FY 2026, with ~$357 million at ~3.8% projected to roll off during FY 2027. HTM securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 4.0 years. Time deposits have an average maturity of ~5 months. Approximately ~14% of total deposits have interest rates tied to a floating rate index. Scheduled purchase accounting loan accretion is estimated at ~$3 million for the remainder of FY 2026 and ~$10 million for FY 2027. NET INTEREST INCOME AND MARGIN $ in millions
Linked-Quarter loan balances increased $467 million, or ~7.5% annualized, driven by Non Owner Occupied CRE, Residential Real Estate, and Construction & Land Development loans. Non Owner Occupied CRE to Total Risk Based Capital was ~301% at 3Q26. CRE portfolio remains diversified among underlying collateral types. Non Owner Occupied Office loans total ~$0.7 billion (~2.7% of total loans). The Top 60 Office loans make up ~75% of total Non Owner Occupied Office balances. The weighted average LTV at origination for the Top 60 was ~58%. Weighted average FICO of all consumer-related loan sectors is ~766. Fixed rate loans maturing within 12 months total ~$1.8 billion at a weighted average rate of ~5.1%. Fixed rate loans maturing within 13-24 months total ~$1.3 billion at a weighted average rate of ~5.8%. Total purchase accounting-related fair value discount on loans was ~$39 million as of 9/30/26. $ in millions LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE)
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 25.5 % of Total Loans 100% Geographic location Southeast 44% Metro DC / Baltimore 34% WV / OH / PA / Shenandoah Valley 18% Other 4% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select Portfolio Details: Total NOO Office loans represent $0.7 billion, or only ~2.7% of total loans, with ~49% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. The ALLL associated with the NOO Office portfolio was $54.8 million (7.9% of total NOO Office loans) at 9/30/26. Total Residential Real Estate loans have an overall weighted average FICO of ~763, with a weighted average FICO of ~768 in the Washington DC MSA. Loans to Nondepository Financial Institutions (NDFIs) total $0.3 billion, or only ~1.2% of total loans. The balances are comprised of loans to Real Estate Investment Trusts, or REITs (~58%); mortgage warehouse (~25%); and other (~17%). *Data as of 9/30/26; Geographic locations based on collateral address, if applicable, or originating office location. CRE NOO CRE OO C&D C&I Residential Real Estate Other Consumer 9.0 2.2 3.4 3.8 6.3 0.8 35% 9% 13% 15% 25% 3% 49% 53% 65% 17% 41% 18% 36% 24% 23% 32% 44% 17% 13% 22% 7% 41% 13% 52% 2% 1% 5% 10% 2% 13% 100% 100% 100% 100% 100% 100% Total Loans Loan Segments Shading indicates areas with outstanding loans. Color coding represents the geographies noted in the table. Indicates United office location
End of Period Balances ($ in thousands) 6/30/26 9/30/26 Non-Accrual Loans $99,301 $99,907 90-Day Past Due Loans $11,346 $9,987 Total Non-performing Loans $110,647 $109,894 Other Real Estate Owned $10,212 $11,198 Total Non-performing Assets $120,859 $121,092 Non-performing Loans / Loans 0.44% 0.43% Non-performing Assets / Total Assets 0.36% 0.35% Annualized Net Charge-offs / Average Loans 0.08% 0.18% Allowance for Loan & Lease Losses (ALLL) $299,504 $294,146 ALLL / Loans, net of unearned income 1.20% 1.16% Allowance for Credit Losses (ACL)* $336,726 $334,213 ACL / Loans, net of unearned income 1.35% 1.31% NPAs were $121.1 million at 9/30/26 compared to $120.9 million at 6/30/26 with the ratio of NPAs to Total Assets decreasing from 0.36% to 0.35%. 30-89 Day Past Due loans were 0.38% of total loans at 9/30/26 compared to 0.28% at 6/30/26. ALLL as a percentage of Total Loans declined from 1.20% at 6/30/26 to 1.16% at 9/30/26. *ACL is comprised of ALLL and the reserve for lending-related commitments CREDIT QUALITY
Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. LQ deposits increased $540 million, or ~7.9% annualized, driven by Interest Bearing Transaction and Non Interest Bearing accounts. Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base. $ in millions Source: S&P Global Market Intelligence DEPOSIT SUMMARY Top 10 MSAs by Deposits (as of 6/30/26) MSA Total Deposits In MSA ($000) Number of Branches Rank Washington, DC 11,015,222 57 6 Morgantown, WV 1,507,022 6 1 Charleston, WV 1,396,419 5 2 Atlanta, GA 1,179,295 11 21 Richmond, VA 908,383 13 8 Parkersburg, WV 803,216 4 1 Hagerstown, MD 781,134 6 2 Myrtle Beach, SC 681,345 7 10 Charlotte, NC 674,293 7 16 Wheeling, WV 660,085 6 2
Deposit Account Details ($ in millions) End of Period Ratios / Values 9/30/26 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,933 32% Estimated Insured/Collateralized Deposits $18,778 68% Total Deposits $27,711 100% *Does not include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. Available Liquidity ($ in millions) 9/30/26 Cash & Cash Equivalents $1,882 Unpledged AFS Securities $1,370 Available FHLB Borrowing Capacity $4,925 Available FRB Discount Window Borrowing Capacity $4,503 Subtotal $12,680 Additional FHLB Capacity (with delivery of collateral) $4,153 Additional Brokered Deposit Capacity (based on internal policy) $5,542 Total Liquidity* $22,375 Liquidity remains strong with a granular deposit base and geographic diversification. Estimated uninsured/uncollateralized deposits were 32% of total deposits at 9/30/26 compared to 33% at 6/30/26. LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL
End of Period Ratios / Values 6/30/26 9/30/26** Common Equity Tier 1 Ratio 13.3% 12.9% Tier 1 Capital Ratio 13.3% 12.9% Total Risk Based Capital Ratio 15.6% 15.2% Leverage Ratio 11.3% 11.1% Total Shareholders' Equity to Total Assets 16.3% 15.8% *Tangible Common Equity to Tangible Assets (non-GAAP) 10.9% 10.5% Book Value Per Share $40.24 $40.14 *Tangible Book Value Per Share (non-GAAP) $25.29 $24.97 Capital ratios remain significantly above regulatory “Well Capitalized” levels and exceed all internal capital targets. United repurchased 2.1 million common shares during 3Q26 for $98.7 million as compared to 1.5 million common shares during 2Q26 for $66.0 million. Announced a new Board-approved share repurchase plan during 3Q26 for up to 6.8 million shares (5.5 million shares were remaining as of 9/30/26). From 10/01/26 through 10/21/26, United repurchased 368 thousand common shares for $17.0 million. As of 10/21/26, there were 5.1 million shares available to be repurchased under the approved plan. *Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release date. CAPITAL RATIOS AND PER SHARE DATA
Select guidance is being provided for 2026. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan and deposit growth rates to be in the mid single digits for 4Q26 (annualized). Loan pipelines remain relatively strong. Expect investment portfolio balances to increase by mid single digits for 4Q26 (annualized). Net Interest Income: Net interest income (non-FTE) expected to be in the range of $296 million to $301 million for 4Q26, and $1.158 billion to $1.163 billion for 2026 (assumes one 25 bps rate increase in 4Q26). Loan purchase accounting accretion is currently estimated at $5 million for 4Q26, and $22 million for FY 2026 (includes scheduled and estimated accelerated accretion). Provision Expense: Asset quality remains sound. Provision expense will be dependent on the future economic outlook, future credit trends within United’s portfolio, and loan growth. Expect our credit performance to outperform the industry. Current planning assumption for provision expense is $8.5 million for 4Q26, and $27.5 million for FY 2026. Noninterest Income: Expect noninterest income to be in the range of $31 million to $33 million for 4Q26, and $134 million to $136 million for FY 2026. Mortgage banking revenue will be subject to industry trends. Noninterest Expense: Expect noninterest expense to be in the range of $155 million to $159 million for 4Q26 and $619 million to $623 million for FY 2026. Effective Tax Rate: Estimated at approximately ~20.5% for 4Q26. Capital: Expect to be active in the buyback in 4Q26 (market dependent). United’s capital position remains robust. 2026 OUTLOOK
Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base Consistently high-performing company with a culture of disciplined risk management and expense control 52 consecutive years of dividend increases evidences United’s strong profitability, solid asset quality, and sound capital management over a very long period of time Experienced management team with a proven track record of execution Committed to our mission of excellence in service to our employees, our customers, our shareholders and our communities Attractive valuation with a current Price-to-Earnings Ratio of ~12.6x (based upon median 2026 street consensus estimate of $3.70 per Bloomberg) INVESTMENT THESIS
Source: S&P Capital IQ Pro; Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS Closed on 1/10/25
APPENDIX
(dollars in thousands) 3Q25 4Q25 1Q26 2Q26 3Q26 (1) Return on Average Tangible Common Equity (annualized) (A) Net Income (GAAP) $130,748 $128,828 $124,200 $131,377 $128,704 (B) Number of Days in the Quarter 92 92 90 91 92 Average Total Shareholders' Equity (GAAP) $5,413,460 $5,492,008 $5,549,114 $5,527,850 $5,525,494 Less: Average Total Intangibles (2,055,082) (2,052,648) (2,050,468) (2,048,631) (2,046,813) (C) Average Tangible Common Equity (non-GAAP) $3,358,378 $3,439,360 $3,498,646 $3,479,219 $3,478,681 Formula: [(A) / (B)]*365 (or 366 for leap year) (C) Return on Average Tangible Common Equity (non-GAAP) 15.45% 14.86% 14.40% 15.15% 14.68% RECONCILIATION OF NON-GAAP ITEMS
(dollars in thousands) 6/30/2026 9/30/2026 (2) Tangible Common Equity to Tangible Assets Total Assets (GAAP) $ 33,751,832 $ 34,228,531 Less: Total Intangibles (GAAP) (2,047,439) (2,045,601) Tangible Assets (non-GAAP) $ 31,704,393 $ 32,182,930 Total Shareholders' Equity (GAAP) $ 5,510,537 $ 5,413,913 Less: Total Intangibles (GAAP) (2,047,439) (2,045,601) Tangible Common Equity (non-GAAP) $ 3,463,098 $ 3,368,312 Tangible Common Equity to Tangible Assets (non-GAAP) 10.9% 10.5% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,510,537 $ 5,413,913 Less: Total Intangibles (GAAP) (2,047,439) (2,045,601) Tangible Common Equity (non-GAAP) $ 3,463,098 $ 3,368,312 ÷ EOP Shares Outstanding (Net of Treasury Stock) 136,942,149 134,872,427 Tangible Book Value Per Share (non-GAAP) $25.29 $24.97 RECONCILIATION OF NON-GAAP ITEMS (CONT.)