Exhibit 99.1

News Release

 

 

For Immediate Release		Contact: W. Mark Tatterson
April 23, 2026		Chief Financial Officer
		(800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Earnings

for the First Quarter of 2026

WASHINGTON, D.C. and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2026 of $124.2 million, or $0.89 per diluted share. First quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible common equity, a non-GAAP measure, of 1.49%, 9.08%, and 14.40%, respectively.

“Against the backdrop of geopolitical and macroeconomic uncertainties, UBSI continues to deliver resilient results,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Strong earnings, sound asset quality, and efficient capital allocation highlight the first quarter, and we are well-positioned for success going forward.”

Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity for the fourth quarter of 2025 were 1.52%, 9.31%, and 14.86%, respectively. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.06%, 6.47%, and 10.61%, respectively. United completed its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025. The first quarter of 2025 included $30.0 million, or approximately $0.17 per diluted share, in merger-related noninterest expenses and merger-related provision for credit losses.

 

1

United Bankshares, Inc. Announces…

April 23, 2026

Page Two

 

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.

 

2

United Bankshares, Inc. Announces…

April 23, 2026

Page Three

 

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.

 

3

United Bankshares, Inc. Announces…

April 23, 2026

Page Four

 

Credit Quality

At March 31, 2026, non-performing loans (“NPLs”) were $102.8 million, or 0.41% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $113.2 million, including other real estate owned (“OREO”) of $10.4 million, or 0.34% of total assets at March 31, 2026. At December 31, 2025, NPLs were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $110.3 million, including OREO of $8.9 million, or 0.33% of total assets at December 31, 2025.

As of March 31, 2026, the allowance for loan & lease losses was $299.6 million, or 1.20% of loans & leases, net of unearned income. At December 31, 2025, the allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income.

Net charge-offs were $5.7 million, or 0.09% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2026. Net charge-offs were $9.3 million, or 0.15% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2025. Net charge-offs were $8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.5% at March 31, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, and 11.2%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%.

During the first quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.7 million shares of its common stock at an average price per share of $39.92.

About United Bankshares, Inc.

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of March 31, 2026. United is the 38^th 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.

 

4

United Bankshares, Inc. Announces…

April 23, 2026

Page Five

 

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its March 31, 2026 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2026 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible common equity, return on average tangible common equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

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

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

Forward-Looking Statements

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.

 

5

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

		Three Months Ended
		March 2026				December 2025				March 2025
EARNINGS SUMMARY:
Interest income		$	415,929			$	430,053			$	403,647
Interest expense			133,414				142,596				143,592
Net interest income			282,515				287,457				260,055
Provision for credit losses			7,776				6,779				29,103
Noninterest income			34,063				30,936				29,554
Noninterest expense			152,814				151,718				153,573
Income before income taxes			155,988				159,896				106,933
Income taxes			31,788				31,068				22,627
Net income		$	124,200			$	128,828			$	84,306
PER COMMON SHARE:
Net income:
Basic		$	0.89			$	0.92			$	0.59
Diluted			0.89				0.91				0.59
Cash dividends			0.38				0.38				0.37
Book value			39.65				39.29				37.19
Closing market price		$	41.42			$	38.40			$	34.67
Common shares outstanding:
Actual at period end, net of treasury shares			138,431,009				139,880,247				142,891,148
Weighted average-basic			139,566,209				140,481,274				142,330,694
Weighted average-diluted			140,092,196				140,980,184				142,698,118
FINANCIAL RATIOS:
Return on average assets			1.49	%			1.52	%			1.06	%
Return on average shareholders’ equity			9.08	%			9.31	%			6.47	%
Return on average tangible common equity (non-GAAP)(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	%
		March 31 2026				December 31 2025				March 31 2025
PERIOD END BALANCES:
Assets		$	33,705,380			$	33,660,281			$	32,788,494
Earning assets			30,034,591				30,014,321				29,106,693
Loans & leases, net of unearned income			24,863,138				24,709,122				23,863,072
Loans held for sale			29,235				31,277				28,642
Investment securities			3,530,568				3,400,400				3,313,997
Total deposits			27,120,883				27,060,939				26,364,635
Shareholders’ equity			5,488,126				5,495,983				5,314,449

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

 

6

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	%

 

7

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

 

8

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

 

9

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

		Three Months Ended
Quarterly Share Data:		March 2026				December 2025				March 2025
Earnings Per Share:
Basic		$	0.89			$	0.92			$	0.59
Diluted		$	0.89			$	0.91			$	0.59
Common Dividend Declared Per Share		$	0.38			$	0.38			$	0.37
High Common Stock Price		$	45.92			$	40.52			$	39.56
Low Common Stock Price		$	37.92			$	34.10			$	33.81
Average Shares Outstanding (Net of Treasury Stock):
Basic			139,566,209				140,481,274				142,330,694
Diluted			140,092,196				140,980,184				142,698,118
Common Dividends		$	53,173			$	53,458			$	53,336
Dividend Payout Ratio			42.81	%			41.50	%			63.26	%
		March 31				December 31				March 31
EOP Share Data:		2026				2025				2025
Book Value Per Share		$	39.65			$	39.29			$	37.19
Tangible Book Value Per Share (non-GAAP) (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

 

10

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

		Three Months Ended March 2026												Three Months Ended December 2025												Three Months Ended March 2025
		Average								Average				Average								Average				Average								Average
		Balance				Interest(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		$	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.

 

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
		March				December				March
		2026				2025				2025
Selected Financial Ratios:
Return on Average Assets			1.49	%			1.52	%			1.06	%
Return on Average Shareholders’ Equity			9.08	%			9.31	%			6.47	%
Return on Average Tangible Common Equity (non-GAAP) (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	%
		March 31 2026				December 31 2025				March 31 2025
Selected Financial Ratios:
Loans & Leases, net of unearned income / Deposit Ratio			91.68	%			91.31	%			90.51	%
Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income			1.20	%			1.20	%			1.30	%
Allowance for Credit Losses (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.

 

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
Mortgage Banking Data:		March 2026				December 2025				March 2025
Loans originated		$	87,053			$	87,134			$	75,903
Loans sold			89,095				80,083				91,621
Asset Quality Data:		March 31 2026				December 31 2025				March 31 2025
EOP Non-Accrual Loans		$	91,170			$	96,492			$	57,388
EOP 90-Day Past Due Loans			11,664				4,974				12,387
Total EOP Non-performing Loans		$	102,834			$	101,466			$	69,775
EOP Other Real Estate Owned			10,390				8,857				1,475
Total EOP Non-performing Assets		$	113,224			$	110,323			$	71,250
		Three Months Ended
Allowance for Loan & Lease Losses:		March 2026				December 2025				March 2025
Beginning Balance		$	297,518			$	300,050			$	271,844
Initial allowance for acquired PCD loans			—				—				17,518
Gross Charge-offs			(6,830	)			(11,179	)			(8,677	)
Recoveries			1,135				1,867				636
Net Charge-offs			(5,695	)			(9,312	)			(8,041	)
Provision for Loan & Lease Losses(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.

 

13