United Bankshares, Inc. Announces Earnings for the Third Quarter of 2026

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

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.

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.

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.

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.

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 35 th 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.

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.

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

EARNINGS SUMMARY:

September

2026

June

2026

September

2025

September

2026

September

2025

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

0.37

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%

PERIOD END BALANCES:

September 30

2026

June 30

2026

December 31

2025

September 30

2025

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.

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

June

September

2026

2025

2026

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

2,340

5,514

7,022

OREO expense

298

516

201

1,289

459

Net losses on the sale of OREO properties

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%

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

June 30

December 31

September 30

2026

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

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

2,018,864

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

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

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

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

2,018,948

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

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

Quarterly/Year-to-Date Share Data:

2026

2025

2026

2025

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

0.37

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

EOP Share Data:

2026

2025

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

30.50

Date

10/16/25

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

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

Selected Average Balances and Yields:

Average

ASSETS:

Balance

Interest (1)

Rate (1)

Balance

Interest (1)

Rate (1)

Balance

Interest (1)

Rate (1)

Earning Assets:

Federal funds sold and securities purchased under

agreements to resell and other short-term investments

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.

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

Selected Average Balances and Yields:

Average

ASSETS:

Balance

Interest (1)

Rate (1)

Balance

Interest (1)

Rate (1)

Earning Assets:

Federal funds sold and securities purchased under

agreements to resell and other short-term investments

2,011,479

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.

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

Selected Financial Ratios (1):

2026

2025

2026

2025

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

12.05

10.21

12.39

11.81

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

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)

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%

Selected Financial Ratios:

September 30

2026

June 30

2026

December 31

2025

September 30

2025

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%

1.22%

Allowance for Credit Losses (3) / Loans & Leases, net of unearned income

1.31%

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%

17.13%

Shareholders' Equity Ratio

15.82%

16.33%

16.30%

Price / Book Ratio

1.14

0.98

0.96

Note:

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Three Months Ended

Nine Months Ended

September

June

September

Mortgage Loans Held for Sale Data:

2026

2025

2026

2025

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

Asset Quality Data:

2026

2025

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

Allowance for Loan & Lease Losses:

2026

2025

2026

2025

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

Allowance for Credit Losses (2)

334,213

336,726

332,689

334,213

332,689

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.