8-K

UNITED BANKSHARES, INC.

Date: October 27, 2022

/s/ W. Mark Tatterson

W. Mark Tatterson, Executive Vice

President and Chief Financial Officer

Exhibit 99.1

News Release

LOGO


For Immediate Release		Contact: W. Mark Tatterson
October 27, 2022		Chief Financial Officer
		(800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Earnings

for the Third Quarter and First Nine Months of 2022

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the third quarter of 2022 of $102.6 million, or $0.76 per diluted share, as compared to earnings of $95.6 million, or $0.71 per diluted share, for the second quarter of 2022. The quarter was highlighted by continued broad-based loan growth, net interest margin expansion and strong credit quality metrics.

Annualized loan growth, excluding Paycheck Protection Program (“PPP”) loans, for the third quarter and first nine months of 2022 was 16% and 15%, respectively. Third quarter 2022 net interest margin of 3.78% increased 40 basis points from the second quarter of 2022. Non-performing loans as a percentage of loans and leases, net of unearned income was a low 0.35% at September 30, 2022.

Third quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.41%, 8.96% and 15.46%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.32%, 8.33% and 14.23%, respectively, for the second quarter of 2022.

“The third quarter of 2022 was another great quarter for UBSI,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “The company delivered strong results related to loan growth, margin expansion, expense control and asset quality. The vitality of our markets, the strength of our deposit franchise and our conservative and disciplined approach to running our business have served us well in this environment and will provide us opportunities going forward.”

Third quarter of 2022 compared to the second quarter of 2022

Net interest income for the third quarter of 2022 increased $25.7 million, or 12%, from the second quarter of 2022. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the third quarter of 2022 also increased $25.7 million, or 12%, from the second quarter of 2022. The increase in net interest income and tax-equivalent net interest income was primarily due to higher interest income on earning assets driven by rising market interest rates and a change in the asset mix to higher earning assets. This increase in net interest income and tax-equivalent net interest income was partially offset by higher interest expense primarily driven by deposit rate repricing as well as due to lower PPP loan fee income and lower acquired loan accretion. The interest rate spread of 3.52% for

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October 27, 2022

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the third quarter of 2022 increased 28 basis points from the second quarter of 2022 due to a 56 basis point increase in the average yield on earning assets partially offset by a 28 basis point increase in the average cost of funds. A decrease in average earning assets of $188.1 million, or 1%, from the second quarter of 2022 was driven by a decrease of $818.5 million in short-term investments partially offset by increases in higher yielding average net loans and loans held for sale of $627.6 million. Net PPP loan fee income decreased $1.9 million to $1.6 million for the third quarter of 2022. Acquired loan accretion income decreased $1.3 million to $4.1 million for the third quarter of 2022. The net interest margin of 3.78% for the third quarter of 2022 was an increase of 40 basis points from the net interest margin of 3.38% for the second quarter of 2022.

The provision for credit losses was $7.7 million for the third quarter of 2022 as compared to a net benefit of $1.8 million for the second quarter of 2022. The increase in the provision for credit losses was primarily due to loan growth.

Noninterest income for the third quarter of 2022 decreased $10.9 million, or 25%, from the second quarter of 2022. The decrease in noninterest income was primarily due to decreases of $6.0 million in income from mortgage banking activities, $2.6 million in income from bank-owned life insurance (“BOLI”), $1.4 million in net (losses) gains on investment securities and $761 thousand in fees from deposit services. The decrease in income from mortgage banking activities was mainly due to lower mortgage loan origination and sale volume driven by the rising rate environment and a lower margin on loans sold in the secondary market. The decrease in BOLI income was primarily due to lower death benefits from the second quarter of 2022 and the impact of lower market values of underlying investments in the third quarter of 2022. The decrease in fees from deposit services reflects changes to United’s overdraft policy implemented during the third quarter of 2022.

Noninterest expense for the third quarter of 2022 decreased $4.0 million, or 3%, from the second quarter of 2022. The decrease in noninterest expense was primarily due to decreases of $8.8 million in the expense for the reserve for unfunded loan commitments and $3.0 million in employee compensation partially offset by an increase of $6.1 million in other noninterest expense. The decrease in the reserve for unfunded loan commitments reflects a decrease in the outstanding balance of loan commitments at quarter-end driven by loan fundings. The decrease in employee compensation was primarily due to lower employee commissions related to mortgage banking production. Other noninterest expense for the third quarter of 2022 included an accrual of $5.0 million related to a litigation matter with a former commercial customer.

For the third quarter of 2022, income tax expense was $25.9 million as compared to $23.5 million for the second quarter of 2022. The increase of $2.4 million was due to higher earnings and a higher effective tax rate. United’s effective tax rate was 20.2% and 19.8% for the third and second quarter of 2022, respectively.

Third quarter of 2022 compared to the third quarter of 2021

Earnings for the third quarter of 2022 were $102.6 million, or $0.76 per diluted share, as compared to earnings of $92.2 million, or $0.71 per diluted share, for the third quarter of 2021.

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October 27, 2022

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Net interest income for the third quarter of 2022 increased $59.0 million, or 33%, from the third quarter of 2021. Tax-equivalent net interest income for the third quarter of 2022 increased $59.1 million, or 32%, from the third quarter of 2021. United completed its acquisition of Community Bankers Trust Corporation (“Community Bankers Trust”) on December 3, 2021. The increase in net interest income and tax-equivalent net interest income was primarily due to the impact of higher average earning assets, driven by the Community Bankers Trust acquisition and organic loan growth, the impact of rising market interest rates on earning assets and a change in the asset mix to higher earning assets. These increases were partially offset by higher interest expense primarily driven by deposit rate repricing, lower PPP loan fee income and lower acquired loan accretion income. Average earning assets for the third quarter of 2022 increased $1.1 billion, or 4%, from the third quarter of 2021 due to a $2.5 billion increase in average net loans and loans held for sale and a $1.5 billion increase in average investment securities partially offset by a $2.9 billion decrease in average short-term investments. The interest rate spread for the third quarter of 2022 increased 69 basis points from the third quarter of 2021 to 3.52% due to a 96 basis point increase in the average yield on earning assets partially offset by a 27 basis point increase in the average cost of funds. Net PPP loan fee income was $1.6 million and $7.8 million for the third quarter of 2022 and 2021, respectively, a decrease of $6.2 million. Acquired loan accretion income was $4.1 million and $8.2 million for the third quarter of 2022 and 2021, respectively, a decrease of $4.1 million. The net interest margin of 3.78% for the third quarter of 2022 was an increase of 80 basis points from the net interest margin of 2.98% for the third quarter of 2021.

The provision for credit losses was $7.7 million for the third quarter of 2022 as compared to a net benefit of $7.8 million for the third quarter of 2021. The increase in the provision for credit losses in the third quarter of 2022 was primarily due to loan growth.

Noninterest income for the third quarter of 2022 was $32.7 million, which was a decrease of $35.9 million, or 52%, from the third quarter of 2021. The decrease in noninterest income was driven by a $35.6 million decrease in income from mortgage banking activities mainly due to lower mortgage loan origination and sale volume driven by the rising rate environment and a lower margin on loans sold in the secondary market.

Noninterest expense for the third quarter of 2022 was $137.2 million, a decrease of $5.1 million, or 4%, from the third quarter of 2021 primarily due to decreases of $7.8 million in employee compensation and $7.2 million in the expense for the reserve for unfunded loan commitments partially offset by an increase of $8.8 million in other noninterest expense. The decrease in employee compensation was primarily due to lower employee commissions related to mortgage banking production partially offset by additional employees from the Community Bankers Trust acquisition. The increase in other noninterest expense resulted from the previously mentioned litigation accrual in the third quarter of 2022 and higher amounts of certain general operating expenses.

For the third quarter of 2022, income tax expense was $25.9 million as compared to $23.6 million for the third quarter of 2021. The increase of $2.3 million was primarily due to higher earnings partially offset by a slightly lower effective tax rate. United’s effective tax rate was 20.2% for the third quarter of 2022 and 20.4% for the third quarter of 2021.

First nine months of 2022 compared to the first nine months of 2021

Earnings for the first nine months of 2022 were $279.9 million, or $2.06 per diluted share, as compared to earnings of $293.9 million, or $2.27 per diluted share, for the first nine months of 2021.

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October 27, 2022

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Net interest income for the first nine months of 2022 increased $88.0 million, or 16%, from the first nine months of 2021. Tax-equivalent net interest income for the first nine months of 2022 increased $88.1 million, or 16%, from the first nine months of 2021. The increase in net interest income and tax-equivalent net interest income was primarily due to the impact of rising market interest rates on earning assets, an increase in average earning assets from the Community Bankers Trust acquisition and organic loan growth and a change in the asset mix to higher earning assets. These increases were partially offset by lower PPP loan fee income, lower acquired loan accretion income and the impact of rising market interest rates on interest-bearing liabilities. Average earning assets for the first nine months of 2022 increased $1.8 billion, or 7%, from the first nine months of 2021 due to a $1.5 billion increase in average investment securities and a $1.3 billion increase in average net loans and loans held for sale partially offset by a $1.1 billion decrease in average short-term investments. The interest rate spread for the first nine months of 2022 increased 22 basis points from the first nine months of 2021 due to a 26 basis point increase in the average yield on earning assets partially offset by a 4 basis point increase in the average cost of funds. Net PPP loan fee income was $9.3 million and $28.2 million for the first nine months of 2022 and 2021, respectively, a decrease of $18.9 million. Acquired loan accretion income was $13.6 million and $27.6 million for the first nine months of 2022 and 2021, respectively, a decrease of $14.0 million. The net interest margin of 3.38% for the first nine months of 2022 was an increase of 24 basis points from the net interest margin of 3.14% for the first nine months of 2021.

The provision for credit losses was $2.5 million for the first nine months of 2022 as compared to a net benefit of $16.6 million for the first nine months of 2021.

Noninterest income for the first nine months of 2022 was $122.4 million, which was a decrease of $101.7 million, or 45%, from the first nine months of 2021. The decrease was driven by a $106.3 million decrease in income from mortgage banking activities mainly due to lower mortgage loan origination and sale volume driven by the rising rate environment and a lower margin on loans sold in the secondary market. Fees from deposit services for the first nine months of 2022 were $31.0 million, an increase of $2.9 million from the first nine months of 2021. BOLI income for the first nine months of 2022 was $7.8 million, an increase of $2.2 million from the first nine months of 2021 due to increased death benefits.

Noninterest expense for the first nine months of 2022 was $417.5 million, a decrease of $12.6 million, or 3%, from the first nine months of 2021 driven by decreases in employee compensation of $23.6 million and employee benefits of $7.4 million partially offset by an increase in other noninterest expense of $13.3 million. The decrease in employee compensation was due to lower employee commissions, incentives and overtime related to mortgage banking production partially offset by additional employees from the Community Bankers Trust acquisition. Employee benefits decreased primarily due to changes in deferred compensation plans resulting from market fluctuations. The increase in other noninterest expense resulted from the previously mentioned litigation accrual in the third quarter of 2022 and higher amounts of certain general operating expenses.

For the first nine months of 2022, income tax expense was $69.6 million as compared to $75.6 million for the first nine months of 2021 due to lower earnings and a lower effective tax rate. United’s effective tax rate was 19.9% for the first nine months of 2022 and 20.5% for the first nine months of 2021.

United Bankshares, Inc. Announces…

October 27, 2022

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Credit Quality

United’s asset quality continues to be sound. At September 30, 2022, non-performing loans were $69.7 million, or 0.35% of loans & leases, net of unearned income, down from $90.8 million, or 0.50% of loans & leases, net of unearned income, at December 31, 2021. Total non-performing assets of $80.4 million, including OREO of $10.8 million at September 30, 2022, represented 0.28% of total assets as compared to non-performing assets of $105.6 million, including OREO of $14.8 million, or 0.36% of total assets at December 31, 2021.

As of September 30, 2022, the allowance for loan & lease losses was $219.6 million, or 1.11% of loans & leases, net of unearned income, as compared to $216.0 million, or 1.20% of loans & leases, net of unearned income, at December 31, 2021. Net charge-offs were $1.8 million for the third quarter of 2022 compared to net recoveries of $1.2 million for the third quarter of 2021. Net recoveries were $1.1 million for the first nine months of 2022 compared to net charge-offs of $8.6 million for the first nine months of 2021. Annualized net charge-offs (recoveries) as a percentage of average loans & leases, net of unearned income were 0.04% and (0.03)% for the third quarter of 2022 and 2021, respectively. Annualized net (recoveries) charge-offs as a percentage of average loans & leases, net of unearned income were (0.01)% and 0.07% for the for the first nine months of 2022 and 2021, respectively.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.4% at September 30, 2022, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.4%, 12.4% and 10.7%, respectively. The September 30, 2022 ratios reflect United’s election of a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the COVID-19 pandemic, to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. 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 nine months of 2022 and 2021, United repurchased, under a previously announced stock repurchase plan, shares of its common stock. United did not repurchase any shares of its common stock during the third quarter of 2022 or 2021. During the first nine months of 2022, United repurchased approximately 2.3 million shares of its common stock at an average price per share of $34.69. During the first nine months of 2021, United repurchased approximately 306 thousand shares of its common stock at an average price per share of $32.52.

About United Bankshares, Inc.

As of September 30, 2022, United had consolidated assets of approximately $29.0 billion. United is the parent company of United Bank which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

United Bankshares, Inc. Announces…

October 27, 2022

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Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2022 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, 2022 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 equity, return on average tangible 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 equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible 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 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: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic on United, its colleagues, the communities United serves, and the domestic and global economy; uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets, interest rate, securities market and monetary supply fluctuations; increasing rates of inflation and slower growth rates; reform of LIBOR; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the Federal Reserve, FDIC, and CFPB; the effect of changes in the level of checking or savings account deposits on United’s funding costs and net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; competition; and changes in legislation or regulatory requirements. 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, 2021, 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
	September 2022			September 2021			June 2022			September 2022			September 2021
EARNINGS SUMMARY:
Interest income	$	263,683		$	194,080		$	227,771		$	694,249		$	599,923
Interest expense		23,061			12,501			12,868			47,222			40,867

Net interest income		240,622			181,579			214,903			647,027			559,056
Provision for credit losses		7,671			(7,829	)		(1,807	)		2,454			(16,565	)
Noninterest income		32,749			68,631			43,608			122,382			224,075
Noninterest expense		137,196			142,283			141,174			417,545			430,186

Income before income taxes		128,504			115,756			119,144			349,410			369,510
Income taxes		25,919			23,604			23,531			69,548			75,624

Net income	$	102,585		$	92,152		$	95,613		$	279,862		$	293,886

PER COMMON SHARE:
Net income:
Basic	$	0.76		$	0.71		$	0.71		$	2.07		$	2.28
Diluted		0.76			0.71			0.71			2.06			2.27
Cash dividends	$	0.36		$	0.35			0.36			1.08			1.05
Book value								33.34			32.98			34.29
Closing market price							$	35.07		$	35.75		$	36.38
Common shares outstanding:
Actual at period end, net of treasury shares								134,580,646			134,631,647			129,203,774
Weighted average-basic		134,182,248			128,762,815			134,623,061			134,947,674			128,716,450
Weighted average-diluted		134,553,565			128,960,220			134,863,650			135,251,299			128,934,282
FINANCIAL RATIOS:
Return on average assets		1.41	%		1.33	%		1.32	%		1.29	%		1.46	%
Return on average shareholders’ equity		8.96	%		8.23	%		8.33	%		8.07	%		8.95	%
Return on average tangible equity (non-GAAP)⁽¹⁾		15.46	%		14.03	%		14.23	%		13.73	%		15.36	%
Average equity to average assets		15.75	%		16.18	%		15.88	%		15.95	%		16.27	%
Net interest margin		3.78	%		2.98	%		3.38	%		3.38	%		3.14	%


	September 30 2022		December 31 2021		September 30 2021		June 30 2022
PERIOD END BALANCES:
Assets	$	29,048,475	$	29,328,902	$	27,507,517	$	28,777,896
Earning assets		25,648,264		26,083,089		24,415,973		25,356,669
Loans & leases, net of unearned income		19,700,080		18,023,648		16,743,629		18,970,395
Loans held for sale		210,075		504,416		493,299		220,689
Investment securities		4,923,694		4,295,749		3,646,065		5,073,618
Total deposits		22,863,377		23,350,263		21,822,609		23,026,649
Shareholders’ equity		4,440,086		4,718,628		4,430,766		4,487,050

Note:

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


Consolidated Statements of Income	Three Months Ended												Nine Months Ended
	September 2022			September 2021			June 2022			March 2022			September 2022			September 2021
Interest & Loan Fees Income (GAAP)	$	263,683		$	194,080		$	227,771		$	202,795		$	694,249		$	599,923
Tax equivalent adjustment		1,105			1,059			1,104			1,109			3,318			3,181

Interest & Fees Income (FTE) (non-GAAP)		264,788			195,139			228,875			203,904			697,567			603,104
Interest Expense		23,061			12,501			12,868			11,293			47,222			40,867

Net Interest Income (FTE) (non-GAAP)		241,727			182,638			216,007			192,611			650,345			562,237
Provision for Credit Losses		7,671			(7,829	)		(1,807	)		(3,410	)		2,454			(16,565	)
Noninterest Income:
Fees from trust services		4,384			4,269			4,294			4,127			12,805			12,225
Fees from brokerage services		4,016			3,883			4,115			4,552			12,683			11,860
Fees from deposit services		10,069			9,888			10,830			10,148			31,047			28,180
Bankcard fees and merchant discounts		1,857			1,473			1,671			1,379			4,907			3,905
Other charges, commissions, and fees		918			703			785			759			2,462			2,237
Income from bank-owned life insurance		1,472			2,556			4,120			2,194			7,786			5,617
Income from mortgage banking activities		6,422			42,012			12,445			19,203			38,070			144,350
Mortgage loan servicing income		2,302			2,429			2,328			2,387			7,017			7,170
Net (losses) gains on investment securities		(206	)		82			1,182			(251	)		725			2,715
Other noninterest income		1,515			1,336			1,838			1,527			4,880			5,816

Total Noninterest Income		32,749			68,631			43,608			46,025			122,382			224,075

Noninterest Expense:
Employee compensation		59,618			67,459			62,632			62,621			184,871			208,428
Employee benefits		10,750			13,132			12,047			12,851			35,648			43,052
Net occupancy		11,281			10,339			11,206			11,187			33,674			31,381
Data processing		7,614			6,612			7,549			7,371			22,534			20,594
Amortization of intangibles		1,379			1,466			1,379			1,379			4,137			4,399
OREO expense		1,708			428			46			182			1,936			4,483
Net losses (gains) on the sale of OREO properties		125			(34	)		(454	)		(33	)		(362	)		(67	)
Equipment expense		7,807			7,286			7,310			7,335			22,452			19,160
FDIC insurance expense		3,063			1,920			3,004			2,673			8,740			5,720
Mortgage loan servicing expense and impairment		1,847			3,253			1,783			1,643			5,273			10,029
Expense for the reserve for unfunded loan commitments		(2,881	)		4,294			5,899			5,237			8,255			5,941
Other noninterest expense		34,885			26,128			28,773			26,729			90,387			77,066

Total Noninterest Expense		137,196			142,283			141,174			139,175			417,545			430,186

Income Before Income Taxes (FTE) (non-GAAP)		129,609			116,815			120,248			102,871			352,728			372,691
Tax equivalent adjustment		1,105			1,059			1,104			1,109			3,318			3,181

Income Before Income Taxes (GAAP)		128,504			115,756			119,144			101,762			349,410			369,510
Taxes		25,919			23,604			23,531			20,098			69,548			75,624

Net Income	$	102,585		$	92,152		$	95,613		$	81,664		$	279,862		$	293,886

MEMO: Effective Tax Rate		20.17	%		20.39	%		19.75	%		19.75	%		19.90	%		20.47	%

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 2022			September 2021			September 30			December 31			September 30			June 30
	Q-T-D Average			Q-T-D Average			2022			2021			2021			2022
Cash & Cash Equivalents	$	1,260,311		$	4,132,702		$	1,356,347		$	3,758,170		$	4,033,561		$	1,658,486
Securities Available for Sale		4,826,072			3,344,196			4,648,087			4,042,699			3,409,984			4,812,704
Less: Allowance for credit losses		0			0			0			0			0			0

Net available for sale securities		4,826,072			3,344,196			4,648,087			4,042,699			3,409,984			4,812,704
Securities Held to Maturity		1,020			1,020			1,020			1,020			1,020			1,020
Less: Allowance for credit losses		(18	)		(31	)		(19	)		(19	)		(27	)		(18	)

Net held to maturity securities		1,002			989			1,001			1,001			993			1,002
Equity Securities		9,449			11,735			7,314			12,404			11,984			13,513
Other Investment Securities		251,405			222,765			267,292			239,645			223,104			246,399

Total Securities		5,087,928			3,579,685			4,923,694			4,295,749			3,646,065			5,073,618

Total Cash and Securities		6,348,239			7,712,387			6,280,041			8,053,919			7,679,626			6,732,104

Loans held for sale		203,420			445,983			210,075			504,416			493,299			220,689
Commercial Loans & Leases		14,410,508			12,621,706			14,531,221			13,809,735			12,657,238			14,136,614
Mortgage Loans		3,613,613			2,916,877			3,756,692			3,008,410			2,884,542			3,481,064
Consumer Loans		1,442,240			1,221,578			1,434,572			1,233,162			1,229,552			1,376,447

Gross Loans		19,466,361			16,760,161			19,722,485			18,051,307			16,771,332			18,994,125
Unearned income		(24,295	)		(31,288	)		(22,405	)		(27,659	)		(27,703	)		(23,730	)

Loans & Leases, net of unearned income		19,442,066			16,728,873			19,700,080			18,023,648			16,743,629			18,970,395
Allowance for Loan & Lease Losses		(213,824	)		(217,472	)		(219,611	)		(216,016	)		(210,891	)		(213,729	)

Net Loans		19,228,242			16,511,401			19,480,469			17,807,632			16,532,738			18,756,666
Mortgage Servicing Rights		22,369			22,479			21,908			23,144			22,836			22,593
Goodwill		1,888,889			1,810,040			1,888,889			1,886,494			1,810,040			1,888,889
Other Intangibles		21,165			23,409			20,276			24,413			22,524			21,655
Operating Lease Right-of-Use Asset		74,734			68,373			74,043			81,942			75,593			75,143
Other Real Estate Owned		13,508			17,618			10,779			14,823			16,696			13,847
Bank Owned Life Insurance		477,654			432,593			478,518			478,067			446,110			473,470
Other Assets		556,215			393,427			583,477			454,052			408,055			572,840

Total Assets	$	28,834,435		$	27,437,710		$	29,048,475		$	29,328,902		$	27,507,517		$	28,777,896

MEMO: Interest-earning Assets	$	25,438,281		$	24,362,333		$	25,648,264		$	26,083,089		$	24,415,973		$	25,356,669

Interest-bearing Deposits	$	13,756,151		$	13,361,016		$	13,533,152		$	14,369,716		$	13,332,418		$	13,995,710
Noninterest-bearing Deposits		9,216,058			8,471,744			9,330,225			8,980,547			8,490,191			9,030,939

Total Deposits		22,972,209			21,832,760			22,863,377			23,350,263			21,822,609			23,026,649
Short-term Borrowings		137,985			123,526			142,476			128,844			123,018			128,242
Long-term Borrowings		894,940			813,976			1,297,308			817,394			813,851			796,961

Total Borrowings		1,032,925			937,502			1,439,784			946,238			936,869			925,203
Operating Lease Liability		79,409			72,389			78,748			86,703			80,518			79,787
Other Liabilities		207,792			154,952			226,480			227,070			236,755			259,207

Total Liabilities		24,292,335			22,997,603			24,608,389			24,610,274			23,076,751			24,290,846

Preferred Equity		0			0			0			0			0			0
Common Equity		4,542,100			4,440,107			4,440,086			4,718,628			4,430,766			4,487,050

Total Shareholders’ Equity		4,542,100			4,440,107			4,440,086			4,718,628			4,430,766			4,487,050

Total Liabilities & Equity	$	28,834,435		$	27,437,710		$	29,048,475		$	29,328,902		$	27,507,517		$	28,777,896

MEMO: Interest-bearing Liabilities	$	14,789,076		$	14,298,518		$	14,972,936		$	15,315,954		$	14,269,287		$	14,920,913

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			September			June			March			September			September
	2022			2021			2022			2022			2022			2021
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.76		$	0.71		$	0.71		$	0.60		$	2.07		$	2.28
Diluted	$	0.76		$	0.71		$	0.71		$	0.60		$	2.06		$	2.27
Common Dividend Declared Per Share	$	0.36		$	0.35		$	0.36		$	0.36		$	1.08		$	1.05
High Common Stock Price	$	40.85		$	37.12		$	37.81		$	39.80		$	40.85		$	42.50
Low Common Stock Price	$	33.67		$	31.74		$	33.11		$	33.58		$	33.11		$	31.57
Average Shares Outstanding (Net of Treasury Stock):
Basic		134,182,248			128,762,815			134,623,061			136,058,328			134,947,674			128,716,450
Diluted		134,553,565			128,960,220			134,863,650			136,435,229			135,251,299			128,934,282
Common Dividends	$	48,564		$	45,271		$	48,544		$	49,266		$	146,374		$	135,793
Dividend Payout Ratio		47.34	%		49.13	%		50.77	%		60.33	%		52.30	%		46.21	%


	September 30			September 30			June 30			March 31
	2022			2021			2022			2022
EOP Share Data:
Book Value Per Share	$	32.98		$	34.29		$	33.34		$	33.77
Tangible Book Value Per Share (non-GAAP) ⁽¹⁾	$	18.80		$	20.11		$	19.14		$	19.72
52-week High Common Stock Price	$	40.85		$	42.50		$	39.80		$	42.50
Date		8/16/22			05/18/21			01/13/22			05/18/21
52-week Low Common Stock Price	$	33.11		$	21.19		$	31.74		$	31.74
Date		5/2/22			10/01/20			09/20/21			9/20/21
EOP Shares Outstanding (Net of Treasury Stock):		134,631,647			129,203,774			134,580,646			136,068,439
Memorandum Items:
EOP Employees (full-time equivalent)		2,915			2,986			2,988			3,090
Note:
(1) Tangible Book Value Per Share:
Total Shareholders’ Equity (GAAP)	$	4,440,086		$	4,430,766		$	4,487,050		$	4,595,140
Less: Total Intangibles		(1,909,165	)		(1,832,564	)		(1,910,544	)		(1,912,278	)

Tangible Equity (non-GAAP)	$	2,530,921		$	2,598,202		$	2,576,506		$	2,682,862
÷ EOP Shares Outstanding (Net of Treasury Stock)		134,631,647			129,203,774			134,580,646			136,068,439

Tangible Book Value Per Share (non-GAAP)	$	18.80		$	20.11		$	19.14		$	19.72

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 2022								Three Months Ended September 2021								Three Months Ended June 2022
	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	$	918,691		$	6,834		2.95	%	$	3,825,264		$	2,548		0.26	%	$	1,737,146		$	4,841		1.12	%
Investment securities:
Taxable		4,687,528			29,149		2.49	%		3,215,719			12,999		1.62	%		4,665,307			24,558		2.11	%
Tax-exempt		400,400			2,783		2.78	%		363,966			2,327		2.56	%		419,865			2,794		2.66	%

Total securities		5,087,928			31,932		2.51	%		3,579,685			15,326		1.71	%		5,085,172			27,352		2.15	%
Loans and loans held for sale, net of unearned income ⁽²⁾		19,645,486			226,022		4.57	%		17,174,856			177,265		4.10	%		19,018,717			196,682		4.15	%
Allowance for loan losses		(213,824	)							(217,472	)							(214,624	)

Net loans and loans held for sale		19,431,662					4.62	%		16,957,384					4.15	%		18,804,093					4.19	%

Total earning assets		25,438,281		$	264,788		4.14	%		24,362,333		$	195,139		3.18	%		25,626,411		$	228,875		3.58	%

Other assets		3,396,154								3,075,377								3,383,037

TOTAL ASSETS	$	28,834,435							$	27,437,710							$	29,009,448

LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits	$	13,756,151		$	17,660		0.51	%	$	13,361,016		$	9,803		0.29	%	$	14,136,707		$	9,751		0.28	%
Short-term borrowings		137,985			493		1.42	%		123,526			167		0.54	%		136,025			237		0.70	%
Long-term borrowings		894,940			4,908		2.18	%		813,976			2,531		1.23	%		811,924			2,880		1.42	%

Total interest-bearing liabilities		14,789,076			23,061		0.62	%		14,298,518			12,501		0.35	%		15,084,656			12,868		0.34	%

Noninterest-bearing deposits		9,216,058								8,471,744								9,038,947
Accrued expenses and other liabilities		287,201								227,341								279,659

TOTAL LIABILITIES		24,292,335								22,997,603								24,403,262
SHAREHOLDERS’ EQUITY		4,542,100								4,440,107								4,606,186

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	28,834,435							$	27,437,710							$	29,009,448

NET INTEREST INCOME				$	241,727							$	182,638							$	216,007

INTEREST RATE SPREAD							3.52	%							2.83	%							3.24	%
NET INTEREST MARGIN							3.78	%							2.98	%							3.38	%

(1)	The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)	Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Nine Months Ended September 2022								Nine Months Ended September 2021
	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	$	1,887,158		$	14,004		0.99	%	$	3,012,429		$	6,198		0.28	%
Investment securities:
Taxable		4,540,767			71,212		2.09	%		3,085,050			40,371		1.74	%
Tax-exempt		421,440			8,266		2.62	%		337,590			6,639		2.62	%

Total securities		4,962,207			79,478		2.14	%		3,422,640			47,010		1.83	%
Loans and loans held for sale, net of unearned income ⁽²⁾		19,068,898			604,085		4.23	%		17,742,054			549,896		4.14	%
Allowance for loan losses		(214,813	)							(228,163	)

Net loans and loans held for sale		18,854,085					4.28	%		17,513,891					4.20	%

Total earning assets		25,703,450		$	697,567		3.63	%		23,948,960		$	603,104		3.37	%

Other assets		3,358,118								3,032,927

TOTAL ASSETS	$	29,061,568							$	26,981,887

LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits	$	14,089,933		$	35,972		0.34	%	$	13,255,751		$	32,800		0.33	%
Short-term borrowings		136,014			911		0.90	%		134,092			527		0.53	%
Long-term borrowings		841,693			10,339		1.64	%		820,426			7,540		1.23	%

Total interest-bearing liabilities		15,067,640			47,222		0.42	%		14,210,269			40,867		0.38	%

Noninterest-bearing deposits		9,082,869								8,147,540
Accrued expenses and other liabilities		275,201								234,991

TOTAL LIABILITIES		24,425,710								22,592,800
SHAREHOLDERS’ EQUITY		4,635,858								4,389,087

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	29,061,568							$	26,981,887

NET INTEREST INCOME				$	650,345							$	562,237

INTEREST RATE SPREAD							3.21	%							2.99	%
NET INTEREST MARGIN							3.38	%							3.14	%

(1)	The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)	Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended												Nine Months Ended
	September			September			June			March			September			September
	2022			2021			2022			2022			2022			2021
Selected Financial Ratios:
Return on Average Assets		1.41	%		1.33	%		1.32	%		1.13	%		1.29	%		1.46	%
Return on Average Shareholders’ Equity		8.96	%		8.23	%		8.33	%		6.96	%		8.07	%		8.95	%
Return on Average Tangible Equity (non-GAAP)⁽¹⁾		15.46	%		14.03	%		14.23	%		11.63	%		13.73	%		15.36	%
Efficiency Ratio		50.19	%		56.87	%		54.61	%		58.59	%		54.27	%		54.93	%
Note:
(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)	$	102,585		$	92,152		$	95,613		$	81,664		$	279,862		$	293,886
(b) Number of Days		92			92			91			90			273			273
Average Total Shareholders’ Equity (GAAP)	$	4,542,100		$	4,440,107		$	4,606,186		$	4,759,780		$	4,635,858		$	4,389,087
Less: Average Total Intangibles		(1,910,054	)		(1,833,449	)		(1,911,705	)		(1,911,125	)		(1,910,957	)		(1,831,364	)

(c) Average Tangible Equity (non-GAAP)	$	2,632,046		$	2,606,658		$	2,694,481		$	2,848,655		$	2,724,901		$	2,557,723
Return on Average Tangible Equity (non-GAAP)\ [(a) / (b)] x 365 / (c)		15.46	%		14.03	%		14.23	%		11.63	%		13.73	%		15.36	%


	September 30 2022			December 31 2021			September 30 2021			June 30 2022
Selected Financial Ratios:
Loans & Leases, net of unearned income / Deposit Ratio		86.16	%		77.19	%		76.73	%		82.38	%
Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income		1.11	%		1.20	%		1.26	%		1.13	%
Allowance for Credit Losses ⁽²⁾/ Loans & Leases, net of unearned income		1.32	%		1.37	%		1.41	%		1.35	%
Nonaccrual Loans / Loans & Leases, net of unearned income		0.14	%		0.20	%		0.23	%		0.15	%
90-Day Past Due Loans/ Loans & Leases, net of unearned income		0.09	%		0.10	%		0.09	%		0.09	%
Non-performing Loans/ Loans & Leases, net of unearned income		0.35	%		0.50	%		0.54	%		0.37	%
Non-performing Assets/ Total Assets		0.28	%		0.36	%		0.39	%		0.29	%
Primary Capital Ratio		16.03	%		16.79	%		16.82	%		16.34	%
Shareholders’ Equity Ratio		15.29	%		16.09	%		16.11	%		15.59	%
Price / Book Ratio		1.08	x		1.05	x		1.06	x		1.05	x
Price / Earnings Ratio		11.75	x		12.82	x		12.76	x		12.37	x

Note:

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended												Nine Months Ended
	September			September			June			March			September			September
	2022			2021			2022			2022			2022			2021
Mortgage Banking Segment Data:
Applications	$	785,529		$	1,893,870		$	1,159,102		$	1,696,504		$	3,641,135		$	6,554,142
Loans originated		552,487			1,385,871			955,152			1,006,363			2,514,002			4,954,618
Loans sold	$	564,267		$	1,470,928		$	1,072,623		$	1,170,124		$	2,807,014		$	5,166,584
Purchase money % of loans closed		86	%		69	%		86	%		73	%		81	%		59	%
Realized gain on sales and fees as a % of loans sold		2.13	%		3.00	%		2.40	%		2.98	%		2.49	%		3.37	%
Net interest income	$	2,758		$	2,367		$	2,870		$	2,317		$	7,945		$	7,888
Other income		13,749			45,023			21,468			23,397			58,614			152,295
Other expense		20,662			31,787			25,776			25,448			71,886			109,361
Income taxes		(820	)		3,179			(285	)		57			(1,048	)		10,399
Net (loss) income	$	(3,335	)	$	12,424		$	(1,153	)	$	209		$	(4,279	)	$	40,423


	September 30		December 31		September 30		June 30		March 31
	2022		2021		2021		2022		2022
Period End Mortgage Banking Segment Data:
Locked pipeline	$	131,846	$	448,889	$	648,706	$	206,246	$	412,809
Balance of loans serviced	$	3,459,781	$	3,698,998	$	3,723,206	$	3,534,607	$	3,623,207
Number of loans serviced		23,859		25,198		25,583		24,226		24,677

	September 30		December 31		September 30		June 30		March 31
	2022		2021		2021		2022		2022
Asset Quality Data:
EOP Non-Accrual Loans	$	28,244	$	36,028	$	37,689	$	28,386	$	34,093
EOP 90-Day Past Due Loans		18,254		18,879		14,827		16,443		15,179
EOP Restructured Loans (1)		23,155		35,856		37,752		25,504		30,582

Total EOP Non-performing Loans	$	69,653	$	90,763	$	90,268	$	70,333	$	79,854
EOP Other Real Estate Owned		10,779		14,823		16,696		13,847		13,641

Total EOP Non-performing Assets	$	80,432	$	105,586	$	106,964	$	84,180	$	93,495


	Three Months Ended												Nine Months Ended
	September			September			June			March			September			September
	2022			2021			2022			2022			2022			2021
Allowance for Loan & Lease Losses:
Beginning Balance	$	213,729		$	217,545		$	214,594		$	216,016		$	216,016		$	235,830
Gross Charge-offs		(3,087	)		(2,004	)		(2,119	)		(1,476	)		(6,682	)		(15,092	)
Recoveries		1,299			3,173			3,060			3,456			7,815			6,498

Net (Charge-offs) Recoveries		(1,788	)		1,169			941			1,980			1,133			(8,594	)
Provision for Loan & Lease Losses		7,670			(7,823	)		(1,806	)		(3,402	)		2,462			(16,345	)

Ending Balance	$	219,611		$	210,891		$	213,729		$	214,594		$	219,611		$	210,891
Reserve for lending-related commitments		39,698			25,191			42,579			36,679			39,698			25,191

Allowance for Credit Losses (2)	$	259,309		$	236,082		$	256,308		$	251,273		$	259,309		$	236,082

Notes:

(1)

Restructured loans with an aggregate balance of $10,336, $24,662, $22,421, $11,298 and $13,568 at September 30, 2022, September 30, 2021, December 31, 2021, June 30, 2022 and March 31, 2022 respectively, were on nonaccrual status, but are not included in “EOP Non-Accrual Loans” above. Restructured loans with an aggregate balance of $2,941, $102 and $3,162 at September 30, 2022, December 31, 2021 and June 30, 2022, respectively, were were 90 days past due, but not included in “EOP Non-Accrual Loans” above.

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


West Virginia	No. 002-86947	55-0641179
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $2.50 per share	UBSI	NASDAQ Global Select Market


99.1		Press Release, dated October 27, 2022, issued by United Bankshares, Inc.

99.2		Slide presentation of financial information for the third quarter of 2022

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)