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 35th largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which has over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com. 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 0.38 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 September September 2026 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 1,838 2,340 5,514 7,022 OREO expense 298 516 201 1,289 459 Net losses on the sale of OREO properties 20 37 - 57 5 Software and equipment expense 9,597 9,435 8,540 27,772 25,673 FDIC insurance expense 4,425 4,550 4,345 13,451 13,605 Expense for the reserve for unfunded loan commitments 2,845 175 (3,181) 4,992 (2,272) Other noninterest expense 35,728 35,063 35,140 106,617 112,433 Total Noninterest Expense 156,714 154,715 146,741 464,243 448,334 Income Before Income Taxes (FTE) (non-GAAP) 162,854 164,929 165,264 484,551 425,858 Tax equivalent adjustment 713 787 781 2,280 2,354 Income Before Income Taxes (GAAP) 162,141 164,142 164,483 482,271 423,504 Taxes 33,437 32,765 33,735 97,990 87,729 Net Income $ 128,704 $ 131,377 $ 130,748 $ 384,281 $ 335,775 MEMO: Effective Tax Rate 20.62% 19.96% 20.51% 20.32% 20.72% 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 2026 2025 2025 Cash & Cash Equivalents $ 1,882,389 $ 2,081,303 $ 2,542,250 $ 2,518,719 Securities Available for Sale 3,500,495 3,319,750 3,059,452 3,023,976 Less: Allowance for credit losses - - - - Net available for sale securities 3,500,495 3,319,750 3,059,452 3,023,976 Securities Held to Maturity 1,020 1,020 1,020 1,020 Less: Allowance for credit losses (13) (14) (16) (17) Net held to maturity securities 1,007 1,006 1,004 1,003 Equity Securities 25,765 30,107 34,760 34,694 Other Investment Securities 314,674 308,168 305,184 299,851 Total Securities 3,841,941 3,659,031 3,400,400 3,359,524 Total Cash and Securities 5,724,330 5,740,334 5,942,650 5,878,243 Loans held for sale 17,712 35,224 31,277 24,226 Commercial Loans & Leases 19,578,244 19,216,523 19,049,978 18,903,200 Mortgage Loans 5,018,722 4,958,277 4,854,418 4,802,370 Consumer Loans 876,516 831,438 816,224 825,585 Gross Loans 25,473,482 25,006,238 24,720,620 24,531,155 Unearned income (13,224) (11,714) (11,498) (11,449) Loans & Leases, net of unearned income 25,460,258 24,994,524 24,709,122 24,519,706 Allowance for Loan & Lease Losses (294,146) (299,504) (297,518) (300,050) Net Loans 25,166,112 24,695,020 24,411,604 24,219,656 Goodwill 2,018,848 2,018,848 2,018,848 2,018,864 Other Intangibles 26,753 28,591 32,267 34,608 Operating Lease Right-of-Use Asset 99,188 92,772 89,312 89,967 Other Real Estate Owned 11,198 10,212 8,857 6,891 Bank Owned Life Insurance 555,251 558,032 547,127 544,979 Other Assets 609,139 572,799 578,339 589,747 Total Assets $ 34,228,531 $ 33,751,832 $ 33,660,281 $ 33,407,181 MEMO: Interest-earning Assets $ 30,534,364 $ 30,066,445 $ 30,014,321 $ 29,734,793 Interest-bearing Deposits $ 20,886,181 $ 20,439,014 $ 20,487,309 $ 20,295,609 Noninterest-bearing Deposits 6,824,553 6,731,733 6,573,630 6,587,911 Total Deposits 27,710,734 27,170,747 27,060,939 26,883,520 Short-term Borrowings 184,810 166,996 198,573 169,013 Long-term Borrowings 533,011 532,615 531,817 531,418 Total Borrowings 717,821 699,611 730,390 700,431 Operating Lease Liability 106,918 99,757 95,392 95,901 Other Liabilities 279,145 271,180 277,577 281,614 Total Liabilities 28,814,618 28,241,295 28,164,298 27,961,466 Preferred Equity - - - - Common Equity 5,413,913 5,510,537 5,495,983 5,445,715 Total Shareholders' Equity 5,413,913 5,510,537 5,495,983 5,445,715 Total Liabilities & Shareholders’ Equity $ 34,228,531 $ 33,751,832 $ 33,660,281 $ 33,407,181 MEMO: Interest-bearing Liabilities $ 21,604,002 $ 21,138,625 $ 21,217,699 $ 20,996,040 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Average Balance Sheets September 2026 June 2026 September 2025 Q-T-D Average Q-T-D Average Q-T-D Average Cash & Cash Equivalents $ 2,134,727 $ 2,166,377 $ 2,396,950 Securities Available for Sale 3,395,531 3,306,377 3,063,171 Less: Allowance for credit losses - - - Net available for sale securities 3,395,531 3,306,377 3,063,171 Securities Held to Maturity 1,020 1,020 1,020 Less: Allowance for credit losses (14) (16) (18) Net held to maturity securities 1,006 1,004 1,002 Equity Securities 28,019 23,786 22,157 Other Investment Securities 316,468 309,340 302,668 Total Securities 3,741,024 3,640,507 3,388,998 Total Cash and Securities 5,875,751 5,806,884 5,785,948 Loans held for sale 24,056 34,273 30,368 Commercial Loans & Leases 19,330,469 19,174,662 18,683,691 Mortgage Loans 4,979,925 4,917,634 4,772,913 Consumer Loans 878,583 858,082 846,488 Gross Loans 25,188,977 24,950,378 24,303,092 Unearned income (12,979) (11,874) (12,177) Loans & Leases, net of unearned income 25,175,998 24,938,504 24,290,915 Allowance for Loan & Lease Losses (299,439) (299,614) (307,983) Net Loans 24,876,559 24,638,890 23,982,932 Goodwill 2,018,848 2,018,848 2,018,948 Other Intangibles 27,965 29,783 36,134 Operating Lease Right-of-Use Asset 94,716 88,433 89,820 Other Real Estate Owned 10,767 10,281 6,414 Bank Owned Life Insurance 559,014 554,079 542,684 Other Assets 560,888 558,830 576,522 Total Assets $ 34,048,564 $ 33,740,301 $ 33,069,770 MEMO: Interest-earning Assets $ 30,389,716 $ 30,101,804 $ 29,419,570 Interest-bearing Deposits $ 20,670,359 $ 20,505,605 $ 20,020,573 Noninterest-bearing Deposits 6,817,000 6,672,733 6,614,586 Total Deposits 27,487,359 27,178,338 26,635,159 Short-term Borrowings 174,815 177,707 155,966 Long-term Borrowings 532,789 532,390 544,020 Total Borrowings 707,604 710,097 699,986 Operating Lease Liability 101,921 94,525 95,686 Other Liabilities 226,186 229,491 225,479 Total Liabilities 28,523,070 28,212,451 27,656,310 Preferred Equity - - - Common Equity 5,525,494 5,527,850 5,413,460 Total Shareholders' Equity 5,525,494 5,527,850 5,413,460 Total Liabilities & Equity $ 34,048,564 $ 33,740,301 $ 33,069,770 MEMO: Interest-bearing Liabilities $ 21,377,963 $ 21,215,702 $ 20,720,559 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Nine Months Ended September June September September September Quarterly/Year-to-Date Share Data: 2026 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 $ 0.38 $ 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 2026 2025 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 $ 34.10 $ 30.50 $ 30.50 Date 10/16/25 10/16/25 04/04/25 04/04/25 EOP Shares Outstanding (Net of Treasury Stock): 134,872,427 136,942,149 139,880,247 141,170,258 Memorandum Items: Employees (full-time equivalent) 2,812 2,754 2,740 2,779 Note: (1) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,413,913 $ 5,510,537 $ 5,495,983 $ 5,445,715 Less: Total Intangibles (2,045,601) (2,047,439) (2,051,115) (2,053,472) Tangible Common Equity (non-GAAP) $ 3,368,312 $ 3,463,098 $ 3,444,868 $ 3,392,243 ÷ EOP Shares Outstanding (Net of Treasury Stock) 134,872,427 136,942,149 139,880,247 141,170,258 Tangible Book Value Per Share (non-GAAP) $ 24.97 $ 25.29 $ 24.63 $ 24.03 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 Average Average Average Average Average ASSETS: Balance Interest (1) Rate (1) Balance Interest (1) Rate (1) Balance Interest (1) Rate (1) Earning Assets: Federal funds sold and securities purchased under agreements to resell and other short-term investments $ 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 Average Average 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 September September Selected Financial Ratios (1) : 2026 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 x 12.05 x 10.21 x 12.39 x 11.81 x Notes: (1) Applicable ratios are annualized. (2) Return on Average Tangible Common Equity: (a) Net Income (GAAP) $ 128,704 $ 131,377 $ 130,748 $ 384,281 $ 335,775 (b) Number of Days 92 91 92 273 273 Average Total Shareholders' Equity (GAAP) $ 5,525,494 $ 5,527,850 $ 5,413,460 $ 5,534,224 $ 5,349,703 Less: Average Total Intangibles (2,046,813) (2,048,631) (2,055,082) (2,048,624) (2,055,165) (c) Average Tangible Common Equity (non-GAAP) $ 3,478,681 $ 3,479,219 $ 3,358,378 $ 3,485,600 $ 3,294,538 Return on Average Tangible Common Equity (non-GAAP) [(a) / (b)] x 365 / (c) 14.68% 15.15% 15.45% 14.74% 13.63% 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% 1.20% 1.22% Allowance for Credit Losses (3) / Loans & Leases, net of unearned income 1.31% 1.35% 1.35% 1.36% Non-accrual Loans / Loans & Leases, net of unearned income 0.39% 0.40% 0.39% 0.45% 90-Day Past Due Loans / Loans & Leases, net of unearned income 0.04% 0.05% 0.02% 0.03% Non-performing Loans / Loans & Leases, net of unearned income 0.43% 0.44% 0.41% 0.48% Non-performing Assets / Total Assets 0.35% 0.36% 0.33% 0.37% Primary Capital Ratio 16.63% 17.15% 17.15% 17.13% Shareholders' Equity Ratio 15.82% 16.33% 16.33% 16.30% Price / Book Ratio 1.14 x 1.14 x 0.98 x 0.96 x Note: (3) Includes allowances for loan losses and lending-related commitments. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Nine Months Ended September June September September September Mortgage Loans Held for Sale Data: 2026 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 2026 2025 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 September September Allowance for Loan & Lease Losses: 2026 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. W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext. 8716 Source: United Bankshares, Inc.