United Bankshares, Inc. (NASDAQ: UBSI) ("United"), today reported earnings for the third quarter of 2026 of $128.7 million, or $0.94 per diluted share. Third quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible common equity, a non-GAAP measure, of 1.50%, 9.24%, and 14.68%, respectively.

"Record net interest income, an expanding net interest margin, and strong organic growth drove earnings in the third quarter of 2026," stated Richard M. Adams, Jr., United’s Chief Executive Officer. "Continuing to underpin our success are our disciplined expense control and credit underwriting cultures, as well as our ongoing focus on efficient capital allocation."

Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.56%, 9.53%, and 15.15%, respectively. Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.57%, 9.58%, and 15.45%, respectively.

Third quarter of 2026 compared to the second quarter of 2026

Earnings for the third quarter of 2026 were $128.7 million, or $0.94 per diluted share, as compared to earnings of $131.4 million, or $0.95 per diluted share, for the second quarter of 2026.

Net interest income for the third quarter of 2026 was a record $294.3 million, an increase of $8.9 million, or 3%, from the second quarter of 2026. Fully tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, also increased $8.9 million, or 3%, from the second quarter of 2026. The increase in net interest income and fully tax-equivalent net interest income was primarily due to loan growth that was largely funded by deposit growth, the impact of strategic purchases of higher yielding investment securities throughout 2026, and the impact of higher market interest rates. Average net loans and loans held for sale increased $227.5 million, or 4% on an annualized basis, from the second quarter of 2026. The yield on average net loans and loans held for sale increased 7 basis points from the second quarter of 2026. Average investment securities increased $94.7 million and the yield on average investment securities increased 15 basis points from the second quarter of 2026. Average interest-bearing deposits increased $164.8 million, or 3% on an annualized basis, from the second quarter of 2026. The rate paid on average interest-bearing deposits increased 4 basis points from the second quarter of 2026. The net interest margin was 3.86% and 3.81% for the third quarter of 2026 and the second quarter of 2026, respectively.

The provision for credit losses for the third quarter of 2026 was $6.2 million as compared to $5.0 million for the second quarter of 2026. The provision for credit losses for the third quarter of 2026 reflected $11.6 million of net charge-offs and a $5.4 million decrease in the allowance for loan & lease losses from the prior quarter-end. For the third quarter of 2026, $6.3 million of net charge-offs, and the corresponding decrease in the allowance for loan & lease losses, were related to an individually evaluated commercial loan relationship for which the charged-off exposure was fully reserved as of the prior quarter-end. The provision for credit losses for the second quarter of 2026 reflected $5.1 million of net charge-offs and a relatively flat allowance for loan & lease losses from the prior quarter-end.

Noninterest income for the third quarter of 2026 was $30.8 million, a decrease of $7.7 million, or 20%, from the second quarter of 2026. Net losses on investment securities were $348 thousand for the third quarter of 2026 as compared to net gains on investment securities of $2.8 million for the second quarter of 2026. Other noninterest income of $1.3 million for the third quarter of 2026 was a decrease of $2.7 million from the second quarter of 2026. Income from mortgage banking activities of $1.3 million for the third quarter of 2026 was a decrease of $1.6 million from the second quarter of 2026. Net losses on investment securities for the third quarter of 2026 were driven by net unrealized fair value losses on equity securities. Net gains on investment securities of $2.8 million for the second quarter of 2026 included a $5.9 million gain as a result of the sale of an unaffiliated company in which United held an investment, a $5.7 million gain from a VISA share exchange, and $1.0 million in unrealized fair value gains on equity securities partially offset by a $9.7 million loss on the sale of $81.0 million of available for sale ("AFS") investment securities. The decrease in other noninterest income was primarily due to lower market values of underlying investments associated with postretirement benefit plans, which was largely offset by a decrease in postretirement benefit costs recorded in noninterest expense as described below. The decrease in income from mortgage banking activities was primarily due to a lower quarter-end valuation of mortgage derivatives and loans held for sale as well as due to lower mortgage production volume.

Noninterest expense for the third quarter of 2026 was $156.7 million, an increase of $2.0 million, or 1%, from the second quarter of 2026. The increase in noninterest expense was driven by a $2.8 million increase in employee compensation and a $2.7 million increase in the expense for the reserve for unfunded loan commitments partially offset by a $3.7 million decrease in employee benefits. The increase in employee compensation was primarily due to higher salaries, reflecting strategic hiring and a full quarter’s impact of annual salary increases, as well as due to higher production-related commissions. The increase in the expense for the reserve for unfunded loan commitments reflected a larger increase in outstanding loan commitments during the third quarter of 2026 as compared with the increase during the second quarter of 2026. The decrease in employee benefits was primarily due to lower postretirement benefit costs and lower health insurance expenses.

For the third quarter of 2026, income tax expense was $33.4 million as compared to $32.8 million for the second quarter of 2026. This increase in income tax expense was driven by the impact of a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 20.6% and 20.0% for the third quarter of 2026 and second quarter of 2026, respectively.

Third quarter of 2026 compared to the third quarter of 2025

Earnings for the third quarter of 2026 were $128.7 million, or $0.94 per diluted share, as compared to earnings of $130.7 million, or $0.92 per diluted share, for the third quarter of 2025.

Net interest income for the third quarter of 2026 increased $14.1 million, or 5%, from the third quarter of 2025. Fully tax-equivalent net interest income also increased $14.1 million, or 5%, from the third quarter of 2025. The increase in net interest income and fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits, loan growth, and the impact of strategic purchases of higher yielding investment securities throughout 2026. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and growth in average interest-bearing deposits. The rate paid on average interest-bearing deposits decreased 33 basis points from the third quarter of 2025. Average net loans and loans held for sale increased $887.3 million, or 4%, from the third quarter of 2025. The yield on average net loans and loans held for sale decreased 18 basis points from the third quarter of 2025. Acquired loan accretion income decreased $2.6 million from the third quarter of 2025. Average investment securities increased $337.9 million and the yield on average investment securities increased 14 basis points from the third quarter of 2025. Average interest-bearing deposits increased $649.8 million, or 3%, from the third quarter of 2025. The net interest margin was 3.86% and 3.80% for the third quarter of 2026 and the third quarter of 2025, respectively.

The provision for credit losses was $6.2 million for the third quarter of 2026 as compared to $12.1 million for the third quarter of 2025.

Noninterest income for the third quarter of 2026 decreased $12.4 million, or 29%, from the third quarter of 2025. Net losses on investment securities were $348 thousand for the third quarter of 2026 as compared to net gains on investment securities of $10.4 million for the third quarter of 2025. Other noninterest income of $1.3 million for the third quarter of 2026 was a decrease of $1.1 million from the third quarter of 2025. Income from mortgage banking activities of $1.3 million for the third quarter of 2026 was a decrease of $1.2 million from the third quarter of 2025. Net gains on investment securities of $10.4 million for the third quarter of 2025 were primarily due to unrealized fair value gains on equity securities. The decrease in other noninterest income was primarily due to lower market values of underlying investments associated with postretirement benefit plans, which was largely offset by a decrease in postretirement benefit costs recorded in noninterest expense as described below. The decrease in income from mortgage banking activities was primarily due to a lower quarter-end valuation of mortgage derivatives and loans held for sale as well as due to lower mortgage production volume.

Noninterest expense for the third quarter of 2026 increased $10.0 million, or 7%, from the third quarter of 2025. Employee compensation increased $5.3 million from the third quarter of 2025 primarily due to higher salaries, production-related commissions, and employee incentives. The expense for the reserve for unfunded loan commitments was $2.8 million for the third quarter of 2026 as compared to a net benefit in the expense for the reserve for unfunded loan commitments of $3.2 million for the third quarter of 2025. Partially offsetting these increases to noninterest expense was a $2.0 million decrease in employee benefits from the third quarter of 2025 primarily due to lower postretirement benefit costs and lower health insurance expenses.

Income tax expense for the third quarter of 2026 was flat from the third quarter of 2025, decreasing $298 thousand, or less than 1%. The impact of lower earnings was largely offset by a slightly higher effective tax rate. United’s effective tax rate was 20.6% and 20.5% for the third quarter of 2026 and third quarter of 2025, respectively.

First nine months of 2026 compared to the first nine months of 2025

Earnings for the first nine months of 2026 were $384.3 million, or $2.77 per diluted share, as compared to earnings of $335.8 million, or $2.36 per diluted share, for the first nine months of 2025.

Net interest income for the first nine months of 2026 was $862.1 million, an increase of $47.4 million, or 6%, from the first nine months of 2025. Fully tax-equivalent net interest income increased $47.3 million, or 6%, from the first nine months of 2025. The increase in net interest income and fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits and loan growth. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and growth in average interest-bearing deposits. Average net loans and loans held for sale increased $1.1 billion from the first nine months of 2025. The yield on average net loans and loans held for sale decreased 18 basis points from the first nine months of 2025. Acquired loan accretion income decreased $7.9 million from the first nine months of 2025. Average investment securities increased $227.2 million from the first nine months of 2025. Average interest-bearing deposits increased $930.3 million from the first nine months of 2025. The rate paid on average interest-bearing deposits decreased 36 basis points from the first nine months of 2025. The net interest margin was 3.82% and 3.77% for the first nine months of 2026 and the first nine months of 2025, respectively.

The provision for credit losses was $19.0 million for the first nine months of 2026. The provision for credit losses was $47.1 million for the first nine months of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated ("non-PCD") loans from the acquisition of Atlanta-based Piedmont Bancorp, Inc. ("Piedmont"), which was completed on January 10, 2025.

Noninterest income for the first nine months of 2026 was relatively flat from the first nine months of 2025, decreasing $804 thousand, or less than 1%. A $6.7 million decrease in net gains on investment securities was largely offset by a $4.0 million increase in fees from brokerage services and a $1.6 million increase in other noninterest income. Net gains on investment securities for the first nine months of 2026 of $4.7 million included the gain as a result of the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, and a gain on the sale of equity securities partially offset by a loss on the sale of AFS investment securities. Net gains on investment securities for the first nine months of 2025 of $11.4 million were primarily due to unrealized fair value gains on equity securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense as described below.

Noninterest expense for the first nine months of 2026 was $464.2 million while noninterest expense was $448.3 million for the first nine months of 2025, which included $12.7 million in merger-related expenses. The increase in noninterest expense was driven by an $11.5 million increase in employee compensation, a $7.3 million increase in the expense for the reserve for unfunded loan commitments, a $3.5 million increase in employee benefits, a $2.1 million increase in software and equipment expense and smaller increases in several other categories of noninterest expense. These increases in noninterest expense were partially offset by a $5.8 million decrease in other noninterest expense, a $3.3 million decrease in data processing, and smaller decreases in several other categories of noninterest expense. The increase in employee compensation was primarily due to higher salaries, production-related commissions, employee incentives, and stock-based compensation costs. Employee compensation for the first nine months of 2025 included $1.5 million in merger-related expenses. The increase in employee benefits was primarily due to higher postretirement benefit and Federal Insurance Contributions Act ("FICA") costs partially offset by lower health insurance expenses. The expense for the reserve for unfunded loan commitments for the first nine months of 2025 included $4.1 million in merger-related expense from the acquisition. Other noninterest expense for the first nine months of 2025 included $7.0 million of merger-related expenses. The decrease in data processing was primarily due to technology contract renegotiations. Other fluctuations in noninterest expense were driven by general operating expenses.

For the first nine months of 2026, income tax expense was $98.0 million as compared to $87.7 million for the first nine months of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.3% and 20.7% for the first nine months of 2026 and first nine months of 2025, respectively.

Credit Quality

At September 30, 2026, non-performing loans ("NPLs") were $109.9 million, or 0.43% of loans & leases, net of unearned income. Total non-performing assets ("NPAs") were $121.1 million, including other real estate owned ("OREO") of $11.2 million, or 0.35% of total assets at September 30, 2026. At June 30, 2026, NPLs were $110.6 million, or 0.44% of loans & leases, net of unearned income. Total NPAs were $120.9 million, including OREO of $10.2 million, or 0.36% of total assets at June 30, 2026. At December 31, 2025, NPLs were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $110.3 million, including OREO of $8.9 million, or 0.33% of total assets at December 31, 2025.

As of September 30, 2026, the allowance for loan & lease losses was $294.1 million, or 1.16% of loans & leases, net of unearned income. As of June 30, 2026, the allowance for loan & lease losses was $299.5 million, or 1.20% of loans & leases, net of unearned income. At December 31, 2025, the allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income.

Net charge-offs were $11.6 million, or 0.18% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2026. Net charge-offs were $5.1 million, or 0.08% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2026. Net charge-offs were $20.0 million, or 0.33% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2025. Net charge-offs were $22.4 million, or 0.12% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2026. Net charge-offs were $36.4 million, or 0.20% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2025.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.2% at September 30, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 12.9%, 12.9%, and 11.1%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%.

During the third quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 2.1 million shares of its common stock at an average price per share of $46.84. During the first nine months of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 5.4 million shares of its common stock at an average price per share of $43.77.

About United Bankshares, Inc.

United Bankshares, Inc. ("United") (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of September 30, 2026. United is the 35^th largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which has over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com.

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2026 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2026 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP Financial Measures

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

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

Net interest income, the yield on earning assets, yield on investment securities, net interest margin, and interest spread are presented in this press release on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although these are non-GAAP measures, United’s management believes these measures are more widely used within the financial services industry and provide better comparability of net interest income arising from taxable and tax-exempt sources and additional insight into the net interest margin by adjusting for differences in tax treatment of interest income sources. United uses this measure to monitor net interest income performance, net interest margin and yields on earning assets and investment securities and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

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

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

Forward-Looking Statements

In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words "expect," "may," "could," "intend," "project," "estimate," "believe," "anticipate," and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these "forward-looking statements." The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the economic impact of oil and gas prices; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.