United Bankshares : First Quarter 2026 Earnings Review

Published: 2026-04-23 08:08:11 ET UBSI

Published on 04/23/2026 at 08:08 am EDT

April 23, 2026

Achieved Net Income of $124.2 million and Diluted Earnings Per Share of

$0.89

Generated Return on Average Assets of 1.49%, Return on Average Shareholders' Equity of 9.08%, and Return on Average Tangible Common Equity* of 14.40%

Returned capital through $53 million of common dividends and $69 million of share repurchases (repurchased 1.7 million shares during 1Q26)

Net Interest Income was $282.5 million and Net Interest Margin (FTE)

remained solid at 3.80%

Consistently ranked as one of the most trustworthy banks in America by

Newsweek (ranked in the top 10 each year, including #1 in 2023)

Quarterly dividend of $0.38 per share equates to a yield of ~3.5% (based upon recent prices). United has increased dividends to shareholders for 52 consecutive years

Asset quality remains sound with Non-Performing Assets to Total Assets of 0.34%

Strong expense control with an efficiency ratio of 48.27%

Capital position remains robust and liquidity remains sound

In thousands, except per share data

Three Months Ended

Interest & Fees Income

1Q26 4Q25 1Q25

$ 415,929 $ 430,053 $ 403,647

Interest Expense

$ 133,414 $ 142,596 $ 143,592

Net Interest Income

$ 282,515 $ 287,457 $ 260,055

Provision for Credit Losses

$ 7,776 $ 6,779 $ 29,103

Noninterest Income

$ 34,063 $ 30,936 $ 29,554

Noninterest Expense

$ 152,814 $ 151,718 $ 153,573

Income Before Income Taxes

$ 155,988 $ 159,896 $ 106,933

Income Taxes

$ 31,788 $ 31,068 $ 22,627

Net Income

$ 124,200 $ 128,828 $ 84,306

Diluted EPS

$0.89 $0.91 $0.59

Weighted Average Diluted Shares

140,092 140,980 142,698

Notes

Merger-Related Expenses (before tax)

$ - $ - $ 30,041

Linked-Quarter (LQ)

Net Income was $124.2 million in 1Q26 compared to $128.8 million in 4Q25, with diluted EPS of $0.89 in 1Q26 compared to $0.91 in 4Q25.

Net Interest Income decreased $4.9 million. Acquired loan accretion income decreased $1.0 million. The interest rate spread increased 2 basis points primarily due to a lower average rate paid on interest-bearing deposits partially offset by a lower yield on average earning assets.

Provision Expense was $7.8 million in 1Q26 compared to $6.8 million in 4Q25.

Noninterest Income increased $3.1 million compared to 4Q25. 1Q26 included net gains on investment securities of $2.3 million primarily due to gains on sales of equity securities as compared to net losses on investment securities of $0.2 million in 4Q25. 1Q26 also included an increase in fees from brokerage services of $1.4 million.

Noninterest Expense increased $1.1 million compared to 4Q25 driven by an increase of $3.0 million in employee benefits and an increase of $1.1 million in FDIC insurance expense, partially offset by a $1.1 million decrease in data processing and smaller decreases in several other categories of noninterest expense.

The effective tax rate increased from 19.4% in 4Q25 to 20.4% in 1Q26. The effective tax rate for 4Q25 reflected the impact of provision to return adjustments.

Strong profitability and expense control

Return on Average Assets

1.80%

1.60%

1.40%

1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

0.00%

1Q25 2Q25 3Q25 4Q25 1Q26

Efficiency Ratio

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

1Q25 2Q25 3Q25 4Q25 1Q26

Return on Average Shareholders' Equity

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

1Q25 2Q25 3Q25 4Q25 1Q26

Return on Average Tangible Common Equity*

18.00%

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

1Q25 2Q25 3Q25 4Q25 1Q26

*Non-GAAP measure. Refer to appendix.

1Q25 was impacted by pre-tax merger related expenses of $30.0 million. 3Q25 was impacted by net gains on investment securities of $10.4 million

primarily due to unrealized fair value gains on equity securities.

1Q25

2Q25

3Q25

4Q25

1Q26

Loan PA Accretion

6.0

11.8

7.5

8.5

7.5

Net Interest Income & Net Interest Margin

$300

$275

$250

$225

$200

$175

$150

$125

$100

$75

$50

$25

4.50%

4.00%

3.50%

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

Net Interest Income (FTE), excluding loan accretion

Net Interest Margin (FTE)

254.8

3.69%

263.6 273.4 279.8 275.8

3.81% 3.80% 3.83% 3.80%

Interest-Bearing Deposits

Investment Securities

Net Loans

1Q26

4Q25

3Q25

2Q25

1Q25

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

Average Yields

$ in millions

Reported Net Interest Margin decreased from 3.83% to 3.80% LQ.

Linked-quarter Net Interest Income (FTE) decreased $5.0 million. Acquired loan accretion income decreased $1.0 million. The interest rate spread increased 2 basis points primarily due to a lower average rate paid on interest-bearing deposits partially offset by a lower yield on average earning assets.

Approximately ~50% of the loan portfolio is fixed rate and ~50% is adjustable rate, while ~39% of the total portfolio is projected to reprice within the next 3 months.

~10% of the securities portfolio is floating rate. Securities balances of approximately ~$583 million with an average yield of ~3.8% are projected to roll off during the remainder of FY 2026. HTM securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 3.8 years.

Time deposits have an average maturity of ~5 months. Approximately ~13% of total deposits have interest rates tied to a floating rate index.

Scheduled purchase accounting loan accretion is estimated at ~$12 million for the remainder of FY 2026 and ~$11 million for FY 2027.

Loans, EOP

$26,000

$24,721

$24,875

$23,874

$24,061

$24,531

$24,000

$22,000

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

1Q25

2Q25

3Q25

4Q25

1Q26

($ in millions) 1Q26 % of Total LQ Change

Owner Occupied CRE

$ 2,140

8.6%

$ (6)

Non Owner Occupied CRE

$ 8,547

34.4%

$ 203

Commercial

$ 3,759

15.1%

$ (26)

Residential Real Estate

$ 6,115

24.6%

$ 17

Construction & Land Dev.

$ 3,542

14.2%

$ (29)

Bankcard

$ 9

0.0%

$ (0)

Consumer

$ 763

3.1%

$ (5)

Total Gross Loans

$ 24,875

100.0% $

154

$ in millions

Non Owner Occupied CRE

Linked-Quarter loan balances increased $154 million driven by Non Owner Occupied CRE loans.

Non Owner Occupied CRE to Total Risk Based Capital was ~294% at 1Q26.

CRE portfolio remains diversified among underlying collateral types.

Non Owner Occupied Office loans total ~$0.7 billion (~2.9% of total loans). The Top 60 Office loans make up ~76% of total Non Owner Occupied Office balances. The weighted average LTV at origination for the Top 60 was ~59%.

Office 8%

Industrial 6%

Hospitality 17%

Mixed Use 6%

Other

Retail 15%

Multifamily 29%

Self Storage

6% Special Purpose

United has been disciplined in its approach to underwriting Office loans. The stringent underwriting process focuses on the underlying tenants, lease terms, sponsor support, location, property class, amenities, etc.

Weighted average FICO of all consumer-related loan sectors is ~764.

Fixed rate loans maturing within 12 months total ~$2.3 billion at a weighted

average rate of ~5.1%. Fixed rate loans maturing within 13-24 months total

~$1.5 billion at a weighted average rate of ~5.6%.

Total purchase accounting-related fair value discount on loans was ~$49 million as of 3/31/26.

Shading indicates areas with outstanding loans. Color coding represents the geographies noted in the table.

Indicates United office location

Diversified portfolio with strong underwriting practices and ongoing monitoring

Total Loans

Loan Segments

Total Loans

Total Loans ($ Billions)

24.9

% of Total Loans

100%

Geographic location

Southeast

44%

Metro DC / Baltimore

35%

WV / OH / PA / Shenandoah Valley

18%

Other

Total

100%

CRE NOO

CRE OO

C&D

C&I

Residential Real Estate

Other Consumer

8.5

2.1

3.5

3.8

6.1

0.8

34%

14%

15%

25%

46%

52%

71%

16%

41%

13%

40%

24%

19%

33%

44%

18%

12%

22%

42%

13%

56%

13%

100%

Select Portfolio Details:

Total NOO Office loans represent $0.7 billion, or only ~2.9% of total loans, with ~51% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. The ALLL associated with the NOO Office portfolio was $54.1 million (7.5% of total NOO Office loans) at 3/31/26.

C&I Government Contracting loans represent only ~0.6% of total loans. Our Government Contracting loans are concentrated in blue-chip companies with the top 3 borrowers comprising ~74% of the portfolio with credit ratings of BB+ or better.

Total Residential Real Estate loans have an overall weighted average FICO of ~762, with a weighted average FICO of ~767 in the Washington DC MSA. The Washington DC MSA continues to be impacted by a lack of single-family housing inventory supply.

Loans to Nondepository Financial Institutions (NDFIs) total $0.3 billion, or only ~1.3% of total loans. The balances are comprised

of loans to Real Estate Investment Trusts, or REITs (~57%); mortgage warehouse (~33%); and other (~10%).

End of Period Balances

(000s)

12/31/25

3/31/26

Non-Accrual Loans

$96,492

$91,170

90-Day Past Due Loans

$4,974

$11,664

Total Non-performing Loans

$101,466

$102,834

Other Real Estate Owned

$8,857

$10,390

Total Non-performing Assets

$110,323

$113,224

Non-performing Loans / Loans

0.41%

Non-performing Assets / Total Assets

0.33%

0.34%

Annualized Net Charge-offs / Average Loans

0.15%

0.09%

Allowance for Loan & Lease Losses (ALLL)

$297,518

$299,599

ALLL / Loans, net of unearned income

1.20%

Allowance for Credit Losses (ACL)*

$332,593

$336,646

ACL / Loans, net of unearned income

1.35%

NPAs were $113.2 million at 3/31/26 compared to $110.3 million at 12/31/25 with the ratio of NPAs to Total Assets increasing from 0.33% to 0.34%.

30-89 Day Past Due loans were 0.25% of total loans at 3/31/26 compared to 0.22% at 12/31/25.

ALLL as a percentage of Total Loans was flat compared to 12/31/25 at 1.20%.

Deposits, EOP

$28,000

$26,000

$24,000

$22,000

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

$26,365

$26,336

$26,884

$27,061

$27,121

1Q25 2Q25 3Q25 4Q25 1Q26

Average Deposits

$22,000

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

Interest Bearing

Non Interest Bearing

1Q25 2Q25 3Q25 4Q25 1Q26

($ in millions) 1Q26 % of Total LQ Change

Non Interest Bearing Interest Bearing Transaction Regular Savings

Money Market Accounts Time Deposits < $100,000

$ 6,410

$ 6,618

$ 1,286

$ 8,034

$ 1,370

23.6% $

24.4% $

4.7% $

29.6% $

5.1% $

(164)

(40)

198

Time Deposits > $100,000

$ 3,403

12.5%

$ 38

Total Deposits

$ 27,121

100.0% $ 60

Strong core deposit base with 24% of deposits in Non Interest Bearing accounts.

LQ deposits increased $60 million driven by Money Market Accounts.

Cumulative interest bearing deposit beta of ~49% and total deposit beta of ~34% since 3Q24.

Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base.

Top 10 MSAs by Deposits* (as of 6/30/25)

MSA

Total Deposits In MSA ($000)

Number of Branches

Rank

Washington, DC

10,482,772

Morgantown, WV

1,568,631

Charleston, WV

1,501,472

Atlanta, GA

1,312,956

Richmond, VA

818,435

Parkersburg, WV

754,627

Hagerstown, MD

728,404

Myrtle Beach, SC

653,612

Charlotte, NC

652,696

Wheeling, WV

541,685

$ in millions Source: S&P Global Market Intelligence

Deposit Account Details ($ in millions)

End of Period Ratios / Values

3/31/26

% of Total Deposits

Estimated Uninsured Deposits (less affiliate and collateralized deposits)

$8,638

32%

Estimated Insured/Collateralized Deposits

$18,483

68%

Total Deposits

$27,121

100%

Liquidity remains strong with a granular deposit base and geographic diversification.

Average deposit account size is ~$38 thousand with >700 thousand total deposit accounts.

Estimated uninsured/uncollateralized deposits were flat compared to 12/31/25 at 32% of total deposits.

Available Liquidity ($ in millions)

3/31/26

Cash & Cash Equivalents

$2,305

Unpledged AFS Securities

$1,170

Available FHLB Borrowing Capacity

$4,893

Available FRB Discount Window Borrowing Capacity

$4,585

Subtotal

$12,953

Additional FHLB Capacity (with delivery of collateral)

$4,342

Additional Brokered Deposit Capacity (based on internal policy)

$4,787

Total Liquidity*

$22,082

*Does not include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc.

End of Period Ratios / Values

12/31/25

3/31/26**

Common Equity Tier 1 Ratio

13.4%

13.3%

Tier 1 Capital Ratio

13.4%

13.3%

Total Risk Based Capital Ratio

15.7%

15.5%

Leverage Ratio

11.3%

11.2%

Total Shareholders' Equity to Total Assets

16.3%

*Tangible Common Equity to Tangible Assets (non-GAAP)

10.9%

Book Value Per Share

$39.29

$39.65

*Tangible Book Value Per Share (non-GAAP)

$24.63

$24.84

*Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release date.

Capital ratios remain significantly above regulatory "Well Capitalized" levels and exceed all internal capital targets.

United repurchased 1.7 million common shares during 1Q26 for $69.4 million as compared to 1.3 million common shares during

4Q25 for $47.5 million.

From 04/01/26 through 04/22/26, United repurchased 633 thousand common shares for $26.8 million.

As of 04/22/26, there were 2.4 million shares available to be repurchased under the approved plan.

Select guidance is being provided for 2026. Our outlook may change if the expectations for these items vary from current

expectations.

Balance Sheet: Expect loan and deposit growth rates to be in the mid single digits for the remainder of 2026 (annualized). Loan pipelines remain relatively strong. Expect investment portfolio balances to increase by low to mid single digits for the remainder of 2026 (annualized).

Net Interest Income: Net interest income (non-FTE) expected to be in the range of $1.15 billion to $1.17 billion for 2026 (assumes no rate cuts in 2026). Loan purchase accounting accretion is currently estimated at ~$26 million for FY 2026 (includes scheduled and estimated accelerated accretion).

Provision Expense: Asset quality remains sound. Provision expense will be dependent on the future economic outlook, future credit trends within United's portfolio, and loan growth. Expect our credit performance to outperform the industry. Current planning assumption for provision expense is $36 million for FY 2026.

Non Interest Income: Expect non interest income to be in the range of $125 million to $135 million for 2026. Mortgage banking revenue will be subject to industry trends.

Non Interest Expense: Expect non interest expense to be in the range of $615 million to $630 million for 2026.

Effective Tax Rate: Estimated at approximately ~21.0%.

Capital: Expect to be active in the buyback in 2026 (market dependent). United's capital position remains robust.

Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth

MSAs and smaller stable markets with a strong deposit base

Consistently high-performing company with a culture of disciplined risk management and expense control

52 consecutive years of dividend increases evidences United's strong profitability,

solid asset quality, and sound capital management over a very long period of time

Experienced management team with a proven track record of execution

Committed to our mission of excellence in service to our employees, our

customers, our shareholders and our communities

Attractive valuation with a current Price-to-Earnings Ratio of ~12.6x (based upon median 2026 street consensus estimate of $3.50 per Bloomberg)

40.0

Closed on 1/10/25

35.0

30.0

$29.3 $29.5 $29.9 $30.0

$33.7

$26.2

Total Assets ($B)

25.0

20.0

$19.1 $19.3 $19.7

15.0

$12.3 $12.6

$14.5

10.0

$8.7

5.0

0.0

2013Y 2014Y 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y

UNITED

BANKSHARES, INC.

APPENDIX

(dollars in thousands) 1Q25 2Q25 3Q25 4Q25 1Q26

Return on Average Tangible Common Equity

(A) Net Income (GAAP)

$84,306

$120,721

$130,748

$128,828

$124,200

(B) Number of Days in the Quarter

Average Total Shareholders' Equity (GAAP)

$5,283,542

$5,351,140

$5,413,460

$5,492,008

$5,549,114

Less: Average Total Intangibles

(2,060,975)

(2,049,504)

(2,055,082))

(2,052,648)

(2,050,468)

(C)

Average Tangible Common Equity (non-GAAP)

$3,222,567

$3,301,636

$3,358,378

$3,439,360

$3,498,646

Formula: [(A) / (B)]*365 (or 366 for leap year)

(C)

Return on Average Tangible Common Equity

10.61%

14.67%

15.45%

14.86%

14.40%

(non-GAAP)

(dollars in thousands) 12/31/2025 3/31/2026

Tangible Common Equity to Tangible Assets

Total Assets (GAAP) $ 33,660,281 $ 33,705,380

Less: Total Intangibles (GAAP) (2,051,115) (2,049,277)

Tangible Assets (non-GAAP)

$ 31,609,166 $

31,656,103

Total Shareholders' Equity (GAAP)

$ 5,495,983 $

5,488,126

Less: Total Intangibles (GAAP) (2,051,115) (2,049,277)

Tangible Common Equity (non-GAAP)

$ 3,444,868

$ 3,438,849

Tangible Common Equity to Tangible Assets (non-GAAP)

10.9%

Tangible Book Value Per Share:

Total Shareholders' Equity (GAAP) $ 5,495,983 $ 5,488,126 Less: Total Intangibles (GAAP) (2,051,115) (2,049,277)

Tangible Common Equity (non-GAAP)

$ 3,444,868

$ 3,438,849

÷ EOP Shares Outstanding (Net of Treasury Stock)

139,880,247

138,431,009

Tangible Book Value Per Share (non-GAAP)

$24.63

$24.84

Disclaimer

United Bankshares Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 12:07 UTC.