CHARLESTON – United Bankshares Inc. this week reported earnings for the first quarter of 2026 of $124.2 million, or $0.89 per diluted share.

First quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity and average tangible common equity, a non-GAAP measure, of 1.49%, 9.08%, and 14.40%, respectively.

“Against the backdrop of geopolitical and macroeconomic uncertainties, UBSI continues to deliver resilient results,” said Richard M. Adams Jr., United’s chief executive officer. “Strong earnings, sound asset quality and efficient capital allocation highlight the first quarter, and we are well-positioned for success going forward.”

Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, and annualized returns on average assets, average shareholders’ equity and average tangible common equity for the fourth quarter of 2025 were 1.52%, 9.31%, and 14.86%, respectively. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average shareholders’ equity and average tangible common equity were 1.06%, 6.47% and 10.61%, respectively.

United completed its acquisition of Atlanta-based Piedmont Bancorp Inc. on Jan. 10, 2025. The first quarter of 2025 included $30 million, or approximately $0.17 per diluted share, in merger-related noninterest expenses and merger-related provision for credit losses.

Net interest income for the first quarter of 2026 was $282.5 million, a decrease of $4.9 million, or 2%, from the fourth quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, decreased $5 million, or 2%, from the fourth quarter of 2025.

The net interest margin was 3.8% and 3.83% for the first quarter of 2026 and the fourth quarter of 2025, respectively.

Acquired loan accretion income was $7.5 million and $8.5 million for the first quarter of 2026 and fourth quarter of 2025, respectively.

The provision for credit losses for the first quarter of 2026 was $7.8 million as compared to $6.8 million for the fourth quarter of 2025. The provision for credit losses for the first quarter of 2026 reflected $5.7 million of net charge-offs and a $2.1 million increase in the allowance for loan and lease losses from the prior quarter-end. The provision for credit losses for the fourth quarter of 2025 reflected $9.3 million of net charge-offs and a $2.5 million decrease in the allowance for loan and lease losses from the prior quarter-end.

Noninterest income for the first quarter of 2026 was $34.1 million, an increase of $3.1 million, or 10%, from the fourth quarter of 2025. Net gains on investment securities were $2.3 million for the first quarter of 2026, as compared to net losses on investment securities of $218,000 for the fourth quarter of 2025. Net gains on investment securities for the first quarter of 2026 were primarily due to gains on sales of equity securities. Fees from brokerage services increased $1.4 million from the fourth quarter of 2025 to $7.4 million, primarily due to higher volume driven by growth in the business.

Noninterest expense for the first quarter of 2026 of $152.8 million was relatively flat from the fourth quarter of 2025, slightly increasing $1.1 million, or less than 1%. An increase in employee benefits of $3 million and an increase in Federal Deposit Insurance Corporation (FDIC) insurance expense of $1.1 million was mostly offset by a $1.1 million decrease in data processing and smaller decreases in several other categories of noninterest expense.

The increase in employee benefits was primarily due to higher Federal Insurance Contributions Act (FICA) and post-retirement benefit costs.

Income tax expense for the first quarter of 2026 was $31.8 million as compared to $31.1 million for the fourth quarter of 2025. This was primarily due to the impact of a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 20.4% and 19.4% for the first quarter of 2026 and fourth quarter of 2025, respectively.

Net interest income for the first quarter of 2026 increased $22.5 million, or 9%, from the first quarter of 2025. Tax-equivalent net interest income also increased $22.5 million, or 9%, from the first quarter of 2025. The increases were primarily due to an increase in average net loans and loans held for sale and a lower average rate paid on interest-bearing deposits. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average net loans and loans held for sale increased $1.4 billion, or 6%, from the first quarter of 2025. Average interest-bearing deposits increased $1.2 billion, or 6%, from the first quarter of 2025.

The provision for credit losses was $7.8 million for the first quarter of 2026. The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated loans from Piedmont.

Noninterest income for the first quarter of 2026 increased $4.5 million, or 15%, from the first quarter of 2025, driven by increases in net gains on investment securities of $1.7 million and fees from brokerage services of $1.8 million. Net gains on investment securities of $2.3 million for the first quarter of 2026 were primarily due to gains on the aforementioned sales of equity securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business.

Noninterest expense for the first quarter of 2026 was $152.8 million while noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses. A $5.2 million decrease in other noninterest expense and a $1.5 million decrease in data processing were partially offset by a $2.7 million increase in employee benefits and a $2.6 million increase in employee compensation.

Other noninterest expense for the first quarter of 2025 included $6 million of merger-related expenses. The increase in employee benefits was primarily due to higher postretirement benefit and FICA costs. The increase in employee compensation was primarily due to higher employee incentives and higher brokerage commissions. Employee compensation for the first quarter of 2025 included $1.2 million in merger-related expenses. The expense for the reserve for unfunded loan commitments was $2 million and $1.7 million for the first quarter of 2026 and the first quarter of 2025, respectively.

Income tax expense for the first quarter of 2026 was $31.8 million as compared to $22.6 million for the first quarter of 2025. This increase in income tax expense was primarily due to the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.4% and 21.2% for the first quarter of 2026 and first quarter of 2025, respectively.

As of March 31, non-performing loans (NPLs) were $102.8 million, or 0.41% of loans and leases, net of unearned income. Total non-performing assets (NPAs) were $113.2 million, including other real estate owned (OREO) of $10.4 million, or 0.34% of total assets. As of Dec. 31, NPLs were $101.5 million, or 0.41% of loans and leases, net of unearned income. Total NPAs were $110.3 million, including OREO of $8.9 million, or 0.33% of total assets.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.5% as of March 31, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.3%, 13.3% and 11.2%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8% and a leverage ratio of 5.0%.

During the first quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.7 million shares of its common stock at an average price per share of $39.92.

United Bankshares Inc. is a financial services company with consolidated assets of approximately $34 billion as of March 31. United is the 38th largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices across West Virginia, Ohio, Virginia, Maryland, North Carolina, South Carolina, Pennsylvania, Georgia and Washington, D.C.

More information is available online at ubsi-inc.com.