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PARKERSBURG - United Bankshares has reported record earnings for the second quarter of 2026 of $131.4 million, or 95 cents per diluted share.
Second quarter of 2026 results produced annualized returns on average assets, average shareholders' equity, and average tangible common equity, a non-GAAP measure, of 1.56%, 9.53%, and 15.15%, respectively.
"We delivered record results in the second quarter, and our consistent and disciplined approach to managing our Company's affairs continues to pay dividends," Richard M. Adams Jr., United chief executive officer. "We look forward to continued growth in the second half of the year."
Earnings for the first quarter of 2026 were $124.2 million, or 89 cents per diluted share, and annualized returns on average assets, average shareholders' equity and average tangible common equity were 1.49%, 9.08% and 14.40%, respectively. Earnings for the second quarter of 2025 were $120.7 million, or 85 cents per diluted share, and annualized returns on average assets, average shareholders' equity and average tangible common equity were 1.49%, 9.05% and 14.67%, respectively.
Earnings for the second quarter of 2026 were $131.4 million, or 95 cents per diluted share, as compared to earnings of $124.2 million, or 89 cents per diluted share, for the first quarter of 2026.
Net interest income for the second quarter of 2026 was $285.3 million, an increase of $2.8 million, or 1%, from the first quarter of 2026.
The provision for credit losses for the second quarter of 2026 was $5 million as compared to $7.8 million for the first quarter of 2026.
Noninterest income for the second quarter of 2026 was $38.5 million, an increase of $4.4 million, or 13%, from the first quarter of 2026 driven by a $2.7 million increase in other noninterest income and smaller increases in several other categories of noninterest income.
Noninterest expense for the second quarter of 2026 was $154.7 million, an increase of $1.9 million, or 1%, from the first quarter of 2026. The increase in noninterest expense was driven by a $3.1 million increase in employee compensation partially offset by a $1.8 million decrease in the expense for the reserve for unfunded loan commitments.
For the second quarter of 2026, income tax expense was $32.8 million as compared to $31.8 million for the first quarter of 2026. 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 20.0% and 20.4% for the second quarter of 2026 and first quarter of 2026, respectively.
Net interest income for the second quarter of 2026 increased $10.8 million, or 4%, from the second quarter of 2025. Fully tax-equivalent net interest income also increased $10.8 million, or 4%, from the second 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 and an increase in average net loans and loans held for sale.
Average interest-bearing deposits increased $900.5 million, or 5%, from the second quarter of 2025. The net interest margin was 3.81% for both the second quarter of 2026 and the second quarter of 2025.
The provision for credit losses was $5 million for the second quarter of 2026 as compared to $5.9 million for the second quarter of 2025.
Noninterest income for the second quarter of 2026 increased $7 million, or 22%, from the second quarter of 2025 driven by increases in net gains on investment securities of $2.4 million, other noninterest income of $1.9 million, and fees from brokerage services of $1.9 million.
Noninterest expense for the second quarter of 2026 increased $6.7 million, or 5%, from the second quarter of 2025 primarily due to a $3.6 million increase in employee compensation and a $2.9 million increase in employee benefits. The increase in employee compensation was primarily due to higher salaries, brokerage commissions, employee incentives and stock-based compensation costs.
For the second quarter of 2026, income tax expense was $32.8 million as compared to $31.4 million for the second quarter of 2025.
Earnings for the first half of 2026 were $255.6 million, or $1.83 per diluted share, as compared to earnings of $205 million, or $1.44 per diluted share, for the first half of 2025.