United Bankshares, Inc.

What they do

United Bankshares operates as a financial holding company and community bank, offering a full range of commercial and retail banking services, including deposits, loans, and mortgage banking. Through nonbank subsidiaries, it also provides asset management, real property title insurance, financial planning, and brokerage services. The company has grown through acquisitions, including recent entry into Georgia via Piedmont Bancorp. As of December 31, 2025, consolidated assets were approximately $33.7 billion.

Revenue drivers

• Net interest income — Core earnings driver; second quarter 2026 net interest income was $285.3 million, up 1% from the prior quarter, with a net interest margin of 3.81%.
• Noninterest income — Includes service charges, mortgage banking, and other fees; second quarter 2026 noninterest income was $38.5 million, up 13% from the first quarter, aided by gains on investment securities and higher other income.
• Acquired loan accretion — Income from acquired loans, especially from Piedmont acquisition; accretion was $5.0 million in Q2 2026, a decrease of $2.5 million from Q1 2026.

Recent performance

For the second quarter of 2026, United reported record earnings of $131.4 million, or $0.95 per diluted share, up from $124.2 million ($0.89) in Q1 2026 and $120.7 million ($0.85) in Q2 2025. Annualized returns on average assets, equity, and tangible common equity were 1.56%, 9.53%, and 15.15%, respectively. Net interest income increased to $285.3 million, while the provision for credit losses was $5.0 million, down from $7.8 million in Q1. The balance sheet showed total assets of $33.75 billion and shareholder equity of $5.51 billion as of June 30, 2026.

Strategy

Management continues to pursue acquisitions to expand geographic footprint, as evidenced by the January 2025 Piedmont acquisition that entered the greater-Atlanta market. They also focus on operational efficiency, consolidating mortgage channels and exiting third-party origination. Recent strategic purchases of higher-yielding investment securities aim to improve yields. Management emphasizes a consistent, disciplined approach to managing the company to deliver growth and dividends.

Risks

• Regulatory and legislative changes — United is subject to extensive federal and state regulation, which could impose additional costs, limit products, or require higher capital levels.
• Economic and trade policy uncertainty — Potential tariffs and changes in trade arrangements could create broader economic uncertainty, though management sees no material adverse effects to date.
• Acquisition integration risk — Completed mergers, such as Piedmont, may result in deposit attrition, client loss, or revenue loss greater than anticipated.
• Cybersecurity and operational failures — Cyber incidents, security breaches, or system failures could disrupt operations and affect customers and third-party providers.

Outlook

Management expects continued growth in the second half of 2026, with a focus on disciplined execution. The company anticipates consistent performance and looks forward to growth opportunities. The impact of the One Big Beautiful Bill Act is expected to have no material effect on consolidated financial statements.