UBSI · United Bankshares, Inc.

United Bankshares delivered Q1 2026 earnings of $124.2 million or $0.89 per diluted share, reflecting a slight linked-quarter decline from Q4 2025's $128.8 million or $0.91, primarily due to a $4.9 million drop in net interest income to $282.5 million amid a 3 basis point contraction in net interest margin to 3.80%. The interest rate spread widened 2 basis points to 3.06%, driven by a 14 basis point decline in average cost of funds, particularly on interest-bearing deposits, though offset by lower yields on earning assets including reduced acquired loan accretion from $8.5 million to $7.5 million. Year-over-year, earnings surged from $84.3 million or $0.59 per share in Q1 2025, which bore $30 million in merger-related expenses from the Piedmont acquisition completed January 10, 2025, with net interest income up 9% on 6% loan growth and 36 basis point cheaper deposit funding. Noninterest income rose 10% linked-quarter to $34.1 million, boosted by $2.3 million in investment securities gains from equity sales and $1.4 million higher brokerage fees, while expenses held flat at $152.8 million despite higher employee benefits and FDIC costs, aided by data processing savings. Provision expense edged to $7.8 million from $6.8 million, covering $5.7 million net charge-offs (annualized 0.09%) and a $2.1 million allowance build. CEO Richard M. Adams, Jr. highlighted resilient results, sound asset quality (NPAs at 0.34% of $34 billion assets), and efficient capital allocation, with NPAs stable at $113.2 million and ALLL at 1.20% of loans. Capital remains robust with CET1 at 13.3% and total risk-based at 15.5%, supporting $69 million in share repurchases (1.7 million shares at $39.92 average) and a $0.38 quarterly dividend, marking 52 years of increases. No forward guidance provided, but disciplined underwriting noted in CRE and office loans (2.9% of portfolio).