$UBSI

UNITED BANKSHARES INC/WV

CIK:0000729986|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans and leases	$ 369,591	$ 370,644	$ 737,541	$ 722,480
Interest on federal funds sold and other short-term investments	17,881	22,633	38,591	46,359
Interest and dividends on securities:
Taxable	29,535	26,706	55,617	53,617
Tax-exempt	1,190	1,213	2,377	2,387
Total interest income	418,197	421,196	834,126	824,843
Interest expense
Interest on deposits	126,141	139,156	252,869	275,444
Interest on short-term borrowings	1,425	1,488	2,864	2,938
Interest on long-term borrowings	5,319	6,015	10,566	11,869
Total interest expense	132,885	146,659	266,299	290,251
Net interest income	285,312	274,537	567,827	534,592
Provision for credit losses	4,961	5,889	12,737	34,992
Net interest income after provision for credit losses	280,351	268,648	555,090	499,600
Other income
Income from bank-owned life insurance	3,134	3,618	6,128	6,988
Net investment securities gains	2,785	425	5,050	946
Other income	4,049	2,101	5,385	2,719
Total other income	38,506	31,460	72,569	61,014
Other expense
Employee compensation	66,549	62,929	130,042	123,795
Employee benefits	16,296	13,434	32,276	26,725
Net occupancy expense	13,108	12,525	26,121	25,126
Other real estate owned ("OREO") expense	516	236	991	258
Net losses on the sales of OREO properties	37	16	37	5
Equipment expense	9,435	8,551	18,175	17,133
Data processing expense	7,148	7,952	14,149	16,407
Bankcard processing expense	631	588	1,254	1,188
FDIC insurance expense	4,550	4,532	9,026	9,260
Other expense	36,445	37,257	75,458	81,696
Total other expense	154,715	148,020	307,529	301,593
Income before income taxes	164,142	152,088	320,130	259,021
Income taxes	32,765	31,367	64,553	53,994
Net income	$ 131,377	$ 120,721	$ 255,577	$ 205,027
Earnings per common share:
Basic	$ 0.95	$ 0.85	$ 1.84	$ 1.44
Diluted	$ 0.95	$ 0.85	$ 1.83	$ 1.44
Average outstanding shares:
Basic	137,982,273	142,206,539	138,691,869	142,175,506
Diluted	138,417,644	142,444,497	139,162,099	142,465,543
Fees from trust services [Member]
Other income
Revenue from contract	$ 5,190	$ 4,931	$ 10,047	$ 9,713
Fees from brokerage services [Member]
Other income
Revenue from contract	6,764	4,862	14,167	10,507
Fees from deposit services [Member]
Other income
Revenue from contract	10,069	9,664	19,646	18,971
Bankcard fees and merchant discounts [Member]
Other income
Revenue from contract	2,367	2,102	4,344	3,853
Other service charges, commissions, and fees [Member]
Other income
Revenue from contract	1,226	1,154	2,325	2,235
Income from mortgage banking activities [Member]
Other income
Revenue from contract	$ 2,922	$ 2,603	$ 5,477	$ 5,082

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 266,016	$ 209,346
INVESTING ACTIVITIES
Proceeds from sales of securities available for sale	71,706	192
Proceeds from maturities and calls of securities available for sale	725,867	917,870
Purchases of securities available for sale	(1,070,693)	(873,974)
Proceeds from sales of equity securities	31,928	528
Purchases of equity securities	(18,353)	(520)
Proceeds from sales and redemptions of other investment securities	8,799	2,461
Purchases of other investment securities	(17,128)	(27,933)
Purchases of bank premises and equipment	(11,993)	(8,061)
Proceeds from sales of bank premises and equipment	61	362
Proceeds from bank-owned life insurance death benefits	0	3,365
Acquisition of Piedmont Bancorp, Inc., net of cash paid	0	77,476
Proceeds from sales of OREO properties	1,686	167
Net change in loans and leases	(286,873)	(365,752)
NET CASH USED IN INVESTING ACTIVITIES	(564,993)	(273,819)
FINANCING ACTIVITIES
Cash dividends paid	(106,685)	(103,804)
Acquisition of treasury stock	(136,254)	(52,903)
Proceeds from exercise of stock options	2,726	327
Repayment of long-term Federal Home Loan Bank borrowings	0	(10,000)
Changes in:
Deposits	109,820	268,593
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings	(31,577)	(15,292)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(161,970)	86,921
(Decrease) Increase in cash and cash equivalents	(460,947)	22,448
Cash and cash equivalents at beginning of year	2,542,250	2,292,244
Cash and cash equivalents at end of period	2,081,303	2,314,692
Noncash investing activities:
Transfers of loans to OREO	3,193	6,248
Right-of-use assets obtained in the exchange for lease liabilities	12,087	12,650
Excise tax on net stock repurchases	1,218	0
Acquisition of Piedmont Bancorp, Inc.:
Assets acquired, net of cash	0	2,225,883
Goodwill	$ 0	$ 130,021
Issuance of common stock as consideration for acquisition	0	280,946
Subsidiaries [Member]
Acquisition of Piedmont Bancorp, Inc.:
Liabilities assumed	$ 0	$ 2,152,434

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 277,719	$ 247,613
Interest-bearing deposits with other banks	1,802,184	2,293,279
Federal funds sold	1,400	1,358
Total cash and cash equivalents	2,081,303	2,542,250
Securities available for sale at estimated fair value (amortized cost-$3,531,722 at June 30, 2026 and $3,264,860 at December 31, 2025, allowance for credit losses of $0 at June 30, 2026 and December 31, 2025)	3,319,750	3,059,452
Securities held to maturity, net of allowance for credit losses of $14 at June 30, 2026 and $16 at December 31, 2025 (estimated fair value-$1,020 at June 30, 2026 and December 31, 2025)	1,006	1,004
Equity securities at estimated fair value	30,107	34,760
Other investment securities	308,168	305,184
Loans held for sale measured using fair value option	35,224	31,277
Loans and leases	25,006,238	24,720,620
Less: Unearned income	(11,714)	(11,498)
Loans and leases, net of unearned income	24,994,524	24,709,122
Less: Allowance for loan and lease losses	(299,504)	(297,518)
Net loans and leases	24,695,020	24,411,604
Bank premises and equipment	211,289	208,831
Operating lease right-of-use assets	92,772	89,312
Goodwill	2,018,848	2,018,848
Bank-owned life insurance ("BOLI")	558,032	547,127
Accrued interest receivable	99,659	109,232
Other assets	300,654	301,400
TOTAL ASSETS	33,751,832	33,660,281
Deposits:
Noninterest-bearing	6,731,733	6,573,630
Interest-bearing	20,439,014	20,487,309
Total deposits	27,170,747	27,060,939
Borrowings:
Securities sold under agreements to repurchase	166,996	198,573
Federal Home Loan Bank ("FHLB") borrowings	250,000	250,000
Other long-term borrowings	282,615	281,817
Reserve for lending-related commitments	37,222	35,075
Operating lease liabilities	99,757	95,392
Accrued expenses and other liabilities	233,958	242,502
TOTAL LIABILITIES	28,241,295	28,164,298
Shareholders' Equity
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued	0	0
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued-151,183,683 and 150,856,999 at June 30, 2026 and December 31, 2025, respectively, including 14,241,534 and 10,976,752 shares in treasury at June 30, 2026 and December 31, 2025, respectively	377,959	377,142
Surplus	3,474,889	3,468,869
Retained earnings	2,320,125	2,170,327
Accumulated other comprehensive loss	(143,367)	(138,927)
Treasury stock, at cost	(519,069)	(381,428)
TOTAL SHAREHOLDERS' EQUITY	5,510,537	5,495,983
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 33,751,832	$ 33,660,281