United Bankshares (UBSI) investor relations material

Executive summary

• Net income for Q1 2026 was $124.2 million, or $0.89 per diluted share, up 47% year-over-year, with annualized ROA of 1.49% and ROE of 9.08%.

• Total assets as of March 31, 2026 were $33.71 billion, remaining steady from year-end 2025.

• Results reflect resilient performance amid geopolitical and macroeconomic uncertainties.

• Efficiency ratio was 48.27%, reflecting strong expense control and improved from 53.03% year-over-year.

• Returned $53 million in dividends and $69 million in share repurchases during the quarter.

Financial highlights

• Net interest income for Q1 2026 was $282.5 million, up 8.64% year-over-year but down 2% sequentially; net interest margin was 3.80%, up 11 bps year-over-year.

• Provision for credit losses was $7.8 million, down sharply from Q1 2025 but up from Q4 2025.

• Noninterest income rose 15.26% year-over-year to $34.06 million, driven by higher brokerage fees and gains on investment securities.

• Noninterest expense was $152.8 million, flat sequentially and slightly lower year-over-year after adjusting for merger-related costs.

• Effective tax rate increased to 20.4% from 19.4% in the prior quarter.

Outlook and guidance

• Loan and deposit growth expected in the mid-single digits annualized for the remainder of 2026.

• Net interest income projected at $1.15–$1.17 billion for 2026, assuming no rate cuts.

• Provision expense planned at $36 million for FY 2026; noninterest income expected at $125–$135 million.

• Noninterest expense guidance is $615–$630 million; effective tax rate estimated at ~21%.

• Management highlights strong asset quality, efficient capital allocation, and a well-positioned balance sheet for future success.