United Bankshares (UBSI) Q2 2026 earnings summary

Executive summary

• Achieved record net income of $131.4 million and record diluted EPS of $0.95 in 2Q26, up from $124.2 million and $0.89 in 1Q26, respectively.

• Return on average assets was 1.56%, return on average shareholders' equity 9.53%, and return on average tangible common equity 15.15%.

• Returned $53 million in dividends and $66 million in share repurchases, with 1.5 million shares repurchased in 2Q26.

• Asset quality remained strong with non-performing assets to total assets at 0.36%.

• Efficiency ratio improved to 47.78%, reflecting strong expense control.

Financial highlights

• Net interest income was $285.3 million, up $2.8 million sequentially; net interest margin (FTE) held steady at 3.81%.

• Noninterest income increased $4.4 million from 1Q26, driven by higher market values of investments and gains on securities.

• Noninterest expense rose $1.9 million, mainly due to higher employee compensation.

• Provision for credit losses was $5.0 million, down from $7.8 million in 1Q26.

• Quarterly dividend of $0.38 per share, yielding ~3.2%.

Outlook and guidance

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

• Net interest income (non-FTE) projected at $1.15–$1.16 billion for 2026, assuming no rate changes.

• Provision expense planned at $30 million for FY 2026, with credit performance expected to outperform industry.

• Noninterest income guidance of $135–$140 million; noninterest expense $620–$625 million for 2026.

• Effective tax rate estimated at ~20.5%; continued share buybacks anticipated.