UNITED BANKSHARES INC/WV

Listed Company

UBSICIK 0000729986NasdaqLarge AcceleratedState Commercial BanksWest VirginiaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$464.60M

Total Assets

$33.66B

Equity

$5.50B

Shares Out

139.42M

Op. Cash Flow

$498.91M

Business

UNITED BANKSHARES INC/WV is a financial holding company that operates primarily in community banking through its banking and nonbank subsidiaries. It offers commercial and retail banking products and services, including deposit accounts, commercial, real estate and consumer lending, mortgage origination and sales, trust and investment services, asset management, title insurance, financial planning, brokerage and digital and telephone banking. United reports one operating and one reportable segment centered on United Bank and community banking activities. Its markets and distribution channels span West Virginia, Virginia, Maryland, the District of Columbia, North Carolina, South Carolina, Ohio, Pennsylvania and select Georgia locations.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans and leases	1,480	1,303	1,203	865	724
Interest on federal funds sold and other short-term investments	94	66	47	23	9
Taxable	107	129	144	106	55
Tax-exempt	5	5	7	9	7
Total interest income	1,686	1,502	1,401	1,002	795
Interest on deposits	554	540	391	80	42
Interest on short-term borrowings	6	8	6	2	693,000
Interest on long-term borrowings	23	43	84	24	10
Total interest expense	584	591	481	106	—
Net interest income	1,102	911	920	896	743
Provision for credit losses	54	25	31	19	—
Net interest income after provision for credit losses	1,048	886	889	878	767
Income from bank-owned life insurance	13	11	8	9	7
Mortgage loan servicing income	0	9	14	9	10
Net investment securities gains (losses)	11	−8	−8	776,000	—
Other income	7	8	11	7	8
Total other income	135	124	135	153	278
Employee compensation	252	235	231	242	280
Employee benefits	54	54	48	46	54
Net occupancy expense	50	46	46	45	42
"Other real estate owned (""OREO"") expense"	892,000	576,000	1	2	5
Net gains on the sales of OREO properties	−148,000	−75,000	−60,000	700,000	54,000
Equipment expense	35	30	30	29	26
Data processing expense	33	30	29	30	31
Mortgage loan servicing expense and impairment	0	3	6	7	12
Bankcard processing expense	2	2	2	2	2
FDIC insurance expense	17	20	30	12	8
Other expense	156	126	136	138	121
Total other expense	600	545	560	555	582
Income before income taxes	583	465	464	476	463
Income taxes	119	92	97	96	95
Net income	465	373	366	380	368
Basic (per share)	3.28	2.76	2.72	2.81	2.84
Diluted (per share)	3.27	2.75	2.71	2.8	2.83
Dividends per common share	1.49	1.48	1.45	1.44	1.41
Basic (shares)	141	135	135	135	129
Diluted (shares)	142	135	135	135	130

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	248	241	257	294	283
Interest-bearing deposits with other banks	2,293	2,050	1,341	881	3,474
Federal funds sold	1	1	1	1	927,000
Total cash and cash equivalents	2,542	2,292	1,599	1,177	3,758
Securities available for sale at estimated fair value (amortized cost-$3,264,860 at December 31, 2025 and $3,282,690 at December 31, 2024, allowance for credit losses of $0 at December 31, 2025 and December 31, 2024)	3,059	2,960	3,786	4,542	4,043
Securities held to maturity, net of allowance for credit losses of $16 at December 31, 2025 and $18 at December 31, 2024 (estimated fair value-$1,020 at December 31, 2025 and December 31, 2024)	1	1	1	1	1
Equity securities at estimated fair value	35	21	9	8	12
Other investment securities	305	278	329	322	240
Loans held for sale measured using fair value option	31	44	56	57	504
Loans and leases	24,721	21,680	21,373	—	—
Less: Unearned income	−11	−7	−14	—	—
Loans and leases, net of unearned income	24,709	21,673	21,359	—	—
Less: Allowance for loan and lease losses	−298	−272	−259	−235	−216
Net loans and leases	24,412	21,402	21,100	—	—
Bank premises and equipment	209	186	191	199	197
Operating lease right-of-use assets	89	82	87	71	82
Goodwill	2,019	1,889	1,889	1,889	1,886
"Bank-owned life insurance (""BOLI"")"	547	497	487	480	478
Accrued interest receivable	109	102	111	95	65
Other assets	301	270	276	305	232
TOTAL ASSETS	33,660	30,024	29,926	29,489	29,329
Noninterest-bearing	6,574	6,135	6,149	7,200	7,497
Interest-bearing	20,487	17,826	16,670	15,103	15,854
Total deposits	27,061	23,962	22,819	22,303	23,350
Securities sold under agreements to repurchase	199	176	196	161	129
"Federal Home Loan Bank (""FHLB"") borrowings"	250	260	1,510	1,911	532
Other long-term borrowings	282	280	279	287	285
Reserve for lending-related commitments	35	35	45	46	31
Operating lease liabilities	95	87	93	76	87
Accrued expenses and other liabilities	243	230	213	190	196
TOTAL LIABILITIES	28,164	25,030	25,155	24,973	24,610
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued	0	0	0	0	0
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued-150,856,999 and 142,694,816 at December 31, 2025 and December 31, 2024, respectively, including 10,976,752 and 7,348,188 shares in treasury at December 31, 2025 and December 31, 2024, respectively	377	357	356	355	353
Surplus	3,469	3,196	3,182	3,169	3,150
Retained earnings	2,170	1,918	1,746	1,575	1,391
Accumulated other comprehensive loss	−139	−224	−260	−333	−5
Treasury stock, at cost	−381	−253	−252	−250	−171
TOTAL SHAREHOLDERS' EQUITY	5,496	4,993	4,771	4,516	4,719
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	33,660	30,024	29,926	29,489	29,329

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	465	373	366	380	368
Amortization and accretion	−30	−5	6	5	−9
Loss on sales of bank premises, OREO, leases and equipment	97,000	322,000	345,000	457,000	460,000
Write-downs on bank premises, OREO, leases and equipment	55,000	219,000	945,000	2	5
Depreciation	17	16	17	18	17
Loans originated for sale	−371	−646	−861	−1,904	−6,191
Proceeds from sales of loans	394	674	887	2,238	6,566
Gain on sales of loans	−10	−16	−26	−41	−161
Mortgage repurchase loan reserve activity	−327,000	19,000	−304,000	−69,000	−59,000
Stock-based compensation	13	12	12	10	8
Excess tax benefits from stock-based compensation arrangements	83,000	258,000	128,000	1	303,000
Deferred income tax expense (benefit)	17	−3	−3	7	3
Amortization of tax credit investments	15	15	15	14	13
Originations of mortgage servicing rights	0	0	−715,000	−1	−11
Gain on sale of mortgage servicing rights	0	−7	−8	0	0
Increase in cash surrender value of bank-owned life insurance policies	−14	−14	−9	−14	−7
(Amortization) accretion of net periodic pension costs	−2	10,000	159,000	−2	2
Interest receivable	−7	9	−17	−30	3
Other assets	−12	2	−4	57	43
Accrued expenses and other liabilities	−17	3	19	4	−13
NET CASH PROVIDED BY OPERATING ACTIVITIES	499	445	435	761	610
Proceeds from sales of securities available for sale	527,000	455	182	410,000	53
Proceeds from maturities and calls of securities available for sale	2,260	2,459	770	575	679
Purchases of securities available for sale	−2,143	−2,062	−108	−1,572	−1,522
Proceeds from sales of equity securities	713,000	8	344,000	7	1
Purchases of equity securities	−929,000	−1	−2	−3	−2
Proceeds from sales and redemptions of other investment securities	15	161	155	5	12
Purchases of other investment securities	−59	−136	−178	−99	−35
Redemption of bank-owned life insurance policies	5	4	3	12	1
Purchases of bank premises and equipment	−18	−12	−12	−17	−15
Proceeds from sales of bank premises and equipment	1	101,000	3	902,000	2
Proceeds from sales of mortgage servicing rights	0	12	23	0	0
Acquisition of Piedmont Bancorp, Inc., net of cash paid	77	0	0	—	—
Proceeds from sales of OREO properties	553,000	2	3	11	6
Net change in loans and leases	−1,041	−318	−801	−2,367	882
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	−899	571	39	−3,448	16
Cash dividends paid	−209	−201	−195	−193	−181
Acquisition of treasury stock	−127	−1	−1	−79	−11
Proceeds from exercise of stock options	751,000	5	2	10	5
Repayment of long-term Federal Home Loan Bank borrowings	−10	−1,500	−1,900	−520	−598
Proceeds from issuance of long-term Federal Home Loan Bank borrowings	0	250	1,500	1,900	500
Redemption of subordinated debt	−21	0	−10	0	0
Time deposits	329	255	1,319	−623	−276
Other deposits	665	888	−801	−421	1,525
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings	22	−20	35	32	−40
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	650	−324	−52	105	924
INCREASE IN CASH AND CASH EQUIVALENTS	250	693	422	−2,582	1,549
Cash paid for interest on deposits and borrowed funds	582	591	468	98	55
Cash paid for income taxes, net of refunds	114	86	105	94	101
Cash paid for amounts in the measurement of lease liabilities	20	20	22	21	22
Transfers of other investment securities to equity securities	2	0	0	—	—
Transfers of loans to OREO	9	359,000	5	2	3
Right-of-use assets obtained in the exchange for lease liabilities	19	9	33	9	22
Assets acquired, net of cash	2,226	0	0	—	—
Goodwill	130	0	0	—	—
Issuance of common stock as consideration for acquisition	280,946	0	0	—	—

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