United Bankshares, Inc. Announces Earnings

United reported third-quarter net income of $ 128,704 and diluted earnings per share of $ 0.94, compared with $ 131,377 and $ 0.95 in the second quarter of 2026 and $ 130,748 and $ 0.92 in the third quarter of 2025. The period produced return on average assets of 1.50 %, return on average shareholders’ equity of 9.24 %, and return on average tangible common equity of 14.68 %. All three quarterly returns were below the preceding quarter and prior-year quarter levels shown in the release.

Core spread income was the principal strength. GAAP net interest income reached $ 294,251, while FTE net interest income reached $ 294,964. The company described GAAP net interest income as a record $294.3 million, up $8.9 million, or 3%, sequentially and up $14.1 million, or 5%, year over year. The FTE net interest margin widened to 3.86 % from 3.81 % sequentially and 3.80 % a year earlier. Sequential loan growth, deposit growth, higher-yielding securities purchases, and higher market rates supported the result. The year-over-year funding benefit was a 33-basis-point reduction in the rate paid on average interest-bearing deposits, although the yield on average net loans and loans held for sale was 18 basis points lower year over year.

Noninterest lines offset part of that core-income advance. Total noninterest income fell to $ 30,845 from $ 38,506 sequentially and $ 43,204 a year earlier, with net losses on investment securities of $ (348), lower mortgage banking income of $ 1,283, and lower other noninterest income. Total noninterest expense increased to $ 156,714 from $ 154,715 sequentially and $ 146,741 a year earlier. Compensation and the reserve for unfunded loan commitments increased, partly offset by lower employee benefits. The efficiency ratio was 48.21 %, above both the sequential and prior-year figures reported.

Credit metrics were broadly stable in end-of-period problem-asset balances but charge-offs increased sequentially. Non-performing loans were $ 109,894, or 0.43 % of loans & leases, net of unearned income, and non-performing assets were $ 121,092, or 0.35 % of total assets. Net charge-offs were $ 11,600, including $6.3 million related to an individually evaluated commercial loan relationship that had been fully reserved at the prior quarter-end. The allowance for loan & lease losses declined to $ 294,146 from $ 299,504 at June 30 2026.

The balance sheet expanded, with total assets of $ 34,228,531, loans & leases, net of unearned income of $ 25,460,258, and total deposits of $ 27,710,734 at September 30 2026. United repurchased approximately 2.1 million shares during the quarter at an average price per share of $46.84 and paid a $ 0.38 cash dividend per common share. No forward financial guidance was provided in the release.