Exhibit 99.1

News Release

LOGO


For Immediate Release		Contact: W. Mark Tatterson
July 24, 2025		Chief Financial Officer
		(800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Record Earnings

for the Second Quarter of 2025

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the second quarter of 2025 of $120.7 million, or $0.85 per diluted share. Second quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.49%, 9.05%, and 14.67%, respectively.

“I’m excited to announce that the second quarter of 2025 was the strongest earnings quarter in our Company’s long history,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Our entry into the Atlanta market, along with excellent asset quality and strong expense control, drove our results in the quarter. I anticipate continued success in the second half of the year.”

As a result of the acquisition of Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025, the second quarter and year of 2025 were impacted by increased levels of average balances, income, and expense. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.06%, 6.47%, and 10.61%, respectively. The first quarter of 2025 was impacted by $30.0 million in pre-tax, or approximately $0.17 in after-tax earnings per diluted share, merger-related noninterest expenses and merger-related provision for credit losses. Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.32%, 7.99%, and 13.12%, respectively.

United Bankshares, Inc. Announces…

July 24, 2025

Page Two

Second quarter of 2025 compared to the first quarter of 2025

Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, as compared to earnings of $84.3 million, or $0.59 per diluted share, for the first quarter of 2025.

Net interest income for the second quarter of 2025 was a record $274.5 million, an increase of $14.5 million, or 6%, from the first quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the second quarter of 2025 also increased $14.5 million, or 6%, from the first quarter of 2025. The second quarter of 2025 reflected a full three months of average earning assets and interest-bearing liabilities balances from the Piedmont acquisition. The increase in net interest income and tax-equivalent net interest income was driven by increases in average loans from the Piedmont acquisition and organic loan growth, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits primarily due to the Piedmont acquisition. Average net loans and loans held for sale increased $511.1 million, or 2%, from the first quarter of 2025. The interest rate spread increased 12 basis points to 2.95% for the second quarter of 2025 driven by an increase in the yield on average net loans and loans held for sale of 13 basis points. Acquired loan accretion income was $11.8 million for the second quarter of 2025, an increase of $5.8 million from the first quarter of 2025 which contributed to an approximately 8 basis point increase in the interest rate spread and in the net interest margin. Average interest-bearing deposits increased $237.5 million, or 1%, from the first quarter of 2025. The net interest margin of 3.81% for the second quarter of 2025 was an increase of 12 basis points from the net interest margin of 3.69% for the first quarter of 2025.

The provision for credit losses was $5.9 million for the second quarter of 2025. The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont.

Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.9 million, or 6%, from the first quarter of 2025 driven by an increase in other noninterest income of $1.5 million.

Noninterest expense for the second quarter of 2025 was $148.0 million, which included $1.3 million in merger-related expenses while noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses. This decrease of $5.6 million in noninterest expense was driven by a $4.8 million decrease in other noninterest expense and a $748 thousand net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 as compared to $1.7 million of expense for the reserve for unfunded loan commitments for the first quarter of 2025, which included $4.1 million of merger expense related to the Piedmont acquisition. These decreases in noninterest expense were partially offset by an increase in employee compensation of $2.1 million. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses while the first quarter of 2025 included $6.0 million of merger-related expenses. The net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 was primarily due to a decrease in the outstanding balance of loan commitments at period-end as compared to the first quarter of 2025. Employee compensation for the second quarter of 2025 increased from the first quarter of 2025 primarily due to higher employee incentives, stock-based compensation, and employee commissions driven by higher mortgage production. This increase in employee compensation was partially offset by lower merger-related employee compensation expenses of $310 thousand for the second quarter of 2025 as compared to $1.2 million for the first quarter of 2025.

United Bankshares, Inc. Announces…

July 24, 2025

Page Three

For the second quarter of 2025, income tax expense was $31.4 million as compared to $22.6 million for the first quarter of 2025. This increase of $8.8 million in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.6% and 21.2% for the second quarter of 2025 and first quarter of 2025, respectively.

Second quarter of 2025 compared to the second quarter of 2024

Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, as compared to earnings of $96.5 million, or $0.71 per diluted share, for the second quarter of 2024.

Net interest income for the second quarter of 2025 increased $48.8 million, or 22%, from the second quarter of 2024. Tax-equivalent net interest income increased $48.7 million, or 22%, from the second quarter of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, a higher yield on average net loans and loans held for sale, an increase in acquired loan accretion income, and a decrease in average long-term borrowings. These increases were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $2.9 billion, or 11%, from the second quarter of 2024 driven by increases in average net loans and loans held for sale of $2.3 billion and average short-term investments of $1.1 billion partially offset by a decrease in average investment securities of $485.3 million. The decrease in average investment securities was driven by sales of available for sale (“AFS”) investment securities during 2024. The cost of average interest-bearing deposits decreased 33 basis points from the second quarter of 2024. The yield on average net loans and loans held for sale increased 14 basis points from the second quarter of 2024. Acquired loan accretion income was $11.8 million for the second quarter of 2025 as compared to $2.4 million for the second quarter of 2024. Average long-term borrowings decreased $739.6 million from the second quarter of 2024. Average interest-bearing deposits increased $2.9 billion, or 17%, from the second quarter of 2024. The net interest margin of 3.81% for the second quarter of 2025 was an increase of 31 basis points from the net interest margin of 3.50% for the second quarter of 2024.

The provision for credit losses was $5.9 million for the second quarter of 2025 as compared to $5.8 million for the second quarter of 2024.

Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.2 million, or 4%, from the second quarter of 2024. The increase in noninterest income was driven by a $1.1 million increase in income from bank-owned life insurance (“BOLI”) and smaller increases in several other categories of noninterest income. These increases were partially offset by decreases in income from mortgage banking activities of $1.3 million and mortgage loan servicing income of $783 thousand. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments, death benefits recognized in the second quarter of 2025, and policies obtained from the Piedmont acquisition. The decrease in income from mortgage banking activities was primarily due to lower mortgage loan origination and sale volume. The decrease in mortgage loan servicing income was due to sales of mortgage servicing rights (“MSRs”) during 2024. Additionally, as disclosed in the second quarter of 2024, net losses on investment securities of $218 thousand included a $6.9 million gain on the VISA share exchange partially offset by a $6.8 million loss on the sale of AFS investment securities.

United Bankshares, Inc. Announces…

July 24, 2025

Page Four

Noninterest expense for the second quarter of 2025 was $148.0 million, an increase of $13.2 million, or 10%, from the second quarter of 2024. The increase in noninterest expense was driven by increases in employee compensation of $4.4 million, other noninterest expense of $3.5 million, and several other categories of noninterest expense mainly from the Piedmont acquisition. These increases were partially offset by a decrease in mortgage loan servicing expense of $1.0 million. The increase in employee compensation was primarily due to higher employee headcount from the acquisition, higher employee incentives, and $310 thousand in merger-related expenses recognized during the second quarter of 2025. The increase in other noninterest expense was primarily due to higher amounts of certain general operating expenses partially offset by lower merger-related expenses of $961 thousand for the second quarter of 2025 as compared to $1.3 million for the second quarter 2024. The decrease in mortgage loan servicing expense was driven by the aforementioned sale of MSRs.

For the second quarter of 2025, income tax expense was $31.4 million as compared to $18.9 million for the second quarter of 2024. This increase of $12.5 million in income tax expense was driven by higher earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.6% and 16.4% for the second quarter of 2025 and second quarter of 2024, respectively.

First half of 2025 compared to the first half of 2024

Earnings for the first half of 2025 were $205.0 million, or $1.44 per diluted share, as compared to earnings of $183.3 million, or $1.35 per diluted share, for the first half of 2024.

Net interest income for the first half of 2025 increased $86.4 million, or 19%, from the first half of 2024. Tax-equivalent net interest income for the first half of 2025 increased $86.2 million, or 19%, from the first half of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, a decrease in average long-term borrowings, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits and a decrease in average investment securities. Average earning assets increased $2.7 billion, or 10%, from the first half of 2024 driven by increases in average net loans and loans held for sale of $2.1 billion and average short-term investments of $1.2 billion partially offset by a decrease in average investment securities of $597.5 million. The cost of average interest-bearing deposits decreased 29 basis points from the first half of 2024. Average long-term borrowings decreased $842.6 million from the first half of 2024. The yield on average net loans and loans held for sale increased 10 basis points from the first half of 2024. Acquired loan accretion income was $17.7 million for the first half of 2025 as compared to $4.9 million for the first half of 2024. Average interest-bearing deposits increased $2.8 billion, or 17%, from the first half of 2024. The net interest margin of 3.75% for the first half of 2025 was an increase of 28 basis points from the net interest margin of 3.47% for the first half of 2024.

The provision for credit losses was $35.0 million for the first half of 2025, which included $18.7 million of provision recorded on non-PCD loans from Piedmont. The provision for credit losses was $11.5 million for the first half of 2024.

Noninterest income for the first half of 2025 was $61.0 million, a decrease of $1.4 million, or 2%, from the first half of 2024. The decrease in noninterest income was driven by decreases in income from mortgage banking activities of $4.1 million, mortgage loan servicing income of $1.6 million, and other noninterest income of $1.4 million. These decreases were partially offset by an increase in BOLI income of $2.0 million, net gains

United Bankshares, Inc. Announces…

July 24, 2025

Page Five

on investment securities of $946 thousand for the first half of 2025 as compared to net losses on investment securities of $317 thousand for the first half of 2024 and smaller increases in several other categories of noninterest income. The decrease in income from mortgage banking activities was primarily due to lower mortgage loan origination and sale volume in 2025. The decrease in mortgage loan servicing income was driven by the aforementioned sale of MSRs. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments and death benefits recognized in 2025. Net gains on investment securities of $946 thousand for the first half of 2025 were primarily due to unrealized fair value gains on equity securities. Net losses on investment securities of $317 thousand for the first half of 2024 included the aforementioned gain on the VISA share exchange largely offset by the loss on the sale of AFS investment securities.

Noninterest expense for the first half of 2025 was $301.6 million, which included $12.6 million in merger-related expenses while noninterest expense was $275.5 million for the first half of 2024, which included $1.3 million in merger-related expenses. Other noninterest expense increased $11.1 million driven by $7.0 million in merger-related expenses recognized during the first half of 2025 as compared to $1.3 million for the first half of 2024 and higher amounts of certain general operating expenses. The expense for the reserve for unfunded loan commitments was $909 thousand for the first half of 2025 which included $4.1 million related to the Piedmont acquisition, as compared to a net benefit in the expense for the reserve for unfunded loan commitments of $4.0 million for the first half of 2024. Employee compensation increased $6.0 million to $123.8 million for the first half of 2025 and included $1.5 million in merger-related expenses, higher employee headcount mainly from the acquisition, and higher employee incentives partially offset by lower commissions driven by a decrease in mortgage production. Additionally, increases in several other categories of noninterest expense mainly from the acquisition were partially offset by decreases in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $2.3 million and mortgage loan servicing expense of $2.0 million. FDIC insurance expense for the first half of 2024 included $2.1 million in expense for the FDIC’s special assessment.

For the first half of 2025, income tax expense was $54.0 million as compared to $40.3 million for the first half of 2024. The increase of $13.7 million was primarily due to higher earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.9% for the first half of 2025 and 18.0% for the first half of 2024.

Credit Quality

United’s asset quality continues to be sound. At June 30, 2025, non-performing loans (“NPLs”) were $68.3 million, or 0.28% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $74.6 million, including other real estate owned (“OREO”) of $6.3 million, or 0.23% of total assets at June 30, 2025. At March 31, 2025, NPLs were $69.8 million, or 0.29% of loans & leases, net of unearned income. Total NPAs were $71.3 million, including OREO of $1.5 million, or 0.22% of total assets at March 31, 2025. At December 31, 2024, NPLs were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total NPAs were $73.7 million, including OREO of $327 thousand, or 0.25% of total assets at December 31, 2024.

As of June 30, 2025, the allowance for loan & lease losses was $308.0 million, or 1.28% of loans & leases, net of unearned income. At March 31, 2025, the allowance for loan & lease losses was $310.4 million, or 1.30% of loans & leases, net of unearned income. At December 31, 2024, the allowance for loan & lease losses was $271.8 million, or 1.25% of loans & leases, net of unearned income. During the first quarter of 2025, United recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont purchased credit deteriorated (“PCD”) loans of $17.5 million.

United Bankshares, Inc. Announces…

July 24, 2025

Page Six

Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2025. Net charge-offs were $8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025. Net charge-offs were $1.3 million, or 0.02% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2024. Net charge-offs were $16.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2025. Net charge-offs were $3.3 million, or 0.03% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2024.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.8% at June 30, 2025, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.4%, 13.4%, and 11.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%.

During the second quarter of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 981 thousand shares of its common stock at an average price per share of $33.17. During the first half of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 1.5 million shares of its common stock at an average price per share of $33.81. United did not repurchase any shares of its common stock during 2024.

About United Bankshares, Inc.

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $33 billion as of June 30, 2025. United is the 39^th largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com.

United Bankshares, Inc. Announces…

July 24, 2025

Page Seven

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30, 2025 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2025 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

Tangible equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

Forward-Looking Statements

In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the recently announced and future tariffs; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) risks related to the acquisition and integration of Piedmont including, among others, (i) the risk that the expected growth opportunities or cost savings from the acquisition may not be fully realized or may take longer to realize than expected, and (ii) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the acquisition; (4) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (5) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (6) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (7) competitive pressures on product pricing and services; (8) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (9) volatility and disruptions in global capital and credit markets; (10) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (11) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (12) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (13) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (14) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended									Six Months Ended
EARNINGS SUMMARY:	June 2025			March 2025			June 2024			June 2025			June 2024
Interest income	$	421,196		$	403,647		$	374,184		$	824,843		$	743,364
Interest expense		146,659			143,592			148,469			290,251			295,160

Net interest income		274,537			260,055			225,715			534,592			448,204
Provision for credit losses		5,889			29,103			5,779			34,992			11,519
Noninterest income		31,460			29,554			30,223			61,014			62,435
Noninterest expense		148,020			153,573			134,774			301,593			275,516

Income before income taxes		152,088			106,933			115,385			259,021			223,604
Income taxes		31,367			22,627			18,878			53,994			40,283

Net income	$	120,721		$	84,306		$	96,507		$	205,027		$	183,321

PER COMMON SHARE:
Net income:
Basic	$	0.85		$	0.59		$	0.71		$	1.44		$	1.36
Diluted		0.85			0.59			0.71			1.44			1.35
Cash dividends		0.37			0.37			0.37		$	0.74		$	0.74
Book value		37.80			37.19			35.92
Closing market price	$	36.43		$	34.67		$	32.44
Common shares outstanding:
Actual at period end, net of treasury shares		141,909,452			142,891,148			135,195,704
Weighted average-basic		142,206,539			142,330,694			135,137,901			142,175,506			134,881,314
Weighted average-diluted		142,444,497			142,698,118			135,314,785			142,465,543			135,103,288
FINANCIAL RATIOS:
Return on average assets		1.49	%		1.06	%		1.32	%		1.28	%		1.25	%
Return on average shareholders’ equity		9.05	%		6.47	%		7.99	%		7.78	%		7.62	%
Return on average tangible equity (non-GAAP)⁽¹⁾		14.67	%		10.61	%		13.12	%		12.67	%		12.55	%
Average equity to average assets		16.42	%		16.42	%		16.54	%		16.42	%		16.45	%
Net interest margin		3.81	%		3.69	%		3.50	%		3.75	%		3.47	%



PERIOD END BALANCES:	June 30 2025		March 31 2025		December 31 2024		June 30 2024
Assets	$	32,783,363	$	32,788,494	$	30,023,545	$	29,957,418
Earning assets		29,046,827		29,106,693		26,650,661		26,572,087
Loans & leases, net of unearned income		24,050,222		23,863,072		21,673,493		21,598,727
Loans held for sale		37,053		28,642		44,360		66,475
Investment securities		3,396,653		3,313,997		3,259,296		3,650,582
Total deposits		26,335,874		26,364,635		23,961,859		23,066,440
Shareholders’ equity		5,364,541		5,314,449		4,993,223		4,856,633

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


Consolidated Statements of Income
	Three Months Ended									Six Months Ended
	June			March			June			June			June
	2025			2025			2024			2025			2024
Interest & Loan Fees Income (GAAP)	$	421,196		$	403,647		$	374,184		$	824,843		$	743,364
Tax equivalent adjustment		791			782			867			1,573			1,739

Interest & Fees Income (FTE) (non-GAAP)		421,987			404,429			375,051			826,416			745,103
Interest Expense		146,659			143,592			148,469			290,251			295,160

Net Interest Income (FTE) (non-GAAP)		275,328			260,837			226,582			536,165			449,943
Provision for Credit Losses		5,889			29,103			5,779			34,992			11,519
Noninterest Income:
Fees from trust services		4,931			4,782			4,744			9,713			9,390
Fees from brokerage services		4,862			5,645			4,959			10,507			10,226
Fees from deposit services		9,664			9,307			9,326			18,971			18,297
Bankcard fees and merchant discounts		2,102			1,751			1,355			3,853			3,228
Other charges, commissions, and fees		1,154			1,081			869			2,235			1,727
Income from bank-owned life insurance		3,618			3,370			2,549			6,988			4,967
Income from mortgage banking activities		2,603			2,479			3,901			5,082			9,199
Mortgage loan servicing income		—			—			783			—			1,572
Net gains (losses) on investment securities		425			521			(218	)		946			(317	)
Other noninterest income		2,101			618			1,955			2,719			4,146

Total Noninterest Income		31,460			29,554			30,223			61,014			62,435

Noninterest Expense:
Employee compensation		62,929			60,866			58,501			123,795			117,794
Employee benefits		13,434			13,291			12,147			26,725			26,818
Net occupancy		12,525			12,601			11,400			25,126			23,743
Data processing		7,952			8,455			7,290			16,407			14,753
Amortization of intangibles		2,341			2,341			910			4,682			1,820
OREO expense		236			22			268			258			427
Net losses (gains) on the sale of OREO properties		16			(11	)		32			5			(51	)
Equipment expense		8,551			8,582			7,548			17,133			14,401
FDIC insurance expense		4,532			4,728			5,058			9,260			11,513
Mortgage loan servicing expense and impairment		—			—			1,011			—			2,026
Expense for the reserve for unfunded loan commitments		(748	)		1,657			(2,177	)		909			(3,967	)
Other noninterest expense		36,252			41,041			32,786			77,293			66,239

Total Noninterest Expense		148,020			153,573			134,774			301,593			275,516

Income Before Income Taxes (FTE) (non-GAAP)		152,879			107,715			116,252			260,594			225,343
Tax equivalent adjustment		791			782			867			1,573			1,739

Income Before Income Taxes (GAAP)		152,088			106,933			115,385			259,021			223,604
Taxes		31,367			22,627			18,878			53,994			40,283

Net Income	$	120,721		$	84,306		$	96,507		$	205,027		$	183,321

MEMO: Effective Tax Rate		20.62	%		21.16	%		16.36	%		20.85	%		18.02	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


Consolidated Balance Sheets
	June 30			March 31			December 31			June 30
	2025			2025			2024			2024
Cash & Cash Equivalents	$	2,314,692		$	2,610,183		$	2,292,244		$	1,858,861
Securities Available for Sale		3,074,071			3,002,984			2,959,719			3,315,726
Less: Allowance for credit losses		—			—			—			—

Net available for sale securities		3,074,071			3,002,984			2,959,719			3,315,726
Securities Held to Maturity		1,020			1,020			1,020			1,020
Less: Allowance for credit losses		(18	)		(18	)		(18	)		(19	)

Net held to maturity securities		1,002			1,002			1,002			1,001
Equity Securities		21,996			21,514			21,058			11,094
Other Investment Securities		299,584			288,497			277,517			322,761

Total Securities		3,396,653			3,313,997			3,259,296			3,650,582

Total Cash and Securities		5,711,345			5,924,180			5,551,540			5,509,443

Loans held for sale		37,053			28,642			44,360			66,475
Commercial Loans & Leases		18,478,990			18,308,502			16,152,453			15,894,244
Mortgage Loans		4,773,340			4,768,669			4,702,720			4,759,798
Consumer Loans		808,536			796,907			825,325			956,385

Gross Loans		24,060,866			23,874,078			21,680,498			21,610,427
Unearned income		(10,644	)		(11,006	)		(7,005	)		(11,700	)

Loans & Leases, net of unearned income		24,050,222			23,863,072			21,673,493			21,598,727
Allowance for Loan & Lease Losses		(307,962	)		(310,424	)		(271,844	)		(267,423	)

Net Loans		23,742,260			23,552,648			21,401,649			21,331,304
Mortgage Servicing Rights		—			—			—			3,934
Goodwill		2,018,910			2,023,604			1,888,889			1,888,889
Other Intangibles		36,948			39,289			8,866			10,685
Operating Lease Right-of-Use Asset		91,071			86,832			81,742			83,045
Other Real Estate Owned		6,331			1,475			327			2,156
Bank Owned Life Insurance		541,216			538,733			497,181			493,498
Other Assets		598,229			593,091			548,991			567,989

Total Assets	$	32,783,363		$	32,788,494		$	30,023,545		$	29,957,418

MEMO: Interest-earning Assets	$	29,046,827		$	29,106,693		$	26,650,661		$	26,572,087

Interest-bearing Deposits	$	19,708,609		$	19,883,758		$	17,826,446		$	17,134,728
Noninterest-bearing Deposits		6,627,265			6,480,877			6,135,413			5,931,712

Total Deposits		26,335,874			26,364,635			23,961,859			23,066,440
Short-term Borrowings		160,798			176,015			176,090			203,519
Long-term Borrowings		551,021			550,623			540,420			1,489,764

Total Borrowings		711,819			726,638			716,510			1,693,283
Operating Lease Liability		96,899			91,921			86,771			89,308
Other Liabilities		274,230			290,851			265,182			251,754

Total Liabilities		27,418,822			27,474,045			25,030,322			25,100,785

Preferred Equity		—			—			—			—
Common Equity		5,364,541			5,314,449			4,993,223			4,856,633

Total Shareholders’ Equity		5,364,541			5,314,449			4,993,223			4,856,633

Total Liabilities & Equity	$	32,783,363		$	32,788,494		$	30,023,545		$	29,957,418

MEMO: Interest-bearing Liabilities	$	20,420,428		$	20,610,396		$	18,542,956		$	18,828,011

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


Consolidated Average Balance Sheets
	June 2025			March 2025			June 2024
	Q-T-D Average			Q-T-D Average			Q-T-D Average
Cash & Cash Equivalents	$	2,285,499		$	2,376,426		$	1,174,885
Securities Available for Sale		3,017,191			3,047,164			3,472,389
Less: Allowance for credit losses		—			—			—

Net available for sale securities		3,017,191			3,047,164			3,472,389
Securities Held to Maturity		1,020			1,020			1,020
Less: Allowance for credit losses		(18	)		(18	)		(19	)

Net held to maturity securities		1,002			1,002			1,001
Equity Securities		21,690			21,016			12,832
Other Investment Securities		297,214			288,618			312,684

Total Securities		3,337,097			3,357,800			3,798,906

Total Cash and Securities		5,622,596			5,734,226			4,973,791

Loans held for sale		35,730			23,865			56,298
Commercial Loans & Leases		18,393,910			17,903,431			15,815,382
Mortgage Loans		4,765,760			4,756,253			4,763,655
Consumer Loans		829,201			827,996			1,016,764

Gross Loans		23,988,871			23,487,680			21,595,801
Unearned income		(11,672	)		(11,885	)		(12,201	)

Loans & Leases, net of unearned income		23,977,199			23,475,795			21,583,600
Allowance for Loan & Lease Losses		(310,398	)		(308,225	)		(263,050	)

Net Loans		23,666,801			23,167,570			21,320,550
Mortgage Servicing Rights		—			—			4,116
Goodwill		2,011,030			2,022,411			1,888,889
Other Intangibles		38,474			38,564			11,275
Operating Lease Right-of-Use Asset		86,025			87,363			85,210
Other Real Estate Owned		3,314			467			2,335
Bank Owned Life Insurance		539,238			534,042			491,599
Other Assets		581,160			571,732			536,101

Total Assets	$	32,584,368		$	32,180,240		$	29,370,164

MEMO: Interest-earning Assets	$	28,949,287		$	28,568,541		$	26,012,725

Interest-bearing Deposits	$	19,605,123		$	19,367,638		$	16,740,124
Noninterest-bearing Deposits		6,597,595			6,471,287			5,976,971

Total Deposits		26,202,718			25,838,925			22,717,095
Short-term Borrowings		165,405			167,080			206,234
Long-term Borrowings		550,795			554,614			1,290,405

Total Borrowings		716,200			721,694			1,496,639
Operating Lease Liability		91,553			92,491			91,437
Other Liabilities		222,757			243,588			207,100

Total Liabilities		27,233,228			26,896,698			24,512,271

Preferred Equity		—			—			—
Common Equity		5,351,140			5,283,542			4,857,893

Total Shareholders’ Equity		5,351,140			5,283,542			4,857,893

Total Liabilities & Equity	$	32,584,368		$	32,180,240		$	29,370,164

MEMO: Interest-bearing Liabilities	$	20,321,323		$	20,089,332		$	18,236,763

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended									Six Months Ended
	June			March			June			June			June
Quarterly/Year-to-Date Share Data:	2025			2025			2024			2025			2024
Earnings Per Share:
Basic	$	0.85		$	0.59		$	0.71		$	1.44		$	1.36
Diluted	$	0.85		$	0.59		$	0.71		$	1.44		$	1.35
Common Dividend Declared Per Share	$	0.37		$	0.37		$	0.37		$	0.74		$	0.74
High Common Stock Price	$	37.46		$	39.56		$	36.08		$	39.56		$	38.18
Low Common Stock Price	$	30.50		$	33.81		$	30.68		$	30.50		$	30.68
Average Shares Outstanding (Net of Treasury Stock):
Basic		142,206,539			142,330,694			135,137,901			142,175,506			134,881,314
Diluted		142,444,497			142,698,118			135,314,785			142,465,543			135,103,288
Common Dividends	$	52,746		$	53,336		$	50,204		$	106,082		$	100,417
Dividend Payout Ratio		43.69	%		63.26	%		52.02	%		51.74	%		54.78	%


	June 30			March 31			December 31			June 30
EOP Share Data:	2025			2025			2024			2024
Book Value Per Share	$	37.80		$	37.19		$	36.89		$	35.92
Tangible Book Value Per Share (non-GAAP) ⁽¹⁾	$	23.32		$	22.76		$	22.87		$	21.87
52-week High Common Stock Price	$	44.43		$	44.43		$	44.43		$	38.74
Date		11/25/24			11/25/24			11/25/24			12/14/23
52-week Low Common Stock Price	$	30.50		$	30.68		$	30.68		$	25.35
Date		04/04/25			6/11/24			06/11/24			10/24/23
EOP Shares Outstanding (Net of Treasury Stock):		141,909,452			142,891,148			135,346,628			135,195,704
Memorandum Items:
Employees (full-time equivalent)		2,760			2,790			2,591			2,644
Note:
(1) Tangible Book Value Per Share:
Total Shareholders’ Equity (GAAP)	$	5,364,541		$	5,314,449		$	4,993,223		$	4,856,633
Less: Total Intangibles		(2,055,858	)		(2,062,893	)		(1,897,755	)		(1,899,574	)

Tangible Equity (non-GAAP)	$	3,308,683		$	3,251,556		$	3,095,468		$	2,957,059
÷ EOP Shares Outstanding (Net of Treasury Stock)		141,909,452			142,891,148			135,346,628			135,195,704

Tangible Book Value Per Share (non-GAAP)	$	23.32		$	22.76		$	22.87		$	21.87

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended June 2025								Three Months Ended March 2025								Three Months Ended June 2024
Selected Average Balances and Yields:	Average					Average			Average					Average			Average					Average
ASSETS:	Balance			Interest⁽¹⁾		Rate⁽¹⁾			Balance			Interest⁽¹⁾		Rate⁽¹⁾			Balance			Interest⁽¹⁾		Rate⁽¹⁾
Earning Assets:
Federal funds sold and securities purchased under agreements to resell and other short-term investments	$	2,026,613		$	22,633		4.48	%	$	2,131,157		$	23,726		4.51	%	$	930,453		$	12,787		5.53	%
Investment securities:
Taxable		3,022,963			26,706		3.53	%		3,048,058			26,911		3.53	%		3,496,310			33,968		3.89	%
Tax-exempt		197,180			1,536		3.12	%		197,891			1,486		3.00	%		209,114			1,488		2.85	%

Total securities		3,220,143			28,242		3.51	%		3,245,949			28,397		3.50	%		3,705,424			35,456		3.83	%
Loans and loans held for sale, net of unearned income ⁽²⁾		24,012,929			371,112		6.20	%		23,499,660			352,306		6.07	%		21,639,898			326,808		6.07	%
Allowance for loan losses		(310,398	)							(308,225	)							(263,050	)

Net loans and loans held for sale		23,702,531					6.28	%		23,191,435					6.15	%		21,376,848					6.14	%

Total earning assets		28,949,287		$	421,987		5.84	%		28,568,541		$	404,429		5.73	%		26,012,725		$	375,051		5.79	%

Other assets		3,635,081								3,611,699								3,357,439

TOTAL ASSETS	$	32,584,368							$	32,180,240							$	29,370,164

LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits	$	19,605,123		$	139,156		2.85	%	$	19,367,638		$	136,288		2.85	%	$	16,740,124		$	132,425		3.18	%
Short-term borrowings		165,405			1,488		3.61	%		167,080			1,450		3.52	%		206,234			2,206		4.30	%
Long-term borrowings		550,795			6,015		4.38	%		554,614			5,854		4.28	%		1,290,405			13,838		4.31	%

Total interest-bearing liabilities		20,321,323			146,659		2.89	%		20,089,332			143,592		2.90	%		18,236,763			148,469		3.27	%

Noninterest-bearing deposits		6,597,595								6,471,287								5,976,971
Accrued expenses and other liabilities		314,310								336,079								298,537

TOTAL LIABILITIES		27,233,228								26,896,698								24,512,271
SHAREHOLDERS’ EQUITY		5,351,140								5,283,542								4,857,893

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	32,584,368							$	32,180,240							$	29,370,164

NET INTEREST INCOME				$	275,328							$	260,837							$	226,582

INTEREST RATE SPREAD							2.95	%							2.83	%							2.52	%
NET INTEREST MARGIN							3.81	%							3.69	%							3.50	%

(1)	The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)	Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Six Months Ended June 2025								Six Months Ended June 2024
Selected Average Balances and Yields:	Average					Average			Average					Average
ASSETS:	Balance			Interest⁽¹⁾		Rate⁽¹⁾			Balance			Interest⁽¹⁾		Rate⁽¹⁾
Earning Assets:
Federal funds sold and securities purchased under agreements to resell and other short-term investments	$	2,078,596		$	46,359		4.50	%	$	906,555		$	25,090		5.57	%
Investment securities:
Taxable		3,035,442			53,617		3.53	%		3,619,733			68,690		3.80	%
Tax-exempt		197,533			3,021		3.06	%		210,745			2,962		2.81	%

Total securities		3,232,975			56,638		3.50	%		3,830,478			71,652		3.74	%
Loans and loans held for sale, net of unearned income ⁽²⁾		23,757,712			723,419		6.13	%		21,574,254			648,361		6.04	%
Allowance for loan losses		(309,318	)							(261,196	)

Net loans and loans held for sale		23,448,394					6.21	%		21,313,058					6.11	%

Total earning assets		28,759,965		$	826,416		5.79	%		26,050,091		$	745,103		5.74	%

Other assets		3,622,789								3,350,473

TOTAL ASSETS	$	32,382,754							$	29,400,564

LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits	$	19,487,037		$	275,444		2.85	%	$	16,701,944		$	260,802		3.14	%
Short-term borrowings		166,238			2,938		3.56	%		204,902			4,288		4.21	%
Long-term borrowings		552,694			11,869		4.33	%		1,395,321			30,070		4.33	%

Total interest-bearing liabilities		20,205,969			290,251		2.90	%		18,302,167			295,160		3.24	%

Noninterest-bearing deposits		6,534,790								5,959,418
Accrued expenses and other liabilities		324,792								301,673

TOTAL LIABILITIES		27,065,551								24,563,258
SHAREHOLDERS’ EQUITY		5,317,203								4,837,306

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	32,382,754							$	29,400,564

NET INTEREST INCOME				$	536,165							$	449,943

INTEREST RATE SPREAD							2.89	%							2.50	%
NET INTEREST MARGIN							3.75	%							3.47	%

(1)	The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)	Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended									Six Months Ended
	June			March			June			June			June
Selected Financial Ratios:	2025			2025			2024			2025			2024
Return on Average Assets		1.49	%		1.06	%		1.32	%		1.28	%		1.25	%
Return on Average Shareholders’ Equity		9.05	%		6.47	%		7.99	%		7.78	%		7.62	%
Return on Average Tangible Equity (non-GAAP) ⁽¹⁾		14.67	%		10.61	%		13.12	%		12.67	%		12.55	%
Efficiency Ratio		48.37	%		53.03	%		52.66	%		50.64	%		53.96	%
Price / Earnings Ratio		10.74 x			14.70 x			11.40 x			12.58 x			11.98 x
Note:
(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)	$	120,721		$	84,306		$	96,507		$	205,027		$	183,321
(b) Number of Days		91			90			91			181			182
Average Total Shareholders’ Equity (GAAP)	$	5,351,140		$	5,283,542		$	4,857,893		$	5,317,203		$	4,837,306
Less: Average Total Intangibles		(2,049,504	)		(2,060,975	)		(1,900,164	)		(2,055,208	)		(1,900,619	)

(c) Average Tangible Equity (non-GAAP)	$	3,301,636		$	3,222,567		$	2,957,729		$	3,261,995		$	2,936,687
Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366 / (c)		14.67	%		10.61	%		13.12	%		12.67	%		12.55	%

Selected Financial Ratios:				June 30 2025			March 31 2025			December 31 2024			June 30 2024
Loans & Leases, net of unearned income / Deposit Ratio					91.32	%		90.51	%		90.45	%		93.64	%
Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income					1.28	%		1.30	%		1.25	%		1.24	%
Allowance for Credit Losses ⁽²⁾/ Loans & Leases, net of unearned income					1.43	%		1.45	%		1.42	%		1.43	%
Nonaccrual Loans / Loans & Leases, net of unearned income					0.27	%		0.24	%		0.26	%		0.25	%
90-Day Past Due Loans/ Loans & Leases, net of unearned income					0.02	%		0.05	%		0.08	%		0.06	%
Non-performing Loans/ Loans & Leases, net of unearned income					0.28	%		0.29	%		0.34	%		0.30	%
Non-performing Assets/ Total Assets					0.23	%		0.22	%		0.25	%		0.23	%
Primary Capital Ratio					17.23	%		17.09	%		17.47	%		17.06	%
Shareholders’ Equity Ratio					16.36	%		16.21	%		16.63	%		16.21	%
Price / Book Ratio					0.96 x			0.93 x			1.02 x			0.90 x

Note:

(2)	Includes allowances for loan losses and lending-related commitments.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended						Six Months Ended
	June		March		June		June		June
Mortgage Banking Data:	2025		2025		2024		2025		2024
Loans originated	$	116,591	$	75,903	$	185,322	$	192,494	$	362,228
Loans sold		108,180		91,621		163,273		199,801		352,014


				June 30			March 31			December 31			June 30
Mortgage Loan Servicing Data: ⁽¹⁾				2025			2025			2024			2024
Balance of loans serviced				$	—		$	—		$	—		$	1,138,443
Number of loans serviced					—			—			—			11,853

				June 30			March 31			December 31			June 30
Asset Quality Data:				2025			2025			2024			2024
EOP Non-Accrual Loans				$	64,014		$	57,388		$	56,460		$	52,929
EOP 90-Day Past Due Loans					4,253			12,387			16,940			12,402

Total EOP Non-performing Loans				$	68,267		$	69,775		$	73,400		$	65,331
EOP Other Real Estate Owned					6,331			1,475			327			2,156

Total EOP Non-performing Assets				$	74,598		$	71,250		$	73,727		$	67,487


	Three Months Ended									Six Months Ended
	June			March			June			June			June
Allowance for Loan & Lease Losses:	2025			2025			2024			2025			2024
Beginning Balance	$	310,424		$	271,844		$	262,905		$	271,844		$	259,237
Initial allowance for acquired PCD loans		—			17,518			—			17,518			—
Gross Charge-offs		(9,266	)		(8,677	)		(2,542	)		(17,943	)		(6,118	)
Recoveries		915			636			1,281			1,551			2,787

Net Charge-offs		(8,351	)		(8,041	)		(1,261	)		(16,392	)		(3,331	)
Provision for Loan & Lease Losses ⁽²⁾		5,889			29,103			5,779			34,992			11,517

Ending Balance		307,962			310,424		$	267,423			307,962		$	267,423
Reserve for lending-related commitments		35,819			36,567			40,739			35,819			40,739

Allowance for Credit Losses⁽³⁾	$	343,781		$	346,991		$	308,162		$	343,781		$	308,162

Notes:

(1)	As previously disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024.

(2)	First quarter and year of 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans.

(3)	Includes allowances for loan losses and lending-related commitments.

UNITED BANKSHARES INC/WV 8-K