UBSIMEDIUM SIGNALFINANCIAL10-K

United Bankshares reported solid organic growth alongside meaningful balance sheet expansion, though credit provisions increased substantially from prior year levels.

The 12% growth in assets, deposits, and net interest income suggests healthy business momentum, likely supported by both organic growth and potential acquisition activity given the expanded geographic footprint references. However, the substantially higher provision for credit losses indicates management is building reserves, which could signal either portfolio growth normalization or emerging credit concerns that warrant monitoring.

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FINANCIAL ANALYSIS

UBSI demonstrated broad-based growth with total assets expanding 12.1% to $33.7B and deposits growing 12.9% to $27.1B, while net interest income increased 12.2% and net income rose 24.6%. The company maintained a strong capital position with stockholders' equity growing 10.1% to $5.5B, though cash and equivalents grew notably by 67.3%. Provision for credit losses increased substantially, reflecting either portfolio expansion dynamics or a more cautious credit outlook.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+67.3%
$857.3M→$1.4B

Cash position surged 67.3% — strong cash generation or capital raise providing significant financial cushion.

Provision for Credit Losses
P&L
+65.5%
$18.8M→$31.2M

Credit loss provisions surged 65.5% — management flagging significant deterioration in loan quality ahead.

Capital Expenditure
Cash Flow
+46.1%
$12.1M→$17.7M

Capital expenditure jumped 46.1% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+24.6%
$373.0M→$464.6M

Net income grew 24.6% — bottom-line growth signals improving overall business health.

Total Deposits
Balance Sheet
+12.9%
$24.0B→$27.1B

Deposits grew 12.9% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
+12.5%
$25.0B→$28.2B

Liabilities increased 12.5% — monitor debt-to-equity ratio and interest coverage.

Net Interest Income
P&L
+12.2%
$1.5B→$1.7B

Net interest income grew 12.2% — benefiting from rate environment or loan book expansion.

Total Assets
Balance Sheet
+12.1%
$30.0B→$33.7B

Asset base grew 12.1% — expansion through organic growth, acquisitions, or capital deployment.

Operating Cash Flow
Cash Flow
+12%
$445.5M→$498.9M

Operating cash flow grew 12% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+10.1%
$5.0B→$5.5B

Equity base grew 10.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
10-K false FY --12-31 UNITED BANKSHARES INC/WV 0000729986 Represents net interest income plus other income This AOCI component is included in the computation of net periodic pension cost (see Note O, Employee Benefit Plans) For further information, see the related discussion Quarterly Results included in Management s Discussion and Analysis.
This AOCI component is included in the computation of changes in plan assets (see Note O, Employee Benefit Plans) Other segment expense includes legal, consulting and other professional services expense, franchise and other taxes not on income, expense for reserve on lending-related commitments, ATM expenses, marketing expense, core deposits amortization, and other general operating expenses.
For the year ended December 31, 2023, income taxes paid to West Virginia of $6,851 exceeded 5% of total income taxes paid.
For the year ended December 31, 2024, income taxes paid to Maryland of $6,150 exceeded 5% of total income taxes paid.
For the year ended December 31, 2025, income taxes paid to West Virginia of $9,000 and Maryland of $5,950 exceeded 5% of total income taxes paid.
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REMOVED
10-K false FY --12-31 UNITED BANKSHARES INC/WV 0000729986 This AOCI component is included in the computation of changes in plan assets (see Note P, Employee Benefit Plans) This AOCI component is included in the computation of net periodic pension cost (see Note P, Employee Benefit Plans) Other segment expense includes legal, consulting and other professional services expense, franchise and other taxes not on income, expense for reserve on lending-related commitments, ATM expenses, marketing expense, core deposits amortization, and other general operating expenses.
common stock, representing all of its voting stock that was held by non-affiliates on June 30, 2024, was approximately $ 4,185,635,034 .
As of December 31, 2024, United s consolidated assets approximated $30.0 billion and total shareholders equity approximated $5.0 billion.
Management continues to consider such opportunities as they arise, and in this regard, management from time to time makes inquiries, proposals, or expressions of interest as to potential opportunities, although no agreements or understandings to acquire other banks or bank holding companies or non-banking subsidiaries or to engage in other nonbanking activities, other than those identified herein, presently exist.
The acquisition of Community Bankers Trust enhanced United s existing presence in the DC Metro MSA and took United into new markets including Baltimore, Annapolis, Lynchburg, Richmond, and the Northern Neck of Virginia.
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