UBSI earnings analysis
What we found in UBSI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
United Bankshares delivered a strong second quarter, with revenue of $323.818 million, net income of $131.377 million and diluted EPS of $0.95, representing year-over-year growth of approximately 5.8%, 8.8% and 11.8%, respectively. Net interest income, fee income and loan balances improved, while the provision for credit losses and net charge-off ratio declined. However, nonperforming assets increased to $120.859 million, securities carried $218.489 million of unrealized losses, and cash declined by $460.947 million as the company funded loan and securities growth. Overall sentiment is bullish because earnings momentum and capital/liquidity remain strong, but credit quality and interest-rate exposures warrant monitoring.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record earnings and higher EPS
- Second-quarter net income increased to $131.377 million from $124.200 million in Q1 2026 and $120.721 million in Q2 2025. Diluted EPS rose to $0.95 from $0.89 sequentially and $0.85 year over year.
- Revenue and margin improved
- Total revenue, measured as net interest income plus other income, was $323.818 million, up from $316.578 million in Q1 2026 and $305.997 million in Q2 2025. Net interest income increased 3.92% year over year to $285.312 million, while the net interest margin was 3.81%, unchanged year over year and up from 3.80% in Q1.
- Strong fee-income growth
- Other income increased 22.40% year over year to $38.506 million and 13.04% sequentially. Brokerage fees grew 39.12% year over year to $6.764 million, supported by higher business volume.
- Lower credit-loss provision
- The provision for credit losses declined to $4.961 million from $5.889 million in Q2 2025 and $7.776 million in Q1 2026. Annualized net charge-offs fell to 0.08% of average loans in Q2 2026 from 0.14% in Q2 2025.
- Loan growth continued
- Portfolio loans increased $285.402 million, or 1.16%, from year-end 2025 to $24.995 billion. Commercial, financial and agricultural loans grew $425.240 million, or 2.98%, led by a $378.107 million increase in nonowner-occupied commercial real estate loans.
- Strong capital and liquidity
- United remained well-capitalized, with a 15.57% risk-based capital ratio, a 13.30% Common Equity Tier 1 ratio and an 11.29% leverage ratio. The company also had approximately $9.253 billion of unused FHLB borrowing capacity subject to collateral delivery and $4.42 billion of Federal Reserve Discount Window capacity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Nonperforming assets increased
- Total nonperforming assets increased to $120.859 million from $110.323 million at year-end 2025, while nonperforming loans rose to $110.647 million from $101.466 million. The allowance coverage ratio declined to 270.68% from 293.22%.
- Securities valuation and sale risk
- Available-for-sale securities carried $218.489 million of gross unrealized losses at June 30, 2026, and the company recognized a $9.728 million loss on sales of AFS securities during the first half. Management attributed the unrealized losses primarily to rising interest rates.
- Commercial real estate credit risk
- Individually assessed loan reserves increased to $17.68 million from $8.04 million at year-end 2025 due to collateral weaknesses in several relationships. Nonowner-occupied commercial real estate also had $286.377 million of special-mention loans and $169.112 million of substandard loans at June 30, 2026.
- Economic forecasts weakened
- United's allowance for loan and lease losses was $299.504 million, or 1.20% of loans, unchanged as a percentage from year-end despite higher nonperforming loans. The forecast for 2026 real GDP declined to 2.20% from 2.40%, while the house-price-index forecast declined to 0.67% from 1.82%.
- Downward-rate sensitivity
- The company remains exposed to interest-rate changes: a sustained 100-basis-point decline was estimated to reduce one-year net interest income by 0.01%, versus a 0.20% increase under the December 31, 2025 model. In the two-year analysis, a 100-basis-point decline was estimated to reduce net interest income by 2.59%.
- Cash balance declined
- Cash and cash equivalents declined $460.947 million, or 18.13%, from year-end 2025 to $2.081 billion, while investing activities used $564.993 million in the first half, including $286.873 million for loan growth and $267.870 million for net investment-security purchases.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.95
- Segment
- Community banking: total revenue of $323.818 million, consisting of $285.312 million of net interest income and $38.506 million of other income; segment net income was $131.377 million.
What they said about what is next.
No numeric revenue or EPS guidance was provided. Management stated that United anticipates meeting its obligations over the next 12 months and has no material commitments for capital expenditures; it also stated that liquidity was sufficient and that no changes to Asset Liability Committee policies were anticipated.
The filing reads better than the one before it.
What came before.
- 10-Q · May 8, 2026
- United Bankshares, Inc. reported Q1 2026 net income of $124.2 million, or diluted EPS of $0.89, reflecting a significant increase from $84.3 million and $0.59 in P1 2025. This growth stems largely from rising interest…
- 10-K · February 27, 2026
- United Bankshares grew materially in 2025 via the January 10, 2025 acquisition of Piedmont (approximately $2.4B in assets and $2.1B in loans/deposits), driving a $3.0B (14.01%) increase in the loan and lease portfolio.…
- 10-Q · November 7, 2025
- United Bankshares, Inc. reported strong financial growth in Q3 2025, with revenue increasing 4.6% from the prior quarter and 14.2% year-over-year, indicating healthy operational momentum. Operating margin improved to…
- 10-Q · November 8, 2024
- United Bankshares reported essentially flat quarter: total revenue of $262,198,000 (net interest income $230,256,000 + other income $31,942,000) versus roughly $262,114,000 a year ago, while net income declined to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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