United Bankshares, Inc. (UBSI) Income Statement

30Y historyFree accessUpdated daily

Net interest income expanded to $294.3M in 2026Q3 while net interest margin remained near 0.9% and provision expense varied from $0 to $29.1M across recent quarters, suggesting growth has been volume-driven rather than margin-driven.

Annual statement

UBSI Income Statement

United Bankshares, Inc. (UBSI) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Net Interest Income	1.15B	1.1B	911.07M	919.92M	896.43M	742.73M	689.77M	577.92M	588.64M	549M	425.33M	384.12M	375.71M	269.84M	277.71M	260.73M	238.19M	245.47M	252.79M	225.42M	219.59M	220.83M	204.44M	177.02M	194.31M	185.1M	180.08M	180.3M	170.3M	149.3M	138.4M
NII Growth %	41.19%	20.97%	-0.96%	2.62%	20.69%	7.68%	19.35%	-1.82%	7.22%	29.08%	10.73%	2.24%	39.23%	-2.83%	6.51%	9.46%	-2.97%	-2.9%	12.14%	2.65%	-0.56%	8.02%	15.49%	-8.9%	4.97%	2.79%	-0.12%	5.87%	14.07%	7.88%	69.4%
Net Interest Margin %	3.36%	3.27%	3.03%	3.07%	3.04%	2.53%	2.63%	2.94%	3.06%	2.88%	2.93%	3.05%	3.05%	3.09%	3.3%	3.09%	3.33%	3.15%	3.12%	2.82%	3.27%	3.28%	3.18%	2.77%	3.35%	3.29%	3.67%	3.56%	3.73%	3.65%	5.95%
Interest Income	1.7B	1.69B	1.5B	1.4B	1B	795.12M	798.38M	762.56M	717.72M	623.81M	470.34M	423.63M	418.54M	306.15M	323.9M	316.52M	323.38M	365.85M	429.91M	438.73M	400.68M	345.28M	293.35M	272.52M	323.48M	360.61M	377.85M	354.7M	325.7M	280.5M	250.7M
Interest Expense	546.33M	583.69M	591.05M	481.4M	105.56M	52.38M	108.61M	184.64M	129.07M	74.81M	45.01M	39.51M	42.83M	36.31M	46.19M	55.79M	85.2M	120.37M	177.12M	213.31M	181.09M	124.45M	88.91M	95.5M	129.18M	175.51M	197.77M	174.4M	155.4M	131.2M	112.3M
Loan Loss Provision	14.02M	47.09M	25.15M	31.15M	18.82M	-23.97M	106.56M	21.31M	22.01M	28.41M	24.51M	22.57M	21.94M	19.27M	17.86M	17.14M	13.77M	46.06M	25.16M	5.33M	1.44M	5.62M	4.52M	7.47M	8.94M	12.83M	15.74M	8.8M	12.2M	3.3M	2.9M
Non-Interest Income	93.4M	134.74M	118.59M	127.53M	143.52M	264.12M	339.41M	148.18M	123.71M	129.84M	68.29M	72.12M	70.59M	65.17M	63.53M	49.79M	58.92M	68.99M	67.3M	57.75M	49.03M	52.63M	54.23M	52.08M	37.79M	62.2M	33.79M	51.08M	41.8M	37.1M	29.7M
Non-Interest Income %	7.51%	10.89%	11.52%	12.18%	13.8%	26.23%	32.98%	20.41%	17.37%	19.13%	13.83%	15.81%	15.82%	19.45%	18.62%	16.03%	19.83%	21.94%	21.03%	20.39%	18.25%	19.24%	20.97%	22.73%	16.28%	25.15%	15.8%	22.08%	19.71%	19.9%	17.67%
Total Net Revenue	1.24B	1.24B	1.03B	1.05B	1.04B	1.01B	1.03B	726.11M	712.35M	678.83M	493.62M	456.25M	446.3M	335.01M	341.23M	310.51M	297.11M	314.46M	320.1M	283.17M	268.63M	273.45M	258.67M	229.1M	232.09M	247.31M	213.87M	231.38M	212.1M	186.4M	168.1M
Revenue Growth %	5.37%	20.13%	-1.7%	0.72%	3.29%	-2.17%	41.74%	1.93%	4.94%	37.52%	8.19%	2.23%	33.22%	-1.82%	9.89%	4.51%	-5.52%	-1.76%	13.04%	5.41%	-1.76%	5.72%	12.91%	-1.29%	-6.15%	15.64%	-7.57%	9.09%	13.79%	10.89%	78.26%
Non-Interest Expense	618.48M	599.64M	539.92M	552.5M	545.35M	567.97M	562.88M	380.35M	363.17M	365.6M	246.45M	230.18M	229.48M	190.7M	201.89M	183M	178.93M	190.15M	171.07M	147.93M	137.17M	121.16M	137.06M	129.54M	109.73M	115.75M	110.42M	117.58M	138M	103.8M	104.4M
Efficiency Ratio	49.76%	48.48%	52.44%	52.75%	52.44%	56.41%	54.69%	52.38%	50.98%	53.86%	49.93%	50.45%	51.42%	56.92%	59.16%	58.93%	60.22%	60.47%	53.44%	52.24%	51.06%	44.31%	52.99%	56.54%	47.28%	46.8%	51.63%	50.82%	65.06%	55.69%	62.11%
Operating Income	610.44M	590.18M	464.58M	463.81M	475.78M	462.85M	359.74M	324.44M	327.17M	284.83M	222.66M	203.49M	194.89M	125.04M	121.48M	110.38M	104.4M	78.25M	123.87M	129.91M	130.02M	146.67M	117.09M	92.09M	113.43M	118.73M	87.7M	105M	61.9M	79.3M	60.8M
Operating Margin %	49.11%	47.71%	45.12%	44.28%	45.75%	45.97%	34.95%	44.68%	45.93%	41.96%	45.11%	44.6%	43.67%	37.32%	35.6%	35.55%	35.14%	24.88%	38.7%	45.88%	48.4%	53.64%	45.27%	40.2%	48.87%	48.01%	41.01%	45.38%	29.18%	42.54%	36.17%
Operating Income Growth %	-	27.04%	0.17%	-2.52%	2.79%	28.66%	10.88%	-0.83%	14.86%	27.92%	9.42%	4.41%	55.85%	2.93%	10.06%	5.72%	33.43%	-36.83%	-4.65%	-0.08%	-11.36%	25.27%	27.15%	-18.82%	-4.46%	35.38%	-16.48%	69.63%	-21.94%	30.43%	40.09%
Pretax Income	642.17M	583.4M	464.58M	463.81M	475.78M	462.85M	359.74M	324.44M	327.17M	284.83M	222.66M	203.49M	194.89M	125.04M	121.48M	110.38M	104.4M	78.25M	123.87M	129.91M	130.02M	146.67M	117.09M	92.09M	113.43M	118.73M	87.7M	105M	61.9M	79.3M	60.8M
Pretax Margin %	51.67%	47.17%	45.12%	44.28%	45.75%	45.97%	34.95%	44.68%	45.93%	41.96%	45.11%	44.6%	43.67%	37.32%	35.6%	35.55%	35.14%	24.88%	38.7%	45.88%	48.4%	53.64%	45.27%	40.2%	48.87%	48.01%	41.01%	45.38%	29.18%	42.54%	36.17%
Income Tax	129.06M	118.8M	91.58M	97.49M	96.16M	95.11M	70.72M	64.34M	70.82M	134.25M	75.58M	65.53M	65M	39.42M	38.87M	34.77M	32.46M	10.95M	36.91M	39.23M	40.77M	46.27M	33.77M	28.01M	35.21M	38.74M	28.72M	34.8M	17.5M	27M	21.1M
Effective Tax Rate %	20.1%	20.36%	19.71%	21.02%	20.21%	20.55%	19.66%	19.83%	21.65%	47.13%	33.94%	32.2%	33.35%	31.52%	32%	31.5%	31.09%	14%	29.8%	30.2%	31.36%	31.54%	28.84%	30.42%	31.04%	32.63%	32.75%	33.14%	28.27%	34.05%	34.7%
Net Income	513.11M	464.6M	373M	366.31M	379.63M	367.74M	289.02M	260.1M	256.34M	150.58M	147.08M	137.96M	129.89M	85.63M	82.61M	75.61M	71.95M	67.3M	86.95M	90.67M	89.25M	100.41M	97.76M	78.77M	88.93M	79.99M	58.98M	70.2M	44.4M	52.3M	39.7M
Net Margin %	41.28%	37.56%	36.23%	34.97%	36.5%	36.52%	28.08%	35.82%	35.99%	22.18%	29.8%	30.24%	29.1%	25.56%	24.21%	24.35%	24.22%	21.4%	27.17%	32.02%	33.22%	36.72%	37.79%	34.38%	38.32%	32.34%	27.58%	30.34%	20.93%	28.06%	23.62%
Net Income Growth %	19.28%	24.56%	1.82%	-3.51%	3.23%	27.23%	11.12%	1.47%	70.24%	2.38%	6.61%	6.21%	51.69%	3.66%	9.25%	5.09%	6.91%	-22.61%	-4.1%	1.6%	-11.11%	2.71%	24.12%	-11.43%	11.18%	35.63%	-15.99%	58.11%	-15.11%	31.74%	41.28%
Net Income (Continuing)	513.11M	464.6M	373M	366.31M	379.63M	367.74M	289.02M	260.1M	256.34M	150.58M	147.08M	137.96M	129.89M	85.63M	82.61M	75.61M	71.95M	67.3M	86.95M	90.67M	89.25M	100.41M	83.31M	64.08M	78.22M	79.99M	58.98M	70.2M	44.4M	52.3M	39.7M
EPS (Diluted)	3.74	3.27	2.75	2.72	2.80	2.83	2.40	2.55	2.46	1.54	1.99	1.98	1.92	1.70	1.64	1.61	1.65	1.55	2.00	2.15	2.13	2.33	2.22	1.85	2.06	1.90	1.40	1.61	1.02	1.22	0.93
EPS Growth %	20.26%	18.91%	1.1%	-2.86%	-1.06%	17.92%	-5.88%	3.66%	59.74%	-22.61%	0.51%	3.13%	12.94%	3.66%	1.86%	-2.42%	6.45%	-22.5%	-6.98%	0.94%	-8.58%	4.96%	20%	-10.19%	8.42%	35.71%	-13.04%	57.84%	-16.39%	31.18%	-21.19%
EPS (Basic)	-	3.28	2.76	2.72	2.81	2.84	2.40	2.56	2.46	1.54	2.00	1.99	1.93	1.70	1.64	1.62	1.65	1.55	2.01	2.16	2.15	2.36	2.25	1.87	2.09	1.93	1.41	1.63	1.04	1.24	0.94
Diluted Shares Outstanding	137.03M	140.98M	135.5M	134.75M	135.12M	129.51M	120.09M	101.85M	104.3M	97.89M	73.89M	69.63M	67.65M	50.43M	50.3M	46.84M	43.63M	43.46M	43.43M	42.22M	41.94M	43.02M	43.98M	42.62M	43.17M	42.06M	42.26M	43.72M	43.46M	30.2M	30.29M

Key Metrics

Growth RegimeExpanding

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

D.C. office CRE credit exposure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

NII Growth Re-Accelerating Through Loan Growth

Based on UBSI's reported figures, net interest income rose from $225.7M in 2024Q2 to $294.3M in 2026Q3, a gain of roughly 30 percent that reflects loan volume expansion alongside a moderating deposit cost environment over the period.

The 5.0% sequential NII growth in 2026Q3 after a 3.9% gain in 2026Q2 suggests the earning-asset base is still compounding faster than funding costs are rising. Much of this trajectory appears tied to acquired balance sheets and the Southeast expansion, which warrants investigation of how much organic versus acquisition-driven growth is embedded. Investors should monitor whether deposit betas catch up with recent rate levels, since that would compress the spread that currently supports this earnings trajectory.

Net Interest Margin Holding Near Eight Tenths

As reported in the income statement data, UBSI's net interest margin has held in a tight 0.8% to 0.9% band across the ten quarters shown, indicating limited spread expansion despite the rapid growth in net interest income.

A flat margin alongside rising NII implies that balance-sheet growth, rather than pricing power, is doing most of the earnings work. The reported 0.9% in 2026Q3 is a modest uptick that may reflect asset repricing, but the data alone does not establish whether this is durable. Compared with the peer group's broader profitability profiles, UBSI's earnings appear more dependent on volume than on margin, which leaves it more exposed if loan growth slows.

Provision Spikes Signal Lumpy Credit Costs

Provision expense in the reported data ranged from zero to $29.1M in 2025Q1 and $12.1M in 2025Q3, with 2026Q3 provisioning at $6.2M, a pattern that points to episodic rather than steady credit cost recognition.

The irregular provisioning pattern, including a $133.4M-equivalent negative swing in 2026Q1 data that appears to be a data anomaly, makes it difficult to assess underlying credit trends from quarterly figures alone. The 2025Q1 spike to $29.1M is the most material charge in the series and may relate to commercial real estate stress, though the supplied data does not confirm the cause. Analysts should treat reported provisions as incomplete evidence and seek reserve coverage and nonperforming loan disclosures before drawing firm conclusions about asset quality.

Fee Income Shrinking as Share of Revenue

Non-interest income fell from $44.0M in 2025Q3 to $30.8M in 2026Q3, lowering fee share of total revenue to 9.5% from 13.6%, based on UBSI's reported figures.

The decline in non-interest income is consistent with the mortgage banking segment's sensitivity to rate-driven origination volumes, suggesting fee revenue is cyclical rather than annuity-like. A shrinking fee share means UBSI's earnings are becoming more concentrated in net interest income, which raises rate-sensitivity exposure. Investors should monitor whether mortgage gain-on-sale margins recover, as this would determine whether the fee base can offset any future NII pressure.

Efficiency Gains May Mask Rising Pressure

The efficiency ratio improved from 56.0% in 2026Q2 to 48.2% in 2026Q3, but the period-to-period swings in this metric may partly reflect merger-related timing rather than sustained operating leverage.

A sharp efficiency improvement can result from revenue timing or the absence of integration costs in a given quarter, so the 2026Q3 reading should not be extrapolated without adjustment. Given UBSI's acquisition-led history, reported efficiency may be flattered by purchase accounting accretion that eventually rolls off. Investors should monitor whether non-interest expense growth keeps pace with revenue once integration effects normalize.

UBSI — Frequently Asked Questions

Quick answers to the most common questions about buying UBSI stock.

What was United Bankshares, Inc.'s (UBSI) revenue in 2025?

For fiscal year 2025, United Bankshares, Inc. (UBSI) reported total revenue of $1.24B. This represents a 635.8% increase compared to $168.1M in 1996.

Is United Bankshares, Inc. (UBSI) profitable?

United Bankshares, Inc. (UBSI) is profitable, generating $464.6M in net income for the fiscal year ending 2025 with a net profit margin of 37.6%.

What is United Bankshares, Inc.'s operating profit margin?

United Bankshares, Inc. (UBSI) reported an operating income of $590.2M, resulting in an operating profit margin of 47.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is United Bankshares, Inc.'s gross profit and gross margin?

United Bankshares, Inc. (UBSI) generated $1.19B in gross profit for the year, representing a gross profit margin of 96.2%. This demonstrates the company's core pricing power and production efficiency.