United Bankshares (UBSI) Financials

$37.43 -0.66 (-1.73%)

Closing price 09/12/2025 04:00 PM Eastern

Extended Trading

$37.42 -0.02 (-0.04%)

As of 09/12/2025 04:57 PM Eastern

Annual Income Statements for United Bankshares

This table shows United Bankshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	138	147	151	256	260	289	368	380	366	373
Consolidated Net Income / (Loss)	138	147	151	256	260	289	368	380	366	373
Net Income / (Loss) Continuing Operations	138	147	151	256	260	289	368	380	366	373
Total Pre-Tax Income	203	223	285	327	324	360	463	476	464	465
Total Revenue	458	495	681	717	728	1,045	1,021	1,050	1,055	1,035
Net Interest Income / (Expense)	384	425	549	589	578	690	743	896	920	911
Total Interest Income	424	470	624	718	763	798	795	1,002	1,401	1,502
Loans and Leases Interest Income	388	431	566	637	667	722	724	865	1,203	1,303
Investment Securities Interest Income	34	36	42	62	74	67	62	114	151	133
Federal Funds Sold and Securities Borrowed Interest Income	1.65	3.50	16	19	21	9.78	8.73	23	47	66
Total Interest Expense	40	45	75	129	185	109	52	106	481	591
Deposits Interest Expense	28	29	50	92	136	79	42	80	391	540
Short-Term Borrowings Interest Expense	0.83	1.58	1.58	2.25	2.35	1.03	0.69	1.79	6.45	7.97
Long-Term Debt Interest Expense	11	14	24	35	47	29	10	24	84	43
Total Non-Interest Income	74	70	132	129	150	355	278	153	135	124
Other Service Charges	49	1.34	2.04	1.77	1.33	8.92	18	17	25	17
Net Realized & Unrealized Capital Gains on Investments	0.16	0.28	5.58	0.15	0.18	5.38	2.68	0.78	-7.65	-7.72
Other Non-Interest Income	5.56	68	124	127	149	340	258	136	118	115
Provision for Credit Losses	23	25	28	22	21	107	-24	19	31	25
Total Non-Interest Expense	232	248	367	368	383	578	582	555	560	545
Salaries and Employee Benefits	115	122	201	201	210	324	334	288	279	288
Net Occupancy & Equipment Expense	48	51	71	74	71	98	99	104	106	105
Property & Liability Insurance Claims	8.37	8.55	7.05	11	8.07	10	8.35	12	30	20
Other Operating Expenses	60	66	88	82	93	136	128	143	140	129
Impairment Charge	0.05	-	-	0.27	0.42	9.43	12	7.10	5.60	2.69
Other Special Charges	-	-	-	-	-	1.97	0.05	0.70	-0.06	-0.08
Income Tax Expense	66	76	134	71	64	71	95	96	97	92
Basic Earnings per Share	$1.99	$2.00	$1.54	$2.46	$2.55	$2.40	$2.84	$2.81	$2.72	$2.76
Weighted Average Basic Shares Outstanding	69.33M	73.53M	97.50M	104.02M	101.59M	120.02M	129.28M	134.78M	134.51M	134.95M
Diluted Earnings per Share	$1.98	$1.99	$1.54	$2.45	$2.55	$2.40	$2.83	$2.80	$2.71	$2.75
Weighted Average Diluted Shares Outstanding	69.63M	73.89M	97.89M	104.30M	101.85M	120.09M	129.51M	135.12M	134.75M	135.23M
Weighted Average Basic & Diluted Shares Outstanding	69.30M	73.50M	97.80M	104.20M	101.57M	128.98M	136.52M	134.75M	134.95M	143.21M
Cash Dividends to Common per Share	$1.29	$1.32	$1.33	$1.36	$1.37	$1.40	$1.41	$1.44	$1.45	$1.48

This table shows United Bankshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	100	102	98	100	96	72	87	97	102	88
Consolidated Net Income / (Loss)	103	100	98	92	96	79	87	97	95	94
Net Income / (Loss) Continuing Operations	100	102	98	100	96	72	87	97	102	88
Total Pre-Tax Income	129	126	123	116	121	104	108	115	120	121
Total Revenue	271	283	268	270	262	255	255	256	269	255
Net Interest Income / (Expense)	241	249	234	227	228	230	222	226	230	233
Total Interest Income	264	308	329	346	357	369	369	374	383	376
Loans and Leases Interest Income	226	262	280	294	308	321	321	326	332	324
Investment Securities Interest Income	31	37	38	39	37	37	36	35	32	30
Federal Funds Sold and Securities Borrowed Interest Income	6.83	8.95	11	13	12	12	12	13	19	22
Total Interest Expense	23	58	95	118	128	139	147	148	152	143
Deposits Interest Expense	18	44	69	92	109	122	128	132	143	136
Short-Term Borrowings Interest Expense	0.49	0.87	1.16	1.49	1.81	2.00	2.08	2.21	2.05	1.63
Long-Term Debt Interest Expense	4.91	13	25	25	18	15	16	14	7.11	6.11
Total Non-Interest Income	33	31	33	35	34	34	32	30	32	29
Other Service Charges	0.79	7.71	3.69	12	2.97	5.98	2.98	2.74	9.03	1.94
Other Non-Interest Income	29	26	29	30	31	27	29	28	30	28
Provision for Credit Losses	7.67	16	6.89	11	5.95	6.88	5.74	5.78	6.94	6.69
Total Non-Interest Expense	137	138	137	135	135	152	141	135	135	134
Salaries and Employee Benefits	70	68	69	71	72	68	74	71	72	72
Net Occupancy & Equipment Expense	27	26	26	27	26	26	27	26	27	26
Property & Liability Insurance Claims	3.06	3.25	4.59	4.57	4.60	17	6.46	5.06	4.34	3.88
Other Operating Expenses	35	38	36	32	31	41	33	32	33	32
Impairment Charge	1.85	-	1.88	1.70	1.05	0.96	1.02	1.01	0.40	0.27
Other Special Charges	0.13	1.06	-0.04	0.02	0.09	-0.13	-0.08	0.03	-0.03	0.01
Income Tax Expense	26	27	24	23	25	25	21	19	25	27
Basic Earnings per Share	$0.76	$0.74	$0.73	$0.68	$0.71	$0.60	$0.64	$0.71	$0.70	$0.71
Weighted Average Basic Shares Outstanding	134.18M	134.78M	134.41M	134.68M	134.69M	134.51M	134.81M	135.14M	135.16M	134.95M
Diluted Earnings per Share	$0.76	$0.73	$0.73	$0.68	$0.71	$0.59	$0.64	$0.71	$0.70	$0.70
Weighted Average Diluted Shares Outstanding	134.55M	135.12M	134.84M	134.85M	134.89M	134.75M	135.12M	135.31M	135.50M	135.23M
Weighted Average Basic & Diluted Shares Outstanding	134.66M	134.75M	134.93M	134.94M	134.93M	134.95M	135.20M	135.22M	135.22M	143.21M

This table details how cash moves in and out of United Bankshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	104	577	232	-646	-183	1,372	1,549	-2,582	422	693
Net Cash From Operating Activities	175	171	254	294	152	140	610	761	435	445
Net Cash From Continuing Operating Activities	175	171	254	294	152	140	610	761	435	445
Net Income / (Loss) Continuing Operations	138	147	151	256	260	289	368	380	366	373
Consolidated Net Income / (Loss)	138	147	151	256	260	289	368	380	366	373
Provision For Loan Losses	23	25	28	22	21	107	-24	19	31	25
Depreciation Expense	0.75	-8.72	-22	10	9.33	13	17	18	17	16
Amortization Expense	4.38	5.16	3.31	-27	-22	-17	4.05	19	21	9.96
Non-Cash Adjustments to Reconcile Net Income	-0.42	17	73	19	-116	-291	213	294	0.79	7.98
Changes in Operating Assets and Liabilities, net	9.66	-15	20	13	-0.86	39	32	31	-1.36	14
Net Cash From Investing Activities	-185	31	267	-873	-383	138	16	-3,448	39	571
Net Cash From Continuing Investing Activities	-185	31	267	-873	-383	138	16	-3,448	39	571
Purchase of Property, Leasehold Improvements and Equipment	-5.26	-7.27	-14	-5.78	-11	-19	-15	-17	-12	-12
Purchase of Investment Securities	-405	-565	-467	-1,367	-902	-1,356	-723	-4,042	-1,089	-2,518
Sale of Property, Leasehold Improvements and Equipment	0.87	0.55	0.02	8.40	0.25	4.35	1.62	0.90	2.54	0.10
Sale and/or Maturity of Investments	224	603	748	491	529	1,508	752	610	1,137	3,102
Net Cash From Financing Activities	115	375	-289	-67	48	1,094	924	105	-52	-324
Net Cash From Continuing Financing Activities	115	375	-289	-67	48	1,094	924	105	-52	-324
Net Change in Deposits	298	484	-314	165	-142	2,856	1,249	-1,044	517	1,143
Issuance of Debt	705	795	815	950	1,498	500	500	1,900	1,500	250
Repayment of Debt	-807	-1,020	-673	-931	-1,135	-2,079	-638	-488	-1,875	-1,520
Repurchase of Common Equity	0.00	0.00	-0.00	-101	-36	-21	-11	-79	-1.38	-1.04
Payment of Dividends	-89	-96	-121	-142	-139	-163	-181	-193	-195	-201
Other Financing Activities, Net	7.87	13	4.62	1.50	1.27	1.24	5.21	10	1.75	5.27
Cash Interest Paid	40	45	73	125	183	115	55	98	468	591
Cash Income Taxes Paid	52	62	73	55	56	65	101	94	106	92

This table details how cash moves in and out of United Bankshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-302	-180	742	-226	-508	415	134	126	50	383
Net Cash From Operating Activities	134	137	118	65	90	163	124	61	124	136
Net Cash From Continuing Operating Activities	-	761	0.00	-	-	435	0.00	-	-	445
Net Income / (Loss) Continuing Operations	-	380	0.00	-	-	366	0.00	-	-	373
Net Cash From Investing Activities	-740	-629	91	265	-68	-250	-2.43	223	185	166
Net Cash From Continuing Investing Activities	-740	-629	91	265	-68	-250	-2.43	223	185	166
Purchase of Property, Leasehold Improvements and Equipment	-5.73	-5.01	-3.45	-3.28	-1.76	-3.21	-4.77	-2.97	-1.59	-2.80
Purchase of Investment Securities	-891	-759	-115	-302	168	-839	-461	-638	-710	-708
Sale of Property, Leasehold Improvements and Equipment	0.05	0.01	2.47	-	0.04	0.03	0.06	0.03	0.00	0.00
Sale and/or Maturity of Investments	157	135	208	570	-234	593	464	864	898	877
Net Cash From Financing Activities	305	312	532	-556	-530	502	12	-158	-259	81
Net Cash From Continuing Financing Activities	305	312	532	-556	-530	502	12	-158	-259	81
Net Change in Deposits	-163	-560	-18	85	307	143	101	147	762	134
Repayment of Debt	14	-482	-1,901	6.65	-16	35	-1,488	-4.21	-22	-5.88
Payment of Dividends	-49	-49	-49	-49	-49	-49	-50	-50	-50	-50
Other Financing Activities, Net	1.54	2.38	1.56	0.00	0.01	0.17	0.70	0.12	0.71	3.74

This table presents United Bankshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	12,578	14,509	19,059	19,250	19,662	26,184	29,329	29,489	29,926	30,024
Cash and Due from Banks	137	175	197	188	185	297	283	294	257	241
Federal Funds Sold	0.72	0.73	0.79	0.80	0.82	0.82	0.93	1.08	1.17	1.27
Interest Bearing Deposits at Other Banks	720	1,258	1,469	832	651	1,911	3,474	881	1,341	2,050
Trading Account Securities	1,116	1,301	2,175	2,607	2,835	3,684	4,561	4,607	3,853	3,026
Loans and Leases, Net of Allowance	9,308	10,268	12,935	13,353	13,635	17,356	17,808	20,323	21,100	21,402
Loans and Leases	9,384	10,341	13,011	13,430	13,712	17,591	18,024	20,558	21,359	21,673
Allowance for Loan and Lease Losses	76	73	77	77	77	236	216	235	259	272
Premises and Equipment, Net	73	76	105	95	97	176	197	199	191	186
Goodwill	710	864	1,478	1,478	1,478	1,797	1,886	1,889	1,889	1,889
Other Assets	513	565	700	695	780	963	1,119	1,294	1,296	1,228
Total Liabilities & Shareholders' Equity	12,578	14,509	19,059	19,250	19,662	26,184	29,329	29,489	29,926	30,024
Total Liabilities	10,865	12,273	15,818	15,999	16,298	21,887	24,610	24,973	25,155	25,030
Non-Interest Bearing Deposits	2,700	3,172	4,295	4,417	4,621	7,405	7,497	7,200	6,149	6,135
Interest Bearing Deposits	6,642	7,625	9,536	9,578	9,231	13,180	15,854	15,103	16,670	17,826
Short-Term Debt	342	237	311	153	125	142	129	161	196	176
Long-Term Debt	1,074	1,122	1,514	1,674	2,088	864	817	2,198	1,789	540
Other Long-Term Liabilities	86	95	146	152	233	295	314	312	351	352
Total Equity & Noncontrolling Interests	1,713	2,236	3,241	3,252	3,364	4,298	4,719	4,516	4,771	4,993
Total Preferred & Common Equity	1,713	2,236	3,241	3,252	3,364	4,298	4,719	4,516	4,771	4,993
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,713	2,236	3,241	3,252	3,364	4,298	4,719	4,516	4,771	4,993
Common Stock	927	1,408	2,392	2,398	2,404	3,229	3,503	3,524	3,537	3,553
Retained Earnings	825	873	892	1,013	1,133	1,205	1,391	1,575	1,746	1,918
Treasury Stock	-0.82	-0.98	-1.01	-102	-138	-159	-171	-250	-252	-253
Accumulated Other Comprehensive Income / (Loss)	-38	-45	-42	-57	-35	22	-4.89	-333	-260	-224

This table presents United Bankshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	29,048	30,182	29,695	29,225	30,029	29,957	29,863
Cash and Due from Banks	322	310	304	270	238	241	278
Federal Funds Sold	1.07	1.11	1.12	1.16	1.19	1.21	1.25
Interest Bearing Deposits at Other Banks	1,033	1,608	1,387	913	1,493	1,616	1,630
Trading Account Securities	4,866	4,496	4,106	3,819	3,668	3,394	3,296
Loans and Leases, Net of Allowance	19,480	20,372	20,514	20,843	21,257	21,331	21,351
Loans and Leases	19,700	20,612	20,764	21,098	21,520	21,599	21,622
Allowance for Loan and Lease Losses	220	240	251	255	263	267	271
Premises and Equipment, Net	199	196	194	192	191	190	187
Goodwill	1,889	1,889	1,889	1,889	1,889	1,889	1,889
Other Assets	1,258	1,311	1,299	1,299	1,291	1,294	1,231
Total Liabilities & Shareholders' Equity	29,048	30,182	29,695	29,225	30,029	29,957	29,863
Total Liabilities	24,608	25,576	25,058	24,576	25,221	25,101	24,895
Non-Interest Bearing Deposits	7,619	6,708	6,451	6,253	6,017	5,932	6,038
Interest Bearing Deposits	15,245	15,577	15,919	16,424	16,902	17,135	17,790
Short-Term Debt	142	170	177	188	208	204	182
Long-Term Debt	1,297	2,788	2,188	1,389	1,739	1,490	540
Other Long-Term Liabilities	305	333	323	322	354	341	345
Total Equity & Noncontrolling Interests	4,440	4,607	4,637	4,649	4,807	4,857	4,968
Total Preferred & Common Equity	4,440	4,607	4,637	4,649	4,807	4,857	4,968
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,440	4,607	4,637	4,649	4,807	4,857	4,968
Common Stock	3,519	3,527	3,531	3,534	3,540	3,543	3,547
Retained Earnings	1,524	1,625	1,669	1,716	1,782	1,829	1,874
Treasury Stock	-250	-252	-252	-252	-253	-253	-253
Accumulated Other Comprehensive Income / (Loss)	-352	-294	-311	-349	-261	-261	-199

This table displays calculated financial ratios and metrics derived from United Bankshares' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.24%	8.22%	37.40%	5.39%	1.54%	43.40%	-2.27%	2.82%	0.52%	-1.94%
EBITDA Growth	5.95%	5.02%	21.67%	16.36%	0.56%	14.22%	35.71%	6.11%	-2.12%	-2.37%
EBIT Growth	4.41%	9.42%	27.92%	14.86%	-0.83%	10.88%	28.66%	2.79%	-2.52%	0.17%
NOPAT Growth	6.21%	6.61%	2.38%	70.24%	1.47%	11.12%	27.23%	3.23%	-3.51%	1.82%
Net Income Growth	6.21%	6.61%	2.38%	70.24%	1.47%	11.12%	27.23%	3.23%	-3.51%	1.82%
EPS Growth	3.13%	0.51%	-22.61%	59.09%	4.08%	-5.88%	17.92%	-1.06%	-3.21%	1.48%
Operating Cash Flow Growth	14.64%	-2.38%	48.73%	15.79%	-48.32%	-7.58%	334.00%	24.82%	-42.79%	2.35%
Free Cash Flow Firm Growth	115.37%	-309.31%	-313.43%	118.45%	-197.63%	336.05%	-98.72%	-11,691.31%	158.36%	193.07%
Invested Capital Growth	-0.46%	14.91%	40.91%	0.25%	9.80%	-4.88%	6.80%	21.35%	-1.72%	-15.49%
Revenue Q/Q Growth	-1.01%	3.04%	9.27%	-1.52%	0.27%	12.01%	-4.92%	4.50%	-2.56%	0.00%
EBITDA Q/Q Growth	2.87%	3.63%	1.92%	-6.67%	-5.02%	12.09%	-0.76%	16.56%	1.09%	9.85%
EBIT Q/Q Growth	0.35%	5.32%	8.90%	-1.55%	-1.20%	13.18%	-4.99%	8.10%	-6.63%	4.10%
NOPAT Q/Q Growth	0.16%	3.98%	-12.31%	21.85%	-0.26%	11.19%	-4.79%	7.33%	-5.27%	4.20%
Net Income Q/Q Growth	0.16%	3.98%	-12.31%	21.85%	-0.26%	11.19%	-4.79%	7.33%	-5.27%	4.20%
EPS Q/Q Growth	0.00%	1.53%	-18.95%	23.12%	0.39%	6.19%	-6.60%	6.46%	-4.91%	4.17%
Operating Cash Flow Q/Q Growth	11.38%	0.18%	-14.18%	-15.40%	-8.58%	796.17%	-17.52%	11.87%	6.23%	-5.57%
Free Cash Flow Firm Q/Q Growth	-64.44%	42.46%	-2.62%	-35.99%	-14.52%	79.85%	-98.01%	-423.62%	1,092.10%	58.80%
Invested Capital Q/Q Growth	6.43%	-1.13%	-0.56%	3.14%	3.41%	-0.68%	5.54%	16.92%	8.52%	0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	45.57%	44.23%	39.16%	43.24%	42.82%	34.11%	47.36%	48.87%	47.59%	47.38%
EBIT Margin	44.45%	44.95%	41.85%	45.61%	44.54%	34.44%	45.34%	45.33%	43.96%	44.90%
Profit (Net Income) Margin	30.14%	29.69%	22.12%	35.73%	35.71%	27.67%	36.02%	36.17%	34.72%	36.05%
Tax Burden Percent	67.80%	66.06%	52.87%	78.35%	80.17%	80.34%	79.45%	79.79%	78.98%	80.29%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	32.20%	33.94%	47.13%	21.65%	19.83%	19.66%	20.55%	20.21%	21.02%	19.71%
Return on Invested Capital (ROIC)	4.40%	4.38%	3.48%	5.05%	4.88%	5.31%	6.70%	6.05%	5.37%	5.98%
ROIC Less NNEP Spread (ROIC-NNEP)	4.40%	4.38%	3.48%	5.05%	4.88%	5.31%	6.70%	6.05%	5.37%	5.98%
Return on Net Nonoperating Assets (RNNOA)	3.79%	3.08%	2.02%	2.84%	2.98%	2.23%	1.45%	2.17%	2.51%	1.66%
Return on Equity (ROE)	8.19%	7.45%	5.50%	7.90%	7.86%	7.54%	8.16%	8.22%	7.89%	7.64%
Cash Return on Invested Capital (CROIC)	4.86%	-9.50%	-30.49%	4.80%	-4.46%	10.32%	0.13%	-13.24%	7.11%	22.78%
Operating Return on Assets (OROA)	1.63%	1.64%	1.70%	1.71%	1.67%	1.57%	1.67%	1.62%	1.56%	1.55%
Return on Assets (ROA)	1.11%	1.09%	0.90%	1.34%	1.34%	1.26%	1.32%	1.29%	1.23%	1.24%
Return on Common Equity (ROCE)	8.19%	7.45%	5.50%	7.90%	7.86%	7.54%	8.16%	8.22%	7.89%	7.64%
Return on Equity Simple (ROE_SIMPLE)	8.06%	6.58%	4.65%	7.88%	7.73%	6.73%	7.79%	8.41%	7.68%	7.47%
Net Operating Profit after Tax (NOPAT)	138	147	151	256	260	289	368	380	366	373
NOPAT Margin	30.14%	29.69%	22.12%	35.73%	35.71%	27.67%	36.02%	36.17%	34.72%	36.05%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	35.70%	35.06%	39.96%	38.30%	38.58%	40.32%	42.44%	37.42%	36.46%	38.04%
Operating Expenses to Revenue	50.61%	50.10%	53.98%	51.32%	52.53%	55.36%	57.01%	52.88%	53.09%	52.67%
Earnings before Interest and Taxes (EBIT)	203	223	285	327	324	360	463	476	464	465
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	209	219	267	310	312	356	483	513	502	490
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	1.17	0.86	0.78	0.96	0.85	0.89	1.11	1.02	1.02
Price to Tangible Book Value (P/TBV)	1.83	1.90	1.58	1.44	1.71	1.46	1.49	1.91	1.69	1.64
Price to Revenue (P/Rev)	4.01	5.26	4.10	3.55	4.43	3.49	4.14	4.77	4.61	4.91
Price to Earnings (P/E)	13.31	17.73	18.52	9.93	12.42	12.61	11.48	13.19	13.27	13.61
Dividend Yield	4.89%	3.87%	5.01%	5.51%	4.31%	4.98%	5.39%	3.87%	4.03%	3.94%
Earnings Yield	7.51%	5.64%	5.40%	10.07%	8.05%	7.93%	8.71%	7.58%	7.54%	7.35%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.70	0.58	0.66	0.83	0.46	0.25	0.90	0.78	0.61
Enterprise Value to Revenue (EV/Rev)	5.23	5.11	4.33	4.67	6.32	2.34	1.38	5.90	4.97	3.38
Enterprise Value to EBITDA (EV/EBITDA)	11.48	11.56	11.06	10.81	14.76	6.85	2.92	12.07	10.45	7.14
Enterprise Value to EBIT (EV/EBIT)	11.77	11.38	10.35	10.25	14.19	6.79	3.05	13.01	11.31	7.54
Enterprise Value to NOPAT (EV/NOPAT)	17.36	17.22	19.58	13.08	17.70	8.45	3.83	16.31	14.32	9.39
Enterprise Value to Operating Cash Flow (EV/OCF)	13.69	14.84	11.61	11.40	30.30	17.39	2.31	8.14	12.05	7.86
Enterprise Value to Free Cash Flow (EV/FCFF)	15.70	0.00	0.00	13.77	0.00	4.35	196.83	0.00	10.83	2.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.61	0.56	0.56	0.66	0.23	0.20	0.52	0.42	0.14
Long-Term Debt to Equity	0.63	0.50	0.47	0.51	0.62	0.20	0.17	0.49	0.38	0.11
Financial Leverage	0.86	0.70	0.58	0.56	0.61	0.42	0.22	0.36	0.47	0.28
Leverage Ratio	7.39	6.86	6.13	5.90	5.88	5.98	6.16	6.37	6.40	6.14
Compound Leverage Factor	7.39	6.86	6.13	5.90	5.88	5.98	6.16	6.37	6.40	6.14
Debt to Total Capital	45.26%	37.81%	36.03%	35.97%	39.68%	18.98%	16.70%	34.31%	29.38%	12.55%
Short-Term Debt to Total Capital	10.92%	6.60%	6.15%	3.01%	2.24%	2.68%	2.27%	2.34%	2.90%	3.08%
Long-Term Debt to Total Capital	34.34%	31.21%	29.89%	32.96%	37.44%	16.30%	14.43%	31.97%	26.48%	9.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.74%	62.19%	63.97%	64.03%	60.32%	81.02%	83.30%	65.69%	70.62%	87.45%
Debt to EBITDA	6.79	6.20	6.85	5.89	7.09	2.83	1.96	4.60	3.95	1.46
Net Debt to EBITDA	2.68	-0.34	0.60	2.60	4.41	-3.38	-5.82	2.30	0.77	-3.21
Long-Term Debt to EBITDA	5.15	5.12	5.68	5.40	6.69	2.43	1.69	4.28	3.56	1.10
Debt to NOPAT	10.26	9.24	12.12	7.13	8.51	3.48	2.57	6.21	5.42	1.92
Net Debt to NOPAT	4.05	-0.51	1.06	3.15	5.29	-4.16	-7.65	3.11	1.05	-4.22
Long-Term Debt to NOPAT	7.79	7.63	10.05	6.53	8.03	2.99	2.22	5.79	4.88	1.45
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	153	-319	-1,320	244	-238	561	7.16	-830	484	1,420
Operating Cash Flow to CapEx	3,977.73%	2,541.82%	1,770.77%	0.00%	1,402.93%	957.31%	4,429.15%	4,767.06%	4,759.29%	3,703.78%
Free Cash Flow to Firm to Interest Expense	3.86	-7.09	-17.65	1.89	-1.29	5.17	0.14	-7.86	1.01	2.40
Operating Cash Flow to Interest Expense	4.43	3.79	3.39	2.28	0.82	1.29	11.64	7.21	0.90	0.75
Operating Cash Flow Less CapEx to Interest Expense	4.32	3.64	3.20	2.30	0.76	1.16	11.37	7.06	0.89	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.05	0.04	0.04	0.04	0.03
Fixed Asset Turnover	6.08	6.65	7.53	7.17	7.59	7.67	5.47	5.30	5.42	5.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,129	3,595	5,066	5,079	5,577	5,304	5,665	6,875	6,756	5,710
Invested Capital Turnover	0.15	0.15	0.16	0.14	0.14	0.19	0.19	0.17	0.15	0.17
Increase / (Decrease) in Invested Capital	-15	466	1,471	13	498	-272	361	1,210	-118	-1,047
Enterprise Value (EV)	2,395	2,533	2,948	3,353	4,604	2,442	1,410	6,191	5,246	3,502
Market Capitalization	1,836	2,608	2,789	2,547	3,229	3,644	4,221	5,009	4,860	5,078
Book Value per Share	$24.62	$29.24	$30.86	$31.51	$33.13	$33.12	$36.52	$33.54	$35.36	$36.93
Tangible Book Value per Share	$14.41	$17.95	$16.78	$17.19	$18.57	$19.27	$21.92	$19.51	$21.36	$22.96
Total Capital	3,129	3,595	5,066	5,079	5,577	5,304	5,665	6,875	6,756	5,710
Total Debt	1,416	1,359	1,825	1,827	2,213	1,007	946	2,358	1,985	717
Total Long-Term Debt	1,074	1,122	1,514	1,674	2,088	864	817	2,198	1,789	540
Net Debt	559	-75	159	807	1,375	-1,202	-2,812	1,182	386	-1,576
Capital Expenditures (CapEx)	4.40	6.72	14	-2.62	11	15	14	16	9.15	12
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,416	1,359	1,825	1,827	2,213	1,007	946	2,358	1,985	717
Total Depreciation and Amortization (D&A)	5.13	-3.56	-18	-17	-13	-3.48	21	37	38	26
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.99	$2.00	$1.54	$2.46	$2.55	$2.40	$2.84	$2.81	$2.72	$2.76
Adjusted Weighted Average Basic Shares Outstanding	69.33M	73.53M	97.50M	104.02M	101.59M	120.02M	129.28M	134.78M	134.51M	134.95M
Adjusted Diluted Earnings per Share	$1.98	$1.99	$1.54	$2.45	$2.55	$2.40	$2.83	$2.80	$2.71	$2.75
Adjusted Weighted Average Diluted Shares Outstanding	69.63M	73.89M	97.89M	104.30M	101.85M	120.09M	129.51M	135.12M	134.75M	135.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.63M	81.05M	105.04M	102.10M	101.57M	128.98M	136.52M	134.75M	134.95M	143.21M
Normalized Net Operating Profit after Tax (NOPAT)	138	147	151	257	260	298	378	386	371	375
Normalized NOPAT Margin	30.15%	29.69%	22.12%	35.76%	35.75%	28.55%	36.98%	36.76%	35.13%	36.25%
Pre Tax Income Margin	44.45%	44.95%	41.85%	45.61%	44.54%	34.44%	45.34%	45.33%	43.96%	44.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.15	4.95	3.81	2.53	1.76	3.31	8.84	4.51	0.96	0.79
NOPAT to Interest Expense	3.49	3.27	2.01	1.99	1.41	2.66	7.02	3.60	0.76	0.63
EBIT Less CapEx to Interest Expense	5.04	4.80	3.62	2.56	1.70	3.18	8.57	4.36	0.94	0.77
NOPAT Less CapEx to Interest Expense	3.38	3.12	1.82	2.01	1.35	2.53	6.76	3.45	0.74	0.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.41%	65.51%	80.59%	55.53%	53.42%	56.30%	49.30%	50.85%	53.16%	53.81%
Augmented Payout Ratio	64.41%	65.51%	80.59%	94.82%	67.13%	63.67%	52.34%	71.78%	53.54%	54.09%

This table displays calculated financial ratios and metrics derived from United Bankshares' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.21%	19.00%	12.78%	4.43%	-3.19%	-9.79%	-4.92%	-5.20%	2.59%	0.00%
EBITDA Growth	8.75%	38.19%	21.43%	3.44%	-3.93%	-25.53%	-12.42%	-6.38%	4.71%	19.04%
EBIT Growth	8.75%	38.19%	21.43%	3.44%	-3.93%	-25.53%	-12.42%	-6.38%	4.71%	19.04%
NOPAT Growth	11.32%	35.09%	20.38%	-3.30%	-6.27%	-20.42%	-11.69%	4.38%	-0.93%	18.92%
Net Income Growth	11.32%	35.09%	20.38%	-3.30%	-6.27%	-20.42%	-11.69%	4.38%	-0.93%	18.92%
EPS Growth	7.04%	30.36%	21.67%	-4.23%	-6.58%	-19.18%	-12.33%	4.41%	-1.41%	18.64%
Operating Cash Flow Growth	-33.53%	143.24%	-58.34%	-68.54%	-33.03%	18.63%	5.26%	-5.78%	38.01%	-16.17%
Free Cash Flow Firm Growth	-730.34%	-287.10%	-995.89%	-8,048.56%	39.00%	117.79%	146.77%	136.65%	352.63%	477.78%
Invested Capital Growth	9.54%	21.35%	36.33%	29.38%	5.89%	-1.72%	-10.71%	-6.46%	-8.61%	-15.49%
Revenue Q/Q Growth	4.74%	4.49%	-5.31%	0.78%	-2.91%	-2.63%	-1.70%	0.49%	5.07%	-5.10%
EBITDA Q/Q Growth	5.66%	2.47%	-4.21%	-0.26%	-1.88%	-20.57%	8.28%	6.62%	9.75%	-9.70%
EBIT Q/Q Growth	5.66%	2.47%	-4.21%	-0.26%	-1.88%	-20.57%	8.28%	6.62%	9.75%	-9.70%
NOPAT Q/Q Growth	7.29%	-2.75%	-1.46%	-5.95%	4.00%	-17.44%	9.35%	11.17%	-1.28%	-0.90%
Net Income Q/Q Growth	7.29%	-2.75%	-1.46%	-5.95%	4.00%	-17.44%	9.35%	11.17%	-1.28%	-0.90%
EPS Q/Q Growth	7.04%	-3.95%	0.00%	-6.85%	4.41%	-16.90%	8.47%	10.94%	-1.41%	0.00%
Operating Cash Flow Q/Q Growth	-35.20%	2.46%	-13.79%	-45.04%	37.93%	81.51%	-23.50%	-50.80%	102.04%	10.24%
Free Cash Flow Firm Q/Q Growth	-2,274.36%	-170.94%	-72.78%	21.91%	83.31%	179.03%	354.15%	-38.81%	15.03%	80.75%
Invested Capital Q/Q Growth	8.64%	16.92%	10.04%	-7.44%	-11.09%	8.52%	-0.03%	-3.03%	-13.13%	0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	46.49%	45.60%	46.13%	45.65%	46.14%	37.64%	42.49%	45.08%	47.09%	44.80%
EBIT Margin	46.49%	45.60%	46.13%	45.65%	46.14%	37.64%	42.49%	45.08%	47.09%	44.80%
Profit (Net Income) Margin	37.89%	35.27%	36.70%	34.25%	36.69%	31.11%	34.08%	37.71%	35.43%	36.99%
Tax Burden Percent	79.83%	78.94%	80.08%	79.77%	79.51%	76.19%	80.22%	83.64%	79.44%	77.99%
Interest Burden Percent	102.08%	97.97%	99.34%	94.05%	100.00%	108.48%	100.00%	100.00%	94.70%	105.87%
Effective Tax Rate	20.17%	21.06%	19.92%	20.23%	20.49%	23.81%	19.78%	16.36%	20.56%	22.01%
Return on Invested Capital (ROIC)	6.77%	5.90%	6.05%	6.02%	6.56%	4.82%	4.96%	5.72%	6.15%	6.14%
ROIC Less NNEP Spread (ROIC-NNEP)	6.77%	5.90%	6.05%	6.02%	6.56%	4.82%	4.96%	5.72%	6.15%	6.14%
Return on Net Nonoperating Assets (RNNOA)	1.81%	2.11%	2.57%	2.17%	2.18%	2.25%	2.58%	2.45%	1.47%	1.70%
Return on Equity (ROE)	8.58%	8.02%	8.62%	8.19%	8.74%	7.07%	7.55%	8.17%	7.62%	7.84%
Cash Return on Invested Capital (CROIC)	-2.82%	-13.24%	-24.70%	-19.28%	0.67%	7.11%	16.27%	11.97%	15.01%	22.78%
Operating Return on Assets (OROA)	1.65%	1.63%	1.67%	1.70%	1.71%	1.34%	1.47%	1.55%	1.65%	1.55%
Return on Assets (ROA)	1.35%	1.26%	1.33%	1.28%	1.36%	1.10%	1.18%	1.30%	1.24%	1.28%
Return on Common Equity (ROCE)	8.58%	8.02%	8.62%	8.19%	8.74%	7.07%	7.55%	8.17%	7.62%	7.84%
Return on Equity Simple (ROE_SIMPLE)	7.97%	0.00%	8.60%	8.48%	8.32%	0.00%	7.38%	7.39%	7.21%	0.00%
Net Operating Profit after Tax (NOPAT)	103	100	98	92	96	79	87	97	95	94
NOPAT Margin	37.89%	35.27%	36.70%	34.25%	36.69%	31.11%	34.08%	37.71%	35.43%	36.99%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	35.85%	33.09%	35.52%	36.09%	37.41%	36.87%	39.51%	37.86%	36.48%	38.42%
Operating Expenses to Revenue	50.67%	48.62%	51.30%	50.11%	51.59%	59.67%	55.26%	52.66%	50.33%	52.57%
Earnings before Interest and Taxes (EBIT)	126	129	124	123	121	96	108	115	127	114
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	126	129	124	123	121	96	108	115	127	114
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.01	1.11	0.97	0.82	0.77	1.02	0.99	0.90	1.01	1.02
Price to Tangible Book Value (P/TBV)	1.75	1.91	1.65	1.39	1.29	1.69	1.64	1.48	1.63	1.64
Price to Revenue (P/Rev)	4.45	4.77	4.15	3.50	3.29	4.61	4.58	4.27	4.85	4.91
Price to Earnings (P/E)	12.72	13.19	11.31	9.55	8.99	13.27	13.45	12.48	14.04	13.61
Dividend Yield	4.34%	3.87%	4.33%	5.08%	5.45%	4.03%	4.13%	4.53%	3.99%	3.94%
Earnings Yield	7.86%	7.58%	8.84%	10.47%	11.13%	7.54%	7.43%	8.02%	7.12%	7.35%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.90	0.73	0.64	0.64	0.78	0.74	0.64	0.67	0.61
Enterprise Value to Revenue (EV/Rev)	4.53	5.90	5.11	4.12	3.66	4.97	4.79	4.11	3.70	3.38
Enterprise Value to EBITDA (EV/EBITDA)	10.34	12.07	11.10	8.97	7.97	10.45	11.12	9.58	8.58	7.14
Enterprise Value to EBIT (EV/EBIT)	10.34	13.01	11.10	8.97	7.97	11.31	11.12	9.58	8.58	7.54
Enterprise Value to NOPAT (EV/NOPAT)	12.86	16.31	13.94	11.44	10.24	14.32	14.06	11.76	10.70	9.39
Enterprise Value to Operating Cash Flow (EV/OCF)	6.69	8.14	9.28	9.91	9.66	12.05	11.30	9.64	8.12	7.86
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	97.40	10.83	4.28	5.20	4.28	2.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.52	0.64	0.51	0.34	0.42	0.41	0.35	0.15	0.14
Long-Term Debt to Equity	0.29	0.49	0.61	0.47	0.30	0.38	0.36	0.31	0.11	0.11
Financial Leverage	0.27	0.36	0.43	0.36	0.33	0.47	0.52	0.43	0.24	0.28
Leverage Ratio	6.38	6.37	6.47	6.41	6.41	6.40	6.40	6.28	6.14	6.14
Compound Leverage Factor	6.51	6.24	6.43	6.03	6.41	6.94	6.40	6.28	5.82	6.50
Debt to Total Capital	24.49%	34.31%	39.11%	33.78%	25.33%	29.38%	28.83%	25.85%	12.69%	12.55%
Short-Term Debt to Total Capital	2.42%	2.34%	2.25%	2.52%	3.02%	2.90%	3.08%	3.11%	3.20%	3.08%
Long-Term Debt to Total Capital	22.06%	31.97%	36.86%	31.25%	22.31%	26.48%	25.75%	22.74%	9.49%	9.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	75.51%	65.69%	60.89%	66.22%	74.67%	70.62%	71.17%	74.15%	87.31%	87.45%
Debt to EBITDA	3.27	4.60	5.95	4.71	3.17	3.95	4.34	3.84	1.62	1.46
Net Debt to EBITDA	0.19	2.30	2.09	1.34	0.79	0.77	0.48	-0.38	-2.66	-3.21
Long-Term Debt to EBITDA	2.95	4.28	5.60	4.36	2.80	3.56	3.88	3.38	1.21	1.10
Debt to NOPAT	4.07	6.21	7.47	6.02	4.08	5.42	5.49	4.72	2.02	1.92
Net Debt to NOPAT	0.24	3.11	2.62	1.71	1.02	1.05	0.60	-0.46	-3.32	-4.22
Long-Term Debt to NOPAT	3.67	5.79	7.04	5.57	3.59	4.88	4.90	4.15	1.51	1.45
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-410	-1,110	-1,918	-1,498	-250	197	897	549	631	1,141
Operating Cash Flow to CapEx	2,353.18%	2,743.72%	12,031.98%	1,980.99%	5,231.89%	5,123.73%	2,641.13%	2,079.71%	7,814.03%	4,877.59%
Free Cash Flow to Firm to Interest Expense	-17.76	-19.03	-20.19	-12.64	-1.95	1.42	6.11	3.70	4.14	7.96
Operating Cash Flow to Interest Expense	5.80	2.35	1.24	0.55	0.70	1.17	0.85	0.41	0.81	0.95
Operating Cash Flow Less CapEx to Interest Expense	5.55	2.26	1.23	0.52	0.68	1.14	0.82	0.39	0.80	0.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.03	0.04	0.03
Fixed Asset Turnover	5.42	5.30	5.46	5.57	5.55	5.42	5.39	5.35	5.46	5.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,880	6,875	7,565	7,002	6,226	6,756	6,755	6,550	5,690	5,710
Invested Capital Turnover	0.18	0.17	0.16	0.18	0.18	0.15	0.15	0.15	0.17	0.17
Increase / (Decrease) in Invested Capital	512	1,210	2,016	1,590	346	-118	-810	-452	-536	-1,047
Enterprise Value (EV)	4,550	6,191	5,523	4,498	3,958	5,246	4,988	4,220	3,830	3,502
Market Capitalization	4,467	5,009	4,484	3,825	3,565	4,860	4,773	4,386	5,017	5,078
Book Value per Share	$32.99	$33.54	$34.19	$34.37	$34.45	$35.36	$35.62	$35.92	$36.74	$36.93
Tangible Book Value per Share	$18.96	$19.51	$20.17	$20.37	$20.45	$21.36	$21.63	$21.95	$22.77	$22.96
Total Capital	5,880	6,875	7,565	7,002	6,226	6,756	6,755	6,550	5,690	5,710
Total Debt	1,440	2,358	2,958	2,365	1,577	1,985	1,947	1,693	722	717
Total Long-Term Debt	1,297	2,198	2,788	2,188	1,389	1,789	1,739	1,490	540	540
Net Debt	83	1,182	1,040	673	393	386	215	-166	-1,187	-1,576
Capital Expenditures (CapEx)	5.68	5.00	0.98	3.28	1.71	3.17	4.71	2.94	1.58	2.79
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,440	2,358	2,958	2,365	1,577	1,985	1,947	1,693	722	717
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.76	$0.74	$0.73	$0.68	$0.71	$0.60	$0.64	$0.71	$0.70	$0.71
Adjusted Weighted Average Basic Shares Outstanding	134.18M	134.78M	134.41M	134.68M	134.69M	134.51M	134.81M	135.14M	135.16M	134.95M
Adjusted Diluted Earnings per Share	$0.76	$0.73	$0.73	$0.68	$0.71	$0.59	$0.64	$0.71	$0.70	$0.70
Adjusted Weighted Average Diluted Shares Outstanding	134.55M	135.12M	134.84M	134.85M	134.89M	134.75M	135.12M	135.31M	135.50M	135.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	134.66M	134.75M	134.93M	134.94M	134.93M	134.95M	135.20M	135.22M	135.22M	143.21M
Normalized Net Operating Profit after Tax (NOPAT)	104	101	100	94	97	80	88	97	96	95
Normalized NOPAT Margin	38.47%	35.56%	37.25%	34.75%	37.03%	31.36%	34.38%	38.05%	35.54%	37.08%
Pre Tax Income Margin	47.46%	44.67%	45.83%	42.93%	46.14%	40.83%	42.49%	45.08%	44.59%	47.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.46	2.21	1.30	1.04	0.94	0.69	0.74	0.78	0.83	0.80
NOPAT to Interest Expense	4.45	1.71	1.04	0.78	0.75	0.57	0.59	0.65	0.62	0.66
EBIT Less CapEx to Interest Expense	5.21	2.13	1.29	1.01	0.93	0.67	0.71	0.76	0.82	0.78
NOPAT Less CapEx to Interest Expense	4.20	1.62	1.02	0.75	0.74	0.55	0.56	0.63	0.61	0.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.65%	50.85%	49.22%	49.44%	50.32%	53.16%	55.30%	55.11%	55.66%	53.81%
Augmented Payout Ratio	76.11%	71.78%	63.04%	49.79%	50.67%	53.54%	55.59%	55.40%	55.95%	54.09%

Key Financial Trends

United Bankshares (NASDAQ: UBSI) has demonstrated steady financial performance over the last four years, with key highlights and trends emerging across its earnings, cash flows, and balance sheets.

Consistent Net Interest Income: UBSI's net interest income has remained strong and relatively stable, showing a slight increasing trend from $229.7 million in Q4 2023 to $232.6 million in Q4 2024, indicating healthy core banking income.
Solid Net Income Growth: The net income attributable to common shareholders grew from $86.8 million in Q1 2024 to $94.4 million in Q4 2024, with yearly results showing an upward trajectory and improving earnings per share (from $0.64 in Q1 2024 to $0.71 in Q4 2024).
Strong Operating Cash Flow: The company has generated robust net cash from operating activities, increasing from $123.6 million in Q3 2024 to $445.5 million in Q4 2024, reflecting efficient cash generation from core business operations.
Stable Dividend Payments: UBSI consistently paid dividends around $50 million per quarter, reflecting a commitment to returning capital to shareholders with a dividend per share steady near $0.36 to $0.36 in 2023-2024.
Growth in Deposits: Interest bearing deposits have increased steadily, from about $15.6 billion in Q1 2023 to $17.8 billion in Q3 2024, showing strong customer deposit growth and funding stability.
Investment Securities Activity: The company regularly invests in and sells securities, with sizable purchases and sales impacting investing cash flow. Q4 2024 showed $708 million in purchases and $877 million in sales/maturities, reflecting active treasury management.
Modest Provision for Credit Losses: Credit loss provisions fluctuated between $5.8 million and $6.7 million quarterly in 2024, suggesting manageable credit risk though investors should monitor any upward trend.
Steady Balance Sheet Size: Total assets remained around $29.3 billion to $30.2 billion over recent quarters, showing limited volatility and a controlled growth pace.
Increasing Interest Expense: Interest expense rose from roughly $95 million in Q1 2023 to $143 million in Q4 2024, driven by rising costs on deposits and long-term debt, which could pressure net interest margin if interest income growth slows.
Rising Operating Expenses: Non-interest expenses including salaries, occupancy, insurance claims, and other expenses have increased from about $137 million in 2022 to $140 million and above quarterly in 2024, which may weigh on profitability if not controlled.

In summary, United Bankshares has maintained a stable and growing revenue base with solid earnings and cash flow generation. The company shows strong deposit growth and continues to return capital to shareholders through dividends. However, higher interest expense and operating costs should be closely watched as they could impact margins going forward. Overall, UBSI appears financially healthy and well-managed, supporting a positive outlook for retail investors.

09/15/25 01:52 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About United Bankshares' Financials

When does United Bankshares' fiscal year end?

According to the most recent income statement we have on file, United Bankshares' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has United Bankshares' net income changed over the last 9 years?

United Bankshares' net income appears to be on an upward trend, with a most recent value of $373.00 million in 2024, rising from $137.96 million in 2015. The previous period was $366.31 million in 2023. See United Bankshares' forecast for analyst expectations on what’s next for the company.

How has United Bankshares' revenue changed over the last 9 years?

Over the last 9 years, United Bankshares' total revenue changed from $457.75 million in 2015 to $1.03 billion in 2024, a change of 126.1%.

How much debt does United Bankshares have?

United Bankshares' total liabilities were at $25.03 billion at the end of 2024, a 0.5% decrease from 2023, and a 130.4% increase since 2015.

How much cash does United Bankshares have?

In the past 9 years, United Bankshares' cash and equivalents has ranged from $136.69 million in 2015 to $297.37 million in 2020, and is currently $240.66 million as of their latest financial filing in 2024.

How has United Bankshares' book value per share changed over the last 9 years?

Over the last 9 years, United Bankshares' book value per share changed from 24.62 in 2015 to 36.93 in 2024, a change of 50.0%.

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This page (NASDAQ:UBSI) was last updated on 9/15/2025 by MarketBeat.com Staff

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United Bankshares (UBSI) Financials

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United Bankshares (UBSI) Financials

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