Contact: W. Mark Tatterson
Chief Financial Officer
(800) 445-1347 ext. 8716

WASHINGTON, D.C. and CHARLESTON, WV – United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the fourth quarter of 2023 of $79.4 million, or $0.59 per diluted share. Fourth quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.08%, 6.70% and 11.27%, respectively. Earnings for the year of 2023 were $366.3 million, or $2.71 per diluted share, and returns on average assets, average equity and average tangible equity were 1.25%, 7.87% and 13.33%, respectively, for the year of 2023.

The fourth quarter of 2023 included approximately $12.0 million of noninterest expense for the Federal Deposit Insurance Corporation’s (“FDIC”) special assessment levied on banking organizations to recover losses to the Deposit Insurance Fund.

“We closed the year with another excellent quarter,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We saw loan growth, deposit growth, margin expansion, and strong asset quality metrics and capital levels. I’m proud of what we accomplished in the quarter and for the full year of 2023.”

Earnings for the third quarter of 2023 were $96.2 million, or $0.71 per diluted share, and annualized returns on average assets, average equity and average tangible equity for the third quarter of 2023 were 1.31%, 8.14% and 13.71%, respectively. Earnings for the fourth quarter of 2022 were $99.8 million, or $0.74 per diluted share, and annualized returns on average assets, average equity and average tangible equity were 1.36%, 8.80% and 15.28%, respectively, for the fourth quarter of 2022. Earnings for the year of 2022 were $379.6 million, or $2.80 per diluted share, and returns on average assets, average equity and average tangible equity were 1.31%, 8.25% and 14.11%, respectively, for the year of 2022.

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