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 second quarter of 2023 of $92.5 million, or $0.68 per diluted share, as compared to earnings of $98.3 million, or $0.73 per diluted share, for the first quarter of 2023. Earnings for the second quarter of 2022 were $95.6 million, or $0.71 per diluted share.

“UBSI’s performance remained strong in the second quarter,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Our profitability, asset quality, and balance sheet strength continue to allow us to take care of our customers, invest in our communities, and build new relationships across our footprint.”

Second quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.26%, 7.96 % and 13.47%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.35%, 8.72% and 14.97%, respectively, for the first quarter of 2023. Annualized returns on average assets, average equity and average tangible equity were 1.32%, 8.33% and 14.23%, respectively, for the second quarter of 2022.

During the second quarter of 2023, United sold mortgage servicing rights (“MSRs”) with an aggregate unpaid principal balance of approximately $2.0 billion at a gain of $8.1 million. Additionally, during the second quarter of 2023, United sold approximately $187.0 million of available for sale (“AFS”) investment securities at a loss of $7.2 million.

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