Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (“GAAP”) and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of June 30, 2026 and 2025 and for the three-month and six-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2025 has been extracted from the audited financial statements included in United’s 2025 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2025 Annual Report on Form 10-K, which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. Operating and Reporting Segments As of June 30, 2026, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking. As a community banking entity, United, through United Bank, offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. United’s chief operating decision maker regularly reviews the operating results of United Bank in order to assess performance and make decisions about resource allocation. New Accounting Standards In May 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818)”, to establish guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. Under the new standard, an entity will recognize and measure environmental credit assets based on their intended use (e.g., compliance environmental credits, noncompliance environmental credits, voluntary credits) as well as how the credits are obtained (e.g., acquired, internally generated). Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation. ASU 2026-02 is effective for public business entities in annual periods beginning after December 15, 2027 (including interim periods within) and one year later for all other entities, with early adoption permitted as of the beginning of an annual reporting period. The adoption of ASU 2026-02 is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings. In April 2026, the FASB released ASU 2026-01, “Equity (Topic 505), Initial measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock”, to add guidance on how an issuer should measure paid-in-kind (PIK) dividends on equity-classified preferred stock. The ASU’s requirements are limited to the measurement of PIK dividends and do not address recognition. ASU 2026-01 is effective for all entities for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual reporting periods. An entity may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. Early adoption is permitted for interim and annual periods for which financial statements have not been issued or made available for issuance. An entity adopting the amendments in an interim period would be required to adopt them as of the beginning of the annual reporting period that includes that interim period. The adoption of ASU 2026-01 is not expected to have an impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings. In December 2025, the FASB released ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” ASU 2025-11 is intended to improve the navigability of the guidance in Accounting Standards Codification (“ASC”) Topic 270 and clarify when it applies. Under the amendments, an entity is subject to ASC Topic 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC Topic 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” ASU 2025-11 is effective for all public business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2025-11 is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings. In November 2025, the FASB released ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC Topic 815. In addition to addressing stakeholder concerns, the amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. ASU 2025-09 is effective for all public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The ASU 2025-09 guidance should be applied prospectively for all hedging relationships as of the date of adoption. Entities must disclose the nature of and reason for the change in accounting principle, as well as the method of applying the change, in both the interim reporting period and the annual reporting period in which they adopt the ASU. The adoption of ASU 2025-09 is not expected to have a material impact on the Company’s financial condition or results of operations. In November 2025, the FASB released ASU 2025-08, “Financial Instruments—Credit Losses (Topic 326): Purchased Loans.” ASU 2025-08 makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model (CECL). No changes were made to the existing models for originated assets, purchased credit deteriorated assets (PCD) or other acquired assets. Under the ASU 2025-08, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. ASU 2025-08 is effective for all business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2025-08 may have on the Company’s financial condition or results of operations for subsequent acquisitions. In September 2025, the FASB released ASU 2025-06, “Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU 2025-06 modernizes the accounting for internal-use software (the existing internal-use software guidance does not contemplate more current methods of software development). The amendments in ASU 2025-06 are limited and focused on the key challenge that entities face in applying FASB ASC Subtopic 350-40—applying that guidance to software that is developed using an incremental and iterative method. The amendments in ASU 2025-06 apply to all entities subject to the internal-use software guidance in FASB ASC Subtopic 350-40. The amendments also apply to all entities that account for website development costs in accordance with FASB ASC Subtopic 350-50, Intangibles— Goodwill and Other—Website Development Costs. ASU 2025-06 is effective for all business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2025-06 is not expected to have a material impact on the Company’s financial condition or results of operations. In July 2025, the FASB released ASU 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” ASU 2025-05 amends ASC Subtopic 326-20 to provide a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606, “Revenue from Contracts with Customers”. ASU 2025-05 addresses concerns from stakeholders that estimating expected credit losses can be costly and complex for such transactions. ASU 2025-05 was effective for all business entities for annual periods beginning after December 15, 2025, with early adoption permitted. The adoption of ASU 2025-05 did not have a material impact on the Company’s financial condition or results of operations. In May 2025, The FASB has released ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.” ASU 2025-03 is based on an EITF Issue and revises the guidance in ASC Topic 805 to clarify that, in determining the accounting acquirer in “a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired,” an entity would be required to consider the factors in ASC Subtopic 805-10-55-12 through 55-15. Previously, the accounting acquirer in such transactions was always the primary beneficiary. ASU 2025-03 is effective for all business entities for annual periods beginning after December 15, 2026. The adoption of ASU 2025-03 is not expected to have a material impact on the Company’s financial condition or results of operations. In January 2025, the FASB issued ASU 2025-01, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2025-01 revised the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt. The adoption of ASU 2025-01 is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings. In November 2024, the FASB issued Accounting Standards Update ASU 2024-04, “Induced Conversions of Convertible Debt Instruments.” ASU 2024-04 provides additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments’ preexisting terms. ASU 2024-04 requires entities to apply a preexisting contract approach. To qualify for induced conversion accounting under this approach, the inducement offer is required to preserve the form of consideration and result in an amount of consideration that is not less than that issuable pursuant to the preexisting conversion privileges. ASU 2024-04 clarifies how entities should assess the form and amount of consideration when applying this approach. ASU 2024-04 is effective for public business entities for annual periods beginning after December 15, 2025, with early adoption permitted, and can be adopted either on a prospective or retrospective basis. The adoption of ASU 2024-04 is not expected to have a material impact on the Company’s financial condition or results of operations. In November 2024, the FASB issued Accounting Standards Update ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 adds ASC Subtopic 220-40 to require a footnote disclosure about specific expenses by requiring public business entities to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. Certain other expenses and gains or losses that must be disclosed under existing U.S. GAAP, and that are recorded in a relevant expense caption, must be presented in the same tabular disclosure. ASU 2024-03 does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnote to the financial statements. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026. However, the effective date was amended by ASU 2025-01 to clarify that all public business entities adopt ASU 2024-03 in the first annual reporting period beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027. Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2024-03 did not have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (“GAAP”) and with the instructions for Form

10-Q

and Article 10 of Regulation

S-X.

Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of June 30, 2026 and 2025 and for the three-month and

six-month

periods then ended have not been audited. The consolidated balance sheet as of December 31, 2025 has been extracted from the audited financial statements included in United’s 2025 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2025 Annual Report on Form

10-K,

which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature.

The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted.

As of June 30, 2026, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking. As a community banking entity, United, through United Bank, offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. United’s chief operating decision maker regularly reviews the operating results of United Bank in order to assess performance and make decisions about resource allocation.

In May 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2026-02, “Environmental

Credits and Environmental Credit Obligations (Topic 818)”, to establish guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. Under the new standard, an entity will recognize and measure environmental credit assets based on their intended use (e.g., compliance environmental credits, noncompliance environmental credits, voluntary credits) as well as how the credits are obtained (e.g., acquired, internally generated). Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation. ASU

2026-02

is effective for public business entities in annual periods beginning after December 15, 2027 (including interim periods within) and one year later for all other entities, with early adoption permitted as of the beginning of an annual reporting period. The adoption of

ASU 2026-02

is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In April 2026, the FASB released ASU

2026-01, “Equity

(Topic 505), Initial measurement of

Paid-in-Kind

Dividends on Equity-Classified Preferred Stock”, to add guidance on how an issuer should measure

paid-in-kind

(PIK) dividends on equity-classified preferred stock. The ASU’s requirements are limited to the measurement of PIK dividends and do not address recognition. ASU

2026-01

is effective for all entities for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual reporting periods. An entity may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. Early adoption is permitted for interim and annual periods for which financial statements have not been issued or made available for issuance. An entity adopting the amendments in an interim period would be required to adopt them as of the beginning of the annual reporting period that includes that interim period. The adoption of

ASU 2026-01

is not expected to have an impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In December 2025, the FASB released ASU

2025-11, “Interim

Reporting (Topic 270): Narrow-Scope Improvements.” ASU

2025-11

is intended to improve the navigability of the guidance in Accounting Standards Codification (“ASC”) Topic 270 and clarify when it applies. Under the amendments, an entity is subject to ASC Topic 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC Topic 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” ASU

2025-11

is effective for all public business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of

ASU 2025-11

is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In November 2025, the FASB released ASU

2025-09, “Derivatives

and Hedging (Topic 815): Hedge Accounting Improvements.” ASU

2025-09

amends certain aspects of the hedge accounting guidance in ASC Topic 815. In addition to addressing stakeholder concerns, the amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. ASU

2025-09

is effective for all public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The ASU

2025-09

guidance should be applied prospectively for all hedging relationships as of the date of adoption. Entities must disclose the nature of and reason for the change in accounting principle, as well as the method of applying the change, in both the interim reporting period and the annual reporting period in which they adopt the ASU. The adoption of

ASU 2025-09

is not expected to have a material impact on the Company’s financial condition or results of operations.

In November 2025, the FASB released ASU

2025-08, “Financial

Instruments—Credit Losses (Topic 326): Purchased Loans.” ASU

2025-08

makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model (CECL). No changes were made to the existing models for originated assets, purchased credit deteriorated assets (PCD) or other acquired assets. Under the ASU

2025-08,

the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the

“day-one”

credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. ASU

2025-08

is effective for all business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact the adoption of

ASU 2025-08

may have on the Company’s financial condition or results of operations for subsequent acquisitions.

In September 2025, the FASB released ASU

2025-06, “Goodwill

and

Other—Internal-Use

Software (Subtopic

350-40):

Targeted Improvements to the Accounting for

Internal-Use

Software.” ASU

2025-06

modernizes the accounting for

internal-use

software (the existing

internal-use

software guidance does not contemplate more current methods of software development). The amendments in ASU

2025-06

are limited and focused on the key challenge that entities face in applying FASB ASC Subtopic

350-40—applying

that guidance to software that is developed using an incremental and iterative method. The amendments in ASU

2025-06

apply to all entities subject to the

internal-use

software guidance in FASB ASC Subtopic

350-40.

The amendments also apply to all entities that account for website development costs in accordance with FASB ASC Subtopic

350-50,

Intangibles— Goodwill and Other—Website Development Costs. ASU

2025-06

is effective for all business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of

ASU 2025-06

is not expected to have a material impact on the Company’s financial condition or results of operations.

In July 2025, the FASB released ASU

2025-05, “Financial

Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” ASU

2025-05

amends ASC Subtopic

326-20

to provide a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606, “Revenue from Contracts with Customers”. ASU

2025-05

addresses concerns from stakeholders that estimating expected credit losses can be costly and complex for such transactions. ASU

2025-05

was effective for all business entities for annual periods beginning after December 15, 2025, with early adoption permitted. The adoption of

ASU 2025-05

did not have a material impact on the Company’s financial condition or results of operations.

In May 2025, The FASB has released ASU

2025-03, “Business

Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.” ASU

2025-03

is based on an EITF Issue and revises the guidance in ASC Topic 805 to clarify that, in determining the accounting acquirer in “a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired,” an entity would be required to consider the factors in ASC Subtopic

805-10-55-12

through

55-15.

Previously, the accounting acquirer in such transactions was always the primary beneficiary. ASU

2025-03

is effective for all business entities for annual periods beginning after December 15, 2026. The adoption of

ASU 2025-03

is not expected to have a material impact on the Company’s financial condition or results of operations.

In January 2025, the FASB issued ASU

2025-01,

“Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic

220-40).”

ASU

2025-01

revised the effective date of ASU

2024-03

to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt. The adoption of

ASU 2025-01

is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.

In November 2024, the FASB issued Accounting Standards Update ASU

2024-04,

“Induced Conversions of Convertible Debt Instruments.” ASU

2024-04

provides additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments’ preexisting terms. ASU

2024-04

requires entities to apply a preexisting contract approach. To qualify for induced conversion accounting under this approach, the inducement offer is required to preserve the form of consideration and result in an amount of consideration that is not less than that issuable pursuant to the preexisting conversion privileges. ASU

2024-04

clarifies how entities should assess the form and amount of consideration when applying this approach. ASU

2024-04

is effective for public business entities for annual periods beginning after December 15, 2025, with early adoption permitted, and can be adopted either on a prospective or retrospective basis. The adoption of

ASU 2024-04

is not expected to have a material impact on the Company’s financial condition or results of operations.

In November 2024, the FASB issued Accounting Standards Update ASU

2024-03,

“Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic

220-40):

Disaggregation of Income Statement Expenses.” ASU

2024-03

requires disaggregated disclosure of income statement expenses for public business entities. ASU

2024-03

adds ASC Subtopic

220-40

to require a footnote disclosure about specific expenses by requiring public business entities to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of

oil-

and

gas-producing

activities or other types of depletion expenses. Certain other expenses and gains or losses that must be disclosed under existing U.S. GAAP, and that are recorded in a relevant expense caption, must be presented in the same tabular disclosure. ASU

2024-03

does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnote to the financial statements. ASU

2024-03

is effective for public business entities for annual periods beginning after December 15, 2026. However, the effective date was amended by ASU

2025-01

to clarify that all public business entities adopt ASU

2024-03

in the first annual reporting period beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027. Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance. The adoption of

ASU 2024-03

did not have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.