United Bankshares, Inc.

ubsi-inc.com

What Do They Do?

Provides deposit accounts and loans, plus related financial services, to consumers and businesses.

How Do They Make Money?

Most income comes from interest on customer loans and investments; United also earns fees from trust, brokerage, deposit and card services, plus mortgage origination and loan sales. Trust fees are charged monthly and collected a few days after month-end, while card-processing fees usually arrive immediately or the following month.

revenue

Segment	Share	How money arrives
Fees from trust services Recurring	19% FY2022: 14%	Recurring
Fees from brokerage services	22% FY2022: 13%
Fees from deposit services	38% FY2022: 32%
Bankcard fees and merchant discounts Usage-based	7.6% FY2022: 5.2%	Usage-based
Other service charges, commissions, and fees	4.5% FY2022: 2.6%
Income from mortgage banking activities	9.2% FY2022: 34%

Who Are Their Customers?

Serves consumers and businesses through United Bank, including online account opening for consumers and digital banking, cash management and wire transfers for commercial customers.

Do Revenues Turn Into Profits?

Yes. It kept 28 cents of every revenue dollar as net income in FY2025 and turned 29 cents into free cash flow.

Net income, FY2025

28% of revenue

▲ +25% vs FY2024 ($373M, 25%)

Free cash flow, FY2025

29% of revenue

▲ +11% vs FY2024 ($433.3M, 29%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $421.2M in Q2 FY2025
Net income: ▲ +9%; vs $120.7M in Q2 FY2025

Fees from deposit services share of revenue from contract vs 38.2% in Q2 FY2025

Growing. Revenue grew 5.1x in 4 years, from $331M in FY2021 to $1.7B in FY2025, about 50% a year.

Mortgage operations consolidated The older report described community and mortgage banking as separate businesses, with subsidiaries originating loans for resale and sometimes retaining servicing rights. The latest report says mortgage operations were consolidated into United Bank’s mortgage channel, and the outside origination business was exited.

Revenue over time

Fees from trust services Fees from brokerage services Fees from deposit services Bankcard fees and merchant discounts Other service charges, commissions, and fees Income from mortgage banking activities

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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