United Bankshares earned more and spread it across fewer shares.
Net income rose 8.8% to $131.4 million in the three months ended June 30, compared with the same three months a year earlier. Diluted EPS climbed 11.8% to $0.95, helped by a 2.8% decline in diluted shares to 138.4 million. The per-share number moved faster than the business's total profit.
The operating picture showed offsetting changes. Management said fully tax-equivalent net interest income benefited from cheaper interest-bearing deposits and higher average net loans. The trade-off was a lower yield on average loans and more interest-bearing deposits.
"The increase in fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits and an increase in average net loans partially offset by a lower yield on average net loans and an increase in average interest-bearing deposits."
United Bankshares, 10-Q, Aug. 7, 2026.
In plain English, the bank made more spread from its funding costs and carried more loans, while the return on those loans moved the other way. That is a useful distinction for a bank: loan growth can expand the balance sheet without automatically widening the margin.
Another lift came from a less straightforward source. Other noninterest income increased because investments tied to postretirement benefit plans rose in market value, but the company said the resulting benefit was largely offset by higher postretirement benefit costs in noninterest expense.
"These increases in other noninterest income were primarily due to higher market values of underlying investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense as described in the ‘Other Expenses’ section of this MD&A."
United Bankshares, 10-Q, Aug. 7, 2026.
That leaves the latest earnings increase with two different textures: recurring banking mechanics from deposits and loans, plus an investment-related benefit that came with a matching expense. Noninterest expense also rose 4.52%, primarily from employee compensation and benefits, so the cost base was not standing still.
The balance sheet shows the bank putting cash behind that loan growth. During the first six months of 2026, $564.99 million was used in investing activities, including $286.87 million of loan growth and $267.87 million of net purchases of investment securities. Those figures cover six months, not the three-month earnings comparison, but they show where capital was moving.
The longer annual record provides context for the EPS headline. Revenue fell 5.7% to $312.0 million in 2022, while diluted shares rose 4.3% that year. The latest share count is moving in the opposite direction, making 138.4 million an important number to separate from the $131.4 million profit figure.
For the next three-month report, the useful comparison is whether the reported net interest income still reflects lower deposit costs alongside higher average loans and a lower loan yield.
The next three-month report can be read against United Bankshares’ latest diluted share count: 138.4 million.