Market Overview - Major U.S. indexes have shown significant year-to-date gains: Nasdaq Composite up 78.1%, S&P 500 up 15.8%, and Dow Jones Industrial Average up 11.5% [1] - Despite strong performance, volatility remains as investors shift to safer sectors, moving away from high-valuation technology and AI stocks [1] - Ongoing instability from government tariff policies and economic uncertainty continues to impact market participants [1] Employment and Economic Data - The unemployment rate for September rose to 4.4%, the highest in four years, while nonfarm payrolls increased by 119,000 [2] - Retail sales in September grew by only 0.2%, below expectations, with higher prices raising affordability concerns [2] - The Producer Price Index (PPI) increased by 0.3% in September, aligning with market expectations [2] - The consumer confidence index fell to 88.7, a seven-month low, significantly below the consensus estimate of 93.5 [2] Federal Reserve Expectations - Investors are anticipating a 25-basis point cut in benchmark interest rates by the Federal Reserve in December to address labor-market softness and support growth [3] Dividend-Paying Stocks - In a volatile market, dividend-paying stocks are recommended for portfolio diversification [4] - Notable dividend-paying companies include: - **Orange County Bancorp, Inc. (OBT)**: Declared an 18-cent dividend with a yield of 1.9% [5][6] - **United Bankshares (UBSI)**: Declared a 38-cent dividend with a yield of 3.9% [7] - **Dillard's (DDS)**: Declared a $30 dividend with a yield of 0.2% [10] - **Patrick Industries (PATK)**: Declared a 47-cent dividend with a yield of 1.5% [11][12] - **Agilent Technologies (A)**: Declared a 26-cent dividend with a yield of 0.6% [13][14] - Companies with consistent dividend payouts indicate a healthy business model and tend to outperform non-dividend-paying entities in volatile markets [4]

Market Overview - Wall Street is attempting to rebound after volatility in October and November, but concerns over high inflation, economic health, and uncertainty regarding a Federal Reserve rate cut in December persist [1] - Consumer confidence remains low, which could lead to further market volatility [2] Consumer Sentiment - Consumer sentiment declined to a record low of 51 in November, down from 53.6 in October, representing a 29% year-over-year decrease [3] Federal Reserve Actions - The Federal Reserve cut interest rates by 25 basis points in September and October, but high inflation remains a concern, complicating potential future cuts [4] - A shrinking labor market raises fears of a slowing economy, with expectations that the Federal Reserve may cautiously approach rate cuts in 2026 [4] Impact of Tariffs - President Trump's tariffs have increased commodity prices, leading consumers to reduce spending ahead of the holiday season, which may contribute to prolonged market volatility [5] Dividend-Paying Stocks - Cautious investors may consider dividend-paying stocks for steady income and capital protection amid market uncertainty [2] - Three notable stocks include: - **Orange County Bancorp, Inc. (OBT)**: Announced a dividend of $0.18 per share with a yield of 1.90%, having increased dividends four times in the past five years [6][7] - **Dillard's, Inc. (DDS)**: Declared a dividend of $30 per share with a yield of 0.18%, having increased dividends eight times in the past five years [8][10] - **United Bankshares, Inc. (UBSI)**: Announced a dividend of $0.38 per share with a yield of 3.93%, having increased dividends three times in the past five years [11][12]

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Core Viewpoint - United Bankshares, Inc. has declared a fourth quarter dividend of $0.38 per share, marking the 52nd consecutive year of dividend increases for its shareholders [1][2]. Group 1: Dividend Information - The total dividend payout for the fourth quarter is approximately $53.4 million, based on 140.4 million shares, and will be payable on January 2, 2026 [2]. - The annual dividend per share for 2025 is $1.49, which is an increase from $1.48 per share in 2024 [1][2]. Group 2: Company Overview - United Bankshares, Inc. has consolidated assets of approximately $33 billion as of September 30, 2025 [3]. - The company operates over 240 offices across multiple states, including Washington, D.C., Virginia, West Virginia, and others [3]. - United Bankshares is traded on the NASDAQ Global Select Market under the symbol "UBSI" [3].

Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector, emphasizing cash flow and the companies that generate it, which leads to value and growth prospects with real potential [1] Group 1 - The service offers subscribers access to a 50+ stock model account, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Group 1 - Crude Value Insights provides an investment service and community focused on the oil and natural gas sectors, emphasizing cash flow and companies that generate it [1] - The service offers subscribers access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Financial Position - United's total assets as of September 30, 2025, were $33.41 billion, an increase of $3.38 billion or 11.27% from December 31, 2024[250] - Portfolio loans increased by $2.85 billion or 13.13%, while total liabilities rose by $2.93 billion or 11.71% from year-end 2024[250] - The acquisition of Piedmont Bancorp on January 10, 2025, added approximately $2.30 billion in total assets to United[238] - Cash and cash equivalents increased by $226.48 million or 9.88% from year-end 2024, with net cash acquired in the Piedmont merger amounting to $77.47 million[253] - Total investment securities increased by $100.23 million or 3.08%, with Piedmont contributing $94.43 million upon acquisition[254] - The total available for sale securities at fair value increased by $64.26 million or 2.17%[255] - Shareholders' equity increased by $452.49 million or 9.06% from year-end 2024, primarily due to the acquisition of Piedmont[250] - The company reported a significant increase in equity securities, which rose by $13.64 million or 64.75% due to a net increase in fair value[254] - Total deposits increased by $2.92 billion or 12.19% to $26.88 billion, largely driven by the Piedmont acquisition which contributed $2.11 billion[268] - Shareholders' equity rose by $452.49 million or 9.06% to $5.45 billion, mainly due to the Piedmont acquisition[277] - Retained earnings increased by $177.23 million or 9.24% from year-end 2024, with earnings net of dividends for the first nine months of 2025 totaling $177.23 million[278] - The cash surrender value of bank-owned life insurance policies increased by $47.80 million, with $40.80 million attributed to the Piedmont acquisition[266] - Noninterest-bearing deposits increased by $452.50 million or 7.38%, driven by a $419.11 million increase in commercial noninterest-bearing deposits[269] - Interest-bearing deposits rose by $2.47 billion or 13.85%, with significant contributions from the Piedmont acquisition[268] - Total borrowings decreased by $16.08 million or 2.24% since year-end 2024, despite the addition of $20.00 million in subordinated debt from the Piedmont acquisition[274] - United's risk-based capital ratio is 15.67% as of September 30, 2025, significantly above the regulatory requirement of 10.0%[358] - United's equity to assets ratio was 16.30% at September 30, 2025, slightly down from 16.63% at December 31, 2024[360] - United's average equity to average asset ratio was 16.40% for the first nine months of 2025, compared to 16.52% for the same period in 2024[360] Income and Earnings - Net income for Q3 2025 was $130.75 million, a 37.2% increase from $95.27 million in Q3 2024, with diluted earnings per share rising to $0.92 from $0.70[280] - Net interest income for Q3 2025 increased by $49.86 million, or 21.65%, to $280.12 million compared to Q3 2024, driven by a $48.23 million rise in interest income[292] - Noninterest income for Q3 2025 rose by $11.26 million, or 35.26%, to $43.20 million, primarily due to net gains on investment securities[286] - For the first nine months of 2025, net income was $335.78 million, a 20.5% increase from $278.59 million in the same period of 2024[280] - Net interest income for the first nine months of 2025 was $817.06 million, up from $681.03 million in the same period of 2024, reflecting a year-over-year increase of 20.0%[308] - Tax-equivalent net interest income for Q3 2025 increased by $5.57 million, or 2.02%, from Q2 2025, driven by a $470.28 million increase in average earning assets[296] - Tax-equivalent net interest income for the nine months ended September 30, 2025, was $817.061 million, up from $681.027 million in the same period of 2024[299] Credit Quality - The provision for credit losses was $12.10 million for Q3 2025, up from $6.94 million in Q3 2024, largely due to $18.73 million related to the Piedmont acquisition[285] - The provision for credit losses for the first nine months of 2025 was $47.09 million, significantly higher than $18.46 million for the same period in 2024, marking an increase of 155.5%[311] - Net charge-offs for the first nine months of 2025 totaled $36.40 million, compared to $6.93 million for the same period in 2024, indicating a substantial increase of 424.5%[312] - The allowance for loan and lease losses was $300.05 million at September 30, 2025, up from $271.84 million at December 31, 2024, reflecting an increase of 10.4%[317] - Nonperforming assets totaled $123.76 million as of September 30, 2025, compared to $73.73 million at December 31, 2024, representing an increase of 67.8%[314] - The annualized net charge-offs as a percentage of average loans and leases for the first nine months of 2025 was 0.20%, compared to 0.04% for the same period in 2024[313] - The total allowance for credit losses was $332.69 million at September 30, 2025, compared to $306.76 million at December 31, 2024, an increase of 8.5%[316] Operational Performance - Noninterest expense for Q3 2025 increased by $11.40 million, or 8.42%, to $146.74 million, mainly due to additional employees and branches from the Piedmont acquisition[288] - Employee compensation increased by $5.61 million or 9.59% in Q3 2025 compared to Q3 2024, driven by additional employees from the Piedmont acquisition[337] - Cash provided by operating activities was $359.99 million for the first nine months of 2025, mainly due to net income of $335.78 million[354] - United recorded acquisition-related costs of $31.41 million for the Piedmont merger in the first nine months of 2025[282] Market and Economic Outlook - The forecast for real GDP increased from 1.40% to 1.60% for 2025, with an unemployment rate projection remaining stable at 4.50%[321] - A 100 basis point upward shock to the yield curve is estimated to increase net interest income by 2.39% over one year as of September 30, 2025, compared to 1.75% at December 31, 2024[368] Securities and Investments - As of September 30, 2025, United's available for sale mortgage-backed securities had an amortized cost of $1.83 billion and an estimated fair value of $1.69 billion[256] - The mortgage-related securities portfolio had an amortized cost of $1.8 billion, with approximately 49% in fixed rate collateralized mortgage obligations (CMOs)[375] - United's fixed rate CMOs have an average life of approximately 4.5 years and a weighted average yield of 3.10% under current projected prepayment assumptions[375] - The projected price decline of the fixed rate CMO portfolio in a 300 basis point rate increase would be 14.7%[375] - Net gains on investment securities for Q3 2025 were $10.44 million, compared to net losses of $6.72 million in Q3 2024[328] Shareholder Returns - United repurchased 2,284,282 shares of common stock at an average price of $34.53 per share during the first nine months of 2025[359] - Cash dividends declared were $52.46 million for Q3 2025, up from $50.21 million in Q3 2024, and total cash dividends for the first nine months of 2025 were $158.54 million[361]

Financial Highlights - United Bankshares, Inc(UBSI) achieved a record Net Income of $130.7 million and record Diluted Earnings Per Share of $0.92[8] - The company generated a Return on Average Assets of 1.57%, Return on Average Equity of 9.58%, and Return on Average Tangible Equity of 15.45%[8] - Net Interest Income was $280.1 million, and Net Interest Margin (FTE) remained solid at 3.80%[8] - The efficiency ratio is strong with expense control at 45.39%[8] Balance Sheet and Loan Portfolio - The company achieved period-end annualized loan growth and deposit growth of approximately 8%[8] - Linked-Quarter loan balances increased by $470 million, driven by Non-Owner Occupied CRE loans and Residential Real Estate loans[22] - Total loans reached $24.5 billion, with Non-Owner Occupied CRE accounting for 34%, CRE Owner Occupied for 9%, C&D for 15%, C&I for 15%, Residential Real Estate for 24%, and Other Consumer for 3%[24] Asset Quality - Non-Performing Assets (NPAs) increased to $123.8 million as of September 30, 2025, compared to $74.6 million as of June 30, 2025, with the ratio of NPAs to Total Assets increasing from 0.23% to 0.37%[27] - ALLL as a percentage of Total Loans decreased from 1.28% to 1.22% linked quarter[29] Deposits and Liquidity - Deposits increased by $548 million linked quarter, driven by Money Market, Interest-Bearing Transaction, and Time Deposit accounts[33] - Non-Interest Bearing accounts make up 25% of deposits[32] - Liquidity remains strong, with estimated uninsured/uncollateralized deposits at 33% of total deposits[36]

Core Viewpoint - United Bankshares (UBSI) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Recent Performance of United Bankshares - For the fiscal year ending December 2025, United Bankshares is expected to earn $3.15 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 4.6% over the past three months [8]. - The upgrade reflects an improvement in the company's underlying business, which is expected to drive stock appreciation [5]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - The upgrade to Zacks Rank 2 places United Bankshares in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Core Insights - United Bankshares (UBSI) reported quarterly earnings of $0.92 per share, exceeding the Zacks Consensus Estimate of $0.82 per share, and showing an increase from $0.70 per share a year ago, resulting in an earnings surprise of +12.20% [1] - The company achieved revenues of $324.1 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.62% and up from $263.03 million year-over-year [2] - United Bankshares has outperformed consensus EPS estimates three times over the last four quarters and has topped revenue estimates four times in the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.83, with expected revenues of $313.34 million, while the estimate for the current fiscal year is $3.12 on $1.22 billion in revenues [7] - The estimate revisions trend for United Bankshares was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Banks - Southeast industry, to which United Bankshares belongs, is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]