Regional banking company United Bankshares (NASDAQ: UBSI) beat Wall Street’s revenue expectations in Q1 CY2026, with sales up 9.2% year on year to $316.6 million. Its non-GAAP profit of $0.89 per share was 4.7% above analysts’ consensus estimates.
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United Bankshares (UBSI) Q1 CY2026 Highlights:
- Net Interest Income: $282.5 million vs analyst estimates of $283.8 million (856% year-on-year growth, in line)
- Net Interest Margin: 3.8% vs analyst estimates of 3.8% (in line)
- Revenue: $316.6 million vs analyst estimates of $314.9 million (9.2% year-on-year growth, 0.5% beat)
- Efficiency Ratio: 48.3% vs analyst estimates of 48.7% (46.8 basis point beat)
- Adjusted EPS: $0.89 vs analyst estimates of $0.85 (4.7% beat)
- Tangible Book Value per Share: $24.84 vs analyst estimates of $25.02 (7.6% year-on-year growth, 0.7% miss)
- Market Capitalization: $6.06 billion
Company Overview
With roots dating back to 1982 and a strong presence in the Mid-Atlantic region, United Bankshares (NASDAQ: UBSI) is a bank holding company that provides commercial and retail banking services through its United Bank subsidiary across multiple states.
Sales Growth
From lending activities to service fees, most banks build their revenue model around two income sources. Interest rate spreads between loans and deposits create the first stream, with the second coming from charges on everything from basic bank accounts to complex investment banking transactions. Regrettably, United Bankshares’s revenue grew at a weak 1.9% compounded annual growth rate over the last five years. This fell short of our benchmarks and is a tough starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. United Bankshares’s annualized revenue growth of 9.6% over the last two years is above its five-year trend, which is encouraging. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, United Bankshares reported year-on-year revenue growth of 9.2%, and its $316.6 million of revenue exceeded Wall Street’s estimates by 0.5%.
Net interest income made up 81.2% of the company’s total revenue during the last five years, meaning United Bankshares barely relies on non-interest income to drive its overall growth.
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
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Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.
United Bankshares’s TBVPS grew at a decent 5% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 7.4% annually over the last two years from $21.55 to $24.84 per share.
Over the next 12 months, Consensus estimates call for United Bankshares’s TBVPS to grow by 8.2% to $26.88, paltry growth rate.
Key Takeaways from United Bankshares’s Q1 Results
It was good to see United Bankshares narrowly top analysts’ revenue expectations this quarter. On the other hand, its net interest income was in line and its tangible book value per share fell slightly short of Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $43.93 immediately after reporting.
Is United Bankshares an attractive investment opportunity at the current price? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
