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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | NOTE O—EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the “Plan”) was amended to change the participation rules. The decision to change the participation rules for the Plan followed industry trends, as many large and medium size companies took similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan. Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation. Net consolidated periodic pension cost included the following components:
(Dollars in thousands) |  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 1,293 |  |  | $ | 1,387 |  |  | $ | 1,440 |
Interest cost |  |  | 7,427 |  |  |  | 6,967 |  |  |  | 7,134 |
Expected return on plan assets |  |  | (11,046 | ) |  |  | (10,659 | ) |  |  | (11,762 | )
Amortization of net actuarial loss |  |  | 69 |  |  |  | 2,315 |  |  |  | 3,347 |
Net periodic pension cost (income) |  | $ | (2,257 | ) |  | $ | 10 |  |  | $ | 159 |
Weighted-Average Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.76 | % |  |  | 5.07 | % |  |  | 5.26 | %
Expected return on assets |  |  | 6.15 | % |  |  | 6.25 | % |  |  | 7.25 | %
Rate of compensation increase (prior to age 40) |  |  | 6.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Rate if compensation increase (ages 40-49) |  |  | 5.50 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increase (ages 40-54) |  |  | n/a |  |  |  | 4.00 | % |  |  | 4.00 | %
Rate if compensation increase (ages 50-54) |  |  | 5.00 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increase (ages 55-64) |  |  | 4.00 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increase (otherwise) |  |  | 3.00 | % |  |  | 3.50 | % |  |  | 3.50 | %
Amounts related to the Plan recognized as a component of other comprehensive income were as follows:
(In thousands) |  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net actuarial gain |  | $ | (7,089 | ) |  | $ | (12,348 | ) |  | $ | (2,635 | )
Amortization of actuarial loss |  |  | (69 | ) |  |  | (2,315 | ) |  |  | (3,347 | )
Total recognized in other comprehensive income |  | $ | (7,158 | ) |  | $ | (14,663 | ) |  | $ | (5,982 | )
Included in accumulated other comprehensive income at December 31, 2025 are unrecognized actuarial losses of $10,725,000 that have not yet been recognized in net periodic pension cost. The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2025 and 2024 and the accumulated benefit obligation at December 31, 2025 and 2024 are as follows:
(Dollars in thousands) |  | December 31, |
|  | 2025 |  |  | 2024 |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected Benefit Obligation at the Beginning of the Year |  | $ | 137,847 |  |  | $ | 143,306 |
Service Cost |  |  | 1,293 |  |  |  | 1,387 |
Interest Cost |  |  | 7,427 |  |  |  | 6,967 |
Actuarial Loss (Gain) |  |  | 3,088 |  |  |  | (7,506 | )
Benefits Paid |  |  | (6,877 | ) |  |  | (6,307 | )
Projected Benefit Obligation at the End of the Year |  | $ | 142,778 |  |  | $ | 137,847 |
Accumulated Benefit Obligation at the End of the Year |  | $ | 130,900 |  |  | $ | 125,429 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair Value of Plan Assets at the Beginning of the Year |  | $ | 183,035 |  |  | $ | 173,840 |
Actual Return on Plan Assets |  |  | 21,223 |  |  |  | 15,502 |
Benefits Paid |  |  | (6,877 | ) |  |  | (6,307 | )
Fair Value of Plan Assets at End of Year |  | $ | 197,381 |  |  | $ | 183,035 |
(Dollars in thousands) |  | December 31, |
|  | 2025 |  |  | 2024 |
Net Amount Recognized |  |  |  |  |  |  |  |
Funded Status |  | $ | 54,603 |  |  | $ | 45,187 |
Unrecognized Actuarial Net Loss |  |  | 10,725 |  |  |  | 17,884 |
Net Amount Recognized |  | $ | 65,328 |  |  | $ | 63,071 |
Weighted-Average Assumptions at the End of the Year |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.66 | % |  |  | 5.76 | %
Rate of compensation Increase (prior to age 40) |  |  | 6.00 | % |  |  | 6.00 | %
Rate of compensation Increase (ages 40-49) |  |  | 5.50 | % |  |  | 5.50 | %
Rate of compensation Increase (ages 50-54) |  |  | 5.00 | % |  |  | 5.00 | %
Rate of compensation Increase (ages 55-64) |  |  | 4.00 | % |  |  | 4.00 | %
Rate of compensation Increase (otherwise) |  |  | 3.00 | % |  |  | 3.00 | %
Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows:
Plan Assets |  | Target Allocation 2026 |  |  | Allowable Allocation Range |  |  | Percentage of Plan Assets at |
|  |  |  |  |  |  |  | December 31, 2025 |  |  | December 31, 2024 |
Equity Securities |  |  | 47 | % |  |  | 20-70 | % |  |  | 54% |  |  |  | 56% |
Fixed Income Securities |  |  | 43 | % |  |  | 20-50 | % |  |  | 42% |  |  |  | 41% |
Other |  |  | 10 | % |  |  | 0-25 | % |  |  | 4% |  |  |  | 3% |
Total |  |  |  |  |  |  |  |  |  |  | 100% |  |  |  | 100% |
Equity securities include United common stock in the amounts of $4,064,000 at December 31, 2025 and $3,974,000 at December 31, 2024 . The policy, as established by the United’s Retirement Committee (formerly known as United’s Pension Committee), primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class. United uses the corridor approach based on 10% of the greater of the projected benefit obligation and the market-related value of plan assets to amortize actuarial gains and losses. At December 31, 2025, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows:
Year |  | Amount |
(Dollars in thousands) |
2026 |  | $ | 7,433 |
2027 |  |  | 7,786 |
2028 |  |  | 8,265 |
2029 |  |  | 8,648 |
2030 |  |  | 9,000 |
2031 through 2035 |  |  | 48,551 |
United did not contribute to the plan in 2025, 2024 or in 2023 as no contributions were required by funding regulations or law. For 2026, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2026, the amount of which cannot be reasonably estimated at this time. In accordance with ASC Topic 715 and using the guidance contained in ASC Topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. Cash and Cash Equivalents: These underlying assets are highly liquid U.S. government obligations. The fair value of cash and cash equivalents approximates cost (Level 1 or 2). Debt Securities : Securities of the U.S. Government, municipalities, private issuers and corporations are valued at the closing price reported in the active market in which the individual security is traded, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Common and Preferred Stock: These securities are valued at the closing price on the respective stock exchange (Level 1). Mutual Funds: Generally, these securities are valued at the closing price reported in the active market in which the individual mutual fund is traded (Level 1). The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2025 and 2024:
|  |  |  |  | Fair Value Measurements at December 31, 2025 Using |
(In thousands) Description |  | Balance as of December 31, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash and Cash equivalents |  | $ | 6,505 |  |  | $ | 0 |  |  | $ | 6,505 |  |  | $ | 0 |
Fixed Income Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  |  | 29,982 |  |  |  | 0 |  |  |  | 29,982 |  |  |  | 0 |
Mortgage backed & other asset-backed securities |  |  | 7,705 |  |  |  | 0 |  |  |  | 7,705 |  |  |  | 0 |
Municipal obligations |  |  | 631 |  |  |  | 0 |  |  |  | 631 |  |  |  | 0 |
Corporate bonds |  |  | 9,300 |  |  |  | 0 |  |  |  | 9,300 |  |  |  | 0 |
Fixed Income Mutual Funds & Exchange-Traded Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General |  |  | 36,667 |  |  |  | 36,667 |  |  |  | 0 |  |  |  | 0 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 20,187 |  |  |  | 20,187 |  |  |  | 0 |  |  |  | 0 |
Equity Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity large cap |  |  | 38,185 |  |  |  | 38,185 |  |  |  | 0 |  |  |  | 0 |
Domestic equity small cap |  |  | 13,273 |  |  |  | 13,273 |  |  |  | 0 |  |  |  | 0 |
Alternative equity |  |  | 17,500 |  |  |  | 17,500 |  |  |  |  |  |  |  |  |
International emerging equity |  |  | 4,304 |  |  |  | 4,304 |  |  |  | 0 |  |  |  | 0 |
International equity developed |  |  | 13,142 |  |  |  | 13,142 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 197,381 |  |  | $ | 143,258 |  |  | $ | 54,123 |  |  | $ | 0 |
|  |  |  |  | Fair Value Measurements at December 31, 2024 Using |
(In thousands) Description |  | Balance as of December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash and Cash equivalents |  | $ | 5,829 |  |  | $ | 5,829 |  |  | $ | 0 |  |  | $ | 0 |
Fixed Income Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  |  | 24,874 |  |  |  | 24,874 |  |  |  | 0 |  |  |  | 0 |
Mortgage backed securities |  |  | 6,588 |  |  |  | 6,588 |  |  |  | 0 |  |  |  | 0 |
Collateralized mortgage obligations |  |  | 623 |  |  |  | 623 |  |  |  | 0 |  |  |  | 0 |
|  |  |  |  | Fair Value Measurements at December 31, 2024 Using |
(In thousands) Description |  | Balance as of December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Municipal obligations |  |  | 707 |  |  |  | 707 |  |  |  | 0 |  |  |  | 0 |
Corporate bonds |  |  | 8,394 |  |  |  | 8,394 |  |  |  | 0 |  |  |  | 0 |
Fixed Income Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General |  |  | 33,537 |  |  |  | 33,537 |  |  |  | 0 |  |  |  | 0 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 19,539 |  |  |  | 19,539 |  |  |  | 0 |  |  |  | 0 |
Equity Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity large cap |  |  | 37,990 |  |  |  | 37,990 |  |  |  | 0 |  |  |  | 0 |
Domestic equity small cap |  |  | 13,332 |  |  |  | 13,332 |  |  |  | 0 |  |  |  | 0 |
Alternative equity |  |  | 16,145 |  |  |  | 16,145 |  |  |  |  |  |  |  |  |
International emerging equity |  |  | 3,993 |  |  |  | 3,993 |  |  |  | 0 |  |  |  | 0 |
International equity developed |  |  | 11,484 |  |  |  | 11,484 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 183,035 |  |  | $ | 183,035 |  |  | $ | 0 |  |  | $ | 0 |
Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. United matches 100% of the first 5% of salary deferred with United stock, subject to certain imposed limitations. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $7,829,000, $7,332,000, and $7,590,000 in 2025, 2024 and 2023, respectively. The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2025 and 2024, the combined plan assets included 1,879,671 and 1,810,400 shares, respectively, of United common stock with an approximate fair value of $72,179,000 and $67,981,000, respectively. Dividends paid on United common stock held by the plans approximated $2,755,000, $2,727,000, and $2,468,000 for the years ended December 31, 2025, 2024, and 2023, respectively. United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year.

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