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Employee Benefit Plans
 12 Months Ended
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.