United Bankshares
28 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Government sponsored enterprises (mortgage loan buyers)
earns fromnamed as a riskWhen mortgage loans are sold, whether as whole loans or pursuant to a securitization, United is required to make customary representations and warranties to purchasers, guarantors and insurers, including the government sponsored enterprises, about the mortgage loans and the manner in which they were originated.Risk factors (Item 1A)
Oil and gas industry customers (carbon-intensive)
insures or lends tonamed as a riskWe have customers who operate in carbon-intensive industries like oil and gas that are exposed to climate risks, such as those risks related to the transition to a less carbon-dependent economy, as well as customers who operate in low-carbon industries that may be subject to risks associated with new technologies.Risk factors (Item 1A)
Suppliers
Third-party data processing vendors
depends onnamed as a riskUnited has entered into subcontracts for the supply of current and future services, such as data processing, mortgage loan processing and servicing, and certain property management functions.Risk factors (Item 1A)
Partners and platforms
NYCE ATM network
depends onUnited Bank is a member of a network of automated teller machines known as the New York Currency Exchange (“NYCE”) ATM network.Business (Item 1)
Other companies
Commercial real estate
concentrated in · approximately $11.9 billion or 48.16% of United’s total loan portfolionamed as a riskAs of December 31, 2025, approximately $11.9 billion or 48.16% of United’s total loan portfolio were for real estate and construction.Business (Item 1)
Also named by AFL, APO, AUB, BAC, C, CFR, FSUN, GBCI and 11 more
Oil, coal and natural gas industry
insures or lends to · approximately $322.5 million or 1.30% of United’s total loan portfolionamed as a riskAs of December 31, 2025, approximately $322.5 million or 1.30% of United’s total loan portfolio were for the purpose of extracting, manufacturing and distributing oil, coal and natural gas.Business (Item 1)
United Bank dividends to parent
depends on · approximately $510.1 millionnamed as a riskAs of December 31, 2025, approximately $510.1 million was available for dividend payments from United Bank to United without regulatory approval.Risk factors (Item 1A)
Hotels and traveler accommodations
insures or lends to · approximately $1.6 billion or 6.40% of United’s total loan portfolioAs of December 31, 2025, approximately $1.6 billion or 6.40% of United’s total loan portfolio were to hotels and other traveler accommodations.Business (Item 1)
High loan-to-value real estate loans
insures or lends to · approximately $599.2 million or 2.43% of United’s loan portfolioAs of December 31, 2025, approximately $599.2 million or 2.43% of United’s loan portfolio were real estate loans that met the regulatory definition of a high loan-to-value loan.Business (Item 1)
Piedmont Bancorp, Inc.
$2.02 billionUnited’s loan and lease portfolio, net of unearned income, increased $3.0 billion or 14.01% in 2025 mainly as a result of the Piedmont acquisition which added $2.02 billion, including purchase accounting amounts, in portfolio loans.Business (Item 1)
Places
West Virginia
concentrated in · approximately $17.8 billionThese loans are primarily secured by real estate located in West Virginia, southeastern Ohio, southwestern Pennsylvania, Virginia, Maryland, North Carolina, South Carolina, Georgia and the District of Columbia.Business (Item 1)
Atlanta, Georgia
operates in · total loans of approximately $2.1 billionThe acquisition of Piedmont allowed United entrance into the greater-Atlanta area marked with robust growth opportunities.Business (Item 1)
Also named by MAA
Mid-Atlantic and Southeast United States
concentrated innamed as a riskHigh inflation, natural disasters, acts of terrorism, including cyber-attacks, an escalation of hostilities or other international or domestic occurrences, and other factors could have a negative impact on the economy of the Mid-Atlantic and Southeast regions in which United operates.Risk factors (Item 1A)
Hazards
Commodities and inputs
Collateralized mortgage obligations
exposed to its price · approximately $1.05 billion or 54%named as a riskAt December 31, 2025, United’s mortgage related securities portfolio had an amortized cost of $1.9 billion, of which approximately $1.05 billion or 54% were fixed rate collateralized mortgage obligations (“CMOs”).Market risk (Item 7A)
Freddie Mac and Fannie Mae CMBS
exposed to its price · approximately $336.7 millionThis portfolio consisted primarily of Freddie Mac Multifamily K securities and Fannie Mae Delegated Underwriting and Servicing (“DUS”) securities with a weighted average maturity (“WAM”) of 8.5 years.Market risk (Item 7A)
Regulators
Consumer Financial Protection Bureau (CFPB)
subject tonamed as a riskBanks with more than $10 billion in assets, such as United Bank, are subject to supervision by the CFPB with respect to these federal consumer financial laws.Business (Item 1)
Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more
Federal Deposit Insurance Corporation (FDIC)
subject tonamed as a riskAs a result of the rule, the FDIC insurance costs of insured depository institutions, including United Bank, have generally increased.Business (Item 1)
Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more
Federal Reserve Board
subject tonamed as a riskUnited Bank, as a Virginia state member bank, is subject to supervision, examination, and regulation by the Federal Reserve Board, and as such, is subject to applicable provisions of the Federal Reserve Act and regulations issued thereunder.Business (Item 1)
Also named by ALLY, AMP, BPOP, C, CFG, CFR, CME, COMP and 9 more
Virginia Bureau of Financial Institutions
subject toUnited Bank is subject to the Virginia banking statutes and regulations, and is primarily regulated by the Virginia Bureau of Financial Institutions.Business (Item 1)
Also named by COF
West Virginia Board of Banking and Financial Institutions
subject toAs a financial holding company doing business in West Virginia, United is also subject to regulation and examination by the West Virginia Board of Banking and Financial Institutions (the “West Virginia Banking Board”) and must submit annual reports to the West Virginia Banking Board.Business (Item 1)
Laws and programs
FDIC special assessment
subject to · approximately 13.4 basis pointsnamed as a riskThe special assessment was to be collected at an annual rate of approximately 13.4 basis points for an anticipated total of eight quarterly assessment periods.Business (Item 1)
Also named by BPOP, CFG, CFR, CUBI, EFSC, EWBC, FCNCA, GBCI and 10 more
West Virginia deposit cap (25%)
subject to · twenty five percent (25%)named as a riskUnder West Virginia banking law, an acquisition or merger is not permitted if the resulting depository institution or its holding company, including its affiliated depository institutions, would assume additional deposits to cause it to control deposits in the State of West Virginia in excess of twenty five percent (25%) of such total amount of all deposits held by insured depository institutions in West Virginia.Business (Item 1)
Basel III Capital Rules
subject tonamed as a riskUnited and United Bank are each required to comply with applicable capital adequacy standards established by the Federal Reserve Board (the “Basel III Capital Rules”).Business (Item 1)
Executive Order 14331
subject tonamed as a riskIn addition, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing Fair Banking Access for All Americans,” which states that it is the policy of the United States that no American should be denied access to financial services because of their constitutionally or statutorily protected beliefs, affiliations, or political views.Risk factors (Item 1A)
Federal Reserve Regulation II debit interchange fees
subject tonamed as a riskFor example, there is litigation pending to challenge the Federal Reserve Board’s regulation on permissible interchange fees on the ground that the regulation allows higher interchange fees than permitted by statute, which, if successful, could significantly and adversely affect the fees banks can charge on debit card transactions.Risk factors (Item 1A)
Community Reinvestment Act
subject toIn 2023, the year of our most recent CRA exam, United Bank received a CRA Performance Evaluation from the Federal Reserve Bank of Richmond (the “FRB”) with a rating of “Satisfactory.”Business (Item 1)
Also named by ALLY, AMP, AUB, CFG, CFR, EFSC, EWBC, FCNCA and 20 more
Technology
Cloud technologies
depends onnamed as a riskIn addition, cloud technologies are critical to the operation of our systems, and our reliance on cloud technologies is growing.Risk factors (Item 1A)
Also named by CFR