联合银行 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the Fiscal Year EndedDecember 31,2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from _______ to _______ Commission File Number:002-86947 United Bankshares, Inc.(Exact name of registrant as specified in its charter) 55-0641179(I.R.S. EmployerIdentification No.) West Virginia(State or other jurisdiction of incorporation or organization) 300 United Center500 Virginia Street, EastCharleston,West Virginia(Address of principal executive offices) 25301(Zip Code) Registrant’s telephone number, including area code:(304)424-8716 Securities registered pursuant to section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of theAct.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☒Non-acceleratedfiler☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of theExchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Act).Yes☐No☒ The aggregate market value of United Bankshares, Inc. common stock, representing all of its voting stock that was heldby non-affiliates on June30, 2024, was approximately$4,185,635,034. As of January31, 2025, United Bankshares, Inc. had143,212,150shares of common stock outstanding with a par valueof$2.50. Auditor Firm PCAOB ID:42AuditorName:Ernst & Young LLPAuditor Location:Charleston, WV, USADocuments Incorporated By Reference Certain specifically designated portions of the Definitive Proxy Statement for the United Bankshares, Inc. 2025 Annual Shareholders’ Meeting tobe held on May14, 2025 are incorporated by reference in Part III of this Form 10-K. UNITED BANKSHARES, INC.FORM10-K(Continued) As of the date of filing this Annual report, neither the annual shareholders’ report for the year ended December31, 2024, nor the proxy statement for theannual United shareholders’ meeting has been mailed to shareholders. CROSS-REFERENCE INDEX Part IItem1. BUSINESSItem1A.RISK FACTORSItem1B.UNRESOLVED STAFF COMMENTSItem1C.CYBERSECURITYItem2.PROPERTIESItem3.LEGAL PROCEEDINGSItem 4.MINE SAFETY DISCLOSURES MARKET FOR REGISTRANT’S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASESOF EQUITY SECURITIES31[RESERVED]33MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS33QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK58FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA6313 UNITED BANKSHARES, INC.FORM10-K,PART I Item 1.BUSINESS Organizational History and Subsidiaries United Bankshares, Inc. (“United,” “we,” “us,” “our,” or the “Company”) is a West Virginia corporation registered as a fin