Regional banking company United Bankshares (NASDAQ: UBSI) reported revenue ahead of Wall Streets expectations in Q4 CY2025, with sales up 20.9% year on year to $318.4 million. Its non-GAAP profit of $0.91 per share was 6.1% above analysts’ consensus estimates.

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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

Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Regrettably, United Bankshares’s revenue grew at a sluggish 3.4% compounded annual growth rate over the last five years. This was below our standard for the banking sector and is a poor baseline for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. United Bankshares’s annualized revenue growth of 7.8% over the last two years is above its five-year trend, but we were still disappointed by the results. 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 robust year-on-year revenue growth of 20.9%, and its $318.4 million of revenue topped Wall Street estimates by 0.9%.

Net interest income made up 84.1% 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.

While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.

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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.

Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. On the other hand, EPS is often distorted by mergers and flexible loan loss accounting. TBVPS provides clearer performance insights.

United Bankshares’s TBVPS grew at a decent 5.1% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 7.5% annually over the last two years from $21.32 to $24.63 per share.

Over the next 12 months, Consensus estimates call for United Bankshares’s TBVPS to grow by 6.9% to $26.33, lousy growth rate.

Key Takeaways from United Bankshares’s Q4 Results

It was good to see United Bankshares narrowly top analysts’ net interest income expectations this quarter. We were also happy its revenue narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock remained flat at $43.07 immediately after reporting.

So do we think United Bankshares is an attractive buy at the current price? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).