Page 1

EXHIBIT 99.1 News Release For Immediate Release April 23 , 2021 II UNITED BANKSHARES , INC . United Bankshares , Inc. Announces Record Earnings for the First Quarter of 2021 Contact : W. Mark Tatterson Chief Financial Officer ( 800 ) 445-1347 ext . 8716 WASHINGTON , D.C. and CHARLESTON , WV-- United Bankshares , Inc. ( NASDAQ : UBSI ) ( “ United ” ) , today reported record earnings for the first quarter of 2021 of $ 106.9 million , or $ 0.83 per diluted share , up significantly from earnings of $ 40.2 million , or $ 0.40 per diluted share for the first quarter of 2020 . First quarter of 2021 results produced annualized returns on average assets , average equity and average tangible equity of 1.64 % , 9.97 % and 17.20 % , respectively , compared to annualized returns on average assets , average equity and average tangible equity of 0.82 % , 4.82 % and 8.77 % , respectively , for the first quarter of 2020 . Record earnings for the first quarter of 2021 , as compared to the first quarter of 2020 , were primarily due to higher income from mortgage banking activities , driven by an elevated volume of mortgage loan originations and sales in the secondary market , the impact of the Carolina Financial Corporation ( “ Carolina Financial ” ) acquisition and a lower provision for credit losses primarily due to better performance trends within the loan portfolio and an improved future macroeconomic forecast under the Current Expected Credit Loss ( " CECL ” ) accounting standard . “ The first quarter of 2021 was another great quarter for United Bankshares , and UBSI continues to be one of the best performing regional banking companies in the nation , ” stated Richard M. Adams , United's Chairman of the Board and Chief Executive Officer . “ We earned record net income of $ 107 million , record diluted earnings per share of $ 0.83 and delivered an annualized return on average assets of 1.64 % . Our credit quality and regulatory ratios remain strong and position us well for continued growth as the economy recovers from the effects of the COVID - 19 pandemic . " The results of operations for Carolina Financial are included in the consolidated results of operations from the date of acquisition , May 1 , 2020. As a result of the acquisition , the first quarter of 2021 reflected higher average balances , income , and expense as compared to the first quarter of 2020. The first quarter of 2020 included merger - related expenses of $ 1.6 million . There were no merger - related expenses incurred in the first quarter of 2021 .