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For Immediate Release July 23 , 2021 EXHIBIT 99.1 News Release II UNITED BANKSHARES , INC . Contact : W. Mark Tatterson Chief Financial Officer ( 800 ) 445-1347 ext . 8716 United Bankshares , Inc. Announces Earnings for the Second Quarter and First Half of 2021 WASHINGTON , D.C. and CHARLESTON , WV-- United Bankshares , Inc. ( NASDAQ : UBSI ) ( “ United " ) , today reported earnings for the second quarter and first half of 2021. Earnings for the second quarter of 2021 were $ 94.8 million , or $ 0.73 per diluted share , as compared to earnings of $ 52.7 million , or $ 0.44 per diluted share , for the second quarter of 2020 . Earnings for the first half of 2021 were $ 201.7 million , or $ 1.56 per diluted share , as compared to earnings of $ 92.9 million , or $ 0.84 per diluted share , for the first half of 2020 . Second quarter 2021 results produced annualized returns on average assets , average equity and average tangible common equity , a non - GAAP measure , of 1.41 % , 8.69 % and 14.95 % , respectively , compared to annualized returns on average assets , average equity and average tangible equity of 0.87 % , 5.40 % and 9.58 % , respectively , for the second quarter of 2020 . For the first half of 2021 , United's annualized returns on average assets , average equity and average tangible equity were 1.52 % , 9.32 % and 16.06 % , respectively , compared to annualized returns on average assets , average equity and average tangible equity of 0.85 % , 5.16 % and 9.28 % , respectively , for the first half of 2020 . Earnings for the second quarter and first half of 2021 , as compared to the second quarter and first half of 2020 , benefited from additional net earnings related to 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 second quarter and first half of 2020 also included significant merger - related expenses from the Carolina Financial acquisition . During the second quarter of 2021 , United announced that it entered into a definitive merger agreement with Community Bankers Trust Corporation ( “ Community Bankers Trust ” ) . Under the merger agreement , United will acquire 100 % of the outstanding shares of Community Bankers Trust in exchange for common shares of United . The combined organization will be approximately $ 29 billion in assets with nearly 250 locations in some of the most desirable banking markets in the nation . The merger is expected to close in the fourth quarter of 2021 , subject to satisfaction of customary closing conditions , including receipt of customary regulatory approvals and approval by the shareholders of Community Bankers Trust . " Our earnings continued to be strong in the second quarter of 2021 as we earned net income of $ 94.8 million , diluted earnings per share of $ 0.73 and delivered an annualized return on average assets of 1.41 % , " stated Richard M. Adams , United's Chairman of the Board and Chief Executive Officer . " We were also pleased to announce the intent to acquire Community Bankers Trust Corporation during the second quarter , our 33rd acquisition of the current administration as we continue to strengthen United's position as one of the largest and best performing regional banking companies in the Mid - Atlantic and Southeast . "