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For Immediate Release October 26 , 2021 EXHIBIT 99.1 News Release UNITED BANKSHARES , INC . Contact : W. Mark Tatterson Chief Financial Officer ( 800 ) 445-1347 ext . 8716 United Bankshares , Inc. Announces Earnings for the Third Quarter and First Nine Months of 2021 WASHINGTON , D.C. and CHARLESTON , WV-- United Bankshares , Inc. ( NASDAQ : UBSI ) ( “ United " ) , today reported earnings for the third quarter and first nine months of 2021. Earnings for the third quarter of 2021 were $ 92.2 million , or $ 0.71 per diluted share , as compared to earnings of $ 103.8 million , or $ 0.80 per diluted share , for the third quarter of 2020. Earnings for the first nine months of 2021 were $ 293.9 million , or $ 2.27 per diluted share , as compared to earnings of $ 196.7 million , or $ 1.68 per diluted share , for the first nine months of 2020 . Third quarter 2021 results produced annualized returns on average assets , average equity and average tangible equity , a non - GAAP measure , of 1.33 % , 8.23 % and 14.03 % , respectively , compared to annualized returns on average assets , average equity and average tangible equity of 1.56 % , 9.68 % and 16.94 % , respectively , for the third quarter of 2020. For the first nine months of 2021 , United's annualized returns on average assets , average equity and average tangible equity were 1.46 % , 8.95 % and 15.36 % , respectively , compared to annualized returns on average assets , average equity and average tangible equity of 1.12 % , 6.85 % and 12.19 % , respectively , for the first nine months of 2020 . " Our earnings continued to be strong in the third quarter of 2021 as we earned net income of $ 92.2 million , diluted earnings per share of $ 0.71 and delivered an annualized return on average assets of 1.33 % , " stated Richard M. Adams , United's Chairman of the Board and Chief Executive Officer . " Additionally , credit quality metrics remain strong with nonperforming assets decreasing approximately 31 % from December 31 , 2020 to $ 107.0 million , representing 0.39 % of total assets , at September 30 , 2021. " United previously 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 . All requisite regulatory approvals for the merger have been received from the Board of Governors of the Federal Reserve System and from the Virginia State Corporation Commission . The merger is expected to close in the fourth quarter of 2021 , subject to satisfaction of customary closing conditions including approval by the shareholders of Community Bankers Trust . As a result of the acquisition of Carolina Financial Corporation ( " Carolina Financial " ) on May 1 , 2020 , the first nine months of 2021 reflected higher average balances , income , and expense as compared to the first nine months of 2020. In addition , the third quarter and first nine months of 2020 included merger - related expenses of $ 5.7 million and $ 53.7 million , respectively , associated with the acquisition of Carolina Financial compared to $ 845 thousand and $ 1.0 million of merger - related expenses incurred in the third quarter and first nine months of 2021 , respectively , related to the announced Community Bankers Trust acquisition .