# EDGAR Filing Document

**Accession Number:** 0000729986
**File Stem:** 0001193125-26-018696
**Filing Date:** 2026-1
**Character Count:** 91173
**Document Hash:** d1510db6af46cdfa17f836306932fb8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018696.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018696

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260122

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED BANKSHARES INC/WV
- **CENTRAL INDEX KEY:** 0000729986
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 550641179
- **STATE OF INCORPORATION:** WV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 002-86947
- **FILM NUMBER:** 26549712

**BUSINESS ADDRESS:**
- **STREET 1:** 300 UNITED CTR
- **STREET 2:** 500 VIRGINIA ST E
- **CITY:** CHARLESTON
- **STATE:** WV
- **ZIP:** 25301
- **BUSINESS PHONE:** 3044248800

**MAIL ADDRESS:**
- **STREET 1:** 300 UNITED CT
- **STREET 2:** 500 VIRGINIA ST E
- **CITY:** CHARLESTON
- **STATE:** WV
- **ZIP:** 25301

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported):

#### January 22, 2026

## United Bankshares, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **West Virginia** | **No. 002-86947** | **55-0641179** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| |
|:---|
| **300 United Center** |
| **500 Virginia Street, East** |
| **Charleston, West Virginia 25301** |
| **(Address of Principal Executive Offices)** |

---

(304) 424-8800

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, par value $2.50 per share | UBSI | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

<u>Item 2.02. Results of Operations and Financial Condition</u> 

On January 22, 2026 United Bankshares, Inc. ("United") announced its financial results for the fourth quarter and year of 2025. A copy of the press release is attached as Exhibit 99.1 to this report. The press release is being furnished under Item 2.02 of this Form 8-K.

<u>Item 9.01. Financial Statements and Exhibits</u> 

(c) The following exhibits are being furnished herewith:

---

| | |
|:---|:---|
| 99.1 | [Press Release, dated January 22, 2026, issued by United Bankshares, Inc.](d74461dex991.htm) |
| 99.2 | [Slide presentation of financial information for the fourth quarter and year of 2025](d74461dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | UNITED BANKSHARES, INC. | UNITED BANKSHARES, INC. |
| Date: January 22, 2026 | By: | /s/ W. Mark Tatterson |
|  |  | W. Mark Tatterson, Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

**News Release**![LOGO](g74461g0121094033611.jpg)

---

| | |
|:---|:---|
| For Immediate Release | Contact: W. Mark Tatterson |
| January 22, 2026 | Chief Financial Officer |
|  | (800) 445-1347 ext. 8716 |

---

**United Bankshares, Inc. Announces Record Earnings for the Year of 2025** 

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) ("United"), today reported record earnings for the year of 2025 of $464.6 million, or $3.27 per diluted share. Year of 2025 results produced returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.41%, 8.63%, and 13.95%, respectively.

"Our financial performance in 2025 was among the very best in our Company's long history," stated Richard M. Adams, Jr., United's Chief Executive Officer. "We delivered record earnings, strong profitability, resilient credit, and robust capital and liquidity. Underpinning these results was our continued success driving high quality organic growth. As we look to the new year, we remain committed to our mission of excellence in service to our shareholders, customers, communities, and employees."

Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share. Fourth quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity of 1.52%, 9.31%, and 14.86%, respectively. Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.57%, 9.58%, and 15.45%, respectively. As a result of the acquisition of Piedmont Bancorp, Inc. ("Piedmont") on January 10, 2025, the fourth quarter and year of 2025 were impacted by increased levels of average balances, income, and expense as compared to the fourth quarter and year of 2024. Earnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.25%, 7.48%, and 12.03%, respectively. Earnings for the year of 2024 were $373.0 million, or $2.75 per diluted share, and returns on average assets, average equity, and average tangible equity were 1.26%, 7.61%, and 12.43%, respectively.

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United Bankshares, Inc. Announces…

January 22, 2026

Page Two

***Fourth quarter of 2025 compared to the third quarter of 2025***

Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, as compared to earnings of $130.7 million, or $0.92 per diluted share, for the third quarter of 2025.

Net interest income for the fourth quarter of 2025 was a record $287.5 million, an increase of $7.3 million, or 3%, from the third quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the fourth quarter of 2025 increased $7.4 million, or 3%, from the third quarter of 2025. The increase in net interest income and tax-equivalent net interest income was driven by a lower average rate paid on deposits and loan growth partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. The net interest spread increased 10 basis points to 3.04% for the fourth quarter of 2025 due to a 21 basis point decrease in the average cost of funds partially offset by an 11 basis point decrease in the average yield on earning assets. The cost of average interest-bearing deposits decreased 21 basis points to 2.63% for the fourth quarter of 2025. The yield on average net loans and loans held for sale decreased 8 basis points to 6.18% for the fourth quarter of 2025. Average net loans and loans held for sale increased $390.9 million from the third quarter of 2025 funded by an increase in average interest-bearing deposits of $399.2 million from the third quarter of 2025. The net interest margin was 3.83% and 3.80% for the fourth quarter of 2025 and the third quarter of 2025, respectively.

The provision for credit losses was $6.8 million for the fourth quarter of 2025 as compared to $12.1 million for the third quarter of 2025.

Noninterest income for the fourth quarter of 2025 was $30.9 million, a decrease of $12.3 million, or 28%, from the third quarter of 2025. Net losses on investment securities were $218 thousand for the fourth quarter of 2025 as compared to net gains on investment securities of $10.4 million for the third quarter of 2025. Net losses and gains on investment securities for the fourth quarter of 2025 and third quarter of 2025, respectively, were primarily due to changes in the fair value of equity securities. The remainder of the decrease in noninterest income from the third quarter of 2025 was driven by decreases in several other categories of noninterest income, none of which were significant.

Noninterest expense for the fourth quarter of 2025 was $151.7 million, an increase of $5.0 million, or 3%, from the third quarter of 2025. The expense for the reserve for unfunded loan commitments was $2.4 million for the fourth quarter of 2025 as compared to a net benefit of $3.2 million for the third quarter of 2025. The expense for the reserve for unfunded loan commitments for the fourth quarter of 2025 was primarily due to an increase in the outstanding balance of construction loan commitments. The net benefit in the expense for the reserve for unfunded loan commitments for the third quarter of 2025 was primarily due to a decrease in the modeled loss rate within certain loan portfolios partially offset by an increase in the outstanding balance of loan commitments from the prior quarter-end. Additionally, a $1.7 million decrease in employee benefits was largely offset by an increase in other noninterest expense of $1.5 million. The fluctuations in these noninterest expense categories were driven by certain general operating expenses, none of which were individually significant.

For the fourth quarter of 2025, income tax expense was $31.1 million, a decrease of $2.7 million from the third quarter of 2025. This decrease in income tax expense was primarily due to the impact of a lower effective tax rate and lower earnings. United's effective tax rate was 19.4% and 20.5% for the fourth quarter of 2025 and third quarter of 2025, respectively. The lower effective tax rate was primarily due to the impact of provision to return adjustments in the fourth quarter of 2025.

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United Bankshares, Inc. Announces…

January 22, 2026

Page Three

***Fourth quarter of 2025 compared to the fourth quarter of 2024***

Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, as compared to earnings of $94.4 million, or $0.69 per diluted share, for the fourth quarter of 2024.

Net interest income for the fourth quarter of 2025 increased $54.8 million, or 24%, from the fourth quarter of 2024. Tax-equivalent net interest income increased $54.9 million, or 24%, from the fourth quarter of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, and an increase in acquired loan accretion income. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $3.3 billion, or 12%, from the fourth quarter of 2024, driven by increases in average net loans and loans held for sale of $3.0 billion and average short-term investments of $497.3 million, partially offset by a decrease in average investment securities of $198.4 million. The increase in average loans from the fourth quarter of 2024 was driven by the Piedmont acquisition and organic loan growth. The cost of average interest-bearing deposits decreased 39 basis points from the fourth quarter of 2024. Acquired loan accretion income was $8.5 million for the fourth quarter of 2025 as compared to $2.0 million for the fourth quarter of 2024. Average interest-bearing deposits increased $2.5 billion, or 14%, from the fourth quarter of 2024. The net interest margin of 3.83% for the fourth quarter of 2025 was an increase of 34 basis points from the net interest margin of 3.49% for the fourth quarter of 2024.

The provision for credit losses was $6.8 million for the fourth quarter of 2025 as compared to $6.7 million for the fourth quarter of 2024.

Noninterest income for the fourth quarter of 2025 increased $1.6 million, or 6%, from the fourth quarter of 2024. The increase in noninterest income was primarily due to an increase in fees from brokerage services of $980 thousand driven by higher volume.

Noninterest expense for the fourth quarter of 2025 increased $17.5 million, or 13%, from the fourth quarter of 2024. Employee compensation increased $5.8 million from the fourth quarter of 2024 primarily due to higher employee headcount from the acquisition and higher employee incentives. The expense for the reserve for unfunded loan commitments was $2.4 million for the fourth quarter of 2025 as compared to a net benefit of $3.1 million for the fourth quarter of 2024. Other noninterest expense increased $2.3 million from the fourth quarter of 2024 due to a $2.4 million increase in tax credit amortization and higher amounts of certain general operating expenses partially offset by a decline of $1.3 million in merger-related expenses. Additionally, increases in equipment expense of $1.8 million, amortization of intangibles of $1.4 million, and net occupancy of $1.1 million were mainly attributable to the acquisition.

For the fourth quarter of 2025, income tax expense was $31.1 million as compared to $26.7 million for the fourth quarter of 2024. This increase of $4.4 million in income tax expense was driven by higher earnings partially offset by a lower effective tax rate. United's effective tax rate was 19.4% and 22.0% for the fourth quarter of 2025 and fourth quarter of 2024, respectively. The effective tax rates for the fourth quarters of 2025 and 2024 reflect the impact of provision to return adjustments during each period.

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United Bankshares, Inc. Announces…

January 22, 2026

Page Four

***Year of 2025 compared to the year of 2024***

Earnings for the year of 2025 were $464.6 million, or $3.27 per diluted share, as compared to earnings of $373.0 million, or $2.75 per diluted share, for the year of 2024.

Net interest income for the year of 2025 increased $191.1 million, or 21%, from the year of 2024. Tax-equivalent net interest income for the year of 2025 increased $190.9 million, or 21%, from the year of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, an increase in acquired loan accretion income, and a decrease in average long-term borrowings. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $3.0 billion, or 11%, from the year of 2024, driven by increases in average net loans and loans held for sale of $2.5 billion and average short-term investments of $896.6 million, partially offset by a decrease in average investment securities of $385.9 million. The cost of average interest-bearing deposits decreased 35 basis points from the year of 2024. Acquired loan accretion income was $33.7 million for the year of 2025 as compared to $9.3 million for the year of 2024. Average long-term borrowings decreased $472.6 million, or 46%, from the year of 2024. Average interest-bearing deposits increased $2.7 billion, or 16%, from the year of 2024. The net interest margin of 3.78% for the year of 2025 was an increase of 29 basis points from the net interest margin of 3.49% for the year of 2024.

The provision for credit losses was $53.9 million for the year of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated ("non-PCD") loans from Piedmont. The provision for credit losses was $25.2 million for the year of 2024.

Noninterest income for the year of 2025 was $135.2 million, an increase of $11.5 million, or 9%, from the year of 2024. The increase in noninterest income was driven by net gains on investment securities for the year of 2025 of $11.2 million as compared to net losses on investment securities for the year of 2024 of $7.7 million, a $2.5 million increase in fees from brokerage services, a $2.0 million increase in income from bank-owned life insurance ("BOLI"), and a $1.8 million increase in fees from deposit services. Partially offsetting these increases in noninterest income were a $9.0 million decrease in mortgage loan servicing income and a $6.5 million decrease in income from mortgage banking activities. Net gains on investment securities of $11.2 million for the year of 2025 were primarily due to net unrealized fair value gains on equity securities. Net losses on investment securities of $7.7 million for the year of 2024 included $16.0 million in losses on sales of available for sale ("AFS") investment securities partially offset by a $6.9 million gain on the VISA share exchange. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments and policies added from the acquisition. Increases in fees from brokerage services and in fees from deposit services were primarily due to higher volume. The decrease in mortgage loan servicing income was due to sales of mortgage servicing rights ("MSRs") in 2024. The decrease in income from mortgage banking activities was primarily due to lower mortgage production in 2025.

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United Bankshares, Inc. Announces…

January 22, 2026

Page Five

Noninterest expense for the year of 2025 was $600.1 million, which included $12.7 million in merger-related expenses, while noninterest expense was $545.0 million for the year of 2024, which included $2.9 million in merger-related expenses. Employee compensation increased $17.4 million for the year of 2025 primarily due to $1.5 million in merger-related expenses, higher employee headcount mainly from the acquisition, and higher employee incentives partially offset by lower commissions driven by a decrease in mortgage production. Other noninterest expense increased $14.2 million, driven by $7.0 million in merger-related expenses recognized during the year of 2025 as compared to $2.9 million for the year of 2024, a $2.6 million increase in tax credit amortization, and higher amounts of certain other general operating costs. The expense for the reserve for unfunded loan commitments for the year of 2025 increased $10.0 million from the year of 2024 due in large part to $4.1 million in merger-related expenses from the Piedmont acquisition. Additionally, increases in several other categories of noninterest expense mainly from the acquisition were partially offset by a $2.7 million decrease in Federal Deposit Insurance Corporation ("FDIC") insurance expense primarily related to the special assessment and a $2.4 million decrease in mortgage loan servicing expense due to the aforementioned sales in 2024.

For the year of 2025, income tax expense was $118.8 million as compared to $91.6 million for the year of 2024. The increase of $27.2 million was primarily due to higher earnings and a higher effective tax rate. United's effective tax rate was 20.4% for the year of 2025 and 19.7% for the year of 2024. The effective tax rates for the years of 2025 and 2024 reflect the impact of provision to return adjustments during each period. Additionally, the effective tax rate for the year of 2024 reflects the impact of discrete tax benefits recognized in the second quarter of 2024.

***Credit Quality***

At December 31, 2025, non-performing loans ("NPLs") were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total non-performing assets ("NPAs") were $110.3 million, including other real estate owned ("OREO") of $8.9 million, or 0.33% of total assets at December 31, 2025. At September 30, 2025, NPLs were $116.9 million, or 0.48% of loans & leases, net of unearned income. Total NPAs were $123.8 million, including OREO of $6.9 million, or 0.37% of total assets at September 30, 2025. At December 31, 2024, NPLs were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total NPAs were $73.7 million, including OREO of $327 thousand, or 0.25% of total assets at December 31, 2024.

As of December 31, 2025, the allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income. At September 30, 2025, the allowance for loan & lease losses was $300.1 million, or 1.22% of loans & leases, net of unearned income. The decrease in the allowance for loan and lease losses from September 30, 2025, to December 31, 2025, was driven by improved collateral valuations of certain individually assessed loans and resolutions of certain individually assessed loans. At December 31, 2024, the allowance for loan & lease losses was $271.8 million, or 1.25% of loans & leases, net of unearned income. During the first quarter of 2025, United recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont purchased credit deteriorated ("PCD") loans of $17.5 million.

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United Bankshares, Inc. Announces…

January 22, 2026

Page Six

Net charge-offs were $9.3 million, or 0.15% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2025. Net charge-offs were $20.0 million, or 0.33% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2025. Net charge-offs were $5.6 million, or 0.10% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2024. Net charge-offs were $45.7 million, or 0.19% on an annualized basis as a percentage of average loans & leases, net of unearned income for the year of 2025. Net charge-offs were $12.5 million, or 0.06% on an annualized basis as a percentage of average loans & leases, net of unearned income for the year of 2024.

***Capital***

United continues to be well-capitalized based upon regulatory guidelines. United's estimated risk-based capital ratio is 15.7% at December 31, 2025, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.4%, 13.4%, and 11.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%.

During the fourth quarter of 2025, United repurchased, under previously announced stock repurchase plans, approximately 1.3 million shares of its common stock at an average price per share of $36.49. During the year of 2025, United repurchased, under previously announced stock repurchase plans, approximately 3.6 million shares of its common stock at an average price per share of $35.24. United did not repurchase any shares of its common stock during 2024.

***About United Bankshares, Inc.***

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of December 31, 2025. United is the 41st largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit *<u>ubsi-inc.com</u>*.

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United Bankshares, Inc. Announces…

January 22, 2026

Page Seven

*<u>Cautionary Statements</u>*

*The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its December 31, 2025 consolidated financial statements on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2025 and will adjust amounts preliminarily reported, if necessary.* 

*<u>Use of non-GAAP Financial Measures</u>*

*This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP"). Generally, United has presented these "non-GAAP" financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United's results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United's management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.* 

*Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United's results of operations or financial position.* 

*Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United's management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.* 

*Tangible equity is calculated as GAAP total shareholders' equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United's capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the "permanent" items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.* 

*Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.* 

*<u>Forward-Looking Statements</u>*

*In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words "expect," "may," "could," "intend," "project," "estimate," "believe," "anticipate," and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these "forward-looking statements." The following factors, among others, could cause the actual results of United's operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United's systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United's business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United's expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.* 

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**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **<u>EARNINGS SUMMARY</u>:** | **December**<br>**2025** | **September**<br>**2025** | **December**<br>**2024** | **December**<br>**2025** | **December**<br>**2024** |
|  Interest income | $430053 | $430957 | $376034 | $1685853 | $1502121 |
|  Interest expense | 142596 | 150842 | 143426 | 583689 | 591053 |
|  Net interest income | 287457 | 280115 | 232608 | 1102164 | 911068 |
|  Provision for credit losses | 6779 | 12095 | 6691 | 53866 | 25153 |
|  Noninterest income | 30936 | 43204 | 29318 | 135154 | 123695 |
|  Noninterest expense | 151718 | 146741 | 134176 | 600052 | 545031 |
|  Income before income taxes | 159896 | 164483 | 121059 | 583400 | 464579 |
|  Income taxes | 31068 | 33735 | 26651 | 118797 | 91583 |
|  Net income | $128828 | $130748 | $94408 | $464603 | $372996 |
|  **<u>PER COMMON SHARE</u>:** |  |  |  |  |  |
|  Net income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.92 | $0.92 | $0.70 | $3.28 | $2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 0.91 | 0.92 | 0.69 | 3.27 | 2.75 |
|  Cash dividends | 0.38 | 0.37 | 0.37 | $1.49 | $1.48 |
|  Book value | 39.29 | 38.58 | 36.89 |  |  |
|  Closing market price | $38.40 | $37.21 | $37.55 |  |  |
|  Common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual at period end, net of treasury shares | 139880247 | 141170258 | 135346628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average-basic | 140481274 | 141547684 | 135235641 | 141497205 | 134947592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average-diluted | 140980184 | 141960608 | 135732069 | 141827360 | 135225417 |
|  **<u>FINANCIAL RATIOS</u>:** |  |  |  |  |  |
|  Return on average assets | 1.52% | 1.57% | 1.25% | 1.41% | 1.26% |
|  Return on average shareholders' equity | 9.31% | 9.58% | 7.48% | 8.63% | 7.61% |
|  Return on average tangible equity (non-GAAP)<sup>(1)</sup> | 14.86% | 15.45% | 12.03% | 13.95% | 12.43% |
|  Average equity to average assets | 16.35% | 16.37% | 16.72% | 16.39% | 16.57% |
|  Net interest margin | 3.83% | 3.80% | 3.49% | 3.78% | 3.49% |
| **<u>PERIOD END BALANCES</u>:** |  |  | **December 31**<br>**2025** | **September 30**<br>**2025** | **December 31**<br>**2024** |
|  Assets |  |  | $33660281 | $33407181 | $30023545 |
|  Earning assets |  |  | 30014321 | 29734793 | 26650661 |
|  Loans & leases, net of unearned income |  |  | 24709122 | 24519706 | 21673493 |
|  Loans held for sale |  |  | 31277 | 24226 | 44360 |
|  Investment securities |  |  | 3400400 | 3359524 | 3259296 |
|  Total deposits |  |  | 27060939 | 26883520 | 23961859 |
|  Shareholders' equity |  |  | 5495983 | 5445715 | 4993223 |

---

<u>Note:</u> (1) See information under the "Selected Financial Ratios" table for a reconciliation of non-GAAP measure.

------

**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

**<u>Consolidated Statements of Income</u>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December<br>2025** | **September<br>2025** | **December<br>2024** | **December<br>2025** | **December<br>2024** |
|  **Interest & Loan Fees Income (GAAP)** | $430053 | $430957 | $376034 | $1685853 | $1502121 |
|  Tax equivalent adjustment | 796 | 781 | 795 | 3150 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest & Fees Income (FTE) (non-GAAP) | 430849 | 431738 | 376829 | 1689003 | 1505483 |
|  **Interest Expense** | 142596 | 150842 | 143426 | 583689 | 591053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Income (FTE) (non-GAAP) | 288253 | 280896 | 233403 | 1105314 | 914430 |
|  **Provision for Credit Losses** | 6779 | 12095 | 6691 | 53866 | 25153 |
|  **Noninterest Income:** |  |  |  |  |  |
|  Fees from trust services | 5079 | 4970 | 5156 | 19762 | 19450 |
|  Fees from brokerage services | 5958 | 6264 | 4978 | 22729 | 20277 |
|  Fees from deposit services | 9879 | 10145 | 9473 | 38995 | 37183 |
|  Bankcard fees and merchant discounts | 2202 | 1858 | 2056 | 7913 | 7059 |
|  Other charges, commissions, and fees | 1211 | 1183 | 868 | 4629 | 3485 |
|  Income from bank-owned life insurance | 2751 | 3460 | 3226 | 13199 | 11225 |
|  Income from mortgage banking activities | 1990 | 2495 | 2314 | 9567 | 16057 |
|  Mortgage loan servicing income |  |  |  |  | 8957 |
|  Net (losses) gains on investment securities | (218) | 10442 | (688) | 11170 | (7720) |
|  Other noninterest income | 2084 | 2387 | 1935 | 7190 | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Noninterest Income | 30936 | 43204 | 29318 | 135154 | 123695 |
|  **Noninterest Expense:** |  |  |  |  |  |
|  Employee compensation | 64167 | 64092 | 58343 | 252054 | 234618 |
|  Employee benefits | 12967 | 14641 | 13719 | 54333 | 53621 |
|  Net occupancy | 12180 | 12488 | 11070 | 49794 | 46084 |
|  Data processing | 8080 | 8135 | 7437 | 32622 | 29646 |
|  Amortization of intangibles | 2340 | 2340 | 910 | 9363 | 3639 |
|  OREO expense | 433 | 201 | 45 | 892 | 576 |
|  Net (gains) losses on the sale of OREO properties | (153) |  | 10 | (148) | (75) |
|  Equipment expense | 9244 | 8540 | 7474 | 34917 | 29686 |
|  FDIC insurance expense | 3417 | 4345 | 3884 | 17022 | 19735 |
|  Mortgage loan servicing expense and impairment |  |  |  |  | 2429 |
|  Expense for the reserve for unfunded loan commitments | 2436 | (3181) | (3062) | 164 | (9795) |
|  Other noninterest expense | 36607 | 35140 | 34346 | 149039 | 134867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Noninterest Expense | 151718 | 146741 | 134176 | 600052 | 545031 |
|  **Income Before Income Taxes (FTE) (non-GAAP)** | 160692 | 165264 | 121854 | 586550 | 467941 |
|  Tax equivalent adjustment | 796 | 781 | 795 | 3150 | 3362 |
|  **Income Before Income Taxes (GAAP)** | 159896 | 164483 | 121059 | 583400 | 464579 |
|  Taxes | 31068 | 33735 | 26651 | 118797 | 91583 |
|  **Net Income** | $128828 | $130748 | $94408 | $464603 | $372996 |
|  **MEMO: Effective Tax Rate** | 19.43% | 20.51% | 22.01% | 20.36% | 19.71% |

---

------

**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

**<u>Consolidated Balance Sheets</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31<br>2025** | **September 30<br>2025** | **December 31<br>2024** |
|  Cash & Cash Equivalents | $2542250 | $2518719 | $2292244 |
|  Securities Available for Sale | 3059452 | 3023976 | 2959719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for credit losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net available for sale securities | 3059452 | 3023976 | 2959719 |
|  Securities Held to Maturity | 1020 | 1020 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for credit losses | (16) | (17) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net held to maturity securities | 1004 | 1003 | 1002 |
|  Equity Securities | 34760 | 34694 | 21058 |
|  Other Investment Securities | 305184 | 299851 | 277517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Securities | 3400400 | 3359524 | 3259296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Cash and Securities | 5942650 | 5878243 | 5551540 |
|  Loans held for sale | 31277 | 24226 | 44360 |
|  Commercial Loans & Leases | 19049978 | 18903200 | 16152453 |
|  Mortgage Loans | 4854418 | 4802370 | 4702720 |
|  Consumer Loans | 816224 | 825585 | 825325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Loans | 24720620 | 24531155 | 21680498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned income | (11498) | (11449) | (7005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans & Leases, net of unearned income | 24709122 | 24519706 | 21673493 |
|  Allowance for Loan & Lease Losses | (297518) | (300050) | (271844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Loans | 24411604 | 24219656 | 21401649 |
|  Goodwill | 2018848 | 2018864 | 1888889 |
|  Other Intangibles | 32267 | 34608 | 8866 |
|  Operating Lease Right-of-Use Asset | 89312 | 89967 | 81742 |
|  Other Real Estate Owned | 8857 | 6891 | 327 |
|  Bank Owned Life Insurance | 547127 | 544979 | 497181 |
|  Other Assets | 578339 | 589747 | 548991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $33660281 | $33407181 | $30023545 |
|  **MEMO: Interest-earning Assets** | $30014321 | $29734793 | $26650661 |
|  Interest-bearing Deposits | $20487309 | $20295609 | $17826446 |
|  Noninterest-bearing Deposits | 6573630 | 6587911 | 6135413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Deposits | 27060939 | 26883520 | 23961859 |
|  Short-term Borrowings | 198573 | 169013 | 176090 |
|  Long-term Borrowings | 531817 | 531418 | 540420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Borrowings | 730390 | 700431 | 716510 |
|  Operating Lease Liability | 95392 | 95901 | 86771 |
|  Other Liabilities | 277577 | 281614 | 265182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 28164298 | 27961466 | 25030322 |
|  Preferred Equity |  |  |  |
|  Common Equity | 5495983 | 5445715 | 4993223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Shareholders' Equity** | 5495983 | 5445715 | 4993223 |
|  **Total Liabilities & Equity** | $33660281 | $33407181 | $30023545 |
|  **MEMO: Interest-bearing Liabilities** | $21217699 | $20996040 | $18542956 |

---

------

**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

**<u>Consolidated Average Balance Sheets</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 2025<br>Q-T-D Average** | **September 2025<br>Q-T-D Average** | **December 2024<br>Q-T-D Average** |
|  Cash & Cash Equivalents | $2564586 | $2396950 | $2036079 |
|  Securities Available for Sale | 3023817 | 3063171 | 3245428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for credit losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net available for sale securities | 3023817 | 3063171 | 3245428 |
|  Securities Held to Maturity | 1020 | 1020 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for credit losses | (17) | (18) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net held to maturity securities | 1003 | 1002 | 1001 |
|  Equity Securities | 34840 | 22157 | 9012 |
|  Other Investment Securities | 302743 | 302668 | 288453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Securities | 3362403 | 3388998 | 3543894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Cash and Securities | 5926989 | 5785948 | 5579973 |
|  Loans held for sale | 28415 | 30368 | 45143 |
|  Commercial Loans & Leases | 19010060 | 18683691 | 16093104 |
|  Mortgage Loans | 4822219 | 4772913 | 4709802 |
|  Consumer Loans | 855928 | 846488 | 873961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Loans | 24688207 | 24303092 | 21676867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned income | (12551) | (12177) | (8862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans & Leases, net of unearned income | 24675656 | 24290915 | 21668005 |
|  Allowance for Loan & Lease Losses | (299908) | (307983) | (270751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Loans | 24375748 | 23982932 | 21397254 |
|  Goodwill | 2018863 | 2018948 | 1888889 |
|  Other Intangibles | 33785 | 36134 | 9446 |
|  Operating Lease Right-of-Use Asset | 90208 | 89820 | 82505 |
|  Other Real Estate Owned | 7437 | 6414 | 190 |
|  Bank Owned Life Insurance | 545754 | 542684 | 495839 |
|  Other Assets | 560192 | 576522 | 513487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $33587391 | $33069770 | $30012726 |
|  **MEMO: Interest-earning Assets** | $29948501 | $29419570 | $26687835 |
|  Interest-bearing Deposits | $20419740 | $20020573 | $17871685 |
|  Noninterest-bearing Deposits | 6657360 | 6614586 | 6099264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Deposits | 27077100 | 26635159 | 23970949 |
|  Short-term Borrowings | 167660 | 155966 | 180070 |
|  Long-term Borrowings | 531594 | 544020 | 540247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Borrowings | 699254 | 699986 | 720317 |
|  Operating Lease Liability | 96175 | 95686 | 87935 |
|  Other Liabilities | 222854 | 225479 | 214456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 28095383 | 27656310 | 24993657 |
|  Preferred Equity |  |  |  |
|  Common Equity | 5492008 | 5413460 | 5019069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Shareholders' Equity** | 5492008 | 5413460 | 5019069 |
|  **Total Liabilities & Equity** | $33587391 | $33069770 | $30012726 |
|  **MEMO: Interest-bearing Liabilities** | $21118994 | $20720559 | $18592002 |

---

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**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Quarterly/Year-to-Date Share Data:** | **December**<br>**2025** | **September**<br>**2025** | **December**<br>**2024** | **December**<br>**2025** | **December**<br>**2024** |
|  **Earnings Per Share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.92 | $0.92 | $0.70 | $3.28 | $2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.91 | $0.92 | $0.69 | $3.27 | $2.75 |
|  **Common Dividend Declared Per Share** | $0.38 | $0.37 | $0.37 | $1.49 | $1.48 |
|  High Common Stock Price | $40.52 | $39.11 | $44.43 | $40.52 | $44.43 |
|  Low Common Stock Price | $34.10 | $34.48 | $35.31 | $30.50 | $30.68 |
|  **Average Shares Outstanding (Net of Treasury Stock):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 140481274 | 141547684 | 135235641 | 141497205 | 134947592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 140980184 | 141960608 | 135732069 | 141827360 | 135225417 |
|  Common Dividends | $53458 | $52462 | $50259 | $212002 | $200889 |
|  Dividend Payout Ratio | 41.50% | 40.12% | 53.24% | 45.63% | 53.86% |
| **EOP Share Data:** |  |  | **December 31<br>2025** | **September 30<br>2025** | **December 31<br>2024** |
|  Book Value Per Share |  |  | $39.29 | $38.58 | $36.89 |
|  Tangible Book Value Per Share (non-GAAP) <sup>(1)</sup> |  |  | $24.63 | $24.03 | $22.87 |
|  52-week High Common Stock Price |  |  | $40.52 | $44.43 | $44.43 |
|  Date |  |  | 12/18/25 | 11/25/24 | 11/25/24 |
|  52-week Low Common Stock Price |  |  | $30.50 | $30.50 | $30.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date |  |  | 04/04/25 | 04/04/25 | 06/11/24 |
|  **<u>EOP Shares Outstanding (Net of Treasury Stock):</u>** |  |  | 139880247 | 141170258 | 135346628 |
|  **<u>Memorandum Items</u>:** |  |  |  |  |  |
|  Employees (full-time equivalent) |  |  | 2740 | 2779 | 2591 |
|  <u>Note:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tangible Book Value Per Share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholders' Equity (GAAP) |  |  | $5495983 | $5445715 | $4993223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Total Intangibles |  |  | (2051115) | (2053472) | (1897755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Equity (non-GAAP) |  |  | $3444868 | $3392243 | $3095468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ÷ EOP Shares Outstanding (Net of Treasury Stock) |  |  | 139880247 | 141170258 | 135346628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Book Value Per Share (non-GAAP) |  |  | $24.63 | $24.03 | $22.87 |

---

------

**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**December 2025** | **Three Months Ended**<br>**December 2025** | **Three Months Ended**<br>**December 2025** | **Three Months Ended**<br>**September 2025** | **Three Months Ended**<br>**September 2025** | **Three Months Ended**<br>**September 2025** | **Three Months Ended**<br>**December 2024** | **Three Months Ended**<br>**December 2024** | **Three Months Ended**<br>**December 2024** |
| **Selected Average Balances and Yields:** | **Average<br>Balance** | **Interest<sup>(1)</sup>** | **Average<br>Rate<sup>(1)</sup>** | **Average<br>Balance** | **Interest<sup>(1)</sup>** | **Average<br>Rate<sup>(1)</sup>** | **Average<br>Balance** | **Interest<sup>(1)</sup>** | **Average<br>Rate<sup>(1)</sup>** |
|  **ASSETS:** |  |  |  |  |  |  |  |  |  |
|  Earning Assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds sold and securities purchased under<br> agreements to resell and other short-term investments | $2304536 | $23288 | 4.01% | $2137694 | $24053 | 4.46% | $1807207 | $21876 | 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable | 3036563 | 26139 | 3.44% | 3073283 | 27509 | 3.58% | 3242979 | 29244 | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt | 203239 | 1502 | 2.96% | 195293 | 1522 | 3.12% | 195252 | 1374 | 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total securities | 3239802 | 27641 | 3.41% | 3268576 | 29031 | 3.55% | 3438231 | 30618 | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and loans held for sale, net of unearned income <sup>(2)</sup> | 24704071 | 379920 | 6.11% | 24321283 | 378654 | 6.18% | 21713148 | 324335 | 5.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (299908) |  |  | (307983) |  |  | (270751) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans and loans held for sale | 24404163 |  | 6.18% | 24013300 |  | 6.26% | 21442397 |  | 6.02% |
|  Total earning assets | 29948501 | $430849 | 5.72% | 29419570 | $431738 | 5.83% | 26687835 | $376829 | 5.62% |
|  Other assets | 3638890 |  |  | 3650200 |  |  | 3324891 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS | $33587391 |  |  | $33069770 |  |  | $30012726 |  |  |
|  **LIABILITIES:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | $20419740 | $135602 | 2.63% | $20020573 | $143445 | 2.84% | $17871685 | $135690 | 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | 167660 | 1443 | 3.42% | 155966 | 1420 | 3.61% | 180070 | 1630 | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | 531594 | 5551 | 4.14% | 544020 | 5977 | 4.36% | 540247 | 6106 | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | 21118994 | 142596 | 2.68% | 20720559 | 150842 | 2.89% | 18592002 | 143426 | 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 6657360 |  |  | 6614586 |  |  | 6099264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 319029 |  |  | 321165 |  |  | 302391 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES | 28095383 |  |  | 27656310 |  |  | 24993657 |  |  |
|  **SHAREHOLDERS' EQUITY** | 5492008 |  |  | 5413460 |  |  | 5019069 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $33587391 |  |  | $33069770 |  |  | $30012726 |  |  |
|  **NET INTEREST INCOME** |  | $288253 |  |  | $280896 |  |  | $233403 |  |
|  **INTEREST RATE SPREAD** |  |  | 3.04% |  |  | 2.94% |  |  | 2.55% |
|  **NET INTEREST MARGIN** |  |  | 3.83% |  |  | 3.80% |  |  | 3.49% |

---

(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

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**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 2025** | **Year Ended**<br>**December 2025** | **Year Ended**<br>**December 2025** | **Year Ended**<br>**December 2024** | **Year Ended**<br>**December 2024** | **Year Ended**<br>**December 2024** |
| **Selected Average Balances and Yields:** | **Average<br>Balance** | **Interest<sup>(1)</sup>** | **Average<br>Rate<sup>(1)</sup>** | **Average<br>Balance** | **Interest<sup>(1)</sup>** | **Average<br>Rate<sup>(1)</sup>** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds sold and securities purchased under<br> agreements to resell and other short-term investments | $2150441 | $93700 | 4.36% | $1253832 | $66207 | 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable | 3045263 | 107265 | 3.52% | 3424113 | 128731 | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt | 198407 | 6045 | 3.05% | 205427 | 5796 | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total securities | 3243670 | 113310 | 3.49% | 3629540 | 134527 | 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and loans held for sale, net of unearned income <sup>(2)</sup> | 24138297 | 1481993 | 6.14% | 21612707 | 1304749 | 6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (306609) |  |  | (265171) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans and loans held for sale | 23831688 |  | 6.22% | 21347536 |  | 6.11% |
|  Total earning assets | 29225799 | $1689003 | 5.78% | 26230908 | $1505483 | 5.74% |
|  Other assets | 3632196 |  |  | 3349451 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS | $32857995 |  |  | $29580359 |  |  |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | $19856609 | $554491 | 2.79% | $17171286 | $539805 | 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | 164007 | 5801 | 3.54% | 195406 | 7966 | 4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | 545189 | 23397 | 4.29% | 1017823 | 43282 | 4.25% |
|  Total interest-bearing liabilities | 20565805 | 583689 | 2.84% | 18384515 | 591053 | 3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 6585797 |  |  | 5994009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 320801 |  |  | 300766 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES | 27472403 |  |  | 24679290 |  |  |
|  **SHAREHOLDERS' EQUITY** | 5385592 |  |  | 4901069 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $32857995 |  |  | $29580359 |  |  |
|  **NET INTEREST INCOME** |  | $1105314 |  |  | $914430 |  |
|  **INTEREST RATE SPREAD** |  |  | 2.94% |  |  | 2.53% |
|  **NET INTEREST MARGIN** |  |  | 3.78% |  |  | 3.49% |

---

(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

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**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Selected Financial Ratios:** | **December<br>2025** | **September<br>2025** | **December**<br>**2024** | **December**<br>**2025** | **December**<br>**2024** |
|  Return on Average Assets | 1.52% | 1.57% | 1.25% | 1.41% | 1.26% |
|  Return on Average Shareholders' Equity | 9.31% | 9.58% | 7.48% | 8.63% | 7.61% |
|  Return on Average Tangible Equity (non-GAAP) <sup>(1)</sup> | 14.86% | 15.45% | 12.03% | 13.95% | 12.43% |
|  Efficiency Ratio | 47.65% | 45.39% | 51.23% | 48.50% | 52.67% |
|  Price / Earnings Ratio | 10.62x | 10.21x | 13.53x | 11.75x | 13.64x |
|  <u>Note:</u> |  |  |  |  |  |
| (1) Return on Average Tangible Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net Income (GAAP) | $128828 | $130748 | $94408 | $464603 | $372996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Number of Days | 92 | 92 | 92 | 365 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Total Shareholders' Equity (GAAP) | $5492008 | $5413460 | $5019069 | $5385592 | $4901069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Average Total Intangibles | (2052648) | (2055082) | (1898335) | (2054531) | (1899704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Average Tangible Equity (non-GAAP) | $3439360 | $3358378 | $3120734 | $3331061 | $3001365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on Average Tangible Equity (non-GAAP)<br> [(a) / (b)] x 365 or 366 / (c) | 14.86% | 15.45% | 12.03% | 13.95% | 12.43% |
|  |  |  | **December 31**<br>**2025** | **September 30**<br>**2025** | **December 31**<br>**2024** |
| **Selected Financial Ratios:** |  |  |  |  |  |
|  Loans & Leases, net of unearned income / Deposit Ratio |  |  | 91.31% | 91.21% | 90.45% |
|  Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income |  |  | 1.20% | 1.22% | 1.25% |
|  Allowance for Credit Losses <sup>(2)</sup>/ Loans & Leases, net of unearned income |  |  | 1.35% | 1.36% | 1.42% |
|  Nonaccrual Loans / Loans & Leases, net of unearned income |  |  | 0.39% | 0.45% | 0.26% |
|  90-Day Past Due Loans/ Loans & Leases, net of unearned income |  |  | 0.02% | 0.03% | 0.08% |
|  Non-performing Loans/ Loans & Leases, net of unearned income |  |  | 0.41% | 0.48% | 0.34% |
|  Non-performing Assets/ Total Assets |  |  | 0.33% | 0.37% | 0.25% |
|  Primary Capital Ratio |  |  | 17.15% | 17.13% | 17.47% |
|  Shareholders' Equity Ratio |  |  | 16.33% | 16.30% | 16.63% |
|  Price / Book Ratio |  |  | 0.98x | 0.96x | 1.02x |

---

<u>Note:</u> 

(2) Includes allowances for loan losses and lending-related commitments.

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**UNITED BANKSHARES, INC. AND SUBSIDIARIES** 

**Washington, D.C. and Charleston, WV** 

**Stock Symbol: UBSI** 

**(In Thousands Except for Per Share Data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Mortgage Banking Data:** | **December<br>2025** | **September<br>2025** | **December<br>2024** | **December<br>2025** | **December<br>2024** |
|  Loans originated | $87134 | $91228 | $132381 | $370856 | $645942 |
|  Loans sold | 80083 | 104055 | 134514 | 383939 | 657843 |
| **Asset Quality Data:** |  |  | **December 31<br>2025** | **September 30<br>2025** | **December 31<br>2024** |
|  EOP Non-Accrual Loans |  |  | $96492 | $110236 | $56460 |
|  EOP 90-Day Past Due Loans |  |  | 4974 | 6631 | 16940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total EOP Non-performing Loans |  |  | $101466 | $116867 | $73400 |
|  EOP Other Real Estate Owned |  |  | 8857 | 6891 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total EOP Non-performing Assets |  |  | $110323 | $123758 | $73727 |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Allowance for Loan & Lease Losses:** | **December<br>2025** | **September<br>2025** | **December<br>2024** | **December<br>2025** | **December<br>2024** |
|  Beginning Balance | $300050 | $307962 | $270767 | $271844 | $259237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial allowance for acquired PCD loans |  |  |  | 17518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Charge-offs | (11179) | (21790) | (6509) | (50912) | (17530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoveries | 1867 | 1782 | 894 | 5200 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Charge-offs | (9312) | (20008) | (5615) | (45712) | (12545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for Loan & Lease Losses <sup>(1)</sup> | 6780 | 12096 | 6692 | 53868 | 25152 |
|  Ending Balance | $297518 | $300050 | $271844 | $297518 | $271844 |
|  Reserve for lending-related commitments | 35075 | 32639 | 34911 | 35075 | 34911 |
|  Allowance for Credit Losses <sup>(2)</sup> | $332593 | $332689 | $306755 | $332593 | $306755 |

---

<u>Notes:</u> 

(1) Year of 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans.

(2) Includes allowances for loan losses and lending-related commitments.

## Exhibit 99.2

![](g74461ex99_2p1g1.jpg)

Exhibit 99.2 United Bankshares, Inc. (UBSI) Fourth Quarter & Fiscal Year 2025 Earnings Review January 22, 2026

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![](g74461ex99_2p2g1.jpg)

FORWARD LOOKING STATEMENTS This presentation and statements made by United Bankshares, Inc. ("UBSI") and its management contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) projections of income, expenses, provision expense, capital structure and other financial information; (ii) UBSI's plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iii) other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "targets," "projects," "will," or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of UBSI and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of UBSI. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of UBSI, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of UBSI's systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of UBSI's business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for UBSI common stock that may or may not reflect economic condition or performance of UBSI; (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and (14) other factors that may affect future results of UBSI, as disclosed in UBSI's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by UBSI with the U.S. Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements. UBSI cautions that the foregoing list of factors is not exclusive. UBSI does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. 2

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![](g74461ex99_2p3g1.jpg)

2025 HIGHLIGHTS • Achieved record Net Income of $464.6 million and record Diluted Earnings Per Share of $3.27 for FY 2025 • Generated Return on Average Assets of 1.41%, Return on Average Equity of 8.63%, and Return on Average Tangible Equity\* of 13.95% nd • Increased dividends to shareholders for the 52 consecutive year (current dividend yield of ~3.7% based upon recent prices) • Returned capital through $212 million of common dividends and $126 million of share repurchases (repurchased 3.6 million shares during 2025 and remain active in 2026) • Closed the merger with Piedmont Bancorp, Inc. during 1Q25, expanding into the Greater Atlanta Area and acquiring ~$2.4 billion in assets, ~$2.1 billion in loans, and ~$2.1 billion in deposits • Achieved full-year period-end loan growth of $1.0 billion (4.7%) and deposit growth of $1.0 billion (4.1%), excluding the balances acquired in the Piedmont merger • Net Interest Margin (FTE) increased to 3.78%, up from 3.49% in FY 2024 • Consistently ranked as one of the most trustworthy banks in America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024 & 2025) • Asset quality remains sound with Non-Performing Assets to Total Assets of 0.33% • Strong expense control with an efficiency ratio of 48.50% • Capital position remains robust and liquidity remains sound \*Non-GAAP measure. Refer to appendix. 3

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![](g74461ex99_2p4g1.jpg)

EARNINGS SUMMARY In thousands, except per share data Three Months Ended Year Ended 4Q25 3Q25 4Q24 2025 2024 Interest & Fees Income $430,053 $430,957 $376,034 $1,685,853 $1,502,121 Interest Expense $142,596 $150,842 $143,426 $583,689 $591,053 Net Interest Income $287,457 $280,115 $232,608 $1,102,164 $911,068 Provision for Credit Losses $6,779 $12,095 $6,691 $53,866 $25,153 Noninterest Income $30,936 $43,204 $29,318 $135,154 $123,695 Noninterest Expense $151,718 $146,741 $134,176 $600,052 $545,031 Income Before Income Taxes $159,896 $164,483 $121,059 $583,400 $464,579 Income Taxes $31,068 $33,735 $26,651 $118,797 $91,583 Net Income $128,828 $130,748 $94,408 $464,603 $372,996 Diluted EPS $0.91 $0.92 $0.69 $3.27 $2.75 Weighted Average Diluted Shares 140,980 141,961 135,732 141,827 135,225 Notes Merger-Related Expenses (before tax) $- $51 $1,264 $31,407 $2,870 Linked-Quarter (LQ) • Net Income was $128.8 million in 4Q25 compared to $130.7 million in 3Q25, with diluted EPS of $0.91 in 4Q25 compared to $0.92 in 3Q25. • Net Interest Income increased $7.3 million driven by a lower average rate paid on deposits and loan growth, partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. • Provision Expense was $6.8 million in 4Q25 compared to $12.1 million in 3Q25. • Noninterest Income decreased $12.3 million compared to 3Q25. 3Q25 included net gains on investment securities of $10.4 million, primarily due to unrealized fair value gains on equity securities, as compared to net losses on investment securities of $0.2 million in 4Q25. • Noninterest Expense increased $5.0 million compared to 3Q25 driven by an increase of $5.6 million in the expense for the reserve for unfunded loan commitments ($2.4 million expense in 4Q25 as compared to a net benefit of $3.2 million in 3Q25). Additionally, employee benefits decreased $1.7 million while other noninterest expense increased $1.5 million due to various factors. • Income Taxes decreased $2.7 million primarily due to the effective tax rate declining from 20.5% to 19.4% driven by provision to return adjustments in 4Q25. 4

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![](g74461ex99_2p5g1.jpg)

PERFORMANCE RATIOS Strong profitability and expense control Return on Average Assets Efficiency Ratio 60.00% 1.60% 1.40% 50.00% 1.20% 40.00% 1.00% 30.00% 0.80% 0.60% 20.00% 0.40% 10.00% 0.20% 0.00% 0.00% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Return on Average Return on Average Common Equity Tangible Equity\* 10.00% 16.00% 14.00% 8.00% 12.00% 10.00% 6.00% 8.00% 4.00% 6.00% 4.00% 2.00% 2.00% 0.00% 0.00% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 \*Non-GAAP measure. Refer to appendix. FY 2021 was impacted by pre-tax merger-related expenses of $21.4 million, offset by CECL ACL releases. FY 2023 was impacted by a $12.0 million expense related to the FDIC's special assessment levied on banking organizations to recover losses to the Deposit Insurance Fund and a $7.2 million loss on the sale of AFS investment securities, offset by an 5 $8.1 million gain on sale of mortgage servicing rights. FY 2025 was impacted by pre-tax merger related expenses of $30.0 million and net gains on investment securities of $11.2 million primarily due to unrealized fair value gains on equity securities.

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![](g74461ex99_2p6g1.jpg)

NET INTEREST INCOME AND MARGIN Average Yields Net Interest Income & Net Interest Margin 7.00% $300 4.50% $275 4.00% 6.00% $250 3.50% $225 5.00% $200 3.00% $175 2.50% 4.00% $150 2.00% $125 3.00% $100 1.50% $75 1.00% 2.00% $50 0.50% $25 1.00% $0 0.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Loan PA Accretion 2.0 6.0 11.8 7.5 8.5 0.00% Net Interest Income (FTE), 4Q24 1Q25 2Q25 3Q25 4Q25 231.4 254.8 263.6 273.4 279.8 excluding loan accretion Net Loans Investment Securities Interest-Bearing Deposits Net Interest Margin (FTE) 3.49% 3.69% 3.81% 3.80% 3.83% $ in millions • Reported Net Interest Margin increased from 3.80% to 3.83% LQ. • Linked-quarter Net Interest Income (FTE) increased $7.3 million driven by a lower average rate paid on deposits and loan growth, partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. • Approximately ~51% of the loan portfolio is fixed rate and ~49% is adjustable rate, while ~37% of the total portfolio is projected to reprice within the next 3 months. • ~11% of the securities portfolio is floating rate. Securities balances of approximately ~$589 million with an average yield of ~3.7% are projected to roll off during FY 2026. HTM securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 4.0 years. • Time deposits have an average maturity of ~5 months. Approximately ~13% of total deposits have interest rates tied to a floating rate index. • Scheduled purchase accounting loan accretion is estimated at ~$18 million for FY 2026 and ~$11 million for FY 2027. 6

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LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE) ($ in millions) Loans, EOP 4Q25 % of Total LQ Change Owner Occupied CRE $2 ,146 8.7% $31 $26,000 $24,721 $24,531 Non Owner Occupied CRE $8 ,344 33.8% $(48) $24,061 $23,874 $24,000 Commercial $3 ,785 15.3% $205 $21,680 Residential Real Estate $6 ,098 24.7% $88 $22,000 Construction & Land Dev. $3,571 14.4% $(80) $20,000 Bankcard $10 0.0% $0 $18,000 Consumer $767 3.1% $(6) $16,000 Total Gross Loans $24,721 100.0% $189 $14,000 • Linked-Quarter loan balances increased $189 million driven by Commercial $12,000 loans and Residential Real Estate loans. $10,000 • Non Owner Occupied CRE to Total Risk Based Capital was ~288% at 4Q25. 4Q24 1Q25 2Q25 3Q25 4Q25 CRE portfolio remains diversified among underlying collateral types. $ in millions • Non Owner Occupied Office loans total ~$0.7 billion (~3.0% of total loans). The Top 60 Office loans make up ~75% of total Non Owner Occupied Office Non Owner Occupied CRE balances. The weighted average LTV at origination for the Top 60 was ~63%. Other United has been disciplined in its approach to underwriting Office loans. The Industrial 7% 6% stringent underwriting process focuses on the underlying tenants, lease Self Storage Retail terms, sponsor support, location, property class, amenities, etc. Hospitality 6% 16% 16% • Weighted average FICO of all consumer-related loan sectors is ~763. Special Purpose • Fixed rate loans maturing within 12 months total ~$2.2 billion at a weighted 6% average rate of ~5.3%. Fixed rate loans maturing within 13-24 months total Multifamily 28% ~$1.7 billion at a weighted average rate of ~5.2%. Office • Total purchase accounting-related fair value discount on loans was ~$57 9% million as of 12/31/25. Mixed Use 6% 7

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LOAN PORTFOLIO GEOGRAPHIC DETAILS Diversified portfolio with strong underwriting practices and ongoing monitoring Total Loans Loan Segments Residential Other Total Loans CRE NOO CRE OO C&D C&I Real Estate Consumer Total Loans ($ Billions) 8.3 2.1 24.7 3.6 3.8 6.1 0.8 % of Total Loans 100% 34% 9% 14% 15% 25% 3% Geographic location Southeast 43% 45% 51% 68% 16% 41% 12% Metro DC / Baltimore 35% 41% 25% 21% 33% 43% 18% WV / OH / PA / 19% 12% 22% 8% 43% 13% 57% Shenandoah Valley Other 3% 2% 2% 3% 8% 2% 13% Shading indicates areas with outstanding Total 100% 100% 100% 100% 100% 100% 100% loans. Color coding represents the geographies noted in the table. Select Portfolio Details: Indicates United office location • Total NOO Office loans represent $0.7 billion, or only ~3.0% of total loans, with ~52% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. The ALLL associated with the NOO Office portfolio was $54.1 million (7.3% of total NOO Office loans) at 12/31/25. • C&I Government Contracting loans represent only ~0.6% of total loans. Our Government Contracting loans are concentrated in blue-chip companies with the top 4 borrowers comprising >80% of the portfolio with credit ratings of BB+ or better. • Total Residential Real Estate loans have an overall weighted average FICO of ~762, with a weighted average FICO of ~766 in the Washington DC MSA. The Washington DC MSA continues to be impacted by a lack of single-family housing inventory supply. • Loans to Nondepository Financial Institutions (NDFIs) total $0.4 billion, or only ~1.5% of total loans. \*Data as of 12/31/25; Geographic locations based on collateral address, if applicable, or originating office location. 8

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CREDIT QUALITY End of Period Balances (000s) 9/30/25 12/31/25 Non-Accrual Loans $110,236 $96,492 90-Day Past Due Loans $6,631 $4,974 Total Non-performing Loans $116,867 $101,466 Other Real Estate Owned $6,891 $8,857 Total Non-performing Assets $123,758 $110,323 Non-performing Loans / Loans 0.48% 0.41% Non-performing Assets / Total Assets 0.37% 0.33% Annualized Net Charge-offs / Average Loans 0.33% 0.15% Allowance for Loan & Lease Losses (ALLL) $300,050 $297,518 ALLL / Loans, net of unearned income 1.22% 1.20% Allowance for Credit Losses (ACL)\* $332,689 $332,593 ACL / Loans, net of unearned income 1.36% 1.35% • NPAs were $110.3 million at 12/31/25 compared to $123.8 million at 9/30/25 with the ratio of NPAs to Total Assets decreasing from 0.37% to 0.33%. • 30-89 Day Past Due loans were 0.22% of total loans at 12/31/25 compared to 0.31% at 9/30/25. • ALLL as a percentage of Total Loans decreased from 1.22% to 1.20% LQ. \*ACL is comprised of ALLL and the reserve for lending-related commitments 9

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DEPOSIT SUMMARY ($ in millions) Deposits, EOP 4Q25 % of Total LQ Change Non Interest Bearing $6,574 24.3% $(14) $28,000 $27,061 $26,884 $26,365 $26,336 Interest Bearing Transaction $6,658 24.6% $236 $26,000 Regular Savings $1,265 4.7% $(2) $23,962 $24,000 Money Market Accounts $7,836 29.0% $(51) $22,000 Time Deposits < $100,000 $1,364 5.0% $(12) $20,000 Time Deposits > $100,000 $3,365 12.4% $20 $18,000 Total Deposits $27,061 100.0% $177 $16,000 • Strong core deposit base with 24% of deposits in Non Interest Bearing accounts. $14,000 • LQ deposits increased $177 million driven by Interest Bearing Transaction $12,000 accounts. • Cumulative interest bearing deposit beta of ~47% and total deposit beta of ~33% $10,000 since 3Q24. 4Q24 1Q25 2Q25 3Q25 4Q25 • Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base. Average Deposits $22,000 Top 10 MSAs by Deposits\* (as of 6/30/25) $20,000 $18,000 Total Deposits Number of $16,000 MSA In MSA ($000) Branches Rank $14,000 10,482,772 Washington, DC 57 7 $12,000 1,568,631 6 1 Morgantown, WV $10,000 1,501,472 5 2 Charleston, WV $8,000 1,312,956 11 17 $6,000 Atlanta, GA $4,000 818,435 13 9 Richmond, VA $2,000 754,627 4 1 Parkersburg, WV $- 728,404 6 2 Hagerstown, MD Interest Bearing Non Interest Bearing 653,612 7 9 Myrtle Beach, SC 652,696 7 17 Charlotte, NC 4Q24 1Q25 2Q25 3Q25 4Q25 Wheeling, WV 541,685 6 2 $ in millions Source: S&P Global Market Intelligence 10

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LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL Deposit Account Details ($ in millions) End of Period Ratios / Values 12/31/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,746 32% Estimated Insured/Collateralized Deposits $18,315 68% Total Deposits $27,061 100% • Liquidity remains strong with a granular deposit base and geographic diversification. • Average deposit account size is ~$38 thousand with >700 thousand total deposit accounts. • Estimated uninsured/uncollateralized deposits were flat compared to 12/31/24 at 32% of total deposits. Available Liquidity ($ in millions) 12/31/25 Cash & Cash Equivalents $2,542 Unpledged AFS Securities $957 Available FHLB Borrowing Capacity $5,016 Available FRB Discount Window Borrowing Capacity $4,663 Subtotal $13,178 Additional FHLB Capacity (with delivery of collateral) $4,176 Additional Brokered Deposit Capacity (based on internal policy) $4,872 Total Liquidity\* $22,226 \*Does not include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. 11

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CAPITAL RATIOS AND PER SHARE DATA End of Period Ratios / Values 9/30/25 12/31/25\*\* Common Equity Tier 1 Ratio 13.4% 13.4% Tier 1 Capital Ratio 13.4% 13.4% Total Risk Based Capital Ratio 15.7% 15.7% Leverage Ratio 11.3% 11.3% Total Equity to Total Assets 16.3% 16.3% \*Tangible Equity to Tangible Assets (non-GAAP) 10.8% 10.9% Book Value Per Share $38.58 $39.29 \*Tangible Book Value Per Share (non-GAAP) $24.03 $24.63 \*Non-GAAP measure. Refer to appendix. \*\*Regulatory ratios are estimates as of the earnings release date. • Capital ratios remain significantly above regulatory "Well Capitalized" levels and exceed all internal capital targets. • United repurchased 1.3 million common shares during 4Q25 for $47.5 million as compared to 735 thousand common shares during 3Q25 for $26.5 million. • Announced a new Board-approved share repurchase plan during 4Q25 for up to 5.0 million shares (4.8 million shares were remaining as of 12/31/25). • From 01/01/26 through 01/21/26, United repurchased 495 thousand common shares for $19.3 million. • As of 01/21/26, there were 4.3 million shares available to be repurchased under the approved plan. 12

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2026 OUTLOOK Select guidance is being provided for 2026. Our outlook may change if the expectations for these items vary from current expectations. • Balance Sheet: Expect loan and deposit growth to be in the mid single digits for 2026. Loan pipelines continue to be relatively strong. Expect investment portfolio balances to be relatively flat (market dependent). • Net Interest Income: Net interest income (non-FTE) expected to be in the range of $1.145 billion to $1.175 billion (assumes two 25 bps rate cuts in 2026). Loan purchase accounting accretion is currently estimated at ~$28 million for FY 2026. • Provision Expense: Asset quality remains sound. Provision expense will be dependent on the future economic outlook, future credit trends within United's portfolio, and loan growth. Expect our credit performance to outperform the industry. Current planning assumption for provision expense for 2026 is $48 million. • Non Interest Income: Expect non interest income to be in the range of $125 million to $135 million for 2026. Mortgage banking revenue will be subject to industry trends. • Non Interest Expense: Expect non interest expense to be in the range of $615 million to $630 million for 2026 • Effective Tax Rate: Estimated at approximately ~21.0%. • Capital: Stock buyback will be market dependent. United's capital position remains robust. 13

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INVESTMENT THESIS • Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base • Consistently high-performing company with a culture of disciplined risk management and expense control • 52 consecutive years of dividend increases evidences United's strong profitability, solid asset quality, and sound capital management over a very long period of time • Experienced management team with a proven track record of execution • Committed to our mission of excellence in service to our employees, our customers, our shareholders and our communities • Attractive valuation with a current Price-to-Earnings Ratio of ~12.1x (based upon median 2026 street consensus estimate of $3.40 per Bloomberg) 14

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DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS 40.0 Closed on 1/10/25 35.0 $33.7 $30.0 $29.9 $29.5 $29.3 30.0 $26.2 25.0 $19.7 $19.3 $19.1 20.0 $14.5 15.0 $12.6 $12.3 10.0 $8.7 5.0 0.0 2013Y 2014Y 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Source: S&P Capital IQ Pro; Company filings 15 Total Assets ($B)

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APPENDIX 16

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PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Provision for Credit Losses --- --- --- $18.7 --- --- --- Employee Compensation & Benefits --- --- --- $1.2 $0.3 --- --- Expense for Reserve for Unfunded Loan --- --- --- $4.1 --- --- --- Commitments Other Noninterest Expense $1.3 $0.3 $1.3 $6.0 $1.0 $0.0 --- Total $1.3 $0.3 $1.3 $30.0 $1.3 $0.0 --- Day 1 purchase accounting marks (net mark) Other information Fair Value \*1/10/2025 Values ($ in millions) ($ in millions) (Discount) / Premium (preliminary) (preliminary) Preliminary Goodwill $130.0 \*Loans $(64.1) Core Deposit Intangible $32.8 Investments $(25.0) Land $(3.5) Allowance for Credit Losses $40.3 (including unfunded) Buildings $1.5 Time Deposits $0.4 \*Does not include $17.5 million credit mark on PCD loans recorded as ALLL on Day 1. 17

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RECONCILIATION OF NON-GAAP ITEMS (dollars in thousands) 2021 2022 2023 2024 2025 (1) Return on Average Tangible Equity Net Income (GAAP) $367,738 $379,627 $366,313 $372,996 $464,603 Average Total Shareholders' Equity (GAAP) $4,430,688 $4,601,440 $4,654,103 $4,901,069 $5,385,592 Less: Average Total Intangibles (1,837,609) (1,910,377) (1,905,390) (1,899,704) (2,054,531) Average Tangible Equity (non-GAAP) $2,593,079 $2,691,063 $2,748,713 $3,001,365 $3,331,061 Net Income/Average Tangible Equity Formula: Return on Average Tangible Equity (non-GAAP) 14.18% 14.11% 13.33% 12.43% 13.95% 18

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RECONCILIATION OF NON-GAAP ITEMS (CONT.) (dollars in thousands) 9/30/2025 12/31/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $33,407,181 $33,660,281 Less: Total Intangibles (GAAP) (2,053,472) (2,051,115) Tangible Assets (non-GAAP) $31,353,709 $31,609,166 Total Shareholders' Equity (GAAP) $5,445,715 $5,495,983 Less: Total Intangibles (GAAP) (2,053,472) (2,051,115) Tangible Equity (non-GAAP) $3,392,243 $3,444,868 Tangible Equity to Tangible Assets (non-GAAP) 10.8% 10.9% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $5,445,715 $5,495,983 Less: Total Intangibles (GAAP) (2,053,472) (2,051,115) Tangible Equity (non-GAAP) $3,392,243 $3,444,868 ÷ EOP Shares Outstanding (Net of Treasury Stock) 141,170,258 139,880,247 Tangible Book Value Per Share (non-GAAP) $24.03 $24.63 19