8-K
UNITED BANKSHARES INC/WV (UBSI)
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):
October 23, 2025
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
| West Virginia | No. 002-86947 | 55-0641179 |
|---|---|---|
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation or organization) | File Number) | 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> <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. ☐
Item 2.02. Results of Operations and Financial Condition
On October 23, 2025 United Bankshares, Inc. (“United”) announced its financial results for the third quarter and first nine months 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.
Item 9.01. Financial Statements and Exhibits
(c) The following exhibits are being furnished herewith:
| 99.1 | Press Release, dated October 23, 2025, issued by United Bankshares, Inc. |
|---|---|
| 99.2 | Slide presentation of financial information for the third quarter of 2025 |
| 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. | ||
|---|---|---|
| Date: October 23, 2025 | By: | /s/ W. Mark Tatterson |
| W. Mark Tatterson, Executive Vice | ||
| President and Chief Financial Officer |
EX-99.1
Exhibit 99.1
News Release
| For Immediate Release | Contact: W. Mark Tatterson |
|---|---|
| October 23, 2025 | Chief Financial Officer |
| (800) 445-1347 ext. 8716 |
United Bankshares, Inc. Announces Record Earnings
for the Third Quarter of 2025
WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the third quarter of 2025 of $130.7 million, or $0.92 per diluted share. Third quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.57%, 9.58%, and 15.45%, respectively.
“UBSI’s earnings momentum from the first half of the year carried through into the third quarter of 2025,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “It was another quarter of record earnings, marked by continued organic growth, tightly managed expenses, and strong profitability metrics.”
Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.49%, 9.05%, and 14.67%, respectively. As a result of the acquisition of Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025, the third quarter and first nine months of 2025 were impacted by increased levels of average balances, income, and expense as compared to the third quarter and first nine months of 2024. Earnings for the third quarter of 2024 were $95.3 million, or $0.70 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.28%, 7.72%, and 12.59%, respectively.
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United Bankshares, Inc. Announces…
October 23, 2025
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Third quarter of 2025 compared to the second quarter of 2025
Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, as compared to earnings of $120.7 million, or $0.85 per diluted share, for the second quarter of 2025.
Net interest income for the third quarter of 2025 was a record $280.1 million, an increase of $5.6 million, or 2%, from the second 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 third quarter of 2025 also increased $5.6 million, or 2%, from the second quarter of 2025. The increase in net interest income and tax-equivalent net interest income was driven by an increase in average earning assets partially offset by an increase in average interest-bearing deposits and a decrease in acquired loan accretion income. Average earning assets increased $470.3 million, or 2%, from the second quarter of 2025 driven by increases in average net loans and loans held for sale of $310.8 million and average short-term investments of $111.1 million. Average interest-bearing deposits increased $415.5 million, or 2%, from the second quarter of 2025. Acquired loan accretion income was $7.5 million for the third quarter of 2025, a decrease of $4.3 million from the second quarter of 2025. The net interest margin was 3.80% and 3.81% for the third quarter of 2025 and the second quarter of 2025, respectively.
The provision for credit losses was $12.1 million for the third quarter of 2025 as compared to $5.9 million for the second quarter of 2025. Refer to the Credit Quality section below for additional information.
Noninterest income for the third quarter of 2025 was $43.2 million, an increase of $11.7 million, or 37%, from the second quarter of 2025, driven by increases in net gains on investment securities of $10.0 million and fees from brokerage services of $1.4 million. Net gains on investment securities of $10.4 million for the third quarter of 2025 were primarily due to unrealized fair value gains on equity securities reflecting common stock appreciation at September 30, 2025, from the prior quarter-end. The increase in fees from brokerage services was primarily due to higher volume.
Noninterest expense for the third quarter of 2025 of $146.7 million was flat from the second quarter of 2025, slightly decreasing $1.3 million, or less than 1%. The decrease in noninterest expense was driven by a $3.2 million net benefit in the expense for the reserve for unfunded loan commitments for the third quarter of 2025, as compared to a $748 thousand net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 and a $1.1 million decrease in other noninterest expense. Partially offsetting these decreases in noninterest expense were a $1.2 million increase in employee compensation and a $1.2 million increase in employee benefits. 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 at September 30, 2025, from the prior quarter-end. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses. Additionally, within other noninterest expense for the third quarter of 2025 as compared to the second quarter of 2025, decreases in certain general operating expenses were largely offset by an increase in tax credit amortization of $1.4 million. The increase in employee compensation was primarily due to higher employee headcount and brokerage commissions. The increase in employee benefits was primarily due to higher postretirement benefit costs.
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United Bankshares, Inc. Announces…
October 23, 2025
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For the third quarter of 2025, income tax expense was $33.7 million, an increase of $2.4 million from the second quarter of 2025. This increase in income tax expense was primarily due to the impact of higher earnings. United’s effective tax rate was 20.5% and 20.6% for the third quarter of 2025 and second quarter of 2025, respectively.
Third quarter of 2025 compared to the third quarter of 2024
Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, as compared to earnings of $95.3 million, or $0.70 per diluted share, for the third quarter of 2024.
Net interest income for the third quarter of 2025 increased $49.9 million, or 22%, from the third quarter of 2024. Tax-equivalent net interest income increased $49.8 million, or 22%, from the third 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 were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $3.3 billion, or 13%, from the third quarter of 2024, driven by increases in average net loans and loans held for sale of $2.7 billion and average short-term investments of $750.2 million, partially offset by a decrease in average investment securities of $154.8 million. The increase in average loans from the third quarter of 2024 was driven by the Piedmont acquisition and organic loan growth. The cost of average interest-bearing deposits decreased 44 basis points from the third quarter of 2024. Acquired loan accretion income was $7.5 million for the third quarter of 2025 as compared to $2.4 million for the third quarter of 2024. Average interest-bearing deposits increased $2.6 billion, or 15%, from the third quarter of 2024. The net interest margin of 3.80% for the third quarter of 2025 was an increase of 28 basis points from the net interest margin of 3.52% for the third quarter of 2024.
The provision for credit losses was $12.1 million for the third quarter of 2025 as compared to $6.9 million for the third quarter of 2024.
Noninterest income for the third quarter of 2025 was $43.2 million, an increase of $11.3 million, or 35%, from the third quarter of 2024. The increase in noninterest income was driven by net gains on investment securities for the third quarter of 2025 of $10.4 million as compared to net losses on investment securities for the third quarter of 2024 of $6.7 million, a $1.2 million increase in fees from brokerage services, and smaller increases in several other categories of noninterest income. Partially offsetting these increases in noninterest income were a $7.4 million decrease in mortgage loan servicing income and a $2.0 million decrease in income from mortgage banking activities. Net gains on investment securities for the third quarter of 2025 of $10.4 million were primarily due to the aforementioned unrealized fair value gains on equity securities. Net losses on investment securities of $6.7 million for the third quarter of 2024 were primarily due to a $6.9 million loss on the sale of available for sale (“AFS”) investment securities. The increase in fees from brokerage services was primarily due to higher volume. Mortgage loan servicing income was $7.4 million for the third quarter of 2024, driven by a $7.1 million gain on the sale of mortgage servicing rights (“MSRs”). The decrease in income from mortgage banking activities was primarily due to lower mortgage production and a lower quarter-end valuation of mortgage loans held for sale.
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United Bankshares, Inc. Announces…
October 23, 2025
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Noninterest expense for the third quarter of 2025 was $146.7 million, an increase of $11.4 million, or 8%, from the third quarter of 2024. The increase in noninterest expense was driven by increases in employee compensation of $5.6 million, employee benefits of $1.6 million, amortization of intangibles of $1.4 million, net occupancy of $1.2 million, and smaller increases in several other categories of noninterest expense. The increase in employee compensation was primarily due to higher employee headcount from the acquisition and higher employee incentives. The increase in employee benefits was primarily due to higher medical insurance expenses partially driven by additional employees from the acquisition. The increases in the amortization of intangibles, net occupancy, and other categories of noninterest expense were mainly from the acquisition.
For the third quarter of 2025, income tax expense was $33.7 million as compared to $24.6 million for the third quarter of 2024. This increase of $9.1 million in income tax expense was driven by higher earnings. United’s effective tax rate was 20.5% and 20.6% for the third quarter of 2025 and third quarter of 2024, respectively.
First nine months of 2025 compared to the first nine months of 2024
Earnings for the first nine months of 2025 were $335.8 million, or $2.36 per diluted share, as compared to earnings of $278.6 million, or $2.06 per diluted share, for the first nine months of 2024.
Net interest income for the first nine months of 2025 increased $136.2 million, or 20%, from the first nine months of 2024. Tax-equivalent net interest income for the first nine months of 2025 increased $136.0 million, or 20%, from the first nine months 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 $2.9 billion, or 11%, from the first nine months of 2024, driven by increases in average net loans and loans held for sale of $2.3 billion and average short-term investments of $1.0 billion, partially offset by a decrease in average investment securities of $448.8 million. The cost of average interest-bearing deposits decreased 34 basis points from the first nine months of 2024. Acquired loan accretion income was $25.2 million for the first nine months of 2025 as compared to $7.3 million for the first nine months of 2024. Average long-term borrowings decreased $628.4 million, or 53%, from the first nine months of 2024. Average interest-bearing deposits increased $2.7 billion, or 16%, from the first nine months of 2024. The net interest margin of 3.77% for the first nine months of 2025 was an increase of 28 basis points from the net interest margin of 3.49% for the first nine months of 2024.
The provision for credit losses was $47.1 million for the first nine months 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 $18.5 million for the first nine months of 2024.
Noninterest income for the first nine months of 2025 was $104.2 million, an increase of $9.8 million, or 10%, from the first nine months of 2024. The increase in noninterest income was driven by net gains on investment securities for the first nine months of 2025 of $11.4 million as compared to net losses on investment securities for the first nine months of 2024 of $7.0 million, a $2.4 million increase in income from bank-owned life insurance (“BOLI”), a $1.5 million increase in fees from brokerage services, and a $1.4 million increase in fees from deposit services. Partially offsetting these increases in noninterest income were an $9.0 million decrease in mortgage loan servicing income and a $6.2 million decrease in income from mortgage banking activities. Net gains on
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United Bankshares, Inc. Announces…
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investment securities of $11.4 million for the first nine months of 2025 were primarily due to unrealized fair value gains on equity securities. Net losses on investment securities of $7.0 million for the first nine months of 2024 included $13.7 million in losses on sales of 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 death benefits recognized in 2025. 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 MSRs in 2024. The decrease in income from mortgage banking activities was primarily due to lower mortgage production in 2025.
Noninterest expense for the first nine months of 2025 was $448.3 million, which included $12.7 million in merger-related expenses, while noninterest expense was $410.9 million for the first nine months of 2024, which included $1.6 million in merger-related expenses. Other noninterest expense increased $11.9 million, driven by $7.0 million in merger-related expenses recognized during the first nine months of 2025 as compared to $1.6 million for the first nine months of 2024 and higher amounts of certain general operating expenses. Employee compensation increased $11.6 million for the first nine months of 2025 and included $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. Additionally, increases in several other categories of noninterest expense mainly from the acquisition were partially offset by decreases in mortgage loan servicing expense of $2.4 million and Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $2.2 million. The decrease in mortgage loan servicing expense was driven by the aforementioned sale of MSRs. FDIC insurance expense for the first nine months of 2024 included $2.1 million in expense for the FDIC’s special assessment.
For the first nine months of 2025, income tax expense was $87.7 million as compared to $64.9 million for the first nine months of 2024. The increase of $22.8 million was primarily due to higher earnings and the impact of discrete tax benefits recognized during the first nine months of 2024. United’s effective tax rate was 20.7% for the first nine months of 2025 and 18.9% for the first nine months of 2024.
Credit Quality
At September 30, 2025, non-performing loans (“NPLs”) were $116.9 million, or 0.48% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $123.8 million, including other real estate owned (“OREO”) of $6.9 million, or 0.37% of total assets at September 30, 2025. At June 30, 2025, NPLs were $68.3 million, or 0.28% of loans & leases, net of unearned income. Total NPAs were $74.6 million, including OREO of $6.3 million, or 0.23% of total assets at June 30, 2025. During the third quarter of 2025, United downgraded to non-accrual status two commercial real estate nonowner-occupied (“CRE NOO”) loans associated with the same sponsor. The loans were originated in 2018 and 2019, are collateralized by office buildings in Northern Virginia, and include a full guarantee from the sponsor. During the third quarter of 2025, the sponsor experienced a significant deterioration in financial condition and concerns arose regarding the sponsor’s ability to support the credits on a long-term basis. At September 30, 2025, the non-accrual balance on the two loans was $60.5 million, reflecting $16.5 million of charge-offs recorded during the third quarter of 2025 as further described below. 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.
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United Bankshares, Inc. Announces…
October 23, 2025
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As of September 30, 2025, the allowance for loan & lease losses was $300.1 million, or 1.22% of loans & leases, net of unearned income. At June 30, 2025, the allowance for loan & lease losses was $308.0 million, or 1.28% of loans & leases, net of unearned income. The decrease in the allowance for loan and lease losses from June 30, 2025, to September 30, 2025, was driven by improved collateral valuations of certain individually assessed loans, resolutions of certain individually assessed loans, and improving collateral and loan trends within certain loan portfolios partially offset by loss rate changes and loan growth. 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.
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. During the third quarter of 2025, United recorded $16.5 million of charge-offs on the two aforementioned CRE NOO loans reflecting updated collateral valuations. Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2025. Net charge-offs were $3.6 million, or 0.07% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2024. Net charge-offs were $36.4 million, or 0.20% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2025. Net charge-offs were $6.9 million, or 0.04% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2024.
Capital
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.7% at September 30, 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 third quarter of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 735 thousand shares of its common stock at an average price per share of $36.04. During the first nine months of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 2.3 million shares of its common stock at an average price per share of $34.53. 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 $33 billion as of September 30, 2025. United is the 43^rd^ 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 ubsi-inc.com.
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United Bankshares, Inc. Announces…
October 23, 2025
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Cautionary Statements
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of itsSeptember 30, 2025 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimatesmade as of September 30, 2025 and will adjust amounts preliminarily reported, if necessary.
Use ofnon-GAAP Financial Measures
This press release contains certain financial measures thatare not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that thesemeasures 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 consistentwith 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 theevaluation of companies in the banking industry.
Specifically, this press release contains certain references to financialmeasures 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-GAAPmeasure, 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-exemptsources. 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 federallynontaxable loans and investment securities using the statutory federal income tax rate of 21%.
Tangible equity is calculated asGAAP 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, areturn 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 resultfrom 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 asreconciliation 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 thesenon-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered asubstitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.
Forward-Looking Statements
Inthis 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 ofthe 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 theofficers 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 beplaced 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.” Thefollowing factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the duration of the U.S. government shutdown and the effects of and changes in trade and monetary andfiscal 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 ofUnited, 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) risks related to the acquisition and integration of Piedmontincluding, among others, (i) the risk that the expected growth opportunities or cost savings from the acquisition may not be fully realized or may take longer to realize than expected, and (ii) reputational risk and the reaction of eachcompany’s customers, suppliers, employees or other business partners to the acquisition; (4) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated;(5) 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-mandatedminimums and the possibility of changes in accounting standards, policies, principles and practices; (6) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of ourcustomers or third-party providers; (7) competitive pressures on product pricing and services; (8) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services;(9) volatility and disruptions in global capital and credit markets; (10) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential futureacquisitions; (11) 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 suchevents; (12) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (13) the risks of fluctuations in market prices for United commonstock that may or may not reflect economic condition or performance of United; and (14) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. For more informationabout 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 AnnualReport 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 speaksonly 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 disclosuresUnited 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
(InThousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EARNINGS SUMMARY: | September<br>2025 | June<br>2025 | September<br>2024 | September<br>2025 | September<br>2024 | ||||||||||
| Interest income | $ | 430,957 | $ | 421,196 | $ | 382,723 | $ | 1,255,800 | $ | 1,126,087 | |||||
| Interest expense | 150,842 | 146,659 | 152,467 | 441,093 | 447,627 | ||||||||||
| Net interest income | 280,115 | 274,537 | 230,256 | 814,707 | 678,460 | ||||||||||
| Provision for credit losses | 12,095 | 5,889 | 6,943 | 47,087 | 18,462 | ||||||||||
| Noninterest income | 43,204 | 31,460 | 31,942 | 104,218 | 94,377 | ||||||||||
| Noninterest expense | 146,741 | 148,020 | 135,339 | 448,334 | 410,855 | ||||||||||
| Income before income taxes | 164,483 | 152,088 | 119,916 | 423,504 | 343,520 | ||||||||||
| Income taxes | 33,735 | 31,367 | 24,649 | 87,729 | 64,932 | ||||||||||
| Net income | $ | 130,748 | $ | 120,721 | $ | 95,267 | $ | 335,775 | $ | 278,588 | |||||
| PER COMMON SHARE: | |||||||||||||||
| Net income: | |||||||||||||||
| Basic | $ | 0.92 | $ | 0.85 | $ | 0.70 | $ | 2.36 | $ | 2.06 | |||||
| Diluted | 0.92 | 0.85 | 0.70 | 2.36 | 2.06 | ||||||||||
| Cash dividends | 0.37 | 0.37 | 0.37 | $ | 1.11 | $ | 1.11 | ||||||||
| Book value | 38.58 | 37.80 | 36.74 | ||||||||||||
| Closing market price | $ | 37.21 | $ | 36.43 | $ | 37.10 | |||||||||
| Common shares outstanding: | |||||||||||||||
| Actual at period end, net of treasury shares | 141,170,258 | 141,909,452 | 135,220,770 | ||||||||||||
| Weighted average-basic | 141,547,684 | 142,206,539 | 135,158,476 | 141,901,752 | 134,912,625 | ||||||||||
| Weighted average-diluted | 141,960,608 | 142,444,497 | 135,504,911 | 142,209,810 | 135,143,028 | ||||||||||
| FINANCIAL RATIOS: | |||||||||||||||
| Return on average assets | 1.57 | % | 1.49 | % | 1.28 | % | 1.38 | % | 1.26 | % | |||||
| Return on average shareholders’ equity | 9.58 | % | 9.05 | % | 7.72 | % | 8.39 | % | 7.65 | % | |||||
| Return on average tangible equity (non-GAAP)^(1)^ | 15.45 | % | 14.67 | % | 12.59 | % | 13.63 | % | 12.57 | % | |||||
| Average equity to average assets | 16.37 | % | 16.42 | % | 16.64 | % | 16.40 | % | 16.52 | % | |||||
| Net interest margin | 3.80 | % | 3.81 | % | 3.52 | % | 3.77 | % | 3.49 | % | |||||
| PERIOD END BALANCES: | September 30<br>2025 | June 30<br>2025 | December 31<br>2024 | September 30<br>2024 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||
| Assets | $ | 33,407,181 | $ | 32,783,363 | $ | 30,023,545 | $ | 29,863,262 | |||||||
| Earning assets | 29,734,793 | 29,046,827 | 26,650,661 | 26,461,342 | |||||||||||
| Loans & leases, net of unearned income | 24,519,706 | 24,050,222 | 21,673,493 | 21,621,968 | |||||||||||
| Loans held for sale | 24,226 | 37,053 | 44,360 | 46,493 | |||||||||||
| Investment securities | 3,359,524 | 3,396,653 | 3,259,296 | 3,538,415 | |||||||||||
| Total deposits | 26,883,520 | 26,335,874 | 23,961,859 | 23,828,345 | |||||||||||
| Shareholders’ equity | 5,445,715 | 5,364,541 | 4,993,223 | 4,967,820 |
Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.
8
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Consolidated Statements of Income | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September2025 | June 2025 | September2024 | September2025 | September2024 | |||||||||||
| Interest & Loan Fees Income (GAAP) | $ | 430,957 | $ | 421,196 | $ | 382,723 | $ | 1,255,800 | $ | 1,126,087 | |||||
| Tax equivalent adjustment | 781 | 791 | 828 | 2,354 | 2,567 | ||||||||||
| Interest & Fees Income (FTE) (non-GAAP) | 431,738 | 421,987 | 383,551 | 1,258,154 | 1,128,654 | ||||||||||
| Interest Expense | 150,842 | 146,659 | 152,467 | 441,093 | 447,627 | ||||||||||
| Net Interest Income (FTE) (non-GAAP) | 280,896 | 275,328 | 231,084 | 817,061 | 681,027 | ||||||||||
| Provision for Credit Losses | 12,095 | 5,889 | 6,943 | 47,087 | 18,462 | ||||||||||
| Noninterest Income: | |||||||||||||||
| Fees from trust services | 4,970 | 4,931 | 4,904 | 14,683 | 14,294 | ||||||||||
| Fees from brokerage services | 6,264 | 4,862 | 5,073 | 16,771 | 15,299 | ||||||||||
| Fees from deposit services | 10,145 | 9,664 | 9,413 | 29,116 | 27,710 | ||||||||||
| Bankcard fees and merchant discounts | 1,858 | 2,102 | 1,775 | 5,711 | 5,003 | ||||||||||
| Other charges, commissions, and fees | 1,183 | 1,154 | 890 | 3,418 | 2,617 | ||||||||||
| Income from bank-owned life insurance | 3,460 | 3,618 | 3,032 | 10,448 | 7,999 | ||||||||||
| Income from mortgage banking activities | 2,495 | 2,603 | 4,544 | 7,577 | 13,743 | ||||||||||
| Mortgage loan servicing income | — | — | 7,385 | — | 8,957 | ||||||||||
| Net gains (losses) on investment securities | 10,442 | 425 | (6,715 | ) | 11,388 | (7,032 | ) | ||||||||
| Other noninterest income | 2,387 | 2,101 | 1,641 | 5,106 | 5,787 | ||||||||||
| Total Noninterest Income | 43,204 | 31,460 | 31,942 | 104,218 | 94,377 | ||||||||||
| Noninterest Expense: | |||||||||||||||
| Employee compensation | 64,092 | 62,929 | 58,481 | 187,887 | 176,275 | ||||||||||
| Employee benefits | 14,641 | 13,434 | 13,084 | 41,366 | 39,902 | ||||||||||
| Net occupancy | 12,488 | 12,525 | 11,271 | 37,614 | 35,014 | ||||||||||
| Data processing | 8,135 | 7,952 | 7,456 | 24,542 | 22,209 | ||||||||||
| Amortization of intangibles | 2,340 | 2,341 | 909 | 7,022 | 2,729 | ||||||||||
| OREO expense | 201 | 236 | 104 | 459 | 531 | ||||||||||
| Net losses (gains) on the sale of OREO properties | — | 16 | (34 | ) | 5 | (85 | ) | ||||||||
| Equipment expense | 8,540 | 8,551 | 7,811 | 25,673 | 22,212 | ||||||||||
| FDIC insurance expense | 4,345 | 4,532 | 4,338 | 13,605 | 15,851 | ||||||||||
| Mortgage loan servicing expense and impairment | — | — | 403 | — | 2,429 | ||||||||||
| Expense for the reserve for unfunded loan commitments | (3,181 | ) | (748 | ) | (2,766 | ) | (2,272 | ) | (6,733 | ) | |||||
| Other noninterest expense | 35,140 | 36,252 | 34,282 | 112,433 | 100,521 | ||||||||||
| Total Noninterest Expense | 146,741 | 148,020 | 135,339 | 448,334 | 410,855 | ||||||||||
| Income Before Income Taxes (FTE)(non-GAAP) | 165,264 | 152,879 | 120,744 | 425,858 | 346,087 | ||||||||||
| Tax equivalent adjustment | 781 | 791 | 828 | 2,354 | 2,567 | ||||||||||
| Income Before Income Taxes (GAAP) | 164,483 | 152,088 | 119,916 | 423,504 | 343,520 | ||||||||||
| Taxes | 33,735 | 31,367 | 24,649 | 87,729 | 64,932 | ||||||||||
| Net Income | $ | 130,748 | $ | 120,721 | $ | 95,267 | $ | 335,775 | $ | 278,588 | |||||
| MEMO: Effective Tax Rate | 20.51 | % | 20.62 | % | 20.56 | % | 20.72 | % | 18.90 | % |
9
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
Consolidated Balance Sheets
| September 302025 | June 30<br>2025 | December 312024 | September 302024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Cash Equivalents | $ | 2,518,719 | $ | 2,314,692 | $ | 2,292,244 | $ | 1,908,832 | ||||
| Securities Available for Sale | 3,023,976 | 3,074,071 | 2,959,719 | 3,239,501 | ||||||||
| Less: Allowance for credit losses | — | — | — | — | ||||||||
| Net available for sale securities | 3,023,976 | 3,074,071 | 2,959,719 | 3,239,501 | ||||||||
| Securities Held to Maturity | 1,020 | 1,020 | 1,020 | 1,020 | ||||||||
| Less: Allowance for credit losses | (17 | ) | (18 | ) | (18 | ) | (19 | ) | ||||
| Net held to maturity securities | 1,003 | 1,002 | 1,002 | 1,001 | ||||||||
| Equity Securities | 34,694 | 21,996 | 21,058 | 9,082 | ||||||||
| Other Investment Securities | 299,851 | 299,584 | 277,517 | 288,831 | ||||||||
| Total Securities | 3,359,524 | 3,396,653 | 3,259,296 | 3,538,415 | ||||||||
| Total Cash and Securities | 5,878,243 | 5,711,345 | 5,551,540 | 5,447,247 | ||||||||
| Loans held for sale | 24,226 | 37,053 | 44,360 | 46,493 | ||||||||
| Commercial Loans & Leases | 18,903,200 | 18,478,990 | 16,152,453 | 16,015,679 | ||||||||
| Mortgage Loans | 4,802,370 | 4,773,340 | 4,702,720 | 4,722,997 | ||||||||
| Consumer Loans | 825,585 | 808,536 | 825,325 | 892,377 | ||||||||
| Gross Loans | 24,531,155 | 24,060,866 | 21,680,498 | 21,631,053 | ||||||||
| Unearned income | (11,449 | ) | (10,644 | ) | (7,005 | ) | (9,085 | ) | ||||
| Loans & Leases, net of unearned income | 24,519,706 | 24,050,222 | 21,673,493 | 21,621,968 | ||||||||
| Allowance for Loan & Lease Losses | (300,050 | ) | (307,962 | ) | (271,844 | ) | (270,767 | ) | ||||
| Net Loans | 24,219,656 | 23,742,260 | 21,401,649 | 21,351,201 | ||||||||
| Goodwill | 2,018,864 | 2,018,910 | 1,888,889 | 1,888,889 | ||||||||
| Other Intangibles | 34,608 | 36,948 | 8,866 | 9,776 | ||||||||
| Operating Lease<br>Right-of-Use Asset | 89,967 | 91,071 | 81,742 | 82,114 | ||||||||
| Other Real Estate Owned | 6,891 | 6,331 | 327 | 169 | ||||||||
| Bank Owned Life Insurance | 544,979 | 541,216 | 497,181 | 495,784 | ||||||||
| Other Assets | 589,747 | 598,229 | 548,991 | 541,589 | ||||||||
| Total Assets | $ | 33,407,181 | $ | 32,783,363 | $ | 30,023,545 | $ | 29,863,262 | ||||
| MEMO: Interest-earning Assets | $ | 29,734,793 | $ | 29,046,827 | $ | 26,650,661 | $ | 26,461,342 | ||||
| Interest-bearing Deposits | $ | 20,295,609 | $ | 19,708,609 | $ | 17,826,446 | $ | 17,790,247 | ||||
| Noninterest-bearing Deposits | 6,587,911 | 6,627,265 | 6,135,413 | 6,038,098 | ||||||||
| Total Deposits | 26,883,520 | 26,335,874 | 23,961,859 | 23,828,345 | ||||||||
| Short-term Borrowings | 169,013 | 160,798 | 176,090 | 181,969 | ||||||||
| Long-term Borrowings | 531,418 | 551,021 | 540,420 | 540,091 | ||||||||
| Total Borrowings | 700,431 | 711,819 | 716,510 | 722,060 | ||||||||
| Operating Lease Liability | 95,901 | 96,899 | 86,771 | 88,464 | ||||||||
| Other Liabilities | 281,614 | 274,230 | 265,182 | 256,573 | ||||||||
| Total Liabilities | 27,961,466 | 27,418,822 | 25,030,322 | 24,895,442 | ||||||||
| Preferred Equity | — | — | — | — | ||||||||
| Common Equity | 5,445,715 | 5,364,541 | 4,993,223 | 4,967,820 | ||||||||
| Total Shareholders’ Equity | 5,445,715 | 5,364,541 | 4,993,223 | 4,967,820 | ||||||||
| Total Liabilities & Equity | $ | 33,407,181 | $ | 32,783,363 | $ | 30,023,545 | $ | 29,863,262 | ||||
| MEMO: Interest-bearing Liabilities | $ | 20,996,040 | $ | 20,420,428 | $ | 18,542,956 | $ | 18,512,307 |
10
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
Consolidated Average Balance Sheets
| September 2025Q-T-D Average | June 2025Q-T-D Average | September 2024Q-T-D Average | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Cash & Cash Equivalents | $ | 2,396,950 | $ | 2,285,499 | $ | 1,634,929 | |||
| Securities Available for Sale | 3,063,171 | 3,017,191 | 3,218,892 | ||||||
| Less: Allowance for credit losses | — | — | — | ||||||
| Net available for sale securities | 3,063,171 | 3,017,191 | 3,218,892 | ||||||
| Securities Held to Maturity | 1,020 | 1,020 | 1,020 | ||||||
| Less: Allowance for credit losses | (18 | ) | (18 | ) | (19 | ) | |||
| Net held to maturity securities | 1,002 | 1,002 | 1,001 | ||||||
| Equity Securities | 22,157 | 21,690 | 10,014 | ||||||
| Other Investment Securities | 302,668 | 297,214 | 292,590 | ||||||
| Total Securities | 3,388,998 | 3,337,097 | 3,522,497 | ||||||
| Total Cash and Securities | 5,785,948 | 5,622,596 | 5,157,426 | ||||||
| Loans held for sale | 30,368 | 35,730 | 55,408 | ||||||
| Commercial Loans & Leases | 18,683,691 | 18,393,910 | 15,869,541 | ||||||
| Mortgage Loans | 4,772,913 | 4,765,760 | 4,734,979 | ||||||
| Consumer Loans | 846,488 | 829,201 | 940,167 | ||||||
| Gross Loans | 24,303,092 | 23,988,871 | 21,544,687 | ||||||
| Unearned income | (12,177 | ) | (11,672 | ) | (11,762 | ) | |||
| Loans & Leases, net of unearned income | 24,290,915 | 23,977,199 | 21,532,925 | ||||||
| Allowance for Loan & Lease Losses | (307,983 | ) | (310,398 | ) | (267,457 | ) | |||
| Net Loans | 23,982,932 | 23,666,801 | 21,265,468 | ||||||
| Mortgage Servicing Rights | — | — | 1,283 | ||||||
| Goodwill | 2,018,948 | 2,011,030 | 1,888,889 | ||||||
| Other Intangibles | 36,134 | 38,474 | 10,372 | ||||||
| Operating Lease<br>Right-of-Use Asset | 89,820 | 86,025 | 82,783 | ||||||
| Other Real Estate Owned | 6,414 | 3,314 | 1,787 | ||||||
| Bank Owned Life Insurance | 542,684 | 539,238 | 494,438 | ||||||
| Other Assets | 576,522 | 581,160 | 545,470 | ||||||
| Total Assets | $ | 33,069,770 | $ | 32,584,368 | $ | 29,503,324 | |||
| MEMO: Interest-earning Assets | $ | 29,419,570 | $ | 28,949,287 | $ | 26,131,676 | |||
| Interest-bearing Deposits | $ | 20,020,573 | $ | 19,605,123 | $ | 17,399,368 | |||
| Noninterest-bearing Deposits | 6,614,586 | 6,597,595 | 5,957,184 | ||||||
| Total Deposits | 26,635,159 | 26,202,718 | 23,356,552 | ||||||
| Short-term Borrowings | 155,966 | 165,405 | 191,954 | ||||||
| Long-term Borrowings | 544,020 | 550,795 | 748,608 | ||||||
| Total Borrowings | 699,986 | 716,200 | 940,562 | ||||||
| Operating Lease Liability | 95,686 | 91,553 | 89,082 | ||||||
| Other Liabilities | 225,479 | 222,757 | 208,262 | ||||||
| Total Liabilities | 27,656,310 | 27,233,228 | 24,594,458 | ||||||
| Preferred Equity | — | — | — | ||||||
| Common Equity | 5,413,460 | 5,351,140 | 4,908,866 | ||||||
| Total Shareholders’ Equity | 5,413,460 | 5,351,140 | 4,908,866 | ||||||
| Total Liabilities & Equity | $ | 33,069,770 | $ | 32,584,368 | $ | 29,503,324 | |||
| MEMO: Interest-bearing Liabilities | $ | 20,720,559 | $ | 20,321,323 | $ | 18,339,930 |
11
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly/Year-to-Date Share Data: | September<br>2025 | June<br>2025 | September<br>2024 | September<br>2025 | September<br>2024 | ||||||||||
| Earnings Per Share: | |||||||||||||||
| Basic | $ | 0.92 | $ | 0.85 | $ | 0.70 | $ | 2.36 | $ | 2.06 | |||||
| Diluted | $ | 0.92 | $ | 0.85 | $ | 0.70 | $ | 2.36 | $ | 2.06 | |||||
| Common Dividend Declared Per Share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 1.11 | $ | 1.11 | |||||
| High Common Stock Price | $ | 39.11 | $ | 37.46 | $ | 39.93 | $ | 39.56 | $ | 39.93 | |||||
| Low Common Stock Price | $ | 34.48 | $ | 30.50 | $ | 31.47 | $ | 30.50 | $ | 30.68 | |||||
| Average Shares Outstanding (Net of Treasury Stock): | |||||||||||||||
| Basic | 141,547,684 | 142,206,539 | 135,158,476 | 141,901,752 | 134,912,625 | ||||||||||
| Diluted | 141,960,608 | 142,444,497 | 135,504,911 | 142,209,810 | 135,143,028 | ||||||||||
| Common Dividends | $ | 52,462 | $ | 52,746 | $ | 50,213 | $ | 158,544 | $ | 150,630 | |||||
| Dividend Payout Ratio | 40.12 | % | 43.69 | % | 52.71 | % | 47.22 | % | 54.07 | % | |||||
| September 30 | June 30 | December 31 | September 30 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| EOP Share Data: | 2025 | 2025 | 2024 | 2024 | |||||||||||
| Book Value Per Share | $ | 38.58 | $ | 37.80 | $ | 36.89 | $ | 36.74 | |||||||
| Tangible Book Value Per Share (non-GAAP) ^(1)^ | $ | 24.03 | $ | 23.32 | $ | 22.87 | $ | 22.70 | |||||||
| 52-week High Common Stock Price | $ | 44.43 | $ | 44.43 | $ | 44.43 | $ | 39.93 | |||||||
| Date | 11/25/24 | 11/25/24 | 11/25/24 | 7/31/24 | |||||||||||
| 52-week Low Common Stock Price | $ | 30.50 | $ | 30.50 | $ | 30.68 | $ | 25.35 | |||||||
| Date | 04/04/25 | 04/04/25 | 06/11/24 | 10/24/23 | |||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): | 141,170,258 | 141,909,452 | 135,346,628 | 135,220,770 | |||||||||||
| Memorandum Items: | |||||||||||||||
| Employees (full-time equivalent) | 2,779 | 2,760 | 2,591 | 2,651 | |||||||||||
| Note: | |||||||||||||||
| (1) Tangible Book Value Per Share: | |||||||||||||||
| Total Shareholders’ Equity (GAAP) | $ | 5,445,715 | $ | 5,364,541 | $ | 4,993,223 | $ | 4,967,820 | |||||||
| Less: Total Intangibles | (2,053,472 | ) | (2,055,858 | ) | (1,897,755 | ) | (1,898,665 | ) | |||||||
| Tangible Equity (non-GAAP) | $ | 3,392,243 | $ | 3,308,683 | $ | 3,095,468 | $ | 3,069,155 | |||||||
| ÷ EOP Shares Outstanding (Net of Treasury Stock) | 141,170,258 | 141,909,452 | 135,346,628 | 135,220,770 | |||||||||||
| Tangible Book Value Per Share (non-GAAP) | $ | 24.03 | $ | 23.32 | $ | 22.87 | $ | 22.70 |
12
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Three Months Ended<br>September 2025 | Three Months Ended<br>June 2025 | Three Months Ended<br>September 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | Average | Average | Average | Average | Average | |||||||||||||||||||
| Selected Average Balances and Yields: | Balance | Interest^(1)^ | Rate^(1)^ | Balance | Interest^(1)^ | Rate^(1)^ | Balance | Interest^(1)^ | Rate^(1)^ | |||||||||||||||
| ASSETS: | ||||||||||||||||||||||||
| Earning Assets: | ||||||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell and other short-term investments | $ | 2,137,694 | $ | 24,053 | 4.46 | % | $ | 2,026,613 | $ | 22,633 | 4.48 | % | $ | 1,387,462 | $ | 19,241 | 5.52 | % | ||||||
| Investment securities: | ||||||||||||||||||||||||
| Taxable | 3,073,283 | 27,509 | 3.58 | % | 3,022,963 | 26,706 | 3.53 | % | 3,218,258 | 30,797 | 3.83 | % | ||||||||||||
| Tax-exempt | 195,293 | 1,522 | 3.12 | % | 197,180 | 1,536 | 3.12 | % | 205,080 | 1,461 | 2.85 | % | ||||||||||||
| Total securities | 3,268,576 | 29,031 | 3.55 | % | 3,220,143 | 28,242 | 3.51 | % | 3,423,338 | 32,258 | 3.77 | % | ||||||||||||
| Loans and loans held for sale, net of unearned income ^(2)^ | 24,321,283 | 378,654 | 6.18 | % | 24,012,929 | 371,112 | 6.20 | % | 21,588,333 | 332,052 | 6.12 | % | ||||||||||||
| Allowance for loan losses | (307,983 | ) | (310,398 | ) | (267,457 | ) | ||||||||||||||||||
| Net loans and loans held for sale | 24,013,300 | 6.26 | % | 23,702,531 | 6.28 | % | 21,320,876 | 6.20 | % | |||||||||||||||
| Total earning assets | 29,419,570 | $ | 431,738 | 5.83 | % | 28,949,287 | $ | 421,987 | 5.84 | % | 26,131,676 | $ | 383,551 | 5.85 | % | |||||||||
| Other assets | 3,650,200 | 3,635,081 | 3,371,648 | |||||||||||||||||||||
| TOTAL ASSETS | $ | 33,069,770 | $ | 32,584,368 | $ | 29,503,324 | ||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||
| Interest-Bearing Liabilities: | ||||||||||||||||||||||||
| Interest-bearing deposits | $ | 20,020,573 | $ | 143,445 | 2.84 | % | $ | 19,605,123 | $ | 139,156 | 2.85 | % | $ | 17,399,368 | $ | 143,313 | 3.28 | % | ||||||
| Short-term borrowings | 155,966 | 1,420 | 3.61 | % | 165,405 | 1,488 | 3.61 | % | 191,954 | 2,048 | 4.24 | % | ||||||||||||
| Long-term borrowings | 544,020 | 5,977 | 4.36 | % | 550,795 | 6,015 | 4.38 | % | 748,608 | 7,106 | 3.78 | % | ||||||||||||
| Total interest-bearing liabilities | 20,720,559 | 150,842 | 2.89 | % | 20,321,323 | 146,659 | 2.89 | % | 18,339,930 | 152,467 | 3.31 | % | ||||||||||||
| Noninterest-bearing deposits | 6,614,586 | 6,597,595 | 5,957,184 | |||||||||||||||||||||
| Accrued expenses and other liabilities | 321,165 | 314,310 | 297,344 | |||||||||||||||||||||
| TOTAL LIABILITIES | 27,656,310 | 27,233,228 | 24,594,458 | |||||||||||||||||||||
| SHAREHOLDERS’ EQUITY | 5,413,460 | 5,351,140 | 4,908,866 | |||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 33,069,770 | $ | 32,584,368 | $ | 29,503,324 | ||||||||||||||||||
| NET INTEREST INCOME | $ | 280,896 | $ | 275,328 | $ | 231,084 | ||||||||||||||||||
| INTEREST RATE SPREAD | 2.94 | % | 2.95 | % | 2.54 | % | ||||||||||||||||||
| NET INTEREST MARGIN | 3.80 | % | 3.81 | % | 3.52 | % | ||||||||||||||||||
| (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. | |||||||||||||||||||||||
| --- | --- |
13
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Nine Months Ended<br>September 2025 | Nine Months Ended<br>September 2024 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | Average | Average | Average | |||||||||||||
| Selected Average Balances and Yields: | Balance | Interest^(1)^ | Rate^(1)^ | Balance | Interest^(1)^ | Rate^(1)^ | ||||||||||
| ASSETS: | ||||||||||||||||
| Earning Assets: | ||||||||||||||||
| Federal funds sold and securities purchased under<br><br><br>agreements to resell and other short-term investments | $ | 2,098,511 | $ | 70,412 | 4.49 | % | $ | 1,068,028 | $ | 44,331 | 5.54 | % | ||||
| Investment securities: | ||||||||||||||||
| Taxable | 3,048,195 | 81,126 | 3.55 | % | 3,484,931 | 99,487 | 3.81 | % | ||||||||
| Tax-exempt | 196,778 | 4,543 | 3.08 | % | 208,843 | 4,423 | 2.82 | % | ||||||||
| Total securities | 3,244,973 | 85,669 | 3.52 | % | 3,693,774 | 103,910 | 3.75 | % | ||||||||
| Loans and loans held for sale, net of unearned income ^(2)^ | 23,947,635 | 1,102,073 | 6.15 | % | 21,578,981 | 980,413 | 6.07 | % | ||||||||
| Allowance for loan losses | (308,868 | ) | (263,298 | ) | ||||||||||||
| Net loans and loans held for sale | 23,638,767 | 6.23 | % | 21,315,683 | 6.14 | % | ||||||||||
| Total earning assets | 28,982,251 | $ | 1,258,154 | 5.80 | % | 26,077,485 | $ | 1,128,654 | 5.78 | % | ||||||
| Other assets | 3,630,874 | 3,357,672 | ||||||||||||||
| TOTAL ASSETS | $ | 32,613,125 | $ | 29,435,157 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Interest-Bearing Liabilities: | ||||||||||||||||
| Interest-bearing deposits | $ | 19,666,836 | $ | 418,889 | 2.85 | % | $ | 16,936,116 | $ | 404,115 | 3.19 | % | ||||
| Short-term borrowings | 162,776 | 4,358 | 3.58 | % | 200,555 | 6,336 | 4.22 | % | ||||||||
| Long-term borrowings | 549,771 | 17,846 | 4.34 | % | 1,178,176 | 37,176 | 4.21 | % | ||||||||
| Total interest-bearing liabilities | 20,379,383 | 441,093 | 2.89 | % | 18,314,847 | 447,627 | 3.26 | % | ||||||||
| Noninterest-bearing deposits | 6,561,681 | 5,958,668 | ||||||||||||||
| Accrued expenses and other liabilities | 322,358 | 300,220 | ||||||||||||||
| TOTAL LIABILITIES | 27,263,422 | 24,573,735 | ||||||||||||||
| SHAREHOLDERS’ EQUITY | 5,349,703 | 4,861,422 | ||||||||||||||
| TOTAL LIABILITIES AND<br><br><br>SHAREHOLDERS’ EQUITY | $ | 32,613,125 | $ | 29,435,157 | ||||||||||||
| NET INTEREST INCOME | $ | 817,061 | $ | 681,027 | ||||||||||||
| INTEREST RATE SPREAD | 2.91 | % | 2.52 | % | ||||||||||||
| NET INTEREST MARGIN | 3.77 | % | 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. | |||||||||||||||
| --- | --- |
14
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September | June | September | September | September | |||||||||||
| Selected Financial Ratios: | 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Return on Average Assets | 1.57 | % | 1.49 | % | 1.28 | % | 1.38 | % | 1.26 | % | |||||
| Return on Average Shareholders’ Equity | 9.58 | % | 9.05 | % | 7.72 | % | 8.39 | % | 7.65 | % | |||||
| Return on Average Tangible Equity (non-GAAP) ^(1)^ | 15.45 | % | 14.67 | % | 12.59 | % | 13.63 | % | 12.57 | % | |||||
| Efficiency Ratio | 45.39 | % | 48.37 | % | 51.62 | % | 48.79 | % | 53.16 | % | |||||
| Price / Earnings Ratio | 10.21 | x | 10.74 | x | 13.22 | x | 11.81 | x | 13.53 | x | |||||
| Note: | |||||||||||||||
| (1) Return on Average Tangible Equity: | |||||||||||||||
| (a) Net Income (GAAP) | $ | 130,748 | $ | 120,721 | $ | 95,267 | $ | 335,775 | $ | 278,588 | |||||
| (b) Number of Days | 92 | 91 | 92 | 273 | 274 | ||||||||||
| Average Total Shareholders’ Equity (GAAP) | $ | 5,413,460 | $ | 5,351,140 | $ | 4,908,866 | $ | 5,349,703 | $ | 4,861,422 | |||||
| Less: Average Total Intangibles | (2,055,082 | ) | (2,049,504 | ) | (1,899,261 | ) | (2,055,165 | ) | (1,900,163 | ) | |||||
| (c) Average Tangible Equity (non-GAAP) | $ | 3,358,378 | $ | 3,301,636 | $ | 3,009,605 | $ | 3,294,538 | $ | 2,961,259 | |||||
| Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x<br>365 or 366 / (c) | 15.45 | % | 14.67 | % | 12.59 | % | 13.63 | % | 12.57 | % | |||||
| Selected Financial Ratios: | September 30<br>2025 | June 30<br>2025 | December 31<br>2024 | September 30<br>2024 | |||||||||||
| Loans & Leases, net of unearned income / Deposit Ratio | 91.21 | % | 91.32 | % | 90.45 | % | 90.74 | % | |||||||
| Allowance for Loan & Lease Losses/ Loans & Leases,<br><br><br>net of unearned income | 1.22 | % | 1.28 | % | 1.25 | % | 1.25 | % | |||||||
| Allowance for Credit Losses ^(2)^/<br>Loans & Leases,<br> <br>net of unearned income | 1.36 | % | 1.43 | % | 1.42 | % | 1.43 | % | |||||||
| Nonaccrual Loans / Loans & Leases, net of unearned income | 0.45 | % | 0.27 | % | 0.26 | % | 0.24 | % | |||||||
| 90-Day Past Due Loans/ Loans & Leases, net of<br>unearned income | 0.03 | % | 0.02 | % | 0.08 | % | 0.06 | % | |||||||
| Non-performing Loans/ Loans & Leases, net of<br>unearned income | 0.48 | % | 0.28 | % | 0.34 | % | 0.30 | % | |||||||
| Non-performing Assets/ Total Assets | 0.37 | % | 0.23 | % | 0.25 | % | 0.22 | % | |||||||
| Primary Capital Ratio | 17.13 | % | 17.23 | % | 17.47 | % | 17.49 | % | |||||||
| Shareholders’ Equity Ratio | 16.30 | % | 16.36 | % | 16.63 | % | 16.64 | % | |||||||
| Price / Book Ratio | 0.96 | x | 0.96 | x | 1.02 | x | 1.01 | x |
Note:
| (2) | Includes allowances for loan losses and lending-related commitments. |
|---|
15
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September | June | September | September | September | |||||||||||
| Mortgage Banking Data: | 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Loans originated | $ | 91,228 | $ | 116,591 | $ | 151,333 | $ | 283,722 | $ | 513,561 | |||||
| Loans sold | 104,055 | 108,180 | 171,315 | 303,856 | 523,329 | ||||||||||
| September 30 | June 30 | December 31 | September 30 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asset Quality Data: | 2025 | 2025 | 2024 | 2024 | |||||||||||
| EOP Non-Accrual Loans | $ | 110,236 | $ | 64,014 | $ | 56,460 | $ | 52,446 | |||||||
| EOP 90-Day Past Due Loans | 6,631 | 4,253 | 16,940 | 12,794 | |||||||||||
| Total EOP Non-performing Loans | $ | 116,867 | $ | 68,267 | $ | 73,400 | $ | 65,240 | |||||||
| EOP Other Real Estate Owned | 6,891 | 6,331 | 327 | 169 | |||||||||||
| Total EOP Non-performing Assets | $ | 123,758 | $ | 74,598 | $ | 73,727 | $ | 65,409 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September | June | September | September | September | |||||||||||
| Allowance for Loan & Lease Losses: | 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Beginning Balance | $ | 307,962 | $ | 310,424 | $ | 267,423 | $ | 271,844 | $ | 259,237 | |||||
| Initial allowance for acquired PCD loans | — | — | — | 17,518 | — | ||||||||||
| Gross Charge-offs | (21,790 | ) | (9,266 | ) | (4,903 | ) | (39,733 | ) | (11,021 | ) | |||||
| Recoveries | 1,782 | 915 | 1,304 | 3,333 | 4,091 | ||||||||||
| Net Charge-offs | (20,008 | ) | (8,351 | ) | (3,599 | ) | (36,400 | ) | (6,930 | ) | |||||
| Provision for Loan & Lease Losses<br>^(1)^ | 12,096 | 5,889 | 6,943 | 47,088 | 18,460 | ||||||||||
| Ending Balance | 300,050 | 307,962 | $ | 270,767 | 300,050 | $ | 270,767 | ||||||||
| Reserve for lending-related commitments | 32,639 | 35,819 | 37,973 | 32,639 | 37,973 | ||||||||||
| Allowance for Credit Losses^(2)^ | $ | 332,689 | $ | 343,781 | $ | 308,740 | $ | 332,689 | $ | 308,740 |
Notes:
(1) First nine months of 2025 include $18.7 million in provision for Piedmont acquired non-PCD loans.
(2) Includes allowances for loan losses and lending-related commitments.
16
EX-99.2
Third Quarter 2025 Earnings Review United Bankshares, Inc. (UBSI) October 23, 2025 Exhibit 99.2
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 duration of the U.S. government shutdown and 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) risks related to the acquisition and integration of Piedmont Bancorp, Inc. (“Piedmont”) including, among others, (i) the risk that the expected growth opportunities or cost savings from the acquisition may not be fully realized or may take longer to realize than expected, and (ii) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the acquisition; (4) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (5) 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; (6) 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; (7) competitive pressures on product pricing and services; (8) success, impact, and timing of UBSI’s business strategies, including market acceptance of any new products or services; (9) volatility and disruptions in global capital and credit markets; (10) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (11) 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; (12) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (13) the risks of fluctuations in market prices for UBSI common stock that may or may not reflect economic condition or performance of UBSI; (14) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and (15) 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. FORWARD LOOKING STATEMENTS
Achieved record Net Income of $130.7 million and record Diluted Earnings Per Share of $0.92 Generated Return on Average Assets of 1.57%, Return on Average Equity of 9.58%, and Return on Average Tangible Equity* of 15.45% Achieved period end annualized loan growth and deposit growth of ~8% Net Interest Income was $280.1 million and Net Interest Margin (FTE) remained solid at 3.80% Consistently ranked as one of the most trustworthy banks in America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024 & 2025) Quarterly dividend of $0.37 per share equates to a yield of ~4.2% (based upon recent prices). United has increased dividends to shareholders for 51 consecutive years Asset quality remains sound with Non-Performing Assets remaining low at 0.37% of Total Assets Strong expense control with an efficiency ratio of 45.39% Capital position remains robust and liquidity remains sound Repurchased 735,455 shares during 3Q25 with an additional 478,666 shares repurchased in 4Q25 (through 10/22/25) 3Q25 HIGHLIGHTS *Non-GAAP measure. Refer to appendix.
Linked-Quarter (LQ) Net Income was $130.7 million in 3Q25 compared to $120.7 million in 2Q25, with diluted EPS of $0.92 in 3Q25 compared to $0.85 in 2Q25. Net Interest Income increased $5.6 million driven by an increase in average earning assets partially offset by an increase in average interest-bearing deposits and a decrease in acquired loan accretion income. Provision Expense was $12.1 million in 3Q25 compared to $5.9 million in 2Q25. Noninterest Income increased $11.7 million compared to 2Q25 driven by increases in net gains on investment securities of $10.0 million, primarily due to unrealized fair value gains on equity securities, and an increase in fees from brokerage services of $1.4 million. Noninterest Expense decreased $1.3 million compared to 2Q25 driven by a $2.4 million improvement in the expense for the reserve for unfunded loan commitments and a $1.1 million decrease in other noninterest expense, partially offset by a $1.2 million increase in employee compensation and a $1.2 million increase in employee benefits. Income Taxes increased $2.4 million primarily due to the impact of higher earnings. The effective tax rate was 20.5% in 3Q25 compared to 20.6% in 2Q25. EARNINGS SUMMARY In thousands, except per share data 3Q25 2Q25 3Q24 Interest & Fees Income 430,957 $ 421,196 $ 382,723 $ Interest Expense 150,842 $ 146,659 $ 152,467 $ Net Interest Income 280,115 $ 274,537 $ 230,256 $ Provision for Credit Losses 12,095 $ 5,889 $ 6,943 $ Noninterest Income 43,204 $ 31,460 $ 31,942 $ Noninterest Expense 146,741 $ 148,020 $ 135,339 $ Income Before Income Taxes 164,483 $ 152,088 $ 119,916 $ Income Taxes 33,735 $ 31,367 $ 24,649 $ Net Income 130,748 $ 120,721 $ 95,267 $ Diluted EPS $0.92 $0.85 $0.70 Weighted Average Diluted Shares 141,961 142,444 135,505 Notes Merger-Related Expenses (before tax) 51 $ 1,315 $ 332 $ Three Months Ended
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control 1Q25 was impacted by pre-tax merger related expenses of $30.0 million. 3Q25 was impacted by net gains on investment securities of $10.4 million primarily due to unrealized fair value gains on equity securities. PERFORMANCE RATIOS
Reported Net Interest Margin decreased from 3.81% to 3.80% LQ. Linked-quarter Net Interest Income (FTE) increased $5.6 million driven by an increase in average earning assets partially offset by an increase in average interest-bearing deposits and a decrease in acquired loan accretion income. Approximately ~52% of the loan portfolio is fixed rate and ~48% is adjustable rate, while ~37% of the total portfolio is projected to reprice within the next 3 months. ~13% of the securities portfolio is floating rate. Securities balances of approximately ~$344 million with an average yield of ~3.9% are projected to roll off during the remainder of FY 2025. HTM securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 4.2 years. Time deposits have an average maturity of ~6 months. Approximately ~12% of total deposits have interest rates tied to a floating rate index. Scheduled purchase accounting loan accretion is estimated at ~$6 million for the remainder of FY 2025 and ~$19 million for FY 2026. NET INTEREST INCOME AND MARGIN $ in millions
Linked-Quarter loan balances increased $470 million driven by Non Owner Occupied CRE loans and Residential Real Estate loans. Loan growth was led by the Georgia, North Carolina, and Central Virginia markets in 3Q25 (annualized growth rates >20%). Non Owner Occupied CRE to Total Risk Based Capital was ~294% at 3Q25. CRE portfolio remains diversified among underlying collateral types. Non Owner Occupied Office loans total ~$0.8 billion (~3.5% of total loans). The Top 60 Office loans make up ~70% of total Non Owner Occupied Office balances. The weighted average LTV based on current loan balances and appraised values at origination for the Top 60 was ~52% at 9/30/25. The weighted average LTV at origination for the Top 60 was ~65%. United has been disciplined in its approach to underwriting Office loans. The stringent underwriting process focuses on the underlying tenants, lease terms, sponsor support, location, property class, amenities, etc. Weighted average FICO of all consumer-related loan sectors is ~762. Fixed rate loans maturing within 12 months total ~$2.1 billion at a weighted average rate of ~5.4%. Fixed rate loans maturing within 13-24 months total ~$2.1 billion at a weighted average rate of ~5.1%. Total purchase accounting-related fair value discount on loans was $65 million as of 9/30/25. $ in millions LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE)
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 24.5 % of Total Loans 100% Geographic location Southeast 43% Metro DC / Baltimore 35% WV / OH / PA / Shenandoah Valley 19% Other 3% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select Portfolio Details: Total NOO Office loans represent $0.8 billion, or only ~3.5% of total loans, with ~57% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. The ALLL associated with the NOO Office portfolio was $56.1 million (6.6% of total NOO Office loans) at 9/30/25. C&I Government Contracting loans represent only ~0.5% 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 ~761, 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 $0.3 billion, or only ~1.3% of total loans. *Data as of 9/30/25; Geographic locations based on collateral address, if applicable, or originating office location. CRE NOO CRE OO C&D C&I Residential Real Estate Other Consumer 8.4 2.1 3.7 3.6 6.0 0.8 34% 9% 15% 15% 24% 3% 45% 52% 68% 17% 42% 11% 42% 25% 22% 29% 42% 18% 12% 21% 7% 44% 14% 58% 1% 2% 3% 10% 2% 13% 100% 100% 100% 100% 100% 100% Total Loans Loan Segments Shading indicates areas with outstanding loans. Color coding represents the geographies noted in the table. Indicates United office location
End of Period Balances (000s) 6/30/25 9/30/25 Non-Accrual Loans $64,014 $110,236 90-Day Past Due Loans $4,253 $6,631 Total Non-performing Loans $68,267 $116,867 Other Real Estate Owned $6,331 $6,891 Total Non-performing Assets $74,598 $123,758 Non-performing Loans / Loans 0.28% 0.48% Non-performing Assets / Total Assets 0.23% 0.37% Annualized Net Charge-offs / Average Loans 0.14% 0.33% Allowance for Loan & Lease Losses (ALLL) $307,962 $300,050 ALLL / Loans, net of unearned income 1.28% 1.22% Allowance for Credit Losses (ACL)* $343,781 $332,689 ACL / Loans, net of unearned income 1.43% 1.36% NPAs were $123.8 million at 9/30/25 compared to $74.6 million at 6/30/25 with the ratio of NPAs to Total Assets increasing from 0.23% to 0.37%. The increase in NPAs during 3Q25 was driven by two CRE NOO Office loans associated with the same sponsor that were downgraded to non-accrual status. At 9/30/25, the non-accrual balance on the two loans was $60.5 million, reflecting $16.5 million of charge-offs recorded on the two loans during 3Q25. There were seven loans totaling $28.1 million on accrual status related to the same sponsor as of 9/30/25. 30-89 Day Past Due loans were 0.31% of total loans at 9/30/25 compared to 0.34% at 6/30/25. ALLL as a percentage of Total Loans decreased from 1.28% to 1.22% LQ. *ACL is comprised of ALLL and the reserve for lending-related commitments CREDIT QUALITY
Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. LQ deposits increased $548 million driven by Money Market, Interest Bearing Transaction, and Time Deposit accounts. Brokered deposits were relatively unchanged at 0.8% of total deposits at 9/30/25. Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base. $ in millions Source: S&P Global Market Intelligence DEPOSIT SUMMARY Top 10 MSAs by Deposits* (as of 6/30/25) MSA Total Deposits In MSA ($000) Number of Branches Rank Washington, DC 10,482,772 57 7 Morgantown, WV 1,568,631 6 1 Charleston, WV 1,501,472 5 2 Atlanta, GA 1,312,956 11 17 Richmond, VA 818,435 13 9 Parkersburg, WV 754,627 4 1 Hagerstown, MD 728,404 6 2 Myrtle Beach, SC 653,612 7 9 Charlotte, NC 652,696 7 17 Wheeling, WV 541,685 6 2
Deposit Account Details ($ in millions) End of Period Ratios / Values 9/30/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $9,004 33% Estimated Insured/Collateralized Deposits $17,880 67% Total Deposits $26,884 100% *Does not include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. Available Liquidity ($ in millions) 9/30/25 Cash & Cash Equivalents $2,519 Unpledged AFS Securities $1,020 Available FHLB Borrowing Capacity $4,765 Available FRB Discount Window Borrowing Capacity $4,639 Subtotal $12,943 Additional FHLB Capacity (with delivery of collateral) $4,205 Additional Brokered Deposit Capacity (based on internal policy) $5,165 Total Liquidity* $22,313 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 6/30/25 at 33% of total deposits. LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL
End of Period Ratios / Values 6/30/25 9/30/25** Common Equity Tier 1 Ratio 13.4% 13.4% Tier 1 Capital Ratio 13.4% 13.4% Total Risk Based Capital Ratio 15.8% 15.7% Leverage Ratio 11.3% 11.3% Total Equity to Total Assets 16.4% 16.3% *Tangible Equity to Tangible Assets (non-GAAP) 10.8% 10.8% Book Value Per Share $37.80 $38.58 *Tangible Book Value Per Share (non-GAAP) $23.32 $24.03 Capital ratios remain significantly above regulatory “Well Capitalized” levels and exceed all internal capital targets. United repurchased 735 thousand common shares during 3Q25 for $26.5 million as compared to 981 thousand common shares during 2Q25 for $32.5 million. From 10/01/25 through 10/22/25, United repurchased 479 thousand common shares for $17.2 million. As of 10/22/25, there were 1.6 million shares available to be repurchased under the approved plan. *Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release date. CAPITAL RATIOS AND PER SHARE DATA
Select guidance is being provided for 2025. 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 low to mid single digits for the remainder of 2025 (annualized). 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 $1.093 billion to $1.100 billion for FY 2025 (assumes two additional 25 bps rate cuts in 4Q25). Loan purchase accounting accretion is currently estimated at ~$32 million for FY 2025. 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 total provision expense for 2025 is $55 million (including Day 2 merger-related CECL provision expense of $19 million that was recorded in 1Q25). Non Interest Income: Expect non interest income to be in the range of $130 million to $135 million for 2025. Mortgage banking revenue will be subject to industry trends. Non Interest Expense: Expect non interest expense to be in the range of $598 million to $605 million for 2025 (including merger-related expenses of $12.7 million recorded to date in 2025). Effective Tax Rate: Estimated at approximately ~21.0%. Capital: Stock buyback will be market dependent. United’s capital position remains robust. 2025 OUTLOOK
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 51 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 ~11.0x (based upon median 2025 street consensus estimate of $3.23 per Bloomberg) INVESTMENT THESIS
Source: S&P Capital IQ Pro; Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS Closed on 1/10/25
APPENDIX
PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Provision for Credit Losses --- --- --- $18.7 --- --- Employee Compensation & Benefits --- --- --- $1.2 $0.3 --- Expense for Reserve for Unfunded Loan Commitments --- --- --- $4.1 --- --- 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 $0.0 Day 1 purchase accounting marks (net mark) ($ in millions) Fair Value (Discount) / Premium (preliminary) *Loans $(64.1) Investments $(25.0) Land $(3.5) Buildings $1.5 Time Deposits $0.4 *Does not include $17.5 million credit mark on PCD loans recorded as ALLL on Day 1. Other information ($ in millions) *1/10/2025 Values (preliminary) Preliminary Goodwill $130.0 Core Deposit Intangible $32.8 Allowance for Credit Losses (including unfunded) $40.3
(dollars in thousands) 3Q24 4Q24 1Q25 2Q25 3Q25 (1) Return on Average Tangible Equity (A) Net Income (GAAP) $95,267 $94,408 $84,306 $120,721 $130,748 (B) Number of Days in the Quarter 92 92 90 91 92 Average Total Shareholders' Equity (GAAP) $4,908,866 $5,019,069 $5,283,542 $5,351,140 $5,413,460 Less: Average Total Intangibles (1,899,261) (1,898,335) (2,060,975) (2,049,504) (2,055,082)) (C) Average Tangible Equity (non-GAAP) $3,009,605 $3,120,734 $3,222,567 $3,301,636 $3,358,378 Formula: [(A) / (B)]*365 (or 366 for leap year) (C) Return on Average Tangible Equity (non-GAAP) 12.59% 12.03% 10.61% 14.67% 15.45% RECONCILIATION OF NON-GAAP ITEMS
(dollars in thousands) 6/30/2025 9/30/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 32,783,363 $ 33,407,181 Less: Total Intangibles (GAAP) (2,055,858) (2,053,472) Tangible Assets (non-GAAP) $ 30,727,505 $ 31,353,709 Total Shareholders' Equity (GAAP) $ 5,364,541 $ 5,445,715 Less: Total Intangibles (GAAP) (2,055,858) (2,053,472) Tangible Equity (non-GAAP) $ 3,308,683 $ 3,392,243 Tangible Equity to Tangible Assets (non-GAAP) 10.8% 10.8% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,364,541 $ 5,445,715 Less: Total Intangibles (GAAP) (2,055,858) (2,053,472) Tangible Equity (non-GAAP) $ 3,308,683 $ 3,392,243 ÷ EOP Shares Outstanding (Net of Treasury Stock) 141,909,452 141,170,258 Tangible Book Value Per Share (non-GAAP) $23.32 $24.03 RECONCILIATION OF NON-GAAP ITEMS (CONT.)