United Bankshares, Inc. Announces Record Earnings for the Second Quarter of 2026

United Bankshares, Inc. Announces Record Earnings for the Second Quarter of 2026 July 23, 2026 United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the second quarter of 2026 of $131.4 million, or $0.95 per diluted share. Second quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible common equity, a non-GAAP measure, of 1.56%, 9.53%, and 15.15%, respectively. “We delivered record results in the second quarter, and our consistent and disciplined approach to managing our Company’s affairs continues to pay dividends,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We look forward to continued growth in the second half of the year.” Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.49%, 9.08%, and 14.40%, respectively. Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.49%, 9.05%, and 14.67%, respectively. Second quarter of 2026 compared to the first quarter of 2026 Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, as compared to earnings of $124.2 million, or $0.89 per diluted share, for the first quarter of 2026. Net interest income for the second quarter of 2026 was $285.3 million, an increase of $2.8 million, or 1%, from the first quarter of 2026. Fully tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, also increased $2.8 million, or 1%, from the first quarter of 2026. The net interest margin was 3.81% and 3.80% for the second quarter of 2026 and the first quarter of 2026, respectively. The interest spread for the second quarter of 2026 increased 1 basis point to 3.07% from the first quarter of 2026 due to a 3 basis point decrease in the average cost of funds partially offset by a 2 basis point decrease in the yield on average earning assets. The decrease in the average cost of funds was primarily due to a 2 basis point decrease in the rate paid on average interest-bearing deposits. The decrease in the yield on average earning assets was driven by a 6 basis point decrease in the yield on average net loans and loans held for sale partially offset by a 19 basis point increase in the yield on average investment securities. Acquired loan accretion income was $5.0 million for the second quarter of 2026, a decrease of $2.5 million from the first quarter of 2026 which contributed to an approximately 4 basis point decrease in the interest spread and in the net interest margin. The increase in the yield on average investment securities reflects United’s strategic purchases of higher yielding investment securities throughout 2026. The provision for credit losses for the second quarter of 2026 was $5.0 million as compared to $7.8 million for the first quarter of 2026. The provision for credit losses for the second quarter of 2026 reflected $5.1 million of net charge-offs and a relatively flat allowance for loan & lease losses from the prior quarter-end. The provision for credit losses for the first quarter of 2026 reflected $5.7 million of net charge-offs and a $2.1 million increase in the allowance for loan & lease losses from the prior quarter-end. Noninterest income for the second quarter of 2026 was $38.5 million, an increase of $4.4 million, or 13%, from the first quarter of 2026 driven by a $2.7 million increase in other noninterest income and smaller increases in several other categories of noninterest income. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense as described below. Additionally, net gains on investment securities of $2.8 million for the second quarter of 2026 included a $5.9 million gain as a result of the sale of an unaffiliated company in which United held an investment that was recorded within other investment securities, a $5.7 million gain from a VISA share exchange, and $1.0 million in unrealized fair value gains on equity securities. The gain on the VISA share exchange included $1.8 million that was realized through the sale of eligible shares and the remainder of which related to shares held at fair value at quarter-end and which are eligible to be sold in the third quarter of 2026. Partially offsetting these gains on investment securities was a $9.7 million loss on the sale of $81.0 million of available for sale (“AFS”) investment securities. Net gains on investment securities of $2.3 million for the first quarter of 2026 were primarily due to gains on sales of equity securities. Noninterest expense for the second quarter of 2026 was $154.7 million, an increase of $1.9 million, or 1%, from the first quarter of 2026. The increase in noninterest expense was driven by a $3.1 million increase in employee compensation partially offset by a $1.8 million decrease in the expense for the reserve for unfunded loan commitments. The increase in employee compensation was primarily due to the timing of annual salary increases, stock-based compensation costs, and employee incentives. The decrease in the expense for the reserve for unfunded loan commitments reflected a smaller increase in outstanding loan commitments during the second quarter of 2026 as compared with the increase during the first quarter of 2026. Additionally, employee benefits were $16.3 million for the second quarter of 2026 as compared to $16.0 million for the first quarter of 2026 as an increase in employee benefits driven by higher postretirement benefit costs and higher health insurance expenses was largely offset by a decrease in Federal Insurance Contributions Act (“FICA”) costs. For the second quarter of 2026, income tax expense was $32.8 million as compared to $31.8 million for the first quarter of 2026. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.0% and 20.4% for the second quarter of 2026 and first quarter of 2026, respectively. Second quarter of 2026 compared to the second quarter of 2025 Earnings for the second quarter of 2026 were $131.4 million, or $0.95 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 second quarter of 2026 increased $10.8 million, or 4%, from the second quarter of 2025. Fully tax-equivalent net interest income also increased $10.8 million, or 4%, from the second quarter of 2025. The increase in net interest income and fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits and an increase in average net loans and loans held for sale. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. The rate paid on average interest-bearing deposits decreased 38 basis points from the second quarter of 2025. Average net loans and loans held for sale increased $970.6 million, or 4%, from the second quarter of 2025. The yield on average net loans and loans held for sale decreased 27 basis points from the second quarter of 2025. Acquired loan accretion income decreased $6.8 million from the second quarter of 2025. Average interest-bearing deposits increased $900.5 million, or 5%, from the second quarter of 2025. The net interest margin was 3.81% for both the second quarter of 2026 and the second quarter of 2025. The provision for credit losses was $5.0 million for the second quarter of 2026 as compared to $5.9 million for the second quarter of 2025. Noninterest income for the second quarter of 2026 increased $7.0 million, or 22%, from the second quarter of 2025 driven by increases in net gains on investment securities of $2.4 million, other noninterest income of $1.9 million, and fees from brokerage services of $1.9 million. Net gains on investment securities for the second quarter of 2026 of $2.8 million included the aforementioned gain as a result of the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, and unrealized fair value gains on equity securities. Partially offsetting these gains on investment securities was a loss on the sale of AFS investment securities. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. Noninterest expense for the second quarter of 2026 increased $6.7 million, or 5%, from the second quarter of 2025 primarily due to a $3.6 million increase in employee compensation and a $2.9 million increase in employee benefits. The increase in employee compensation was primarily due to higher salaries, brokerage commissions, employee incentives, and stock-based compensation costs. The increase in employee benefits was primarily due to higher postretirement benefit costs. Additionally, smaller increases in several other categories of noninterest expense were largely offset by a $1.2 million decrease in other noninterest expense. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses related to the acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”), which was completed on January 10, 2025. For the second quarter of 2026, income tax expense was $32.8 million as compared to $31.4 million for the second quarter of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.0% and 20.6% for the second quarter of 2026 and second quarter of 2025, respectively. First half of 2026 compared to the first half of 2025 Earnings for the first half of 2026 were $255.6 million, or $1.83 per diluted share, as compared to earnings of $205.0 million, or $1.44 per diluted share, for the first half of 2025. Net interest income for the first half of 2026 was $567.8 million, an increase of $33.2 million, or 6%, from the first half of 2025. Fully tax-equivalent net interest income also increased $33.2 million, or 6%, from the first half of 2025. The increase in net interest income and fully tax-equivalent net interest income was primarily due to an increase in average net loans and loans held for sale and a lower rate paid on average interest-bearing deposits. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. Average net loans and loans held for sale increased $1.2 billion, or 5%, from the first half of 2025. The rate paid on average interest-bearing deposits decreased 37 basis points from the first half of 2025. The yield on average net loans and loans held for sale decreased 17 basis points from the first half of 2025. Acquired loan accretion income decreased $5.3 million from the first half of 2025. Average interest-bearing deposits increased $1.1 billion, or 6%, from the first half of 2025. The net interest margin was 3.80% and 3.75% for the first half of 2026 and the first half of 2025, respectively. The provision for credit losses was $12.7 million for the first half of 2026. The provision for credit losses was $35.0 million for the first half of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont. Noninterest income for the first half of 2026 increased $11.6 million, or 19%, from the first half of 2025 driven by increases in net gains on investment securities of $4.1 million, fees from brokerage services of $3.7 million, and other noninterest income of $2.7 million. Net gains on investment securities for the first half of 2026 included the gain as a result of the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, unrealized fair value gains on equity securities, and a gain on the sale of equity securities. Partially offsetting these gains on investment securities was a loss on the sale of AFS investment securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans. Noninterest expense for the first half of 2026 was $307.5 million while noninterest expense was $301.6 million for the first half of 2025, which included $12.6 million in merger-related expenses. The increase in noninterest expense was driven by a $6.2 million increase in employee compensation, a $5.6 million increase in employee benefits, a $1.2 million increase in the expense for the reserve for unfunded loan commitments, and smaller increases in several other categories of noninterest expense. These increases in noninterest expense were partially offset by a $6.4 million decrease in other noninterest expense, a $2.3 million decrease in data processing, and smaller decreases in several other categories of noninterest expense. The increase in employee compensation was primarily due to higher brokerage commissions, employee incentives, salaries, and stock-based compensation costs. Employee compensation for the first half of 2025 included $1.5 million in merger-related expenses. The increase in employee benefits was primarily due to higher postretirement benefit and FICA costs. The expense for the reserve for unfunded loan commitments for the first half of 2026 of $2.1 million was primarily due to an increase in outstanding loan commitments. The expense for the reserve for unfunded loan commitments for the first half of 2025 of $909 thousand included $4.1 million in merger-related expense from the acquisition. Other noninterest expense for the first half of 2025 included $7.0 million of merger-related expenses. The decrease in data processing was primarily due to technology contract renegotiations. For the first half of 2026, income tax expense was $64.6 million as compared to $54.0 million for the first half of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.2% and 20.9% for the first half of 2026 and first half of 2025, respectively. Credit Quality At June 30, 2026, non-performing loans (“NPLs”) were $110.6 million, or 0.44% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $120.9 million, including other real estate owned (“OREO”) of $10.2 million, or 0.36% of total assets at June 30, 2026. At March 31, 2026, NPLs were $102.8 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $113.2 million, including OREO of $10.4 million, or 0.34% of total assets at March 31, 2026. At December 31, 2025, NPLs were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $110.3 million, including OREO of $8.9 million, or 0.33% of total assets at December 31, 2025. As of June 30, 2026, the allowance for loan & lease losses was $299.5 million, or 1.20% of loans & leases, net of unearned income. As of March 31, 2026, the allowance for loan & lease losses was $299.6 million, or 1.20% of loans & leases, net of unearned income. At December 31, 2025, the allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income. Net charge-offs were $5.1 million, or 0.08% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2026. Net charge-offs were $5.7 million, or 0.09% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2026. 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 $10.8 million, or 0.09% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2026. Net charge-offs were $16.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2025. Capital United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.6% at June 30, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, 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 second quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.5 million shares of its common stock at an average price per share of $43.93. During the first half of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 3.2 million shares of its common stock at an average price per share of $41.78. About United Bankshares, Inc. United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of June 30, 2026. United is the 39th 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. Cautionary Statements The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30, 2026 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 estimates made as of June 30, 2026 and will adjust amounts preliminarily reported, if necessary. Use of non-GAAP Financial Measures 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 fully tax-equivalent (FTE) net interest income, average tangible common equity, return on average tangible common 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, the yield on earning assets, yield on investment securities, net interest margin, and interest spread are presented in this press release on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although these are non-GAAP measures, United’s management believes these measures are more widely used within the financial services industry and provide better comparability of net interest income arising from taxable and tax-exempt sources and additional insight into the net interest margin by adjusting for differences in tax treatment of interest income sources. United uses this measure to monitor net interest income performance, net interest margin and yields on earning assets and investment securities 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 common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis and considering net income, a return on average tangible common 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 shareholders’ 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. Forward-Looking Statements 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 economic impact of oil and gas prices; 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, 2025, 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. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Six Months Ended EARNINGS SUMMARY: June 2026 March 2026 June 2025 June 2026 June 2025 Interest income $ 418,197 $ 415,929 $ 421,196 $ 834,126 $ 824,843 Interest expense 132,885 133,414 146,659 266,299 290,251 Net interest income 285,312 282,515 274,537 567,827 534,592 Provision for credit losses 4,961 7,776 5,889 12,737 34,992 Noninterest income 38,506 34,063 31,460 72,569 61,014 Noninterest expense 154,715 152,814 148,020 307,529 301,593 Income before income taxes 164,142 155,988 152,088 320,130 259,021 Income taxes 32,765 31,788 31,367 64,553 53,994 Net income $ 131,377 $ 124,200 $ 120,721 $ 255,577 $ 205,027 PER COMMON SHARE: Net income: Basic $ 0.95 $ 0.89 $ 0.85 $ 1.84 $ 1.44 Diluted 0.95 0.89 0.85 1.83 1.44 Cash dividends 0.38 0.38 0.37 $ 0.76 $ 0.74 Book value 40.24 39.65 37.80 Closing market price $ 45.83 $ 41.42 $ 36.43 Common shares outstanding: Actual at period end, net of treasury shares 136,942,149 138,431,009 141,909,452 Weighted average-basic 137,982,273 139,566,209 142,206,539 138,691,869 142,175,506 Weighted average-diluted 138,417,644 140,092,196 142,444,497 139,162,099 142,465,543 FINANCIAL RATIOS: Return on average assets 1.56% 1.49% 1.49% 1.53% 1.28% Return on average shareholders’ equity 9.53% 9.08% 9.05% 9.31% 7.78% Return on average tangible common equity (non-GAAP)(1) 15.15% 14.40% 14.67% 14.77% 12.67% Average shareholders’ equity to average assets 16.38% 16.45% 16.42% 16.42% 16.42% Net interest margin (FTE) 3.81% 3.80% 3.81% 3.80% 3.75% PERIOD END BALANCES: June 30 2026 March 31 2026 December 31 2025 June 30 2025 Assets $ 33,751,832 $ 33,705,380 $ 33,660,281 $ 32,783,363 Earning assets 30,066,445 30,034,591 30,014,321 29,046,827 Loans & leases, net of unearned income 24,994,524 24,863,138 24,709,122 24,050,222 Loans held for sale 35,224 29,235 31,277 37,053 Investment securities 3,659,031 3,530,568 3,400,400 3,396,653 Total deposits 27,170,747 27,120,883 27,060,939 26,335,874 Shareholders’ equity 5,510,537 5,488,126 5,495,983 5,364,541 Note: (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) Consolidated Statements of Income Three Months Ended Six Months Ended June March June June June 2026 2026 2025 2026 2025 Interest & Loan Fees Income (GAAP) $ 418,197 $ 415,929 $ 421,196 $ 834,126 $ 824,843 Tax equivalent adjustment 787 780 791 1,567 1,573 Interest & Fees Income (FTE) (non-GAAP) 418,984 416,709 421,987 835,693 826,416 Interest Expense 132,885 133,414 146,659 266,299 290,251 Net Interest Income (FTE) (non-GAAP) 286,099 283,295 275,328 569,394 536,165 Provision for Credit Losses 4,961 7,776 5,889 12,737 34,992 Noninterest Income: Fees from trust services 5,190 4,857 4,931 10,047 9,713 Fees from brokerage services 6,764 7,403 4,862 14,167 10,507 Fees from deposit services 10,069 9,577 9,664 19,646 18,971 Bankcard fees and merchant discounts 2,367 1,977 2,102 4,344 3,853 Other charges, commissions, and fees 1,226 1,099 1,154 2,325 2,235 Income from bank-owned life insurance 3,134 2,994 3,618 6,128 6,988 Income from mortgage banking activities 2,922 2,555 2,603 5,477 5,082 Net gains on investment securities 2,785 2,265 425 5,050 946 Other noninterest income 4,049 1,336 2,101 5,385 2,719 Total Noninterest Income 38,506 34,063 31,460 72,569 61,014 Noninterest Expense: Employee compensation 66,549 63,493 62,929 130,042 123,795 Employee benefits 16,296 15,980 13,434 32,276 26,725 Net occupancy 13,108 13,013 12,525 26,121 25,126 Data processing 7,148 7,001 7,952 14,149 16,407 Amortization of intangibles 1,838 1,838 2,341 3,676 4,682 OREO expense 516 475 236 991 258 Net losses on the sale of OREO properties 37 - 16 37 5 Equipment expense 9,435 8,740 8,551 18,175 17,133 FDIC insurance expense 4,550 4,476 4,532 9,026 9,260 Expense for the reserve for unfunded loan commitments 175 1,972 (748) 2,147 909 Other noninterest expense 35,063 35,826 36,252 70,889 77,293 Total Noninterest Expense 154,715 152,814 148,020 307,529 301,593 Income Before Income Taxes (FTE) (non-GAAP) 164,929 156,768 152,879 321,697 260,594 Tax equivalent adjustment 787 780 791 1,567 1,573 Income Before Income Taxes (GAAP) 164,142 155,988 152,088 320,130 259,021 Taxes 32,765 31,788 31,367 64,553 53,994 Net Income $ 131,377 $ 124,200 $ 120,721 $ 255,577 $ 205,027 MEMO: Effective Tax Rate 19.96% 20.38% 20.62% 20.16% 20.85% UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Balance Sheets June 30 March 31 December 31 June 30 2026 2026 2025 2025 Cash & Cash Equivalents $ 2,081,303 $ 2,305,034 $ 2,542,250 $ 2,314,692 Securities Available for Sale 3,319,750 3,212,072 3,059,452 3,074,071 Less: Allowance for credit losses - - - - Net available for sale securities 3,319,750 3,212,072 3,059,452 3,074,071 Securities Held to Maturity 1,020 1,020 1,020 1,020 Less: Allowance for credit losses (14) (16) (16) (18) Net held to maturity securities 1,006 1,004 1,004 1,002 Equity Securities 30,107 12,248 34,760 21,996 Other Investment Securities 308,168 305,244 305,184 299,584 Total Securities 3,659,031 3,530,568 3,400,400 3,396,653 Total Cash and Securities 5,740,334 5,835,602 5,942,650 5,711,345 Loans held for sale 35,224 29,235 31,277 37,053 Commercial Loans & Leases 19,216,523 19,160,057 19,049,978 18,478,990 Mortgage Loans 4,958,277 4,896,513 4,854,418 4,773,340 Consumer Loans 831,438 818,169 816,224 808,536 Gross Loans 25,006,238 24,874,739 24,720,620 24,060,866 Unearned income (11,714) (11,601) (11,498) (10,644) Loans & Leases, net of unearned income 24,994,524 24,863,138 24,709,122 24,050,222 Allowance for Loan & Lease Losses (299,504) (299,599) (297,518) (307,962) Net Loans 24,695,020 24,563,539 24,411,604 23,742,260 Goodwill 2,018,848 2,018,848 2,018,848 2,018,910 Other Intangibles 28,591 30,429 32,267 36,948 Operating Lease Right-of-Use Asset 92,772 87,841 89,312 91,071 Other Real Estate Owned 10,212 10,390 8,857 6,331 Bank Owned Life Insurance 558,032 551,306 547,127 541,216 Other Assets 572,799 578,190 578,339 598,229 Total Assets $ 33,751,832 $ 33,705,380 $ 33,660,281 $ 32,783,363 MEMO: Interest-earning Assets $ 30,066,445 $ 30,034,591 $ 30,014,321 $ 29,046,827 Interest-bearing Deposits $ 20,439,014 $ 20,710,965 $ 20,487,309 $ 19,708,609 Noninterest-bearing Deposits 6,731,733 6,409,918 6,573,630 6,627,265 Total Deposits 27,170,747 27,120,883 27,060,939 26,335,874 Short-term Borrowings 166,996 166,175 198,573 160,798 Long-term Borrowings 532,615 532,216 531,817 551,021 Total Borrowings 699,611 698,391 730,390 711,819 Operating Lease Liability 99,757 93,921 95,392 96,899 Other Liabilities 271,180 304,059 277,577 274,230 Total Liabilities 28,241,295 28,217,254 28,164,298 27,418,822 Preferred Equity - - - - Common Equity 5,510,537 5,488,126 5,495,983 5,364,541 Total Shareholders' Equity 5,510,537 5,488,126 5,495,983 5,364,541 Total Liabilities & Shareholders’ Equity $ 33,751,832 $ 33,705,380 $ 33,660,281 $ 32,783,363 MEMO: Interest-bearing Liabilities $ 21,138,625 $ 21,409,356 $ 21,217,699 $ 20,420,428 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Average Balance Sheets June 2026 March 2026 June 2025 Q-T-D Average Q-T-D Average Q-T-D Average Cash & Cash Equivalents $ 2,166,377 $ 2,486,561 $ 2,285,499 Securities Available for Sale 3,306,377 3,089,155 3,017,191 Less: Allowance for credit losses - - - Net available for sale securities 3,306,377 3,089,155 3,017,191 Securities Held to Maturity 1,020 1,020 1,020 Less: Allowance for credit losses (16) (16) (18) Net held to maturity securities 1,004 1,004 1,002 Equity Securities 23,786 23,249 21,690 Other Investment Securities 309,340 307,199 297,214 Total Securities 3,640,507 3,420,607 3,337,097 Total Cash and Securities 5,806,884 5,907,168 5,622,596 Loans held for sale 34,273 26,283 35,730 Commercial Loans & Leases 19,174,662 19,129,811 18,393,910 Mortgage Loans 4,917,634 4,868,411 4,765,760 Consumer Loans 858,082 860,168 829,201 Gross Loans 24,950,378 24,858,390 23,988,871 Unearned income (11,874) (12,170) (11,672) Loans & Leases, net of unearned income 24,938,504 24,846,220 23,977,199 Allowance for Loan & Lease Losses (299,614) (297,537) (310,398) Net Loans 24,638,890 24,548,683 23,666,801 Goodwill 2,018,848 2,018,848 2,011,030 Other Intangibles 29,783 31,620 38,474 Operating Lease Right-of-Use Asset 88,433 88,864 86,025 Other Real Estate Owned 10,281 9,160 3,314 Bank Owned Life Insurance 554,079 548,690 539,238 Other Assets 558,830 549,895 581,160 Total Assets $ 33,740,301 $ 33,729,211 $ 32,584,368 MEMO: Interest-earning Assets $ 30,101,804 $ 30,108,538 $ 28,949,287 Interest-bearing Deposits $ 20,505,605 $ 20,614,901 $ 19,605,123 Noninterest-bearing Deposits 6,672,733 6,518,574 6,597,595 Total Deposits 27,178,338 27,133,475 26,202,718 Short-term Borrowings 177,707 182,428 165,405 Long-term Borrowings 532,390 531,978 550,795 Total Borrowings 710,097 714,406 716,200 Operating Lease Liability 94,525 94,963 91,553 Other Liabilities 229,491 237,253 222,757 Total Liabilities 28,212,451 28,180,097 27,233,228 Preferred Equity - - - Common Equity 5,527,850 5,549,114 5,351,140 Total Shareholders' Equity 5,527,850 5,549,114 5,351,140 Total Liabilities & Equity $ 33,740,301 $ 33,729,211 $ 32,584,368 MEMO: Interest-bearing Liabilities $ 21,215,702 $ 21,329,307 $ 20,321,323 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Six Months Ended Quarterly/Year-to-Date Share Data: June 2026 March 2026 June 2025 June 2026 June 2025 Earnings Per Share: Basic $ 0.95 $ 0.89 $ 0.85 $ 1.84 $ 1.44 Diluted $ 0.95 $ 0.89 $ 0.85 $ 1.83 $ 1.44 Common Dividend Declared Per Share $ 0.38 $ 0.38 $ 0.37 $ 0.76 $ 0.74 High Common Stock Price $ 46.50 $ 45.92 $ 37.46 $ 46.50 $ 39.56 Low Common Stock Price $ 41.12 $ 37.92 $ 30.50 $ 37.92 $ 30.50 Average Shares Outstanding (Net of Treasury Stock): Basic 137,982,273 139,566,209 142,206,539 138,691,869 142,175,506 Diluted 138,417,644 140,092,196 142,444,497 139,162,099 142,465,543 Common Dividends $ 52,606 $ 53,173 $ 52,746 $ 105,779 $ 106,082 Dividend Payout Ratio 40.04% 42.81% 43.69% 41.39% 51.74% June 30 March 31 December 31 June 30 EOP Share Data: 2026 2026 2025 2025 Book Value Per Share $ 40.24 $ 39.65 $ 39.29 $ 37.80 Tangible Book Value Per Share (non-GAAP)(1) $ 25.29 $ 24.84 $ 24.63 $ 23.32 52-week High Common Stock Price $ 46.50 $ 45.92 $ 40.52 $ 44.43 Date 06/26/26 02/06/26 12/18/25 11/25/24 52-week Low Common Stock Price $ 34.10 $ 30.50 $ 30.50 $ 30.50 Date 10/16/25 04/04/25 04/04/25 04/04/25 EOP Shares Outstanding (Net of Treasury Stock): 136,942,149 138,431,009 139,880,247 141,909,452 Memorandum Items: Employees (full-time equivalent) 2,754 2,749 2,740 2,760 Note: (1) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,510,537 $ 5,488,126 $ 5,495,983 $ 5,364,541 Less: Total Intangibles (2,047,439) (2,049,277) (2,051,115) (2,055,858) Tangible Common Equity (non-GAAP) $ 3,463,098 $ 3,438,849 $ 3,444,868 $ 3,308,683 ÷ EOP Shares Outstanding (Net of Treasury Stock) 136,942,149 138,431,009 139,880,247 141,909,452 Tangible Book Value Per Share (non-GAAP) $ 25.29 $ 24.84 $ 24.63 $ 23.32 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended June 2026 Three Months Ended March 2026 Three Months Ended June 2025 Selected Average Balances and Yields: Average Average Average Average Average Average ASSETS: Balance Interest(1) Rate(1) Balance Interest(1) Rate(1) Balance Interest(1) Rate(1) Earning Assets: Federal funds sold and securities purchased under agreements to resell and other short-term investments $ 1,916,842 $ 17,881 3.74% $ 2,238,873 $ 20,710 3.75% $ 2,026,613 $ 22,633 4.48% Investment securities: Taxable 3,310,627 29,535 3.57% 3,089,971 26,082 3.38% 3,022,963 26,706 3.53% Tax-exempt 201,172 1,506 2.99% 204,728 1,502 2.94% 197,180 1,536 3.12% Total securities 3,511,799 31,041 3.54% 3,294,699 27,584 3.35% 3,220,143 28,242 3.51% Loans and loans held for sale, net of unearned income(2) 24,972,777 370,062 5.94% 24,872,503 368,415 6.00% 24,012,929 371,112 6.20% Allowance for loan losses (299,614) (297,537) (310,398) Net loans and loans held for sale 24,673,163 6.01% 24,574,966 6.07% 23,702,531 6.28% Total earning assets 30,101,804 $ 418,984 5.58% 30,108,538 $ 416,709 5.60% 28,949,287 $ 421,987 5.84% Other assets 3,638,497 3,620,673 3,635,081 TOTAL ASSETS $ 33,740,301 $ 33,729,211 $ 32,584,368 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 20,505,605 $ 126,141 2.47% $ 20,614,901 $ 126,728 2.49% $ 19,605,123 $ 139,156 2.85% Short-term borrowings 177,707 1,425 3.22% 182,428 1,439 3.20% 165,405 1,488 3.61% Long-term borrowings 532,390 5,319 4.01% 531,978 5,247 4.00% 550,795 6,015 4.38% Total interest-bearing liabilities 21,215,702 132,885 2.51% 21,329,307 133,414 2.54% 20,321,323 146,659 2.89% Noninterest-bearing deposits 6,672,733 6,518,574 6,597,595 Accrued expenses and other liabilities 324,016 332,216 314,310 TOTAL LIABILITIES 28,212,451 28,180,097 27,233,228 SHAREHOLDERS’ EQUITY 5,527,850 5,549,114 5,351,140 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,740,301 $ 33,729,211 $ 32,584,368 NET INTEREST INCOME $ 286,099 $ 283,295 $ 275,328 INTEREST SPREAD 3.07% 3.06% 2.95% NET INTEREST MARGIN 3.81% 3.80% 3.81% (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Six Months Ended June 2026 Six Months Ended June 2025 Selected Average Balances and Yields: Average Average Average Average ASSETS: Balance Interest(1) Rate(1) Balance Interest(1) Rate(1) Earning Assets: Federal funds sold and securities purchased under agreements to resell and other short-term investments $ 2,076,968 $ 38,591 3.75% $ 2,078,596 $ 46,359 4.50% Investment securities: Taxable 3,200,908 55,617 3.48% 3,035,442 53,617 3.53% Tax-exempt 202,940 3,008 2.96% 197,533 3,021 3.06% Total securities 3,403,848 58,625 3.44% 3,232,975 56,638 3.50% Loans and loans held for sale, net of unearned income(2) 24,922,917 738,477 5.97% 23,757,712 723,419 6.13% Allowance for loan losses (298,581) (309,318) Net loans and loans held for sale 24,624,336 6.04% 23,448,394 6.21% Total earning assets 30,105,152 $ 835,693 5.59% 28,759,965 $ 826,416 5.79% Other assets 3,629,737 3,622,789 TOTAL ASSETS $ 33,734,889 $ 32,382,754 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 20,559,951 $ 252,869 2.48% $ 19,487,037 $ 275,444 2.85% Short-term borrowings 180,054 2,864 3.21% 166,238 2,938 3.56% Long-term borrowings 532,185 10,566 4.00% 552,694 11,869 4.33% Total interest-bearing liabilities 21,272,190 266,299 2.52% 20,205,969 290,251 2.90% Noninterest-bearing deposits 6,596,080 6,534,790 Accrued expenses and other liabilities 328,088 324,792 TOTAL LIABILITIES 28,196,358 27,065,551 SHAREHOLDERS’ EQUITY 5,538,531 5,317,203 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,734,889 $ 32,382,754 NET INTEREST INCOME $ 569,394 $ 536,165 INTEREST SPREAD 3.07% 2.89% NET INTEREST MARGIN 3.80% 3.75% (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a fully tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Six Months Ended Selected Financial Ratios: June 2026 March 2026 June 2025 June 2026 June 2025 Return on Average Assets 1.56% 1.49% 1.49% 1.53% 1.28% Return on Average Shareholders’ Equity 9.53% 9.08% 9.05% 9.31% 7.78% Return on Average Tangible Common Equity (non-GAAP)(1) 15.15% 14.40% 14.67% 14.77% 12.67% Efficiency Ratio 47.78% 48.27% 48.37% 48.02% 50.64% Price / Earnings Ratio 12.05 x 11.54 x 10.74 x 12.39 x 12.58 x Note: (1) Return on Average Tangible Common Equity: (a) Net Income (GAAP) $ 131,377 $ 124,200 $ 120,721 $ 255,577 $ 205,027 (b) Number of Days 91 90 91 181 181 Average Total Shareholders' Equity (GAAP) $ 5,527,850 $ 5,549,114 $ 5,351,140 $ 5,538,531 $ 5,317,203 Less: Average Total Intangibles (2,048,631) (2,050,468) (2,049,504) (2,049,544) (2,055,208) (c) Average Tangible Common Equity (non-GAAP) $ 3,479,219 $ 3,498,646 $ 3,301,636 $ 3,488,987 $ 3,261,995 Return on Average Tangible Common Equity (non-GAAP) [(a) / (b)] x 365 / (c) 15.15% 14.40% 14.67% 14.77% 12.67% Selected Financial Ratios: June 30 2026 March 31 2026 December 31 2025 June 30 2025 Loans & Leases, net of unearned income / Deposit Ratio 91.99% 91.68% 91.31% 91.32% Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income 1.20% 1.20% 1.20% 1.28% Allowance for Credit Losses(2)/ Loans & Leases, net of unearned income 1.35% 1.35% 1.35% 1.43% Nonaccrual Loans / Loans & Leases, net of unearned income 0.40% 0.37% 0.39% 0.27% 90-Day Past Due Loans/ Loans & Leases, net of unearned income 0.05% 0.05% 0.02% 0.02% Non-performing Loans/ Loans & Leases, net of unearned income 0.44% 0.41% 0.41% 0.28% Non-performing Assets/ Total Assets 0.36% 0.34% 0.33% 0.23% Primary Capital Ratio 17.15% 17.11% 17.15% 17.23% Shareholders' Equity Ratio 16.33% 16.28% 16.33% 16.36% Price / Book Ratio 1.14 x 1.04 x 0.98 x 0.96 x Note: (2) Includes allowances for loan losses and lending-related commitments. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Six Months Ended June March June June June Mortgage Banking Data: 2026 2026 2025 2026 2025 Loans originated $ 108,143 $ 87,053 $ 116,591 $ 195,196 $ 192,494 Loans sold 102,154 89,095 108,180 191,249 199,801 June 30 March 31 December 31 June 30 Asset Quality Data: 2026 2026 2025 2025 EOP Non-Accrual Loans $ 99,301 $ 91,170 $ 96,492 $ 64,014 EOP 90-Day Past Due Loans 11,346 11,664 4,974 4,253 Total EOP Non-performing Loans $ 110,647 $ 102,834 $ 101,466 $ 68,267 EOP Other Real Estate Owned 10,212 10,390 8,857 6,331 Total EOP Non-performing Assets $ 120,859 $ 113,224 $ 110,323 $ 74,598 Three Months Ended Six Months Ended Allowance for Loan & Lease Losses: June 2026 March 2026 June 2025 June 2026 June 2025 Beginning Balance $ 299,599 $ 297,518 $ 310,424 $ 297,518 $ 271,844 Initial allowance for acquired PCD loans - - - - 17,518 Gross Charge-offs (6,113) (6,830) (9,266) (12,943) (17,943) Recoveries 1,055 1,135 915 2,190 1,551 Net Charge-offs (5,058) (5,695) (8,351) (10,753) (16,392) Provision for Loan & Lease Losses(1) 4,963 7,776 5,889 12,739 34,992 Ending Balance 299,504 299,599 307,962 299,504 307,962 Reserve for lending-related commitments 37,222 37,047 35,819 37,222 35,819 Allowance for Credit Losses (2) $ 336,726 $ 336,646 $ 343,781 $ 336,726 $ 343,781 Notes: (1) Six months ended June 30, 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans. (2) Includes allowances for loan losses and lending-related commitments. W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext. 8716 Source: United Bankshares, Inc.