United Bankshares, Inc. Announces Record Earnings for the Second Quarter of 2025

United Bankshares, Inc. Announces Record Earnings for the Second Quarter of 2025 July 24, 2025 United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the second quarter of 2025 of $120.7 million, or $0.85 per diluted share. Second quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.49%, 9.05%, and 14.67%, respectively. “I’m excited to announce that the second quarter of 2025 was the strongest earnings quarter in our Company’s long history,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Our entry into the Atlanta market, along with excellent asset quality and strong expense control, drove our results in the quarter. I anticipate continued success in the second half of the year.” As a result of the acquisition of Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025, the second quarter and year of 2025 were impacted by increased levels of average balances, income, and expense. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.06%, 6.47%, and 10.61%, respectively. The first quarter of 2025 was impacted by $30.0 million in pre-tax, or approximately $0.17 in after-tax earnings per diluted share, merger-related noninterest expenses and merger-related provision for credit losses. Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.32%, 7.99%, and 13.12%, respectively. Second quarter of 2025 compared to the first quarter of 2025 Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, as compared to earnings of $84.3 million, or $0.59 per diluted share, for the first quarter of 2025. Net interest income for the second quarter of 2025 was a record $274.5 million, an increase of $14.5 million, or 6%, from the first 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 second quarter of 2025 also increased $14.5 million, or 6%, from the first quarter of 2025. The second quarter of 2025 reflected a full three months of average earning assets and interest-bearing liabilities balances from the Piedmont acquisition. The increase in net interest income and tax-equivalent net interest income was driven by increases in average loans from the Piedmont acquisition and organic loan growth, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits primarily due to the Piedmont acquisition. Average net loans and loans held for sale increased $511.1 million, or 2%, from the first quarter of 2025. The interest rate spread increased 12 basis points to 2.95% for the second quarter of 2025 driven by an increase in the yield on average net loans and loans held for sale of 13 basis points. Acquired loan accretion income was $11.8 million for the second quarter of 2025, an increase of $5.8 million from the first quarter of 2025 which contributed to an approximately 8 basis point increase in the interest rate spread and in the net interest margin. Average interest-bearing deposits increased $237.5 million, or 1%, from the first quarter of 2025. The net interest margin of 3.81% for the second quarter of 2025 was an increase of 12 basis points from the net interest margin of 3.69% for the first quarter of 2025. The provision for credit losses was $5.9 million for the second quarter of 2025. The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont. Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.9 million, or 6%, from the first quarter of 2025 driven by an increase in other noninterest income of $1.5 million. Noninterest expense for the second quarter of 2025 was $148.0 million, which included $1.3 million in merger-related expenses while noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses. This decrease of $5.6 million in noninterest expense was driven by a $4.8 million decrease in other noninterest expense and a $748 thousand net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 as compared to $1.7 million of expense for the reserve for unfunded loan commitments for the first quarter of 2025, which included $4.1 million of merger expense related to the Piedmont acquisition. These decreases in noninterest expense were partially offset by an increase in employee compensation of $2.1 million. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses while the first quarter of 2025 included $6.0 million of merger-related expenses. The net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 was primarily due to a decrease in the outstanding balance of loan commitments at period-end as compared to the first quarter of 2025. Employee compensation for the second quarter of 2025 increased from the first quarter of 2025 primarily due to higher employee incentives, stock-based compensation, and employee commissions driven by higher mortgage production. This increase in employee compensation was partially offset by lower merger-related employee compensation expenses of $310 thousand for the second quarter of 2025 as compared to $1.2 million for the first quarter of 2025. For the second quarter of 2025, income tax expense was $31.4 million as compared to $22.6 million for the first quarter of 2025. This increase of $8.8 million 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 20.6% and 21.2% for the second quarter of 2025 and first quarter of 2025, respectively. Second quarter of 2025 compared to the second quarter of 2024 Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, as compared to earnings of $96.5 million, or $0.71 per diluted share, for the second quarter of 2024. Net interest income for the second quarter of 2025 increased $48.8 million, or 22%, from the second quarter of 2024. Tax-equivalent net interest income increased $48.7 million, or 22%, from the second 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, a higher yield on average net loans and loans held for sale, an increase in acquired loan accretion income, and a decrease in average long-term borrowings. These increases were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $2.9 billion, or 11%, from the second quarter of 2024 driven by increases in average net loans and loans held for sale of $2.3 billion and average short-term investments of $1.1 billion partially offset by a decrease in average investment securities of $485.3 million. The decrease in average investment securities was driven by sales of available for sale (“AFS”) investment securities during 2024. The cost of average interest-bearing deposits decreased 33 basis points from the second quarter of 2024. The yield on average net loans and loans held for sale increased 14 basis points from the second quarter of 2024. Acquired loan accretion income was $11.8 million for the second quarter of 2025 as compared to $2.4 million for the second quarter of 2024. Average long-term borrowings decreased $739.6 million from the second quarter of 2024. Average interest-bearing deposits increased $2.9 billion, or 17%, from the second quarter of 2024. The net interest margin of 3.81% for the second quarter of 2025 was an increase of 31 basis points from the net interest margin of 3.50% for the second quarter of 2024. The provision for credit losses was $5.9 million for the second quarter of 2025 as compared to $5.8 million for the second quarter of 2024. Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.2 million, or 4%, from the second quarter of 2024. The increase in noninterest income was driven by a $1.1 million increase in income from bank-owned life insurance (“BOLI”) and smaller increases in several other categories of noninterest income. These increases were partially offset by decreases in income from mortgage banking activities of $1.3 million and mortgage loan servicing income of $783 thousand. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments, death benefits recognized in the second quarter of 2025, and policies obtained from the Piedmont acquisition. The decrease in income from mortgage banking activities was primarily due to lower mortgage loan origination and sale volume. The decrease in mortgage loan servicing income was due to sales of mortgage servicing rights (“MSRs”) during 2024. Additionally, as disclosed in the second quarter of 2024, net losses on investment securities of $218 thousand included a $6.9 million gain on the VISA share exchange partially offset by a $6.8 million loss on the sale of AFS investment securities. Noninterest expense for the second quarter of 2025 was $148.0 million, an increase of $13.2 million, or 10%, from the second quarter of 2024. The increase in noninterest expense was driven by increases in employee compensation of $4.4 million, other noninterest expense of $3.5 million, and several other categories of noninterest expense mainly from the Piedmont acquisition. These increases were partially offset by a decrease in mortgage loan servicing expense of $1.0 million. The increase in employee compensation was primarily due to higher employee headcount from the acquisition, higher employee incentives, and $310 thousand in merger-related expenses recognized during the second quarter of 2025. The increase in other noninterest expense was primarily due to higher amounts of certain general operating expenses partially offset by lower merger-related expenses of $961 thousand for the second quarter of 2025 as compared to $1.3 million for the second quarter 2024. The decrease in mortgage loan servicing expense was driven by the aforementioned sale of MSRs. For the second quarter of 2025, income tax expense was $31.4 million as compared to $18.9 million for the second quarter of 2024. This increase of $12.5 million in income tax expense was driven by higher earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.6% and 16.4% for the second quarter of 2025 and second quarter of 2024, respectively. First half of 2025 compared to the first half of 2024 Earnings for the first half of 2025 were $205.0 million, or $1.44 per diluted share, as compared to earnings of $183.3 million, or $1.35 per diluted share, for the first half of 2024. Net interest income for the first half of 2025 increased $86.4 million, or 19%, from the first half of 2024. Tax-equivalent net interest income for the first half of 2025 increased $86.2 million, or 19%, from the first half 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, a decrease in average long-term borrowings, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits and a decrease in average investment securities. Average earning assets increased $2.7 billion, or 10%, from the first half of 2024 driven by increases in average net loans and loans held for sale of $2.1 billion and average short-term investments of $1.2 billion partially offset by a decrease in average investment securities of $597.5 million. The cost of average interest-bearing deposits decreased 29 basis points from the first half of 2024. Average long-term borrowings decreased $842.6 million from the first half of 2024. The yield on average net loans and loans held for sale increased 10 basis points from the first half of 2024. Acquired loan accretion income was $17.7 million for the first half of 2025 as compared to $4.9 million for the first half of 2024. Average interest-bearing deposits increased $2.8 billion, or 17%, from the first half of 2024. The net interest margin of 3.75% for the first half of 2025 was an increase of 28 basis points from the net interest margin of 3.47% for the first half of 2024. The provision for credit losses was $35.0 million for the first half of 2025, which included $18.7 million of provision recorded on non-PCD loans from Piedmont. The provision for credit losses was $11.5 million for the first half of 2024. Noninterest income for the first half of 2025 was $61.0 million, a decrease of $1.4 million, or 2%, from the first half of 2024. The decrease in noninterest income was driven by decreases in income from mortgage banking activities of $4.1 million, mortgage loan servicing income of $1.6 million, and other noninterest income of $1.4 million. These decreases were partially offset by an increase in BOLI income of $2.0 million, net gains on investment securities of $946 thousand for the first half of 2025 as compared to net losses on investment securities of $317 thousand for the first half of 2024 and smaller increases in several other categories of noninterest income. The decrease in income from mortgage banking activities was primarily due to lower mortgage loan origination and sale volume in 2025. The decrease in mortgage loan servicing income was driven by the aforementioned sale of MSRs. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments and death benefits recognized in 2025. Net gains on investment securities of $946 thousand for the first half of 2025 were primarily due to unrealized fair value gains on equity securities. Net losses on investment securities of $317 thousand for the first half of 2024 included the aforementioned gain on the VISA share exchange largely offset by the loss on the sale of AFS investment securities. Noninterest expense for the first half of 2025 was $301.6 million, which included $12.6 million in merger-related expenses while noninterest expense was $275.5 million for the first half of 2024, which included $1.3 million in merger-related expenses. Other noninterest expense increased $11.1 million driven by $7.0 million in merger-related expenses recognized during the first half of 2025 as compared to $1.3 million for the first half of 2024 and higher amounts of certain general operating expenses. The expense for the reserve for unfunded loan commitments was $909 thousand for the first half of 2025 which included $4.1 million related to the Piedmont acquisition, as compared to a net benefit in the expense for the reserve for unfunded loan commitments of $4.0 million for the first half of 2024. Employee compensation increased $6.0 million to $123.8 million for the first half 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 Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $2.3 million and mortgage loan servicing expense of $2.0 million. FDIC insurance expense for the first half of 2024 included $2.1 million in expense for the FDIC’s special assessment. For the first half of 2025, income tax expense was $54.0 million as compared to $40.3 million for the first half of 2024. The increase of $13.7 million was primarily due to higher earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.9% for the first half of 2025 and 18.0% for the first half of 2024. Credit Quality United’s asset quality continues to be sound. At June 30, 2025, non-performing loans (“NPLs”) were $68.3 million, or 0.28% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $74.6 million, including other real estate owned (“OREO”) of $6.3 million, or 0.23% of total assets at June 30, 2025. At March 31, 2025, NPLs were $69.8 million, or 0.29% of loans & leases, net of unearned income. Total NPAs were $71.3 million, including OREO of $1.5 million, or 0.22% of total assets at March 31, 2025. At December 31, 2024, NPLs were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total NPAs were $73.7 million, including OREO of $327 thousand, or 0.25% of total assets at December 31, 2024. As of June 30, 2025, the allowance for loan & lease losses was $308.0 million, or 1.28% of loans & leases, net of unearned income. At March 31, 2025, the allowance for loan & lease losses was $310.4 million, or 1.30% of loans & leases, net of unearned income. 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 $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 $8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025. Net charge-offs were $1.3 million, or 0.02% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2024. 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. Net charge-offs were $3.3 million, or 0.03% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2024. Capital United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.8% at June 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 second quarter of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 981 thousand shares of its common stock at an average price per share of $33.17. During the first half of 2025, 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 $33.81. 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 June 30, 2025. 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, 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 estimates made as of June 30, 2025 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 tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position. Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%. Tangible equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety. 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 recently announced and future tariffs; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) risks related to the acquisition and integration of 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 United’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 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 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 United common stock 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 information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC. 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 2025 March 2025 June 2024 June 2025 June 2024 Interest income $ 421,196 $ 403,647 $ 374,184 $ 824,843 $ 743,364 Interest expense 146,659 143,592 148,469 290,251 295,160 Net interest income 274,537 260,055 225,715 534,592 448,204 Provision for credit losses 5,889 29,103 5,779 34,992 11,519 Noninterest income 31,460 29,554 30,223 61,014 62,435 Noninterest expense 148,020 153,573 134,774 301,593 275,516 Income before income taxes 152,088 106,933 115,385 259,021 223,604 Income taxes 31,367 22,627 18,878 53,994 40,283 Net income $ 120,721 $ 84,306 $ 96,507 $ 205,027 $ 183,321 PER COMMON SHARE: Net income: Basic $ 0.85 $ 0.59 $ 0.71 $ 1.44 $ 1.36 Diluted 0.85 0.59 0.71 1.44 1.35 Cash dividends 0.37 0.37 0.37 $ 0.74 $ 0.74 Book value 37.80 37.19 35.92 Closing market price $ 36.43 $ 34.67 $ 32.44 Common shares outstanding: Actual at period end, net of treasury shares 141,909,452 142,891,148 135,195,704 Weighted average-basic 142,206,539 142,330,694 135,137,901 142,175,506 134,881,314 Weighted average-diluted 142,444,497 142,698,118 135,314,785 142,465,543 135,103,288 FINANCIAL RATIOS: Return on average assets 1.49 % 1.06 % 1.32 % 1.28 % 1.25 % Return on average shareholders’ equity 9.05 % 6.47 % 7.99 % 7.78 % 7.62 % Return on average tangible equity (non-GAAP)(1) 14.67 % 10.61 % 13.12 % 12.67 % 12.55 % Average equity to average assets 16.42 % 16.42 % 16.54 % 16.42 % 16.45 % Net interest margin 3.81 % 3.69 % 3.50 % 3.75 % 3.47 % PERIOD END BALANCES: June 30 2025 March 31 2025 December 31 2024 June 30 2024 Assets $ 32,783,363 $ 32,788,494 $ 30,023,545 $ 29,957,418 Earning assets 29,046,827 29,106,693 26,650,661 26,572,087 Loans & leases, net of unearned income 24,050,222 23,863,072 21,673,493 21,598,727 Loans held for sale 37,053 28,642 44,360 66,475 Investment securities 3,396,653 3,313,997 3,259,296 3,650,582 Total deposits 26,335,874 26,364,635 23,961,859 23,066,440 Shareholders’ equity 5,364,541 5,314,449 4,993,223 4,856,633 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 2025 2025 2024 2025 2024 Interest & Loan Fees Income (GAAP) $ 421,196 $ 403,647 $ 374,184 $ 824,843 $ 743,364 Tax equivalent adjustment 791 782 867 1,573 1,739 Interest & Fees Income (FTE) (non-GAAP) 421,987 404,429 375,051 826,416 745,103 Interest Expense 146,659 143,592 148,469 290,251 295,160 Net Interest Income (FTE) (non-GAAP) 275,328 260,837 226,582 536,165 449,943 Provision for Credit Losses 5,889 29,103 5,779 34,992 11,519 Noninterest Income: Fees from trust services 4,931 4,782 4,744 9,713 9,390 Fees from brokerage services 4,862 5,645 4,959 10,507 10,226 Fees from deposit services 9,664 9,307 9,326 18,971 18,297 Bankcard fees and merchant discounts 2,102 1,751 1,355 3,853 3,228 Other charges, commissions, and fees 1,154 1,081 869 2,235 1,727 Income from bank-owned life insurance 3,618 3,370 2,549 6,988 4,967 Income from mortgage banking activities 2,603 2,479 3,901 5,082 9,199 Mortgage loan servicing income - - 783 - 1,572 Net gains (losses) on investment securities 425 521 (218 ) 946 (317 ) Other noninterest income 2,101 618 1,955 2,719 4,146 Total Noninterest Income 31,460 29,554 30,223 61,014 62,435 Noninterest Expense: Employee compensation 62,929 60,866 58,501 123,795 117,794 Employee benefits 13,434 13,291 12,147 26,725 26,818 Net occupancy 12,525 12,601 11,400 25,126 23,743 Data processing 7,952 8,455 7,290 16,407 14,753 Amortization of intangibles 2,341 2,341 910 4,682 1,820 OREO expense 236 22 268 258 427 Net losses (gains) on the sale of OREO properties 16 (11 ) 32 5 (51 ) Equipment expense 8,551 8,582 7,548 17,133 14,401 FDIC insurance expense 4,532 4,728 5,058 9,260 11,513 Mortgage loan servicing expense and impairment - - 1,011 - 2,026 Expense for the reserve for unfunded loan commitments (748 ) 1,657 (2,177 ) 909 (3,967 ) Other noninterest expense 36,252 41,041 32,786 77,293 66,239 Total Noninterest Expense 148,020 153,573 134,774 301,593 275,516 Income Before Income Taxes (FTE) (non-GAAP) 152,879 107,715 116,252 260,594 225,343 Tax equivalent adjustment 791 782 867 1,573 1,739 Income Before Income Taxes (GAAP) 152,088 106,933 115,385 259,021 223,604 Taxes 31,367 22,627 18,878 53,994 40,283 Net Income $ 120,721 $ 84,306 $ 96,507 $ 205,027 $ 183,321 MEMO: Effective Tax Rate 20.62 % 21.16 % 16.36 % 20.85 % 18.02 % 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 2025 2025 2024 2024 Cash & Cash Equivalents $ 2,314,692 $ 2,610,183 $ 2,292,244 $ 1,858,861 Securities Available for Sale 3,074,071 3,002,984 2,959,719 3,315,726 Less: Allowance for credit losses - - - - Net available for sale securities 3,074,071 3,002,984 2,959,719 3,315,726 Securities Held to Maturity 1,020 1,020 1,020 1,020 Less: Allowance for credit losses (18 ) (18 ) (18 ) (19 ) Net held to maturity securities 1,002 1,002 1,002 1,001 Equity Securities 21,996 21,514 21,058 11,094 Other Investment Securities 299,584 288,497 277,517 322,761 Total Securities 3,396,653 3,313,997 3,259,296 3,650,582 Total Cash and Securities 5,711,345 5,924,180 5,551,540 5,509,443 Loans held for sale 37,053 28,642 44,360 66,475 Commercial Loans & Leases 18,478,990 18,308,502 16,152,453 15,894,244 Mortgage Loans 4,773,340 4,768,669 4,702,720 4,759,798 Consumer Loans 808,536 796,907 825,325 956,385 Gross Loans 24,060,866 23,874,078 21,680,498 21,610,427 Unearned income (10,644 ) (11,006 ) (7,005 ) (11,700 ) Loans & Leases, net of unearned income 24,050,222 23,863,072 21,673,493 21,598,727 Allowance for Loan & Lease Losses (307,962 ) (310,424 ) (271,844 ) (267,423 ) Net Loans 23,742,260 23,552,648 21,401,649 21,331,304 Mortgage Servicing Rights - - - 3,934 Goodwill 2,018,910 2,023,604 1,888,889 1,888,889 Other Intangibles 36,948 39,289 8,866 10,685 Operating Lease Right-of-Use Asset 91,071 86,832 81,742 83,045 Other Real Estate Owned 6,331 1,475 327 2,156 Bank Owned Life Insurance 541,216 538,733 497,181 493,498 Other Assets 598,229 593,091 548,991 567,989 Total Assets $ 32,783,363 $ 32,788,494 $ 30,023,545 $ 29,957,418 MEMO: Interest-earning Assets $ 29,046,827 $ 29,106,693 $ 26,650,661 $ 26,572,087 Interest-bearing Deposits $ 19,708,609 $ 19,883,758 $ 17,826,446 $ 17,134,728 Noninterest-bearing Deposits 6,627,265 6,480,877 6,135,413 5,931,712 Total Deposits 26,335,874 26,364,635 23,961,859 23,066,440 Short-term Borrowings 160,798 176,015 176,090 203,519 Long-term Borrowings 551,021 550,623 540,420 1,489,764 Total Borrowings 711,819 726,638 716,510 1,693,283 Operating Lease Liability 96,899 91,921 86,771 89,308 Other Liabilities 274,230 290,851 265,182 251,754 Total Liabilities 27,418,822 27,474,045 25,030,322 25,100,785 Preferred Equity - - - - Common Equity 5,364,541 5,314,449 4,993,223 4,856,633 Total Shareholders' Equity 5,364,541 5,314,449 4,993,223 4,856,633 Total Liabilities & Equity $ 32,783,363 $ 32,788,494 $ 30,023,545 $ 29,957,418 MEMO: Interest-bearing Liabilities $ 20,420,428 $ 20,610,396 $ 18,542,956 $ 18,828,011 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 2025 March 2025 June 2024 Q-T-D Average Q-T-D Average Q-T-D Average Cash & Cash Equivalents $ 2,285,499 $ 2,376,426 $ 1,174,885 Securities Available for Sale 3,017,191 3,047,164 3,472,389 Less: Allowance for credit losses - - - Net available for sale securities 3,017,191 3,047,164 3,472,389 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 21,690 21,016 12,832 Other Investment Securities 297,214 288,618 312,684 Total Securities 3,337,097 3,357,800 3,798,906 Total Cash and Securities 5,622,596 5,734,226 4,973,791 Loans held for sale 35,730 23,865 56,298 Commercial Loans & Leases 18,393,910 17,903,431 15,815,382 Mortgage Loans 4,765,760 4,756,253 4,763,655 Consumer Loans 829,201 827,996 1,016,764 Gross Loans 23,988,871 23,487,680 21,595,801 Unearned income (11,672 ) (11,885 ) (12,201 ) Loans & Leases, net of unearned income 23,977,199 23,475,795 21,583,600 Allowance for Loan & Lease Losses (310,398 ) (308,225 ) (263,050 ) Net Loans 23,666,801 23,167,570 21,320,550 Mortgage Servicing Rights - - 4,116 Goodwill 2,011,030 2,022,411 1,888,889 Other Intangibles 38,474 38,564 11,275 Operating Lease Right-of-Use Asset 86,025 87,363 85,210 Other Real Estate Owned 3,314 467 2,335 Bank Owned Life Insurance 539,238 534,042 491,599 Other Assets 581,160 571,732 536,101 Total Assets $ 32,584,368 $ 32,180,240 $ 29,370,164 MEMO: Interest-earning Assets $ 28,949,287 $ 28,568,541 $ 26,012,725 Interest-bearing Deposits $ 19,605,123 $ 19,367,638 $ 16,740,124 Noninterest-bearing Deposits 6,597,595 6,471,287 5,976,971 Total Deposits 26,202,718 25,838,925 22,717,095 Short-term Borrowings 165,405 167,080 206,234 Long-term Borrowings 550,795 554,614 1,290,405 Total Borrowings 716,200 721,694 1,496,639 Operating Lease Liability 91,553 92,491 91,437 Other Liabilities 222,757 243,588 207,100 Total Liabilities 27,233,228 26,896,698 24,512,271 Preferred Equity - - - Common Equity 5,351,140 5,283,542 4,857,893 Total Shareholders' Equity 5,351,140 5,283,542 4,857,893 Total Liabilities & Equity $ 32,584,368 $ 32,180,240 $ 29,370,164 MEMO: Interest-bearing Liabilities $ 20,321,323 $ 20,089,332 $ 18,236,763 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 Quarterly/Year-to-Date Share Data: 2025 2025 2024 2025 2024 Earnings Per Share: Basic $ 0.85 $ 0.59 $ 0.71 $ 1.44 $ 1.36 Diluted $ 0.85 $ 0.59 $ 0.71 $ 1.44 $ 1.35 Common Dividend Declared Per Share $ 0.37 $ 0.37 $ 0.37 $ 0.74 $ 0.74 High Common Stock Price $ 37.46 $ 39.56 $ 36.08 $ 39.56 $ 38.18 Low Common Stock Price $ 30.50 $ 33.81 $ 30.68 $ 30.50 $ 30.68 Average Shares Outstanding (Net of Treasury Stock): Basic 142,206,539 142,330,694 135,137,901 142,175,506 134,881,314 Diluted 142,444,497 142,698,118 135,314,785 142,465,543 135,103,288 Common Dividends $ 52,746 $ 53,336 $ 50,204 $ 106,082 $ 100,417 Dividend Payout Ratio 43.69 % 63.26 % 52.02 % 51.74 % 54.78 % June 30 March 31 December 31 June 30 EOP Share Data: 2025 2025 2024 2024 Book Value Per Share $ 37.80 $ 37.19 $ 36.89 $ 35.92 Tangible Book Value Per Share (non-GAAP)(1) $ 23.32 $ 22.76 $ 22.87 $ 21.87 52-week High Common Stock Price $ 44.43 $ 44.43 $ 44.43 $ 38.74 Date 11/25/24 11/25/24 11/25/24 12/14/23 52-week Low Common Stock Price $ 30.50 $ 30.68 $ 30.68 $ 25.35 Date 04/04/25 6/11/24 06/11/24 10/24/23 EOP Shares Outstanding (Net of Treasury Stock): 141,909,452 142,891,148 135,346,628 135,195,704 Memorandum Items: Employees (full-time equivalent) 2,760 2,790 2,591 2,644 Note: (1) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,364,541 $ 5,314,449 $ 4,993,223 $ 4,856,633 Less: Total Intangibles (2,055,858 ) (2,062,893 ) (1,897,755 ) (1,899,574 ) Tangible Equity (non-GAAP) $ 3,308,683 $ 3,251,556 $ 3,095,468 $ 2,957,059 ÷ EOP Shares Outstanding (Net of Treasury Stock) 141,909,452 142,891,148 135,346,628 135,195,704 Tangible Book Value Per Share (non-GAAP) $ 23.32 $ 22.76 $ 22.87 $ 21.87 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended June 2025 Three Months Ended March 2025 Three Months Ended June 2024 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 $ 2,026,613 $ 22,633 4.48 % $ 2,131,157 $ 23,726 4.51 % $ 930,453 $ 12,787 5.53 % Investment securities: Taxable 3,022,963 26,706 3.53 % 3,048,058 26,911 3.53 % 3,496,310 33,968 3.89 % Tax-exempt 197,180 1,536 3.12 % 197,891 1,486 3.00 % 209,114 1,488 2.85 % Total securities 3,220,143 28,242 3.51 % 3,245,949 28,397 3.50 % 3,705,424 35,456 3.83 % Loans and loans held for sale, net of unearned income(2) 24,012,929 371,112 6.20 % 23,499,660 352,306 6.07 % 21,639,898 326,808 6.07 % Allowance for loan losses (310,398 ) (308,225 ) (263,050 ) Net loans and loans held for sale 23,702,531 6.28 % 23,191,435 6.15 % 21,376,848 6.14 % Total earning assets 28,949,287 $ 421,987 5.84 % 28,568,541 $ 404,429 5.73 % 26,012,725 $ 375,051 5.79 % Other assets 3,635,081 3,611,699 3,357,439 TOTAL ASSETS $ 32,584,368 $ 32,180,240 $ 29,370,164 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 19,605,123 $ 139,156 2.85 % $ 19,367,638 $ 136,288 2.85 % $ 16,740,124 $ 132,425 3.18 % Short-term borrowings 165,405 1,488 3.61 % 167,080 1,450 3.52 % 206,234 2,206 4.30 % Long-term borrowings 550,795 6,015 4.38 % 554,614 5,854 4.28 % 1,290,405 13,838 4.31 % Total interest-bearing liabilities 20,321,323 146,659 2.89 % 20,089,332 143,592 2.90 % 18,236,763 148,469 3.27 % Noninterest-bearing deposits 6,597,595 6,471,287 5,976,971 Accrued expenses and other liabilities 314,310 336,079 298,537 TOTAL LIABILITIES 27,233,228 26,896,698 24,512,271 SHAREHOLDERS’ EQUITY 5,351,140 5,283,542 4,857,893 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 32,584,368 $ 32,180,240 $ 29,370,164 NET INTEREST INCOME $ 275,328 $ 260,837 $ 226,582 INTEREST RATE SPREAD 2.95 % 2.83 % 2.52 % NET INTEREST MARGIN 3.81 % 3.69 % 3.50 % (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. 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 2025 Six Months Ended June 2024 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 $ 2,078,596 $ 46,359 4.50 % $ 906,555 $ 25,090 5.57 % Investment securities: Taxable 3,035,442 53,617 3.53 % 3,619,733 68,690 3.80 % Tax-exempt 197,533 3,021 3.06 % 210,745 2,962 2.81 % Total securities 3,232,975 56,638 3.50 % 3,830,478 71,652 3.74 % Loans and loans held for sale, net of unearned income(2) 23,757,712 723,419 6.13 % 21,574,254 648,361 6.04 % Allowance for loan losses (309,318 ) (261,196 ) Net loans and loans held for sale 23,448,394 6.21 % 21,313,058 6.11 % Total earning assets 28,759,965 $ 826,416 5.79 % 26,050,091 $ 745,103 5.74 % Other assets 3,622,789 3,350,473 TOTAL ASSETS $ 32,382,754 $ 29,400,564 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 19,487,037 $ 275,444 2.85 % $ 16,701,944 $ 260,802 3.14 % Short-term borrowings 166,238 2,938 3.56 % 204,902 4,288 4.21 % Long-term borrowings 552,694 11,869 4.33 % 1,395,321 30,070 4.33 % Total interest-bearing liabilities 20,205,969 290,251 2.90 % 18,302,167 295,160 3.24 % Noninterest-bearing deposits 6,534,790 5,959,418 Accrued expenses and other liabilities 324,792 301,673 TOTAL LIABILITIES 27,065,551 24,563,258 SHAREHOLDERS’ EQUITY 5,317,203 4,837,306 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 32,382,754 $ 29,400,564 NET INTEREST INCOME $ 536,165 $ 449,943 INTEREST RATE SPREAD 2.89 % 2.50 % NET INTEREST MARGIN 3.75 % 3.47 % (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. 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 Selected Financial Ratios: 2025 2025 2024 2025 2024 Return on Average Assets 1.49 % 1.06 % 1.32 % 1.28 % 1.25 % Return on Average Shareholders’ Equity 9.05 % 6.47 % 7.99 % 7.78 % 7.62 % Return on Average Tangible Equity (non-GAAP)(1) 14.67 % 10.61 % 13.12 % 12.67 % 12.55 % Efficiency Ratio 48.37 % 53.03 % 52.66 % 50.64 % 53.96 % Price / Earnings Ratio 10.74 x 14.70 x 11.40 x 12.58 x 11.98 x Note: (1) Return on Average Tangible Equity: (a) Net Income (GAAP) $ 120,721 $ 84,306 $ 96,507 $ 205,027 $ 183,321 (b) Number of Days 91 90 91 181 182 Average Total Shareholders' Equity (GAAP) $ 5,351,140 $ 5,283,542 $ 4,857,893 $ 5,317,203 $ 4,837,306 Less: Average Total Intangibles (2,049,504 ) (2,060,975 ) (1,900,164 ) (2,055,208 ) (1,900,619 ) (c) Average Tangible Equity (non-GAAP) $ 3,301,636 $ 3,222,567 $ 2,957,729 $ 3,261,995 $ 2,936,687 Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366 / (c) 14.67 % 10.61 % 13.12 % 12.67 % 12.55 % Selected Financial Ratios: June 30 2025 March 31 2025 December 31 2024 June 30 2024 Loans & Leases, net of unearned income / Deposit Ratio 91.32 % 90.51 % 90.45 % 93.64 % Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income 1.28 % 1.30 % 1.25 % 1.24 % Allowance for Credit Losses(2)/ Loans & Leases, net of unearned income 1.43 % 1.45 % 1.42 % 1.43 % Nonaccrual Loans / Loans & Leases, net of unearned income 0.27 % 0.24 % 0.26 % 0.25 % 90-Day Past Due Loans/ Loans & Leases, net of unearned income 0.02 % 0.05 % 0.08 % 0.06 % Non-performing Loans/ Loans & Leases, net of unearned income 0.28 % 0.29 % 0.34 % 0.30 % Non-performing Assets/ Total Assets 0.23 % 0.22 % 0.25 % 0.23 % Primary Capital Ratio 17.23 % 17.09 % 17.47 % 17.06 % Shareholders' Equity Ratio 16.36 % 16.21 % 16.63 % 16.21 % Price / Book Ratio 0.96 x 0.93 x 1.02 x 0.90 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: 2025 2025 2024 2025 2024 Loans originated $ 116,591 $ 75,903 $ 185,322 $ 192,494 $ 362,228 Loans sold 108,180 91,621 163,273 199,801 352,014 June 30 March 31 December 31 June 30 Mortgage Loan Servicing Data: (1) 2025 2025 2024 2024 Balance of loans serviced $ - $ - $ - $ 1,138,443 Number of loans serviced - - - 11,853 June 30 March 31 December 31 June 30 Asset Quality Data: 2025 2025 2024 2024 EOP Non-Accrual Loans $ 64,014 $ 57,388 $ 56,460 $ 52,929 EOP 90-Day Past Due Loans 4,253 12,387 16,940 12,402 Total EOP Non-performing Loans $ 68,267 $ 69,775 $ 73,400 $ 65,331 EOP Other Real Estate Owned 6,331 1,475 327 2,156 Total EOP Non-performing Assets $ 74,598 $ 71,250 $ 73,727 $ 67,487 Three Months Ended Six Months Ended June March June June June Allowance for Loan & Lease Losses: 2025 2025 2024 2025 2024 Beginning Balance $ 310,424 $ 271,844 $ 262,905 $ 271,844 $ 259,237 Initial allowance for acquired PCD loans - 17,518 - 17,518 - Gross Charge-offs (9,266 ) (8,677 ) (2,542 ) (17,943 ) (6,118 ) Recoveries 915 636 1,281 1,551 2,787 Net Charge-offs (8,351 ) (8,041 ) (1,261 ) (16,392 ) (3,331 ) Provision for Loan & Lease Losses(2) 5,889 29,103 5,779 34,992 11,517 Ending Balance 307,962 310,424 $ 267,423 307,962 $ 267,423 Reserve for lending-related commitments 35,819 36,567 40,739 35,819 40,739 Allowance for Credit Losses (3) $ 343,781 $ 346,991 $ 308,162 $ 343,781 $ 308,162 Notes: (1) As previously disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024. (2) First quarter and year of 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans. (3) Includes allowances for loan losses and lending-related commitments. W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext. 8716 Source: United Bankshares, Inc.