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

United Bankshares, Inc. Announces Record Earnings for the Third Quarter of 2025 October 23, 2025 United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the third quarter of 2025 of $130.7 million, or $0.92 per diluted share. Third quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.57%, 9.58%, and 15.45%, respectively. “UBSI’s earnings momentum from the first half of the year carried through into the third quarter of 2025,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “It was another quarter of record earnings, marked by continued organic growth, tightly managed expenses, and strong profitability metrics.” Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.49%, 9.05%, and 14.67%, respectively. As a result of the acquisition of Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025, the third quarter and first nine months of 2025 were impacted by increased levels of average balances, income, and expense as compared to the third quarter and first nine months of 2024. Earnings for the third quarter of 2024 were $95.3 million, or $0.70 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.28%, 7.72%, and 12.59%, respectively. Third quarter of 2025 compared to the second quarter of 2025 Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, as compared to earnings of $120.7 million, or $0.85 per diluted share, for the second quarter of 2025. Net interest income for the third quarter of 2025 was a record $280.1 million, an increase of $5.6 million, or 2%, from the second quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the third quarter of 2025 also increased $5.6 million, or 2%, from the second quarter of 2025. The increase in net interest income and tax-equivalent net interest income was driven by an increase in average earning assets partially offset by an increase in average interest-bearing deposits and a decrease in acquired loan accretion income. Average earning assets increased $470.3 million, or 2%, from the second quarter of 2025 driven by increases in average net loans and loans held for sale of $310.8 million and average short-term investments of $111.1 million. Average interest-bearing deposits increased $415.5 million, or 2%, from the second quarter of 2025. Acquired loan accretion income was $7.5 million for the third quarter of 2025, a decrease of $4.3 million from the second quarter of 2025. The net interest margin was 3.80% and 3.81% for the third quarter of 2025 and the second quarter of 2025, respectively. The provision for credit losses was $12.1 million for the third quarter of 2025 as compared to $5.9 million for the second quarter of 2025. Refer to the Credit Quality section below for additional information. Noninterest income for the third quarter of 2025 was $43.2 million, an increase of $11.7 million, or 37%, from the second quarter of 2025, driven by increases in net gains on investment securities of $10.0 million and fees from brokerage services of $1.4 million. Net gains on investment securities of $10.4 million for the third quarter of 2025 were primarily due to unrealized fair value gains on equity securities reflecting common stock appreciation at September 30, 2025, from the prior quarter-end. The increase in fees from brokerage services was primarily due to higher volume. Noninterest expense for the third quarter of 2025 of $146.7 million was flat from the second quarter of 2025, slightly decreasing $1.3 million, or less than 1%. The decrease in noninterest expense was driven by a $3.2 million net benefit in the expense for the reserve for unfunded loan commitments for the third quarter of 2025, as compared to a $748 thousand net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 and a $1.1 million decrease in other noninterest expense. Partially offsetting these decreases in noninterest expense were a $1.2 million increase in employee compensation and a $1.2 million increase in employee benefits. The net benefit in the expense for the reserve for unfunded loan commitments for the third quarter of 2025 was primarily due to a decrease in the modeled loss rate within certain loan portfolios partially offset by an increase in the outstanding balance of loan commitments at September 30, 2025, from the prior quarter-end. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses. Additionally, within other noninterest expense for the third quarter of 2025 as compared to the second quarter of 2025, decreases in certain general operating expenses were largely offset by an increase in tax credit amortization of $1.4 million. The increase in employee compensation was primarily due to higher employee headcount and brokerage commissions. The increase in employee benefits was primarily due to higher postretirement benefit costs. For the third quarter of 2025, income tax expense was $33.7 million, an increase of $2.4 million from the second quarter of 2025. This increase in income tax expense was primarily due to the impact of higher earnings. United’s effective tax rate was 20.5% and 20.6% for the third quarter of 2025 and second quarter of 2025, respectively. Third quarter of 2025 compared to the third quarter of 2024 Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, as compared to earnings of $95.3 million, or $0.70 per diluted share, for the third quarter of 2024. Net interest income for the third quarter of 2025 increased $49.9 million, or 22%, from the third quarter of 2024. Tax-equivalent net interest income increased $49.8 million, or 22%, from the third quarter of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $3.3 billion, or 13%, from the third quarter of 2024, driven by increases in average net loans and loans held for sale of $2.7 billion and average short-term investments of $750.2 million, partially offset by a decrease in average investment securities of $154.8 million. The increase in average loans from the third quarter of 2024 was driven by the Piedmont acquisition and organic loan growth. The cost of average interest-bearing deposits decreased 44 basis points from the third quarter of 2024. Acquired loan accretion income was $7.5 million for the third quarter of 2025 as compared to $2.4 million for the third quarter of 2024. Average interest-bearing deposits increased $2.6 billion, or 15%, from the third quarter of 2024. The net interest margin of 3.80% for the third quarter of 2025 was an increase of 28 basis points from the net interest margin of 3.52% for the third quarter of 2024. The provision for credit losses was $12.1 million for the third quarter of 2025 as compared to $6.9 million for the third quarter of 2024. Noninterest income for the third quarter of 2025 was $43.2 million, an increase of $11.3 million, or 35%, from the third quarter of 2024. The increase in noninterest income was driven by net gains on investment securities for the third quarter of 2025 of $10.4 million as compared to net losses on investment securities for the third quarter of 2024 of $6.7 million, a $1.2 million increase in fees from brokerage services, and smaller increases in several other categories of noninterest income. Partially offsetting these increases in noninterest income were a $7.4 million decrease in mortgage loan servicing income and a $2.0 million decrease in income from mortgage banking activities. Net gains on investment securities for the third quarter of 2025 of $10.4 million were primarily due to the aforementioned unrealized fair value gains on equity securities. Net losses on investment securities of $6.7 million for the third quarter of 2024 were primarily due to a $6.9 million loss on the sale of available for sale (“AFS”) investment securities. The increase in fees from brokerage services was primarily due to higher volume. Mortgage loan servicing income was $7.4 million for the third quarter of 2024, driven by a $7.1 million gain on the sale of mortgage servicing rights (“MSRs”). The decrease in income from mortgage banking activities was primarily due to lower mortgage production and a lower quarter-end valuation of mortgage loans held for sale. Noninterest expense for the third quarter of 2025 was $146.7 million, an increase of $11.4 million, or 8%, from the third quarter of 2024. The increase in noninterest expense was driven by increases in employee compensation of $5.6 million, employee benefits of $1.6 million, amortization of intangibles of $1.4 million, net occupancy of $1.2 million, and smaller increases in several other categories of noninterest expense. The increase in employee compensation was primarily due to higher employee headcount from the acquisition and higher employee incentives. The increase in employee benefits was primarily due to higher medical insurance expenses partially driven by additional employees from the acquisition. The increases in the amortization of intangibles, net occupancy, and other categories of noninterest expense were mainly from the acquisition. For the third quarter of 2025, income tax expense was $33.7 million as compared to $24.6 million for the third quarter of 2024. This increase of $9.1 million in income tax expense was driven by higher earnings. United’s effective tax rate was 20.5% and 20.6% for the third quarter of 2025 and third quarter of 2024, respectively. First nine months of 2025 compared to the first nine months of 2024 Earnings for the first nine months of 2025 were $335.8 million, or $2.36 per diluted share, as compared to earnings of $278.6 million, or $2.06 per diluted share, for the first nine months of 2024. Net interest income for the first nine months of 2025 increased $136.2 million, or 20%, from the first nine months of 2024. Tax-equivalent net interest income for the first nine months of 2025 increased $136.0 million, or 20%, from the first nine months of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, an increase in acquired loan accretion income, and a decrease in average long-term borrowings. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $2.9 billion, or 11%, from the first nine months of 2024, driven by increases in average net loans and loans held for sale of $2.3 billion and average short-term investments of $1.0 billion, partially offset by a decrease in average investment securities of $448.8 million. The cost of average interest-bearing deposits decreased 34 basis points from the first nine months of 2024. Acquired loan accretion income was $25.2 million for the first nine months of 2025 as compared to $7.3 million for the first nine months of 2024. Average long-term borrowings decreased $628.4 million, or 53%, from the first nine months of 2024. Average interest-bearing deposits increased $2.7 billion, or 16%, from the first nine months of 2024. The net interest margin of 3.77% for the first nine months of 2025 was an increase of 28 basis points from the net interest margin of 3.49% for the first nine months of 2024. The provision for credit losses was $47.1 million for the first nine months of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont. The provision for credit losses was $18.5 million for the first nine months of 2024. Noninterest income for the first nine months of 2025 was $104.2 million, an increase of $9.8 million, or 10%, from the first nine months of 2024. The increase in noninterest income was driven by net gains on investment securities for the first nine months of 2025 of $11.4 million as compared to net losses on investment securities for the first nine months of 2024 of $7.0 million, a $2.4 million increase in income from bank-owned life insurance (“BOLI”), a $1.5 million increase in fees from brokerage services, and a $1.4 million increase in fees from deposit services. Partially offsetting these increases in noninterest income were an $9.0 million decrease in mortgage loan servicing income and a $6.2 million decrease in income from mortgage banking activities. Net gains on investment securities of $11.4 million for the first nine months of 2025 were primarily due to unrealized fair value gains on equity securities. Net losses on investment securities of $7.0 million for the first nine months of 2024 included $13.7 million in losses on sales of AFS investment securities, partially offset by a $6.9 million gain on the VISA share exchange. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments and death benefits recognized in 2025. Increases in fees from brokerage services and in fees from deposit services were primarily due to higher volume. The decrease in mortgage loan servicing income was due to sales of MSRs in 2024. The decrease in income from mortgage banking activities was primarily due to lower mortgage production in 2025. Noninterest expense for the first nine months of 2025 was $448.3 million, which included $12.7 million in merger-related expenses, while noninterest expense was $410.9 million for the first nine months of 2024, which included $1.6 million in merger-related expenses. Other noninterest expense increased $11.9 million, driven by $7.0 million in merger-related expenses recognized during the first nine months of 2025 as compared to $1.6 million for the first nine months of 2024 and higher amounts of certain general operating expenses. Employee compensation increased $11.6 million for the first nine months of 2025 and included $1.5 million in merger-related expenses, higher employee headcount mainly from the acquisition, and higher employee incentives partially offset by lower commissions driven by a decrease in mortgage production. Additionally, increases in several other categories of noninterest expense mainly from the acquisition were partially offset by decreases in mortgage loan servicing expense of $2.4 million and Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $2.2 million. The decrease in mortgage loan servicing expense was driven by the aforementioned sale of MSRs. FDIC insurance expense for the first nine months of 2024 included $2.1 million in expense for the FDIC’s special assessment. For the first nine months of 2025, income tax expense was $87.7 million as compared to $64.9 million for the first nine months of 2024. The increase of $22.8 million was primarily due to higher earnings and the impact of discrete tax benefits recognized during the first nine months of 2024. United’s effective tax rate was 20.7% for the first nine months of 2025 and 18.9% for the first nine months of 2024. Credit Quality At September 30, 2025, non-performing loans (“NPLs”) were $116.9 million, or 0.48% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $123.8 million, including other real estate owned (“OREO”) of $6.9 million, or 0.37% of total assets at September 30, 2025. At June 30, 2025, NPLs were $68.3 million, or 0.28% of loans & leases, net of unearned income. Total NPAs were $74.6 million, including OREO of $6.3 million, or 0.23% of total assets at June 30, 2025. During the third quarter of 2025, United downgraded to non-accrual status two commercial real estate nonowner-occupied (“CRE NOO”) loans associated with the same sponsor. The loans were originated in 2018 and 2019, are collateralized by office buildings in Northern Virginia, and include a full guarantee from the sponsor. During the third quarter of 2025, the sponsor experienced a significant deterioration in financial condition and concerns arose regarding the sponsor’s ability to support the credits on a long-term basis. At September 30, 2025, the non-accrual balance on the two loans was $60.5 million, reflecting $16.5 million of charge-offs recorded during the third quarter of 2025 as further described below. At December 31, 2024, NPLs were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total NPAs were $73.7 million, including OREO of $327 thousand, or 0.25% of total assets at December 31, 2024. As of September 30, 2025, the allowance for loan & lease losses was $300.1 million, or 1.22% of loans & leases, net of unearned income. At June 30, 2025, the allowance for loan & lease losses was $308.0 million, or 1.28% of loans & leases, net of unearned income. The decrease in the allowance for loan and lease losses from June 30, 2025, to September 30, 2025, was driven by improved collateral valuations of certain individually assessed loans, resolutions of certain individually assessed loans, and improving collateral and loan trends within certain loan portfolios partially offset by loss rate changes and loan growth. At December 31, 2024, the allowance for loan & lease losses was $271.8 million, or 1.25% of loans & leases, net of unearned income. During the first quarter of 2025, United recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont purchased credit deteriorated (“PCD”) loans of $17.5 million. Net charge-offs were $20.0 million, or 0.33% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2025. During the third quarter of 2025, United recorded $16.5 million of charge-offs on the two aforementioned CRE NOO loans reflecting updated collateral valuations. Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2025. Net charge-offs were $3.6 million, or 0.07% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2024. Net charge-offs were $36.4 million, or 0.20% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2025. Net charge-offs were $6.9 million, or 0.04% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first nine months of 2024. Capital United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.7% at September 30, 2025, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.4%, 13.4%, and 11.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%. During the third quarter of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 735 thousand shares of its common stock at an average price per share of $36.04. During the first nine months of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 2.3 million shares of its common stock at an average price per share of $34.53. United did not repurchase any shares of its common stock during 2024. About United Bankshares, Inc. United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $33 billion as of September 30, 2025. United is the 43rd 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 September 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 September 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 duration of the U.S. government shutdown and the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of 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 Nine Months Ended EARNINGS SUMMARY: September 2025 June 2025 September 2024 September 2025 September 2024 Interest income $ 430,957 $ 421,196 $ 382,723 $ 1,255,800 $ 1,126,087 Interest expense 150,842 146,659 152,467 441,093 447,627 Net interest income 280,115 274,537 230,256 814,707 678,460 Provision for credit losses 12,095 5,889 6,943 47,087 18,462 Noninterest income 43,204 31,460 31,942 104,218 94,377 Noninterest expense 146,741 148,020 135,339 448,334 410,855 Income before income taxes 164,483 152,088 119,916 423,504 343,520 Income taxes 33,735 31,367 24,649 87,729 64,932 Net income $ 130,748 $ 120,721 $ 95,267 $ 335,775 $ 278,588 PER COMMON SHARE: Net income: Basic $ 0.92 $ 0.85 $ 0.70 $ 2.36 $ 2.06 Diluted 0.92 0.85 0.70 2.36 2.06 Cash dividends 0.37 0.37 0.37 $ 1.11 $ 1.11 Book value 38.58 37.80 36.74 Closing market price $ 37.21 $ 36.43 $ 37.10 Common shares outstanding: Actual at period end, net of treasury shares 141,170,258 141,909,452 135,220,770 Weighted average-basic 141,547,684 142,206,539 135,158,476 141,901,752 134,912,625 Weighted average-diluted 141,960,608 142,444,497 135,504,911 142,209,810 135,143,028 FINANCIAL RATIOS: Return on average assets 1.57 % 1.49 % 1.28 % 1.38 % 1.26 % Return on average shareholders’ equity 9.58 % 9.05 % 7.72 % 8.39 % 7.65 % Return on average tangible equity (non-GAAP)(1) 15.45 % 14.67 % 12.59 % 13.63 % 12.57 % Average equity to average assets 16.37 % 16.42 % 16.64 % 16.40 % 16.52 % Net interest margin 3.80 % 3.81 % 3.52 % 3.77 % 3.49 % PERIOD END BALANCES: September 30 2025 June 30 2025 December 31 2024 September 30 2024 Assets $ 33,407,181 $ 32,783,363 $ 30,023,545 $ 29,863,262 Earning assets 29,734,793 29,046,827 26,650,661 26,461,342 Loans & leases, net of unearned income 24,519,706 24,050,222 21,673,493 21,621,968 Loans held for sale 24,226 37,053 44,360 46,493 Investment securities 3,359,524 3,396,653 3,259,296 3,538,415 Total deposits 26,883,520 26,335,874 23,961,859 23,828,345 Shareholders’ equity 5,445,715 5,364,541 4,993,223 4,967,820 Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure. 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 Nine Months Ended September June September September September 2025 2025 2024 2025 2024 Interest & Loan Fees Income (GAAP) $ 430,957 $ 421,196 $ 382,723 $ 1,255,800 $ 1,126,087 Tax equivalent adjustment 781 791 828 2,354 2,567 Interest & Fees Income (FTE) (non-GAAP) 431,738 421,987 383,551 1,258,154 1,128,654 Interest Expense 150,842 146,659 152,467 441,093 447,627 Net Interest Income (FTE) (non-GAAP) 280,896 275,328 231,084 817,061 681,027 Provision for Credit Losses 12,095 5,889 6,943 47,087 18,462 Noninterest Income: Fees from trust services 4,970 4,931 4,904 14,683 14,294 Fees from brokerage services 6,264 4,862 5,073 16,771 15,299 Fees from deposit services 10,145 9,664 9,413 29,116 27,710 Bankcard fees and merchant discounts 1,858 2,102 1,775 5,711 5,003 Other charges, commissions, and fees 1,183 1,154 890 3,418 2,617 Income from bank-owned life insurance 3,460 3,618 3,032 10,448 7,999 Income from mortgage banking activities 2,495 2,603 4,544 7,577 13,743 Mortgage loan servicing income - - 7,385 - 8,957 Net gains (losses) on investment securities 10,442 425 (6,715 ) 11,388 (7,032 ) Other noninterest income 2,387 2,101 1,641 5,106 5,787 Total Noninterest Income 43,204 31,460 31,942 104,218 94,377 Noninterest Expense: Employee compensation 64,092 62,929 58,481 187,887 176,275 Employee benefits 14,641 13,434 13,084 41,366 39,902 Net occupancy 12,488 12,525 11,271 37,614 35,014 Data processing 8,135 7,952 7,456 24,542 22,209 Amortization of intangibles 2,340 2,341 909 7,022 2,729 OREO expense 201 236 104 459 531 Net losses (gains) on the sale of OREO properties - 16 (34 ) 5 (85 ) Equipment expense 8,540 8,551 7,811 25,673 22,212 FDIC insurance expense 4,345 4,532 4,338 13,605 15,851 Mortgage loan servicing expense and impairment - - 403 - 2,429 Expense for the reserve for unfunded loan commitments (3,181 ) (748 ) (2,766 ) (2,272 ) (6,733 ) Other noninterest expense 35,140 36,252 34,282 112,433 100,521 Total Noninterest Expense 146,741 148,020 135,339 448,334 410,855 Income Before Income Taxes (FTE) (non-GAAP) 165,264 152,879 120,744 425,858 346,087 Tax equivalent adjustment 781 791 828 2,354 2,567 Income Before Income Taxes (GAAP) 164,483 152,088 119,916 423,504 343,520 Taxes 33,735 31,367 24,649 87,729 64,932 Net Income $ 130,748 $ 120,721 $ 95,267 $ 335,775 $ 278,588 MEMO: Effective Tax Rate 20.51 % 20.62 % 20.56 % 20.72 % 18.90 % UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Balance Sheets September 30 June 30 December 31 September 30 2025 2025 2024 2024 Cash & Cash Equivalents $ 2,518,719 $ 2,314,692 $ 2,292,244 $ 1,908,832 Securities Available for Sale 3,023,976 3,074,071 2,959,719 3,239,501 Less: Allowance for credit losses - - - - Net available for sale securities 3,023,976 3,074,071 2,959,719 3,239,501 Securities Held to Maturity 1,020 1,020 1,020 1,020 Less: Allowance for credit losses (17 ) (18 ) (18 ) (19 ) Net held to maturity securities 1,003 1,002 1,002 1,001 Equity Securities 34,694 21,996 21,058 9,082 Other Investment Securities 299,851 299,584 277,517 288,831 Total Securities 3,359,524 3,396,653 3,259,296 3,538,415 Total Cash and Securities 5,878,243 5,711,345 5,551,540 5,447,247 Loans held for sale 24,226 37,053 44,360 46,493 Commercial Loans & Leases 18,903,200 18,478,990 16,152,453 16,015,679 Mortgage Loans 4,802,370 4,773,340 4,702,720 4,722,997 Consumer Loans 825,585 808,536 825,325 892,377 Gross Loans 24,531,155 24,060,866 21,680,498 21,631,053 Unearned income (11,449 ) (10,644 ) (7,005 ) (9,085 ) Loans & Leases, net of unearned income 24,519,706 24,050,222 21,673,493 21,621,968 Allowance for Loan & Lease Losses (300,050 ) (307,962 ) (271,844 ) (270,767 ) Net Loans 24,219,656 23,742,260 21,401,649 21,351,201 Goodwill 2,018,864 2,018,910 1,888,889 1,888,889 Other Intangibles 34,608 36,948 8,866 9,776 Operating Lease Right-of-Use Asset 89,967 91,071 81,742 82,114 Other Real Estate Owned 6,891 6,331 327 169 Bank Owned Life Insurance 544,979 541,216 497,181 495,784 Other Assets 589,747 598,229 548,991 541,589 Total Assets $ 33,407,181 $ 32,783,363 $ 30,023,545 $ 29,863,262 MEMO: Interest-earning Assets $ 29,734,793 $ 29,046,827 $ 26,650,661 $ 26,461,342 Interest-bearing Deposits $ 20,295,609 $ 19,708,609 $ 17,826,446 $ 17,790,247 Noninterest-bearing Deposits 6,587,911 6,627,265 6,135,413 6,038,098 Total Deposits 26,883,520 26,335,874 23,961,859 23,828,345 Short-term Borrowings 169,013 160,798 176,090 181,969 Long-term Borrowings 531,418 551,021 540,420 540,091 Total Borrowings 700,431 711,819 716,510 722,060 Operating Lease Liability 95,901 96,899 86,771 88,464 Other Liabilities 281,614 274,230 265,182 256,573 Total Liabilities 27,961,466 27,418,822 25,030,322 24,895,442 Preferred Equity - - - - Common Equity 5,445,715 5,364,541 4,993,223 4,967,820 Total Shareholders' Equity 5,445,715 5,364,541 4,993,223 4,967,820 Total Liabilities & Equity $ 33,407,181 $ 32,783,363 $ 30,023,545 $ 29,863,262 MEMO: Interest-bearing Liabilities $ 20,996,040 $ 20,420,428 $ 18,542,956 $ 18,512,307 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 September 2025 June 2025 September 2024 Q-T-D Average Q-T-D Average Q-T-D Average Cash & Cash Equivalents $ 2,396,950 $ 2,285,499 $ 1,634,929 Securities Available for Sale 3,063,171 3,017,191 3,218,892 Less: Allowance for credit losses - - - Net available for sale securities 3,063,171 3,017,191 3,218,892 Securities Held to Maturity 1,020 1,020 1,020 Less: Allowance for credit losses (18 ) (18 ) (19 ) Net held to maturity securities 1,002 1,002 1,001 Equity Securities 22,157 21,690 10,014 Other Investment Securities 302,668 297,214 292,590 Total Securities 3,388,998 3,337,097 3,522,497 Total Cash and Securities 5,785,948 5,622,596 5,157,426 Loans held for sale 30,368 35,730 55,408 Commercial Loans & Leases 18,683,691 18,393,910 15,869,541 Mortgage Loans 4,772,913 4,765,760 4,734,979 Consumer Loans 846,488 829,201 940,167 Gross Loans 24,303,092 23,988,871 21,544,687 Unearned income (12,177 ) (11,672 ) (11,762 ) Loans & Leases, net of unearned income 24,290,915 23,977,199 21,532,925 Allowance for Loan & Lease Losses (307,983 ) (310,398 ) (267,457 ) Net Loans 23,982,932 23,666,801 21,265,468 Mortgage Servicing Rights - - 1,283 Goodwill 2,018,948 2,011,030 1,888,889 Other Intangibles 36,134 38,474 10,372 Operating Lease Right-of-Use Asset 89,820 86,025 82,783 Other Real Estate Owned 6,414 3,314 1,787 Bank Owned Life Insurance 542,684 539,238 494,438 Other Assets 576,522 581,160 545,470 Total Assets $ 33,069,770 $ 32,584,368 $ 29,503,324 MEMO: Interest-earning Assets $ 29,419,570 $ 28,949,287 $ 26,131,676 Interest-bearing Deposits $ 20,020,573 $ 19,605,123 $ 17,399,368 Noninterest-bearing Deposits 6,614,586 6,597,595 5,957,184 Total Deposits 26,635,159 26,202,718 23,356,552 Short-term Borrowings 155,966 165,405 191,954 Long-term Borrowings 544,020 550,795 748,608 Total Borrowings 699,986 716,200 940,562 Operating Lease Liability 95,686 91,553 89,082 Other Liabilities 225,479 222,757 208,262 Total Liabilities 27,656,310 27,233,228 24,594,458 Preferred Equity - - - Common Equity 5,413,460 5,351,140 4,908,866 Total Shareholders' Equity 5,413,460 5,351,140 4,908,866 Total Liabilities & Equity $ 33,069,770 $ 32,584,368 $ 29,503,324 MEMO: Interest-bearing Liabilities $ 20,720,559 $ 20,321,323 $ 18,339,930 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Nine Months Ended September June September September September Quarterly/Year-to-Date Share Data: 2025 2025 2024 2025 2024 Earnings Per Share: Basic $ 0.92 $ 0.85 $ 0.70 $ 2.36 $ 2.06 Diluted $ 0.92 $ 0.85 $ 0.70 $ 2.36 $ 2.06 Common Dividend Declared Per Share $ 0.37 $ 0.37 $ 0.37 $ 1.11 $ 1.11 High Common Stock Price $ 39.11 $ 37.46 $ 39.93 $ 39.56 $ 39.93 Low Common Stock Price $ 34.48 $ 30.50 $ 31.47 $ 30.50 $ 30.68 Average Shares Outstanding (Net of Treasury Stock): Basic 141,547,684 142,206,539 135,158,476 141,901,752 134,912,625 Diluted 141,960,608 142,444,497 135,504,911 142,209,810 135,143,028 Common Dividends $ 52,462 $ 52,746 $ 50,213 $ 158,544 $ 150,630 Dividend Payout Ratio 40.12 % 43.69 % 52.71 % 47.22 % 54.07 % September 30 June 30 December 31 September 30 EOP Share Data: 2025 2025 2024 2024 Book Value Per Share $ 38.58 $ 37.80 $ 36.89 $ 36.74 Tangible Book Value Per Share (non-GAAP)(1) $ 24.03 $ 23.32 $ 22.87 $ 22.70 52-week High Common Stock Price $ 44.43 $ 44.43 $ 44.43 $ 39.93 Date 11/25/24 11/25/24 11/25/24 7/31/24 52-week Low Common Stock Price $ 30.50 $ 30.50 $ 30.68 $ 25.35 Date 04/04/25 04/04/25 06/11/24 10/24/23 EOP Shares Outstanding (Net of Treasury Stock): 141,170,258 141,909,452 135,346,628 135,220,770 Memorandum Items: Employees (full-time equivalent) 2,779 2,760 2,591 2,651 Note: (1) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,445,715 $ 5,364,541 $ 4,993,223 $ 4,967,820 Less: Total Intangibles (2,053,472 ) (2,055,858 ) (1,897,755 ) (1,898,665 ) Tangible Equity (non-GAAP) $ 3,392,243 $ 3,308,683 $ 3,095,468 $ 3,069,155 ÷ EOP Shares Outstanding (Net of Treasury Stock) 141,170,258 141,909,452 135,346,628 135,220,770 Tangible Book Value Per Share (non-GAAP) $ 24.03 $ 23.32 $ 22.87 $ 22.70 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended September 2025 Three Months Ended June 2025 Three Months Ended September 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 $ 2,137,694 $ 24,053 4.46 % $ 2,026,613 $ 22,633 4.48 % $ 1,387,462 $ 19,241 5.52 % Investment securities: Taxable 3,073,283 27,509 3.58 % 3,022,963 26,706 3.53 % 3,218,258 30,797 3.83 % Tax-exempt 195,293 1,522 3.12 % 197,180 1,536 3.12 % 205,080 1,461 2.85 % Total securities 3,268,576 29,031 3.55 % 3,220,143 28,242 3.51 % 3,423,338 32,258 3.77 % Loans and loans held for sale, net of unearned income(2) 24,321,283 378,654 6.18 % 24,012,929 371,112 6.20 % 21,588,333 332,052 6.12 % Allowance for loan losses (307,983 ) (310,398 ) (267,457 ) Net loans and loans held for sale 24,013,300 6.26 % 23,702,531 6.28 % 21,320,876 6.20 % Total earning assets 29,419,570 $ 431,738 5.83 % 28,949,287 $ 421,987 5.84 % 26,131,676 $ 383,551 5.85 % Other assets 3,650,200 3,635,081 3,371,648 TOTAL ASSETS $ 33,069,770 $ 32,584,368 $ 29,503,324 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 20,020,573 $ 143,445 2.84 % $ 19,605,123 $ 139,156 2.85 % $ 17,399,368 $ 143,313 3.28 % Short-term borrowings 155,966 1,420 3.61 % 165,405 1,488 3.61 % 191,954 2,048 4.24 % Long-term borrowings 544,020 5,977 4.36 % 550,795 6,015 4.38 % 748,608 7,106 3.78 % Total interest-bearing liabilities 20,720,559 150,842 2.89 % 20,321,323 146,659 2.89 % 18,339,930 152,467 3.31 % Noninterest-bearing deposits 6,614,586 6,597,595 5,957,184 Accrued expenses and other liabilities 321,165 314,310 297,344 TOTAL LIABILITIES 27,656,310 27,233,228 24,594,458 SHAREHOLDERS’ EQUITY 5,413,460 5,351,140 4,908,866 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,069,770 $ 32,584,368 $ 29,503,324 NET INTEREST INCOME $ 280,896 $ 275,328 $ 231,084 INTEREST RATE SPREAD 2.94 % 2.95 % 2.54 % NET INTEREST MARGIN 3.80 % 3.81 % 3.52 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Nine Months Ended September 2025 Nine Months Ended September 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 $ 2,098,511 $ 70,412 4.49 % $ 1,068,028 $ 44,331 5.54 % Investment securities: Taxable 3,048,195 81,126 3.55 % 3,484,931 99,487 3.81 % Tax-exempt 196,778 4,543 3.08 % 208,843 4,423 2.82 % Total securities 3,244,973 85,669 3.52 % 3,693,774 103,910 3.75 % Loans and loans held for sale, net of unearned income(2) 23,947,635 1,102,073 6.15 % 21,578,981 980,413 6.07 % Allowance for loan losses (308,868 ) (263,298 ) Net loans and loans held for sale 23,638,767 6.23 % 21,315,683 6.14 % Total earning assets 28,982,251 $ 1,258,154 5.80 % 26,077,485 $ 1,128,654 5.78 % Other assets 3,630,874 3,357,672 TOTAL ASSETS $ 32,613,125 $ 29,435,157 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 19,666,836 $ 418,889 2.85 % $ 16,936,116 $ 404,115 3.19 % Short-term borrowings 162,776 4,358 3.58 % 200,555 6,336 4.22 % Long-term borrowings 549,771 17,846 4.34 % 1,178,176 37,176 4.21 % Total interest-bearing liabilities 20,379,383 441,093 2.89 % 18,314,847 447,627 3.26 % Noninterest-bearing deposits 6,561,681 5,958,668 Accrued expenses and other liabilities 322,358 300,220 TOTAL LIABILITIES 27,263,422 24,573,735 SHAREHOLDERS’ EQUITY 5,349,703 4,861,422 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 32,613,125 $ 29,435,157 NET INTEREST INCOME $ 817,061 $ 681,027 INTEREST RATE SPREAD 2.91 % 2.52 % NET INTEREST MARGIN 3.77 % 3.49 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Nine Months Ended September June September September September Selected Financial Ratios: 2025 2025 2024 2025 2024 Return on Average Assets 1.57 % 1.49 % 1.28 % 1.38 % 1.26 % Return on Average Shareholders’ Equity 9.58 % 9.05 % 7.72 % 8.39 % 7.65 % Return on Average Tangible Equity (non-GAAP)(1) 15.45 % 14.67 % 12.59 % 13.63 % 12.57 % Efficiency Ratio 45.39 % 48.37 % 51.62 % 48.79 % 53.16 % Price / Earnings Ratio 10.21 x 10.74 x 13.22 x 11.81 x 13.53 x Note: (1) Return on Average Tangible Equity: (a) Net Income (GAAP) $ 130,748 $ 120,721 $ 95,267 $ 335,775 $ 278,588 (b) Number of Days 92 91 92 273 274 Average Total Shareholders' Equity (GAAP) $ 5,413,460 $ 5,351,140 $ 4,908,866 $ 5,349,703 $ 4,861,422 Less: Average Total Intangibles (2,055,082 ) (2,049,504 ) (1,899,261 ) (2,055,165 ) (1,900,163 ) (c) Average Tangible Equity (non-GAAP) $ 3,358,378 $ 3,301,636 $ 3,009,605 $ 3,294,538 $ 2,961,259 Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366 / (c) 15.45 % 14.67 % 12.59 % 13.63 % 12.57 % Selected Financial Ratios: September 30 2025 June 30 2025 December 31 2024 September 30 2024 Loans & Leases, net of unearned income / Deposit Ratio 91.21 % 91.32 % 90.45 % 90.74 % Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income 1.22 % 1.28 % 1.25 % 1.25 % Allowance for Credit Losses(2)/ Loans & Leases, net of unearned income 1.36 % 1.43 % 1.42 % 1.43 % Nonaccrual Loans / Loans & Leases, net of unearned income 0.45 % 0.27 % 0.26 % 0.24 % 90-Day Past Due Loans/ Loans & Leases, net of unearned income 0.03 % 0.02 % 0.08 % 0.06 % Non-performing Loans/ Loans & Leases, net of unearned income 0.48 % 0.28 % 0.34 % 0.30 % Non-performing Assets/ Total Assets 0.37 % 0.23 % 0.25 % 0.22 % Primary Capital Ratio 17.13 % 17.23 % 17.47 % 17.49 % Shareholders' Equity Ratio 16.30 % 16.36 % 16.63 % 16.64 % Price / Book Ratio 0.96 x 0.96 x 1.02 x 1.01 x Note: (2) Includes allowances for loan losses and lending-related commitments. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Nine Months Ended September June September September September Mortgage Banking Data: 2025 2025 2024 2025 2024 Loans originated $ 91,228 $ 116,591 $ 151,333 $ 283,722 $ 513,561 Loans sold 104,055 108,180 171,315 303,856 523,329 September 30 June 30 December 31 September 30 Asset Quality Data: 2025 2025 2024 2024 EOP Non-Accrual Loans $ 110,236 $ 64,014 $ 56,460 $ 52,446 EOP 90-Day Past Due Loans 6,631 4,253 16,940 12,794 Total EOP Non-performing Loans $ 116,867 $ 68,267 $ 73,400 $ 65,240 EOP Other Real Estate Owned 6,891 6,331 327 169 Total EOP Non-performing Assets $ 123,758 $ 74,598 $ 73,727 $ 65,409 Three Months Ended Nine Months Ended September June September September September Allowance for Loan & Lease Losses: 2025 2025 2024 2025 2024 Beginning Balance $ 307,962 $ 310,424 $ 267,423 $ 271,844 $ 259,237 Initial allowance for acquired PCD loans - - - 17,518 - Gross Charge-offs (21,790 ) (9,266 ) (4,903 ) (39,733 ) (11,021 ) Recoveries 1,782 915 1,304 3,333 4,091 Net Charge-offs (20,008 ) (8,351 ) (3,599 ) (36,400 ) (6,930 ) Provision for Loan & Lease Losses(1) 12,096 5,889 6,943 47,088 18,460 Ending Balance 300,050 307,962 $ 270,767 300,050 $ 270,767 Reserve for lending-related commitments 32,639 35,819 37,973 32,639 37,973 Allowance for Credit Losses (2) $ 332,689 $ 343,781 $ 308,740 $ 332,689 $ 308,740 Notes: (1) First nine months of 2025 include $18.7 million in provision for Piedmont acquired non-PCD loans. (2) Includes allowances for loan losses and lending-related commitments. W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext. 8716 Source: United Bankshares, Inc.