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

United Bankshares, Inc. Announces Record Earnings for the Year of 2025 January 22, 2026 United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the year of 2025 of $464.6 million, or $3.27 per diluted share. Year of 2025 results produced returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.41%, 8.63%, and 13.95%, respectively. “Our financial performance in 2025 was among the very best in our Company’s long history,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We delivered record earnings, strong profitability, resilient credit, and robust capital and liquidity. Underpinning these results was our continued success driving high quality organic growth. As we look to the new year, we remain committed to our mission of excellence in service to our shareholders, customers, communities, and employees.” Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share. Fourth quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity of 1.52%, 9.31%, and 14.86%, respectively. Earnings for the third quarter of 2025 were $130.7 million, or $0.92 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.57%, 9.58%, and 15.45%, respectively. As a result of the acquisition of Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025, the fourth quarter and year of 2025 were impacted by increased levels of average balances, income, and expense as compared to the fourth quarter and year of 2024. Earnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.25%, 7.48%, and 12.03%, respectively. Earnings for the year of 2024 were $373.0 million, or $2.75 per diluted share, and returns on average assets, average equity, and average tangible equity were 1.26%, 7.61%, and 12.43%, respectively. Fourth quarter of 2025 compared to the third quarter of 2025 Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, as compared to earnings of $130.7 million, or $0.92 per diluted share, for the third quarter of 2025. Net interest income for the fourth quarter of 2025 was a record $287.5 million, an increase of $7.3 million, or 3%, from the third quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the fourth quarter of 2025 increased $7.4 million, or 3%, from the third quarter of 2025. The increase in net interest income and tax-equivalent net interest income was driven by a lower average rate paid on deposits and loan growth partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. The net interest spread increased 10 basis points to 3.04% for the fourth quarter of 2025 due to a 21 basis point decrease in the average cost of funds partially offset by an 11 basis point decrease in the average yield on earning assets. The cost of average interest-bearing deposits decreased 21 basis points to 2.63% for the fourth quarter of 2025. The yield on average net loans and loans held for sale decreased 8 basis points to 6.18% for the fourth quarter of 2025. Average net loans and loans held for sale increased $390.9 million from the third quarter of 2025 funded by an increase in average interest-bearing deposits of $399.2 million from the third quarter of 2025. The net interest margin was 3.83% and 3.80% for the fourth quarter of 2025 and the third quarter of 2025, respectively. The provision for credit losses was $6.8 million for the fourth quarter of 2025 as compared to $12.1 million for the third quarter of 2025. Noninterest income for the fourth quarter of 2025 was $30.9 million, a decrease of $12.3 million, or 28%, from the third quarter of 2025. Net losses on investment securities were $218 thousand for the fourth quarter of 2025 as compared to net gains on investment securities of $10.4 million for the third quarter of 2025. Net losses and gains on investment securities for the fourth quarter of 2025 and third quarter of 2025, respectively, were primarily due to changes in the fair value of equity securities. The remainder of the decrease in noninterest income from the third quarter of 2025 was driven by decreases in several other categories of noninterest income, none of which were significant. Noninterest expense for the fourth quarter of 2025 was $151.7 million, an increase of $5.0 million, or 3%, from the third quarter of 2025. The expense for the reserve for unfunded loan commitments was $2.4 million for the fourth quarter of 2025 as compared to a net benefit of $3.2 million for the third quarter of 2025. The expense for the reserve for unfunded loan commitments for the fourth quarter of 2025 was primarily due to an increase in the outstanding balance of construction loan commitments. The net benefit in the expense for the reserve for unfunded loan commitments for the third quarter of 2025 was primarily due to a decrease in the modeled loss rate within certain loan portfolios partially offset by an increase in the outstanding balance of loan commitments from the prior quarter-end. Additionally, a $1.7 million decrease in employee benefits was largely offset by an increase in other noninterest expense of $1.5 million. The fluctuations in these noninterest expense categories were driven by certain general operating expenses, none of which were individually significant. For the fourth quarter of 2025, income tax expense was $31.1 million, a decrease of $2.7 million from the third quarter of 2025. This decrease in income tax expense was primarily due to the impact of a lower effective tax rate and lower earnings. United’s effective tax rate was 19.4% and 20.5% for the fourth quarter of 2025 and third quarter of 2025, respectively. The lower effective tax rate was primarily due to the impact of provision to return adjustments in the fourth quarter of 2025. Fourth quarter of 2025 compared to the fourth quarter of 2024 Earnings for the fourth quarter of 2025 were $128.8 million, or $0.91 per diluted share, as compared to earnings of $94.4 million, or $0.69 per diluted share, for the fourth quarter of 2024. Net interest income for the fourth quarter of 2025 increased $54.8 million, or 24%, from the fourth quarter of 2024. Tax-equivalent net interest income increased $54.9 million, or 24%, from the fourth quarter of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, and an increase in acquired loan accretion income. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $3.3 billion, or 12%, from the fourth quarter of 2024, driven by increases in average net loans and loans held for sale of $3.0 billion and average short-term investments of $497.3 million, partially offset by a decrease in average investment securities of $198.4 million. The increase in average loans from the fourth quarter of 2024 was driven by the Piedmont acquisition and organic loan growth. The cost of average interest-bearing deposits decreased 39 basis points from the fourth quarter of 2024. Acquired loan accretion income was $8.5 million for the fourth quarter of 2025 as compared to $2.0 million for the fourth quarter of 2024. Average interest-bearing deposits increased $2.5 billion, or 14%, from the fourth quarter of 2024. The net interest margin of 3.83% for the fourth quarter of 2025 was an increase of 34 basis points from the net interest margin of 3.49% for the fourth quarter of 2024. The provision for credit losses was $6.8 million for the fourth quarter of 2025 as compared to $6.7 million for the fourth quarter of 2024. Noninterest income for the fourth quarter of 2025 increased $1.6 million, or 6%, from the fourth quarter of 2024. The increase in noninterest income was primarily due to an increase in fees from brokerage services of $980 thousand driven by higher volume. Noninterest expense for the fourth quarter of 2025 increased $17.5 million, or 13%, from the fourth quarter of 2024. Employee compensation increased $5.8 million from the fourth quarter of 2024 primarily due to higher employee headcount from the acquisition and higher employee incentives. The expense for the reserve for unfunded loan commitments was $2.4 million for the fourth quarter of 2025 as compared to a net benefit of $3.1 million for the fourth quarter of 2024. Other noninterest expense increased $2.3 million from the fourth quarter of 2024 due to a $2.4 million increase in tax credit amortization and higher amounts of certain general operating expenses partially offset by a decline of $1.3 million in merger-related expenses. Additionally, increases in equipment expense of $1.8 million, amortization of intangibles of $1.4 million, and net occupancy of $1.1 million were mainly attributable to the acquisition. For the fourth quarter of 2025, income tax expense was $31.1 million as compared to $26.7 million for the fourth quarter of 2024. This increase of $4.4 million in income tax expense was driven by higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 19.4% and 22.0% for the fourth quarter of 2025 and fourth quarter of 2024, respectively. The effective tax rates for the fourth quarters of 2025 and 2024 reflect the impact of provision to return adjustments during each period. Year of 2025 compared to the year of 2024 Earnings for the year of 2025 were $464.6 million, or $3.27 per diluted share, as compared to earnings of $373.0 million, or $2.75 per diluted share, for the year of 2024. Net interest income for the year of 2025 increased $191.1 million, or 21%, from the year of 2024. Tax-equivalent net interest income for the year of 2025 increased $190.9 million, or 21%, from the year of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, an increase in acquired loan accretion income, and a decrease in average long-term borrowings. These increases to net interest income and tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $3.0 billion, or 11%, from the year of 2024, driven by increases in average net loans and loans held for sale of $2.5 billion and average short-term investments of $896.6 million, partially offset by a decrease in average investment securities of $385.9 million. The cost of average interest-bearing deposits decreased 35 basis points from the year of 2024. Acquired loan accretion income was $33.7 million for the year of 2025 as compared to $9.3 million for the year of 2024. Average long-term borrowings decreased $472.6 million, or 46%, from the year of 2024. Average interest-bearing deposits increased $2.7 billion, or 16%, from the year of 2024. The net interest margin of 3.78% for the year of 2025 was an increase of 29 basis points from the net interest margin of 3.49% for the year of 2024. The provision for credit losses was $53.9 million for the year of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont. The provision for credit losses was $25.2 million for the year of 2024. Noninterest income for the year of 2025 was $135.2 million, an increase of $11.5 million, or 9%, from the year of 2024. The increase in noninterest income was driven by net gains on investment securities for the year of 2025 of $11.2 million as compared to net losses on investment securities for the year of 2024 of $7.7 million, a $2.5 million increase in fees from brokerage services, a $2.0 million increase in income from bank-owned life insurance (“BOLI”), and a $1.8 million increase in fees from deposit services. Partially offsetting these increases in noninterest income were a $9.0 million decrease in mortgage loan servicing income and a $6.5 million decrease in income from mortgage banking activities. Net gains on investment securities of $11.2 million for the year of 2025 were primarily due to net unrealized fair value gains on equity securities. Net losses on investment securities of $7.7 million for the year of 2024 included $16.0 million in losses on sales of available for sale (“AFS”) investment securities partially offset by a $6.9 million gain on the VISA share exchange. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments and policies added from the acquisition. Increases in fees from brokerage services and in fees from deposit services were primarily due to higher volume. The decrease in mortgage loan servicing income was due to sales of mortgage servicing rights (“MSRs”) in 2024. The decrease in income from mortgage banking activities was primarily due to lower mortgage production in 2025. Noninterest expense for the year of 2025 was $600.1 million, which included $12.7 million in merger-related expenses, while noninterest expense was $545.0 million for the year of 2024, which included $2.9 million in merger-related expenses. Employee compensation increased $17.4 million for the year of 2025 primarily due to $1.5 million in merger-related expenses, higher employee headcount mainly from the acquisition, and higher employee incentives partially offset by lower commissions driven by a decrease in mortgage production. Other noninterest expense increased $14.2 million, driven by $7.0 million in merger-related expenses recognized during the year of 2025 as compared to $2.9 million for the year of 2024, a $2.6 million increase in tax credit amortization, and higher amounts of certain other general operating costs. The expense for the reserve for unfunded loan commitments for the year of 2025 increased $10.0 million from the year of 2024 due in large part to $4.1 million in merger-related expenses from the Piedmont acquisition. Additionally, increases in several other categories of noninterest expense mainly from the acquisition were partially offset by a $2.7 million decrease in Federal Deposit Insurance Corporation (“FDIC”) insurance expense primarily related to the special assessment and a $2.4 million decrease in mortgage loan servicing expense due to the aforementioned sales in 2024. For the year of 2025, income tax expense was $118.8 million as compared to $91.6 million for the year of 2024. The increase of $27.2 million was primarily due to higher earnings and a higher effective tax rate. United’s effective tax rate was 20.4% for the year of 2025 and 19.7% for the year of 2024. The effective tax rates for the years of 2025 and 2024 reflect the impact of provision to return adjustments during each period. Additionally, the effective tax rate for the year of 2024 reflects the impact of discrete tax benefits recognized in the second quarter of 2024. Credit Quality At December 31, 2025, non-performing loans (“NPLs”) were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $110.3 million, including other real estate owned (“OREO”) of $8.9 million, or 0.33% of total assets at December 31, 2025. At September 30, 2025, NPLs were $116.9 million, or 0.48% of loans & leases, net of unearned income. Total NPAs were $123.8 million, including OREO of $6.9 million, or 0.37% of total assets at September 30, 2025. At December 31, 2024, NPLs were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total NPAs were $73.7 million, including OREO of $327 thousand, or 0.25% of total assets at December 31, 2024. As of December 31, 2025, the allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income. At September 30, 2025, the allowance for loan & lease losses was $300.1 million, or 1.22% of loans & leases, net of unearned income. The decrease in the allowance for loan and lease losses from September 30, 2025, to December 31, 2025, was driven by improved collateral valuations of certain individually assessed loans and resolutions of certain individually assessed loans. At December 31, 2024, the allowance for loan & lease losses was $271.8 million, or 1.25% of loans & leases, net of unearned income. During the first quarter of 2025, United recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont purchased credit deteriorated (“PCD”) loans of $17.5 million. Net charge-offs were $9.3 million, or 0.15% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2025. Net charge-offs were $20.0 million, or 0.33% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2025. Net charge-offs were $5.6 million, or 0.10% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2024. Net charge-offs were $45.7 million, or 0.19% on an annualized basis as a percentage of average loans & leases, net of unearned income for the year of 2025. Net charge-offs were $12.5 million, or 0.06% on an annualized basis as a percentage of average loans & leases, net of unearned income for the year of 2024. Capital United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.7% at December 31, 2025, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.4%, 13.4%, and 11.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%. During the fourth quarter of 2025, United repurchased, under previously announced stock repurchase plans, approximately 1.3 million shares of its common stock at an average price per share of $36.49. During the year of 2025, United repurchased, under previously announced stock repurchase plans, approximately 3.6 million shares of its common stock at an average price per share of $35.24. United did not repurchase any shares of its common stock during 2024. About United Bankshares, Inc. United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of December 31, 2025. United is the 41st largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com. Cautionary Statements The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its December 31, 2025 consolidated financial statements on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2025 and will adjust amounts preliminarily reported, if necessary. 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 trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Year Ended EARNINGS SUMMARY: December 2025 September 2025 December 2024 December 2025 December 2024 Interest income $ 430,053 $ 430,957 $ 376,034 $ 1,685,853 $ 1,502,121 Interest expense 142,596 150,842 143,426 583,689 591,053 Net interest income 287,457 280,115 232,608 1,102,164 911,068 Provision for credit losses 6,779 12,095 6,691 53,866 25,153 Noninterest income 30,936 43,204 29,318 135,154 123,695 Noninterest expense 151,718 146,741 134,176 600,052 545,031 Income before income taxes 159,896 164,483 121,059 583,400 464,579 Income taxes 31,068 33,735 26,651 118,797 91,583 Net income $ 128,828 $ 130,748 $ 94,408 $ 464,603 $ 372,996 PER COMMON SHARE: Net income: Basic $ 0.92 $ 0.92 $ 0.70 $ 3.28 $ 2.76 Diluted 0.91 0.92 0.69 3.27 2.75 Cash dividends 0.38 0.37 0.37 $ 1.49 $ 1.48 Book value 39.29 38.58 36.89 Closing market price $ 38.40 $ 37.21 $ 37.55 Common shares outstanding: Actual at period end, net of treasury shares 139,880,247 141,170,258 135,346,628 Weighted average-basic 140,481,274 141,547,684 135,235,641 141,497,205 134,947,592 Weighted average-diluted 140,980,184 141,960,608 135,732,069 141,827,360 135,225,417 FINANCIAL RATIOS: Return on average assets 1.52 % 1.57 % 1.25 % 1.41 % 1.26 % Return on average shareholders’ equity 9.31 % 9.58 % 7.48 % 8.63 % 7.61 % Return on average tangible equity (non-GAAP)(1) 14.86 % 15.45 % 12.03 % 13.95 % 12.43 % Average equity to average assets 16.35 % 16.37 % 16.72 % 16.39 % 16.57 % Net interest margin 3.83 % 3.80 % 3.49 % 3.78 % 3.49 % PERIOD END BALANCES: December 31 2025 September 30 2025 December 31 2024 Assets $ 33,660,281 $ 33,407,181 $ 30,023,545 Earning assets 30,014,321 29,734,793 26,650,661 Loans & leases, net of unearned income 24,709,122 24,519,706 21,673,493 Loans held for sale 31,277 24,226 44,360 Investment securities 3,400,400 3,359,524 3,259,296 Total deposits 27,060,939 26,883,520 23,961,859 Shareholders’ equity 5,495,983 5,445,715 4,993,223 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 Year Ended December September December December December 2025 2025 2024 2025 2024 Interest & Loan Fees Income (GAAP) $ 430,053 $ 430,957 $ 376,034 $ 1,685,853 $ 1,502,121 Tax equivalent adjustment 796 781 795 3,150 3,362 Interest & Fees Income (FTE) (non-GAAP) 430,849 431,738 376,829 1,689,003 1,505,483 Interest Expense 142,596 150,842 143,426 583,689 591,053 Net Interest Income (FTE) (non-GAAP) 288,253 280,896 233,403 1,105,314 914,430 Provision for Credit Losses 6,779 12,095 6,691 53,866 25,153 Noninterest Income: Fees from trust services 5,079 4,970 5,156 19,762 19,450 Fees from brokerage services 5,958 6,264 4,978 22,729 20,277 Fees from deposit services 9,879 10,145 9,473 38,995 37,183 Bankcard fees and merchant discounts 2,202 1,858 2,056 7,913 7,059 Other charges, commissions, and fees 1,211 1,183 868 4,629 3,485 Income from bank-owned life insurance 2,751 3,460 3,226 13,199 11,225 Income from mortgage banking activities 1,990 2,495 2,314 9,567 16,057 Mortgage loan servicing income - - - - 8,957 Net (losses) gains on investment securities (218 ) 10,442 (688 ) 11,170 (7,720 ) Other noninterest income 2,084 2,387 1,935 7,190 7,722 Total Noninterest Income 30,936 43,204 29,318 135,154 123,695 Noninterest Expense: Employee compensation 64,167 64,092 58,343 252,054 234,618 Employee benefits 12,967 14,641 13,719 54,333 53,621 Net occupancy 12,180 12,488 11,070 49,794 46,084 Data processing 8,080 8,135 7,437 32,622 29,646 Amortization of intangibles 2,340 2,340 910 9,363 3,639 OREO expense 433 201 45 892 576 Net (gains) losses on the sale of OREO properties (153 ) - 10 (148 ) (75 ) Equipment expense 9,244 8,540 7,474 34,917 29,686 FDIC insurance expense 3,417 4,345 3,884 17,022 19,735 Mortgage loan servicing expense and impairment - - - - 2,429 Expense for the reserve for unfunded loan commitments 2,436 (3,181 ) (3,062 ) 164 (9,795 ) Other noninterest expense 36,607 35,140 34,346 149,039 134,867 Total Noninterest Expense 151,718 146,741 134,176 600,052 545,031 Income Before Income Taxes (FTE) (non-GAAP) 160,692 165,264 121,854 586,550 467,941 Tax equivalent adjustment 796 781 795 3,150 3,362 Income Before Income Taxes (GAAP) 159,896 164,483 121,059 583,400 464,579 Taxes 31,068 33,735 26,651 118,797 91,583 Net Income $ 128,828 $ 130,748 $ 94,408 $ 464,603 $ 372,996 MEMO: Effective Tax Rate 19.43 % 20.51 % 22.01 % 20.36 % 19.71 % UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Balance Sheets December 31 September 30 December 31 2025 2025 2024 Cash & Cash Equivalents $ 2,542,250 $ 2,518,719 $ 2,292,244 Securities Available for Sale 3,059,452 3,023,976 2,959,719 Less: Allowance for credit losses - - - Net available for sale securities 3,059,452 3,023,976 2,959,719 Securities Held to Maturity 1,020 1,020 1,020 Less: Allowance for credit losses (16 ) (17 ) (18 ) Net held to maturity securities 1,004 1,003 1,002 Equity Securities 34,760 34,694 21,058 Other Investment Securities 305,184 299,851 277,517 Total Securities 3,400,400 3,359,524 3,259,296 Total Cash and Securities 5,942,650 5,878,243 5,551,540 Loans held for sale 31,277 24,226 44,360 Commercial Loans & Leases 19,049,978 18,903,200 16,152,453 Mortgage Loans 4,854,418 4,802,370 4,702,720 Consumer Loans 816,224 825,585 825,325 Gross Loans 24,720,620 24,531,155 21,680,498 Unearned income (11,498 ) (11,449 ) (7,005 ) Loans & Leases, net of unearned income 24,709,122 24,519,706 21,673,493 Allowance for Loan & Lease Losses (297,518 ) (300,050 ) (271,844 ) Net Loans 24,411,604 24,219,656 21,401,649 Goodwill 2,018,848 2,018,864 1,888,889 Other Intangibles 32,267 34,608 8,866 Operating Lease Right-of-Use Asset 89,312 89,967 81,742 Other Real Estate Owned 8,857 6,891 327 Bank Owned Life Insurance 547,127 544,979 497,181 Other Assets 578,339 589,747 548,991 Total Assets $ 33,660,281 $ 33,407,181 $ 30,023,545 MEMO: Interest-earning Assets $ 30,014,321 $ 29,734,793 $ 26,650,661 Interest-bearing Deposits $ 20,487,309 $ 20,295,609 $ 17,826,446 Noninterest-bearing Deposits 6,573,630 6,587,911 6,135,413 Total Deposits 27,060,939 26,883,520 23,961,859 Short-term Borrowings 198,573 169,013 176,090 Long-term Borrowings 531,817 531,418 540,420 Total Borrowings 730,390 700,431 716,510 Operating Lease Liability 95,392 95,901 86,771 Other Liabilities 277,577 281,614 265,182 Total Liabilities 28,164,298 27,961,466 25,030,322 Preferred Equity - - - Common Equity 5,495,983 5,445,715 4,993,223 Total Shareholders' Equity 5,495,983 5,445,715 4,993,223 Total Liabilities & Equity $ 33,660,281 $ 33,407,181 $ 30,023,545 MEMO: Interest-bearing Liabilities $ 21,217,699 $ 20,996,040 $ 18,542,956 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 December 2025 September 2025 December 2024 Q-T-D Average Q-T-D Average Q-T-D Average Cash & Cash Equivalents $ 2,564,586 $ 2,396,950 $ 2,036,079 Securities Available for Sale 3,023,817 3,063,171 3,245,428 Less: Allowance for credit losses - - - Net available for sale securities 3,023,817 3,063,171 3,245,428 Securities Held to Maturity 1,020 1,020 1,020 Less: Allowance for credit losses (17 ) (18 ) (19 ) Net held to maturity securities 1,003 1,002 1,001 Equity Securities 34,840 22,157 9,012 Other Investment Securities 302,743 302,668 288,453 Total Securities 3,362,403 3,388,998 3,543,894 Total Cash and Securities 5,926,989 5,785,948 5,579,973 Loans held for sale 28,415 30,368 45,143 Commercial Loans & Leases 19,010,060 18,683,691 16,093,104 Mortgage Loans 4,822,219 4,772,913 4,709,802 Consumer Loans 855,928 846,488 873,961 Gross Loans 24,688,207 24,303,092 21,676,867 Unearned income (12,551 ) (12,177 ) (8,862 ) Loans & Leases, net of unearned income 24,675,656 24,290,915 21,668,005 Allowance for Loan & Lease Losses (299,908 ) (307,983 ) (270,751 ) Net Loans 24,375,748 23,982,932 21,397,254 Goodwill 2,018,863 2,018,948 1,888,889 Other Intangibles 33,785 36,134 9,446 Operating Lease Right-of-Use Asset 90,208 89,820 82,505 Other Real Estate Owned 7,437 6,414 190 Bank Owned Life Insurance 545,754 542,684 495,839 Other Assets 560,192 576,522 513,487 Total Assets $ 33,587,391 $ 33,069,770 $ 30,012,726 MEMO: Interest-earning Assets $ 29,948,501 $ 29,419,570 $ 26,687,835 Interest-bearing Deposits $ 20,419,740 $ 20,020,573 $ 17,871,685 Noninterest-bearing Deposits 6,657,360 6,614,586 6,099,264 Total Deposits 27,077,100 26,635,159 23,970,949 Short-term Borrowings 167,660 155,966 180,070 Long-term Borrowings 531,594 544,020 540,247 Total Borrowings 699,254 699,986 720,317 Operating Lease Liability 96,175 95,686 87,935 Other Liabilities 222,854 225,479 214,456 Total Liabilities 28,095,383 27,656,310 24,993,657 Preferred Equity - - - Common Equity 5,492,008 5,413,460 5,019,069 Total Shareholders' Equity 5,492,008 5,413,460 5,019,069 Total Liabilities & Equity $ 33,587,391 $ 33,069,770 $ 30,012,726 MEMO: Interest-bearing Liabilities $ 21,118,994 $ 20,720,559 $ 18,592,002 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Year Ended December September December December December Quarterly/Year-to-Date Share Data: 2025 2025 2024 2025 2024 Earnings Per Share: Basic $ 0.92 $ 0.92 $ 0.70 $ 3.28 $ 2.76 Diluted $ 0.91 $ 0.92 $ 0.69 $ 3.27 $ 2.75 Common Dividend Declared Per Share $ 0.38 $ 0.37 $ 0.37 $ 1.49 $ 1.48 High Common Stock Price $ 40.52 $ 39.11 $ 44.43 $ 40.52 $ 44.43 Low Common Stock Price $ 34.10 $ 34.48 $ 35.31 $ 30.50 $ 30.68 Average Shares Outstanding (Net of Treasury Stock): Basic 140,481,274 141,547,684 135,235,641 141,497,205 134,947,592 Diluted 140,980,184 141,960,608 135,732,069 141,827,360 135,225,417 Common Dividends $ 53,458 $ 52,462 $ 50,259 $ 212,002 $ 200,889 Dividend Payout Ratio 41.50 % 40.12 % 53.24 % 45.63 % 53.86 % December 31 September 30 December 31 EOP Share Data: 2025 2025 2024 Book Value Per Share $ 39.29 $ 38.58 $ 36.89 Tangible Book Value Per Share (non-GAAP)(1) $ 24.63 $ 24.03 $ 22.87 52-week High Common Stock Price $ 40.52 $ 44.43 $ 44.43 Date 12/18/25 11/25/24 11/25/24 52-week Low Common Stock Price $ 30.50 $ 30.50 $ 30.68 Date 04/04/25 04/04/25 06/11/24 EOP Shares Outstanding (Net of Treasury Stock): 139,880,247 141,170,258 135,346,628 Memorandum Items: Employees (full-time equivalent) 2,740 2,779 2,591 Note: (1) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,495,983 $ 5,445,715 $ 4,993,223 Less: Total Intangibles (2,051,115 ) (2,053,472 ) (1,897,755 ) Tangible Equity (non-GAAP) $ 3,444,868 $ 3,392,243 $ 3,095,468 ÷ EOP Shares Outstanding (Net of Treasury Stock) 139,880,247 141,170,258 135,346,628 Tangible Book Value Per Share (non-GAAP) $ 24.63 $ 24.03 $ 22.87 UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended December 2025 Three Months Ended September 2025 Three Months Ended December 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 $ 2,304,536 $ 23,288 4.01 % $ 2,137,694 $ 24,053 4.46 % $ 1,807,207 $ 21,876 4.82 % Investment securities: Taxable 3,036,563 26,139 3.44 % 3,073,283 27,509 3.58 % 3,242,979 29,244 3.61 % Tax-exempt 203,239 1,502 2.96 % 195,293 1,522 3.12 % 195,252 1,374 2.81 % Total securities 3,239,802 27,641 3.41 % 3,268,576 29,031 3.55 % 3,438,231 30,618 3.56 % Loans and loans held for sale, net of unearned income(2) 24,704,071 379,920 6.11 % 24,321,283 378,654 6.18 % 21,713,148 324,335 5.95 % Allowance for loan losses (299,908 ) (307,983 ) (270,751 ) Net loans and loans held for sale 24,404,163 6.18 % 24,013,300 6.26 % 21,442,397 6.02 % Total earning assets 29,948,501 $ 430,849 5.72 % 29,419,570 $ 431,738 5.83 % 26,687,835 $ 376,829 5.62 % Other assets 3,638,890 3,650,200 3,324,891 TOTAL ASSETS $ 33,587,391 $ 33,069,770 $ 30,012,726 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 20,419,740 $ 135,602 2.63 % $ 20,020,573 $ 143,445 2.84 % $ 17,871,685 $ 135,690 3.02 % Short-term borrowings 167,660 1,443 3.42 % 155,966 1,420 3.61 % 180,070 1,630 3.60 % Long-term borrowings 531,594 5,551 4.14 % 544,020 5,977 4.36 % 540,247 6,106 4.50 % Total interest-bearing liabilities 21,118,994 142,596 2.68 % 20,720,559 150,842 2.89 % 18,592,002 143,426 3.07 % Noninterest-bearing deposits 6,657,360 6,614,586 6,099,264 Accrued expenses and other liabilities 319,029 321,165 302,391 TOTAL LIABILITIES 28,095,383 27,656,310 24,993,657 SHAREHOLDERS’ EQUITY 5,492,008 5,413,460 5,019,069 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 33,587,391 $ 33,069,770 $ 30,012,726 NET INTEREST INCOME $ 288,253 $ 280,896 $ 233,403 INTEREST RATE SPREAD 3.04 % 2.94 % 2.55 % NET INTEREST MARGIN 3.83 % 3.80 % 3.49 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Year Ended December 2025 Year Ended December 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 $ 2,150,441 $ 93,700 4.36 % $ 1,253,832 $ 66,207 5.28 % Investment securities: Taxable 3,045,263 107,265 3.52 % 3,424,113 128,731 3.76 % Tax-exempt 198,407 6,045 3.05 % 205,427 5,796 2.82 % Total securities 3,243,670 113,310 3.49 % 3,629,540 134,527 3.71 % Loans and loans held for sale, net of unearned income(2) 24,138,297 1,481,993 6.14 % 21,612,707 1,304,749 6.04 % Allowance for loan losses (306,609 ) (265,171 ) Net loans and loans held for sale 23,831,688 6.22 % 21,347,536 6.11 % Total earning assets 29,225,799 $ 1,689,003 5.78 % 26,230,908 $ 1,505,483 5.74 % Other assets 3,632,196 3,349,451 TOTAL ASSETS $ 32,857,995 $ 29,580,359 LIABILITIES: Interest-Bearing Liabilities: Interest-bearing deposits $ 19,856,609 $ 554,491 2.79 % $ 17,171,286 $ 539,805 3.14 % Short-term borrowings 164,007 5,801 3.54 % 195,406 7,966 4.08 % Long-term borrowings 545,189 23,397 4.29 % 1,017,823 43,282 4.25 % Total interest-bearing liabilities 20,565,805 583,689 2.84 % 18,384,515 591,053 3.21 % Noninterest-bearing deposits 6,585,797 5,994,009 Accrued expenses and other liabilities 320,801 300,766 TOTAL LIABILITIES 27,472,403 24,679,290 SHAREHOLDERS’ EQUITY 5,385,592 4,901,069 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 32,857,995 $ 29,580,359 NET INTEREST INCOME $ 1,105,314 $ 914,430 INTEREST RATE SPREAD 2.94 % 2.53 % NET INTEREST MARGIN 3.78 % 3.49 % (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Three Months Ended Year Ended December September December December December Selected Financial Ratios: 2025 2025 2024 2025 2024 Return on Average Assets 1.52 % 1.57 % 1.25 % 1.41 % 1.26 % Return on Average Shareholders’ Equity 9.31 % 9.58 % 7.48 % 8.63 % 7.61 % Return on Average Tangible Equity (non-GAAP)(1) 14.86 % 15.45 % 12.03 % 13.95 % 12.43 % Efficiency Ratio 47.65 % 45.39 % 51.23 % 48.50 % 52.67 % Price / Earnings Ratio 10.62 x 10.21 x 13.53 x 11.75 x 13.64 x Note: (1) Return on Average Tangible Equity: (a) Net Income (GAAP) $ 128,828 $ 130,748 $ 94,408 $ 464,603 $ 372,996 (b) Number of Days 92 92 92 365 366 Average Total Shareholders' Equity (GAAP) $ 5,492,008 $ 5,413,460 $ 5,019,069 $ 5,385,592 $ 4,901,069 Less: Average Total Intangibles (2,052,648 ) (2,055,082 ) (1,898,335 ) (2,054,531 ) (1,899,704 ) (c) Average Tangible Equity (non-GAAP) $ 3,439,360 $ 3,358,378 $ 3,120,734 $ 3,331,061 $ 3,001,365 Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366 / (c) 14.86 % 15.45 % 12.03 % 13.95 % 12.43 % Selected Financial Ratios: December 31 2025 September 30 2025 December 31 2024 Loans & Leases, net of unearned income / Deposit Ratio 91.31 % 91.21 % 90.45 % Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income 1.20 % 1.22 % 1.25 % Allowance for Credit Losses(2)/ Loans & Leases, net of unearned income 1.35 % 1.36 % 1.42 % Nonaccrual Loans / Loans & Leases, net of unearned income 0.39 % 0.45 % 0.26 % 90-Day Past Due Loans/ Loans & Leases, net of unearned income 0.02 % 0.03 % 0.08 % Non-performing Loans/ Loans & Leases, net of unearned income 0.41 % 0.48 % 0.34 % Non-performing Assets/ Total Assets 0.33 % 0.37 % 0.25 % Primary Capital Ratio 17.15 % 17.13 % 17.47 % Shareholders' Equity Ratio 16.33 % 16.30 % 16.63 % Price / Book Ratio 0.98 x 0.96 x 1.02 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 Year Ended December September December December December Mortgage Banking Data: 2025 2025 2024 2025 2024 Loans originated $ 87,134 $ 91,228 $ 132,381 $ 370,856 $ 645,942 Loans sold 80,083 104,055 134,514 383,939 657,843 December 31 September 30 December 31 Asset Quality Data: 2025 2025 2024 EOP Non-Accrual Loans $ 96,492 $ 110,236 $ 56,460 EOP 90-Day Past Due Loans 4,974 6,631 16,940 Total EOP Non-performing Loans $ 101,466 $ 116,867 $ 73,400 EOP Other Real Estate Owned 8,857 6,891 327 Total EOP Non-performing Assets $ 110,323 $ 123,758 $ 73,727 Three Months Ended Year Ended December September December December December Allowance for Loan & Lease Losses: 2025 2025 2024 2025 2024 Beginning Balance $ 300,050 $ 307,962 $ 270,767 $ 271,844 $ 259,237 Initial allowance for acquired PCD loans - - - 17,518 - Gross Charge-offs (11,179 ) (21,790 ) (6,509 ) (50,912 ) (17,530 ) Recoveries 1,867 1,782 894 5,200 4,985 Net Charge-offs (9,312 ) (20,008 ) (5,615 ) (45,712 ) (12,545 ) Provision for Loan & Lease Losses(1) 6,780 12,096 6,692 53,868 25,152 Ending Balance $ 297,518 $ 300,050 $ 271,844 $ 297,518 $ 271,844 Reserve for lending-related commitments 35,075 32,639 34,911 35,075 34,911 Allowance for Credit Losses (2) $ 332,593 $ 332,689 $ 306,755 $ 332,593 $ 306,755 Notes: (1) Year of 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans. (2) Includes allowances for loan losses and lending-related commitments. W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext. 8716 Source: United Bankshares, Inc.