United Bankshares, Inc. · NASDAQ:UBSI
United Bankshares — Q3 2026 Earnings Presentation
18 slides from United Bankshares's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Earnings Review
Third Quarter 2026 Earnings Review United Bankshares, Inc. (UBSI) October 22, 2026 EXHIBIT 99.2
Slide 2: Forward-looking statements
This presentation and statements made by United Bankshares, Inc. (“UBSI”) and its management contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be
Slide 3: 3Q26 Highlights
Achieved Net Income of $128.7 million and Diluted Earnings Per Share of $0.94 Generated Return on Average Assets of 1.50%, Return on Average Shareholders' Equity of 9.24%, and Return on Average Tangible Common Equity* of 14.68% Returned capital through $52 million of common dividends and $99 million
Slide 4: Linked-quarter net income and earnings summary
Linked-Quarter (LQ) Net Income was $128.7 million in 3Q26 compared to $131.4 million in 2Q26, with diluted EPS of $0.94 in 3Q26 compared to $0.95 in 2Q26. Net Interest Income increased $8.9 million primarily due to loan growth that was largely funded by deposit growth, the impact of strategic purcha
Slide 5: Performance ratios: strong profitability and expense control
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control PERFORMANCE RATIOS Applicable ratios are annualized. 3Q25 was impacted by net gains on investment securities of $10.4 million primarily due to unrealized fair value gains on equity securities.
Slide 6: Net interest margin and net interest income
Reported Net Interest Margin (FTE) increased from 3.81% to 3.86% LQ. Linked-quarter Net Interest Income (FTE) increased $8.9 million primarily due to loan growth that was largely funded by deposit growth, the impact of strategic purchases of higher yielding investment securities throughout 2026, and
Slide 7: Loan balances and CRE portfolio details
Linked-Quarter loan balances increased $467 million, or ~7.5% annualized, driven by Non Owner Occupied CRE, Residential Real Estate, and Construction & Land Development loans. Non Owner Occupied CRE to Total Risk Based Capital was ~301% at 3Q26. CRE portfolio remains diversified among underlying col
Slide 8: Loan portfolio geographic details
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 25.5 % of Total Loans 100% Geographic location Southeast 44% Metro DC / Baltimore 34% WV / OH / PA / Shenandoah Valley 18% Other 4% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select
Slide 9: Asset quality: non-performing assets and allowance
End of Period Balances ($ in thousands) 6/30/26 9/30/26 Non-Accrual Loans $99,301 $99,907 90-Day Past Due Loans $11,346 $9,987 Total Non-performing Loans $110,647 $109,894 Other Real Estate Owned $10,212 $11,198 Total Non-performing Assets $120,859 $121,092 Non-performing Loans / Loans 0.44% 0.43% N
Slide 10: Deposit summary and top MSAs
Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. LQ deposits increased $540 million, or ~7.9% annualized, driven by Interest Bearing Transaction and Non Interest Bearing accounts. Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, ru
Slide 11: Deposit account details and available liquidity
Deposit Account Details ($ in millions) End of Period Ratios / Values 9/30/26 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,933 32% Estimated Insured/Collateralized Deposits $18,778 68% Total Deposits $27,711 100% *Does not include other sources of
Slide 12: Capital ratios and share repurchases
End of Period Ratios / Values 6/30/26 9/30/26** Common Equity Tier 1 Ratio 13.3% 12.9% Tier 1 Capital Ratio 13.3% 12.9% Total Risk Based Capital Ratio 15.6% 15.2% Leverage Ratio 11.3% 11.1% Total Shareholders' Equity to Total Assets 16.3% 15.8% *Tangible Common Equity to Tangible Assets (non-GAAP) 1
Slide 13: 2026 guidance
Select guidance is being provided for 2026. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan and deposit growth rates to be in the mid single digits for 4Q26 (annualized). Loan pipelines remain relatively strong. Expect investment
Slide 14: Investment Thesis
Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base Consistently high-performing company with a culture of disciplined risk management and expense control 52 consecutive years of dividend increases evidences Un
Slide 15: Demonstrated history of successful acquisitions
Source: S&P Capital IQ Pro; Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS Closed on 1/10/25
Slide 16: Appendix
APPENDIX UNITED | BANKSHARES, INC.
Slide 17: Reconciliation of non-GAAP items
(dollars in thousands) 3Q25 4Q25 1Q26 2Q26 3Q26 (1) Return on Average Tangible Common Equity (annualized) (A) Net Income (GAAP) $130,748 $128,828 $124,200 $131,377 $128,704 (B) Number of Days in the Quarter 92 92 90 91 92 Average Total Shareholders' Equity (GAAP) $5,413,460 $5,492,008 $5,549,114 $5,
Slide 18: Reconciliation of non-GAAP items (cont.)
(dollars in thousands) 6/30/2026 9/30/2026 (2) Tangible Common Equity to Tangible Assets Total Assets (GAAP) $ 33,751,832 $ 34,228,531 Less: Total Intangibles (GAAP) (2,047,439) (2,045,601) Tangible Assets (non-GAAP) $ 31,704,393 $ 32,182,930 Total Shareholders' Equity (GAAP) $ 5,510,537 $ 5,413,913