United Bankshares, Inc. · NASDAQ:UBSI
United Bankshares — Q2 2025 Earnings Presentation
19 slides from United Bankshares's earnings presentation, Jul 24, 2025
Slide 1: United Bankshares, Inc. (UBSI) Second Quarter 2025 Earnings Review
United Bankshares, Inc. (UBSI) Second Quarter 2025 Earnings Review July 24, 2025
Slide 2: Forward Looking Statements
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 sta
Slide 3: 2Q25 Highlights
2Q25 HIGHLIGHTS • Achieved record Net Income of $120.7 million and record Diluted Earnings Per Share of $0.85 • Generated Return on Average Assets of 1.49%, Return on Average Equity of 9.05%, and Return on Average Tangible Equity* of 14.67% • Net Interest Income was $274.5 million and Net Interest M
Slide 4: Earnings Summary
EARNINGS SUMMARY In thousands, except per share data Three Months Ended 2Q25 1Q25 2Q24 Interest & Fees Income $ 421,196 $ 403,647 $ 374,184 Interest Expense $ 146,659 $ 143,592 $ 148,469 Net Interest Income $ 274,537 $ 260,055 $ 225,715 Provision for Credit Losses $ 5,889 $ 29,103 $ 5,779 Noninteres
Slide 5: Performance Ratios
PERFORMANCE RATIOS Strong profitability and expense control Return on Average Assets Efficiency Ratio 1.60% 60.00% 1.40% 50.00% 1.20% 40.00% 1.00% 0.80% 30.00% 0.60% 20.00% 0.40% 10.00% 0.20% 0.00% 0.00% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Return on Average Return on Average Common Equ
Slide 6: Net Interest Income and Margin
NET INTEREST INCOME AND MARGIN Average Yields Net Interest Income & Net Interest Margin 7.00% $275 4.50% $250 4.00% 6.00% $225 3.50% $200 5.00% $175 3.00% $150 2.50% 4.00% $125 2.00% $100 1.50% 3.00% $75 1.00% 2.00% $50 $25 0.50% 1.00% $0 0.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Loan PA Accretion 2.4 2.4 2.0
Slide 7: Loan Summary
LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE) Loans, EOP 2Q25 % of Total LQ Change $26,000 Owner Occupied CRE $ 2,070 8.6% $ (4) $24,061 $24,000 $23,874 Non Owner Occupied CRE $ 7,981 33.2% $ 65 $21,610 $21,631 $21,680 Commercial $ 3,647 15.2% $ 81 $22,000 Residential Real Estate $ 5,852 24.3% $ 39 $2
Slide 8: Loan Portfolio Geographic Details
LOAN PORTFOLIO GEOGRAPHIC DETAILS Diversified portfolio with strong underwriting practices and ongoing monitoring Total Loans Loan Segments Residential Other Total Loans CRE NOO CRE OO C&D C&I Real Estate Consumer Total Loans ($ Billions) 24.1 8.0 2.1 3.7 3.6 5.9 0.8 % of Total Loans 100% 33% 9% 16%
Slide 9: Credit Quality
CREDIT QUALITY End of Period Balances (000s) 3/31/25 6/30/25 Non-Accrual Loans $57,388 $64,014 90-Day Past Due Loans $12,387 $4,253 Total Non-performing Loans $69,775 $68,267 Other Real Estate Owned $1,475 $6,331 Total Non-performing Assets $71,250 $74,598 Non-performing Loans / Loans 0.29% 0.28% No
Slide 10: Deposit Summary
DEPOSIT SUMMARY Deposits, EOP 2Q25 % of Total LQ Change Non Interest Bearing $ 6,627 25.2% $ 146 $28,000 Interest Bearing Transaction $ 6,256 23.8% $ (87) $26,365 $26,336 $26,000 Regular Savings $ 1,281 4.9% $ (25) $23,828 $23,962 Money Market Accounts $ 7,576 28.8% $ (228) $24,000 $23,066 Time Depo
Slide 11: Liquidity Position & Additional Deposit Detail
LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL Deposit Account Details ($ in millions) End of Period Ratios / Values 6/30/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,703 33% Estimated Insured/Collateralized Deposits $17,633 67% Total Deposits $
Slide 12: Capital Ratios and Per Share Data
CAPITAL RATIOS AND PER SHARE DATA End of Period Ratios / Values 3/31/25 6/30/25** Common Equity Tier 1 Ratio 13.3% 13.4% Tier 1 Capital Ratio 13.3% 13.4% Total Risk Based Capital Ratio 15.7% 15.8% Leverage Ratio 11.3% 11.3% Total Equity to Total Assets 16.2% 16.4% *Tangible Equity to Tangible Assets
Slide 13: 2025 Outlook
2025 OUTLOOK Select guidance is being provided for 2025. Our outlook may change if the expectations for these items vary from current expectations. • Balance Sheet: Expect loan and deposit growth to be in the low to mid single digits for the remainder of 2025 (annualized). Loan pipelines continue to
Slide 14: Investment Thesis
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 • 51 consecutive years of dividen
Slide 15: Demonstrated History of Successful Acquisitions
DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS 40.0 Closed on 1/10/25 35.0 $32.8 $29.5 $29.9 $30.0 30.0 $29.3 $26.2 25.0 Total Assets ($B) $19.3 $19.7 20.0 $19.1 $14.5 15.0 $12.3 $12.6 10.0 $8.7 5.0 0.0 2013Y 2014Y 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Q2 15 Source: S&P Ca
Slide 16: Appendix
APPENDIX UNITED BANKSHARES, INC.
Slide 17: Piedmont Merger - Additional Information
PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 Provision for Credit Losses --- --- --- $18.7 --- Employee Compensation & Benefits --- --- --- $1.2 $0.3 Expense for Reserve for Unfunded Loan Commitments --- --- --- $4.1 --- Other Noninte
Slide 18: Reconciliation of Non-GAAP Items
RECONCILIATION OF NON-GAAP ITEMS (dollars in thousands) 2Q24 3Q24 4Q24 1Q25 2Q25 (1) Return on Average Tangible Equity (A) Net Income (GAAP) $96,507 $95,267 $94,408 $84,306 $120,721 (B) Number of Days in the Quarter 91 92 92 90 91 Average Total Shareholders' Equity (GAAP) $4,857,893 $4,908,866 $5,01
Slide 19: Reconciliation of Non-GAAP Items (Cont.)
RECONCILIATION OF NON-GAAP ITEMS (CONT.) (dollars in thousands) 3/31/2025 6/30/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 32,788,494 $ 32,783,363 Less: Total Intangibles (GAAP) (2,062,893) (2,055,858) Tangible Assets (non-GAAP) $ 30,725,601 $ 30,727,505 Total Shareholders' Equ