United Bankshares, Inc. · NASDAQ:UBSI
United Bankshares — Q1 2026 Earnings Presentation
18 slides from United Bankshares's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Review
First Quarter 2026 Earnings Review United Bankshares, Inc. (UBSI) April 23, 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: 1Q26 Highlights
Achieved Net Income of $124.2 million and Diluted Earnings Per Share of $0.89 Generated Return on Average Assets of 1.49%, Return on Average Shareholders' Equity of 9.08%, and Return on Average Tangible Common Equity* of 14.40% Returned capital through $53 million of common dividends and $69 million
Slide 4: Linked-quarter results summary
Linked-Quarter (LQ) Net Income was $124.2 million in 1Q26 compared to $128.8 million in 4Q25, with diluted EPS of $0.89 in 1Q26 compared to $0.91 in 4Q25. Net Interest Income decreased $4.9 million. Acquired loan accretion income decreased $1.0 million. The interest rate spread increased 2 basis poi
Slide 5: Performance ratios
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control PERFORMANCE RATIOS 1Q25 was impacted by pre-tax merger related expenses of $30.0 million. 3Q25 was impacted by net gains on investment securities of $10.4 million primarily due to unrealized fair value gains on equity sec
Slide 6: Net interest margin and net interest income
Reported Net Interest Margin decreased from 3.83% to 3.80% LQ. Linked-quarter Net Interest Income (FTE) decreased $5.0 million. Acquired loan accretion income decreased $1.0 million. The interest rate spread increased 2 basis points primarily due to a lower average rate paid on interest-bearing depo
Slide 7: Loan portfolio and CRE details
Linked-Quarter loan balances increased $154 million driven by Non Owner Occupied CRE loans. Non Owner Occupied CRE to Total Risk Based Capital was ~294% at 1Q26. CRE portfolio remains diversified among underlying collateral types. Non Owner Occupied Office loans total ~$0.7 billion (~2.9% of total l
Slide 8: Loan portfolio geographic details
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 24.9 % of Total Loans 100% Geographic location Southeast 44% Metro DC / Baltimore 35% WV / OH / PA / Shenandoah Valley 18% Other 3% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select
Slide 9: Asset quality
End of Period Balances (000s) 12/31/25 3/31/26 Non-Accrual Loans $96,492 $91,170 90-Day Past Due Loans $4,974 $11,664 Total Non-performing Loans $101,466 $102,834 Other Real Estate Owned $8,857 $10,390 Total Non-performing Assets $110,323 $113,224 Non-performing Loans / Loans 0.41% 0.41% Non-perform
Slide 10: Deposit summary
Strong core deposit base with 24% of deposits in Non Interest Bearing accounts. LQ deposits increased $60 million driven by Money Market Accounts. Cumulative interest bearing deposit beta of ~49% and total deposit beta of ~34% since 3Q24. Enviable deposit franchise with an attractive mix of both hig
Slide 11: Deposit account details and available liquidity
Deposit Account Details ($ in millions) End of Period Ratios / Values 3/31/26 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,638 32% Estimated Insured/Collateralized Deposits $18,483 68% Total Deposits $27,121 100% *Does not include other sources of
Slide 12: Capital ratios and share repurchases
End of Period Ratios / Values 12/31/25 3/31/26** Common Equity Tier 1 Ratio 13.4% 13.3% Tier 1 Capital Ratio 13.4% 13.3% Total Risk Based Capital Ratio 15.7% 15.5% Leverage Ratio 11.3% 11.2% Total Shareholders' Equity to Total Assets 16.3% 16.3% *Tangible Common Equity to Tangible Assets (non-GAAP)
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 the remainder of 2026 (annualized). Loan pipelines remain relatively strong. E
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) 1Q25 2Q25 3Q25 4Q25 1Q26 (1) Return on Average Tangible Common Equity (A) Net Income (GAAP) $84,306 $120,721 $130,748 $128,828 $124,200 (B) Number of Days in the Quarter 90 91 92 92 90 Average Total Shareholders' Equity (GAAP) $5,283,542 $5,351,140 $5,413,460 $5,492,008 $5,549
Slide 18: Reconciliation of non-GAAP items (cont.)
(dollars in thousands) 12/31/2025 3/31/2026 (2) Tangible Common Equity to Tangible Assets Total Assets (GAAP) $ 33,660,281 $ 33,705,380 Less: Total Intangibles (GAAP) (2,051,115) (2,049,277) Tangible Assets (non-GAAP) $ 31,609,166 $ 31,656,103 Total Shareholders' Equity (GAAP) $ 5,495,983 $ 5,488,12