United Bankshares, Inc. · NASDAQ:UBSI
United Bankshares — Q3 2025 Earnings Presentation
19 slides from United Bankshares's earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Earnings Review
Third Quarter 2025 Earnings Review United Bankshares, Inc. (UBSI) October 23, 2025 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: 3Q25 Highlights
Achieved record Net Income of $130.7 million and record Diluted Earnings Per Share of $0.92 Generated Return on Average Assets of 1.57%, Return on Average Equity of 9.58%, and Return on Average Tangible Equity* of 15.45% Achieved period end annualized loan growth and deposit growth of ~8% Net Intere
Slide 4: Linked-quarter results summary
Linked-Quarter (LQ) Net Income was $130.7 million in 3Q25 compared to $120.7 million in 2Q25, with diluted EPS of $0.92 in 3Q25 compared to $0.85 in 2Q25. Net Interest Income increased $5.6 million driven by an increase in average earning assets partially offset by an increase in average interest-be
Slide 5: Performance Ratios
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control 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 securities. PERFORMANC
Slide 6: Net Interest Margin and Net Interest Income
Reported Net Interest Margin decreased from 3.81% to 3.80% LQ. Linked-quarter Net Interest Income (FTE) increased $5.6 million 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. Approx
Slide 7: Loan balances and CRE portfolio
Linked-Quarter loan balances increased $470 million driven by Non Owner Occupied CRE loans and Residential Real Estate loans. Loan growth was led by the Georgia, North Carolina, and Central Virginia markets in 3Q25 (annualized growth rates >20%). Non Owner Occupied CRE to Total Risk Based Capital wa
Slide 8: Loan Portfolio Geographic Details
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 24.5 % of Total Loans 100% Geographic location Southeast 43% Metro DC / Baltimore 35% WV / OH / PA / Shenandoah Valley 19% Other 3% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select
Slide 9: Asset quality and non-performing assets
End of Period Balances (000s) 6/30/25 9/30/25 Non-Accrual Loans $64,014 $110,236 90-Day Past Due Loans $4,253 $6,631 Total Non-performing Loans $68,267 $116,867 Other Real Estate Owned $6,331 $6,891 Total Non-performing Assets $74,598 $123,758 Non-performing Loans / Loans 0.28% 0.48% Non-performing
Slide 10: Deposit Summary
Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. LQ deposits increased $548 million driven by Money Market, Interest Bearing Transaction, and Time Deposit accounts. Brokered deposits were relatively unchanged at 0.8% of total deposits at 9/30/25. Enviable deposit franc
Slide 11: Deposit Account Details and Available Liquidity
Deposit Account Details ($ in millions) End of Period Ratios / Values 9/30/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $9,004 33% Estimated Insured/Collateralized Deposits $17,880 67% Total Deposits $26,884 100% *Does not include other sources of
Slide 12: Capital ratios and share repurchases
End of Period Ratios / Values 6/30/25 9/30/25** Common Equity Tier 1 Ratio 13.4% 13.4% Tier 1 Capital Ratio 13.4% 13.4% Total Risk Based Capital Ratio 15.8% 15.7% Leverage Ratio 11.3% 11.3% Total Equity to Total Assets 16.4% 16.3% *Tangible Equity to Tangible Assets (non-GAAP) 10.8% 10.8% Book Value
Slide 13: 2025 guidance
Select guidance is being provided for 2025. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan and deposit growth to be in the low to mid single digits for the remainder of 2025 (annualized). Loan pipelines continue to be relatively
Slide 14: Investment Thesis
Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base Consistently high-performing company with a culture of disciplined risk management and expense control 51 consecutive years of dividend increases evidences Un
Slide 15: Demonstrated History of Successful Acquisitions
Source: S&P Capital IQ Pro; Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS Closed on 1/10/25
Slide 16: Appendix
APPENDIX UNITED | BANKSHARES, INC.
Slide 17: Piedmont Merger - Additional Information
PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Provision for Credit Losses --- --- --- $18.7 --- --- Employee Compensation & Benefits --- --- --- $1.2 $0.3 --- Expense for Reserve for Unfunded Loan Commitments --- --- --- $4.1 ---
Slide 18: Reconciliation of Non-GAAP Items
(dollars in thousands) 3Q24 4Q24 1Q25 2Q25 3Q25 (1) Return on Average Tangible Equity (A) Net Income (GAAP) $95,267 $94,408 $84,306 $120,721 $130,748 (B) Number of Days in the Quarter 92 92 90 91 92 Average Total Shareholders' Equity (GAAP) $4,908,866 $5,019,069 $5,283,542 $5,351,140 $5,413,460 Less
Slide 19: Reconciliation of Non-GAAP Items (cont.)
(dollars in thousands) 6/30/2025 9/30/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 32,783,363 $ 33,407,181 Less: Total Intangibles (GAAP) (2,055,858) (2,053,472) Tangible Assets (non-GAAP) $ 30,727,505 $ 31,353,709 Total Shareholders' Equity (GAAP) $ 5,364,541 $ 5,445,715 Less: