United Bankshares, Inc. · NASDAQ:UBSI
United Bankshares — Q4 2025 Earnings Presentation
19 slides from United Bankshares's earnings presentation, Jan 22, 2026
Slide 1: Fourth Quarter & Fiscal Year 2025 Earnings Review
Exhibit 99.2 United Bankshares, Inc. (UBSI) Fourth Quarter & Fiscal Year 2025 Earnings Review January 22, 2026
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: 2025 Highlights
2025 HIGHLIGHTS • Achieved record Net Income of $464.6 million and record Diluted Earnings Per Share of $3.27 for FY 2025 • Generated Return on Average Assets of 1.41%, Return on Average Equity of 8.63%, and Return on Average Tangible Equity* of 13.95% nd • Increased dividends to shareholders for th
Slide 4: Earnings Summary
EARNINGS SUMMARY In thousands, except per share data Three Months Ended Year Ended 4Q25 3Q25 4Q24 2025 2024 Interest & Fees 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 $ 232,60
Slide 5: Performance Ratios
PERFORMANCE RATIOS Strong profitability and expense control Return on Average Assets Efficiency Ratio 60.00% 1.60% 1.40% 50.00% 1.20% 40.00% 1.00% 30.00% 0.80% 0.60% 20.00% 0.40% 10.00% 0.20% 0.00% 0.00% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 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% $300 4.50% $275 4.00% 6.00% $250 3.50% $225 5.00% $200 3.00% $175 2.50% 4.00% $150 2.00% $125 3.00% $100 1.50% $75 1.00% 2.00% $50 0.50% $25 1.00% $0 0.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Loan PA Accretion 2.0 6.0
Slide 7: Loan Summary (Excludes Loans Held for Sale)
LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE) ($ in millions) Loans, EOP 4Q25 % of Total LQ Change Owner Occupied CRE $ 2 ,146 8.7% $ 31 $26,000 $24,721 $24,531 Non Owner Occupied CRE $ 8 ,344 33.8% $ (48) $24,061 $23,874 $24,000 Commercial $ 3 ,785 15.3% $ 205 $21,680 Residential Real Estate $ 6 ,098
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) 8.3 2.1 24.7 3.6 3.8 6.1 0.8 % of Total Loans 100% 34% 9% 14%
Slide 9: Credit Quality
CREDIT QUALITY End of Period Balances (000s) 9/30/25 12/31/25 Non-Accrual Loans $110,236 $96,492 90-Day Past Due Loans $6,631 $4,974 Total Non-performing Loans $116,867 $101,466 Other Real Estate Owned $6,891 $8,857 Total Non-performing Assets $123,758 $110,323 Non-performing Loans / Loans 0.48% 0.4
Slide 10: Deposit Summary
DEPOSIT SUMMARY ($ in millions) Deposits, EOP 4Q25 % of Total LQ Change Non Interest Bearing $ 6,574 24.3% $ (14) $28,000 $27,061 $26,884 $26,365 $26,336 Interest Bearing Transaction $ 6,658 24.6% $ 236 $26,000 Regular Savings $ 1,265 4.7% $ ( 2) $23,962 $24,000 Money Market Accounts $ 7,836 29.0% $
Slide 11: Liquidity Position & Additional Deposit Detail
LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL Deposit Account Details ($ in millions) End of Period Ratios / Values 12/31/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,746 32% Estimated Insured/Collateralized Deposits $18,315 68% Total Deposits
Slide 12: Capital Ratios and Per Share Data
CAPITAL RATIOS AND PER SHARE DATA End of Period Ratios / Values 9/30/25 12/31/25** Common Equity Tier 1 Ratio 13.4% 13.4% Tier 1 Capital Ratio 13.4% 13.4% Total Risk Based Capital Ratio 15.7% 15.7% Leverage Ratio 11.3% 11.3% Total Equity to Total Assets 16.3% 16.3% *Tangible Equity to Tangible Asset
Slide 13: 2026 Outlook
2026 OUTLOOK 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 to be in the mid single digits for 2026. Loan pipelines continue to be relatively strong. Expect investm
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 • 52 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 $33.7 $30.0 $29.9 $29.5 $29.3 30.0 $26.2 25.0 $19.7 $19.3 $19.1 20.0 $14.5 15.0 $12.6 $12.3 10.0 $8.7 5.0 0.0 2013Y 2014Y 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Source: S&P Capital IQ Pro; Company
Slide 16: Appendix
APPENDIX 16
Slide 17: Piedmont Merger - Additional Information
PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Provision for Credit Losses --- --- --- $18.7 --- --- --- Employee Compensation & Benefits --- --- --- $1.2 $0.3 --- --- Expense for Reserve for Unfunded Loan --- --- --- $4.1 ---
Slide 18: Reconciliation of Non-GAAP Items
RECONCILIATION OF NON-GAAP ITEMS (dollars in thousands) 2021 2022 2023 2024 2025 (1) Return on Average Tangible Equity Net Income (GAAP) $367,738 $379,627 $366,313 $372,996 $464,603 Average Total Shareholders' Equity (GAAP) $4,430,688 $4,601,440 $4,654,103 $4,901,069 $5,385,592 Less: Average Total I
Slide 19: Reconciliation of Non-GAAP Items (Cont.)
RECONCILIATION OF NON-GAAP ITEMS (CONT.) (dollars in thousands) 9/30/2025 12/31/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 33,407,181 $ 33,660,281 Less: Total Intangibles (GAAP) (2,053,472) (2,051,115) Tangible Assets (non-GAAP) $ 31,353,709 $ 31,609,166 Total Shareholders' Eq