2026 March Investor Presentation

United Bankshares, Inc. (UBSI) Investor Presentation

March 2, 2026

CORPORATE PROFILE

• Regional financial holding company with a network of over 240 locations throughout Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania

• 38th largest bank in the U.S. by Market Cap.

• 52 consecutive years of dividend increases

• UBSI has completed 34 acquisitions since 1982

• Consistently ranked as one of the most trustworthy banks in

  America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024 &

  2025)

• Member of the S&P Mid Cap 400, Russell 2000, Dow Jones Dividend Select Index, S&P High Yield Dividends Aristocrats Index, and the NASDAQ US Dividend Achiever 50 Index

  Financial Highlights (12/31/25)

  TOTAL ASSETS	$33.7 billion
  GROSS LOANS*	$24.7 billion
  TOTAL DEPOSITS	$27.1 billion
  NET INCOME (YTD)	$464.6 million

  *Includes Loans Held for Sale.

  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%

  • Increased dividends to shareholders for the 52nd consecutive year (current dividend

    yield of ~3.7% based upon recent prices)

  • Returned capital through $212 million of common dividends and $126 million of share repurchases (repurchased 3.6 million shares during 2025 and remain active in 2026)

  • Closed the merger with Piedmont Bancorp, Inc. during 1Q25, expanding into the Greater Atlanta Area and acquiring ~$2.4 billion in assets, ~$2.1 billion in loans, and

    ~$2.1 billion in deposits

  • Achieved full-year period-end loan growth of $1.0 billion (4.7%) and deposit growth of

    $1.0 billion (4.1%), excluding the balances acquired in the Piedmont merger

  • Net Interest Margin (FTE) increased to 3.78%, up from 3.49% in FY 2024

  • Consistently ranked as one of the most trustworthy banks in America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024 & 2025)

  • Asset quality remains sound with Non-Performing Assets to Total Assets of 0.33%

  • Strong expense control with an efficiency ratio of 48.50%

  • Capital position remains robust and liquidity remains sound

DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS

40.0

Closed on 1/10/25

35.0

30.0

$29.3 $29.5 $29.9 $30.0

$33.7

$26.2

Total Assets ($B)

25.0

20.0

$19.1 $19.3 $19.7

15.0

$12.3 $12.6

$14.5

10.0

$8.7

5.0

0.0

2013Y 2014Y 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y

PERFORMANCE RATIOS

Strong profitability and expense control

*Non-GAAP measure. Refer to appendix.

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FY 2021 was impacted by pre-tax merger-related expenses of $21.4 million, offset by CECL ACL releases. FY 2023 was impacted by a $12.0 million expense related to the FDIC's

special assessment levied on banking organizations to recover losses to the Deposit Insurance Fund and a $7.2 million loss on the sale of AFS investment securities, offset by an

$8.1 million gain on sale of mortgage servicing rights. FY 2025 was impacted by pre-tax merger related expenses of $31.4 million and net gains on investment securities of $11.2 million primarily due to unrealized fair value gains on equity securities.

NET INTEREST INCOME AND MARGIN

Net Interest Income & Net Interest Margin

$300

$275

$250

$225

$200

$175

$150

$125

$100

$75

$50

$25

4.50%

4.00%

3.50%

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

Net Interest Income (FTE), excluding loan accretion

Net Interest Margin (FTE)

231.4

3.49%

254.8 263.6 273.4 279.8

3.69% 3.81% 3.80% 3.83%

Interest-Bearing Deposits

Investment Securities

Net Loans

4Q25

3Q25

2Q25

1Q25

4Q24

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

Average Yields

$ in millions

• Reported Net Interest Margin increased from 3.80% to 3.83% LQ.

• Linked-quarter Net Interest Income (FTE) increased $7.3 million driven by a lower average rate paid on deposits and loan growth, partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits.

• Approximately ~51% of the loan portfolio is fixed rate and ~49% is adjustable rate, while ~37% of the total portfolio is projected to reprice within the next 3 months.

• ~11% of the securities portfolio is floating rate. Securities balances of approximately ~$589 million with an average yield of ~3.7% are projected to roll off during FY 2026. HTM securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 4.0 years.

• Time deposits have an average maturity of ~5 months. Approximately ~13% of total deposits have interest rates tied to a floating rate index.

• Scheduled purchase accounting loan accretion is estimated at ~$18 million for FY 2026 and ~$11 million for FY 2027.

  LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE)

  Loans, EOP

  $26,000

  $23,874

  $24,061

  $24,531

  $24,721

  $24,000

  $22,000

  $21,680

  $20,000

  $18,000

  $16,000

  $14,000

  $12,000

  $10,000

  4Q24

  1Q25

  2Q25

  3Q25

  4Q25

  ($ in millions) 4Q25 % of Total LQ Change

  Owner Occupied CRE	$ 2,146	8.7%	$ 31
  Non Owner Occupied CRE	$ 8,344	33.8%	$ (48)
  Commercial	$ 3,785	15.3%	$ 205
  Residential Real Estate	$ 6,098	24.7%	$ 88
  Construction & Land Dev.	$ 3,571	14.4%	$ (80)
  Bankcard	$ 10	0.0%	$ 0
  Consumer	$ 767	3.1%	$ (6)

  Total Gross Loans

  $ 24,721

  100.0% $

  189

  $ in millions

  Non Owner Occupied CRE

  • Linked-Quarter loan balances increased $189 million driven by Commercial loans and Residential Real Estate loans.

  • Non Owner Occupied CRE to Total Risk Based Capital was ~288% at 4Q25.

    CRE portfolio remains diversified among underlying collateral types.

  • Non Owner Occupied Office loans total ~$0.7 billion (~3.0% of total loans). The Top 60 Office loans make up ~75% of total Non Owner Occupied Office balances. The weighted average LTV at origination for the Top 60 was ~63%.

Hospitality

16%

Office 9%

Industrial 6%

Other

7%

Retail

16%

Multifamily 28%

Self Storage 6%

Special Purpose 6%

United has been disciplined in its approach to underwriting Office loans. The stringent underwriting process focuses on the underlying tenants, lease terms, sponsor support, location, property class, amenities, etc.

• Weighted average FICO of all consumer-related loan sectors is ~763.

• Fixed rate loans maturing within 12 months total ~$2.2 billion at a weighted

  average rate of ~5.3%. Fixed rate loans maturing within 13-24 months total

  ~$1.7 billion at a weighted average rate of ~5.2%.

• Total purchase accounting-related fair value discount on loans was ~$57

Mixed Use 6%

million as of 12/31/25.

LOAN PORTFOLIO GEOGRAPHIC DETAILS

Shading indicates areas with outstanding loans. Color coding represents the geographies noted in the table.

Indicates United office location

Diversified portfolio with strong underwriting practices and ongoing monitoring

Select Portfolio Details:

• Total NOO Office loans represent $0.7 billion, or only ~3.0% of total loans, with ~52% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. The ALLL associated with the NOO Office portfolio was $54.1 million (7.3% of total NOO Office loans) at 12/31/25.

• C&I Government Contracting loans represent only ~0.6% of total loans. Our Government Contracting loans are concentrated in blue-chip companies with the top 4 borrowers comprising >80% of the portfolio with credit ratings of BB+ or better.

• Total Residential Real Estate loans have an overall weighted average FICO of ~762, with a weighted average FICO of ~766 in the Washington DC MSA. The Washington DC MSA continues to be impacted by a lack of single-family housing inventory supply.

• Loans to Nondepository Financial Institutions (NDFIs) total $0.4 billion, or only ~1.5% of total loans.

  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%	0.41%
  Non-performing Assets / Total Assets	0.37%	0.33%
  Annualized Net Charge-offs / Average Loans	0.33%	0.15%
  Allowance for Loan & Lease Losses (ALLL)	$300,050	$297,518
  ALLL / Loans, net of unearned income	1.22%	1.20%
  Allowance for Credit Losses (ACL)*	$332,689	$332,593
  ACL / Loans, net of unearned income	1.36%	1.35%

  • NPAs were $110.3 million at 12/31/25 compared to $123.8 million at 9/30/25 with the ratio of NPAs to Total Assets decreasing from 0.37% to 0.33%.

  • 30-89 Day Past Due loans were 0.22% of total loans at 12/31/25 compared to 0.31% at 9/30/25.

  • ALLL as a percentage of Total Loans decreased from 1.22% to 1.20% LQ.

NONCURRENT LOANS TO TOTAL LOANS

4.23%

3.99%

3.37%

2.53%

2.42%

1.71%

0.97%

1.24% 1.27% 1.24%

1.38%

1.22%

1.10% 1.00%

1.22%

1.17%

1.06%

1.00%

1.13%

0.97% 0.86%

0.86%

0.62% 0.50%

0.82% 0.83%

0.65%

0.49%

0.90%

0.87% 0.75%

0.71%

0.64%

0.42% 0.24% 0.21% 0.34%

0.48%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 3Q25

UBSI Peer

NET CHARGEOFFS/AVERAGE LOANS

1.58%

1.45%

0.93%

0.77%

0.64%

0.27%

0.67%

0.29% 0.30% 0.31% 0.27% 0.24%

0.22% 0.21%

0.27%

0.22%

0.28% 0.27%

0.13%

0.35%

0.16%

0.24% 0.29% 0.29%

0.24% 0.25%

0.28%

0.20%

0.16% 0.15% 0.14%

0.11% 0.09%

0.05% 0.00% 0.03% 0.06%

0.20%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 3Q25

UBSI Peer

DEPOSIT SUMMARY

Deposits, EOP

$28,000

$26,000

$24,000

$22,000

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

$26,365

$26,336

$26,884

$27,061

$23,962

4Q24 1Q25 2Q25 3Q25 4Q25

Average Deposits

$22,000

$20,000

$18,000

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$-

Interest Bearing

Non Interest Bearing

4Q24 1Q25 2Q25 3Q25 4Q25

($ in millions) 4Q25 % of Total LQ Change

Non Interest Bearing Interest Bearing Transaction Regular Savings

Money Market Accounts Time Deposits < $100,000

$ 6,574

$ 6,658

$ 1,265

$ 7,836

$ 1,364

24.3% $

24.6% $

4.7% $

29.0% $

5.0% $

(14)

236

(2)

(51)

(12)

Time Deposits > $100,000

$ 3,365

12.4%

$ 20

Total Deposits

$ 27,061

100.0% $

177

• Strong core deposit base with 24% of deposits in Non Interest Bearing accounts.

• LQ deposits increased $177 million driven by Interest Bearing Transaction accounts.

• Cumulative interest bearing deposit beta of ~47% and total deposit beta of ~33% since 3Q24.

• Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base.

$ in millions Source: S&P Global Market Intelligence

CAPITAL RATIOS AND PER SHARE DATA

*Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release date.

• Capital ratios remain significantly above regulatory "Well Capitalized" levels and exceed all internal capital targets.

• United repurchased 1.3 million common shares during 4Q25 for $47.5 million as compared to 735 thousand common shares during 3Q25 for $26.5 million.

• Announced a new Board-approved share repurchase plan during 4Q25 for up to 5.0 million shares (4.8 million shares were remaining as of 12/31/25).

• From 01/01/26 through 02/27/26, United repurchased 495 thousand common shares for $19.3 million.

• As of 02/27/26, there were 4.3 million shares available to be repurchased under the approved plan.

  
  
  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 investment portfolio balances to be relatively flat (market dependent).

• Net Interest Income: Net interest income (non-FTE) expected to be in the range of $1.145 billion to $1.175 billion (assumes two 25 bps rate cuts in 2026). Loan purchase accounting accretion is currently estimated at ~$28 million for FY 2026.

• Provision Expense: Asset quality remains sound. Provision expense will be dependent on the future economic

  outlook, future credit trends within United's portfolio, and loan growth. Expect our credit performance to outperform the

  industry. Current planning assumption for provision expense for 2026 is $48 million.

• Non Interest Income: Expect non interest income to be in the range of $125 million to $135 million for 2026.

  Mortgage banking revenue will be subject to industry trends.

• Non Interest Expense: Expect non interest expense to be in the range of $615 million to $630 million for 2026

• Effective Tax Rate: Estimated at approximately ~21.0%.

• Capital: Expect to be active in the stock buyback in 2026 (market dependent). United's capital position remains

robust.

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 United's strong profitability,

  solid asset quality, and sound capital management over a very long period of time

• Experienced management team with a proven track record of execution

• Committed to our mission of excellence in service to our employees, our

  customers, our shareholders and our communities

• Attractive valuation with a current Price-to-Earnings Ratio of ~11.8x (based upon median 2026 street consensus estimate of $3.50 per Bloomberg)

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UNITED

BANKSHARES, INC.

APPENDIX

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 Intangibles	(1,837,609)	(1,910,377)	(1,905,390)	(1,899,704)	(2,054,531)
   Average Tangible Equity (non-GAAP)	$2,593,079	$2,691,063	$2,748,713	$3,001,365	$3,331,061

   Formula: Net Income/Average Tangible Equity

   Return on Average Tangible Equity (non-GAAP) 14.18% 14.11% 13.33% 12.43% 13.95%

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   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' Equity (GAAP)	$ 5,445,715 $	5,495,983
   Less: Total Intangibles (GAAP) (2,053,472) (2,051,115)
   Tangible Equity (non-GAAP)	$ 3,392,243	$ 3,444,868
   Tangible Equity to Tangible Assets (non-GAAP)	10.8%	10.9%

3. Tangible Book Value Per Share:

Total Shareholders' Equity (GAAP) $ 5,445,715 $ 5,495,983 Less: Total Intangibles (GAAP) (2,053,472) (2,051,115)

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https://www.ubsi-inc.com

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