United Bankshares (UBSI) investor relations material

Executive summary

• Achieved record net income of $464.6 million ($3.27 per diluted share) for FY 2025, with strong returns on assets and equity and a 52nd consecutive year of dividend increases.

• Fourth quarter 2025 net income was $128.8 million ($0.91 per share), compared to $94.4 million ($0.69 per share) in Q4 2024 and $130.7 million ($0.92 per share) in Q3 2025.

• Closed the merger with Piedmont Bancorp, expanding into the Greater Atlanta Area and adding $2.4 billion in assets.

• Maintained robust capital and liquidity positions, with continued share repurchases and a new buyback plan approved.

Financial highlights

• Net interest income for FY 2025 was $1.10 billion, up 21% from $911 million in FY 2024; net interest margin increased to 3.78% from 3.49%.

• Noninterest income for 2025 increased 9% to $135.2 million, with gains on investment securities and higher brokerage and deposit fees.

• Noninterest expense for 2025 was $600.1 million, up from $545.0 million in 2024, reflecting higher compensation, merger-related costs, and reserve expenses.

• Provision for credit losses was $53.9 million in 2025 (including $18.7 million for acquired Piedmont loans), up from $25.2 million in 2024.

• Asset quality remained strong, with non-performing assets to total assets at 0.33% and annualized net charge-offs at 0.15%.

Outlook and guidance

• Expect mid-single-digit loan and deposit growth for 2026, with net interest income projected between $1.145 billion and $1.175 billion, assuming two 25 bps rate cuts.

• Provision expense for 2026 is planned at $48 million, with noninterest income expected between $125 million and $135 million, and noninterest expense between $615 million and $630 million.

• Effective tax rate estimated at ~21% for 2026; capital position remains robust and buybacks will be market dependent.

• Management remains committed to organic growth, profitability, credit quality, and capital levels.