Form 8-K

8-K — UNITED BANKSHARES INC/WV

Accession: 0001193125-26-313364

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0000729986

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d139267d8k.htm (Primary)

EX-99.1 (d139267dex991.htm)

EX-99.2 (d139267dex992.htm)

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8-K

8-K (Primary)

Filename: d139267d8k.htm · Sequence: 1

8-K

UNITED BANKSHARES INC/WV false 0000729986 0000729986 2026-07-23 2026-07-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 23, 2026

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

West Virginia

No. 002-86947

55-0641179

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

300 United Center

500 Virginia Street, East

Charleston, West Virginia 25301

(Address of Principal Executive Offices)

(304) 424-8800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $2.50 per share

UBSI

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On July 23, 2026 United Bankshares, Inc. (“United”) announced its financial results for the second quarter and first half of 2026. A copy of the press release is attached as Exhibit 99.1 to this report. The press release is being furnished under Item 2.02 of this Form 8-K.

Item 9.01. Financial Statements and Exhibits

(c)

The following exhibits are being furnished herewith:

99.1

Press Release, dated July 23, 2026, issued by United Bankshares, Inc.

99.2

Slide presentation of financial information for the second quarter of 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNITED BANKSHARES, INC.

Date: July 23, 2026

By:

/s/ W. Mark Tatterson

W. Mark Tatterson, Executive Vice

President and Chief Financial Officer

EX-99.1

Filename: d139267dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

News Release

For Immediate Release

Contact: W. Mark Tatterson

July 23, 2026

Chief Financial Officer

(800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Record Earnings

for the Second Quarter of 2026

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”),

today reported record earnings for the second quarter of 2026 of $131.4 million, or $0.95 per diluted share. Second quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible

common equity, a non-GAAP measure, of 1.56%, 9.53%, and 15.15%, respectively.

“We delivered

record results in the second quarter, and our consistent and disciplined approach to managing our Company’s affairs continues to pay dividends,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We look forward

to continued growth in the second half of the year.”

Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per

diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.49%, 9.08%, and 14.40%, respectively. Earnings for the second quarter of 2025 were $120.7 million, or $0.85

per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.49%, 9.05%, and 14.67%, respectively.

United Bankshares, Inc. Announces…

July 23, 2026

Page Two

Second quarter of 2026 compared to the first quarter of 2026

Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, as compared to earnings of $124.2 million,

or $0.89 per diluted share, for the first quarter of 2026.

Net interest income for the second quarter of 2026 was $285.3 million, an

increase of $2.8 million, or 1%, from the first quarter of 2026. Fully tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, also increased $2.8 million, or 1%, from the first quarter of 2026. The net interest margin was 3.81% and 3.80% for the second quarter of 2026

and the first quarter of 2026, respectively. The interest spread for the second quarter of 2026 increased 1 basis point to 3.07% from the first quarter of 2026 due to a 3 basis point decrease in the average cost of funds partially offset by a 2

basis point decrease in the yield on average earning assets. The decrease in the average cost of funds was primarily due to a 2 basis point decrease in the rate paid on average interest-bearing deposits. The decrease in the yield on average earning

assets was driven by a 6 basis point decrease in the yield on average net loans and loans held for sale partially offset by a 19 basis point increase in the yield on average investment securities. Acquired loan accretion income was $5.0 million

for the second quarter of 2026, a decrease of $2.5 million from the first quarter of 2026 which contributed to an approximately 4 basis point decrease in the interest spread and in the net interest margin. The increase in the yield on average

investment securities reflects United’s strategic purchases of higher yielding investment securities throughout 2026.

The provision

for credit losses for the second quarter of 2026 was $5.0 million as compared to $7.8 million for the first quarter of 2026. The provision for credit losses for the second quarter of 2026 reflected $5.1 million of net charge-offs and

a relatively flat allowance for loan & lease losses from the prior quarter-end. The provision for credit losses for the first quarter of 2026 reflected $5.7 million of net charge-offs and a

$2.1 million increase in the allowance for loan & lease losses from the prior quarter-end.

Noninterest income for the second quarter of 2026 was $38.5 million, an increase of $4.4 million, or 13%, from the first quarter of

2026 driven by a $2.7 million increase in other noninterest income and smaller increases in several other categories of noninterest income. The increase in other noninterest income was primarily due to higher market values of underlying

investments associated with postretirement benefit plans, which was largely offset by an increase in postretirement benefit costs recorded in noninterest expense as described below. Additionally, net gains on investment securities of

$2.8 million for the second quarter of 2026 included a $5.9 million gain as a result of the sale of an unaffiliated company in which United held an investment that was recorded within other investment securities, a $5.7 million gain

from a VISA share exchange, and $1.0 million in unrealized fair value gains on equity securities. The gain on the VISA share exchange included $1.8 million that was realized through the sale of eligible shares and the remainder of which

related to shares held at fair value at quarter-end and which are eligible to be sold in the third quarter of 2026. Partially offsetting these gains on investment securities was a $9.7 million loss on the

sale of $81.0 million of available for sale (“AFS”) investment securities. Net gains on investment securities of $2.3 million for the first quarter of 2026 were primarily due to gains on sales of equity securities.

United Bankshares, Inc. Announces…

July 23, 2026

Page Three

Noninterest expense for the second quarter of 2026 was $154.7 million, an increase of

$1.9 million, or 1%, from the first quarter of 2026. The increase in noninterest expense was driven by a $3.1 million increase in employee compensation partially offset by a $1.8 million decrease in the expense for the reserve for

unfunded loan commitments. The increase in employee compensation was primarily due to the timing of annual salary increases, stock-based compensation costs, and employee incentives. The decrease in the expense for the reserve for unfunded loan

commitments reflected a smaller increase in outstanding loan commitments during the second quarter of 2026 as compared with the increase during the first quarter of 2026. Additionally, employee benefits were $16.3 million for the second quarter

of 2026 as compared to $16.0 million for the first quarter of 2026 as an increase in employee benefits driven by higher postretirement benefit costs and higher health insurance expenses was largely offset by a decrease in Federal Insurance

Contributions Act (“FICA”) costs.

For the second quarter of 2026, income tax expense was $32.8 million as compared to

$31.8 million for the first quarter of 2026. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.0% and 20.4% for the second

quarter of 2026 and first quarter of 2026, respectively.

Second quarter of 2026 compared to the second quarter of 2025

Earnings for the second quarter of 2026 were $131.4 million, or $0.95 per diluted share, as compared to earnings of $120.7 million,

or $0.85 per diluted share, for the second quarter of 2025.

Net interest income for the second quarter of 2026 increased

$10.8 million, or 4%, from the second quarter of 2025. Fully tax-equivalent net interest income also increased $10.8 million, or 4%, from the second quarter of 2025. The increase in net interest

income and fully tax-equivalent net interest income was primarily due to a lower rate paid on average interest-bearing deposits and an increase in average net loans and loans held for sale. These increases to

net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and an increase in average interest-bearing deposits. The

rate paid on average interest-bearing deposits decreased 38 basis points from the second quarter of 2025. Average net loans and loans held for sale increased $970.6 million, or 4%, from the second quarter of 2025. The yield on average net loans

and loans held for sale decreased 27 basis points from the second quarter of 2025. Acquired loan accretion income decreased $6.8 million from the second quarter of 2025. Average interest-bearing deposits increased $900.5 million, or 5%,

from the second quarter of 2025. The net interest margin was 3.81% for both the second quarter of 2026 and the second quarter of 2025.

The provision for credit losses was $5.0 million for the second quarter of 2026 as compared to $5.9 million for the second quarter

of 2025.

Noninterest income for the second quarter of 2026 increased $7.0 million, or 22%, from the second quarter of 2025 driven by

increases in net gains on investment securities of $2.4 million, other noninterest income of $1.9 million, and fees from brokerage services of $1.9 million. Net gains on investment securities for the second quarter of 2026 of

$2.8 million included the aforementioned gain as a result of the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, and unrealized fair value gains on equity securities. Partially offsetting these

gains on investment securities was a loss on the sale of AFS investment securities. The increase in other noninterest income was primarily due to higher market values of underlying investments associated with postretirement benefit plans. The

increase in fees from brokerage services was primarily due to higher volume driven by growth in the business.

United Bankshares, Inc. Announces…

July 23, 2026

Page Four

Noninterest expense for the second quarter of 2026 increased $6.7 million, or 5%, from

the second quarter of 2025 primarily due to a $3.6 million increase in employee compensation and a $2.9 million increase in employee benefits. The increase in employee compensation was primarily due to higher salaries, brokerage

commissions, employee incentives, and stock-based compensation costs. The increase in employee benefits was primarily due to higher postretirement benefit costs. Additionally, smaller increases in several other categories of noninterest expense were

largely offset by a $1.2 million decrease in other noninterest expense. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses related to the acquisition of Atlanta-based Piedmont

Bancorp, Inc. (“Piedmont”), which was completed on January 10, 2025.

For the second quarter of 2026, income tax expense

was $32.8 million as compared to $31.4 million for the second quarter of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax

rate was 20.0% and 20.6% for the second quarter of 2026 and second quarter of 2025, respectively.

First half of 2026 compared to the first half of

2025

Earnings for the first half of 2026 were $255.6 million, or $1.83 per diluted share, as compared to earnings of

$205.0 million, or $1.44 per diluted share, for the first half of 2025.

Net interest income for the first half of 2026 was

$567.8 million, an increase of $33.2 million, or 6%, from the first half of 2025. Fully tax-equivalent net interest income also increased $33.2 million, or 6%, from the first half of 2025. The

increase in net interest income and fully tax-equivalent net interest income was primarily due to an increase in average net loans and loans held for sale and a lower rate paid on average interest-bearing

deposits. These increases to net interest income and fully tax-equivalent net interest income were partially offset by a lower yield on average net loans and loans held for sale and an increase in average

interest-bearing deposits. Average net loans and loans held for sale increased $1.2 billion, or 5%, from the first half of 2025. The rate paid on average interest-bearing deposits decreased 37 basis points from the first half of 2025. The yield

on average net loans and loans held for sale decreased 17 basis points from the first half of 2025. Acquired loan accretion income decreased $5.3 million from the first half of 2025. Average interest-bearing deposits increased

$1.1 billion, or 6%, from the first half of 2025. The net interest margin was 3.80% and 3.75% for the first half of 2026 and the first half of 2025, respectively.

The provision for credit losses was $12.7 million for the first half of 2026. The provision for credit losses was $35.0 million for

the first half of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont.

Noninterest income for the first half of 2026 increased $11.6 million, or 19%, from the first half of 2025 driven by increases in net

gains on investment securities of $4.1 million, fees from brokerage services of $3.7 million, and other noninterest income of $2.7 million. Net gains on investment securities for the first half of 2026 included the gain as a result of

the sale of an unaffiliated company in which United held an investment, the VISA share exchange gain, unrealized fair value gains on equity securities, and a gain on the sale of equity securities. Partially offsetting these gains on investment

securities was a loss on the sale of AFS investment securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business. The increase in other noninterest income was primarily due to higher

market values of underlying investments associated with postretirement benefit plans.

United Bankshares, Inc. Announces…

July 23, 2026

Page Five

Noninterest expense for the first half of 2026 was $307.5 million while noninterest

expense was $301.6 million for the first half of 2025, which included $12.6 million in merger-related expenses. The increase in noninterest expense was driven by a $6.2 million increase in employee compensation, a $5.6 million

increase in employee benefits, a $1.2 million increase in the expense for the reserve for unfunded loan commitments, and smaller increases in several other categories of noninterest expense. These increases in noninterest expense were partially

offset by a $6.4 million decrease in other noninterest expense, a $2.3 million decrease in data processing, and smaller decreases in several other categories of noninterest expense. The increase in employee compensation was primarily due

to higher brokerage commissions, employee incentives, salaries, and stock-based compensation costs. Employee compensation for the first half of 2025 included $1.5 million in merger-related expenses. The increase in employee benefits was

primarily due to higher postretirement benefit and FICA costs. The expense for the reserve for unfunded loan commitments for the first half of 2026 of $2.1 million was primarily due to an increase in outstanding loan commitments. The expense

for the reserve for unfunded loan commitments for the first half of 2025 of $909 thousand included $4.1 million in merger-related expense from the acquisition. Other noninterest expense for the first half of 2025 included $7.0 million

of merger-related expenses. The decrease in data processing was primarily due to technology contract renegotiations.

For the first half

of 2026, income tax expense was $64.6 million as compared to $54.0 million for the first half of 2025. This increase in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate.

United’s effective tax rate was 20.2% and 20.9% for the first half of 2026 and first half of 2025, respectively.

Credit Quality

At June 30, 2026, non-performing loans (“NPLs”) were $110.6 million, or 0.44% of

loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $120.9 million, including other real estate owned (“OREO”) of $10.2 million, or

0.36% of total assets at June 30, 2026. At March 31, 2026, NPLs were $102.8 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $113.2 million, including OREO of $10.4 million, or 0.34% of

total assets at March 31, 2026. At December 31, 2025, NPLs were $101.5 million, or 0.41% of loans & leases, net of unearned income. Total NPAs were $110.3 million, including OREO of $8.9 million, or 0.33% of total

assets at December 31, 2025.

As of June 30, 2026, the allowance for loan & lease losses was $299.5 million, or

1.20% of loans & leases, net of unearned income. As of March 31, 2026, the allowance for loan & lease losses was $299.6 million, or 1.20% of loans & leases, net of unearned income. At December 31, 2025, the

allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income.

Net

charge-offs were $5.1 million, or 0.08% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2026. Net charge-offs were $5.7 million, or 0.09% on an annualized basis as

a percentage of average loans & leases, net of unearned income for the first quarter of 2026. Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income

for the second quarter of 2025. Net charge-offs were $10.8 million, or 0.09% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2026. Net charge-offs were $16.4 million,

or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2025.

United Bankshares, Inc. Announces…

July 23, 2026

Page Six

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.6% at

June 30, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, and 11.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio

of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%.

During the second

quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.5 million shares of its common stock at an average price per share of $43.93. During the first half of 2026, United repurchased, under a

previously announced stock repurchase plan, approximately 3.2 million shares of its common stock at an average price per share of $41.78.

About United Bankshares, Inc.

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $34 billion as of

June 30, 2026. United is the 39th largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across

Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com.

United Bankshares, Inc. Announces…

July 23, 2026

Page Seven

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30,

2026 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of

June 30, 2026 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP

Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted

accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to

assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its

performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as fully

tax-equivalent (FTE) net interest income, average tangible common equity, return on average tangible common equity, and tangible book value per share. Management believes these

non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income, the yield on earning assets, yield on investment securities, net interest margin, and interest spread are presented in

this press release on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of income

from certain loans and investments. Although these are non-GAAP measures, United’s management believes these measures are more widely used within the financial services industry and provide better

comparability of net interest income arising from taxable and tax-exempt sources and additional insight into the net interest margin by adjusting for differences in tax treatment of interest income sources.

United uses this measure to monitor net interest income performance, net interest margin and yields on earning assets and investment securities and to manage its balance sheet composition. The tax-equivalent

adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can

thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis and considering net income, a return on average tangible common equity. Management provides these amounts to

facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of

shareholders’ equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as

reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these

non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a

substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

Forward-Looking Statements

this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of

the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the

officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,”

“anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be

placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The

following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest

rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit

risk; the economic impact of oil and gas prices; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and

timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or

acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher

levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or

security breaches of United’s systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United’s business strategies, including

market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration,

consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as

well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks

of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms,

regulations, and interpretations. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the

discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission and available on its website at

www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or

otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

Six Months Ended

June

2026

March

2026

June

2025

June

2026

June

2025

EARNINGS SUMMARY:

Interest income

418,197

415,929

421,196

834,126

824,843

Interest expense

132,885

133,414

146,659

266,299

290,251

Net interest income

285,312

282,515

274,537

567,827

534,592

Provision for credit losses

4,961

7,776

5,889

12,737

34,992

Noninterest income

38,506

34,063

31,460

72,569

61,014

Noninterest expense

154,715

152,814

148,020

307,529

301,593

Income before income taxes

164,142

155,988

152,088

320,130

259,021

Income taxes

32,765

31,788

31,367

64,553

53,994

Net income

131,377

124,200

120,721

255,577

205,027

PER COMMON SHARE:

Net income:

Basic

0.95

0.89

0.85

1.84

1.44

Diluted

0.95

0.89

0.85

1.83

1.44

Cash dividends

0.38

0.37

0.76

0.74

Book value

40.24

39.65

37.80

Closing market price

45.83

41.42

36.43

Common shares outstanding:

Actual at period end, net of treasury shares

136,942,149

138,431,009

141,909,452

Weighted average-basic

137,982,273

139,566,209

142,206,539

138,691,869

142,175,506

Weighted average-diluted

138,417,644

140,092,196

142,444,497

139,162,099

142,465,543

FINANCIAL RATIOS:

Return on average assets

1.56

1.49

1.53

1.28

Return on average shareholders’ equity

9.53

9.08

9.05

9.31

7.78

Return on average tangible common equity (non-GAAP)(1)

15.15

14.40

14.67

14.77

12.67

Average shareholders’ equity to average assets

16.38

16.45

16.42

Net interest margin (FTE)

3.81

3.80

3.81

3.80

3.75

June 30

2026

March 31

2026

December 31

2025

June 30

2025

PERIOD END BALANCES:

Assets

33,751,832

33,705,380

33,660,281

32,783,363

Earning assets

30,066,445

30,034,591

30,014,321

29,046,827

Loans & leases, net of unearned income

24,994,524

24,863,138

24,709,122

24,050,222

Loans held for sale

35,224

29,235

31,277

37,053

Investment securities

3,659,031

3,530,568

3,400,400

3,396,653

Total deposits

27,170,747

27,120,883

27,060,939

26,335,874

Shareholders’ equity

5,510,537

5,488,126

5,495,983

5,364,541

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Consolidated Statements of Income

Three Months Ended

Six Months Ended

June

2026

March

2026

June

2025

June

2026

June

2025

Interest & Loan Fees Income (GAAP)

418,197

415,929

421,196

834,126

824,843

Tax equivalent adjustment

787

780

791

1,567

1,573

Interest & Fees Income (FTE) (non-GAAP)

418,984

416,709

421,987

835,693

826,416

Interest Expense

132,885

133,414

146,659

266,299

290,251

Net Interest Income (FTE) (non-GAAP)

286,099

283,295

275,328

569,394

536,165

Provision for Credit Losses

4,961

7,776

5,889

12,737

34,992

Noninterest Income:

Fees from trust services

5,190

4,857

4,931

10,047

9,713

Fees from brokerage services

6,764

7,403

4,862

14,167

10,507

Fees from deposit services

10,069

9,577

9,664

19,646

18,971

Bankcard fees and merchant discounts

2,367

1,977

2,102

4,344

3,853

Other charges, commissions, and fees

1,226

1,099

1,154

2,325

2,235

Income from bank-owned life insurance

3,134

2,994

3,618

6,128

6,988

Income from mortgage banking activities

2,922

2,555

2,603

5,477

5,082

Net gains on investment securities

2,785

2,265

425

5,050

946

Other noninterest income

4,049

1,336

2,101

5,385

2,719

Total Noninterest Income

38,506

34,063

31,460

72,569

61,014

Noninterest Expense:

Employee compensation

66,549

63,493

62,929

130,042

123,795

Employee benefits

16,296

15,980

13,434

32,276

26,725

Net occupancy

13,108

13,013

12,525

26,121

25,126

Data processing

7,148

7,001

7,952

14,149

16,407

Amortization of intangibles

1,838

2,341

3,676

4,682

OREO expense

516

475

236

991

258

Net losses on the sale of OREO properties

—

Equipment expense

9,435

8,740

8,551

18,175

17,133

FDIC insurance expense

4,550

4,476

4,532

9,026

9,260

Expense for the reserve for unfunded loan commitments

175

1,972

(748

)

2,147

909

Other noninterest expense

35,063

35,826

36,252

70,889

77,293

Total Noninterest Expense

154,715

152,814

148,020

307,529

301,593

Income Before Income Taxes (FTE)

(non-GAAP)

164,929

156,768

152,879

321,697

260,594

Tax equivalent adjustment

787

780

791

1,567

1,573

Income Before Income Taxes (GAAP)

164,142

155,988

152,088

320,130

259,021

Taxes

32,765

31,788

31,367

64,553

53,994

Net Income

131,377

124,200

120,721

255,577

205,027

MEMO: Effective Tax Rate

19.96

20.38

20.62

20.16

20.85

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Consolidated Balance Sheets

June 30

March 31

December 31

June 30

2026

2025

Cash & Cash Equivalents

2,081,303

2,305,034

2,542,250

2,314,692

Securities Available for Sale

3,319,750

3,212,072

3,059,452

3,074,071

Less: Allowance for credit losses

—

Net available for sale securities

3,319,750

3,212,072

3,059,452

3,074,071

Securities Held to Maturity

1,020

Less: Allowance for credit losses

(14

)

(16

)

(16

)

(18

)

Net held to maturity securities

1,006

1,004

1,002

Equity Securities

30,107

12,248

34,760

21,996

Other Investment Securities

308,168

305,244

305,184

299,584

Total Securities

3,659,031

3,530,568

3,400,400

3,396,653

Total Cash and Securities

5,740,334

5,835,602

5,942,650

5,711,345

Loans held for sale

35,224

29,235

31,277

37,053

Commercial Loans & Leases

19,216,523

19,160,057

19,049,978

18,478,990

Mortgage Loans

4,958,277

4,896,513

4,854,418

4,773,340

Consumer Loans

831,438

818,169

816,224

808,536

Gross Loans

25,006,238

24,874,739

24,720,620

24,060,866

Unearned income

(11,714

)

(11,601

)

(11,498

)

(10,644

)

Loans & Leases, net of unearned income

24,994,524

24,863,138

24,709,122

24,050,222

Allowance for Loan & Lease Losses

(299,504

)

(299,599

)

(297,518

)

(307,962

)

Net Loans

24,695,020

24,563,539

24,411,604

23,742,260

Goodwill

2,018,848

2,018,910

Other Intangibles

28,591

30,429

32,267

36,948

Operating Lease

Right-of-Use Asset

92,772

87,841

89,312

91,071

Other Real Estate Owned

10,212

10,390

8,857

6,331

Bank Owned Life Insurance

558,032

551,306

547,127

541,216

Other Assets

572,799

578,190

578,339

598,229

Total Assets

33,751,832

33,705,380

33,660,281

32,783,363

MEMO: Interest-earning Assets

30,066,445

30,034,591

30,014,321

29,046,827

Interest-bearing Deposits

20,439,014

20,710,965

20,487,309

19,708,609

Noninterest-bearing Deposits

6,731,733

6,409,918

6,573,630

6,627,265

Total Deposits

27,170,747

27,120,883

27,060,939

26,335,874

Short-term Borrowings

166,996

166,175

198,573

160,798

Long-term Borrowings

532,615

532,216

531,817

551,021

Total Borrowings

699,611

698,391

730,390

711,819

Operating Lease Liability

99,757

93,921

95,392

96,899

Other Liabilities

271,180

304,059

277,577

274,230

Total Liabilities

28,241,295

28,217,254

28,164,298

27,418,822

Preferred Equity

—

Common Equity

5,510,537

5,488,126

5,495,983

5,364,541

Total Shareholders’ Equity

5,510,537

5,488,126

5,495,983

5,364,541

Total Liabilities & Shareholders’ Equity

33,751,832

33,705,380

33,660,281

32,783,363

MEMO: Interest-bearing Liabilities

21,138,625

21,409,356

21,217,699

20,420,428

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Consolidated Average Balance Sheets

June 2026

March 2026

June 2025

Q-T-D Average

Cash & Cash Equivalents

2,166,377

2,486,561

2,285,499

Securities Available for Sale

3,306,377

3,089,155

3,017,191

Less: Allowance for credit losses

—

Net available for sale securities

3,306,377

3,089,155

3,017,191

Securities Held to Maturity

1,020

Less: Allowance for credit losses

(16

)

(16

)

(18

)

Net held to maturity securities

1,004

1,002

Equity Securities

23,786

23,249

21,690

Other Investment Securities

309,340

307,199

297,214

Total Securities

3,640,507

3,420,607

3,337,097

Total Cash and Securities

5,806,884

5,907,168

5,622,596

Loans held for sale

34,273

26,283

35,730

Commercial Loans & Leases

19,174,662

19,129,811

18,393,910

Mortgage Loans

4,917,634

4,868,411

4,765,760

Consumer Loans

858,082

860,168

829,201

Gross Loans

24,950,378

24,858,390

23,988,871

Unearned income

(11,874

)

(12,170

)

(11,672

)

Loans & Leases, net of unearned income

24,938,504

24,846,220

23,977,199

Allowance for Loan & Lease Losses

(299,614

)

(297,537

)

(310,398

)

Net Loans

24,638,890

24,548,683

23,666,801

Goodwill

2,018,848

2,011,030

Other Intangibles

29,783

31,620

38,474

Operating Lease

Right-of-Use Asset

88,433

88,864

86,025

Other Real Estate Owned

10,281

9,160

3,314

Bank Owned Life Insurance

554,079

548,690

539,238

Other Assets

558,830

549,895

581,160

Total Assets

33,740,301

33,729,211

32,584,368

MEMO: Interest-earning Assets

30,101,804

30,108,538

28,949,287

Interest-bearing Deposits

20,505,605

20,614,901

19,605,123

Noninterest-bearing Deposits

6,672,733

6,518,574

6,597,595

Total Deposits

27,178,338

27,133,475

26,202,718

Short-term Borrowings

177,707

182,428

165,405

Long-term Borrowings

532,390

531,978

550,795

Total Borrowings

710,097

714,406

716,200

Operating Lease Liability

94,525

94,963

91,553

Other Liabilities

229,491

237,253

222,757

Total Liabilities

28,212,451

28,180,097

27,233,228

Preferred Equity

—

Common Equity

5,527,850

5,549,114

5,351,140

Total Shareholders’ Equity

5,527,850

5,549,114

5,351,140

Total Liabilities & Equity

33,740,301

33,729,211

32,584,368

MEMO: Interest-bearing Liabilities

21,215,702

21,329,307

20,321,323

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

Six Months Ended

June

March

June

2026

2025

2026

2025

Quarterly/Year-to-Date Share

Data:

Earnings Per Share:

Basic

0.95

0.89

0.85

1.84

1.44

Diluted

0.95

0.89

0.85

1.83

1.44

Common Dividend Declared Per Share

0.38

0.37

0.76

0.74

High Common Stock Price

46.50

45.92

37.46

46.50

39.56

Low Common Stock Price

41.12

37.92

30.50

37.92

30.50

Average Shares Outstanding (Net of Treasury Stock):

Basic

137,982,273

139,566,209

142,206,539

138,691,869

142,175,506

Diluted

138,417,644

140,092,196

142,444,497

139,162,099

142,465,543

Common Dividends

52,606

53,173

52,746

105,779

106,082

Dividend Payout Ratio

40.04

42.81

43.69

41.39

51.74

June 30

March 31

December 31

June 30

2026

2025

EOP Share Data:

Book Value Per Share

40.24

39.65

39.29

37.80

Tangible Book Value Per Share (non-GAAP) (1)

25.29

24.84

24.63

23.32

52-week High Common Stock Price

46.50

45.92

40.52

44.43

Date

06/26/26

02/06/26

12/18/25

11/25/24

52-week Low Common Stock Price

34.10

30.50

Date

10/16/25

04/04/25

EOP Shares Outstanding (Net of Treasury Stock):

136,942,149

138,431,009

139,880,247

141,909,452

Memorandum Items:

Employees (full-time equivalent)

2,754

2,749

2,740

2,760

Note:

(1) Tangible Book Value Per Share:

Total Shareholders’ Equity (GAAP)

5,510,537

5,488,126

5,495,983

5,364,541

Less: Total Intangibles

(2,047,439

)

(2,049,277

)

(2,051,115

)

(2,055,858

)

Tangible Common Equity (non-GAAP)

3,463,098

3,438,849

3,444,868

3,308,683

÷ EOP Shares Outstanding (Net of Treasury Stock)

136,942,149

138,431,009

139,880,247

141,909,452

Tangible Book Value Per Share (non-GAAP)

25.29

24.84

24.63

23.32

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

June 2026

Three Months Ended

March 2026

Three Months Ended

June 2025

Selected Average Balances and Yields:

Average

Balance

Interest(1)

Average

Rate(1)

Average

Balance

Interest(1)

Average

Rate(1)

Average

Balance

Interest(1)

Average

Rate(1)

ASSETS:

Earning Assets:

Federal funds sold and securities purchased under agreements to resell and other short-term

investments

1,916,842

17,881

3.74

2,238,873

20,710

3.75

2,026,613

22,633

4.48

Investment securities:

Taxable

3,310,627

29,535

3.57

3,089,971

26,082

3.38

3,022,963

26,706

3.53

Tax-exempt

201,172

1,506

2.99

204,728

1,502

2.94

197,180

1,536

3.12

Total securities

3,511,799

31,041

3.54

3,294,699

27,584

3.35

3,220,143

28,242

3.51

Loans and loans held for sale, net of unearned income (2)

24,972,777

370,062

5.94

24,872,503

368,415

6.00

24,012,929

371,112

6.20

Allowance for loan losses

(299,614

)

(297,537

)

(310,398

)

Net loans and loans held for sale

24,673,163

6.01

24,574,966

6.07

23,702,531

6.28

Total earning assets

30,101,804

418,984

5.58

30,108,538

416,709

5.60

28,949,287

421,987

5.84

Other assets

3,638,497

3,620,673

3,635,081

TOTAL ASSETS

33,740,301

33,729,211

32,584,368

LIABILITIES:

Interest-Bearing Liabilities:

Interest-bearing deposits

20,505,605

126,141

2.47

20,614,901

126,728

2.49

19,605,123

139,156

2.85

Short-term borrowings

177,707

1,425

3.22

182,428

1,439

3.20

165,405

1,488

3.61

Long-term borrowings

532,390

5,319

4.01

531,978

5,247

4.00

550,795

6,015

4.38

Total interest-bearing liabilities

21,215,702

132,885

2.51

21,329,307

133,414

2.54

20,321,323

146,659

2.89

Noninterest-bearing deposits

6,672,733

6,518,574

6,597,595

Accrued expenses and other liabilities

324,016

332,216

314,310

TOTAL LIABILITIES

28,212,451

28,180,097

27,233,228

SHAREHOLDERS’ EQUITY

5,527,850

5,549,114

5,351,140

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

33,740,301

33,729,211

32,584,368

NET INTEREST INCOME

286,099

283,295

275,328

INTEREST SPREAD

3.07

3.06

2.95

NET INTEREST MARGIN

3.81

3.80

3.81

(1)

The interest income and the yields on federally nontaxable loans and investment securities are presented on

a fully tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)

Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Six Months Ended

June 2026

Six Months Ended

June 2025

Selected Average Balances and Yields:

Average

Balance

Interest(1)

Average

Rate(1)

Average

Balance

Interest(1)

Average

Rate(1)

ASSETS:

Earning Assets:

Federal funds sold and securities purchased under agreements to resell and other short-term

investments

2,076,968

38,591

3.75

2,078,596

46,359

4.50

Investment securities:

Taxable

3,200,908

55,617

3.48

3,035,442

53,617

3.53

Tax-exempt

202,940

3,008

2.96

197,533

3,021

3.06

Total securities

3,403,848

58,625

3.44

3,232,975

56,638

3.50

Loans and loans held for sale, net of unearned income (2)

24,922,917

738,477

5.97

23,757,712

723,419

6.13

Allowance for loan losses

(298,581

)

(309,318

)

Net loans and loans held for sale

24,624,336

6.04

23,448,394

6.21

Total earning assets

30,105,152

835,693

5.59

28,759,965

826,416

5.79

Other assets

3,629,737

3,622,789

TOTAL ASSETS

33,734,889

32,382,754

LIABILITIES:

Interest-Bearing Liabilities:

Interest-bearing deposits

20,559,951

252,869

2.48

19,487,037

275,444

2.85

Short-term borrowings

180,054

2,864

3.21

166,238

2,938

3.56

Long-term borrowings

532,185

10,566

4.00

552,694

11,869

4.33

Total interest-bearing liabilities

21,272,190

266,299

2.52

20,205,969

290,251

2.90

Noninterest-bearing deposits

6,596,080

6,534,790

Accrued expenses and other liabilities

328,088

324,792

TOTAL LIABILITIES

28,196,358

27,065,551

SHAREHOLDERS’ EQUITY

5,538,531

5,317,203

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

33,734,889

32,382,754

NET INTEREST INCOME

569,394

536,165

INTEREST SPREAD

3.07

2.89

NET INTEREST MARGIN

3.80

3.75

(1)

The interest income and the yields on federally nontaxable loans and investment securities are presented on

a fully tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)

Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

Six Months Ended

June

March

June

2026

2025

2026

2025

Selected Financial Ratios:

Return on Average Assets

1.56

1.49

1.53

1.28

Return on Average Shareholders’ Equity

9.53

9.08

9.05

9.31

7.78

Return on Average Tangible Common Equity (non-GAAP) (1)

15.15

14.40

14.67

14.77

12.67

Efficiency Ratio

47.78

48.27

48.37

48.02

50.64

Price / Earnings Ratio

12.05

11.54

10.74

12.39

12.58

Note:

(1) Return on Average Tangible Common Equity:

(a) Net Income (GAAP)

131,377

124,200

120,721

255,577

205,027

(b) Number of Days

181

Average Total Shareholders’ Equity (GAAP)

5,527,850

5,549,114

5,351,140

5,538,531

5,317,203

Less: Average Total Intangibles

(2,048,631

)

(2,050,468

)

(2,049,504

)

(2,049,544

)

(2,055,208

)

3,479,219

3,498,646

3,301,636

3,488,987

3,261,995

Return on Average Tangible Common Equity (non-GAAP) [(a) /

(b)] x 365 / (c)

15.15

14.40

14.67

14.77

12.67

June 30

2026

March 31

2026

December 31

2025

June 30

2025

Selected Financial Ratios:

Loans & Leases, net of unearned income / Deposit Ratio

91.99

91.68

91.31

91.32

Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned

income

1.20

1.28

Allowance for Credit Losses (2)/

Loans & Leases, net of unearned income

1.35

1.43

Nonaccrual Loans / Loans & Leases, net of unearned income

0.40

0.37

0.39

0.27

90-Day Past Due Loans/ Loans & Leases, net of

unearned income

0.05

0.02

Non-performing Loans/ Loans & Leases, net of

unearned income

0.44

0.41

0.28

Non-performing Assets/ Total Assets

0.36

0.34

0.33

0.23

Primary Capital Ratio

17.15

17.11

17.15

17.23

Shareholders’ Equity Ratio

16.33

16.28

16.33

16.36

Price / Book Ratio

1.14

1.04

0.98

0.96

Note:

(2)

Includes allowances for loan losses and lending-related commitments.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

Six Months Ended

June

March

June

2026

2025

2026

2025

Mortgage Banking Data:

Loans originated

108,143

87,053

116,591

195,196

192,494

Loans sold

102,154

89,095

108,180

191,249

199,801

June 30

March 31

December 31

June 30

2026

2025

Asset Quality Data:

EOP Non-Accrual Loans

99,301

91,170

96,492

64,014

EOP 90-Day Past Due Loans

11,346

11,664

4,974

4,253

Total EOP Non-performing Loans

110,647

102,834

101,466

68,267

EOP Other Real Estate Owned

10,212

10,390

8,857

6,331

Total EOP Non-performing Assets

120,859

113,224

110,323

74,598

Three Months Ended

Six Months Ended

June

March

June

2026

2025

2026

2025

Allowance for Loan & Lease Losses:

Beginning Balance

299,599

297,518

310,424

297,518

271,844

Initial allowance for acquired PCD loans

—

17,518

Gross Charge-offs

(6,113

)

(6,830

)

(9,266

)

(12,943

)

(17,943

)

Recoveries

1,055

1,135

915

2,190

1,551

Net Charge-offs

(5,058

)

(5,695

)

(8,351

)

(10,753

)

(16,392

)

Provision for Loan & Lease Losses

(1)

4,963

7,776

5,889

12,739

34,992

Ending Balance

299,504

299,599

307,962

299,504

307,962

Reserve for lending-related commitments

37,222

37,047

35,819

37,222

35,819

Allowance for Credit Losses (2)

336,726

336,646

343,781

336,726

343,781

Notes:

(1)

Six months ended June 30, 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans.

(2)

Includes allowances for loan losses and lending-related commitments.

EX-99.2

Filename: d139267dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2 United Bankshares, Inc. (UBSI) Second Quarter 2026 Earnings

Review July 23, 2026

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 covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about

(i) projections of income, expenses, provision expense, capital structure and other financial information; (ii) UBSI’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical

facts; and (iii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,”

“projects,” “will,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of UBSI and are

inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of UBSI. In addition, these forward-looking statements are subject to assumptions with respect to future

business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others,

could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest

rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of UBSI, including changes in asset quality and credit risk;

the economic impact of oil and gas prices; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing

of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or

capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of

UBSI’s systems and those of our customers or third- party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of UBSI’s business strategies, including market acceptance of any new

products or services; (8) volatility and disruptions in global capital and credit markets; (9) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential

future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to

such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for UBSI common stock

that may or may not reflect economic condition or performance of UBSI; (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and (14) other factors that may affect

future results of UBSI, as disclosed in UBSI’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by UBSI with the U.S. Securities and Exchange Commission (“SEC”) and available on the

SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements. UBSI cautions that the foregoing list of

factors is not exclusive. UBSI does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. 2

2Q26 HIGHLIGHTS • Achieved record Net Income of $131.4 million and

record Diluted Earnings Per Share of $0.95 • Generated Return on Average Assets of 1.56%, Return on Average Shareholders' Equity of 9.53%, and Return on Average Tangible Common Equity* of 15.15% • Returned capital through $53 million of

common dividends and $66 million of share repurchases (repurchased 1.5 million shares during 2Q26) • Net Interest Income was $285.3 million and Net Interest Margin (FTE) remained solid at 3.81% • Consistently ranked as one of the most

trustworthy banks in America by Newsweek (ranked in the top 10 each year, including #1 in 2023) • Quarterly dividend of $0.38 per share equates to a yield of ~3.2% (based upon recent prices). United has increased dividends to shareholders for

52 consecutive years • Asset quality remains sound with Non-Performing Assets to Total Assets of 0.36% • Strong expense control with an efficiency ratio of 47.78% • Capital position remains robust and liquidity remains sound

*Non-GAAP measure. Refer to appendix. 3

EARNINGS SUMMARY In thousands, except per share data Three Months Ended

2Q26 1Q26 2Q25 Interest & Fees Income $ 418,197 $ 415,929 $ 421,196 Interest Expense $ 132,885 $ 133,414 $ 146,659 Net Interest Income $ 285,312 $ 282,515 $ 274,537 Provision for Credit Losses $ 4,961 $ 7,776 $ 5,889 Noninterest Income $ 38,506

$ 34,063 $ 31,460 Noninterest Expense $ 154,715 $ 152,814 $ 148,020 Income Before Income Taxes $ 164,142 $ 155,988 $ 152,088 Income Taxes $ 32,765 $ 31,788 $ 31,367 Net Income $ 131,377 $ 124,200 $ 120,721 Diluted EPS $0.95 $0.89 $0.85 Weighted

Average Diluted Shares 138,418 140,092 142,444 Notes Merger-Related Expenses (before tax) $ - $ - $ 1,315 Linked-Quarter (LQ) • Net Income was $131.4 million in 2Q26 compared to $124.2 million in 1Q26, with diluted EPS of $0.95 in 2Q26

compared to $0.89 in 1Q26. • Net Interest Income increased $2.8 million. The interest spread increased 1 basis point due to a 3 basis point decrease in the average cost of funds partially offset by a 2 basis point decrease in the yield on

average earning assets. Acquired loan accretion income decreased $2.5 million. • Provision Expense was $5.0 million in 2Q26 compared to $7.8 million in 1Q26. • Noninterest Income increased $4.4 million compared to 1Q26 driven by a $2.7

million increase in other noninterest income primarily due to higher market values of underlying investments associated with postretirement benefit plans, in addition to smaller increases in several other categories. Net gains on investment

securities increased $0.5 million from $2.3 million in 1Q26 to $2.8 million in 2Q26. • Noninterest Expense increased $1.9 million driven by a $3.1 million increase in employee compensation partially offset by a $1.8 million decrease in the

expense for the reserve for unfunded loan commitments. • The effective tax rate decreased from 20.4% in 1Q26 to 20.0% in 2Q26. 4

PERFORMANCE RATIOS Strong profitability and expense control Return on

Average Assets Efficiency Ratio 60.00% 1.80% 1.60% 50.00% 1.40% 40.00% 1.20% 1.00% 30.00% 0.80% 0.60% 20.00% 0.40% 10.00% 0.20% 0.00% 0.00% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Return on Average Return on Average Shareholders' Equity

Tangible Common Equity* 12.00% 18.00% 16.00% 10.00% 14.00% 8.00% 12.00% 10.00% 6.00% 8.00% 4.00% 6.00% 4.00% 2.00% 2.00% 0.00% 0.00% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 *Non-GAAP measure. Refer to appendix. 3Q25 was impacted by net

gains on investment securities of $10.4 million primarily due to unrealized fair value gains on equity securities. 5

NET INTEREST INCOME AND MARGIN Average Yields Net Interest Income &

Net Interest Margin (FTE) 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% 2Q25 3Q25 4Q25 1Q26 2Q26 Loan PA Accretion 11.8 7.5 8.5 7.5

5.0 0.00% Net Interest Income (FTE), 2Q25 3Q25 4Q25 1Q26 2Q26 263.6 273.4 279.8 275.8 281.1 excluding loan accretion Net Loans Investment Securities Interest-Bearing Deposits Net Interest Margin (FTE) 3.81% 3.80% 3.83% 3.80% 3.81% $ in millions

• Reported Net Interest Margin (FTE) increased from 3.80% to 3.81% LQ. • Linked-quarter Net Interest Income (FTE) increased $2.8 million. The interest spread increased 1 basis point due to a 3 basis point decrease in the average cost of

funds partially offset by a 2 basis point decrease in the yield on average earning assets. Acquired loan accretion income decreased $2.5 million. • Approximately ~50% of the loan portfolio is fixed rate and ~50% is adjustable rate, while ~41%

of the total portfolio is projected to reprice within the next 3 months. • ~8% of the securities portfolio is floating rate. Securities balances of approximately ~$449 million with an average yield of ~3.7% are projected to roll off during the

remainder of 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 ~$8 million for the remainder of FY 2026 and ~$11 million for FY 2027. 6

LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE) ($ in millions) Loans, EOP

2Q26 % of Total LQ Change Owner Occupied CRE $ 2,171 8.7% $ 31 $26,000 $25,006 $24,875 $24,721 $24,531 Non Owner Occupied CRE $ 8 ,722 34.9% $ 175 $24,061 $24,000 Commercial $ 3 ,807 15.2% $ 48 Residential Real Estate $ 6,180 24.7% $ 65 $22,000

Construction & Land Dev. $ 3 ,336 13.3% $ (206) $20,000 Bankcard $ 9 0.0% $ 0 $18,000 Consumer $ 782 3.1% $ 19 $16,000 Total Gross Loans $ 25,006 100.0% $ 131 $14,000 $12,000 • Linked-Quarter loan balances increased $131 million driven by

Non Owner $10,000 Occupied CRE loans. Loan growth was partially offset by elevated payoff 2Q25 3Q25 4Q25 1Q26 2Q26 activity. • Non Owner Occupied CRE to Total Risk Based Capital was ~292% at 2Q26. $ in millions CRE portfolio remains

diversified among underlying collateral types. Non Owner Occupied CRE • Non Owner Occupied Office loans total ~$0.7 billion (~2.8% of total loans). Other The Top 60 Office loans make up ~75% of total Non Owner Occupied Office Industrial 3% 8%

balances. The weighted average LTV at origination for the Top 60 was ~58%. Retail • Weighted average FICO of all consumer-related loan sectors is ~765. Self Storage Hospitality 16% 6% • Fixed rate loans maturing within 12 months total

~$2.1 billion at a weighted 18% Special Purpose average rate of ~5.0%. Fixed rate loans maturing within 13-24 months total 7% ~$1.4 billion at a weighted average rate of ~5.6%. Multifamily • Total purchase accounting-related fair value

discount on loans was ~$44 28% Office million as of 6/30/26. 8% Mixed Use 6% 7

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) 8.7 2.2 25.0 3.3 3.8 6.2 0.8 % of Total Loans 100% 35% 9% 13% 15% 25%

3% Geographic location Southeast 43% 47% 53% 68% 17% 41% 15% Metro DC / Baltimore 34% 38% 24% 22% 33% 44% 17% WV / OH / PA / 19% 13% 22% 7% 42% 13% 54% Shenandoah Valley Other 4% 2% 1% 3% 8% 2% 14% Total 100% 100% 100% 100% 100% 100% 100% Shading

indicates areas with outstanding loans. Color coding represents the geographies noted in the table. Select Portfolio Details: Indicates United office location • Total NOO Office loans represent $0.7 billion, or only ~2.8% of total loans, with

~51% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. The ALLL associated with the NOO Office portfolio was $60.2 million (8.5% of total NOO Office loans) at 6/30/26. • 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 3 borrowers comprising ~72% of the portfolio with credit ratings of BB+ or better. • Total Residential Real Estate loans

have an overall weighted average FICO of ~763, with a weighted average FICO of ~767 in the Washington DC MSA. • Loans to Nondepository Financial Institutions (NDFIs) total $0.3 billion, or only ~1.4% of total loans. The balances are comprised

of loans to Real Estate Investment Trusts, or REITs (~55%); mortgage warehouse (~29%); and other (~16%). *Data as of 6/30/26; Geographic locations based on collateral address, if applicable, or originating office location. 8

CREDIT QUALITY End of Period Balances ($ in thousands) 3/31/26 6/30/26

Non-Accrual Loans $91,170 $99,301 90-Day Past Due Loans $11,664 $11,346 Total Non-performing Loans $102,834 $110,647 Other Real Estate Owned $10,390 $10,212 Total Non-performing Assets $113,224 $120,859 Non-performing Loans / Loans 0.41% 0.44%

Non-performing Assets / Total Assets 0.34% 0.36% Annualized Net Charge-offs / Average Loans 0.09% 0.08% Allowance for Loan & Lease Losses (ALLL) $299,599 $299,504 ALLL / Loans, net of unearned income 1.20% 1.20% Allowance for Credit Losses

(ACL)* $336,646 $336,726 ACL / Loans, net of unearned income 1.35% 1.35% • NPAs were $120.9 million at 6/30/26 compared to $113.2 million at 3/31/26 with the ratio of NPAs to Total Assets increasing from 0.34% to 0.36%. • 30-89 Day Past

Due loans were 0.28% of total loans at 6/30/26 compared to 0.25% at 3/31/26. • ALLL as a percentage of Total Loans was flat compared to 3/31/26 at 1.20%. *ACL is comprised of ALLL and the reserve for lending-related commitments 9

DEPOSIT SUMMARY ($ in millions) Deposits, EOP 2Q26 % of Total LQ Change

Non Interest Bearing $ 6,732 24.8% $ 322 $28,000 $27,121 $27,171 $27,061 $26,884 $26,336 Interest Bearing Transaction $ 6,438 23.7% $ (180) $26,000 Regular Savings $ 1,273 4.7% $ (13) $24,000 Money Market Accounts $ 7,898 29.1% $ (136) $22,000 Time

Deposits < $100,000 $ 1,366 5.0% $ ( 4) $20,000 Time Deposits > $100,000 $ 3,464 12.7% $ 61 $18,000 Total Deposits $ 27,171 100.0% $ 50 $16,000 • Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. $14,000

• LQ deposits increased $50 million driven by Non Interest Bearing accounts and Time Deposits. $12,000 • Cumulative interest bearing deposit beta of ~50% and total deposit beta of ~35% $10,000 since 3Q24. 2Q25 3Q25 4Q25 1Q26 2Q26 •

Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base. Average Deposits $22,000 Top 10 MSAs by Deposits* (as of 6/30/25) $20,000 $18,000 Total Deposits Number of $16,000 MSA

In MSA ($000) Branches Rank $14,000 10,482,772 Washington, DC 57 7 $12,000 1,568,631 6 1 Morgantown, WV $10,000 1,501,472 5 2 Charleston, WV $8,000 1,312,956 11 17 $6,000 Atlanta, GA $4,000 818,435 13 9 Richmond, VA $2,000 754,627 4 1 Parkersburg,

WV $- 728,404 6 2 Hagerstown, MD Interest Bearing Non Interest Bearing 653,612 7 9 Myrtle Beach, SC 652,696 7 17 Charlotte, NC 2Q25 3Q25 4Q25 1Q26 2Q26 Wheeling, WV 541,685 6 2 $ in millions Source: S&P Global Market Intelligence 10

LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL Deposit Account

Details ($ in millions) End of Period Ratios / Values 6/30/26 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,847 33% Estimated Insured/Collateralized Deposits $18,324 67% Total Deposits $27,171 100%

• Liquidity remains strong with a granular deposit base and geographic diversification. • Average deposit account size is ~$38 thousand with >700 thousand total deposit accounts. • Estimated uninsured/uncollateralized deposits

were 33% of total deposits at 6/30/26 compared to 32% at 3/31/26. Available Liquidity ($ in millions) 6/30/26 Cash & Cash Equivalents $2,081 Unpledged AFS Securities $1,256 Available FHLB Borrowing Capacity $5,027 Available FRB Discount Window

Borrowing Capacity $4,416 Subtotal $12,780 Additional FHLB Capacity (with delivery of collateral) $4,226 Additional Brokered Deposit Capacity (based on internal policy) $5,094 Total Liquidity* $22,100 *Does not include other sources of liquidity

such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. 11

CAPITAL RATIOS AND PER SHARE DATA End of Period Ratios / Values 3/31/26

6/30/26** Common Equity Tier 1 Ratio 13.3% 13.3% Tier 1 Capital Ratio 13.3% 13.3% Total Risk Based Capital Ratio 15.5% 15.6% Leverage Ratio 11.2% 11.3% Total Shareholders' Equity to Total Assets 16.3% 16.3% *Tangible Common Equity to Tangible Assets

(non-GAAP) 10.9% 10.9% Book Value Per Share $39.65 $40.24 *Tangible Book Value Per Share (non-GAAP) $24.84 $25.29 *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 1.5 million common shares during 2Q26 for $66.0 million as compared to 1.7 million common shares during 1Q26 for

$69.4 million. • From 07/01/26 through 07/22/26, United repurchased 730 thousand common shares for $33.9 million. • As of 07/22/26, there were 0.8 million shares available to be repurchased under the approved plan. 12

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 rates to be in the mid single digits for the remainder of 2026 (annualized). Loan pipelines remain relatively

strong. Expect investment portfolio balances to increase by mid single digits for the remainder of 2026 (annualized). • Net Interest Income: Net interest income (non-FTE) expected to be in the range of $1.15 billion to $1.16 billion for 2026

(assumes no rate actions in 2026). Loan purchase accounting accretion is currently estimated at ~$22 million for FY 2026 (includes scheduled and estimated accelerated accretion). • 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 is $30

million for FY 2026. • Non Interest Income: Expect non interest income to be in the range of $135 million to $140 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 $620 million to $625 million for 2026. • Effective Tax Rate: Estimated at approximately ~20.5%. • Capital: Expect to be active in the buyback in 2026 (market dependent). United’s capital position

remains robust. 13

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 ~13.1x (based upon median 2026 street consensus estimate of $3.60 per Bloomberg)

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 filings 15 Total

Assets ($B)

APPENDIX 16

RECONCILIATION OF NON-GAAP ITEMS (dollars in thousands) 2Q25 3Q25 4Q25

1Q26 2Q26 (1) Return on Average Tangible Common Equity (A) Net Income (GAAP) $120,721 $130,748 $128,828 $124,200 $131,377 (B) Number of Days in the Quarter 91 92 92 90 91 Average Total Shareholders' Equity (GAAP) $5,351,140 $5,413,460 $5,492,008

$5,549,114 $5,527,850 Less: Average Total Intangibles (2,049,504) (2,055,082)) (2,052,648) (2,050,468) (2,048,631) (C) Average Tangible Common Equity (non-GAAP) $3,301,636 $3,358,378 $3,439,360 $3,498,646 $3,479,219 [(A) / (B)]*365 (or 366 for leap

year) Formula: (C) Return on Average Tangible Common Equity 14.67% 15.45% 14.86% 14.40% 15.15% (non-GAAP) 17

RECONCILIATION OF NON-GAAP ITEMS (CONT.) (dollars in thousands)

3/31/2026 6/30/2026 (2) Tangible Common Equity to Tangible Assets Total Assets (GAAP) $ 33,705,380 $ 33,751,832 Less: Total Intangibles (GAAP) (2,049,277) (2,047,439) Tangible Assets (non-GAAP) $ 31,656,103 $ 31,704,393 Total Shareholders' Equity

(GAAP) $ 5,488,126 $ 5,510,537 Less: Total Intangibles (GAAP) (2,049,277) (2,047,439) Tangible Common Equity (non-GAAP) $ 3,438,849 $ 3,463,098 Tangible Common Equity to Tangible Assets (non-GAAP) 10.9% 10.9% (3) Tangible Book Value Per Share: Total

Shareholders' Equity (GAAP) $ 5,488,126 $ 5,510,537 Less: Total Intangibles (GAAP) (2,049,277) (2,047,439) Tangible Common Equity (non-GAAP) $ 3,438,849 $ 3,463,098 ÷ EOP Shares Outstanding (Net of Treasury Stock) 138,431,009 136,942,149

Tangible Book Value Per Share (non-GAAP) $24.84 $25.29 18

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v3.26.1

Document and Entity Information

Jul. 23, 2026

Cover [Abstract]

Entity Registrant Name

UNITED BANKSHARES INC/WV

Amendment Flag

false

Entity Central Index Key

0000729986

Document Type

8-K

Document Period End Date

Jul. 23, 2026

Entity Incorporation State Country Code

Entity File Number

002-86947

Entity Tax Identification Number

55-0641179

Entity Address, Address Line One

300 United Center

Entity Address, Address Line Two

500 Virginia Street

Entity Address, Address Line Three

East

Entity Address, City or Town

Charleston

Entity Address, State or Province

Entity Address, Postal Zip Code

25301

City Area Code

(304)

Local Phone Number

424-8800

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false

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Common Stock, par value $2.50 per share

Trading Symbol

UBSI

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

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