Form 8-K

8-K — UNITED BANKSHARES INC/WV

Accession: 0001193125-26-171886

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000729986

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d33010d8k.htm (Primary)

EX-99.1 (d33010dex991.htm)

EX-99.2 (d33010dex992.htm)

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8-K

8-K (Primary)

Filename: d33010d8k.htm · Sequence: 1

8-K

UNITED BANKSHARES INC/WV false 0000729986 0000729986 2026-04-23 2026-04-23

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):

April 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 April 23, 2026 United Bankshares, Inc. (“United”) announced its financial results for the first quarter 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

99.1

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

99.2

Slide presentation of financial information for the first 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: April 23, 2026

By:

/s/ W. Mark Tatterson

W. Mark Tatterson, Executive Vice

President and Chief Financial Officer

EX-99.1

Filename: d33010dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

News Release

For Immediate Release

Contact: W. Mark Tatterson

April 23, 2026

Chief Financial Officer

(800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Earnings

for the First Quarter of 2026

WASHINGTON, D.C. and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the

first quarter of 2026 of $124.2 million, or $0.89 per diluted share. First quarter of 2026 results produced annualized returns on average assets, average shareholders’ equity, and average tangible common equity, a non-GAAP measure, of 1.49%, 9.08%, and 14.40%, respectively.

“Against the backdrop of

geopolitical and macroeconomic uncertainties, UBSI continues to deliver resilient results,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Strong earnings, sound asset quality, and efficient capital

allocation highlight the first quarter, and we are well-positioned for success going forward.”

Earnings for the fourth quarter of

2025 were $128.8 million, or $0.91 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity for the fourth quarter of 2025 were 1.52%, 9.31%, and 14.86%, respectively.

Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average shareholders’ equity, and average tangible common equity were 1.06%, 6.47%, and 10.61%, respectively.

United completed its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025. The first quarter of 2025 included $30.0 million, or approximately $0.17 per diluted share, in merger-related

noninterest expenses and merger-related provision for credit losses.

United Bankshares, Inc. Announces…

April 23, 2026

Page Two

First quarter of 2026 compared to the fourth quarter of 2025

Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per diluted share, as compared to earnings of $128.8 million, or

$0.91 per diluted share, for the fourth quarter of 2025.

Net interest income for the first quarter of 2026 was $282.5 million, a

decrease of $4.9 million, or 2%, from the fourth quarter of 2025. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, decreased $5.0 million, or 2%, from the fourth quarter of 2025. The net interest margin was 3.80% and 3.83% for first quarter of 2026 and the

fourth quarter of 2025, respectively. The interest rate spread for the first quarter of 2026 increased 2 basis points to 3.06% from the fourth quarter of 2025 due to a 14 basis point decrease in the average cost of funds partially offset by a 12

basis point decrease in the yield on average earning assets. The decrease in the average cost of funds was primarily due to a 14 basis point decrease in the average rate paid on interest-bearing deposits. The decrease in the yield on average earning

assets was primarily due to an 11 basis point decrease in the yield on average net loans and loans held for sale, a 26 basis point decrease in the yield on average short-term investments and lower acquired loan accretion income. Acquired loan

accretion income was $7.5 million and $8.5 million for the first quarter of 2026 and fourth quarter of 2025, respectively.

The

provision for credit losses for the first quarter of 2026 was $7.8 million as compared to $6.8 million for the fourth quarter of 2025. 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. The provision for credit losses for the fourth quarter of 2025 reflected

$9.3 million of net charge-offs and a $2.5 million decrease in the allowance for loan & lease losses from the prior quarter-end.

Noninterest income for the first quarter of 2026 was $34.1 million, an increase of $3.1 million, or 10%, from the fourth quarter of

2025. Net gains on investment securities were $2.3 million for the first quarter of 2026 as compared to net losses on investment securities of $218 thousand for the fourth quarter of 2025. Net gains on investment securities for the first

quarter of 2026 were primarily due to gains on sales of equity securities. Fees from brokerage services increased $1.4 million from the fourth quarter of 2025 to $7.4 million, primarily due to higher volume driven by growth in the

business.

Noninterest expense for the first quarter of 2026 of $152.8 million was relatively flat from the fourth quarter of 2025,

slightly increasing $1.1 million, or less than 1%. An increase in employee benefits of $3.0 million and an increase in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $1.1 million was mostly offset by a

$1.1 million decrease in data processing and smaller decreases in several other categories of noninterest expense. The increase in employee benefits was primarily due to higher Federal Insurance Contributions Act (“FICA”) and

postretirement benefit costs. FDIC insurance expense for the fourth quarter of 2025 included a $1.2 million reduction of expense reflecting the FDIC’s reduced estimates related to the special assessment. The decrease in data processing

was primarily due to technology contract renegotiations.

Income tax expense for the first quarter of 2026 was $31.8 million as

compared to $31.1 million for the fourth quarter of 2025. This increase in income tax expense was primarily due to the impact of a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 20.4% and

19.4% for the first quarter of 2026 and fourth quarter of 2025, respectively. The effective tax rate for the fourth quarter of 2025 reflected the impact of provision to return adjustments.

United Bankshares, Inc. Announces…

April 23, 2026

Page Three

First quarter of 2026 compared to the first quarter of 2025

Earnings for the first quarter of 2026 were $124.2 million, or $0.89 per diluted share, as compared to earnings of $84.3 million, or

$0.59 per diluted share, for the first quarter of 2025.

Net interest income for the first quarter of 2026 increased $22.5 million,

or 9%, from the first quarter of 2025. Tax-equivalent net interest income also increased $22.5 million, or 9%, from the first quarter of 2025. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average net loans and loans held for sale and a lower average rate paid on interest-bearing deposits. These increases to net interest income and

tax-equivalent net interest income were partially offset by an increase in average interest-bearing deposits. Average net loans and loans held for sale increased $1.4 billion, or 6%, from the first

quarter of 2025. The average rate paid on interest-bearing deposits decreased 36 basis points from the first quarter of 2025. Average interest-bearing deposits increased $1.2 billion, or 6%, from the first quarter of 2025. The net interest

margin of 3.80% for the first quarter of 2026 was an increase of 11 basis points from the net interest margin of 3.69% for the first quarter of 2025.

The provision for credit losses was $7.8 million for the first quarter of 2026. The provision for credit losses was $29.1 million

for the first quarter 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 quarter of 2026 increased $4.5 million, or 15%, from the first quarter of 2025, driven by increases

in net gains on investment securities of $1.7 million and fees from brokerage services of $1.8 million. Net gains on investment securities of $2.3 million for the first quarter of 2026 were primarily due to gains on the aforementioned

sales of equity securities. The increase in fees from brokerage services was primarily due to higher volume driven by growth in the business.

Noninterest expense for the first quarter of 2026 was $152.8 million while noninterest expense was $153.6 million for the first

quarter of 2025, which included $11.3 million in merger-related expenses. A $5.2 million decrease in other noninterest expense and a $1.5 million decrease in data processing were partially offset by a $2.7 million increase in

employee benefits and a $2.6 million increase in employee compensation. Other noninterest expense for the first quarter of 2025 included $6.0 million of merger-related expenses. The decrease in data processing was primarily due to the

aforementioned technology contract renegotiations. The increase in employee benefits was primarily due to higher postretirement benefit and FICA costs. The increase in employee compensation was primarily due to higher employee incentives and higher

brokerage commissions. Employee compensation for the first quarter of 2025 included $1.2 million in merger-related expenses. Additionally, the expense for the reserve for unfunded loan commitments was $2.0 million and $1.7 million for

the first quarter of 2026 and the first quarter of 2025, respectively. The expense for the reserve for unfunded loan commitments for the first quarter of 2026 was primarily due to an increase in the outstanding balance of loan commitments from the

prior quarter-end. The expense for the reserve for unfunded loan commitments for the first quarter of 2025 included $4.1 million in merger-related expense from the acquisition.

Income tax expense for the first quarter of 2026 was $31.8 million as compared to $22.6 million for the first quarter of 2025. This

increase in income tax expense was primarily due to the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.4% and 21.2% for the first quarter of 2026 and first quarter of 2025,

respectively.

United Bankshares, Inc. Announces…

April 23, 2026

Page Four

Credit Quality

At March 31, 2026, non-performing loans (“NPLs”) were $102.8 million, or 0.41% of

loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $113.2 million, including other real estate owned (“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 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 $5.7 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 $9.3 million, or 0.15% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2025. Net charge-offs were

$8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025.

Capital

United continues to be

well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.5% at March 31, 2026, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, and 11.2%,

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 first quarter of 2026, United repurchased, under a previously announced stock repurchase plan, approximately 1.7 million

shares of its common stock at an average price per share of $39.92.

About United Bankshares, Inc.

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

March 31, 2026. United is the 38th 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…

April 23, 2026

Page Five

Cautionary Statements

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

March 31, 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 March 31, 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

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 is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP

measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt

sources. United uses this measure to monitor net interest income performance 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

March

2026

December

2025

March

2025

EARNINGS SUMMARY:

Interest income

415,929

430,053

403,647

Interest expense

133,414

142,596

143,592

Net interest income

282,515

287,457

260,055

Provision for credit losses

7,776

6,779

29,103

Noninterest income

34,063

30,936

29,554

Noninterest expense

152,814

151,718

153,573

Income before income taxes

155,988

159,896

106,933

Income taxes

31,788

31,068

22,627

Net income

124,200

128,828

84,306

PER COMMON SHARE:

Net income:

Basic

0.89

0.92

0.59

Diluted

0.89

0.91

0.59

Cash dividends

0.38

0.37

Book value

39.65

39.29

37.19

Closing market price

41.42

38.40

34.67

Common shares outstanding:

Actual at period end, net of treasury shares

138,431,009

139,880,247

142,891,148

Weighted average-basic

139,566,209

140,481,274

142,330,694

Weighted average-diluted

140,092,196

140,980,184

142,698,118

FINANCIAL RATIOS:

Return on average assets

1.49

1.52

1.06

Return on average shareholders’ equity

9.08

9.31

6.47

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

14.40

14.86

10.61

Average shareholders’ equity to average assets

16.45

16.35

16.42

Net interest margin

3.80

3.83

3.69

March 31

2026

December 31

2025

March 31

2025

PERIOD END BALANCES:

Assets

33,705,380

33,660,281

32,788,494

Earning assets

30,034,591

30,014,321

29,106,693

Loans & leases, net of unearned income

24,863,138

24,709,122

23,863,072

Loans held for sale

29,235

31,277

28,642

Investment securities

3,530,568

3,400,400

3,313,997

Total deposits

27,120,883

27,060,939

26,364,635

Shareholders’ equity

5,488,126

5,495,983

5,314,449

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

March

December

March

2026

2025

Interest & Loan Fees Income (GAAP)

415,929

430,053

403,647

Tax equivalent adjustment

780

796

782

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

416,709

430,849

404,429

Interest Expense

133,414

142,596

143,592

Net Interest Income (FTE) (non-GAAP)

283,295

288,253

260,837

Provision for Credit Losses

7,776

6,779

29,103

Noninterest Income:

Fees from trust services

4,857

5,079

4,782

Fees from brokerage services

7,403

5,958

5,645

Fees from deposit services

9,577

9,879

9,307

Bankcard fees and merchant discounts

1,977

2,202

1,751

Other charges, commissions, and fees

1,099

1,211

1,081

Income from bank-owned life insurance

2,994

2,751

3,370

Income from mortgage banking activities

2,555

1,990

2,479

Net gains (losses) on investment securities

2,265

(218

)

521

Other noninterest income

1,336

2,084

618

Total Noninterest Income

34,063

30,936

29,554

Noninterest Expense:

Employee compensation

63,493

64,167

60,866

Employee benefits

15,980

12,967

13,291

Net occupancy

13,013

12,180

12,601

Data processing

7,001

8,080

8,455

Amortization of intangibles

1,838

2,340

2,341

OREO expense

475

433

Net (gains) on the sale of OREO properties

—

(153

)

(11

)

Equipment expense

8,740

9,244

8,582

FDIC insurance expense

4,476

3,417

4,728

Expense for the reserve for unfunded loan commitments

1,972

2,436

1,657

Other noninterest expense

35,826

36,607

41,041

Total Noninterest Expense

152,814

151,718

153,573

Income Before Income Taxes (FTE)

(non-GAAP)

156,768

160,692

107,715

Tax equivalent adjustment

780

796

782

Income Before Income Taxes (GAAP)

155,988

159,896

106,933

Taxes

31,788

31,068

22,627

Net Income

124,200

128,828

84,306

MEMO: Effective Tax Rate

20.38

19.43

21.16

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Consolidated Balance Sheets

March 31

December 31

March 31

2026

2025

Cash & Cash Equivalents

2,305,034

2,542,250

2,610,183

Securities Available for Sale

3,212,072

3,059,452

3,002,984

Less: Allowance for credit losses

—

Net available for sale securities

3,212,072

3,059,452

3,002,984

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

12,248

34,760

21,514

Other Investment Securities

305,244

305,184

288,497

Total Securities

3,530,568

3,400,400

3,313,997

Total Cash and Securities

5,835,602

5,942,650

5,924,180

Loans held for sale

29,235

31,277

28,642

Commercial Loans & Leases

19,160,057

19,049,978

18,308,502

Mortgage Loans

4,896,513

4,854,418

4,768,669

Consumer Loans

818,169

816,224

796,907

Gross Loans

24,874,739

24,720,620

23,874,078

Unearned income

(11,601

)

(11,498

)

(11,006

)

Loans & Leases, net of unearned income

24,863,138

24,709,122

23,863,072

Allowance for Loan & Lease Losses

(299,599

)

(297,518

)

(310,424

)

Net Loans

24,563,539

24,411,604

23,552,648

Goodwill

2,018,848

2,023,604

Other Intangibles

30,429

32,267

39,289

Operating Lease

Right-of-Use Asset

87,841

89,312

86,832

Other Real Estate Owned

10,390

8,857

1,475

Bank-Owned Life Insurance

551,306

547,127

538,733

Other Assets

578,190

578,339

593,091

Total Assets

33,705,380

33,660,281

32,788,494

MEMO: Interest-earning Assets

30,034,591

30,014,321

29,106,693

Interest-bearing Deposits

20,710,965

20,487,309

19,883,758

Noninterest-bearing Deposits

6,409,918

6,573,630

6,480,877

Total Deposits

27,120,883

27,060,939

26,364,635

Short-term Borrowings

166,175

198,573

176,015

Long-term Borrowings

532,216

531,817

550,623

Total Borrowings

698,391

730,390

726,638

Operating Lease Liability

93,921

95,392

91,921

Other Liabilities

304,059

277,577

290,851

Total Liabilities

28,217,254

28,164,298

27,474,045

Preferred Equity

—

Common Equity

5,488,126

5,495,983

5,314,449

Total Shareholders’ Equity

5,488,126

5,495,983

5,314,449

Total Liabilities & Shareholders’ Equity

33,705,380

33,660,281

32,788,494

MEMO: Interest-bearing Liabilities

21,409,356

21,217,699

20,610,396

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

March 2026

December 2025

March 2025

Q-T-D Average

Cash & Cash Equivalents

2,486,561

2,564,586

2,376,426

Securities Available for Sale

3,089,155

3,023,817

3,047,164

Less: Allowance for credit losses

—

Net available for sale securities

3,089,155

3,023,817

3,047,164

Securities Held to Maturity

1,020

Less: Allowance for credit losses

(16

)

(17

)

(18

)

Net held to maturity securities

1,004

1,003

1,002

Equity Securities

23,249

34,840

21,016

Other Investment Securities

307,199

302,743

288,618

Total Securities

3,420,607

3,362,403

3,357,800

Total Cash and Securities

5,907,168

5,926,989

5,734,226

Loans held for sale

26,283

28,415

23,865

Commercial Loans & Leases

19,129,811

19,010,060

17,903,431

Mortgage Loans

4,868,411

4,822,219

4,756,253

Consumer Loans

860,168

855,928

827,996

Gross Loans

24,858,390

24,688,207

23,487,680

Unearned income

(12,170

)

(12,551

)

(11,885

)

Loans & Leases, net of unearned income

24,846,220

24,675,656

23,475,795

Allowance for Loan & Lease Losses

(297,537

)

(299,908

)

(308,225

)

Net Loans

24,548,683

24,375,748

23,167,570

Goodwill

2,018,848

2,018,863

2,022,411

Other Intangibles

31,620

33,785

38,564

Operating Lease

Right-of-Use Asset

88,864

90,208

87,363

Other Real Estate Owned

9,160

7,437

467

Bank-Owned Life Insurance

548,690

545,754

534,042

Other Assets

549,895

560,192

571,732

Total Assets

33,729,211

33,587,391

32,180,240

MEMO: Interest-earning Assets

30,108,538

29,948,501

28,568,541

Interest-bearing Deposits

20,614,901

20,419,740

19,367,638

Noninterest-bearing Deposits

6,518,574

6,657,360

6,471,287

Total Deposits

27,133,475

27,077,100

25,838,925

Short-term Borrowings

182,428

167,660

167,080

Long-term Borrowings

531,978

531,594

554,614

Total Borrowings

714,406

699,254

721,694

Operating Lease Liability

94,963

96,175

92,491

Other Liabilities

237,253

222,854

243,588

Total Liabilities

28,180,097

28,095,383

26,896,698

Preferred Equity

—

Common Equity

5,549,114

5,492,008

5,283,542

Total Shareholders’ Equity

5,549,114

5,492,008

5,283,542

Total Liabilities & Shareholders’ Equity

33,729,211

33,587,391

32,180,240

MEMO: Interest-bearing Liabilities

21,329,307

21,118,994

20,089,332

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

Quarterly Share Data:

March

2026

December

2025

March

2025

Earnings Per Share:

Basic

0.89

0.92

0.59

Diluted

0.89

0.91

0.59

Common Dividend Declared Per Share

0.38

0.37

High Common Stock Price

45.92

40.52

39.56

Low Common Stock Price

37.92

34.10

33.81

Average Shares Outstanding (Net of Treasury Stock):

Basic

139,566,209

140,481,274

142,330,694

Diluted

140,092,196

140,980,184

142,698,118

Common Dividends

53,173

53,458

53,336

Dividend Payout Ratio

42.81

41.50

63.26

March 31

December 31

March 31

EOP Share Data:

2026

2025

Book Value Per Share

39.65

39.29

37.19

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

24.84

24.63

22.76

52-week High Common Stock Price

45.92

40.52

44.43

Date

02/06/26

12/18/25

11/25/24

52-week Low Common Stock Price

30.50

30.68

Date

04/04/25

6/11/24

EOP Shares Outstanding (Net of Treasury Stock):

138,431,009

139,880,247

142,891,148

Memorandum Items:

Employees (full-time equivalent)

2,749

2,740

2,790

Note:

(1) Tangible Book Value Per Share:

Total Shareholders’ Equity (GAAP)

5,488,126

5,495,983

5,314,449

Less: Total Intangibles

(2,049,277

)

(2,051,115

)

(2,062,893

)

Tangible Common Equity (non-GAAP)

3,438,849

3,444,868

3,251,556

÷ EOP Shares Outstanding (Net of Treasury Stock)

138,431,009

139,880,247

142,891,148

Tangible Book Value Per Share (non-GAAP)

24.84

24.63

22.76

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In

Thousands Except for Per Share Data)

Three Months Ended

March 2026

Three Months Ended

December 2025

Three Months Ended

March 2025

Average

Balance

Interest(1)

Rate(1)

Balance

Interest(1)

Rate(1)

Balance

Interest(1)

Rate(1)

Selected Average Balances and Yields:

ASSETS:

Earning Assets:

Federal funds sold and securities purchased under

agreements to resell and other short-term investments

2,238,873

20,710

3.75

2,304,536

23,288

4.01

2,131,157

23,726

4.51

Investment securities:

Taxable

3,089,971

26,082

3.38

3,036,563

26,139

3.44

3,048,058

26,911

3.53

Tax-exempt

204,728

1,502

2.94

203,239

1,502

2.96

197,891

1,486

3.00

Total securities

3,294,699

27,584

3.35

3,239,802

27,641

3.41

3,245,949

28,397

3.50

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

24,872,503

368,415

6.00

24,704,071

379,920

6.11

23,499,660

352,306

6.07

Allowance for loan & lease losses

(297,537

)

(299,908

)

(308,225

)

Net loans and loans held for sale

24,574,966

6.07

24,404,163

6.18

23,191,435

6.15

Total earning assets

30,108,538

416,709

5.60

29,948,501

430,849

5.72

28,568,541

404,429

5.73

Other assets

3,620,673

3,638,890

3,611,699

TOTAL ASSETS

33,729,211

33,587,391

32,180,240

LIABILITIES:

Interest-Bearing Liabilities:

Interest-bearing deposits

20,614,901

126,728

2.49

20,419,740

135,602

2.63

19,367,638

136,288

2.85

Short-term borrowings

182,428

1,439

3.20

167,660

1,443

3.42

167,080

1,450

3.52

Long-term borrowings

531,978

5,247

4.00

531,594

5,551

4.14

554,614

5,854

4.28

Total interest-bearing liabilities

21,329,307

133,414

2.54

21,118,994

142,596

2.68

20,089,332

143,592

2.90

Noninterest-bearing deposits

6,518,574

6,657,360

6,471,287

Accrued expenses and other liabilities

332,216

319,029

336,079

TOTAL LIABILITIES

28,180,097

28,095,383

26,896,698

SHAREHOLDERS’ EQUITY

5,549,114

5,492,008

5,283,542

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

33,729,211

33,587,391

32,180,240

NET INTEREST INCOME

283,295

288,253

260,837

INTEREST RATE SPREAD

3.06

3.04

2.83

NET INTEREST MARGIN

3.80

3.83

3.69

(1)

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

March

December

March

2026

2025

Selected Financial Ratios:

Return on Average Assets

1.49

1.52

1.06

Return on Average Shareholders’ Equity

9.08

9.31

6.47

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

14.40

14.86

10.61

Efficiency Ratio

48.27

47.65

53.03

Price / Earnings Ratio

11.54

10.62

14.70

Note:

(1) Return on Average Tangible Common Equity:

(a) Net Income (GAAP)

124,200

128,828

84,306

(b) Number of Days

Average Total Shareholders’ Equity (GAAP)

5,549,114

5,492,008

5,283,542

Less: Average Total Intangibles

(2,050,468

)

(2,052,648

)

(2,060,975

)

3,498,646

3,439,360

3,222,567

Return on Average Tangible Common Equity (non-GAAP)

[(a) / (b)] x 365 / (c)

14.40

14.86

10.61

March 31

2026

December 31

2025

March 31

2025

Selected Financial Ratios:

Loans & Leases, net of unearned income / Deposit Ratio

91.68

91.31

90.51

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

income

1.20

1.30

Allowance for Credit Losses (2)/

Loans & Leases, net of unearned income

1.35

1.45

Nonaccrual Loans / Loans & Leases, net of unearned income

0.37

0.39

0.24

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

unearned income

0.05

0.02

0.05

Non-performing Loans/ Loans & Leases, net of

unearned income

0.41

0.29

Non-performing Assets/ Total Assets

0.34

0.33

0.22

Primary Capital Ratio

17.11

17.15

17.09

Shareholders’ Equity Ratio

16.28

16.33

16.21

Price / Book Ratio

1.04

0.98

0.93

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

Mortgage Banking Data:

March

2026

December

2025

March

2025

Loans originated

87,053

87,134

75,903

Loans sold

89,095

80,083

91,621

Asset Quality Data:

March 31

2026

December 31

2025

March 31

2025

EOP Non-Accrual Loans

91,170

96,492

57,388

EOP 90-Day Past Due Loans

11,664

4,974

12,387

Total EOP Non-performing Loans

102,834

101,466

69,775

EOP Other Real Estate Owned

10,390

8,857

1,475

Total EOP Non-performing Assets

113,224

110,323

71,250

Three Months Ended

Allowance for Loan & Lease Losses:

March

2026

December

2025

March

2025

Beginning Balance

297,518

300,050

271,844

Initial allowance for acquired PCD loans

—

17,518

Gross Charge-offs

(6,830

)

(11,179

)

(8,677

)

Recoveries

1,135

1,867

636

Net Charge-offs

(5,695

)

(9,312

)

(8,041

)

Provision for Loan & Lease

Losses(1)

7,776

6,780

29,103

Ending Balance

299,599

297,518

310,424

Reserve for lending-related commitments

37,047

35,075

36,567

Allowance for Credit Losses (2)

336,646

332,593

346,991

Notes:

(1)

Three months ended March 31, 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: d33010dex992.htm · Sequence: 3

EX-99.2

First Quarter 2026 Earnings Review

United Bankshares, Inc. (UBSI) April 23, 2026 Exhibit 99.2

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. FORWARD LOOKING STATEMENTS

Achieved Net Income of $124.2 million

and Diluted Earnings Per Share of $0.89 Generated Return on Average Assets of 1.49%, Return on Average Shareholders' Equity of 9.08%, and Return on Average Tangible Common Equity* of 14.40% Returned capital through $53 million of common dividends

and $69 million of share repurchases (repurchased 1.7 million shares during 1Q26) Net Interest Income was $282.5 million and Net Interest Margin (FTE) remained solid at 3.80% 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 ~3.5% (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 0.34% Strong expense control with an efficiency ratio of 48.27% Capital position remains robust and liquidity remains sound 1Q26 HIGHLIGHTS *Non-GAAP measure. Refer to appendix.

Linked-Quarter (LQ) Net Income was

$124.2 million in 1Q26 compared to $128.8 million in 4Q25, with diluted EPS of $0.89 in 1Q26 compared to $0.91 in 4Q25. Net Interest Income decreased $4.9 million. Acquired loan accretion income decreased $1.0 million. The interest rate spread

increased 2 basis points primarily due to a lower average rate paid on interest-bearing deposits partially offset by a lower yield on average earning assets. Provision Expense was $7.8 million in 1Q26 compared to $6.8 million in 4Q25. Noninterest

Income increased $3.1 million compared to 4Q25. 1Q26 included net gains on investment securities of $2.3 million primarily due to gains on sales of equity securities as compared to net losses on investment securities of $0.2 million in 4Q25. 1Q26

also included an increase in fees from brokerage services of $1.4 million. Noninterest Expense increased $1.1 million compared to 4Q25 driven by an increase of $3.0 million in employee benefits and an increase of $1.1 million in FDIC insurance

expense, partially offset by a $1.1 million decrease in data processing and smaller decreases in several other categories of noninterest expense. The effective tax rate increased from 19.4% in 4Q25 to 20.4% in 1Q26. The effective tax rate for 4Q25

reflected the impact of provision to return adjustments. EARNINGS SUMMARY

*Non-GAAP measure. Refer to appendix.

Strong profitability and expense control PERFORMANCE RATIOS 1Q25 was impacted by pre-tax merger related expenses of $30.0 million. 3Q25 was impacted by net gains on investment securities of $10.4 million primarily due to unrealized fair value gains

on equity securities.

Reported Net Interest Margin decreased

from 3.83% to 3.80% LQ. Linked-quarter Net Interest Income (FTE) decreased $5.0 million. Acquired loan accretion income decreased $1.0 million. The interest rate spread increased 2 basis points primarily due to a lower average rate paid on

interest-bearing deposits partially offset by a lower yield on average earning assets. Approximately ~50% of the loan portfolio is fixed rate and ~50% is adjustable rate, while ~39% of the total portfolio is projected to reprice within the next 3

months. ~10% of the securities portfolio is floating rate. Securities balances of approximately ~$583 million with an average yield of ~3.8% 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 3.8 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 ~$12 million for the remainder of FY 2026 and ~$11 million for FY 2027. NET INTEREST INCOME AND MARGIN $ in millions

Linked-Quarter loan balances increased

$154 million driven by Non Owner Occupied CRE loans. Non Owner Occupied CRE to Total Risk Based Capital was ~294% at 1Q26. CRE portfolio remains diversified among underlying collateral types. Non Owner Occupied Office loans total ~$0.7 billion

(~2.9% of total loans). The Top 60 Office loans make up ~76% of total Non Owner Occupied Office balances. The weighted average LTV at origination for the Top 60 was ~59%. 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 ~764. Fixed rate loans maturing within 12 months

total ~$2.3 billion at a weighted average rate of ~5.1%. Fixed rate loans maturing within 13-24 months total ~$1.5 billion at a weighted average rate of ~5.6%. Total purchase accounting-related fair value discount on loans was ~$49 million as of

3/31/26. $ in millions LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE)

LOAN PORTFOLIO GEOGRAPHIC DETAILS

Total Loans Total Loans ($ Billions) 24.9 % of Total Loans 100% Geographic location Southeast 44% Metro DC / Baltimore 35% WV / OH / PA / Shenandoah Valley 18% Other 3% Total 100% Diversified portfolio with strong underwriting practices and ongoing

monitoring Select Portfolio Details: Total NOO Office loans represent $0.7 billion, or only ~2.9% 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 $54.1 million (7.5% of total NOO Office loans) at 3/31/26. 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 ~74% 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 ~767 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 $0.3 billion, or only ~1.3% of total loans. The balances are comprised of loans to Real Estate Investment Trusts, or

REITs (~57%); mortgage warehouse (~33%); and other (~10%). *Data as of 3/31/26; Geographic locations based on collateral address, if applicable, or originating office location. CRE NOO CRE OO C&D C&I Residential Real Estate Other Consumer

8.5 2.1 3.5 3.8 6.1 0.8 34% 9% 14% 15% 25% 3% 46% 52% 71% 16% 41% 13% 40% 24% 19% 33% 44% 18% 12% 22% 7% 42% 13% 56% 2% 2% 3% 9% 2% 13% 100% 100% 100% 100% 100% 100% Total Loans Loan Segments Shading indicates areas with outstanding loans. Color

coding represents the geographies noted in the table. Indicates United office location

End of Period Balances (000s) 12/31/25

3/31/26 Non-Accrual Loans $96,492 $91,170 90-Day Past Due Loans $4,974 $11,664 Total Non-performing Loans $101,466 $102,834 Other Real Estate Owned $8,857 $10,390 Total Non-performing Assets $110,323 $113,224 Non-performing Loans / Loans 0.41% 0.41%

Non-performing Assets / Total Assets 0.33% 0.34% Annualized Net Charge-offs / Average Loans 0.15% 0.09% Allowance for Loan & Lease Losses (ALLL) $297,518 $299,599 ALLL / Loans, net of unearned income 1.20% 1.20% Allowance for Credit Losses

(ACL)* $332,593 $336,646 ACL / Loans, net of unearned income 1.35% 1.35% NPAs were $113.2 million at 3/31/26 compared to $110.3 million at 12/31/25 with the ratio of NPAs to Total Assets increasing from 0.33% to 0.34%. 30-89 Day Past Due loans were

0.25% of total loans at 3/31/26 compared to 0.22% at 12/31/25. ALLL as a percentage of Total Loans was flat compared to 12/31/25 at 1.20%. *ACL is comprised of ALLL and the reserve for lending-related commitments CREDIT QUALITY

Strong core deposit base with 24%

of deposits in Non Interest Bearing accounts. LQ deposits increased $60 million driven by Money Market Accounts. Cumulative interest bearing deposit beta of ~49% and total deposit beta of ~34% 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 DEPOSIT SUMMARY Top 10 MSAs by Deposits* (as of 6/30/25) MSA Total Deposits In MSA ($000) Number

of Branches Rank Washington, DC 10,482,772 57 7 Morgantown, WV 1,568,631 6 1 Charleston, WV 1,501,472 5 2 Atlanta, GA 1,312,956 11 17 Richmond, VA 818,435 13 9 Parkersburg, WV 754,627 4 1 Hagerstown, MD 728,404 6 2 Myrtle Beach, SC 653,612 7 9

Charlotte, NC 652,696 7 17 Wheeling, WV 541,685 6 2

Deposit Account Details ($ in

millions) End of Period Ratios / Values 3/31/26 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,638 32% Estimated Insured/Collateralized Deposits $18,483 68% Total Deposits $27,121 100% *Does not

include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. Available Liquidity ($ in millions) 3/31/26 Cash & Cash Equivalents $2,305 Unpledged AFS Securities $1,170 Available FHLB Borrowing Capacity

$4,893 Available FRB Discount Window Borrowing Capacity $4,585 Subtotal $12,953 Additional FHLB Capacity (with delivery of collateral) $4,342 Additional Brokered Deposit Capacity (based on internal policy) $4,787 Total Liquidity* $22,082 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 flat compared to 12/31/25 at

32% of total deposits. LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL

End of Period Ratios / Values

12/31/25 3/31/26** Common Equity Tier 1 Ratio 13.4% 13.3% Tier 1 Capital Ratio 13.4% 13.3% Total Risk Based Capital Ratio 15.7% 15.5% Leverage Ratio 11.3% 11.2% 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 $39.29 $39.65 *Tangible Book Value Per Share (non-GAAP) $24.63 $24.84 Capital ratios remain significantly above regulatory “Well Capitalized” levels and exceed all internal

capital targets. United repurchased 1.7 million common shares during 1Q26 for $69.4 million as compared to 1.3 million common shares during 4Q25 for $47.5 million. From 04/01/26 through 04/22/26, United repurchased 633 thousand common shares for

$26.8 million. As of 04/22/26, there were 2.4 million shares available to be repurchased under the approved plan. *Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release date. CAPITAL RATIOS AND PER SHARE

DATA

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 low to 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 $1.17 billion

for 2026 (assumes no rate cuts in 2026). Loan purchase accounting accretion is currently estimated at ~$26 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 $36

million for FY 2026. 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 buyback in 2026 (market dependent). United’s capital position remains robust. 2026

OUTLOOK

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 ~12.6x (based upon median 2026 street consensus estimate of $3.50 per Bloomberg) INVESTMENT

THESIS

Source: S&P Capital IQ Pro;

Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS Closed on 1/10/25

APPENDIX

(dollars in thousands) 1Q25 2Q25

3Q25 4Q25 1Q26 (1) Return on Average Tangible Common Equity (A) Net Income (GAAP) $84,306 $120,721 $130,748 $128,828 $124,200 (B) Number of Days in the Quarter 90 91 92 92 90 Average Total Shareholders' Equity (GAAP) $5,283,542 $5,351,140 $5,413,460

$5,492,008 $5,549,114 Less: Average Total Intangibles (2,060,975) (2,049,504) (2,055,082)) (2,052,648) (2,050,468) (C) Average Tangible Common Equity (non-GAAP) $3,222,567 $3,301,636 $3,358,378 $3,439,360 $3,498,646 Formula: [(A) / (B)]*365

(or 366 for leap year) (C) Return on Average Tangible Common Equity (non-GAAP) 10.61% 14.67% 15.45% 14.86% 14.40% RECONCILIATION OF NON-GAAP ITEMS

(dollars in thousands)

12/31/2025 3/31/2026 (2) Tangible Common Equity to Tangible Assets Total Assets (GAAP) $ 33,660,281 $ 33,705,380 Less: Total Intangibles (GAAP) (2,051,115) (2,049,277) Tangible Assets (non-GAAP) $

31,609,166 $ 31,656,103 Total Shareholders' Equity (GAAP) $ 5,495,983 $ 5,488,126 Less: Total Intangibles (GAAP) (2,051,115) (2,049,277) Tangible Common Equity (non-GAAP)

$ 3,444,868 $ 3,438,849 Tangible Common Equity to Tangible Assets (non-GAAP) 10.9% 10.9% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP)

$ 5,495,983 $ 5,488,126 Less: Total Intangibles (GAAP) (2,051,115) (2,049,277) Tangible Common Equity (non-GAAP) $ 3,444,868 $ 3,438,849 ÷ EOP Shares Outstanding (Net of Treasury Stock) 139,880,247 138,431,009

Tangible Book Value Per Share (non-GAAP) $24.63 $24.84 RECONCILIATION OF NON-GAAP ITEMS (CONT.)

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