United Bankshares (UBSI) investor relations material

Executive summary

• Achieved record net income of $130.7 million and diluted EPS of $0.92 for Q3 2025, up 37.2% year-over-year, with strong profitability and expense control.

• Return on average assets was 1.57%, return on average equity 9.58%, and return on average tangible equity 15.45% for Q3 2025.

• Total assets reached $33.41 billion as of September 30, 2025, up 11.27% from year-end 2024, driven by the Piedmont Bancorp acquisition and organic growth.

• The Piedmont Bancorp acquisition added $2.3 billion in assets, $2.1 billion in loans, and $2.1 billion in deposits.

• Asset quality remained sound, with non-performing assets at 0.37% of total assets, though recent downgrades in CRE office loans impacted NPAs.

Financial highlights

• Net interest income reached $280.1 million in Q3 2025, up 21.7% year-over-year, with net interest margin at 3.80%.

• Noninterest income was $43.2 million, up 35.3% year-over-year, driven by $10.4 million in net gains on investment securities and higher brokerage fees.

• Noninterest expense was $146.7 million, up 8.4% year-over-year, mainly due to the Piedmont acquisition and higher compensation.

• Provision for credit losses increased to $12.1 million in Q3 2025, reflecting higher reserves for CRE and the Piedmont acquisition.

• Efficiency ratio improved to 45.39% in Q3 2025.

Outlook and guidance

• Loan and deposit growth expected in the low to mid-single digits annualized for the remainder of 2025.

• Net interest income (non-FTE) projected at $1.093–$1.100 billion for FY 2025, assuming two 25 bps rate cuts in Q4.

• Provision expense for 2025 planned at $55 million, including $19 million Day 2 merger-related CECL provision.

• Noninterest income expected at $130–$135 million, and noninterest expense at $598–$605 million for 2025.

• Effective tax rate estimated at ~21.0%.