United Bankshares (UBSI) 47th Annual Raymond James Institutional Investor Conference summary

Strategic positioning and growth

• Operates over 240 locations across eight states and D.C., with a $34 billion asset base and a balanced presence in the Mid-Atlantic and Southeast regions.

• Achieved record earnings in 2025, driven by both organic and inorganic growth, including the acquisition of Piedmont Bancorp in Atlanta.

• Southeastern markets now represent the largest share of the loan portfolio at 43%, with significant loan growth in North Carolina (20%) and Georgia (19%) in 2025.

• Maintains a dual growth strategy of organic expansion and disciplined M&A, with a current focus on organic growth.

• Recognized as the best bank in South Carolina for three consecutive years, highlighting regional strength.

Financial performance and capital management

• Reported record net income of $465 million and diluted EPS of $3.27 in 2025, with strong returns on assets and equity.

• Returned $338 million to shareholders in 2025 through dividends and share repurchases; continued active buybacks into 2026.

• Maintains a CET1 ratio over 13% and tangible equity to tangible assets at 10.9%, both above peer averages.

• Forecasts mid-single digit loan and deposit growth for 2026, with net interest income projected between $1.145 billion and $1.175 billion.

• Expects to remain active in share repurchases in 2026, subject to market conditions.

Risk management and credit quality

• Maintains a low-risk profile with strong credit quality; NPAs to total assets at 33 basis points at year-end 2025.

• Net charge-offs were 19 basis points for 2025, outperforming peers, with a $298 million allowance for loan losses.

• Underwriting standards have historically outperformed Federal Reserve peer groups, including during the financial crisis.

• Loan-to-deposit ratio runs higher than peers but is considered manageable and not a constraint on growth.

• Residential loan book is about 25% of total, primarily adjustable-rate mortgages with a favorable roll profile.