United Bankshares (UBSI) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Company history and strategic evolution

• Founded in 1839, with a 51-year streak of increasing dividends, earning Dividend King status.

• Grew from a single office in West Virginia to a dominant regional franchise through M&A and organic growth.

• Expanded into the D.C. area in 1990, building a leading community bank presence.

• Since 2017, focused on building a southern franchise along the I-81 corridor and coastal Carolinas, now the largest segment.

• Recent acquisitions have extended reach into high-growth markets like Atlanta.

2024 performance highlights

• Achieved strong financial results, with EPS growth and outperformance versus industry trends.

• Grew loans for 13 consecutive quarters and deposits for seven, with steady, disciplined growth.

• Maintained a stable net interest margin around 3.50% since mid-2023.

• Strong profitability, asset quality, liquidity, and expense management.

2025 priorities and outlook

• Focused on successful integration and growth in Atlanta following the Piedmont acquisition.

• Plans to deploy excess capital through loan growth, M&A, and potential share buybacks.

• Monitoring DOGE-related risks in D.C., but views concerns as overblown and exposure as well-managed.

• M&A remains a core strategy, with a favorable environment for future deals, especially in the Southeast.

• Forecasting mid-single-digit loan and deposit growth, with stronger growth in the second half of 2025.