Think of United Bankshares as a strong regional bank, similar to a PNC Bank or Truist, but operating primarily across the Mid-Atlantic and Southeast U.S.

It's like a smaller, regional version of Bank of America or Chase, offering a full suite of commercial and retail banking services.

• Deposit Accounts: Offers various checking, savings, money market, and individual retirement accounts for individuals and businesses.
• Lending Services: Provides a comprehensive suite of commercial, real estate, construction, personal, student, credit card, and home equity loans.
• General Banking Services: Includes credit cards, safe deposit boxes, wire transfers, automated teller machines (ATM), and internet/telephone banking.
• Specialized Financial Services: Delivers asset management, financial planning, real property title insurance, and brokerage services.

United Bankshares (UBSI) primarily serves a diverse base of individual consumers and businesses rather than having a few major named corporate customers. Based on its description as providing "commercial and retail banking products and services," its major customer categories include:

• Individual Consumers/Households: These customers utilize a wide range of retail banking products such as checking, savings, and money market accounts, individual retirement accounts, personal loans, student loans, credit cards, home equity loans, mortgages, and financial planning services.
• Businesses (Small to Medium-Sized Enterprises): This category encompasses various commercial clients that require commercial loans and leases, floor plan loans, and general business banking services for their operational and growth needs.
• Real Estate Developers and Investors: United Bankshares provides specialized services to this segment, including construction and real estate loans for property development and investment projects.

Richard M. Adams, Jr. Chief Executive Officer

Richard M. Adams, Jr. is the Chief Executive Officer of United Bankshares, Inc. and Vice-Chairman of United Bank. He joined United in 1994, serving as President of the Bank from 2014 to 2022 and previously as Executive Vice President from 2000 to 2014. Before joining United, he worked as an associate at Bowles Rice, LLP, where he practiced law in Commercial Law, Real Estate, Employment Law, and Litigation.

W. Mark Tatterson Chief Financial Officer

W. Mark Tatterson is the Chief Financial Officer at United Bankshares, Inc. He joined United in 1997 and is responsible for developing and administering the company's corporate financial strategies, as well as overseeing accounting management, external financial reporting, investor relations, and the corporate treasury function. Throughout his tenure, he has held various key roles in credit risk management, treasury, and finance.

James J. Consagra, Jr. President

James J. Consagra, Jr. serves as President of United Bankshares, Inc. He is responsible for overseeing the day-to-day banking activities, including all sales and service lines of business, commercial and consumer lending, retail banking, and wealth management. Prior to joining United in 1998, he served as both Treasurer and Director of George Mason Bankshares, Inc., which was acquired by United. He previously served as Executive Vice President and Chief Financial Officer of United Bank and also worked as a Certified Public Accountant.

Richard M. Adams Executive Chairman of the Board

Richard M. Adams is the Executive Chairman of the Board of United Bankshares, Inc. and United Bank. He previously served as the company's Chairman and Chief Executive Officer for 45 years. His banking career began as a Management Trainee with Wachovia Bank and Trust. At the age of 29, he became President and CEO of The Parkersburg National Bank, a predecessor to United. Under his leadership, United completed 33 acquisitions.

Ross M. Draber Executive Vice President and Chief Operating Officer

Ross M. Draber currently serves as Executive Vice President and Chief Operating Officer of United Bankshares, Inc. He joined the organization in 2010 and has held roles such as Chief Operating Officer of United Bank (a subsidiary of UBSI) and Chief Administrative Officer. He has played an integral role in the company's expansion efforts, including various mergers and acquisitions.

The key risks to United Bankshares (UBSI) primarily revolve around the sensitive nature of its banking operations to market and economic conditions, as well as operational vulnerabilities.

1. Net Interest Margin (NIM) Pressure: A significant near-term risk for United Bankshares, like many regional banks, is the pressure on its Net Interest Margin (NIM). This pressure can arise from rising costs of deposits and potential NIM compression if interest rates decline. Although UBSI has demonstrated strength in increasing its NIM in recent periods due to higher loan yields and strategic acquisitions, the underlying cost of funding presents a considerable headwind.
2. Credit Risk, particularly Commercial Real Estate (CRE) Exposure: United Bankshares has substantial exposure to Non-Owner Occupied Commercial Real Estate (CRE), amounting to approximately 294% of its Total Risk Based Capital as of Q3 2025. While this currently presents an opportunity, it poses a significant credit risk during an economic downturn. Additionally, a softening in loan demand or a weakening of overall credit quality, including concerns in the broader credit environment and net charge-offs, could negatively impact the company's financial performance.
3. Cybersecurity Threats: United Bankshares faces substantial and increasing cybersecurity threats. Cybersecurity is recognized as a core business risk for banks, requiring significant investment in advanced threat detection systems, continuous employee training, and compliance with evolving federal security standards. The potential cost of a data breach for banks, averaging around $5.90 million per incident, underscores the financial and reputational implications of such events.

The clear emerging threat for United Bankshares comes from the accelerating rise and widespread adoption of digital-first financial institutions, often referred to as neobanks, online lenders, and fintech platforms. These entities provide banking, lending, and investment services primarily through digital channels, offering superior user experiences, often lower fees due to reduced overhead from physical branches, and more competitive rates. This trend directly challenges United Bankshares' traditional branch-based community banking model, potentially eroding market share in checking, savings, commercial loans, real estate loans, personal loans, and mortgage banking, as consumers and businesses increasingly opt for convenient, technology-driven financial solutions over traditional banking relationships.

For United Bankshares (UBSI), the addressable markets for its main products and services in the United States are sizable, reflecting the broad scope of its financial offerings. The company primarily operates in commercial and retail banking, including various loan products, investment services, and real property title insurance. The market sizes are provided for the United States, which aligns with United Bankshares' operational footprint across Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio.

Commercial Banking

The U.S. commercial banking market size was estimated at USD 732.5 billion in 2025 and is projected to grow to USD 915.45 billion by 2030, with a compound annual growth rate (CAGR) of 4.56%. Another estimate places the U.S. commercial banking market at USD 765.53 billion in 2026, with projections to reach USD 954.48 billion by 2031, growing at a 4.51% CAGR. A broader estimation suggests the market size of commercial banking in the US was USD 1.6 trillion in 2025.

Retail Banking

The United States retail banking market was valued at USD 870 billion in 2025 and is estimated to grow to USD 1,112.2 billion by 2031, demonstrating a CAGR of 4.17% during the forecast period. Another report indicates the U.S. retail banking market stands at USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, with a CAGR of 4.22%. Some estimates indicate the U.S. retail banking market generated revenue of USD 1.28 trillion in 2025.

Mortgage Banking

The U.S. home mortgage market size was approximately USD 180.91 billion in 2023 and is predicted to expand to around USD 501.67 billion by 2032, with a CAGR of roughly 12.00% between 2024 and 2032. Through the first three quarters of 2025, Americans originated USD 1.40 trillion in new mortgage debt. Total mortgage debt owed by Americans collectively is USD 13.07 trillion.

Asset Management

The United States asset management market size is projected at USD 70.97 trillion in 2026 and is forecast to reach USD 125.98 trillion by 2031, reflecting a 12.16% CAGR. The United States Assets Under Management market was valued at USD 52.08 trillion in 2024 and is expected to reach USD 134.67 trillion by 2030, rising at a CAGR of 17.22%.

Financial Planning and Advisory Services

The financial advisory market in the United States is projected to expand from USD 209.82 billion in 2024 to USD 219.48 billion in 2025, with a CAGR of 4.6%, and is expected to rise to USD 274.64 billion by 2029, with a CAGR of 5.8%. The U.S. Financial Advisory Services Market size was USD 28.81 billion in 2025 and is expected to reach USD 40.08 billion by 2033, growing at a CAGR of 4.21%.

Brokerage Services

The United States Securities Brokerage Market was valued at USD 201.07 billion in 2024 and is expected to reach USD 252.58 billion by 2030, rising at a CAGR of 3.93%. Another report indicates the market was valued at USD 188.9 billion in 2023 and is anticipated to exceed USD 280.5 billion by 2033, growing at a CAGR of 4.03%.

Real Property Title Insurance

The U.S. title insurance market size was USD 18046.39 million (approximately USD 18.05 billion) in 2024 and is projected to grow at a CAGR of 10.0% during the forecast period. In 2023, the title insurance industry in the U.S. did over USD 16.5 billion in business. The industry's revenue is expected to increase by 1.8% in 2025, reaching approximately USD 17.1 billion.

For United Bankshares (UBSI), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Strategic Acquisitions and Market Expansion: United Bankshares has a demonstrated history of growth through mergers and acquisitions, with its recent acquisition of Piedmont Bancorp, Inc. in January 2025 serving as a prime example. This acquisition, valued at approximately $267 million, expanded the company's asset base by over $2.4 billion and deepened its presence in the Atlanta market. This ongoing strategy of targeted acquisitions allows United Bankshares to expand its geographic footprint and customer base, directly contributing to revenue growth.
2. Organic Loan and Deposit Growth: The company anticipates continued organic expansion in its core banking operations. United Bankshares' CEO highlighted organic growth as a key driver for record earnings and profitability in 2025. Looking ahead, the company expects mid-single-digit loan and deposit growth for 2026, supported by "relatively strong" loan pipelines. This sustained growth in its loan portfolio and deposits will directly increase interest income, a primary component of the company's revenue.
3. Net Interest Margin (NIM) Expansion and Net Interest Income (NII) Growth: United Bankshares has demonstrated strong performance in net interest income and net interest margin. In 2025, net interest income increased by 21% year-over-year, with the net interest margin expanding by 29 basis points to 3.78%. The fourth quarter of 2025 saw a record net interest income of $287.5 million, influenced by a lower average rate paid on deposits, loan growth, and higher acquired loan accretion income. For fiscal year 2026, net interest income (non-FTE) is projected to be in the range of $1.145 billion to $1.175 billion, even with an assumption of two 25 basis point rate cuts. Additionally, scheduled purchase accounting loan accretion is estimated to contribute approximately $18 million in fiscal year 2026 and $11 million in fiscal year 2027. These factors collectively indicate a continued focus on optimizing interest-earning assets and managing funding costs to drive NII, and thus overall revenue.

Share Repurchases

• In November 2025, United Bankshares' board approved a new plan to repurchase up to 5 million shares of its common stock, representing approximately 3.6% of total outstanding shares, replacing a prior plan from May 2022.
• From October 1, 2025, through November 20, 2025, United Bankshares repurchased 1,103,666 shares under the previous 2022 plan at a weighted average price of $35.99 per share.
• For the full year 2025, United Bankshares repurchased 3.6 million shares totaling $126 million.

Share Issuance

• The acquisition of Piedmont Bancorp, Inc. on January 10, 2025, involved the issuance of shares as part of the transaction consideration.
• United Bankshares' acquisition of Community Bankers Trust Corporation, completed on December 3, 2021, was an all-stock deal valued at $303.3 million.

Outbound Investments

• On January 10, 2025, United Bankshares completed the acquisition of Piedmont Bancorp, Inc., adding approximately $2.4 billion in assets and $2.1 billion in loans, expanding its presence into the greater Atlanta market.
• On December 3, 2021, United Bankshares completed the acquisition of Community Bankers Trust Corporation, parent company of Essex Bank, which had $1.7 billion in assets. This acquisition enhanced United's footprint in the DC Metro Metropolitan Statistical Area and extended its reach into new markets including Baltimore, Richmond, and the Northern Neck of Virginia.

Capital Expenditures

• Capital expenditures were approximately $17.71 million in FY 2025.
• Capital expenditures were approximately $12.13 million in FY 2024.
• Capital expenditures were approximately $11.69 million in FY 2023.