#1United Bankshares, Inc. Investor Presentation March 6, 2023 UNITED BANKSHARES, INC.#2IMPORTANT INFORMATION FORWARD LOOKING STATEMENTS This presentation and statements made by United Bankshares, Inc. ("United") 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) United's plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; (ii) the effect of the COVID-19 pandemic; and (iii) other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "targets," "projects," or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations managements of United and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of United. 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 uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic on United, its colleagues, the communities United serves, and the domestic and global economy; (2) uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board; (3) volatility and disruptions in global capital and credit markets; (4) interest rate, securities market and monetary supply fluctuations; (5) increasing rates of inflation and slower growth rates; (6) reform of LIBOR; (7) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the Federal Reserve, FDIC, and CFPB; (8) the effect of changes in the level of checking or savings account deposits on United's funding costs and net interest margin; (9) future provisions for credit losses on loans and debt securities; (10) changes in nonperforming assets; (11) competition; and (12) changes in legislation or regulatory requirements. Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed United's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available on the SEC's Internet site (http://www.sec.gov). United cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning United or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. United 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. 2#3CORPORATE PROFILE . • . Regional financial holding company with nearly 250 full- service banking, mortgage, and loan production offices throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Georgia, Ohio, Pennsylvania, and Washington D.C. Dual headquarters: Washington, D.C. and Charleston, WV 36th largest bank in the U.S. by Market Cap. 49 consecutive years of dividend increases UBSI has completed 33 acquisitions since 1982 Ranked #2 most trustworthy bank in Newsweek's list of America's Most Trustworthy Companies 2022 Member of the S&P Mid Cap 400, Russell 2000, Dow Jones Dividend Select Index, S&P High Yield Dividends Aristocrats Index, and the NASDAQ US Dividend Achiever 50 Index 3 Financial Highlights (12/31/22) TOTAL ASSETS NET LOANS* TOTAL DEPOSITS NET INCOME (YTD) *Includes Loans Held for Sale. $29.5 billion $20.4 billion $22.3 billion $379.6 million UNITED#4PERFORMANCE RATIOS Strong profitability and expense control Return on Average Assets 1.60% Efficiency Ratio 60.00% 1.40% 50.00% 1.20% 40.00% 1.00% 0.80% 30.00% 0.60% 20.00% 0.40% 10.00% 0.20% 0.00% 0.00% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Return on Average Common Equity Return on Average Tangible Equity* 10.00% 16.00% 14.00% 8.00% 12.00% 10.00% 6.00% 8.00% 4.00% 6.00% 4.00% 2.00% 2.00% 0.00% 0.00% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 *Non-GAAP measure. Refer to appendix. FY 2020 was impacted by COVID-19, CECL ACL build, pre-tax merger-related expenses of $54.2 million, and breakage fees of $10.4 million on three FHLB advance payoffs, largely offset by strong mortgage banking income. FY 2021 was impacted by pre-tax merger-related expenses of $21.4 million, offset by CECL ACL releases.#5DIVIDEND OVERVIEW $1.60 $1.40 49 Consecutive Years of Dividend Increases $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $- 1974 - 2022 5#62022 HIGHLIGHTS UNITED BANKSHARES, INC. NASDAQ • 6 . • • . • • • Achieved record Net Income of $379.6 million. Diluted Earnings Per Share were $2.80 Generated Return on Average Assets of 1.31%, Return on Average Equity of 8.25%, and Return on Average Tangible Equity of 14.11% * Achieved full-year period end loan growth of 15.7% (excluding PPP loans) Net Interest Margin (FTE) increased from 3.09% to 3.50% (full year) Increased dividends to shareholders for the 49th consecutive year (current dividend yield of 3.6% based upon recent prices) Asset quality remains sound and Non-Performing Assets decreased 42.5% YTD Strong expense control with an efficiency ratio of 52.88% Capital position remains robust and liquidity remains sound *Non-GAAP measure. Refer to appendix.#7EARNINGS SUMMARY In thousands, except per share data Three Months Ended 4Q22 Interest & Fees Income $ 307,741 $ 3Q22 263,683 4Q21 195, 194 $ Year Ended 2022 1,001,990 $ 2021 795,117 Interest Expense $ 58,337 $ 23,061 11,516 $ Net Interest Income $ 249,404 $ 240,622 $ 183,678 $ Provision for Credit Losses $ 16,368 $ 7,671 $ (7,405) Noninterest Income $ 30,879 $ 32,749 $ 54,053 Noninterest Expense $ SA 137,542 $ 137,196 $ 151,793 SA SA SA EA EA 105,559 $ 52,383 896,431 $ 742,734 18,822 $ (23,970) 153,261 $ 278,128 555,087 $ 581,979 Income Before Income Taxes $ 126,373 $ 128,504 $ 93,343 $ Income Taxes SA $ 26,608 $ 25,919 $ 19,491 SA SA 475,783 $ 462,853 96,156 $ 95,115 Net Income $ EA 99,765 $ 102,585 $ 73,852 SA $ 379,627 $ 367,738 Diluted EPS Weighted Average Diluted Shares $0.74 134,799 $0.76 134,554 $0.56 131,296 $2.80 135,118 $2.83 129,513 Notes Merger-Related Expenses (before tax) Linked-Quarter (LQ) 20,391 537 $ 21,418 Net Income was $99.8 million in 4Q22 compared to $102.6 million in 3Q22, with diluted EPS of $0.74 in 4Q22 compared to $0.76 in 3Q22. Net Interest Income increased $8.8 million primarily due to higher interest income on earning assets driven by rising market interest rates, organic loan growth, and a change in the asset mix to higher earning assets. The increase in net interest income was partially offset by higher interest expense, driven by deposit rate repricing and higher average balances of FHLB borrowings. Provision Expense was $16.4 million in 4Q22 compared to $7.7 million in 3Q22. The increase was primarily due to loan growth and the impact of reasonable and supportable forecasts of future macroeconomic conditions. Noninterest Income decreased $1.9 million primarily due to a decrease of $1.8 million in income from mortgage banking activities. Noninterest Expense increased $0.3 million. The expense for reserve for unfunded loan commitments increased $9.4 million and charitable contributions increased $1.8 million. Partially offsetting these increases were declines in other noninterest expense of $5.2 million, driven by a $3.9 million partial recovery of a 3Q accrual related to a litigation matter with a former commercial customer that was settled during 4Q, and declines in employee compensation of $2.1 million. 7#8• NET INTEREST INCOME AND MARGIN Average Yields 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 4Q21 1Q22 2Q22 3Q22 Net Loans -Investment Securities 8 Net Interest Income & Net Interest Margin $250 4.50% $225 4.00% $200 3.50% $175 3.00% $150 2.50% $125 2.00% $100 1.50% $75 $50 1.00% $25 0.50% $0 0.00% 4Q21 1Q22 2Q22 3Q22 4Q22 PPP Fee Income 5.0 4.1 3.6 1.6 0.3 Loan PA Accretion 6.2 4.1 5.4 4.1 4.7 4Q22 Net Interest Income (FTE), excluding PPP fees & loan accretion Net Interest Margin (FTE) 173.5 184.4 207.0 236.0 245.5 2.94% 2.99% 3.38% 3.78% 3.87% Interest-Bearing Deposits Reported Net Interest Margin increased from 3.78% to 3.87% LQ. Linked-quarter Net Interest Income (FTE) was up $8.8 million primarily due to higher interest income on earning assets driven by rising market interest rates, organic loan growth, and a change in the asset mix to higher earning assets. The increase in net interest income was partially offset by higher interest expense, driven by deposit rate repricing and higher average balances of FHLB borrowings. Approximately ~58% of the loan portfolio is fixed rate and ~42% is adjustable rate, while ~28% of the total portfolio is projected to reprice within the next 3 months. Additionally, ~25% of the securities portfolio is floating rate. Securities balances of approximately ~$650 million with an average yield of ~2.5% are projected to roll off during 2023. Total remaining unamortized PPP fees (net of costs) were $0.8 million as of 12/31/22. Scheduled purchase accounting loan accretion is estimated at $10.5 million for FY 2023 and $8.9 million for FY 2024.#9LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE) Loans, EOP 4Q22 % of Total LQ Change Owner Occupied CRE 1,725 8.4% $ (23) $22,000 $20,000 $18,000 $19,722 $20,580 Non Owner Occupied CRE 6,287 30.5% $ 262 $18,994 $18,051 $18,419 Commercial 3,578 17.4% $ 83 $16,000 Paycheck Protection Program $ 35 0.2% $ (8) $14,000 Residential Real Estate 4,663 22.7% $ 272 $12,000 Construction & Land Dev. 2,927 14.2% $ 303 $10,000 Bankcard $ 9 0.0% $ 1 $8,000 Consumer $ 1,357 6.6% $ (31) $6,000 Total Gross Loans $ 20,580 100.0% $ 858 $4,000 $2,000 $- • 4Q21 1Q22 2Q22 3Q22 4Q22 $ in millions . Non Owner Occupied CRE • Industrial 6% Hospitality 11% Other 17% • Retail 22% Office • 17% Multifamily 19% Linked-Quarter loan balances increased $858 million primarily driven by Construction & Land Development loans, Residential Real Estate loans, and Non Owner Occupied CRE loans. Excluding the $8 million decline in PPP loans, total loans increased $866 million (17.6% annualized) compared to 3Q22. Loan balances within the North Carolina & South Carolina markets were up ~31.7% YTD (excluding PPP). Non Owner Occupied CRE to Total Risk Based Capital was ~255% at 4Q22. CRE portfolio remains diversified among underlying collateral types. Total purchase accounting-related fair value discount on loans was $47 million as of 12/31/22. 9 Special Purpose 8%#10CREDIT QUALITY End of Period Balances (000s) 9/30/22 12/31/22 Non-Accrual Loans $28,244 $23,685 90-Day Past Due Loans $18,254 $15,565 Restructured Loans $23,155 $19,388 Total Non-performing Loans $69,653 $58,638 Other Real Estate Owned $10,779 $2,052 Total Non-performing Assets $80,432 $60,690 Non-performing Loans / Loans 0.35% 0.29% Non-performing Assets / Total Assets 0.28% 0.21% Annualized Net Charge-offs / Average Loans 0.04% 0.02% Allowance for Loan & Lease Losses (ALLL) ALLL/Loans, net of earned income Allowance for Credit Losses (ACL)* ACL / Loans, net of earned income $219,611 $234,746 1.11% 1.14% $259,309 1.32% $280,935 1.37% NPAs decreased $19.7 million (24.5%) compared to 3Q22 and decreased $44.9 million (42.5%) YTD. ACL increased $21.6 million LQ primarily due to loan growth and the impact of reasonable and supportable forecasts of future macroeconomic conditions. PPP loans are included within the ratios above ($43 million at 9/30/22 and $35 million at 12/31/22). 10 *ACL is comprised of ALLL and the reserve for lending-related commitments#11NONCURRENT LOANS TO TOTAL LOANS 2.42% 4.23% 3.99% 3.37% 2.53% 1.71% 1.22% 1.22% 0.97% 1.06% 1.13% 0.97% 1.38% 0.86% 0.86% 1.24% 1.27% 1.24% 1.10% 0.62% 1.00% 1.17% 1.00% 0.50% 0.90% 0.87% 0.75% 0.71% 0.64% 0.49% 0.42% 0.24% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 UBSI Peer Source: Federal Reserve BHCPR. 11 Noncurrent loans equal the sum of nonaccrual and 90+ days past due loans.#12NET CHARGEOFFS/AVERAGE LOANS 0.77% 1.58% 1.45% 0.93% 0.64% 0.67% 0.29% 0.30% 0.31% 0.27% 0.35% 0.27% 0.27% 0.24% 0.22% 0.21% 0.24% 0.29% 0.29% 0.11% 0.24% 0.25% 0.28% 0.09% 0.20% 0.13% 0.16% 0.16% 0.15% 0.14% 0.05% 0.00% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 -UBSI FY15 FY16 FY17 -Peer FY18 FY19 FY20 FY21 FY22 Source: Federal Reserve BHCPR. 12#13DEPOSIT SUMMARY Deposits, EOP $25,000 $23,350 $23,474 $20,000 $15,000 $10,000 $5,000 is $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 is 4Q22 % of Total LQ Change Non Interest Bearing $ 7,200 32.3% $ (419) Interest Bearing Transaction $ 5,117 22.9% $ (202) $23,027 $22,863 $22,303 Regular Savings $ 1,678 7.5% $ (63) Money Market Accounts $ 6,299 28.2% $ 98 Time Deposits < $100,000 $ 844 3.8% $ (20) Time Deposits > $100,000 $ 1,165 Total Deposits $ 22,303 5.2% $ 100.0% $ (560) 47 4Q21 1Q22 2Q22 3Q22 4Q22 $ in millions 13 Average Deposits • • • Strong core deposit base with 32% of deposits in Non Interest Bearing accounts. LQ deposits decreased $560 million driven by Non Interest Bearing accounts and Interest Bearing Transaction accounts. Interest bearing deposit beta of ~48% and total deposit beta of ~32% in 4Q22, and cumulative betas of ~27% and ~18%, respectively, since 1Q22. Enviable deposit franchise with an attractive mix of both high growth MSA's and stable, rural markets with a dominant market share position. Top 10 Deposit Markets by MSA (as of 6/30/22) Total Deposits In Market ($000) Number of IMSA Branches Rank Washington, DC 10,167,928 60 7 Charleston, WV 1,442,649 7 Morgantown, WV 1,215,804 6 Myrtle Beach, SC 881,399 11 Richmond, VA 818,349 12 Parkersburg, WV 738,802 4 Hagerstown, MD 657,411 6 225913 Interest Bearing Non Interest Bearing Charlotte, NC 534,710 7 16 Wheeling, WV 520,156 6 2 4Q21 1Q22 2Q22 3Q22 4Q22 Charleston, SC 519,950 80 11 Source: S&P Global Market Intelligence#14• ayette ATTRACTIVE DEPOSIT MARKET SHARE POSITION Scranton Fort Wayne West Virginia #2 in the state (second only to Truist) with $6.1 billion in deposits. United ranks #1 or #2 in deposit market share within its top 5 largest markets in the state. Mansfield Bowling Green Louisville Frankfort Lexington KENTUCKY United continues to build franchise value with an attractive mix of both high growth MSA's and stable, rural markets with a dominant market share position. Further growth opportunities exist to expand our presence in some of the most desirable banking markets in the nation. These dynamics uniquely position our franchise and contribute to making United one of the most valuable banking companies in the Southeast and Mid-Atlantic. thens Kingsport Johnson City Asheville Greenville Augsta Akron Youngstown WEST VIRGINIA Charlotte Combia Savanna PENNSYLVANIA State College Altoona Pittsburgh 2022 S&P Global Market Intelligence All rights reserved. Esri, HERE, Garmin, FAO, NOAA, USGS, EPA, NPS Source: S&P Global Market Intelligence; Data as of 6/30/22 14 Bridgeport Harrisburg altimore Anrepo ton Washington D.C. MSA • #1 regional bank (#7 overall) with $10.2 billion in deposits. United has increased deposit market share in the D.C. MSA from #15 in 2013 to #7 in 2022, with total deposits increasing from $2.1 billion to $10.2 billion. Virginia- #7 in the state with $9.2 billion (including VA deposits within the D.C. MSA). hesapeake VIRGINIA Pehmond Bay Lynchburg Roanoke Greensboro Derham Rasky Mount Raleigh NORTH CAROLINA Faye eville Virginia Beac North Carolina # 18 in the state with $2.2 billion. Select MSAs: Gre • #16 in Charlotte Pamlico Sound • Jacksonville South Carolina #11 in the state • Wilmington with $1.9 billion. Select MSAs: • #11 in Charleston • #5 in Myrtle Beach • #12 in Greenville • #16 in Columbia #26 in Raleigh #14 in Wilmington #11 in Greenville #1 in Washington #8 in Rocky Mount #10 in Fayetteville esri#15CAPITAL RATIOS AND PER SHARE DATA 15 End of Period Ratios / Values 9/30/22 12/31/22 Common Equity Tier 1 Ratio Tier 1 Capital Ratio 12.4% 12.3% 12.4% 12.3% Total Risk Based Capital Ratio 14.4% 14.4% Leverage Ratio 10.7% 10.8% Total Equity to Total Assets 15.3% 15.3% *Tangible Equity to Tangible Assets (non-GAAP) 9.3% 9.5% Book Value Per Share *Tangible Book Value Per Share (non-GAAP) *Non-GAAP measure. Refer to appendix. $32.98 $33.52 $18.80 $19.36 Capital ratios remain significantly above regulatory "Well Capitalized" levels and exceed all internal capital targets. United did not repurchase any common shares during 4Q22 or 3Q22. For the full year of 2022, United repurchased 2,259,546 common shares for $78.3 million. As of 12/31/22, there were 4,371,239 shares available to be repurchased under the approved plan.#16MORTGAGE BANKING GEORGE MASON MORTGAGE, LLC A Subsidiary of United Bank CRESCENT MORTGAGE Three Months Ended Full Year (000s) Applications Loans Originated 9/30/22 12/31/22 2021 2022 $785,529 $447,951 $8,088,453 $4,089,086 $552,487 $399,706 $6,242,246 $2,913,708 Loans Sold $564,267 $396,735 $6,439,598 $3,203,749 Purchase Money % 86% 85% 61% 81% Realized Gain on Sale Margin 2.13% 1.82% 3.31% 2.40% Locked Pipeline (EOP) $131,846 $68,654 $448,889 $68,654 Loans Held for Sale (EOP) $210,075 $56,879 $504,416 $56,879 Balance of Loans Serviced (EOP) $3,459,781 $3,381,485 $3,698,998 $3,381,485 Total Income Total Expense Income Before Tax Net Income After Tax $16,507 $13,347 $193,713 $79,906 $20,662 $17,097 $138,508 $88,983 $(4,155) $(3,750) $55,205 $(9,077) $(3,335) $(2,940) $43,930 $(7,219) Mortgage Banking Segment represents George Mason Mortgage and Crescent Mortgage Company. George Mason Mortgage, founded in 1980, is headquartered in the Washington D.C. MSA with 10 offices located throughout Virginia, Maryland, and South Carolina. Crescent Mortgage Company, founded in 1993, is headquartered in Atlanta, Georgia, and is primarily a correspondent/wholesale mortgage company approved to originate loans in 48 states partnering with community banks, credit unions and mortgage brokers. The quarterly net fair value impact on mortgage banking derivatives and loans held for sale was $(2.3) million in 3Q22 and $0.3 million in 4Q22. 16#172023 OUTLOOK • • Select guidance is being provided for 2023. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan growth, excluding loans held for sale, to be in the mid single digits for 2023 (compared to 4Q22 end of period balance). Loan pipelines continue to be strong. Expect investment portfolio balances to decrease ~$500 million in 2023 (compared to 4Q22 end of period balance). Expect deposit growth in the low single digits (compared to 4Q22 end of period balance). Net Interest Income / Net Interest Margin: Net interest income (non-FTE) expected to be in the range of $960 million to $980 million for 2023 (assumes an additional 50 bps of fed funds rate increases in 2023). Expect the net interest margin to peak early in 2023 due to deposit remixing and late-cycle deposit rate increases. Expect full-cycle total deposit beta of ~35%. 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 near term net charge-offs to remain low. Current planning assumption for provision expense is $36 million for FY 2023. Non Interest Income: Expect non interest income to be in the range of $125 million to $135 million for 2023. Mortgage banking revenue will be subject to industry trends. Non Interest Expense: Expect non interest expense to be in the range of $560 million to $570 million (includes a ~$6 million increase in FDIC expense as a result of higher FDIC rates). • Effective Tax Rate: Estimated at approximately ~20.0% to 20.5%. 17 Capital: Stock buyback will be market dependent. United's capital position remains robust.#18INVESTMENT THESIS 18 • • • • • Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a dominant market share position Consistently high-performing company with a culture of disciplined risk management and expense control 49 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 13.6x (based upon median 2023 street consensus estimate of $2.92 per Bloomberg)#1919 APPENDIX#20RECONCILIATION OF NON-GAAP ITEMS (dollars in thousands) (1) Return on Average Tangible Equity (A) Net Income (GAAP) 2018 2019 2020 2021 2022 $256,342 $260,099 $289,023 $367,738 $379,627 Average Total Shareholders' Equity (GAAP) $3,268,944 $3,336,075 $3,956,969 $4,430,688 $4,601,440 Less: Average Total Intangibles (1,519,175) (1,511,501) (1,716,738) (1,837,609) (1,910,377) (C) Average Tangible Equity (non-GAAP) $1,749,769 $1,824,574 $2,240,231 $2,593,079 $2,691,063 Formula: Net Income/Average Tangible Equity Return on Average Tangible Equity (non-GAAP) 14.65% 14.26% 12.90% 14.18% 14.11% 20 20#21RECONCILIATION OF NON-GAAP ITEMS (CONT.) (dollars in thousands) 9/30/2022 21 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) Less: Total Intangibles (GAAP) Tangible Assets (non-GAAP) 12/31/2022 $ 29,048,475 $ 29,489,380 (1,909,165) (1,907,786) $ 27,139,310 $ 27,581,594 Total Shareholders' Equity (GAAP) $ 4,440,086 4,516,193 Less: Total Intangibles (GAAP) (1,909,165) (1,907,786) Tangible Equity (non-GAAP) $ 2,530,921 $ 2,608,407 Tangible Equity to Tangible Assets (non-GAAP) 9.3% 9.5% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 4,440,086 $ 4,516,193 Less: Total Intangibles (GAAP) (1,909,165) (1,907,786) Tangible Equity (non-GAAP) $ 2,530,921 $ 2,608,407 + EOP Shares Outstanding (Net of Treasury Stock) 134,631,647 134,745,122 Tangible Book Value Per Share (non-GAAP) $18.80 $19.36#2222 UNITED BANKSHARES, INC. www.ubsi-inc.com