United Bankshares : 2021 4th Quarter Earnings Review

United Bankshares, Inc.

Fourth Quarter & Fiscal Year 2021 Earnings Review

January 27, 2022

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IMPORTANT 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) the merger (the "Merger") between Community Bankers Trust

Corporation ("Community Bankers Trust") and United that was completed on December 3, 2021; (ii) United's plans, objectives, expectations and

intentions and other statements contained in this press release that are not historical facts; (iii) the effect of the COVID-19 pandemic; and (iv) 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) reform of LIBOR; (5) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the OCC, Federal Reserve, FDIC, and CFPB; (6) the effect of changes in the level of checking or savings account deposits on United's funding costs and net interest margin;

1. future provisions for credit losses on loans and debt securities; (8) changes in nonperforming assets; (9) risks relating to the merger with Community Bankers Trust, including the successful integration of operations of Community Bankers Trust, the expected growth opportunities and costs savings from the Merger, and deposit attrition, operating costs, customer losses and business disruption following the Merger; (10) competition; and (11) 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.

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2021 HIGHLIGHTS

• Achieved record Net Income of $367.7 million and record Diluted Earnings Per Share of $2.83
• Generated Return on Average Assets of 1.35%, Return on Average Equity of 8.30%, and Return on Average Tangible Equity* of 14.18%
• Closed the merger with Community Bankers Trust Corporation (ESXB) on December 3, 2021, and successfully completed the integration and core systems conversions
• Increased dividends to shareholders for the 48th consecutive year (current dividend yield of 3.9% based upon recent prices)
• Asset quality remains sound and Non-Performing Assets decreased 31.8% YTD
• Strong expense control with an efficiency ratio of 57.01% (inclusive of merger-related expenses)
• Capital position remains robust and liquidity remains sound

*Non-GAAP measure. Refer to appendix.

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ESXB MERGER UPDATE

New Franchise Footprint

Charleston

Charlottesville

Lynchburg

Asheville

Greenville

UBSI

ESXB

Update

• Closed the merger with Community Bankers Trust Corporation (ESXB) on December 3, 2021
• Strategically connects UBSI's Mid- Atlantic and Southeast footprint
• Adds to existing presence in Washington D.C. MSA
• Expands footprint into the contiguous markets of Baltimore and Annapolis in Maryland, and Richmond, Lynchburg, and the Northern Neck of Virginia
• ESXB had total assets of ~$1.8 billion, portfolio loans of ~$1.3 billion, and deposits ~$1.5 billion
• Issued ~7.1 million shares of UBSI common stock
• Successfully completed the integration and core systems conversions
• Expense savings are in-line with announced targets and fully realized beginning in 1Q22

	Source:	S&P Global Market Intelligence
4	Note:	Locations include mortgage origination and servicing branches

EARNINGS SUMMARY

In thousands, except per share data					Three Months Ended									Year Ended
				4Q21			3Q21			4Q20					2021			2020
Interest & Fees Income	$	195,194		$	194,080	$	208,914	$	795,117	$	798,382
Interest Expense	$	11,516		$	12,501	$	16,925	$	52,383	$	108,609
Net Interest Income	$	183,678		$	181,579	$	191,989		$	742,734	$	689,773
Provision for Credit Losses	$	(7,405)	$	(7,829)	$	16,751	$	(23,970)	$	106,562
Noninterest Income	$	54,049		$	68,624	$	94,082	$	278,092	$	354,746
Noninterest Expense		$	151,789		$	142,276	$	156,117	$	581,943	$	578,217
Income Before Income Taxes		$	93,343		$	115,756	$	113,203	$	462,853	$	359,740
Income Taxes		$	19,491		$	23,604	$	20,833	$	95,115	$	70,717
Net Income		$	73,852		$	92,152	$	92,370	$	367,738	$	289,023
Diluted EPS			$0.56			$0.71			$0.71					$2.83			$2.40
Weighted Average Diluted Shares			131,296				128,960			129,479					129,513			120,090
Notes
Merger-Related Expenses (before tax)	$	20,391		$	845	$	558	$	21,418	$	54,230

Linked-Quarter (LQ)

• Net Income was $73.9 million in 4Q21 compared to $92.2 million in 3Q21, with diluted EPS of $0.56 in 4Q21 compared to $0.71 in 3Q21.
• Net Interest Income increased $2.1 million due to increased average earnings assets as a result of organic growth and the ESXB acquisition, as well as a decline of $1.0 million in interest expense. Offsetting the increase were declines in loan accretion on acquired loans and PPP loan fee income of $1.9 million and $2.8 million, respectively.
• Provision Expense was $(7.4) million in 4Q21 compared to $(7.8) million in 3Q21. Included within the 4Q21 total was provision expense of $12.3 million related to the purchased non-credit deteriorated loans acquired from ESXB.
• Noninterest Income decreased $14.6 million due primarily to a decrease of $14.7 million in income from mortgage banking activities.
• Noninterest Expense increased $9.5 million due primarily to an increase of $7.3 million in merger-related expenses.

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