Core Insights - The primary focus for income investors is generating consistent cash flow, particularly through dividends, which are a significant portion of long-term returns [1][2] Company Overview - United Bankshares (UBSI) is located in Charleston and operates in the Finance sector, with a year-to-date stock price change of 2.27% [3] - The company currently pays a dividend of $0.38 per share, resulting in a dividend yield of 3.87%, which is higher than the Banks - Southeast industry yield of 2.14% and the S&P 500 yield of 1.46% [3] Dividend Analysis - The annualized dividend of United Bankshares is $1.52, reflecting a 2% increase from the previous year [4] - Over the past five years, the company has increased its dividend twice, averaging an annual increase of 1.39% [4] - The current payout ratio is 46%, indicating that the company pays out 46% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for earnings per share in 2026 is $3.54, with an expected increase of 8.26% from the previous year [5] Investment Opportunity - United Bankshares is considered a compelling investment opportunity due to its attractive dividend and strong Zacks Rank of 2 (Buy) [6]

Summary of United Bankshares (UBSI) FY Conference Call Company Overview - **Company Name**: United Bankshares (NasdaqGS:UBSI) - **Market Capitalization**: $34 billion - **Locations**: Over 240 branches across eight states and Washington D.C., from Baltimore to Charleston, South Carolina, and west to Atlanta, Georgia [2][17] - **Historical Background**: Established in 1839, with a strong focus on low-risk banking and a consistent dividend increase for 52 consecutive years [3][18] Financial Performance - **Record Earnings**: Achieved record net income of $465 million in 2025, with diluted earnings per share of $3.27 [19] - **Return Metrics**: - Return on average assets: 1.141% - Return on average equity: 8.63% - Return on tangible equity: 13.95% [19] - **Capital Return**: Returned $338 million to shareholders through dividends ($212 million) and share repurchases ($126 million) in 2025 [19] - **Loan and Deposit Growth**: - Loans increased by approximately $3 billion in 2025, with organic growth of about $1 billion [21] - Deposits grew by about $3.1 billion, with organic growth of approximately $1 billion [25] Growth Strategy - **M&A Activity**: Closed 34 acquisitions since 1982, with the latest being Piedmont Bancorp, adding $2.4 billion in assets and 16 offices in Atlanta [20] - **Organic Growth Focus**: Emphasized a balanced growth strategy combining both organic and inorganic methods, with a strong performance in Southeastern markets [6][8] - **Market Presence**: - Southeastern markets now represent the largest part of the loan portfolio at 43% - Metro D.C. and Baltimore market at 35% - Legacy markets (West Virginia, Ohio, Pennsylvania) at 19% [22] Market Insights - **D.C. Market Resilience**: Despite previous concerns about the D.C. economy, the company believes the market remains strong, supported by a wealthy and educated workforce and growing industries [12][11] - **Southeast Market Growth**: Noted significant loan growth in North Carolina (20%) and Georgia (19%) in 2025, highlighting the importance of these markets for future growth [22] Risk Management and Credit Quality - **Credit Quality Metrics**: - Non-performing assets (NPAs) to total assets at 33 basis points - Net charge-offs at 19 basis points for the full year of 2025, better than peers [23] - **Strong Allowance**: Maintained a strong allowance of $298 million, representing about 1.2% of total loans [23] Capital Management - **Capital Position**: CET1 ratio over 13%, significantly exceeding regulatory requirements [26] - **Share Repurchase Program**: Active buyback program with 4.3 million shares remaining as of February 28, 2026 [26] Future Outlook - **2026 Projections**: - Mid-single digit loan and deposit growth expected - Net Interest Income projected between $1.145 billion and $1.175 billion - Non-Interest Income expected between $125 million and $135 million [27] - **Expense Management**: Projected expenses in the range of $615 million to $630 million for 2026 [28] Investment Thesis - **Valuation**: Current Price-to-Earnings Ratio at 11.8 times, based on median street estimates of $3.50 for 2026 [29] - **Management Commitment**: Experienced management team focused on disciplined risk management and expense control, with a strong commitment to shareholder returns [29] Additional Insights - **Technology Investments**: Plans to invest in technology and systems to support growth as the company scales [47][48] - **Market Competition**: Increased competition in loan pricing, but the company remains confident in maintaining stable margins [36][37] This summary encapsulates the key points from the United Bankshares FY Conference Call, highlighting the company's financial performance, growth strategies, market insights, risk management, and future outlook.

Core Insights - The article discusses several companies known as "Dividend Aristocrats," which have consistently raised their dividends for over 25 years, highlighting their financial stability and attractiveness for income-seeking investors. Group 1: Company Highlights - NextEra Energy (NEE) has increased its adjusted earnings from $7.063 billion in 2024 to $7.683 billion in 2025 and has a 30-year history of dividend hikes, offering a 2.66% annual dividend yield [1]. - Linde (LIN) reported a 3% year-over-year sales increase to $34 billion and a 6% growth in adjusted earnings to $16.46 per share in 2025, maintaining a 34-year record of dividend growth with a forward annual dividend yield of 1.26% [1]. - FactSet Research Systems (FDS) achieved a 3.2% year-over-year increase in adjusted diluted earnings to $4.51 per share in Q1 FY2026 and has a 27-year history of consecutive dividend increases, providing a dividend yield of 2.03% [1]. - United Bankshares (UBSI) reported record earnings of $464.6 million for 2025, up from $373 million in 2024, and has a 37-year history of uninterrupted dividend growth, offering a 3.63% annual yield [1][2]. Group 2: Investment Considerations - Investing in Dividend Aristocrats is seen as a strategy for building a reliable dividend portfolio, as these companies have demonstrated a strong commitment to returning cash to shareholders over decades [1]. - The article emphasizes the importance of selecting financially stable companies with a proven track record of dividend increases, which can provide reassurance to investors [1].

United Bankshares, Inc. (UBSI) Investor Presentation March 2, 2026 FORWARD LOOKING STATEMENTS This presentation and statements made by United Bankshares, Inc. ("UBSI") 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 Re ...

Dividends and Capital Requirements - United Bank's dividends are primarily sourced from its liquidity, with regulatory limitations imposed by the Federal Reserve Board on the total dividends declared[70]. - The Federal Reserve Board has discouraged maximum allowable dividend payment ratios unless asset quality and capital are very strong, impacting United's dividend policy[71]. - United's ability to pay dividends may be adversely affected by limitations on receiving dividends from United Bank, which could impact liquidity[70]. - Future cash dividend payments depend on United's earnings, liquidity, and regulatory climate, with restrictions imposed by the Federal Reserve Board[169]. - As of December 31, 2025, approximately $510.1 million was available for dividend payments from United Bank to United without regulatory approval[170]. - United and United Bank must comply with Basel III Capital Rules, requiring a minimum Common Equity Tier 1 (CET1) ratio of 4.5% plus a 2.5% capital conservation buffer, totaling 7.0%[84]. - The Basel III Capital Rules require United and United Bank to maintain a minimum Tier 1 capital ratio of 6.0% plus the capital conservation buffer, totaling 8.5%[84]. Regulatory Environment - The FDIC increased the initial base deposit insurance assessment rates for insured depository institutions by 2 basis points starting in 2023, raising insurance costs for United Bank[76]. - A special assessment was implemented by the FDIC to recover losses associated with protecting uninsured depositors, with an annual rate of approximately 13.4 basis points for eight quarterly assessment periods[77]. - The Community Reinvestment Act (CRA) requires United Bank to meet the credit needs of its market areas, with a "Satisfactory" rating received in its most recent evaluation[94]. - United Bank is subject to limitations on deposit acquisitions in West Virginia, where it cannot control more than 25% of total deposits held by insured depository institutions in the state[94]. - The CFPB reduced its staff by over 80% during 2025, impacting banking organizations like United Bank, with uncertain regulatory consequences[98]. - The Anti-Money Laundering Act of 2020 introduced comprehensive reforms to U.S. bank secrecy and anti-money laundering laws, requiring additional rulemakings and reports[101]. - In August 2024, FinCEN extended anti-money laundering obligations to registered investment advisers, with the effective date delayed to January 1, 2028[102]. Business Risks - Changes in interest rates significantly affect United's net interest income, which is the difference between interest income earned and interest expense incurred[162]. - Potential acquisitions may disrupt United's business and dilute shareholder value, with risks including exposure to unknown liabilities and asset quality issues[163]. - Regulatory approvals for acquisitions may be delayed or denied due to compliance issues, impacting United's ability to pursue strategic opportunities[167]. - Stock price volatility can affect United shareholders' ability to resell common stock at attractive prices, influenced by market fluctuations and economic conditions[168]. - United's ability to raise additional capital will depend on market conditions and its financial performance, with potential adverse effects if capital cannot be raised when needed[176]. - The company faces risks from changes in accounting methods that could negatively impact its results of operations and financial condition[177]. - A significant portion of United's loan portfolio is secured by real property, which may expose the company to environmental liabilities and costs[180]. - Severe weather, natural disasters, and public health issues could significantly impact United's ability to conduct business and its financial condition[181]. - High inflation and economic downturns in the Mid-Atlantic and Southeast regions could deteriorate the quality of United's loan portfolio and reduce demand for its products[183]. - Climate-related risks may materially affect United's business and results of operations, including potential regulatory and compliance costs[184]. Cybersecurity and Risk Management - The company employs a layered approach to cybersecurity, with ongoing assessments and improvements to protect against evolving threats[190]. - The Chief Risk & Information Officer oversees the risk management function, reporting directly to the CEO and the Board Risk Committee[196]. - The Information Security department integrates with vendor management and disaster recovery, maintaining a formal cybersecurity program based on industry standards[200].

Core Viewpoint - United Bankshares, Inc. will present at the Raymond James 47th Annual Institutional Investors Conference, discussing its financial performance and corporate objectives [1][2]. Group 1: Presentation Details - The presentation is scheduled for March 2, 2026, at 1:40 p.m. (Eastern) and will last approximately 30 minutes [1][2]. - The event will be streamed online, and an archived webcast will be available for one year after the event [2]. Group 2: Company Overview - United Bankshares, Inc. has consolidated assets of approximately $34 billion as of December 31, 2025 [3]. - The company operates over 240 offices across multiple states, including Washington, D.C., Virginia, West Virginia, and others [3]. - United's stock is traded on the NASDAQ Global Select Market under the symbol "UBSI" [3].

Company Overview - United Bankshares (UBSI) is based in Charleston and operates in the Finance sector, with a year-to-date share price change of 10.94% [3] - The company currently pays a dividend of $0.38 per share, resulting in a dividend yield of 3.57%, which is significantly higher than the Banks - Southeast industry's yield of 2.03% and the S&P 500's yield of 1.37% [3] Dividend Performance - The annualized dividend of United Bankshares is $1.52, reflecting a 2% increase from the previous year [4] - Over the past five years, the company has increased its dividend two times on a year-over-year basis, with an average annual increase of 1.39% [4] - The current payout ratio stands at 46%, indicating that the company pays out 46% of its trailing 12-month earnings per share as dividends [4] Earnings Expectations - The Zacks Consensus Estimate for earnings per share in 2026 is $3.54, with an expected increase of 8.26% from the previous year [5] - The company is anticipated to experience earnings expansion this fiscal year, which will influence future dividend growth [5] Investment Appeal - UBSI is considered a compelling investment opportunity due to its attractive dividend yield and strong Zacks Rank of 2 (Buy) [6] - The company is viewed as a solid dividend option, particularly in contrast to high-growth businesses or tech start-ups that typically do not offer dividends [6]

Company Overview - United Bankshares (UBSI) is based in Charleston and operates in the Finance sector, with a year-to-date share price change of 18.54% [3] - The company currently pays a dividend of $0.38 per share, resulting in a dividend yield of 3.34%, which is significantly higher than the Banks - Southeast industry's yield of 2.12% and the S&P 500's yield of 1.34% [3] Dividend Performance - The annualized dividend of United Bankshares is $1.52, reflecting a 2% increase from the previous year [4] - Over the past five years, the company has increased its dividend two times on a year-over-year basis, with an average annual increase of 1.39% [4] - The current payout ratio stands at 46%, indicating that the company pays out 46% of its trailing 12-month earnings per share as dividends [4] Earnings Expectations - The Zacks Consensus Estimate for earnings in 2026 is projected at $3.54 per share, with an expected earnings growth of 8.26% compared to the previous year [5] - The company is anticipated to experience earnings expansion in the current fiscal year [5] Investment Appeal - United Bankshares is characterized as an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [6]

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Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1]. Company Overview: United Bankshares (UBSI) - United Bankshares currently holds a Momentum Style Score of A, indicating strong momentum potential [3]. - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with a Style Score of A or B [4]. Performance Metrics - Over the past week, UBSI shares increased by 2.1%, outperforming the Zacks Banks - Southeast industry, which rose by 1.25% [6]. - In the last month, UBSI's price change was 13.82%, significantly higher than the industry's 7.74% [6]. - Over the past quarter, UBSI shares rose by 22.06%, while the S&P 500 only increased by 1.9% [7]. - Year-to-date, UBSI shares are up 15.38%, compared to the S&P 500's 15.32% increase [7]. Trading Volume - UBSI's average 20-day trading volume is 1,000,581 shares, which serves as a bullish indicator when the stock price rises with above-average volume [8]. Earnings Outlook - In the last two months, two earnings estimates for UBSI have been revised upward, increasing the consensus estimate from $3.41 to $3.58 [10]. - For the next fiscal year, two estimates have also moved higher, with no downward revisions [10]. Conclusion - Given the strong performance metrics and positive earnings outlook, UBSI is positioned as a strong momentum pick and should be considered for investment [12].