Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR (Exact name of registrant as specified in its charter) West Virginia 55-0641179 (State or other jurisdiction of incorporation or organization) 300 United Center 500 Virginia Street, East Charleston, West Virginia 25301 (Address of principal executive offices) Zip Code ...

Financial Data and Key Metrics Changes - Net income for Q3 2021 was $6.5 million, an increase from $5.4 million in Q2 2021 and $4.5 million in Q3 2020 [8] - Provision for loan losses reflected a credit of $1.25 million in Q3 2021, compared to no provision in Q2 2021, indicating improved credit quality [9] - Net interest income increased by $298,000 or 2.1% in Q3 2021 compared to Q2 2021, driven by decreasing interest expense [9] - The net interest margin was 3.52% in Q3 2021, slightly down from 3.58% in Q2 2021 [10] Business Line Data and Key Metrics Changes - Loans excluding purchase credit impaired loans grew by $39.1 million or 3.3% during Q3 2021, and $53.3 million or 4.5% year-over-year [14] - Nonperforming assets were $4 million at September 30, 2021, down from $4.6 million a year earlier, with a non-performing assets to loans ratio of 0.33% [14] Market Data and Key Metrics Changes - Deposits grew by $10 million or 0.7% during Q3 2021 and increased by $129.5 million or 9.5% year-over-year [15] - Noninterest bearing deposits grew by $64 million or 22.7% year-over-year [16] Company Strategy and Development Direction - The company is preparing for a merger with United Bank, expected to be completed by the end of Q4 2021, which is anticipated to enhance market share and customer value [5][20] - The management emphasizes the importance of strong credit and risk management practices as part of their strategic focus [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future as they merge with one of the largest banks in Virginia, highlighting the strong balance sheet and superior returns [22] - The management team reflected on the positive transformation of the company over the years, noting significant improvements in performance and shareholder returns [21] Other Important Information - The company has experienced a significant turnaround since the management change, with shares previously trading below $1 [21] - The management team thanked the board and employees for their commitment and contributions to the company's success [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [24][25]

For the quarterly period ended June 30, 2021 Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 002-86947 United Bankshares, Inc. (Exact name of registrant as specified in its charter) West Virginia 55-0641179 (State or o ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 002-86947 United Bankshares, Inc. (Exact name of registrant as specified in its charter) West Virginia 55-0641179 (State or ...

Community Bankers Trust Corporation (ESXB) Q1 2021 Earnings Conference Call April 30, 2021 11:00 AM ET Company Participants Rex Smith - President and CEO Bruce Thomas - CFO Conference Call Participants Casey Whitman - Piper Sandler Stuart Lotz - KBW John Rodis - Janney Operator Good day, and welcome to the Community Bankers Trust Corporation First Quarter 2021 Earnings Conference Call. All participants will be in the listen-only mode. [Operator Instructions] Please note, this event is being recorded. I woul ...

HARES, March 2021 1 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 stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 002-86947 United Bankshares, Inc. (Exact name of registrant as specified in its charter) West Virginia 55-0641179 (State or other ...

United Bankshares, Inc. Fourth Quarter & Fiscal Year 2020 Earnings Review January 28, 2021 1 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 Pri ...

Community Bankers Trust Corporation (ESXB) Q4 2020 Results Conference Call January 29, 2021 10:00 AM ET Company Participants Rex Smith - President and CEO Bruce Thomas - CFO Conference Call Participants Casey Whitman - Piper Sandler Stuart Lotz - KBW John Rodis - Janney Brody Preston - Stephens, Inc. Operator Good morning, and welcome to the Community Bankers Trust Corporation Fourth Quarter and Year 2020 Results Conference Call. All participants will be in the listen-only mode. [Operator Instructions] Afte ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements reflect significant asset and equity growth, driven by the Carolina Financial acquisition, with Q3 2020 net income rising to **$103.78 million** [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets significantly increased to **$25.93 billion** by September 30, 2020, primarily driven by the Carolina Financial acquisition, leading to substantial growth in loans, deposits, and equity Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$25,931,308** | **$19,662,324** | | Total cash and cash equivalents | $1,656,533 | $837,493 | | Net loans and leases | $17,704,419 | $13,635,072 | | Goodwill | $1,794,886 | $1,478,014 | | **Total Liabilities** | **$21,663,867** | **$16,298,491** | | Total deposits | $20,251,539 | $13,852,421 | | FHLB borrowings | $645,249 | $1,851,865 | | **Total Shareholders' Equity** | **$4,267,441** | **$3,363,833** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2020 net income increased to **$103.8 million**, driven by strong mortgage banking income, while nine-month net income remained flat due to higher credit loss provisions and merger expenses Key Income Statement Data (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | 9 Months 2020 | 9 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $185,664 | $141,918 | $497,784 | $436,639 | | Provision for credit losses | $16,781 | $5,033 | $89,811 | $15,446 | | Total other income | $135,468 | $42,224 | $260,664 | $113,242 | | Income from mortgage banking | $109,457 | $24,019 | $195,301 | $59,404 | | Total other expense | $171,593 | $96,134 | $422,100 | $285,754 | | **Net Income** | **$103,784** | **$65,965** | **$196,653** | **$196,814** | | **Diluted EPS** | **$0.80** | **$0.65** | **$1.68** | **$1.93** | [Consolidated Statement of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased by **$903.6 million** to **$4.27 billion**, primarily driven by share issuance for the Carolina Financial acquisition, partially offset by CECL adoption and dividends - The acquisition of Carolina Financial Corporation in Q2 2020 added **$817.8 million** to equity through the issuance of **28,031,501 shares**[18](index=18&type=chunk) - The adoption of the new credit loss standard (ASU 2016-13) on January 1, 2020, resulted in a cumulative effect adjustment that reduced retained earnings by **$44.3 million**[18](index=18&type=chunk) - Cash dividends paid to common shareholders totaled **$117.3 million** for the nine months ended September 30, 2020[18](index=18&type=chunk)[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$819.0 million** for the nine months ended September 30, 2020, primarily driven by financing activities, offsetting uses in operating and investing activities Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(45,337) | $90,956 | | Net Cash Used in Investing Activities | $(24,637) | $(286,845) | | Net Cash Provided by Financing Activities | $889,014 | $151,647 | | **Increase (decrease) in cash and cash equivalents** | **$819,040** | **$(44,242)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, the Carolina Financial acquisition, CECL adoption, and provide breakdowns of investment portfolio, loan quality, and segment performance [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant impact of COVID-19, the Carolina Financial acquisition, and CECL adoption on financial condition and operating results, highlighting asset growth and Q3 2020 net income - The COVID-19 pandemic severely impacted operations, increasing credit loss provisions, with United processing nearly **9,000 PPP loans** totaling over **$1.29 billion**[261](index=261&type=chunk)[266](index=266&type=chunk) - The Carolina Financial acquisition on May 1, 2020, added **$5.0 billion** in assets and resulted in **$53.68 million** in merger-related expenses for the first nine months of 2020[276](index=276&type=chunk)[278](index=278&type=chunk) - The adoption of the CECL standard (ASU 2016-13) on January 1, 2020, increased the allowance for credit losses by **$57.44 million** and decreased retained earnings by **$44.33 million**[274](index=274&type=chunk) [Financial Condition](index=70&type=section&id=Financial%20Condition) Total assets grew 31.9% to **$25.93 billion** by September 30, 2020, driven by the Carolina Financial acquisition and PPP loans, with significant increases in loans, deposits, and equity Change in Key Balance Sheet Items (in billions) | Account | Sep 30, 2020 | Dec 31, 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Assets | $25.93 | $19.66 | $6.27 | 31.88% | | Portfolio Loans & Leases | $17.93 | $13.71 | $4.22 | 30.76% | | Deposits | $20.25 | $13.85 | $6.40 | 46.19% | | Borrowings | $1.07 | $2.21 | $(1.14) | (51.51%) | | Shareholders' Equity | $4.27 | $3.36 | $0.91 | 26.86% | [Results of Operations](index=76&type=section&id=Results%20of%20Operations) Q3 2020 net income rose to **$103.8 million** due to strong noninterest income, primarily mortgage banking, offsetting higher credit loss provisions and noninterest expenses - Net interest income for Q3 2020 increased **30.8%** to **$185.7 million**, driven by higher earning assets from the Carolina Financial acquisition and lower funding costs[337](index=337&type=chunk) - Provision for credit losses for the first nine months of 2020 significantly increased to **$89.8 million** due to CECL adoption and adverse COVID-19 economic forecasts[339](index=339&type=chunk) - Noninterest income for Q3 2020 grew **220.8%** to **$135.5 million**, primarily due to an **$85.4 million** increase in mortgage banking income[387](index=387&type=chunk)[388](index=388&type=chunk) - Noninterest expense for the first nine months of 2020 increased **47.7%** to **$422.1 million**, driven by **$53.7 million** in merger-related expenses and **$10.4 million** in FHLB prepayment penalties[394](index=394&type=chunk)[403](index=403&type=chunk)[404](index=404&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=90&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with simulations showing sensitivity to rate changes, and management actively monitors extension risk in its mortgage-related securities portfolio Estimated Net Interest Income Sensitivity | Change in Interest Rates (bps) | % Change in NII (Sep 30, 2020) | % Change in NII (Dec 31, 2019) | | :--- | :--- | :--- | | +200 | (2.90%) | (2.37%) | | +100 | (1.80%) | (1.09%) | | -100 | 0.50% | 0.86% | - The company's **$1.4 billion** mortgage-related securities portfolio is structured to mitigate extension risk, with fixed-rate CMOs having a limited average life extension even in a significant rate shock[438](index=438&type=chunk)[439](index=439&type=chunk) [Controls and Procedures](index=93&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2020[446](index=446&type=chunk) - No material changes to internal control over financial reporting occurred during the third quarter of 2020[448](index=448&type=chunk) [PART II. OTHER INFORMATION](index=94&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides disclosures on legal proceedings, updated risk factors, unregistered equity sales, and a list of filed exhibits [Legal Proceedings](index=94&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, which management expects to resolve without material effect on its financial position - United and its subsidiaries are involved in various legal proceedings arising from the normal course of business, which are not expected to have a material effect on the company's financial position[450](index=450&type=chunk) [Risk Factors](index=94&type=section&id=Item%201A.%20Risk%20Factors) The company supplements existing risk factors with new disclosures concerning the COVID-19 pandemic, mortgage servicing obligations, and Paycheck Protection Program participation - The COVID-19 pandemic continues to pose a significant risk, with potential adverse effects on business, financial condition, and results of operations due to economic uncertainty and market volatility[452](index=452&type=chunk) - The company faces risks related to its mortgage servicing operations, including potential termination as a servicer or requirements to repurchase loans if servicing obligations are not met[458](index=458&type=chunk)[462](index=462&type=chunk) - As a participating lender in the Paycheck Protection Program (PPP), the company is subject to litigation risk and the risk that the SBA may not fully honor loan guarantees[464](index=464&type=chunk)[466](index=466&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=97&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2020, United repurchased 6 shares of common stock for a deferred compensation plan, with **4,000,000 shares** remaining available under the 2019 repurchase plan Share Repurchases in Q3 2020 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jul 2020 | 0 | $0.00 | | Aug 2020 | 6 | $26.08 | | Sep 2020 | 0 | $0.00 | | **Total** | **6** | **$26.08** | - As of September 30, 2020, **4,000,000 shares** may yet be purchased under the 2019 publicly announced repurchase plan[469](index=469&type=chunk) [Exhibits](index=98&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the merger agreement, corporate governance documents, and CEO/CFO certifications - Key exhibits filed include the CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, and the Interactive Data File (iXBRL)[474](index=474&type=chunk)