Table of Contents (State or other jurisdiction of incorporation or organization) 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, 2019 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 spe ...

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, 2019 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 ...

United Bankshares, Inc. Third Quarter 2019 Earnings Review October 24, 2019 1 Forward-Looking Statements 2 This presentation and statements made by United Bankshares, Inc. ("United") and its management may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use the words "projects", "targets", "intends ...

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 June 30, 2019 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 ...

Financial Data and Key Metrics Changes - The company reported a 10.5% increase in earnings year-over-year for the first six months of 2019, totaling $7 million or $0.32 per share, an increase of $671,000 compared to the same period in 2018 [7] - Net income for the second quarter of 2019 was $3.5 million, with an annualized return on assets of 1.01% and return on equity of 9.79% [14][15] - The tax-equivalent net interest margin was 3.69% for the second quarter, slightly lower than 3.73% for the same period in 2018 [11][18] Business Line Data and Key Metrics Changes - Loan growth, excluding PCI loans, increased approximately $57 million or just under 6% year-over-year, with a $30.5 million increase for the first six months, representing just over 6% annualized growth [8] - Non-interest-bearing deposits grew by $28.4 million, or 18.7% year-over-year, compared to 9.7% growth for the same period from June 2017 to June 2018 [9] - Non-interest income increased by 43.1% on a linked quarter basis, driven by gains on the sale of securities and increases in service charges and mortgage loan income [11][12] Market Data and Key Metrics Changes - The average balance of non-interest-bearing deposits grew by $15.2 million year-over-year, contributing to the stability of the net interest margin despite rising funding costs [19] - The company noted that 61.7% of its loan portfolio is adjustable rate, which may benefit from anticipated lower interest rates [21] Company Strategy and Development Direction - The company is focused on maintaining demand deposit growth and improving its funding mix to lower costs, especially in a declining interest rate environment [28] - There is an emphasis on enhancing customer service through digital banking platforms and call centers to gain profitable market share [29] - The management is considering stock buybacks and remains open to M&A opportunities, although the market is currently quiet [40][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain growth rates and improve profitability despite a challenging interest rate environment [27][30] - The company is committed to a disciplined approach to growth and pricing, aiming to lower funding costs and improve efficiency [28][66] - Management anticipates a rebound in loan growth and net interest income in the upcoming quarters, despite recent challenges [83] Other Important Information - The company recorded a provision for loan losses of $125,000 in the second quarter of 2019, reflecting improved asset quality compared to the previous year [16] - One-time costs of $254,000 impacted net income for the second quarter, but management expects these costs to improve future run rates [15] Q&A Session Summary Question: Timing of loan growth and interest income impact - Management noted significant loan growth occurred towards the end of the quarter, which should positively impact interest income in the upcoming quarter [37] Question: Loan growth expectations for the year - Management confirmed expectations for loan growth around 6% for the year, with a strong pipeline of projects [38] Question: Update on M&A and capital strategy - Management is considering stock buybacks and remains open to M&A discussions, although activity is currently slow [39] Question: Outlook for net interest margin - Management anticipates the net interest margin to remain stable in the 3.69% to 3.77% range for the next quarter [52] Question: Provisioning and asset quality concerns - Management indicated no significant deterioration in credit quality and expects to budget for an additional $400,000 in provisions for the second half of the year [73] Question: Operating expenses outlook - Management suggested operating expenses in the second half of the year would be around $8.5 million per quarter [79]

United Bankshares, Inc. Second Quarter 2019 Earnings Review July 25, 2019 1 Forward-Looking Statements 2 This presentation and statements made by United Bankshares, Inc. ("United") and its management may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use the words "projects", "targets", "intends", ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OR ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 ☐ 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 ...

Financial Data and Key Metrics Changes - Net income for Q1 2019 was $3.5 million, an increase from $2.6 million in Q1 2018 and $3.4 million in Q4 2018, leading to fully diluted earnings per share of $0.16, up from $0.12 in 2018 [8][10] - The return on average assets (ROA) for Q1 2019 was 1.01%, and the return on average equity (ROE) was 10.02% [10] - Non-interest expenses decreased by $526,000 or 5.6% year-over-year, totaling $8.84 million in Q1 2019 [7][13] Business Line Data and Key Metrics Changes - Loans excluding the purchase, credit, and payer portfolio grew by $4.2 million in Q1 2019, with total loans increasing by $33.7 million or 3.5% year-over-year [5][12] - The yield on loans increased from 4.68% in Q1 2018 to 5.04% in Q1 2019 [6] Market Data and Key Metrics Changes - Non-interest bearing deposit growth was $15.7 million or 10.4% year-over-year, with non-interest bearing deposits making up 14.2% of total deposits by March 31, 2019 [12][13] - The net interest margin for Q1 2019 was 3.81%, above the average of 3.77% since Q4 2015 [12] Company Strategy and Development Direction - The company aims to increase shareholder value by focusing on quality loan growth, non-interest bearing deposit growth, margin preservation, and expense control [11][15] - The strategy includes maintaining a fortress balance sheet to allow flexibility in an unpredictable interest rate environment [15][18] Management's Comments on Operating Environment and Future Outlook - Management expects loan growth to settle in the 6% range for the year, with a stable outlook for the net interest margin [22][23] - The company remains optimistic about future earnings growth despite competitive pressures in the banking sector [18] Other Important Information - The company paid its first dividend in over nine years during this quarter [9] - Management is focused on enhancing digital banking capabilities and controlling non-interest expenses [7][17] Q&A Session Summary Question: Outlook for loan growth for the remainder of the year - Management anticipates loan growth to be in the 6% range for the year [22] Question: Outlook for the margin without more rate hikes - Management expects the margin to remain stable, with potential slight upticks depending on loan growth [23] Question: Plans for additional branch expansions - One branch is scheduled for closure, with potential for one additional office in Lynchburg and Maryland [27] Question: Outlook on expenses - Management expects expenses to remain stable, with a focus on efficiency [29] Question: View on capital and M&A activity - The company has good capital strength and is selectively looking at M&A opportunities [30] Question: Changes in tax rate outlook - No changes expected in the effective tax rate [31] Question: Expectations for ROA and drivers for improvement - Management targets an ROA above 1%, focusing on deposit mix and expense control [34] Question: Provisioning outlook for the rest of the year - Management expects to see provisions for the next three quarters due to growth [43]

Washington, D.C. 20549 [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 002-86947 United Bankshares, Inc. (Exact name of registrant as specified in its charter) West Virginia 55-0641179 (State or ...

Financial Highlights - The company achieved a record Net Income of $256.3 million for FY 2018[12] - The company achieved record diluted Earnings Per Share of $2.45 for FY 2018[12] - Total Assets were $19.3 billion[8] - Net Loans were $13.7 billion[8] - Total Deposits were $14.0 billion[8] Performance Ratios - Return on average assets was 1.36% for FY 2018[12] - Return on equity was 7.84% for FY 2018[12] - Return on tangible equity was 14.65% for FY 2018[12] - The efficiency ratio was 51.3% for FY 2018[12] Loan and Deposit Portfolio - Total Gross Loans were $13.430 billion as of 4Q18[29] - Total Deposits were $13.995 billion as of 4Q18[35]