WASHINGTON, D.C. & CHARLESTON, W.Va., April 24, 2025--(BUSINESS WIRE)--United Bankshares, Inc. (NASDAQ: UBSI) ("United"), today reported earnings for the first quarter of 2025 of $84.3 million, or $0.59 per diluted share. The first quarter of 2025 was highlighted by record net interest income, net interest margin expansion, resumption of share repurchases, and the consummation of the previously announced acquisition of Atlanta-based Piedmont Bancorp, Inc. ("Piedmont") including completion of the systems conversion. As a result of the acquisition, the first quarter of 2025 was impacted by increased levels of average balances, income, and expense, including $30.0 million, or approximately $0.17 per diluted share, in merger-related noninterest expenses and merger-related provision for credit losses. First quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.06%, 6.47%, and 10.61%, respectively.

"This quarter we officially welcomed Piedmont to the United family and we are very excited about entering the Atlanta market," stated Richard M. Adams, Jr., United’s Chief Executive Officer. "Closing a deal always brings a lot of noise to the quarter, but that shouldn’t overshadow the excellent results we posted when adjusting for the acquisition. UBSI continues to perform at a high level and have success in these challenging and uncertain times."

Earnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share, and annualized returns on average assets, average equity, and average tangible equity for the fourth quarter of 2024 were 1.25%, 7.48%, and 12.03%, respectively. Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.19%, 7.25%, and 11.98%, respectively.

First quarter of 2025 compared to the fourth quarter of 2024

Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, as compared to earnings of $94.4 million, or $0.69 per diluted share, for the fourth quarter of 2024.

Net interest income for the first quarter of 2025 was a record $260.1 million, an increase of $27.5 million, or 12%, from the fourth quarter of 2024. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the first quarter of 2025 increased $27.4 million, or 12%, from the fourth quarter of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets largely from the Piedmont acquisition and a lower average rate paid on deposits partially offset by an increase in average interest-bearing deposits, also largely from the Piedmont acquisition. Average earning assets increased $1.9 billion, or 7%, from the fourth quarter of 2024 driven by increases in average net loans and loans held for sale of $1.7 billion and average short-term investments of $324.0 million. These increases within average earning assets were partially offset by a decrease in average investment securities of $192.3 million mainly due to sales late in the fourth quarter of 2024. The cost of average interest-bearing deposits decreased 17 basis points from the fourth quarter of 2024 driven by deposit rate repricing. Average interest-bearing deposits increased $1.5 billion, or 8%, from the fourth quarter of 2024. Interest income and tax-equivalent net interest income for the first quarter of 2025 included $6.0 million of acquired loan accretion income as compared to $2.0 million for the fourth quarter of 2024. The net interest margin of 3.69% for the first quarter of 2025 was an increase of 20 basis points from the net interest margin of 3.49% for the fourth quarter of 2024.

Story Continues

The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated ("non-PCD") loans from Piedmont. The provision for credit losses was $6.7 million for the fourth quarter of 2024.

Noninterest income of $29.6 million for the first quarter of 2025 was flat from the fourth quarter of 2024, increasing $236 thousand, or less than 1%. Net gains on investment securities were $521 thousand for the first quarter of 2025 as compared to net losses on investment securities of $688 thousand for the fourth quarter of 2024. Fees from brokerage services increased $667 thousand from the fourth quarter of 2024. Partially offsetting these increases in noninterest income was a decrease in other noninterest income of $1.3 million.

Noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses while noninterest expense was $134.2 million for the fourth quarter of 2024, which included $1.3 million in merger-related expenses. The increase in noninterest expense was primarily due to increases in other noninterest expense of $6.7 million, the expense for the reserve for unfunded loan commitments of $4.7 million, employee compensation of $2.5 million and smaller increases in several other categories of noninterest expense mainly from the acquisition. The increase in other noninterest expense was driven by $6.0 million in merger-related expenses for the first quarter of 2025 as compared to $1.3 million for the fourth quarter of 2024, as well as higher amounts of certain general operating expenses. During the first quarter of 2025, United recorded $4.1 million in merger-related expense for the reserve for unfunded loan commitments related to the Piedmont acquisition. The increase in employee compensation was driven by $1.2 million in merger-related expenses and higher employee headcount for the first quarter of 2025 from the acquisition.

Income tax expense was $22.6 million for the first quarter of 2025 as compared to $26.7 million for the fourth quarter of 2024. This decrease in income tax expense was due to lower earnings and a lower effective tax rate driven by the impact of provision to return adjustments in the fourth quarter of 2024. United’s effective tax rate was 21.2% and 22.0% for the first quarter of 2025 and fourth quarter of 2024, respectively.

First quarter of 2025 compared to the first quarter of 2024

Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, as compared to earnings of $86.8 million, or $0.64 per diluted share, for the first quarter of 2024.

Net interest income for the first quarter of 2025 increased $37.6 million, or 17%, from the first quarter of 2024. Tax-equivalent net interest income for the first quarter of 2025 increased $37.5 million, or 17%, from the first quarter of 2024. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, and a decrease in average long-term borrowings partially offset by an increase in average interest-bearing deposits and a lower yield on average short-term investments. Average earning assets increased $2.5 billion, or 10%, from the first quarter of 2024 driven by increases in average net loans and loans held for sale of $1.9 billion and average short-term investments of $1.2 billion partially offset by a decrease in average investment securities of $709.6 million. The increase in average net loans and loans held for sale was largely driven by the Piedmont acquisition. The decrease in average investment securities was driven by sales during 2024. The cost of average interest-bearing deposits decreased 25 basis points from the first quarter of 2024. Average long-term borrowings decreased $945.6 million from the first quarter of 2024. Average interest-bearing deposits increased $2.7 billion from the first quarter of 2024. The yield on average short-term investments decreased 110 basis points from the first quarter of 2024. Interest income and tax-equivalent net interest income for the first quarter of 2025 included $6.0 million of acquired loan accretion income as compared to $2.5 million for the first quarter of 2024. The net interest margin of 3.69% for the first quarter of 2025 was an increase of 25 basis points from the net interest margin of 3.44% for the first quarter of 2024.

The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on non-PCD loans from Piedmont. The provision for credit losses was $5.7 million for the first quarter of 2024.

Noninterest income for the first quarter of 2025 was $29.6 million, a decrease of $2.7 million, or 8%, from the first quarter of 2024 primarily due to a decrease in income from mortgage banking activities of $2.8 million. The decrease in income from mortgage banking activities was mainly due to lower mortgage loan origination and sale volume.

Noninterest expense for the first quarter of 2025 was $153.6 million, which included $11.3 million in merger-related expenses while noninterest expense was $140.7 million for the first quarter of 2024. Other noninterest expense increased $7.6 million driven by $6.0 million in merger-related expenses recognized during the first quarter of 2025 and higher amounts of certain general operating expenses. The expense for the reserve for unfunded loan commitments increased $3.5 million driven by $4.1 million in expense recognized during the first quarter of 2025 related to the Piedmont acquisition partially offset by a decrease in loan commitments. Increases in several other categories of noninterest expense mainly from the acquisition were partially offset by a decrease in Federal Deposit Insurance Corporation ("FDIC") insurance expense. FDIC insurance expense for the first quarter of 2024 included $1.8 million in expense for the FDIC’s special assessment.

For the first quarter of 2025, income tax expense was $22.6 million as compared to $21.4 million for the first quarter of 2024. The increase of $1.2 million was due to a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 21.2% and 19.8% for the first quarter of 2025 and 2024, respectively.

Credit Quality

United’s asset quality continues to be sound. At March 31, 2025, non-performing loans ("NPLs") were $69.8 million, or 0.29% of loans & leases, net of unearned income. Total non-performing assets ("NPAs") were $71.3 million, including other real estate owned ("OREO") of $1.5 million, or 0.22% of total assets at March 31, 2025. At December 31, 2024, NPLs were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total NPAs were $73.7 million, including OREO of $327 thousand, or 0.25% of total assets at December 31, 2024.

As of March 31, 2025, the allowance for loan & lease losses was $310.4 million, or 1.30% of loans & leases, net of unearned income. At December 31, 2024, the allowance for loan & lease losses was $271.8 million, or 1.25% of loans & leases, net of unearned income. During the first quarter of 2025, United recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont purchased credit deteriorated ("PCD") loans of $17.5 million.

Net charge-offs were $8.0 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2025. Net charge-offs were $5.6 million, or 0.10% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2024. Net charge-offs were $2.1 million, or 0.04% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first quarter of 2024.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.7% at March 31, 2025, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.3%, 13.3%, and 11.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

During the first quarter of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 567 thousand shares of its common stock at an average price per share of $34.93. United did not repurchase any shares of its common stock during 2024.

About United Bankshares, Inc.

As of March 31, 2025, United had consolidated assets of approximately $33 billion and is the 41st largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which comprises more than 240 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its March 31, 2025 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2025 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP"). Generally, United has presented these "non-GAAP" financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

Tangible equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the "permanent" items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

Forward-Looking Statements

In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words "expect," "may," "could," "intend," "project," "estimate," "believe," "anticipate," and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these "forward-looking statements." The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the recently announced and future tariffs; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) risks related to the acquisition and integration of Piedmont including, among others, (i) the risk that the expected growth opportunities or cost savings from the acquisition may not be fully realized or may take longer to realize than expected, and (ii) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the acquisition; (4) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (5) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (6) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (7) competitive pressures on product pricing and services; (8) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (9) volatility and disruptions in global capital and credit markets; (10) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (11) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (12) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (13) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; and (14) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations;. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Three Months Ended EARNINGS SUMMARY:  March 2025  December 2024  March 2024 Interest income  $ 403,647   $ 376,034   $ 369,180  Interest expense   143,592    143,426    146,691  Net interest income   260,055    232,608    222,489  Provision for credit losses   29,103    6,691    5,740  Noninterest income   29,554    29,318    32,212  Noninterest expense   153,573    134,176    140,742  Income before income taxes   106,933    121,059    108,219  Income taxes   22,627    26,651    21,405  Net income  $ 84,306   $ 94,408   $ 86,814   PER COMMON SHARE:  Net income:  Basic  $ 0.59   $ 0.70   $ 0.64  Diluted   0.59    0.69    0.64  Cash dividends   0.37    0.37    0.37  Book value   37.19    36.89    35.56  Closing market price  $ 34.67   $ 37.55   $ 35.79  Common shares outstanding:  Actual at period end, net of treasury shares   142,891,148    135,346,628    135,192,675  Weighted average-basic   142,330,694    135,235,641    134,808,634  Weighted average-diluted   142,698,118    135,732,069    135,121,380   FINANCIAL RATIOS:  Return on average assets   1.06 %   1.25 %   1.19 % Return on average shareholders’ equity   6.47 %   7.48 %   7.25 % Return on average tangible equity (non-GAAP)(1)   10.61 %   12.03 %   11.98 % Average equity to average assets   16.42 %   16.72 %   16.36 % Net interest margin   3.69 %   3.49 %   3.44 %  PERIOD END BALANCES:  March 31

2025  December 31

2024  March 31

2024 Assets  $ 32,788,494   $ 30,023,545   $ 30,028,798  Earning assets   29,106,693    26,650,661    26,659,694  Loans & leases, net of unearned income   23,863,072    21,673,493    21,520,076  Loans held for sale   28,642    44,360    44,426  Investment securities   3,313,997    3,259,296    3,954,519  Total deposits   26,364,635    23,961,859    22,919,746  Shareholders’ equity   5,314,449    4,993,223    4,807,441   Note: (1) See information under the "Selected Financial Ratios" table for a reconciliation of non-GAAP measure.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Three Months Ended Consolidated Statements of Income  March  December  March 2025  2024  2024 Interest & Loan Fees Income (GAAP)  $ 403,647   $ 376,034   $ 369,180  Tax equivalent adjustment   782    795    872  Interest & Fees Income (FTE) (non-GAAP)   404,429    376,829    370,052  Interest Expense   143,592    143,426    146,691  Net Interest Income (FTE) (non-GAAP)   260,837    233,403    223,361   Provision for Credit Losses   29,103    6,691    5,740   Noninterest Income:  Fees from trust services   4,782    5,156    4,646  Fees from brokerage services   5,645    4,978    5,267  Fees from deposit services   9,307    9,473    8,971  Bankcard fees and merchant discounts   1,751    2,056    1,873  Other charges, commissions, and fees   1,081    868    858  Income from bank-owned life insurance   3,370    3,226    2,418  Income from mortgage banking activities   2,479    2,314    5,298  Mortgage loan servicing income   -    -    789  Net gains (losses) on investment securities   521    (688 )   (99 ) Other noninterest income   618    1,935    2,191  Total Noninterest Income   29,554    29,318    32,212   Noninterest Expense:  Employee compensation   60,866    58,343    59,293  Employee benefits   13,291    13,719    14,671  Net occupancy   12,601    11,070    12,343  Data processing   8,455    7,437    7,463  Amortization of intangibles   2,341    910    910  OREO expense   22    45    159  Net (gains) losses on the sale of OREO properties   (11 )   10    (83 ) Equipment expense   8,582    7,474    6,853  FDIC insurance expense   4,728    3,884    6,455  Mortgage loan servicing expense and impairment   -    -    1,015  Expense for the reserve for unfunded loan commitments   1,657    (3,062 )   (1,790 ) Other noninterest expense   41,041    34,346    33,453  Total Noninterest Expense   153,573    134,176    140,742   Income Before Income Taxes (FTE) (non-GAAP)   107,715    121,854    109,091   Tax equivalent adjustment   782    795    872   Income Before Income Taxes (GAAP)   106,933    121,059    108,219   Taxes   22,627    26,651    21,405   Net Income  $ 84,306   $ 94,408   $ 86,814   MEMO: Effective Tax Rate   21.16 %   22.01 %   19.78 %

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Consolidated Balance Sheets  March 2025  December 2024  March 2024  March 31  December 31 Q-T-D Average  Q-T-D Average  Q-T-D Average  2025  2024  Cash & Cash Equivalents  $ 2,376,426   $ 2,036,079   $ 1,131,565   $ 2,610,183   $ 2,292,244   Securities Available for Sale   3,047,164    3,245,428    3,717,961    3,002,984    2,959,719  Less: Allowance for credit losses   -    -    -    -    -  Net available for sale securities   3,047,164    3,245,428    3,717,961    3,002,984    2,959,719  Securities Held to Maturity   1,020    1,020    1,020    1,020    1,020  Less: Allowance for credit losses   (18 )   (19 )   (17 )   (18 )   (18 ) Net held to maturity securities   1,002    1,001    1,003    1,002    1,002  Equity Securities   21,016    9,012    8,946    21,514    21,058  Other Investment Securities   288,618    288,453    316,490    288,497    277,517  Total Securities   3,357,800    3,543,894    4,044,400    3,313,997    3,259,296  Total Cash and Securities   5,734,226    5,579,973    5,175,965    5,924,180    5,551,540   Loans held for sale   23,865    45,143    43,759    28,642    44,360  Commercial Loans & Leases   17,903,431    16,093,104    15,630,846    18,308,502    16,152,453  Mortgage Loans   4,756,253    4,709,802    4,757,005    4,768,669    4,702,720  Consumer Loans   827,996    873,961    1,090,632    796,907    825,325   Gross Loans   23,487,680    21,676,867    21,478,483    23,874,078    21,680,498  Unearned income   (11,885 )   (8,862 )   (13,631 )   (11,006 )   (7,005 ) Loans & Leases, net of unearned income   23,475,795    21,668,005    21,464,852    23,863,072    21,673,493  Allowance for Loan & Lease Losses   (308,225 )   (270,751 )   (259,341 )   (310,424 )   (271,844 ) Net Loans   23,167,570    21,397,254    21,205,511    23,552,648    21,401,649  Mortgage Servicing Rights   -    -    4,427    -    -  Goodwill   2,022,411    1,888,889    1,888,889    2,023,604    1,888,889  Other Intangibles   38,564    9,446    12,185    39,289    8,866  Operating Lease Right-of-Use Asset   87,363    82,505    86,375    86,832    81,742  Other Real Estate Owned   467    190    2,668    1,475    327  Bank-Owned Life Insurance   534,042    495,839    488,401    538,733    497,181  Other Assets   571,732    513,487    524,203    593,091    548,991  Total Assets  $ 32,180,240   $ 30,012,726   $ 29,432,383   $ 32,788,494   $ 30,023,545   MEMO: Interest-earning Assets  $ 28,568,541   $ 26,687,835   $ 26,087,458   $ 29,106,693   $ 26,650,661   Interest-bearing Deposits  $ 19,367,638   $ 17,871,685   $ 16,663,765   $ 19,883,758   $ 17,826,446  Noninterest-bearing Deposits   6,471,287    6,099,264    5,941,866    6,480,877    6,135,413  Total Deposits   25,838,925    23,970,949    22,605,631    26,364,635    23,961,859   Short-term Borrowings   167,080    180,070    203,570    176,015    176,090  Long-term Borrowings   554,614    540,247    1,500,237    550,623    540,420  Total Borrowings   721,694    720,317    1,703,807    726,638    716,510   Operating Lease Liability   92,491    87,935    92,480    91,921    86,771  Other Liabilities   243,588    214,456    213,989    290,851    265,182  Total Liabilities   26,896,698    24,993,657    24,615,907    27,474,045    25,030,322   Preferred Equity   -    -    -    -    -  Common Equity   5,283,542    5,019,069    4,816,476    5,314,449    4,993,223  Total Shareholders' Equity   5,283,542    5,019,069    4,816,476    5,314,449    4,993,223   Total Liabilities & Equity  $ 32,180,240   $ 30,012,726   $ 29,432,383   $ 32,788,494   $ 30,023,545   MEMO: Interest-bearing Liabilities  $ 20,089,332   $ 18,592,002   $ 18,367,572   $ 20,610,396   $ 18,542,956

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Three Months Ended March  December  March Quarterly Share Data:  2025  2024  2024 Earnings Per Share:  Basic  $ 0.59   $ 0.70   $ 0.64  Diluted  $ 0.59   $ 0.69   $ 0.64  Common Dividend Declared Per Share  $ 0.37   $ 0.37   $ 0.37  High Common Stock Price  $ 39.56   $ 44.43   $ 38.18  Low Common Stock Price  $ 33.81   $ 35.31   $ 32.92  Average Shares Outstanding (Net of Treasury Stock):  Basic   142,330,694    135,235,641    134,808,634  Diluted   142,698,118    135,732,069    135,121,380  Common Dividends  $ 53,336   $ 50,259   $ 50,213  Dividend Payout Ratio   63.26 %   53.24 %   57.84 %  March 31  December 31  March 31 EOP Share Data:  2025  2024  2024 Book Value Per Share  $ 37.19   $ 36.89   $ 35.56  Tangible Book Value Per Share (non-GAAP) (1)  $ 22.76   $ 22.87   $ 21.50  52-week High Common Stock Price  $ 44.43   $ 44.43   $ 38.74  Date  11/25/24  11/25/24  12/14/23 52-week Low Common Stock Price  $ 30.68   $ 30.68   $ 25.35  Date  6/11/24  06/11/24  10/24/23  EOP Shares Outstanding (Net of Treasury Stock):   142,891,148    135,346,628    135,192,675   Memorandum Items:  Employees (full-time equivalent)   2,790    2,591    2,716   Note:  (1) Tangible Book Value Per Share:  Total Shareholders' Equity (GAAP)  $ 5,314,449   $ 4,993,223   $ 4,807,441  Less: Total Intangibles   (2,062,893 )   (1,897,755 )   (1,900,484 ) Tangible Equity (non-GAAP)  $ 3,251,556   $ 3,095,468   $ 2,906,957  ÷ EOP Shares Outstanding (Net of Treasury Stock)   142,891,148    135,346,628    135,192,675  Tangible Book Value Per Share (non-GAAP)  $ 22.76   $ 22.87   $ 21.50

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Three Months Ended March 2025  Three Months Ended December 2024  Three Months Ended March 2024 Selected Average Balances and Yields:  Average    Average  Average    Average  Average    Average ASSETS:  Balance  Interest(1)  Rate(1)  Balance  Interest(1)  Rate(1)  Balance  Interest(1)  Rate(1) Earning Assets:  Federal funds sold and securities purchased under agreements to resell and other short-term investments  $ 2,131,157   $ 23,726  4.51 %  $ 1,807,207   $ 21,876  4.82 %  $ 882,656   $ 12,303  5.61 % Investment securities:  Taxable   3,048,058    26,911  3.53 %   3,242,979    29,244  3.61 %   3,743,157    34,722  3.71 % Tax-exempt   197,891    1,486  3.00 %   195,252    1,374  2.81 %   212,375    1,474  2.78 % Total securities   3,245,949    28,397  3.50 %   3,438,231    30,618  3.56 %   3,955,532    36,196  3.66 % Loans and loans held for sale, net of unearned income (2)   23,499,660    352,306  6.07 %   21,713,148    324,335  5.95 %   21,508,611    321,553  6.01 % Allowance for loan & lease losses   (308,225 )       (270,751 )       (259,341 )  Net loans and loans held for sale   23,191,435     6.15 %   21,442,397     6.02 %   21,249,270     6.08 % Total earning assets   28,568,541   $ 404,429  5.73 %   26,687,835   $ 376,829  5.62 %   26,087,458   $ 370,052  5.70 % Other assets   3,611,699        3,324,891        3,344,925  TOTAL ASSETS  $ 32,180,240       $ 30,012,726       $ 29,432,383   LIABILITIES:  Interest-Bearing Liabilities:  Interest-bearing deposits  $ 19,367,638   $ 136,288  2.85 %  $ 17,871,685   $ 135,690  3.02 %  $ 16,663,765   $ 128,377  3.10 % Short-term borrowings   167,080    1,450  3.52 %   180,070    1,630  3.60 %   203,570    2,082  4.11 % Long-term borrowings   554,614    5,854  4.28 %   540,247    6,106  4.50 %   1,500,237    16,232  4.35 % Total interest-bearing liabilities   20,089,332    143,592  2.90 %   18,592,002    143,426  3.07 %   18,367,572    146,691  3.21 % Noninterest-bearing deposits   6,471,287        6,099,264        5,941,866  Accrued expenses and other liabilities   336,079        302,391        306,469  TOTAL LIABILITIES   26,896,698        24,993,657        24,615,907  SHAREHOLDERS’ EQUITY   5,283,542        5,019,069        4,816,476  TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $ 32,180,240       $ 30,012,726       $ 29,432,383  NET INTEREST INCOME    $ 260,837      $ 233,403      $ 223,361  INTEREST RATE SPREAD      2.83 %      2.55 %      2.49 % NET INTEREST MARGIN      3.69 %      3.49 %      3.44 %   (1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Three Months Ended  March  December  March  Selected Financial Ratios:  2025  2024  2024  Return on Average Assets   1.06 %   1.25 %   1.19 %  Return on Average Shareholders’ Equity   6.47 %   7.48 %   7.25 %  Return on Average Tangible Equity (non-GAAP) (1)   10.61 %   12.03 %   11.98 %  Efficiency Ratio   53.03 %   51.23 %   55.26 %  Price / Earnings Ratio   14.70  x  13.53  x  13.96  x  Note:  (1) Return on Average Tangible Equity:  (a) Net Income (GAAP)  $ 84,306   $ 94,408   $ 86,814  (b) Number of Days   90    92    91  Average Total Shareholders' Equity (GAAP)  $ 5,283,542   $ 5,019,069   $ 4,816,476  Less: Average Total Intangibles   (2,060,975 )   (1,898,335 )   (1,901,074 )  (c) Average Tangible Equity (non-GAAP)  $ 3,222,567   $ 3,120,734   $ 2,915,402  Return on Average Tangible Equity (non-GAAP)\[(a) / (b)] x 365 or 366 / (c)   10.61 %   12.03 %   11.98 %    Selected Financial Ratios:  March 31 2025  December 31 2024  March 31 2024  Loans & Leases, net of unearned income / Deposit Ratio   90.51 %   90.45 %   93.89 %  Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income   1.30 %   1.25 %   1.22 %  Allowance for Credit Losses (2)/ Loans & Leases, net of unearned income   1.45 %   1.42 %   1.42 %  Nonaccrual Loans / Loans & Leases, net of unearned income   0.24 %   0.26 %   0.29 %  90-Day Past Due Loans/ Loans & Leases, net of unearned income   0.05 %   0.08 %   0.05 %  Non-performing Loans/ Loans & Leases, net of unearned income   0.29 %   0.34 %   0.35 %  Non-performing Assets/ Total Assets   0.22 %   0.25 %   0.26 %  Primary Capital Ratio   17.09 %   17.47 %   16.86 %  Shareholders' Equity Ratio   16.21 %   16.63 %   16.01 %  Price / Book Ratio   0.93  x  1.02  x  1.01  x  Note:  (2) Includes allowances for loan losses and lending-related commitments.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)  Three Months Ended March  December  March Mortgage Banking Data:  2025  2024  2024 Loans originated  $ 75,903   $ 132,381   $ 176,906  Loans sold   91,621    134,514    188,711   March 31  December 31  March 31 Mortgage Loan Servicing Data: (1)  2025  2024  2024 Balance of loans serviced  $ -   $ -   $ 1,173,246  Number of loans serviced   -    -    12,163    March 31  December 31  March 31 Asset Quality Data:  2025  2024  2024 EOP Non-Accrual Loans  $ 57,388   $ 56,460   $ 63,053  EOP 90-Day Past Due Loans   12,387    16,940    11,329  Total EOP Non-performing Loans  $ 69,775   $ 73,400   $ 74,382  EOP Other Real Estate Owned   1,475    327    2,670  Total EOP Non-performing Assets  $ 71,250   $ 73,727   $ 77,052   Three Months Ended March  December  March Allowance for Loan & Lease Losses:  2025  2024  2024 Beginning Balance  $ 271,844   $ 270,767   $ 259,237  Initial allowance for acquired PCD loans   17,518    -    -  Gross Charge-offs   (8,677 )   (6,509 )   (3,576 ) Recoveries   636    894    1,506  Net Charge-offs   (8,041 )   (5,615 )   (2,070 ) Provision for Loan & Lease Losses(2)   29,103    6,692    5,738  Ending Balance   310,424   $ 271,844   $ 262,905  Reserve for lending-related commitments   36,567    34,911    42,915  Allowance for Credit Losses (3)  $ 346,991   $ 306,755   $ 305,820    Notes:  (1) As previously disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024. (2) Includes $18.7 million provision for acquired non-PCD loans. (3) Includes allowances for loan losses and lending-related commitments.

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Contacts

W. Mark Tatterson
Chief Financial Officer
(800) 445-1347 ext. 8716

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