EX-99.1 2 d897897dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

News Release

 

 

 

LOGO

 

For Immediate Release    Contact: W. Mark Tatterson
July 24, 2025    Chief Financial Officer
   (800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Record Earnings

for the Second Quarter of 2025

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the second quarter of 2025 of $120.7 million, or $0.85 per diluted share. Second quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.49%, 9.05%, and 14.67%, respectively.

“I’m excited to announce that the second quarter of 2025 was the strongest earnings quarter in our Company’s long history,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Our entry into the Atlanta market, along with excellent asset quality and strong expense control, drove our results in the quarter. I anticipate continued success in the second half of the year.”

As a result of the acquisition of Piedmont Bancorp, Inc. (“Piedmont”) on January 10, 2025, the second quarter and year of 2025 were impacted by increased levels of average balances, income, and expense. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.06%, 6.47%, and 10.61%, respectively. The first quarter of 2025 was impacted by $30.0 million in pre-tax, or approximately $0.17 in after-tax earnings per diluted share, merger-related noninterest expenses and merger-related provision for credit losses. Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.32%, 7.99%, and 13.12%, respectively.

 

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United Bankshares, Inc. Announces…

July 24, 2025

Page Two

 

Second quarter of 2025 compared to the first quarter of 2025

Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, as compared to earnings of $84.3 million, or $0.59 per diluted share, for the first quarter of 2025.

Net interest income for the second quarter of 2025 was a record $274.5 million, an increase of $14.5 million, or 6%, from the first quarter of 2025. 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 second quarter of 2025 also increased $14.5 million, or 6%, from the first quarter of 2025. The second quarter of 2025 reflected a full three months of average earning assets and interest-bearing liabilities balances from the Piedmont acquisition. The increase in net interest income and tax-equivalent net interest income was driven by increases in average loans from the Piedmont acquisition and organic loan growth, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits primarily due to the Piedmont acquisition. Average net loans and loans held for sale increased $511.1 million, or 2%, from the first quarter of 2025. The interest rate spread increased 12 basis points to 2.95% for the second quarter of 2025 driven by an increase in the yield on average net loans and loans held for sale of 13 basis points. Acquired loan accretion income was $11.8 million for the second quarter of 2025, an increase of $5.8 million from the first quarter of 2025 which contributed to an approximately 8 basis point increase in the interest rate spread and in the net interest margin. Average interest-bearing deposits increased $237.5 million, or 1%, from the first quarter of 2025. The net interest margin of 3.81% for the second quarter of 2025 was an increase of 12 basis points from the net interest margin of 3.69% for the first quarter of 2025.

The provision for credit losses was $5.9 million for the second quarter of 2025. 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.

Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.9 million, or 6%, from the first quarter of 2025 driven by an increase in other noninterest income of $1.5 million.

Noninterest expense for the second quarter of 2025 was $148.0 million, which included $1.3 million in merger-related expenses while noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses. This decrease of $5.6 million in noninterest expense was driven by a $4.8 million decrease in other noninterest expense and a $748 thousand net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 as compared to $1.7 million of expense for the reserve for unfunded loan commitments for the first quarter of 2025, which included $4.1 million of merger expense related to the Piedmont acquisition. These decreases in noninterest expense were partially offset by an increase in employee compensation of $2.1 million. Other noninterest expense for the second quarter of 2025 included $961 thousand of merger-related expenses while the first quarter of 2025 included $6.0 million of merger-related expenses. The net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 was primarily due to a decrease in the outstanding balance of loan commitments at period-end as compared to the first quarter of 2025. Employee compensation for the second quarter of 2025 increased from the first quarter of 2025 primarily due to higher employee incentives, stock-based compensation, and employee commissions driven by higher mortgage production. This increase in employee compensation was partially offset by lower merger-related employee compensation expenses of $310 thousand for the second quarter of 2025 as compared to $1.2 million for the first quarter of 2025.

 

2

United Bankshares, Inc. Announces…

July 24, 2025

Page Three

 

For the second quarter of 2025, income tax expense was $31.4 million as compared to $22.6 million for the first quarter of 2025. This increase of $8.8 million in income tax expense was driven by the impact of higher earnings partially offset by a lower effective tax rate. United’s effective tax rate was 20.6% and 21.2% for the second quarter of 2025 and first quarter of 2025, respectively.

Second quarter of 2025 compared to the second quarter of 2024

Earnings for the second quarter of 2025 were $120.7 million, or $0.85 per diluted share, as compared to earnings of $96.5 million, or $0.71 per diluted share, for the second quarter of 2024.

Net interest income for the second quarter of 2025 increased $48.8 million, or 22%, from the second quarter of 2024. Tax-equivalent net interest income increased $48.7 million, or 22%, from the second 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, a higher yield on average net loans and loans held for sale, an increase in acquired loan accretion income, and a decrease in average long-term borrowings. These increases were partially offset by an increase in average interest-bearing deposits. Average earning assets increased $2.9 billion, or 11%, from the second quarter of 2024 driven by increases in average net loans and loans held for sale of $2.3 billion and average short-term investments of $1.1 billion partially offset by a decrease in average investment securities of $485.3 million. The decrease in average investment securities was driven by sales of available for sale (“AFS”) investment securities during 2024. The cost of average interest-bearing deposits decreased 33 basis points from the second quarter of 2024. The yield on average net loans and loans held for sale increased 14 basis points from the second quarter of 2024. Acquired loan accretion income was $11.8 million for the second quarter of 2025 as compared to $2.4 million for the second quarter of 2024. Average long-term borrowings decreased $739.6 million from the second quarter of 2024. Average interest-bearing deposits increased $2.9 billion, or 17%, from the second quarter of 2024. The net interest margin of 3.81% for the second quarter of 2025 was an increase of 31 basis points from the net interest margin of 3.50% for the second quarter of 2024.

The provision for credit losses was $5.9 million for the second quarter of 2025 as compared to $5.8 million for the second quarter of 2024.

Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.2 million, or 4%, from the second quarter of 2024. The increase in noninterest income was driven by a $1.1 million increase in income from bank-owned life insurance (“BOLI”) and smaller increases in several other categories of noninterest income. These increases were partially offset by decreases in income from mortgage banking activities of $1.3 million and mortgage loan servicing income of $783 thousand. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments, death benefits recognized in the second quarter of 2025, and policies obtained from the Piedmont acquisition. The decrease in income from mortgage banking activities was primarily due to lower mortgage loan origination and sale volume. The decrease in mortgage loan servicing income was due to sales of mortgage servicing rights (“MSRs”) during 2024. Additionally, as disclosed in the second quarter of 2024, net losses on investment securities of $218 thousand included a $6.9 million gain on the VISA share exchange partially offset by a $6.8 million loss on the sale of AFS investment securities.

 

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United Bankshares, Inc. Announces…

July 24, 2025

Page Four

 

Noninterest expense for the second quarter of 2025 was $148.0 million, an increase of $13.2 million, or 10%, from the second quarter of 2024. The increase in noninterest expense was driven by increases in employee compensation of $4.4 million, other noninterest expense of $3.5 million, and several other categories of noninterest expense mainly from the Piedmont acquisition. These increases were partially offset by a decrease in mortgage loan servicing expense of $1.0 million. The increase in employee compensation was primarily due to higher employee headcount from the acquisition, higher employee incentives, and $310 thousand in merger-related expenses recognized during the second quarter of 2025. The increase in other noninterest expense was primarily due to higher amounts of certain general operating expenses partially offset by lower merger-related expenses of $961 thousand for the second quarter of 2025 as compared to $1.3 million for the second quarter 2024. The decrease in mortgage loan servicing expense was driven by the aforementioned sale of MSRs.

For the second quarter of 2025, income tax expense was $31.4 million as compared to $18.9 million for the second quarter of 2024. This increase of $12.5 million in income tax expense was driven by higher earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.6% and 16.4% for the second quarter of 2025 and second quarter of 2024, respectively.

First half of 2025 compared to the first half of 2024

Earnings for the first half of 2025 were $205.0 million, or $1.44 per diluted share, as compared to earnings of $183.3 million, or $1.35 per diluted share, for the first half of 2024.

Net interest income for the first half of 2025 increased $86.4 million, or 19%, from the first half of 2024. Tax-equivalent net interest income for the first half of 2025 increased $86.2 million, or 19%, from the first half 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, a decrease in average long-term borrowings, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits and a decrease in average investment securities. Average earning assets increased $2.7 billion, or 10%, from the first half of 2024 driven by increases in average net loans and loans held for sale of $2.1 billion and average short-term investments of $1.2 billion partially offset by a decrease in average investment securities of $597.5 million. The cost of average interest-bearing deposits decreased 29 basis points from the first half of 2024. Average long-term borrowings decreased $842.6 million from the first half of 2024. The yield on average net loans and loans held for sale increased 10 basis points from the first half of 2024. Acquired loan accretion income was $17.7 million for the first half of 2025 as compared to $4.9 million for the first half of 2024. Average interest-bearing deposits increased $2.8 billion, or 17%, from the first half of 2024. The net interest margin of 3.75% for the first half of 2025 was an increase of 28 basis points from the net interest margin of 3.47% for the first half of 2024.

The provision for credit losses was $35.0 million for the first half of 2025, which included $18.7 million of provision recorded on non-PCD loans from Piedmont. The provision for credit losses was $11.5 million for the first half of 2024.

Noninterest income for the first half of 2025 was $61.0 million, a decrease of $1.4 million, or 2%, from the first half of 2024. The decrease in noninterest income was driven by decreases in income from mortgage banking activities of $4.1 million, mortgage loan servicing income of $1.6 million, and other noninterest income of $1.4 million. These decreases were partially offset by an increase in BOLI income of $2.0 million, net gains

 

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United Bankshares, Inc. Announces…

July 24, 2025

Page Five

 

on investment securities of $946 thousand for the first half of 2025 as compared to net losses on investment securities of $317 thousand for the first half of 2024 and smaller increases in several other categories of noninterest income. The decrease in income from mortgage banking activities was primarily due to lower mortgage loan origination and sale volume in 2025. The decrease in mortgage loan servicing income was driven by the aforementioned sale of MSRs. The increase in BOLI income was primarily due to the impact of higher market values of underlying investments and death benefits recognized in 2025. Net gains on investment securities of $946 thousand for the first half of 2025 were primarily due to unrealized fair value gains on equity securities. Net losses on investment securities of $317 thousand for the first half of 2024 included the aforementioned gain on the VISA share exchange largely offset by the loss on the sale of AFS investment securities.

Noninterest expense for the first half of 2025 was $301.6 million, which included $12.6 million in merger-related expenses while noninterest expense was $275.5 million for the first half of 2024, which included $1.3 million in merger-related expenses. Other noninterest expense increased $11.1 million driven by $7.0 million in merger-related expenses recognized during the first half of 2025 as compared to $1.3 million for the first half of 2024 and higher amounts of certain general operating expenses. The expense for the reserve for unfunded loan commitments was $909 thousand for the first half of 2025 which included $4.1 million related to the Piedmont acquisition, as compared to a net benefit in the expense for the reserve for unfunded loan commitments of $4.0 million for the first half of 2024. Employee compensation increased $6.0 million to $123.8 million for the first half of 2025 and included $1.5 million in merger-related expenses, higher employee headcount mainly from the acquisition, and higher employee incentives partially offset by lower commissions driven by a decrease in mortgage production. Additionally, increases in several other categories of noninterest expense mainly from the acquisition were partially offset by decreases in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $2.3 million and mortgage loan servicing expense of $2.0 million. FDIC insurance expense for the first half of 2024 included $2.1 million in expense for the FDIC’s special assessment.

For the first half of 2025, income tax expense was $54.0 million as compared to $40.3 million for the first half of 2024. The increase of $13.7 million was primarily due to higher earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.9% for the first half of 2025 and 18.0% for the first half of 2024.

Credit Quality

United’s asset quality continues to be sound. At June 30, 2025, non-performing loans (“NPLs”) were $68.3 million, or 0.28% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $74.6 million, including other real estate owned (“OREO”) of $6.3 million, or 0.23% of total assets at June 30, 2025. At March 31, 2025, NPLs were $69.8 million, or 0.29% of loans & leases, net of unearned income. Total NPAs were $71.3 million, including 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 June 30, 2025, the allowance for loan & lease losses was $308.0 million, or 1.28% of loans & leases, net of unearned income. At 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.

 

5

United Bankshares, Inc. Announces…

July 24, 2025

Page Six

 

Net charge-offs were $8.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2025. 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 $1.3 million, or 0.02% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2024. Net charge-offs were $16.4 million, or 0.14% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2025. Net charge-offs were $3.3 million, or 0.03% on an annualized basis as a percentage of average loans & leases, net of unearned income for the first half of 2024.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.8% at June 30, 2025, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.4%, 13.4%, 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 second quarter of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 981 thousand shares of its common stock at an average price per share of $33.17. During the first half of 2025, United repurchased, under a previously announced stock repurchase plan, approximately 1.5 million shares of its common stock at an average price per share of $33.81. United did not repurchase any shares of its common stock during 2024.

About United Bankshares, Inc.

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately $33 billion as of June 30, 2025. United is the 39th largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. For more information, visit ubsi-inc.com.

 

6

United Bankshares, Inc. Announces…

July 24, 2025

Page Seven

 

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30, 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 June 30, 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.

 

7

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

    Three Months Ended     Six Months Ended  

EARNINGS SUMMARY:

   June
2025		     March
2025		     June
2024		     June
2025		     June
2024		  

Interest income

   $ 421,196     $ 403,647     $ 374,184     $ 824,843     $ 743,364  

Interest expense

     146,659       143,592       148,469       290,251       295,160  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

     274,537       260,055       225,715       534,592       448,204  

Provision for credit losses

     5,889       29,103       5,779       34,992       11,519  

Noninterest income

     31,460       29,554       30,223       61,014       62,435  

Noninterest expense

     148,020       153,573       134,774       301,593       275,516  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

     152,088       106,933       115,385       259,021       223,604  

Income taxes

     31,367       22,627       18,878       53,994       40,283  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

   $ 120,721     $ 84,306     $ 96,507     $ 205,027     $ 183,321  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

PER COMMON SHARE:

                              

Net income:

          

Basic

   $ 0.85     $ 0.59     $ 0.71     $ 1.44     $ 1.36  

Diluted

     0.85       0.59       0.71       1.44       1.35  

Cash dividends

     0.37       0.37       0.37     $ 0.74     $ 0.74  

Book value

     37.80       37.19       35.92      

Closing market price

   $ 36.43     $ 34.67     $ 32.44      

Common shares outstanding:

          

Actual at period end, net of treasury shares

     141,909,452       142,891,148       135,195,704      

Weighted average-basic

     142,206,539       142,330,694       135,137,901       142,175,506       134,881,314  

Weighted average-diluted

     142,444,497       142,698,118       135,314,785       142,465,543       135,103,288  

FINANCIAL RATIOS:

                              

Return on average assets

     1.49 %      1.06 %      1.32 %      1.28 %      1.25 % 

Return on average shareholders’ equity

     9.05 %      6.47 %      7.99 %      7.78 %      7.62 % 

Return on average tangible equity (non-GAAP)(1)

     14.67 %      10.61 %      13.12 %      12.67 %      12.55 % 

Average equity to average assets

     16.42 %      16.42 %      16.54 %      16.42 %      16.45 % 

Net interest margin

     3.81 %      3.69 %      3.50 %      3.75 %      3.47 % 

 

PERIOD END BALANCES:

    June 30
2025		      March 31
2025		      December 31
2024		      June 30
2024		  

Assets

    $ 32,783,363      $ 32,788,494      $ 30,023,545      $ 29,957,418  

Earning assets

      29,046,827        29,106,693        26,650,661        26,572,087  

Loans & leases, net of unearned income

      24,050,222        23,863,072        21,673,493        21,598,727  

Loans held for sale

      37,053        28,642        44,360        66,475  

Investment securities

      3,396,653        3,313,997        3,259,296        3,650,582  

Total deposits

      26,335,874        26,364,635        23,961,859        23,066,440  

Shareholders’ equity

      5,364,541        5,314,449        4,993,223        4,856,633  

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.

 

8

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

Consolidated Statements of Income

             
     Three Months Ended     Six Months Ended  
     June     March     June     June     June  
     2025     2025     2024     2025     2024  

Interest & Loan Fees Income (GAAP)

    $ 421,196     $ 403,647     $ 374,184     $ 824,843     $ 743,364  

Tax equivalent adjustment

      791       782       867       1,573       1,739  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest & Fees Income (FTE) (non-GAAP)

      421,987       404,429       375,051       826,416       745,103  

Interest Expense

      146,659       143,592       148,469       290,251       295,160  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Interest Income (FTE) (non-GAAP)

      275,328       260,837       226,582       536,165       449,943  

Provision for Credit Losses

      5,889       29,103       5,779       34,992       11,519  

Noninterest Income:

           

Fees from trust services

      4,931       4,782       4,744       9,713       9,390  

Fees from brokerage services

      4,862       5,645       4,959       10,507       10,226  

Fees from deposit services

      9,664       9,307       9,326       18,971       18,297  

Bankcard fees and merchant discounts

      2,102       1,751       1,355       3,853       3,228  

Other charges, commissions, and fees

      1,154       1,081       869       2,235       1,727  

Income from bank-owned life insurance

      3,618       3,370       2,549       6,988       4,967  

Income from mortgage banking activities

      2,603       2,479       3,901       5,082       9,199  

Mortgage loan servicing income

      —        —        783       —        1,572  

Net gains (losses) on investment securities

      425       521       (218 )      946       (317 ) 

Other noninterest income

      2,101       618       1,955       2,719       4,146  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Noninterest Income

      31,460       29,554       30,223       61,014       62,435  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Noninterest Expense:

           

Employee compensation

      62,929       60,866       58,501       123,795       117,794  

Employee benefits

      13,434       13,291       12,147       26,725       26,818  

Net occupancy

      12,525       12,601       11,400       25,126       23,743  

Data processing

      7,952       8,455       7,290       16,407       14,753  

Amortization of intangibles

      2,341       2,341       910       4,682       1,820  

OREO expense

      236       22       268       258       427  

Net losses (gains) on the sale of OREO properties

      16       (11 )      32       5       (51 ) 

Equipment expense

      8,551       8,582       7,548       17,133       14,401  

FDIC insurance expense

      4,532       4,728       5,058       9,260       11,513  

Mortgage loan servicing expense and impairment

      —        —        1,011       —        2,026  

Expense for the reserve for unfunded loan commitments

      (748 )      1,657       (2,177 )      909       (3,967 ) 

Other noninterest expense

      36,252       41,041       32,786       77,293       66,239  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Noninterest Expense

      148,020       153,573       134,774       301,593       275,516  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income Before Income Taxes (FTE) (non-GAAP)

      152,879       107,715       116,252       260,594       225,343  

Tax equivalent adjustment

      791       782       867       1,573       1,739  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income Before Income Taxes (GAAP)

      152,088       106,933       115,385       259,021       223,604  

Taxes

      31,367       22,627       18,878       53,994       40,283  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

    $ 120,721     $ 84,306     $ 96,507     $ 205,027     $ 183,321  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MEMO: Effective Tax Rate

      20.62 %      21.16 %      16.36 %      20.85 %      18.02 % 

 

9

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

Consolidated Balance Sheets

                         
     June 30     March 31     December 31     June 30  
     2025     2025     2024     2024  

Cash & Cash Equivalents

    $ 2,314,692     $ 2,610,183     $ 2,292,244     $ 1,858,861  

Securities Available for Sale

      3,074,071       3,002,984       2,959,719       3,315,726  

Less: Allowance for credit losses

      —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net available for sale securities

      3,074,071       3,002,984       2,959,719       3,315,726  

Securities Held to Maturity

      1,020       1,020       1,020       1,020  

Less: Allowance for credit losses

      (18 )      (18 )      (18 )      (19 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net held to maturity securities

      1,002       1,002       1,002       1,001  

Equity Securities

      21,996       21,514       21,058       11,094  

Other Investment Securities

      299,584       288,497       277,517       322,761  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Securities

      3,396,653       3,313,997       3,259,296       3,650,582  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Cash and Securities

      5,711,345       5,924,180       5,551,540       5,509,443  
  

 

 

    

 

 

    

 

 

    

 

 

  

Loans held for sale

      37,053       28,642       44,360       66,475  

Commercial Loans & Leases

      18,478,990       18,308,502       16,152,453       15,894,244  

Mortgage Loans

      4,773,340       4,768,669       4,702,720       4,759,798  

Consumer Loans

      808,536       796,907       825,325       956,385  
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross Loans

      24,060,866       23,874,078       21,680,498       21,610,427  

Unearned income

      (10,644 )      (11,006 )      (7,005 )      (11,700 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loans & Leases, net of unearned income

      24,050,222       23,863,072       21,673,493       21,598,727  

Allowance for Loan & Lease Losses

      (307,962 )      (310,424 )      (271,844 )      (267,423 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Loans

      23,742,260       23,552,648       21,401,649       21,331,304  

Mortgage Servicing Rights

      —        —        —        3,934  

Goodwill

      2,018,910       2,023,604       1,888,889       1,888,889  

Other Intangibles

      36,948       39,289       8,866       10,685  

Operating Lease Right-of-Use Asset

      91,071       86,832       81,742       83,045  

Other Real Estate Owned

      6,331       1,475       327       2,156  

Bank Owned Life Insurance

      541,216       538,733       497,181       493,498  

Other Assets

      598,229       593,091       548,991       567,989  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 32,783,363     $ 32,788,494     $ 30,023,545     $ 29,957,418  
  

 

 

    

 

 

    

 

 

    

 

 

  

MEMO: Interest-earning Assets

    $ 29,046,827     $ 29,106,693     $ 26,650,661     $ 26,572,087  
  

 

 

    

 

 

    

 

 

    

 

 

  

Interest-bearing Deposits

    $ 19,708,609     $ 19,883,758     $ 17,826,446     $ 17,134,728  

Noninterest-bearing Deposits

      6,627,265       6,480,877       6,135,413       5,931,712  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Deposits

      26,335,874       26,364,635       23,961,859       23,066,440  

Short-term Borrowings

      160,798       176,015       176,090       203,519  

Long-term Borrowings

      551,021       550,623       540,420       1,489,764  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Borrowings

      711,819       726,638       716,510       1,693,283  

Operating Lease Liability

      96,899       91,921       86,771       89,308  

Other Liabilities

      274,230       290,851       265,182       251,754  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

      27,418,822       27,474,045       25,030,322       25,100,785  
  

 

 

    

 

 

    

 

 

    

 

 

  

Preferred Equity

      —        —        —        —   

Common Equity

      5,364,541       5,314,449       4,993,223       4,856,633  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Shareholders’ Equity

      5,364,541       5,314,449       4,993,223       4,856,633  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities & Equity

    $ 32,783,363     $ 32,788,494     $ 30,023,545     $ 29,957,418  
  

 

 

    

 

 

    

 

 

    

 

 

  

MEMO: Interest-bearing Liabilities

    $ 20,420,428     $ 20,610,396     $ 18,542,956     $ 18,828,011  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

10

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

Consolidated Average Balance Sheets

                   
     June 2025     March 2025     June 2024  
     Q-T-D Average     Q-T-D Average     Q-T-D Average  

Cash & Cash Equivalents

    $ 2,285,499     $ 2,376,426     $ 1,174,885  

Securities Available for Sale

      3,017,191       3,047,164       3,472,389  

Less: Allowance for credit losses

      —        —        —   
  

 

 

    

 

 

    

 

 

  

Net available for sale securities

      3,017,191       3,047,164       3,472,389  

Securities Held to Maturity

      1,020       1,020       1,020  

Less: Allowance for credit losses

      (18 )      (18 )      (19 ) 
  

 

 

    

 

 

    

 

 

  

Net held to maturity securities

      1,002       1,002       1,001  

Equity Securities

      21,690       21,016       12,832  

Other Investment Securities

      297,214       288,618       312,684  
  

 

 

    

 

 

    

 

 

  

Total Securities

      3,337,097       3,357,800       3,798,906  
  

 

 

    

 

 

    

 

 

  

Total Cash and Securities

      5,622,596       5,734,226       4,973,791  
  

 

 

    

 

 

    

 

 

  

Loans held for sale

      35,730       23,865       56,298  

Commercial Loans & Leases

      18,393,910       17,903,431       15,815,382  

Mortgage Loans

      4,765,760       4,756,253       4,763,655  

Consumer Loans

      829,201       827,996       1,016,764  
  

 

 

    

 

 

    

 

 

  

Gross Loans

      23,988,871       23,487,680       21,595,801  

Unearned income

      (11,672 )      (11,885 )      (12,201 ) 
  

 

 

    

 

 

    

 

 

  

Loans & Leases, net of unearned income

      23,977,199       23,475,795       21,583,600  

Allowance for Loan & Lease Losses

      (310,398 )      (308,225 )      (263,050 ) 
  

 

 

    

 

 

    

 

 

  

Net Loans

      23,666,801       23,167,570       21,320,550  

Mortgage Servicing Rights

      —        —        4,116  

Goodwill

      2,011,030       2,022,411       1,888,889  

Other Intangibles

      38,474       38,564       11,275  

Operating Lease Right-of-Use Asset

      86,025       87,363       85,210  

Other Real Estate Owned

      3,314       467       2,335  

Bank Owned Life Insurance

      539,238       534,042       491,599  

Other Assets

      581,160       571,732       536,101  
  

 

 

    

 

 

    

 

 

  

Total Assets

    $ 32,584,368     $ 32,180,240     $ 29,370,164  
  

 

 

    

 

 

    

 

 

  

MEMO: Interest-earning Assets

    $ 28,949,287     $ 28,568,541     $ 26,012,725  
  

 

 

    

 

 

    

 

 

  

Interest-bearing Deposits

    $ 19,605,123     $ 19,367,638     $ 16,740,124  

Noninterest-bearing Deposits

      6,597,595       6,471,287       5,976,971  
  

 

 

    

 

 

    

 

 

  

Total Deposits

      26,202,718       25,838,925       22,717,095  

Short-term Borrowings

      165,405       167,080       206,234  

Long-term Borrowings

      550,795       554,614       1,290,405  
  

 

 

    

 

 

    

 

 

  

Total Borrowings

      716,200       721,694       1,496,639  

Operating Lease Liability

      91,553       92,491       91,437  

Other Liabilities

      222,757       243,588       207,100  
  

 

 

    

 

 

    

 

 

  

Total Liabilities

      27,233,228       26,896,698       24,512,271  
  

 

 

    

 

 

    

 

 

  

Preferred Equity

      —        —        —   

Common Equity

      5,351,140       5,283,542       4,857,893  
  

 

 

    

 

 

    

 

 

  

Total Shareholders’ Equity

      5,351,140       5,283,542       4,857,893  
  

 

 

    

 

 

    

 

 

  

Total Liabilities & Equity

    $ 32,584,368     $ 32,180,240     $ 29,370,164  
  

 

 

    

 

 

    

 

 

  

MEMO: Interest-bearing Liabilities

    $ 20,321,323     $ 20,089,332     $ 18,236,763  
  

 

 

    

 

 

    

 

 

  

 

11

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     Three Months Ended     Six Months Ended  
     June     March     June     June     June  

Quarterly/Year-to-Date Share Data:

    2025     2025     2024     2025     2024  

Earnings Per Share:

           

Basic

    $ 0.85     $ 0.59     $ 0.71     $ 1.44     $ 1.36  

Diluted

    $ 0.85     $ 0.59     $ 0.71     $ 1.44     $ 1.35  

Common Dividend Declared Per Share

    $ 0.37     $ 0.37     $ 0.37     $ 0.74     $ 0.74  

High Common Stock Price

    $ 37.46     $ 39.56     $ 36.08     $ 39.56     $ 38.18  

Low Common Stock Price

    $ 30.50     $ 33.81     $ 30.68     $ 30.50     $ 30.68  

Average Shares Outstanding (Net of Treasury Stock):

           

Basic

      142,206,539       142,330,694       135,137,901       142,175,506       134,881,314  

Diluted

      142,444,497       142,698,118       135,314,785       142,465,543       135,103,288  

Common Dividends

    $ 52,746     $ 53,336     $ 50,204     $ 106,082     $ 100,417  

Dividend Payout Ratio

      43.69 %      63.26 %      52.02 %      51.74 %      54.78 % 

 

     June 30     March 31     December 31     June 30  

EOP Share Data:

    2025     2025     2024     2024  

Book Value Per Share

    $ 37.80     $ 37.19     $ 36.89     $ 35.92  

Tangible Book Value Per Share (non-GAAP) (1)

    $ 23.32     $ 22.76     $ 22.87     $ 21.87  

52-week High Common Stock Price

    $ 44.43     $ 44.43     $ 44.43     $ 38.74  

Date

      11/25/24       11/25/24       11/25/24       12/14/23  

52-week Low Common Stock Price

    $ 30.50     $ 30.68     $ 30.68     $ 25.35  

Date

      04/04/25       6/11/24       06/11/24       10/24/23  

EOP Shares Outstanding (Net of Treasury Stock):

      141,909,452       142,891,148       135,346,628       135,195,704  

Memorandum Items:

         

Employees (full-time equivalent)

      2,760       2,790       2,591       2,644  

Note:

         

(1) Tangible Book Value Per Share:

         

Total Shareholders’ Equity (GAAP)

    $ 5,364,541     $ 5,314,449     $ 4,993,223     $ 4,856,633  

Less: Total Intangibles

      (2,055,858 )      (2,062,893 )      (1,897,755 )      (1,899,574 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Tangible Equity (non-GAAP)

    $ 3,308,683     $ 3,251,556     $ 3,095,468     $ 2,957,059  

÷ EOP Shares Outstanding (Net of Treasury Stock)

      141,909,452       142,891,148       135,346,628       135,195,704  
  

 

 

    

 

 

    

 

 

    

 

 

  

Tangible Book Value Per Share (non-GAAP)

    $ 23.32     $ 22.76     $ 22.87     $ 21.87  

 

12

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     Three Months Ended
June 2025		     Three Months Ended
March 2025		     Three Months Ended
June 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

    $ 2,026,613     $ 22,633        4.48 %    $ 2,131,157     $ 23,726        4.51 %    $ 930,453     $ 12,787        5.53 % 

Investment securities:

                      

Taxable

      3,022,963       26,706        3.53 %      3,048,058       26,911        3.53 %      3,496,310       33,968        3.89 % 

Tax-exempt

      197,180       1,536        3.12 %      197,891       1,486        3.00 %      209,114       1,488        2.85 % 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total securities

      3,220,143       28,242        3.51 %      3,245,949       28,397        3.50 %      3,705,424       35,456        3.83 % 

Loans and loans held for sale, net of unearned income (2)

      24,012,929       371,112        6.20 %      23,499,660       352,306        6.07 %      21,639,898       326,808        6.07 % 

Allowance for loan losses

      (310,398 )           (308,225 )           (263,050 )      
  

 

 

         

 

 

         

 

 

       

Net loans and loans held for sale

      23,702,531          6.28 %      23,191,435          6.15 %      21,376,848          6.14 % 
  

 

 

       

 

 

    

 

 

       

 

 

    

 

 

       

 

 

  

Total earning assets

      28,949,287     $ 421,987        5.84 %      28,568,541     $ 404,429        5.73 %      26,012,725     $ 375,051        5.79 % 
    

 

 

     

 

 

      

 

 

     

 

 

      

 

 

     

 

 

  

Other assets

      3,635,081            3,611,699            3,357,439       
  

 

 

         

 

 

         

 

 

       

TOTAL ASSETS

    $ 32,584,368          $ 32,180,240          $ 29,370,164       
  

 

 

         

 

 

         

 

 

       

LIABILITIES:

                      

Interest-Bearing Liabilities:

                      

Interest-bearing deposits

    $ 19,605,123     $ 139,156        2.85 %    $ 19,367,638     $ 136,288        2.85 %    $ 16,740,124     $ 132,425        3.18 % 

Short-term borrowings

      165,405       1,488        3.61 %      167,080       1,450        3.52 %      206,234       2,206        4.30 % 

Long-term borrowings

      550,795       6,015        4.38 %      554,614       5,854        4.28 %      1,290,405       13,838        4.31 % 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total interest-bearing liabilities

      20,321,323       146,659        2.89 %      20,089,332       143,592        2.90 %      18,236,763       148,469        3.27 % 
    

 

 

     

 

 

      

 

 

     

 

 

      

 

 

     

 

 

  

Noninterest-bearing deposits

      6,597,595            6,471,287            5,976,971       

Accrued expenses and other liabilities

      314,310            336,079            298,537       
  

 

 

         

 

 

         

 

 

       

TOTAL LIABILITIES

      27,233,228            26,896,698            24,512,271       

SHAREHOLDERS’ EQUITY

      5,351,140            5,283,542            4,857,893       
  

 

 

         

 

 

         

 

 

       

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    $ 32,584,368          $ 32,180,240          $ 29,370,164       
  

 

 

         

 

 

         

 

 

       

NET INTEREST INCOME

      $ 275,328          $ 260,837          $ 226,582     
    

 

 

         

 

 

         

 

 

     

INTEREST RATE SPREAD

           2.95 %           2.83 %           2.52 % 

NET INTEREST MARGIN

           3.81 %           3.69 %           3.50 % 

 

(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.

 

13

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     Six Months Ended
June 2025		     Six Months Ended
June 2024		  

Selected Average Balances and Yields:

    Average            Average     Average            Average  
ASSETS:    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

    $ 2,078,596     $ 46,359        4.50 %    $ 906,555     $ 25,090        5.57 % 

Investment securities:

               

Taxable

      3,035,442       53,617        3.53 %      3,619,733       68,690        3.80 % 

Tax-exempt

      197,533       3,021        3.06 %      210,745       2,962        2.81 % 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total securities

      3,232,975       56,638        3.50 %      3,830,478       71,652        3.74 % 

Loans and loans held for sale, net of unearned income (2)

      23,757,712       723,419        6.13 %      21,574,254       648,361        6.04 % 

Allowance for loan losses

      (309,318 )           (261,196 )      
  

 

 

         

 

 

       

Net loans and loans held for sale

      23,448,394          6.21 %      21,313,058          6.11 % 
  

 

 

       

 

 

    

 

 

       

 

 

  

Total earning assets

      28,759,965     $ 826,416        5.79 %      26,050,091     $ 745,103        5.74 % 
    

 

 

     

 

 

      

 

 

     

 

 

  

Other assets

      3,622,789            3,350,473       
  

 

 

         

 

 

       

TOTAL ASSETS

    $ 32,382,754          $ 29,400,564       
  

 

 

         

 

 

       

LIABILITIES:

               

Interest-Bearing Liabilities:

               

Interest-bearing deposits

    $ 19,487,037     $ 275,444        2.85 %    $ 16,701,944     $ 260,802        3.14 % 

Short-term borrowings

      166,238       2,938        3.56 %      204,902       4,288        4.21 % 

Long-term borrowings

      552,694       11,869        4.33 %      1,395,321       30,070        4.33 % 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total interest-bearing liabilities

      20,205,969       290,251        2.90 %      18,302,167       295,160        3.24 % 
    

 

 

     

 

 

      

 

 

     

 

 

  

Noninterest-bearing deposits

      6,534,790            5,959,418       

Accrued expenses and other liabilities

      324,792            301,673       
  

 

 

         

 

 

       

TOTAL LIABILITIES

      27,065,551            24,563,258       

SHAREHOLDERS’ EQUITY

      5,317,203            4,837,306       
  

 

 

         

 

 

       

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

    $ 32,382,754          $ 29,400,564       
  

 

 

         

 

 

       

NET INTEREST INCOME

      $ 536,165          $ 449,943     
    

 

 

         

 

 

     

INTEREST RATE SPREAD

           2.89 %           2.50 % 

NET INTEREST MARGIN

           3.75 %           3.47 % 

 

(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.

 

14

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     Three Months Ended     Six Months Ended  
     June     March     June     June     June  

Selected Financial Ratios:

    2025     2025     2024     2025     2024  

Return on Average Assets

      1.49 %      1.06 %      1.32 %      1.28 %      1.25 % 

Return on Average Shareholders’ Equity

      9.05 %      6.47 %      7.99 %      7.78 %      7.62 % 

Return on Average Tangible Equity (non-GAAP) (1)

      14.67 %      10.61 %      13.12 %      12.67 %      12.55 % 

Efficiency Ratio

      48.37 %      53.03 %      52.66 %      50.64 %      53.96 % 

Price / Earnings Ratio

      10.74 x       14.70 x       11.40 x       12.58 x       11.98 x  

Note:

                               

(1) Return on Average Tangible Equity:

           

(a) Net Income (GAAP)

    $ 120,721     $ 84,306     $ 96,507     $ 205,027     $ 183,321  

(b) Number of Days

      91       90       91       181       182  

Average Total Shareholders’ Equity (GAAP)

    $ 5,351,140     $ 5,283,542     $ 4,857,893     $ 5,317,203     $ 4,837,306  

Less: Average Total Intangibles

      (2,049,504 )      (2,060,975 )      (1,900,164 )      (2,055,208 )      (1,900,619 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(c) Average Tangible Equity (non-GAAP)

    $ 3,301,636     $ 3,222,567     $ 2,957,729     $ 3,261,995     $ 2,936,687  

Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366 / (c)

      14.67 %      10.61 %      13.12 %      12.67 %      12.55 % 

Selected Financial Ratios:

          June 30
2025		     March 31
2025		     December 31
2024		     June 30
2024		  

Loans & Leases, net of unearned income / Deposit Ratio

        91.32 %      90.51 %      90.45 %      93.64 % 

Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income

        1.28 %      1.30 %      1.25 %      1.24 % 

Allowance for Credit Losses (2)/ Loans & Leases, net of unearned income

        1.43 %      1.45 %      1.42 %      1.43 % 

Nonaccrual Loans / Loans & Leases, net of unearned income

        0.27 %      0.24 %      0.26 %      0.25 % 

90-Day Past Due Loans/ Loans & Leases, net of unearned income

        0.02 %      0.05 %      0.08 %      0.06 % 

Non-performing Loans/ Loans & Leases, net of unearned income

        0.28 %      0.29 %      0.34 %      0.30 % 

Non-performing Assets/ Total Assets

        0.23 %      0.22 %      0.25 %      0.23 % 

Primary Capital Ratio

        17.23 %      17.09 %      17.47 %      17.06 % 

Shareholders’ Equity Ratio

        16.36 %      16.21 %      16.63 %      16.21 % 

Price / Book Ratio

        0.96 x       0.93 x       1.02 x       0.90 x  

Note:

 

(2)

Includes allowances for loan losses and lending-related commitments.

 

15

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     Three Months Ended      Six Months Ended  
     June      March      June      June      June  

Mortgage Banking Data:

    2025      2025      2024      2025      2024  

Loans originated

    $ 116,591      $ 75,903      $ 185,322      $ 192,494      $ 362,228  

Loans sold

      108,180        91,621        163,273        199,801        352,014  

 

           June 30     March 31     December 31     June 30  

Mortgage Loan Servicing Data: (1)

          2025     2025     2024     2024  

Balance of loans serviced

      $ —      $ —      $ —      $ 1,138,443  

Number of loans serviced

        —        —        —        11,853  
           June 30     March 31     December 31     June 30  

Asset Quality Data:

          2025     2025     2024     2024  

EOP Non-Accrual Loans

      $ 64,014     $ 57,388     $ 56,460     $ 52,929  

EOP 90-Day Past Due Loans

        4,253       12,387       16,940       12,402  
    

 

 

    

 

 

    

 

 

    

 

 

  

Total EOP Non-performing Loans

      $ 68,267     $ 69,775     $ 73,400     $ 65,331  

EOP Other Real Estate Owned

        6,331       1,475       327       2,156  
    

 

 

    

 

 

    

 

 

    

 

 

  

Total EOP Non-performing Assets

      $ 74,598     $ 71,250     $ 73,727     $ 67,487  
    

 

 

    

 

 

    

 

 

    

 

 

  
     Three Months Ended     Six Months Ended  
     June     March     June     June     June  

Allowance for Loan & Lease Losses:

    2025     2025     2024     2025     2024  

Beginning Balance

    $ 310,424     $ 271,844     $ 262,905     $ 271,844     $ 259,237  

Initial allowance for acquired PCD loans

      —        17,518       —        17,518       —   

Gross Charge-offs

      (9,266 )      (8,677 )      (2,542 )      (17,943 )      (6,118 ) 

Recoveries

      915       636       1,281       1,551       2,787  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Charge-offs

      (8,351 )      (8,041 )      (1,261 )      (16,392 )      (3,331 ) 

Provision for Loan & Lease Losses (2)

      5,889       29,103       5,779       34,992       11,517  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending Balance

      307,962       310,424     $ 267,423       307,962     $ 267,423  

Reserve for lending-related commitments

      35,819       36,567       40,739       35,819       40,739  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allowance for Credit Losses (3)

    $ 343,781     $ 346,991     $ 308,162     $ 343,781     $ 308,162  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

(1)

As previously disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024.

(2)

First quarter and year of 2025 includes $18.7 million in provision for Piedmont acquired non-PCD loans.

(3)

Includes allowances for loan losses and lending-related commitments.

 

16