United Bankshares, Inc. Announces Record Earnings for the Second Quarter of 2025

Business Wire

24-07-2025

WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)--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.
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.
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.
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 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.
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 39 th 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.
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.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
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 (GAAP)
152,088
106,933
115,385
259,021
223,604
Expand
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
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
Expand
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
S tock 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.
Expand
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Selected Average Balances and Yields:
Average
Average
Average
Average
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.
Expand
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
%
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.
Expand
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)