Coke's shift to cane sugar would be expensive, hurt US farmers
NEW YORK (Reuters) -A possible move by Coca-Cola , and other beverage and food industries, to use cane sugar instead of corn syrup as a sweetener would be difficult and expensive to implement, while mostly negative for farmers in the United States.
U.S. President Donald Trump said on Wednesday that Coca-Cola had agreed to use cane sugar in its beverages in the country after his discussions with the maker of the top soda pop brand.
Backed by the Make America Healthy Again (MAHA) social movement, Health Secretary Robert F. Kennedy Jr. has been pushing for changes in ingredients used by the food and beverage industry, claiming the proposed substitutes are healthier.
The company already sells Coke made from cane sugar in other markets, including Mexico, and some U.S. grocery stores carry glass bottles with cane sugar labeled "Mexican" Coke.
In response to Trump's comment, Coca-Cola said "more details on new innovative offerings within our Coca-Cola product range will be shared soon.'
PepsiCo also said on Thursday it would use sugar in its products like Pepsi beverages if consumers want it.
Industry analysts, however, said changes in the formulation of the rest of the Coke sold in the U.S., and other beverages and candies, would involve significant adjustments to companies' supply chains, since corn syrup and sugar come from different producers. It would also involve changes to product labeling, and cost more.
"Food and beverage industries started to use corn syrup in the U.S. in the past because of costs. It is cheaper than sugar," said Ron Sterk, a senior editor at SOSland Publishing, an information provider for the ingredients industry in the U.S.
He said the beverage industry uses 55% High Fructose Corn Syrup, or 55HFCS, while bakers use 42% HFCS.
The Corn Refiners Association said the complete elimination of high fructose corn syrup from the U.S. food and beverage supply would cut corn prices by up to 34 cents a bushel, resulting in a loss of $5.1 billion in farm revenue.
"The resulting economic shockwave would lead to rural job losses and significant economic consequences to communities across the country," CRA said.
Agricultural processors such as Archer-Daniels-Midland and Ingredion, two of the largest HFCS producers, grind corn at mills dotted around the Midwest farm belt to produce corn sweetener and other goods like ethanol biofuel. Shares of both companies fell on Thursday.
ADM is estimated to ship 4 billion to 4.5 billion pounds of high fructose corn syrup every year, accounting for roughly 6% to 7% of projected 2026 earnings, said analyst Heather Jones of Heather Jones Research.
"If Coke were to shift the entirety of its HF55 usage to cane, the cost increase would very likely exceed $1 billion given the current price gap between HF55 and cane sugar and the probability of very large price increases for the latter," Jones said in a research note.
To produce one pound of HFCS, the industry uses around 2.5 pounds of corn, so a large shift in corn syrup use in the U.S. would hurt demand for the cereal, hurting corn growers, while probably boosting imports of cane sugar since there is not enough produced in the U.S. to satisfy American consumers' sweet tooth.
SUGAR DEFICIT
Around 400 million bushels of corn is used annually to make corn syrup for drinks and other food products, representing around 2.5% of U.S. corn production, according to U.S. government data.
The U.S. produces around 3.6 million metric tons of cane sugar per year, half of that in Trump's home state of Florida, compared with around 7.3 million tons of corn syrup.
Trump's ongoing trade wars, however, would make it difficult to cover the deficit, sugar analyst Michael McDougall said.
"It will most likely come from Brazil," he said, referring to the world's top cane sugar producer, "but Trump just hit Brazil with a 50% import tariff."
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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. 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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 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 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)
