8-K
UNITED BANKSHARES INC/WV (UBSI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 24, 2025
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
| West Virginia | No. 002-86947 | 55-0641179 |
|---|---|---|
| (State or other jurisdiction of<br> <br>incorporation or organization) | (Commission<br> <br>File Number) | (I.R.S. Employer<br> <br>Identification No.) |
| 300 United Center | ||
| --- | ||
| 500 Virginia Street, East | ||
| Charleston, West Virginia 25301 | ||
| (Address of Principal Executive Offices) |
(304) 424-8800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
|---|---|---|
| Common Stock, par value $2.50 per share | UBSI | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On July 24, 2025 United Bankshares, Inc. (“United”) announced its financial results for the second quarter and first half of 2025. A copy of the press release is attached as Exhibit 99.1 to this report. The press release is being furnished under Item 2.02 of this Form 8-K.
Item 9.01. Financial Statements and Exhibits
(c) The following exhibits are being furnished herewith:
| 99.1 | Press Release, dated July 24, 2025, issued by United Bankshares, Inc. |
|---|---|
| 99.2 | Slide presentation of financial information for the second quarter of 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED BANKSHARES, INC. | ||
|---|---|---|
| Date: July 24, 2025 | By: | /s/ W. Mark Tatterson |
| W. Mark Tatterson, Executive Vice President and<br>Chief Financial Officer |
EX-99.1
Exhibit 99.1
News Release
| 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…
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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.
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United Bankshares, Inc. Announces…
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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…
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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 of2024
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…
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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.
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United Bankshares, Inc. Announces…
July 24, 2025
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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.
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United Bankshares, Inc. Announces…
July 24, 2025
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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 ofJune 30, 2025 and will adjust amounts preliminarily reported, if necessary.
Use of non-GAAPFinancial Measures
This press release contains certain financial measures that are not recognized under U.S. generally acceptedaccounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information toassist 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 itsperformance 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 astax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes thesenon-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-GAAPmeasure, 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-exemptsources. 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 federallynontaxable loans and investment securities using the statutory federal income tax rate of 21%.
Tangible equity is calculated asGAAP 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, areturn 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 frommerger 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 asreconciliation 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 thesenon-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered asubstitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.
Forward-Looking Statements
Inthis 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 thePrivate 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 theofficers 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 beplaced 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.” Thefollowing 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 interestrate 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 assetquality 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 technologicalchanges; 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) therisk 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 newlaws, 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 inaccounting 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 globalcapital 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 suchas 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 fromterrorist 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 reflecteconomic 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 actualresults 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 Form10-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 thedate 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 onrelated subjects in our filings with the SEC.
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(InThousands Except for Per Share Data)
| Three Months Ended | Six Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EARNINGS SUMMARY: | June<br>2025 | March<br>2025 | June<br>2024 | June<br>2025 | June<br>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<br>2025 | March 31<br>2025 | December 31<br>2024 | June 30<br>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
(InThousands 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
(InThousands 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<br>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
(InThousands 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<br>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
(InThousands 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
(InThousands Except for Per Share Data)
| Three Months Ended<br>June 2025 | Three Months Ended<br>March 2025 | Three Months Ended<br>June 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Average Balances<br><br><br>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<br><br><br>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
(InThousands Except for Per Share Data)
| Six Months Ended<br>June 2025 | Six Months Ended<br>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<br><br><br>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<br><br><br>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
(InThousands 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<br>365 or 366 / (c) | 14.67 | % | 10.61 | % | 13.12 | % | 12.67 | % | 12.55 | % | |||||
| Selected Financial Ratios: | June 30<br>2025 | March 31<br>2025 | December 31<br>2024 | June 30<br>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<br>income | 1.28 | % | 1.30 | % | 1.25 | % | 1.24 | % | |||||||
| Allowance for Credit Losses ^(2)^/<br>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<br>unearned income | 0.02 | % | 0.05 | % | 0.08 | % | 0.06 | % | |||||||
| Non-performing Loans/ Loans & Leases, net of<br>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
(InThousands 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<br>^(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.<br> |
|---|---|
| (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
EX-99.2
Second Quarter 2025 Earnings Review United Bankshares, Inc. (UBSI) July 24, 2025 Exhibit 99.2
This presentation and statements made by United Bankshares, Inc. (“UBSI”) and its management contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) projections of income, expenses, provision expense, capital structure and other financial information; (ii) UBSI’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” “will,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of UBSI and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of UBSI. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (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 UBSI, 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 Bancorp, Inc. (“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 UBSI’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 UBSI’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 UBSI common stock that may or may not reflect economic condition or performance of UBSI; (14) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and (15) other factors that may affect future results of UBSI, as disclosed in UBSI’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by UBSI with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements. UBSI cautions that the foregoing list of factors is not exclusive. UBSI does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. FORWARD LOOKING STATEMENTS
Achieved record Net Income of $120.7 million and record Diluted Earnings Per Share of $0.85 Generated Return on Average Assets of 1.49%, Return on Average Equity of 9.05%, and Return on Average Tangible Equity* of 14.67% Net Interest Income was $274.5 million and Net Interest Margin (FTE) increased from 3.69% to 3.81% Consistently ranked as one of the most trustworthy banks in America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024 & 2025) Quarterly dividend of $0.37 per share equates to a yield of ~4.0% (based upon recent prices). United has increased dividends to shareholders for 51 consecutive years Asset quality remains sound with Non-Performing Assets remaining low at 0.23% of Total Assets Strong expense control with an efficiency ratio of 48.37% Capital position remains robust and liquidity remains sound Repurchased 981,422 shares for $32.5 million during 2Q25 2Q25 HIGHLIGHTS *Non-GAAP measure. Refer to appendix.
Linked-Quarter (LQ) Net Income was $120.7 million in 2Q25 compared to $84.3 million in 1Q25, with diluted EPS of $0.85 in 2Q25 compared to $0.59 in 1Q25. Net Interest Income increased $14.5 million primarily 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 of $5.8 million in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits. Provision Expense was $5.9 million in 2Q25 compared to $29.1 million in 1Q25. 1Q25 included $18.7 million of provision recorded on purchased non-credit deteriorated (“non-PCD”) loans from Piedmont. Noninterest Income increased $1.9 million compared to 1Q25 driven by an increase in other noninterest income of $1.5 million. Noninterest Expense decreased $5.6 million compared to 1Q25 driven by $1.3 million of merger-related expenses in 2Q25 compared to $11.3 million in 1Q25, partially offset by an increase in employee compensation primarily due to higher employee incentives, stock-based compensation, and employee commissions driven by higher mortgage production. Income Taxes increased $8.8 million driven by the impact of higher earnings partially offset by a decrease in the effective tax rate from 21.2% to 20.6%. EARNINGS SUMMARY
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control 1Q25 was impacted by pre-tax merger related expenses of $30.0 million. PERFORMANCE RATIOS
Reported Net Interest Margin increased from 3.69% to 3.81% LQ. Linked-quarter Net Interest Income (FTE) increased $14.5 million primarily 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 of $5.8 million in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits. The $5.8 million increase in acquired loan accretion income contributed to an approximately ~8 basis point increase in the Net Interest Margin. Approximately ~52% of the loan portfolio is fixed rate and ~48% is adjustable rate, while ~35% of the total portfolio is projected to reprice within the next 3 months. ~14% of the securities portfolio is floating rate. Securities balances of approximately ~$436 million with an average yield of ~4.0% are projected to roll off during the remainder of FY 2025. HTM securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 4.3 years. Time deposits have an average maturity of ~6 months. Approximately ~11% of total deposits have interest rates tied to a floating rate index. Scheduled purchase accounting loan accretion is estimated at ~$13 million for the remainder of FY 2025 and ~$19 million for FY 2026. NET INTEREST INCOME AND MARGIN
Linked-Quarter loan balances increased $187 million driven by Commercial loans, Non Owner Occupied CRE loans and Residential Real Estate loans. Loan growth was led by the Georgia, North Carolina, and Central Virginia markets in 2Q25 (annualized growth rates of ~22%, ~21%, and ~18%, respectively). Non Owner Occupied CRE to Total Risk Based Capital was ~289% at 2Q25. CRE portfolio remains diversified among underlying collateral types. Non Owner Occupied Office loans total ~$0.9 billion (~3.6% of total loans). The Top 60 Office loans make up ~71% of total Non Owner Occupied Office balances. The weighted average LTV based on current loan balances and appraised values at origination for the Top 60 was ~55% at 6/30/25. The weighted average LTV at origination for the Top 60 was ~65%. United has been disciplined in its approach to underwriting Office loans. The stringent underwriting process focuses on the underlying tenants, lease terms, sponsor support, location, property class, amenities, etc. Weighted average FICO of all consumer-related loan sectors is ~761. Total purchase accounting-related fair value discount on loans was $73 million as of 6/30/25. $ in millions LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE)
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 24.1 % of Total Loans 100% Geographic location Southeast 43% Metro DC / Baltimore 35% WV / OH / PA / Shenandoah Valley 19% Other 3% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select Portfolio Details: Total NOO Office loans represent $0.9 billion, or only ~3.6% of total loans, with ~57% located in the Washington DC MSA and zero exposure to the CBD of Washington DC. C&I Government Contracting loans represent only ~0.7% of total loans. Our Government Contracting loans are concentrated in blue-chip companies with the top 4 borrowers comprising >80% of the portfolio with credit ratings of BB+ or better. Total Residential Real Estate loans have an overall weighted average FICO of ~761, with a weighted average FICO of ~765 in the Washington DC MSA. The Washington DC MSA continues to be impacted by a lack of single-family housing inventory supply. *Data as of 6/30/25; Geographic locations based on collateral address, if applicable, or originating office location. CRE NOO CRE OO C&D C&I Residential Real Estate Other Consumer 8.0 2.1 3.7 3.6 5.9 0.8 33% 9% 16% 15% 24% 3% 45% 54% 68% 16% 41% 10% 42% 25% 22% 32% 43% 18% 12% 20% 6% 43% 14% 60% 1% 1% 4% 9% 2% 12% 100% 100% 100% 100% 100% 100% Total Loans Loan Segments Shading indicates areas with outstanding loans. Color coding represents the geographies noted in the table. Indicates United office location
End of Period Balances (000s) 3/31/25 6/30/25 Non-Accrual Loans $57,388 $64,014 90-Day Past Due Loans $12,387 $4,253 Total Non-performing Loans $69,775 $68,267 Other Real Estate Owned $1,475 $6,331 Total Non-performing Assets $71,250 $74,598 Non-performing Loans / Loans 0.29% 0.28% Non-performing Assets / Total Assets 0.22% 0.23% Annualized Net Charge-offs / Average Loans 0.14% 0.14% Allowance for Loan & Lease Losses (ALLL) $310,424 $307,962 ALLL / Loans, net of unearned income 1.30% 1.28% Allowance for Credit Losses (ACL)* $346,991 $343,781 ACL / Loans, net of unearned income 1.45% 1.43% NPAs were $74.6 million at 6/30/25 compared to $71.3 million at 3/31/25 with the ratio of NPAs to Total Assets increasing from 0.22% to 0.23%. 30-89 Day Past Due loans were 0.34% of total loans at 6/30/25 compared to 0.33% at 3/31/25. ALLL as a percentage of Total Loans decreased from 1.30% to 1.28% LQ. 1Q25 included the Day 1 Piedmont ACL impact of $40.3 million ($36.2 million in ALLL and $4.1 million in the reserve for lending-related commitments). *ACL is comprised of ALLL and the reserve for lending-related commitments CREDIT QUALITY
Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. LQ deposits decreased $29 million which included an $85 million decline in brokered Time Deposits acquired from Piedmont. Brokered deposits decreased from 1.1% of total deposits at 3/31/25 to 0.4% of total deposits at 6/30/25. Enviable deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a strong deposit base. $ in millions Source: S&P Global Market Intelligence DEPOSIT SUMMARY Top 10 MSAs by Deposits* (as of 6/30/24) MSA Total Deposits In MSA ($000) Number of Branches Rank Washington, DC 10,071,646 58 8 Charleston, WV 1,589,675 5 2 Atlanta, GA 1,346,636 11 19 Morgantown, WV 1,141,970 6 2 Richmond, VA 762,351 13 9 Parkersburg, WV 713,929 4 1 Hagerstown, MD 656,854 6 2 Myrtle Beach, SC 631,752 7 9 Charlotte, NC 585,589 7 17 Wheeling, WV 537,803 6 2
Deposit Account Details ($ in millions) End of Period Ratios / Values 6/30/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,703 33% Estimated Insured/Collateralized Deposits $17,633 67% Total Deposits $26,336 100% *Does not include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. Available Liquidity ($ in millions) 6/30/25 Cash & Cash Equivalents $2,315 Unpledged AFS Securities $1,025 Available FHLB Borrowing Capacity $4,442 Available FRB Discount Window Borrowing Capacity $4,975 Subtotal $12,757 Additional FHLB Capacity (with delivery of collateral) $4,592 Additional Brokered Deposit Capacity (based on internal policy) $5,156 Total Liquidity* $22,505 Liquidity remains strong with a granular deposit base and geographic diversification. Average deposit account size is ~$38 thousand with >700 thousand total deposit accounts. Estimated uninsured/uncollateralized deposits were flat compared to 3/31/25 at 33% of total deposits. LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL
End of Period Ratios / Values 3/31/25 6/30/25** Common Equity Tier 1 Ratio 13.3% 13.4% Tier 1 Capital Ratio 13.3% 13.4% Total Risk Based Capital Ratio 15.7% 15.8% Leverage Ratio 11.3% 11.3% Total Equity to Total Assets 16.2% 16.4% *Tangible Equity to Tangible Assets (non-GAAP) 10.6% 10.8% Book Value Per Share $37.19 $37.80 *Tangible Book Value Per Share (non-GAAP) $22.76 $23.32 Capital ratios remain significantly above regulatory “Well Capitalized” levels and exceed all internal capital targets. United repurchased 981 thousand common shares during 2Q25 for $32.5 million as compared to 567 thousand common shares for $19.8 million during 1Q25. As of 6/30/25, there were 2.8 million shares available to be repurchased under the approved plan. *Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release date. CAPITAL RATIOS AND PER SHARE DATA
Select guidance is being provided for 2025. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan and deposit growth to be in the low to mid single digits for the remainder of 2025 (annualized). Loan pipelines continue to be relatively strong. Expect investment portfolio balances to be relatively flat (market dependent). Net Interest Income: Net interest income (non-FTE) expected to be in the range of $1.090 billion to $1.100 billion for FY 2025 (assumes two 25 bps rate cuts in 2025). Loan purchase accounting accretion is currently estimated at ~$31 million for FY 2025. Provision Expense: Asset quality remains sound. Provision expense will be dependent on the future economic outlook, future credit trends within United’s portfolio, and loan growth. Expect our credit performance to outperform the industry. Current planning assumption for total provision expense for 2025 is $52 million (including Day 2 merger-related CECL provision expense of $19 million that was recorded in 1Q25). Non Interest Income: Expect non interest income to be in the range of $115 million to $125 million for 2025. Mortgage banking revenue will be subject to industry trends. Non Interest Expense: Expect non interest expense to be in the range of $605 million to $615 million for 2025 (including merger-related expenses of $12.6 million that were recorded in the first half of 2025). Effective Tax Rate: Estimated at approximately ~21.0%. Capital: Stock buyback will be market dependent. United’s capital position remains robust. 2025 OUTLOOK
Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base Consistently high-performing company with a culture of disciplined risk management and expense control 51 consecutive years of dividend increases evidences United’s strong profitability, solid asset quality, and sound capital management over a very long period of time Experienced management team with a proven track record of execution Committed to our mission of excellence in service to our employees, our customers, our shareholders and our communities Attractive valuation with a current Price-to-Earnings Ratio of ~12.1x (based upon median 2025 street consensus estimate of $3.08 per Bloomberg) INVESTMENT THESIS
Source: S&P Capital IQ Pro; Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS Closed on 1/10/25
APPENDIX
PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 Provision for Credit Losses --- --- --- $18.7 --- Employee Compensation & Benefits --- --- --- $1.2 $0.3 Expense for Reserve for Unfunded Loan Commitments --- --- --- $4.1 --- Other Noninterest Expense $1.3 $0.3 $1.3 $6.0 $1.0 Total $1.3 $0.3 $1.3 $30.0 $1.3 Day 1 purchase accounting marks (net mark) ($ in millions) Fair Value (Discount) / Premium (preliminary) *Loans $(64.1) Investments $(25.0) Land $(3.5) Buildings $1.5 Time Deposits $0.4 *Does not include $17.5 million credit mark on PCD loans recorded as ALLL on Day 1. Other information ($ in millions) *1/10/2025 Values (preliminary) Preliminary Goodwill $130.0 Core Deposit Intangible $32.8 Allowance for Credit Losses (including unfunded) $40.3 *Updated as of 6/30/25
(dollars in thousands) 2Q24 3Q24 4Q24 1Q25 2Q25 (1) Return on Average Tangible Equity (A) Net Income (GAAP) $96,507 $95,267 $94,408 $84,306 $120,721 (B) Number of Days in the Quarter 91 92 92 90 91 Average Total Shareholders' Equity (GAAP) $4,857,893 $4,908,866 $5,019,069 $5,283,542 $5,351,140 Less: Average Total Intangibles (1,900,164) (1,899,261) (1,898,335) (2,060,975) (2,049,504) (C) Average Tangible Equity (non-GAAP) $2,957,729 $3,009,605 $3,120,734 $3,222,567 $3,301,636 Formula: [(A) / (B)]*365 (or 366 for leap year) (C) Return on Average Tangible Equity (non-GAAP) 13.12% 12.59% 12.03% 10.61% 14.67% RECONCILIATION OF NON-GAAP ITEMS
(dollars in thousands) 3/31/2025 6/30/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 32,788,494 $ 32,783,363 Less: Total Intangibles (GAAP) (2,062,893) (2,055,858) Tangible Assets (non-GAAP) $ 30,725,601 $ 30,727,505 Total Shareholders' Equity (GAAP) $ 5,314,449 $ 5,364,541 Less: Total Intangibles (GAAP) (2,062,893) (2,055,858) Tangible Equity (non-GAAP) $ 3,251,556 $ 3,308,683 Tangible Equity to Tangible Assets (non-GAAP) 10.6% 10.8% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 5,314,449 $ 5,364,541 Less: Total Intangibles (GAAP) (2,062,893) (2,055,858) Tangible Equity (non-GAAP) $ 3,251,556 $ 3,308,683 ÷ EOP Shares Outstanding (Net of Treasury Stock) 142,891,148 141,909,452 Tangible Book Value Per Share (non-GAAP) $22.76 $23.32 RECONCILIATION OF NON-GAAP ITEMS (CONT.)