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

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

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

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

Read the full press release.