[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for the six months ended June 30, 2025, reflect significant growth in assets, loans, and deposits, primarily due to the Piedmont Bancorp acquisition, leading to increased net income - Financial statements are prepared under GAAP for interim reporting and should be read with the 2024 Annual Report on Form 10-K[21](index=21&type=chunk) - The company's business activities are confined to a single reportable segment: community banking through its subsidiary, United Bank[23](index=23&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets grew 9.2% to **$32.78 billion**, primarily due to the Piedmont acquisition, significantly increasing net loans, goodwill, deposits, and shareholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$32,783,363** | **$30,023,545** | | Net loans and leases | $23,742,260 | $21,401,649 | | Goodwill | $2,018,910 | $1,888,889 | | **Total Liabilities** | **$27,418,822** | **$25,030,322** | | Total deposits | $26,335,874 | $23,961,859 | | **Total Shareholders' Equity** | **$5,364,541** | **$4,993,223** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net income increased to **$120.7 million** ($0.85 diluted EPS), driven by a **21.6% rise in net interest income**, with six-month net income reaching **$205.0 million** despite higher provisions and expenses from the Piedmont acquisition Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $274,537 | $225,715 | $534,592 | $448,204 | | Provision for credit losses | $5,889 | $5,779 | $34,992 | $11,519 | | **Net Income** | **$120,721** | **$96,507** | **$205,027** | **$183,321** | | **Diluted EPS** | **$0.85** | **$0.71** | **$1.44** | **$1.35** | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, cash and cash equivalents increased by **$22.4 million**, with operating activities providing cash, investing activities using cash primarily for loans, and financing activities providing cash from deposits Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $209,346 | $185,556 | | Net Cash (Used in)/Provided by Investing Activities | ($273,819) | $220,109 | | Net Cash Provided by/(Used in) Financing Activities | $86,921 | ($145,747) | | **Increase in Cash and Cash Equivalents** | **$22,448** | **$259,918** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail financial statement support, including accounting standards, investment and loan portfolios, credit quality, and the **$281.0 million** Piedmont acquisition's impact on various accounts - On January 10, 2025, United acquired Piedmont Bancorp, Inc. for **$281.0 million**, adding **$2.36 billion** in assets, **$2.08 billion** in loans, and **$2.11 billion** in deposits, with preliminary goodwill of **$130.0 million**[36](index=36&type=chunk)[42](index=42&type=chunk)[47](index=47&type=chunk) - The allowance for loan and lease losses increased by **$36.1 million** from year-end 2024, including an **$18.7 million** provision for non-PCD loans from the Piedmont acquisition[42](index=42&type=chunk)[118](index=118&type=chunk) - The company had **$6.25 billion** in loan commitments and **$157.8 million** in commercial and standby letters of credit outstanding as of June 30, 2025[141](index=141&type=chunk)[142](index=142&type=chunk) - Shareholders approved the 2025 Equity Incentive Plan (EIP), replacing the 2020 plan, authorizing **3,000,000 shares** for issuance[198](index=198&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=59&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant increases in assets, loans, and deposits, primarily from the Piedmont acquisition, driving Q2 2025 net income to **$120.7 million** and strengthening liquidity and capital positions - The acquisition of Piedmont Bancorp, Inc. on January 10, 2025, added approximately **$2.4 billion** in assets and is a primary driver of financial changes in 2025[236](index=236&type=chunk) - Management highlights the use of non-GAAP measures like tax-equivalent net interest income and return on average tangible equity for additional evaluation information[241](index=241&type=chunk)[242](index=242&type=chunk) [Financial Condition](index=62&type=section&id=Financial%20Condition) Total assets grew by **$2.76 billion** (9.2%) to **$32.78 billion** in H1 2025, primarily due to the Piedmont acquisition, significantly increasing portfolio loans, deposits, and shareholders' equity Change in Loan Portfolio (in thousands) | Loan Category | June 30, 2025 | Dec 31, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Commercial, financial, and agricultural | $13,698,632 | $11,881,005 | $1,817,627 | 15.30% | | Residential real estate | $5,852,212 | $5,507,384 | $344,828 | 6.26% | | Construction & land development | $3,741,200 | $3,509,034 | $232,166 | 6.62% | | **Total Loans, net of unearned income** | **$24,050,222** | **$21,673,493** | **$2,376,729** | **10.97%** | Change in Deposit Portfolio (in thousands) | Deposit Category | June 30, 2025 | Dec 31, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Demand deposits (Noninterest-bearing) | $6,627,265 | $6,135,413 | $491,852 | 8.02% | | Interest-bearing deposits | $19,708,609 | $17,826,446 | $1,882,163 | 10.56% | | **Total deposits** | **$26,335,874** | **$23,961,859** | **$2,374,015** | **9.91%** | [Results of Operations](index=67&type=section&id=Results%20of%20Operations) Q2 2025 net income increased **25.1%** YoY to **$120.7 million**, driven by a **21.6%** rise in net interest income, with return on average tangible equity improving to **14.67%**, despite higher credit loss provisions from the Piedmont acquisition Quarterly Performance Summary | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Net Income (in millions) | $120.7 | $96.5 | $84.3 | | Diluted EPS | $0.85 | $0.71 | $0.59 | | Return on Average Assets (Ann.) | 1.49% | 1.32% | 1.06% | | Return on Average Tangible Equity (Ann.) | 14.67% | 13.12% | 10.61% | - Acquisition-related costs for the Piedmont merger were **$1.32 million** for Q2 2025 and **$31.36 million** for H1 2025, including a significant provision for credit losses on purchased loans[281](index=281&type=chunk) [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity and a strong capital position, with all regulatory capital ratios exceeding 'well-capitalized' thresholds, including a **13.42%** Common Equity Tier 1 ratio, supported by substantial unused borrowing capacity Regulatory Capital Ratios (as of June 30, 2025) | Ratio | United's Ratio | Well-Capitalized Requirement | | :--- | :--- | :--- | | Common Equity Tier 1 Capital | 13.42% | 6.5% | | Tier 1 Capital | 13.42% | 8.0% | | Total Risk-Based Capital | 15.83% | 10.0% | | Leverage Ratio | 11.33% | 5.0% | - During H1 2025, United repurchased **1,548,827 shares** of its common stock at an average price of **$33.81 per share**[355](index=355&type=chunk) - The Board of Directors declared a cash dividend of **$0.37 per share** for Q2 2025, totaling **$0.74** for the first six months of the year[357](index=357&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=80&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, managed by ALCO using earnings simulation to assess net interest income sensitivity and monitoring extension risk in its **$1.8 billion** mortgage-related securities portfolio Estimated NII Sensitivity to Interest Rate Changes (1-Year Horizon) | Change in Interest Rates (bps) | % Change in NII (June 30, 2025) | % Change in NII (Dec 31, 2024) | | :--- | :--- | :--- | | +200 | 3.43% | 2.82% | | +100 | 2.13% | 1.75% | | -100 | (0.36%) | 0.26% | | -200 | (0.61%) | 0.40% | - The company's mortgage-related securities portfolio is structured to have moderate extension risk, with a **+300 bps** rate shock scenario extending the average life of the fixed-rate CMO portfolio from **4.8 to 6.5 years**[370](index=370&type=chunk) [Controls and Procedures](index=82&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, the CEO and CFO concluded that disclosure controls and procedures are effective, with no material changes in internal control over financial reporting during Q2 2025 - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of the end of the period[376](index=376&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected or are reasonably likely to materially affect the company's internal controls[379](index=379&type=chunk) [PART II. OTHER INFORMATION](index=84&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=84&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising from normal business operations, which management believes will not materially affect United's financial position - United is involved in various legal proceedings in the normal course of business, which management believes will be resolved with no material effect on the company's financial position[381](index=381&type=chunk) [Risk Factors](index=84&type=page&id=Item%201A.%20Risk%20Factors) This section refers readers to the comprehensive risk factors detailed in the company's Annual Report on Form 10-K for December 31, 2024, with no new or materially changed risks presented in this quarterly report - The report directs stakeholders to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, for a comprehensive understanding of potential risks[382](index=382&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, United repurchased **981,428 shares** of common stock at an average price of **$33.17 per share** under the publicly announced 2022 repurchase plan Share Repurchases for Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 831,422 | $32.64 | | May 2025 | 6 | $32.86 | | June 2025 | 150,000 | $36.14 | | **Total** | **981,428** | **$33.17** | - The share repurchases were executed under the 2022 Plan, authorizing the repurchase of up to **4,750,000 shares**[384](index=384&type=chunk) [Other Information](index=85&type=section&id=Item%205.%20Other%20Information) During Q2 2025, no directors or executive officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No directors or executive officers adopted, modified, or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the second quarter of 2025[388](index=388&type=chunk) [Exhibits](index=86&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including the Piedmont merger agreement, corporate governance documents, and CEO/CFO certifications required by Sarbanes-Oxley Act - Key exhibits include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, and the Interactive Data File (inline XBRL)[389](index=389&type=chunk)[390](index=390&type=chunk)

Core Viewpoint - United Bankshares reported record results for Q2 2025, exceeding analyst expectations in both earnings and revenue, driven by successful acquisitions and improved performance metrics [1][2]. Financial Performance - GAAP earnings per share (EPS) reached $0.85, surpassing estimates of $0.76, and increased by 19.7% from $0.71 in Q2 2024 [2] - GAAP revenue was $306 million, exceeding the estimate of $298.8 million and up 35.6% from $225.7 million in Q2 2024 [2] - Net interest income rose to $274.5 million, a 22% increase year-over-year [2] - Return on average assets improved to 1.49%, up 0.17 percentage points from 1.32% in Q2 2024 [2] - Net interest margin expanded to 3.81%, an increase of 0.31 percentage points from 3.50% in Q2 2024 [2] Business Overview - United Bankshares operates as a commercial bank holding company, providing a range of banking services including loans and deposit services, with a focus on acquisitions to expand its market presence [3] - The company has completed 33 acquisitions, with the most recent being Piedmont Bancorp in January 2025, enhancing its footprint in the Mid-Atlantic and Southeast regions [3] Key Performance Drivers - The integration of Piedmont Bancorp significantly increased the customer base and average loans and deposits, contributing to a net loan portfolio growth of $2.45 billion year-over-year to $24.05 billion [5] - Commercial loans and leases grew from $15.89 billion in Q2 2024 to $18.48 billion in Q2 2025 [5] - Acquired loan accretion income contributed $11.8 million in Q2 2025, boosting the net interest margin [6] Credit Quality and Risk Management - Nonperforming loans decreased to 0.28% of total loans, while net charge-offs increased to 0.14% of average loans, indicating a return to typical loss levels post-pandemic [8] - The company set aside $5.9 million for potential loan losses, consistent with the prior year [9] Deposits and Expenses - Total deposits rose 14.2% year-over-year to $26.34 billion, with increases in both interest-bearing and noninterest-bearing accounts [10] - Noninterest expenses increased by 10% year-over-year, primarily due to staff and operational costs from acquisitions, but merger-related expenses decreased significantly [11] Shareholder Returns - The quarterly dividend was maintained at $0.37 per share, with a payout ratio below half of earnings, and share repurchase activity resumed with 981,000 shares bought back at an average price of $33.17 [12] Outlook - Management did not provide numeric guidance for the remainder of fiscal 2025 but highlighted ongoing momentum from acquisitions and disciplined expense management as key supports [13] - Investors should monitor the sustainability of margin expansion, deposit cost trends, and credit risk associated with commercial and real estate loans [14]

Core Insights - United Bankshares reported record net income and revenue for Q2 2025, with diluted EPS of $0.85, exceeding the consensus estimate of $0.76, and revenue of $306.0 million, surpassing the forecast of $298.8 million [1][2] Financial Performance - EPS (GAAP, Diluted) increased by 19.7% year-over-year from $0.71 to $0.85 [2] - Revenue (GAAP) rose by 19.6% year-over-year from $255.9 million to $306.0 million [2] - Net Interest Income grew by 21.6% year-over-year, reaching $274.5 million [2] - Net Interest Margin improved to 3.81%, up from 3.50% a year earlier [2] - Return on Average Tangible Equity (Non-GAAP) increased to 14.67%, up from 13.12% [2] Business Overview and Strategy - United Bankshares operates as a bank holding company, providing a range of financial services across the Mid-Atlantic and Southeast regions, with a growth model focused on acquisitions [3] - The company has completed 33 acquisitions since its formation, including recent acquisitions of Piedmont Bancorp, Community Bankers Trust, and Carolina Financial [3] Operational Highlights - The Piedmont Bancorp acquisition contributed significantly to the quarter's performance, adding approximately $2.4 billion in assets and increasing average net loans by $2.3 billion year-over-year [5][6] - Noninterest expense decreased by $5.6 million sequentially, reflecting reduced merger-related integration costs [6][8] - The efficiency ratio improved to 48.37%, indicating enhanced operational efficiency as revenue growth outpaced expense growth [8][11] Asset Quality and Lending - Non-performing loans stood at $68.3 million, representing 0.28% of loans, which is a modest increase from the previous year [9] - The total allowance for loan losses increased to $308.0 million, or 1.28% of loans, reflecting new loans from Piedmont and higher loss provisioning [9] Market Position and Future Outlook - Total deposits reached $26.34 billion as of June 30, 2025, up from $23.07 billion a year earlier [10] - The company is expanding into the Atlanta market to capture new commercial and retail clients despite rising competition [10] - Management expressed confidence in maintaining a positive trajectory into the second half of fiscal 2025, citing benefits from the Atlanta market entry and ongoing cost control [13]

Core Viewpoint - United Bankshares (UBSI) demonstrated strong financial performance in the quarter ended June 2025, with significant increases in revenue and earnings per share (EPS) compared to the previous year [1]. Financial Performance - Revenue for the quarter was reported at $306.79 million, reflecting a year-over-year increase of 19.5% [1]. - EPS was reported at $0.85, up from $0.71 in the same quarter last year [1]. - The revenue exceeded the Zacks Consensus Estimate of $298 million, resulting in a surprise of +2.95% [1]. - EPS also surpassed the consensus estimate of $0.77, with a surprise of +10.39% [1]. Key Metrics - Efficiency Ratio stood at 48.4%, better than the three-analyst average estimate of 50% [4]. - Average balance of earning assets was $28.95 billion, slightly below the estimated $29.18 billion [4]. - Net interest margin was reported at 3.8%, exceeding the average estimate of 3.7% [4]. - Net Charge-off as a percentage of average loans was 0.1%, matching the two-analyst average estimate [4]. - Income from mortgage banking operations was $2.6 million, below the average estimate of $3.28 million [4]. - Total Noninterest Income reached $31.46 million, surpassing the average estimate of $30.44 million [4]. - Income from bank-owned life insurance was $3.62 million, exceeding the estimated $2.94 million [4]. - Other income was reported at $2.1 million, slightly above the average estimate of $2.01 million [4]. - Fees from deposit services totaled $9.66 million, below the average estimate of $9.79 million [4]. - Other service charges, commissions, and fees were $1.15 million, above the average estimate of $1 million [4]. - Bankcard fees and merchant discounts reached $2.1 million, exceeding the estimated $1.89 million [4]. - Net Interest Income (Taxable Equivalent) was reported at $275.33 million, higher than the estimated $266.03 million [4]. Stock Performance - Shares of United Bankshares returned +2.2% over the past month, compared to the Zacks S&P 500 composite's +5.7% change [3]. - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3].

United Bankshares (UBSI) came out with quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.77 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +10.39%. A quarter ago, it was expected that this holding company for United Bank would post earnings of $0.66 per share when it actually produced earnings of $0.59, delivering a surprise of -10.61%.Over the last ...

News Release Exhibit 99.1 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. 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-- Unit ...

Wall Street expects a year-over-year increase in earnings on higher revenues when United Bankshares (UBSI) reports results for the quarter ended June 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock m ...

Financial Performance & Ratios - UBSI achieved a net income of $373 million and diluted earnings per share of $2.75 in 2024[11] - The company's Return on Average Assets was 1.26%, Return on Average Equity was 7.61%, and Return on Average Tangible Equity was 12.43% in 2024[11] - Net Interest Margin (FTE) remained solid at 3.49%[11] - The efficiency ratio was 52.67%[11] Balance Sheet & Loan Portfolio - Total assets reached $30 billion, and pro forma total assets with Piedmont were $32 billion as of December 31, 2024[6] - Gross loans totaled $22 billion, and pro forma gross loans with Piedmont were $24 billion as of December 31, 2024[6] - Total deposits amounted to $24 billion, and pro forma total deposits with Piedmont were $26 billion as of December 31, 2024[6] - Non-Performing Assets (NPAs) increased to $73727000, representing 0.25% of total assets as of December 31, 2024[28] Piedmont Merger & Outlook - UBSI completed the merger with Piedmont Bancorp, Inc on January 10, 2025[8] - Net interest income (non-FTE) is expected to be in the range of $102 billion to $105 billion for 2025, including ~$20 million from Piedmont acquisition[54]

Core Viewpoint - United Bankshares (UBSI) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - The Zacks Consensus Estimate for United Bankshares has increased by 5.1% over the past three months, with an expected earnings per share of $2.97 for the fiscal year ending December 2025, showing no year-over-year change [8]. Investment Implications - The upgrade reflects an improvement in United Bankshares' underlying business, suggesting that investors may respond positively by driving the stock price higher [5][10]. - The Zacks Rank system classifies stocks into five groups, with only the top 5% receiving a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [7][10].

Group 1 - Regional banks often expand through mergers and acquisitions, with varying strategies on the frequency of asset purchases [1] - Some banks exhibit patience by acquiring new assets every few years, while others engage in annual acquisitions [1] - The financial market is viewed as efficient, with most stocks reflecting their real current value, presenting opportunities in less-followed stocks [1]