For the quarter ended December 2024, United Bankshares (UBSI) reported revenue of $262.72 million, down 0.6% over the same period last year. EPS came in at $0.69, compared to $0.66 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $261.09 million, representing a surprise of +0.63%. The company delivered an EPS surprise of +1.47%, with the consensus EPS estimate being $0.68.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Core Viewpoint - United Bankshares (UBSI) reported quarterly earnings of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.68 per share, and showing an increase from $0.66 per share a year ago, indicating a positive earnings surprise of 1.47% [1] Financial Performance - The company posted revenues of $262.72 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.63%, although this represents a decline from year-ago revenues of $264.23 million [2] - Over the last four quarters, United Bankshares has exceeded consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] Stock Performance and Outlook - United Bankshares shares have increased by approximately 2.1% since the beginning of the year, while the S&P 500 has gained 4% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Estimate Revisions and Industry Context - The trend for estimate revisions for United Bankshares has been unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $269.8 million, and for the current fiscal year, it is $2.69 on revenues of $1.14 billion [7] - The Banks - Southeast industry, to which United Bankshares belongs, is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Earnings and Financial Performance - Q4 2024 earnings were $94.4 million, or $0.69 per diluted share, with annualized returns on average assets, equity, and tangible equity of 1.25%, 7.48%, and 12.03%, respectively[2] - Full-year 2024 earnings were $373.0 million, or $2.75 per diluted share, with returns on average assets, equity, and tangible equity of 1.26%, 7.61%, and 12.43%, respectively[2] - Net income for Q4 2024 was $94.4 million, compared to $79.4 million in Q4 2023, representing an 18.9% increase[41][44] - Diluted earnings per share for Q4 2024 were $0.69, up 16.9% from $0.59 in Q4 2023[41] - Basic earnings per share (EPS) for the year ended December 2024 was $2.76, up from $2.72 in December 2023, a 1.5% increase[48] - Diluted EPS for the year ended December 2024 was $2.75, compared to $2.71 in December 2023, a 1.5% growth[48] - Net Income (GAAP) for December 2024 was $94,408, up from $79,390 in December 2023[56] Net Interest Income and Margin - Net interest income for Q4 2024 increased by $2.4 million (1%) to $232.6 million compared to Q3 2024, driven by lower deposit rates and increased average earning assets[7] - Net interest margin for Q4 2024 was 3.49%, down from 3.52% in Q3 2024 and 3.55% in Q4 2023[7][14] - Full-year 2024 net interest income decreased by $8.9 million (1%) compared to 2023, primarily due to higher deposit rates and lower investment securities[21] - Net interest income for Q4 2024 was $233,403 thousand, slightly higher than $230,556 thousand in Q4 2023[50] - Net interest income for the full year 2024 was $914,430 thousand, slightly lower than $923,938 thousand in 2023[53] Noninterest Income and Expense - Noninterest income for Q4 2024 decreased by $2.6 million (8%) to $29.3 million compared to Q3 2024, primarily due to declines in mortgage loan servicing and banking activities[9] - Noninterest expense for Q4 2024 decreased by $18.1 million (12%) compared to Q4 2023, largely due to lower FDIC insurance and reserve expenses[17] - Noninterest expense for 2024 decreased by $15.2 million (3%) to $545.0 million, driven by reductions in FDIC insurance expense ($10.6 million), reserve for unfunded loan commitments ($8.3 million), mortgage loan servicing expense ($3.2 million), and amortization of intangibles ($1.5 million)[25] - Noninterest income for Q4 2024 was $29.3 million, a 12.9% decrease from $33.7 million in Q4 2023[41][44] Credit Losses and Loan Performance - The provision for credit losses in Q4 2024 was $6.7 million, slightly lower than the $6.9 million in Q3 2024[8] - The provision for credit losses for 2024 was $25.2 million, down from $31.2 million in 2023[22] - Provision for credit losses for Q4 2024 was $6.7 million, a 2.7% decrease from $6.9 million in Q4 2023[41][44] - Non-performing loans (NPLs) increased to $73.4 million (0.34% of loans & leases) at December 31, 2024, up from $45.5 million (0.21%) at December 31, 2023[27] - Allowance for loan & lease losses stood at $271.8 million (1.25% of loans & leases) at December 31, 2024, compared to $259.2 million (1.21%) at December 31, 2023[28] - Net charge-offs for 2024 were $12.5 million (0.06% of average loans & leases), up from $6.7 million (0.03%) in 2023[29] - Total EOP Non-performing Loans increased to $73,400 in December 2024 from $45,498 in December 2023[59] - Allowance for Loan & Lease Losses ending balance was $271,844 in December 2024, up from $259,237 in December 2023[59] Capital and Liquidity - United's estimated risk-based capital ratio was 16.5% at December 31, 2024, with Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios at 14.2%, 14.2%, and 11.7%, respectively[30] - Consolidated assets as of December 31, 2024, were approximately $30 billion, making United the 41st largest banking company in the U.S. by market capitalization[31] - Tangible equity is calculated as GAAP total shareholders' equity minus total intangible assets, used to assess the quality and composition of United's capital structure[37] - Total shareholders' equity increased to $4,993,223 as of December 31, 2024, compared to $4,771,240 in December 2023, a 4.7% growth[48] - Return on Average Tangible Equity (non-GAAP) rose to 12.03% in December 2024 compared to 11.27% in December 2023[56] Asset and Deposit Growth - United completed the acquisition of Piedmont Bancorp on January 10, 2025, adding $2.4 billion in total assets and $2.1 billion in total loans[4] - Total deposits as of December 31, 2024, were $23.96 billion, a 5.0% increase from $22.82 billion in the same period last year[41] - Total assets as of December 31, 2024, were $30.02 billion, a 0.3% increase from $29.93 billion in the same period last year[41] - Cash and cash equivalents increased to $2,292,244 as of December 31, 2024, up from $1,598,943 in December 2023, reflecting a 43.4% year-over-year growth[46] - Total securities decreased to $3,259,296 as of December 31, 2024, compared to $4,125,754 in December 2023, a decline of 21.0%[46] - Gross loans increased to $21,680,498 as of December 31, 2024, up from $21,373,185 in December 2023, a 1.4% year-over-year growth[46] - Total deposits grew to $23,961,859 as of December 31, 2024, compared to $22,819,319 in December 2023, a 5.0% increase[46] - Total earning assets for Q4 2024 increased to $26,687,835 thousand, up from $25,875,812 thousand in Q4 2023, with a yield of 5.62% compared to 5.68% in the previous year[50] - Loans and loans held for sale, net of unearned income, increased to $21,713,148 thousand in Q4 2024 from $21,279,444 thousand in Q4 2023, with a yield of 5.95% compared to 6.00% in the previous year[50] - Interest-bearing deposits grew to $17,871,685 thousand in Q4 2024 from $16,414,152 thousand in Q4 2023, with a yield of 3.02% compared to 2.95% in the previous year[50] - Total assets for Q4 2024 reached $30,012,726 thousand, up from $29,164,146 thousand in Q4 2023[50] - For the full year 2024, total earning assets were $26,230,908 thousand, with a yield of 5.74%, compared to $25,984,208 thousand and a yield of 5.41% in 2023[53] - Loans and loans held for sale, net of unearned income, for the full year 2024 were $21,612,707 thousand, with a yield of 6.04%, compared to $20,909,248 thousand and a yield of 5.77% in 2023[53] - Interest-bearing deposits for the full year 2024 increased to $17,171,286 thousand from $15,782,761 thousand in 2023, with a yield of 3.14% compared to 2.48% in the previous year[53] - Total assets for the full year 2024 were $29,580,359 thousand, up from $29,295,658 thousand in 2023[53] Tax and Efficiency Metrics - Income tax expense for 2024 decreased to $91.6 million from $97.5 million in 2023, with an effective tax rate of 19.7% compared to 21.0% in 2023[26] - Effective tax rate for Q4 2024 was 22.01%, down from 23.81% in Q4 2023[44] - Efficiency Ratio improved to 51.23% in December 2024 from 57.82% in December 2023[56] Dividends and Shareholder Value - Common dividends declared per share for the year ended December 2024 were $1.48, up from $1.45 in December 2023, a 2.1% increase[48] - Book value per share increased to $36.89 as of December 31, 2024, compared to $35.36 in December 2023, a 4.3% growth[48] - Tangible book value per share (non-GAAP) rose to $22.87 as of December 31, 2024, up from $21.27 in December 2023, a 7.5% increase[48] Risk and Forward-Looking Statements - Forward-looking statements highlight risks including U.S. fiscal and monetary policies, global market volatility, inflation, regulatory changes, and geopolitical events[39] - Price / Earnings Ratio decreased to 13.53x in December 2024 from 16.00x in December 2023[56] - Loans & Leases, net of unearned income / Deposit Ratio was 90.45% in December 2024, down from 93.60% in December 2023[56] - Non-performing Assets / Total Assets increased to 0.25% in December 2024 from 0.16% in December 2023[56] Loan Origination and Yield - Loans originated in December 2024 totaled $132,381, down from $225,319 in September 2024[59] - Loans and loans held for sale, net of unearned income, increased to $21,713,148 thousand in Q4 2024 from $21,279,444 thousand in Q4 2023, with a yield of 5.95% compared to 6.00% in the previous year[50] - Loans and loans held for sale, net of unearned income, for the full year 2024 were $21,612,707 thousand, with a yield of 6.04%, compared to $20,909,248 thousand and a yield of 5.77% in 2023[53]

Financial Position - As of September 30, 2024, United's total assets were $29.86 billion, a decrease of $63.22 million or less than 1% from December 31, 2023[138]. - Total liabilities decreased by $259.80 million or 1.03% from year-end 2023, with borrowings decreasing by $1.26 billion or 63.63%[138]. - Shareholders' equity increased by $196.58 million or 4.12%[138]. - Total deposits increased by $1.01 billion or 4.42% to $23.83 billion as of September 30, 2024[147]. - Total liabilities as of September 30, 2024, were $24.594 billion, with interest-bearing liabilities totaling $18.339 billion[162]. - Total assets increased to $29,503,324 thousand as of September 30, 2024, compared to $29,370,164 thousand at June 30, 2024, reflecting a growth of 0.45%[163]. - Total shareholders' equity was $4.97 billion at September 30, 2024, an increase of $196.58 million or 4.12% from December 31, 2023, primarily due to an increase in retained earnings[176]. Cash and Deposits - Cash and cash equivalents increased by $309.89 million or 19.38% from year-end 2023, primarily due to a $288.98 million or 21.56% increase in interest-bearing deposits with other banks[139]. - Interest-bearing deposits increased by $1.12 billion or 6.72% from December 31, 2023[147]. - Average interest-bearing deposits increased by $1.41 billion or 8.79% from Q3 2023, indicating growth in the deposit base[158]. - Average interest-bearing deposits increased by $659.24 million, or 3.94%, from Q2 2024, with the yield rising by 10 basis points to 3.28%[159]. Loans and Credit - Total loans, net of unearned income, increased by $262.88 million or 1.23% since year-end 2023[144]. - Loans held for sale decreased by $9.77 million or 17.36% to $46.49 million since year-end 2023[143]. - The allowance for loan and lease losses increased to $270.77 million as of September 30, 2024, from $259.24 million at December 31, 2023, driven by higher outstanding loan balances[166]. - Nonperforming loans increased by $21.53 million from December 31, 2023, primarily due to the transfer of significant commercial and residential loans to nonaccrual status[166]. - Total nonperforming loans increased to $65,240 thousand as of September 30, 2024, up from $45,498 thousand on December 31, 2023, representing a 43.5% increase[167]. - Net charge-offs for Q3 2024 were $3.60 million, compared to $1.78 million in Q3 2023, reflecting a significant rise in consumer loan charge-offs[165]. Income and Expenses - Net income for Q3 2024 was $95.27 million, a decrease from $96.16 million in Q3 2023, while net income for the first nine months of 2024 was $278.59 million compared to $286.92 million in the same period of 2023[155]. - Noninterest income for Q3 2024 was $31.94 million, a decrease of $1.72 million or 5.11% from Q3 2023, primarily due to lower income from mortgage banking activities[157]. - Noninterest expense for Q3 2024 was $135.34 million, relatively flat compared to Q3 2023, with an increase of only $109 thousand[172]. - Employee compensation increased by $3.30 million or 1.90% for the first nine months of 2024 compared to the same period in 2023[172]. Interest Income and Margin - Net interest income for the third quarter of 2024 was $230.26 million, a slight increase from $228.45 million in the same quarter of 2023[154]. - The net interest margin for Q3 2024 was 3.52%, an increase of 2 basis points from Q2 2024[159]. - Tax-equivalent net interest income for Q3 2024 increased by $4.50 million, or 1.99%, from Q2 2024, driven by higher average short-term investments and net loans yield[159]. - The yield on average net loans and loans held for sale increased by 6 basis points to 6.20% in Q3 2024[159]. Mergers and Acquisitions - United entered into a merger agreement with Piedmont Bancorp, Inc., which has total assets of approximately $2.2 billion and total loans of approximately $1.9 billion as of September 30, 2024[132]. - United recorded expenses of $332 thousand related to the Piedmont acquisition in Q3 2024, with total expenses of $1.61 million for the first nine months of 2024[155]. Risk Management - Interest rate risk is considered the most significant market risk for United, with a focus on maintaining consistent growth in net interest income[178]. - The company utilizes various measurement techniques, including earnings simulation models, to manage interest rate risk and assess the sensitivity of net interest income[180]. - United may use derivative instruments, such as interest rate swaps, to protect against adverse price or interest rate movements[181]. Regulatory and Compliance - United's risk-based capital ratio was 16.18% at September 30, 2024, well above the regulatory requirement of 10.0% for a well-capitalized financial institution[176]. - The company has not experienced any changes in internal control over financial reporting that materially affect its financial reporting as of September 30, 2024[185]. - United's management concluded that its disclosure controls and procedures were effective as of September 30, 2024, ensuring compliance with SEC requirements[183].

United Bankshares (UBSI) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.68 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 2.94%. A quarter ago, it was expected that this holding company for United Bank would post earnings of $0.65 per share when it actually produced earnings of $0.71, delivering a surprise of 9.23%.Over the last fou ...

Exhibit 99.1 News Release For Immediate Release Contact: W. Mark Tatterson October 24, 2024 Chief Financial Officer (800) 445-1347 ext. 8716 United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2024 WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI) ("United"), today reported earnings for the third quarter of 2024 of $95.3 million, or $0.70 per diluted share. Third quarter of 2024 results produced annualized returns on average assets, average eq ...

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In my last article on United Bankshares (NASDAQ: UBSI ), I highlighted the potential of the Piedmont Bancorp acquisition, and it was one of the main reasons I gave a buy rating. About three months later, the stock reported a total return of Hi there, welcome to my profile. My name is Eugenio Catone, I live in Italy and I am 26 years old. In 2023 I graduated in Business Administration and I am completing my studies. My interest in financial markets started about 5 years ago when I accidentally came across a ...

United Bankshares, Inc. (NASDAQ: UBSI ) should benefit from rate cuts moving forward as lower rates spur more loan activity. We see this name as a dividend growth play, with an upside. Performance has held in recent quarters, though many regionals have Pay yourself dividends with outsized returns Get more with our playbook to significantly grow your wealth by embracing a blended trading and investing approach at our one-stop shop. Our prices go up on October 1st, so act now, and you can lock in 75% of savin ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 002-86947 United Bankshares, Inc. (Exact name of registrant as specified in its charter) West Virginia 55-0641179 (State or o ...