[Executive Summary](index=1&type=section&id=Executive%20Summary) United Bankshares achieved record Q3 2025 earnings, driven by strong profitability and sustained organic growth, as highlighted by the CEO [Third Quarter 2025 Highlights](index=1&type=section&id=Third%20Quarter%202025%20Highlights) United Bankshares, Inc. reported record earnings for Q3 2025, with net income of $130.7 million and diluted EPS of $0.92, representing significant growth compared to both Q2 2025 and Q3 2024, driven by strong profitability metrics Third Quarter 2025 Financial Highlights (Millions) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (Millions) | $130.7 | $120.7 | $95.3 | | Diluted EPS | $0.92 | $0.85 | $0.70 | | Return on Average Assets | 1.57% | 1.49% | 1.28% | | Return on Average Equity | 9.58% | 9.05% | 7.72% | | Return on Average Tangible Equity | 15.45% | 14.67% | 12.59% | [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Richard M. Adams, Jr. highlighted the continuation of earnings momentum from the first half of 2025 into the third quarter, attributing record earnings to sustained organic growth, effective expense management, and robust profitability - UBSI's earnings momentum from the first half of the year carried through into the third quarter of 2025, marking another quarter of record earnings due to continued organic growth, tightly managed expenses, and strong profitability metrics[3](index=3&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section details United Bankshares' financial results for Q3 and the first nine months of 2025, highlighting significant growth in net income and net interest income across periods [Third Quarter 2025 vs. Second Quarter 2025](index=2&type=section&id=Third%20quarter%20of%202025%20compared%20to%20the%20second%20quarter%20of%202025) United Bankshares reported an increase in net income for Q3 2025 compared to Q2 2025, driven by record net interest income and a significant increase in noninterest income, while noninterest expenses remained relatively flat, though the provision for credit losses also increased [Net Interest Income](index=2&type=section&id=Net%20interest%20income%20for%20the%20third%20quarter%20of%202025) Net interest income increased by $5.6 million, primarily due to growth in average earning assets, partially offset by higher interest-bearing deposits | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :----------------------- | :----------------- | :----------------- | :---------------- | :------- | | Net Interest Income | $280.1 | $274.5 | +$5.6 | +2% | | Tax-Equivalent NII | $280.9 | $275.3 | +$5.6 | +2% | | Net Interest Margin | 3.80% | 3.81% | -0.01 pp | | - Increase in net interest income was driven by a **$470.3 million (2%) increase** in average earning assets, partially offset by a **$415.5 million (2%) increase** in average interest-bearing deposits and a **$4.3 million decrease** in acquired loan accretion income to **$7.5 million**[6](index=6&type=chunk) [Provision for Credit Losses](index=2&type=section&id=The%20provision%20for%20credit%20losses%20was%20%2412.1%20million) The provision for credit losses significantly increased to $12.1 million, representing a 105.1% rise quarter-over-quarter | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :------------------------ | :----------------- | :----------------- | :---------------- | :------- | | Provision for Credit Losses | $12.1 | $5.9 | +$6.2 | +105.1% | [Noninterest Income](index=2&type=section&id=Noninterest%20income%20for%20the%20third%20quarter%20of%202025) Noninterest income rose by $11.7 million, primarily driven by net gains on investment securities and increased brokerage service fees | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Income | $43.2 | $31.5 | +$11.7 | +37% | | Net gains on investment securities | $10.4 | $0.4 | +$10.0 | +2500% | | Fees from brokerage services | $6.3 | $4.9 | +$1.4 | +28.6% | - The increase in noninterest income was primarily due to unrealized fair value gains on equity securities and higher volume in brokerage services[8](index=8&type=chunk) [Noninterest Expense](index=2&type=section&id=Noninterest%20expense%20for%20the%20third%20quarter%20of%202025) Noninterest expense slightly decreased by $1.3 million, mainly due to a net benefit in the reserve for unfunded loan commitments | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Expense | $146.7 | $148.0 | -$1.3 | -0.9% | - The slight decrease in noninterest expense was driven by a **$3.2 million net benefit** in the expense for the reserve for unfunded loan commitments, partially offset by increases in employee compensation (**$1.2 million**) and employee benefits (**$1.2 million**)[9](index=9&type=chunk) [Income Tax Expense](index=3&type=section&id=For%20the%20third%20quarter%20of%202025%2C%20income%20tax%20expense) Income tax expense increased by $2.3 million, primarily reflecting higher pre-tax earnings, with a stable effective tax rate | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Change (Millions) | % Change | | :----------------- | :----------------- | :----------------- | :---------------- | :------- | | Income Tax Expense | $33.7 | $31.4 | +$2.3 | +7.3% | | Effective Tax Rate | 20.5% | 20.6% | -0.1 pp | | - The increase in income tax expense was primarily due to higher earnings[11](index=11&type=chunk) [Third Quarter 2025 vs. Third Quarter 2024](index=3&type=section&id=Third%20quarter%20of%202025%20compared%20to%20the%20third%20quarter%20of%202024) United Bankshares experienced substantial growth in Q3 2025 compared to Q3 2024, with net income increasing significantly, primarily driven by a strong increase in net interest income and a reversal from net losses to net gains on investment securities, though partially offset by higher provision for credit losses and increased noninterest expenses, largely due to the Piedmont acquisition [Net Interest Income](index=3&type=section&id=Net%20interest%20income%20for%20the%20third%20quarter%20of%202025%20increased) Net interest income significantly increased by $49.8 million, driven by growth in earning assets and a decrease in the cost of deposits | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :----------------------- | :----------------- | :----------------- | :---------------- | :------- | | Net Interest Income | $280.1 | $230.3 | +$49.8 | +21.6% | | Tax-Equivalent NII | $280.9 | $231.1 | +$49.8 | +21.5% | | Net Interest Margin | 3.80% | 3.52% | +0.28 pp | | - The increase was primarily due to a **$3.3 billion (13%) increase** in average earning assets (driven by Piedmont acquisition and organic loan growth), a **44 basis point decrease** in the cost of average interest-bearing deposits, and an increase in acquired loan accretion income from **$2.4 million to $7.5 million**[13](index=13&type=chunk) [Provision for Credit Losses](index=3&type=section&id=The%20provision%20for%20credit%20losses%20was%20%2412.1%20million%20for%20the%20third%20quarter%20of%202025) The provision for credit losses increased by $5.2 million, reflecting a 75.4% rise compared to the prior year's third quarter | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :------------------------ | :----------------- | :----------------- | :---------------- | :------- | | Provision for Credit Losses | $12.1 | $6.9 | +$5.2 | +75.4% | [Noninterest Income](index=3&type=section&id=Noninterest%20income%20for%20the%20third%20quarter%20of%202025%20was%20%2443.2%20million) Noninterest income increased by $11.3 million, primarily due to a positive swing in investment securities and higher brokerage fees | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Income | $43.2 | $31.9 | +$11.3 | +35% | | Net gains (losses) on investment securities | $10.4 | -$6.7 | +$17.1 | N/A | | Fees from brokerage services | $6.3 | $5.1 | +$1.2 | +23.5% | | Mortgage loan servicing income | $0.0 | $7.4 | -$7.4 | -100% | | Income from mortgage banking activities | $2.5 | $4.5 | -$2.0 | -44.4% | - The increase was driven by a shift from net losses to net gains on investment securities and higher brokerage service fees, partially offset by decreases in mortgage loan servicing income (due to a gain on MSR sale in Q3 2024) and mortgage banking activities (due to lower production)[15](index=15&type=chunk) [Noninterest Expense](index=4&type=section&id=Noninterest%20expense%20for%20the%20third%20quarter%20of%202025%20was%20%24146.7%20million) Noninterest expense increased by $11.4 million, largely attributable to the Piedmont acquisition and higher employee-related costs | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Expense | $146.7 | $135.3 | +$11.4 | +8% | - The increase was primarily due to higher employee compensation (**$5.6 million**), employee benefits (**$1.6 million**), amortization of intangibles (**$1.4 million**), and net occupancy (**$1.2 million**), largely attributable to the Piedmont acquisition and higher employee headcount/incentives[17](index=17&type=chunk) [Income Tax Expense](index=4&type=section&id=For%20the%20third%20quarter%20of%202025%2C%20income%20tax%20expense%20was%20%2433.7%20million) Income tax expense increased by $9.1 million, primarily driven by higher earnings, with a stable effective tax rate | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :----------------- | :----------------- | :----------------- | :---------------- | :------- | | Income Tax Expense | $33.7 | $24.6 | +$9.1 | +37% | | Effective Tax Rate | 20.5% | 20.6% | -0.1 pp | | - The increase in income tax expense was driven by higher earnings[18](index=18&type=chunk) [First Nine Months 2025 vs. First Nine Months 2024](index=4&type=section&id=First%20nine%20months%20of%202025%20compared%20to%20the%20first%20nine%20months%20of%202024) For the first nine months of 2025, United Bankshares reported a significant increase in earnings compared to the same period in 2024, primarily fueled by higher net interest income and a positive swing in investment securities gains, despite increased provision for credit losses (partially due to the Piedmont acquisition) and higher noninterest expenses [Net Interest Income](index=4&type=section&id=Net%20interest%20income%20for%20the%20first%20nine%20months%20of%202025%20increased) Net interest income increased by $136.2 million, driven by growth in average earning assets and reduced cost of interest-bearing deposits | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :----------------------- | :----------------- | :----------------- | :---------------- | :------- | | Net Interest Income | $814.7 | $678.5 | +$136.2 | +20% | | Tax-Equivalent NII | $817.1 | $681.0 | +$136.1 | +20% | | Net Interest Margin | 3.77% | 3.49% | +0.28 pp | | - The increase was primarily due to a **$2.9 billion (11%) increase** in average earning assets, a **34 basis point decrease** in the cost of average interest-bearing deposits, an increase in acquired loan accretion income from **$7.3 million to $25.2 million**, and a **$628.4 million (53%) decrease** in average long-term borrowings[20](index=20&type=chunk) [Provision for Credit Losses](index=4&type=section&id=The%20provision%20for%20credit%20losses%20was%20%2447.1%20million%20for%20the%20first%20nine%20months%20of%202025) The provision for credit losses significantly increased by $28.6 million, including $18.7 million for Piedmont acquisition loans | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :------------------------ | :----------------- | :----------------- | :---------------- | :------- | | Provision for Credit Losses | $47.1 | $18.5 | +$28.6 | +154.6% | - The 9M 2025 provision included **$18.7 million** for purchased non-credit deteriorated (non-PCD) loans from the Piedmont acquisition[21](index=21&type=chunk) [Noninterest Income](index=4&type=section&id=Noninterest%20income%20for%20the%20first%20nine%20months%20of%202025%20was%20%24104.2%20million) Noninterest income increased by $9.8 million, driven by investment securities gains and higher BOLI income, despite declines in mortgage activities | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :-------------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Income | $104.2 | $94.4 | +$9.8 | +10% | | Net gains (losses) on investment securities | $11.4 | -$7.0 | +$18.4 | N/A | | Income from bank-owned life insurance | $10.4 | $8.0 | +$2.4 | +30% | | Fees from brokerage services | $16.8 | $15.3 | +$1.5 | +9.8% | | Fees from deposit services | $29.1 | $27.7 | +$1.4 | +5.1% | | Mortgage loan servicing income | $0.0 | $9.0 | -$9.0 | -100% | | Income from mortgage banking activities | $7.6 | $13.7 | -$6.1 | -44.5% | - The increase was driven by a positive swing in investment securities (unrealized fair value gains vs. AFS losses in 2024), higher BOLI income (due to market values and death benefits), and increased fees from brokerage and deposit services[22](index=22&type=chunk)[23](index=23&type=chunk) These gains were partially offset by decreases in mortgage loan servicing income (due to MSR sales in 2024) and mortgage banking activities (due to lower production)[22](index=22&type=chunk)[23](index=23&type=chunk) [Noninterest Expense](index=5&type=section&id=Noninterest%20expense%20for%20the%20first%20nine%20months%20of%202025%20was%20%24448.3%20million) Noninterest expense increased by $37.4 million, primarily due to higher merger-related expenses and increased employee compensation | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------- | | Noninterest Expense | $448.3 | $410.9 | +$37.4 | +9.1% | | Merger-related expenses | $12.7 | $1.6 | +$11.1 | +693.8% | | Employee compensation | $187.9 | $176.3 | +$11.6 | +6.6% | - The increase was primarily due to higher merger-related expenses (**$12.7 million** vs. **$1.6 million** in 2024), increased employee compensation (**$11.6 million**, including merger-related expenses and higher headcount from acquisition), and other acquisition-related increases, partially offset by decreases in mortgage loan servicing expense and FDIC insurance expense[24](index=24&type=chunk) [Income Tax Expense](index=5&type=section&id=For%20the%20first%20nine%20months%20of%202025%2C%20income%20tax%20expense%20was%20%2487.7%20million) Income tax expense increased by $22.8 million, driven by higher earnings and the impact of discrete tax benefits in the prior year | Metric | 9M 2025 (Millions) | 9M 2024 (Millions) | Change (Millions) | % Change | | :----------------- | :----------------- | :----------------- | :---------------- | :------- | | Income Tax Expense | $87.7 | $64.9 | +$22.8 | +35.1% | | Effective Tax Rate | 20.7% | 18.9% | +1.8 pp | | - The increase was primarily due to higher earnings and the impact of discrete tax benefits recognized in the first nine months of 2024[25](index=25&type=chunk) [Asset Quality](index=5&type=section&id=Credit%20Quality) United Bankshares experienced a notable increase in non-performing loans and assets in Q3 2025, primarily due to the downgrade of two significant commercial real estate loans, despite this, the allowance for loan and lease losses saw a slight decrease due to improved collateral valuations and resolutions, while net charge-offs increased significantly quarter-over-quarter [Non-Performing Loans and Assets](index=5&type=section&id=Non-performing%20loans%20%28%22NPLs%22%29%20were%20%24116.9%20million) Non-performing loans and assets increased significantly in Q3 2025, primarily due to the downgrade of two large commercial real estate loans | Metric | Sep 30, 2025 (Millions) | Jun 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :-------------------------------------- | :---------------------- | :---------------------- | :---------------------- | | Non-Performing Loans (NPLs) | $116.9 | $68.3 | $73.4 | | NPLs as % of Loans & Leases, net | 0.48% | 0.28% | 0.34% | | Total Non-Performing Assets (NPAs) | $123.8 | $74.6 | $73.7 | | NPAs as % of Total Assets | 0.37% | 0.23% | 0.25% | - The increase in NPLs was primarily due to the downgrade of two commercial real estate nonowner-occupied (CRE NOO) loans totaling **$60.5 million** (after **$16.5 million charge-offs**) associated with a sponsor experiencing significant financial deterioration[26](index=26&type=chunk) [Allowance for Loan & Lease Losses](index=6&type=section&id=allowance%20for%20loan%20%26%20lease%20losses%20was%20%24300.1%20million) The allowance for loan and lease losses decreased slightly, driven by improved collateral valuations and resolutions, despite loan growth | Metric | Sep 30, 2025 (Millions) | Jun 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :------------------------------------------------ | :---------------------- | :---------------------- | :---------------------- | | Allowance for Loan & Lease Losses (ALLL) | $300.1 | $308.0 | $271.8 | | ALLL as % of Loans & Leases, net | 1.22% | 1.28% | 1.25% | | Allowance for Credit Losses (incl. commitments) | $332.7 | $343.8 | $308.7 | - The decrease in ALLL from Q2 to Q3 2025 was driven by improved collateral valuations, resolutions of individually assessed loans, and improving loan trends, partially offset by loss rate changes and loan growth[28](index=28&type=chunk)[62](index=62&type=chunk) The first nine months of 2025 included an initial allowance of **$18.7 million** for acquired Piedmont non-PCD loans and **$17.5 million** for PCD loans[28](index=28&type=chunk)[62](index=62&type=chunk) [Net Charge-offs](index=6&type=section&id=Net%20charge-offs%20were%20%2420.0%20million) Net charge-offs significantly increased to $20.0 million in Q3 2025, primarily due to specific commercial real estate loan write-downs | Metric | Q3 2025 (Millions) | Q2 2025 (Millions) | Q3 2024 (Millions) | 9M 2025 (Millions) | 9M 2024 (Millions) | | :------------------------------------------------ | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Net Charge-offs | $20.0 | $8.4 | $3.6 | $36.4 | $6.9 | | Annualized Net Charge-offs as % of Average Loans | 0.33% | 0.14% | 0.07% | 0.20% | 0.04% | - Net charge-offs for Q3 2025 included **$16.5 million** on the two aforementioned CRE NOO loans due to updated collateral valuations[29](index=29&type=chunk) [Capital Management](index=6&type=section&id=Capital) United Bankshares remains well-capitalized, exceeding all regulatory requirements, and continued its stock repurchase program during Q3 and the first nine months of 2025, buying back a significant number of shares [Regulatory Capital Ratios](index=6&type=section&id=United%20continues%20to%20be%20well-capitalized) United Bankshares maintains strong regulatory capital ratios, significantly exceeding all 'well-capitalized' thresholds | Capital Ratio | Sep 30, 2025 (Estimated) | Well-Capitalized Requirement | | :---------------------- | :----------------------- | :--------------------------- | | Risk-Based Capital | 15.7% | 10.0% | | Common Equity Tier 1 | 13.4% | 6.5% | | Tier 1 Capital | 13.4% | 8.0% | | Leverage Ratio | 11.3% | 5.0% | [Stock Repurchase Program](index=6&type=section&id=During%20the%20third%20quarter%20of%202025%2C%20United%20repurchased) The company repurchased 735 thousand shares in Q3 2025 and 2.3 million shares year-to-date under its stock repurchase program | Period | Shares Repurchased (Approx.) | Average Price Per Share | | :-------------------- | :--------------------------- | :---------------------- | | Q3 2025 | 735 thousand | $36.04 | | First Nine Months 2025 | 2.3 million | $34.53 | | 2024 | None | N/A | [Company Overview](index=6&type=section&id=About%20United%20Bankshares%2C%20Inc.) United Bankshares, Inc. is a financial services company with approximately $33 billion in consolidated assets as of September 30, 2025, ranking as the 43rd largest banking company in the U.S. by market capitalization, operating over 240 offices across nine states and Washington, D.C. through its subsidiary, United Bank - United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of approximately **$33 billion** as of September 30, 2025[32](index=32&type=chunk) It is the **43rd largest banking company** in the U.S. based on market capitalization[32](index=32&type=chunk) - The company operates through its subsidiary, United Bank, which has over **240 offices** in Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia[32](index=32&type=chunk) [Disclosures and Non-GAAP Measures](index=7&type=section&id=Cautionary%20Statements) This section outlines the company's cautionary statements regarding future events, the use and reconciliation of non-GAAP financial measures (such as tax-equivalent net interest income, average tangible equity, and return on average tangible equity), and forward-looking statements, emphasizing that actual results may differ materially from expectations due to various risk factors [Cautionary Statements](index=7&type=section&id=Cautionary%20Statements) The company will evaluate and adjust preliminarily reported amounts if necessary upon filing its Form 10-Q for September 30, 2025 - The Company is required to evaluate subsequent events through the filing of its September 30, 2025 consolidated financial statements on Form 10-Q and will adjust preliminarily reported amounts if necessary[34](index=34&type=chunk) [Use of Non-GAAP Financial Measures](index=7&type=section&id=Use%20of%20non-GAAP%20Financial%20Measures) This section explains the use of non-GAAP financial measures, such as tax-equivalent net interest income, for evaluating financial performance - The press release includes non-GAAP financial measures like tax-equivalent net interest income, average tangible equity, return on average tangible equity, and tangible book value per share, which management believes provide meaningful additional information for evaluating results and financial position, consistent with industry practice[35](index=35&type=chunk)[36](index=36&type=chunk) - Reconciliations to comparable GAAP measures are provided in the attached financial tables, and investors are encouraged to review the condensed consolidated financial statements in their entirety, as non-GAAP measures should not be considered a substitute for GAAP[39](index=39&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) Statements regarding future events are forward-looking and subject to risks, with actual results potentially differing materially from expectations - Statements regarding current expectations or forecasts of future events are 'forward-looking statements' subject to risks and uncertainties, and actual results may differ materially from expectations due to factors such as economic conditions, interest rate policies, competitive pressures, and risks related to acquisitions (e.g., Piedmont)[40](index=40&type=chunk) - The company undertakes no obligation to publicly update any forward-looking statements and advises consulting further disclosures in SEC filings, including the 'Risk Factors' section in the Annual Report on Form 10-K[40](index=40&type=chunk) [Financial Tables](index=8&type=section&id=Financial%20Tables) This section provides detailed consolidated financial statements and key financial ratios, including earnings summaries, balance sheets, average balance sheets, share data, average balances and yields, selected financial ratios, and specific data on mortgage banking and asset quality, offering a comprehensive view of the company's financial performance and position [Earnings Summary](index=8&type=section&id=EARNINGS%20SUMMARY%3A) This table provides a concise overview of key earnings metrics for the quarter and year-to-date periods | Metric | Three Months Ended Sep 2025 | Three Months Ended Jun 2025 | Three Months Ended Sep 2024 | Nine Months Ended Sep 2025 | Nine Months Ended Sep 2024 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :------------------------- | :------------------------- | | Interest income (Thousands) | $430,957 | $421,196 | $382,723 | $1,255,800 | $1,126,087 | | Interest expense (Thousands) | $150,842 | $146,659 | $152,467 | $441,093 | $447,627 | | Net interest income (Thousands) | $280,115 | $274,537 | $230,256 | $814,707 | $678,460 | | Provision for credit losses (Thousands) | $12,095 | $5,889 | $6,943 | $47,087 | $18,462 | | Noninterest income (Thousands) | $43,204 | $31,460 | $31,942 | $104,218 | $94,377 | | Noninterest expense (Thousands) | $146,741 | $148,020 | $135,339 | $448,334 | $410,855 | | Income before income taxes (Thousands) | $164,483 | $152,088 | $119,916 | $423,504 | $343,520 | | Income taxes (Thousands) | $33,735 | $31,367 | $24,649 | $87,729 | $64,932 | | Net income (Thousands) | $130,748 | $120,721 | $95,267 | $335,775 | $278,588 | | Diluted EPS ($) | $0.92 | $0.85 | $0.70 | $2.36 | $2.06 | | Net interest margin (%) | 3.80% | 3.81% | 3.52% | 3.77% | 3.49% | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) This table presents detailed income statement figures, including interest income, noninterest income, and net income | Metric (Thousands) | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Interest & Loan Fees Income (GAAP) | $430,957 | $421,196 | $382,723 | $1,255,800 | $1,126,087 | | Net Interest Income (FTE) (non-GAAP) | $280,896 | $275,328 | $231,084 | $817,061 | $681,027 | | Provision for Credit Losses | $12,095 | $5,889 | $6,943 | $47,087 | $18,462 | | Total Noninterest Income | $43,204 | $31,460 | $31,942 | $104,218 | $94,377 | | Total Noninterest Expense | $146,741 | $148,020 | $135,339 | $448,334 | $410,855 | | Net Income | $130,748 | $120,721 | $95,267 | $335,775 | $278,588 | | Effective Tax Rate (%) | 20.51% | 20.62% | 20.56% | 20.72% | 18.90% | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) This table provides a snapshot of the company's assets, liabilities, and equity at various reporting dates | Metric (Thousands) | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | | Total Assets | $33,407,181 | $32,783,363 | $30,023,545 | $29,863,262 | | Loans & Leases, net of unearned income | $24,519,706 | $24,050,222 | $21,673,493 | $21,621,968 | | Total Deposits | $26,883,520 | $26,335,874 | $23,961,859 | $23,828,345 | | Total Liabilities | $27,961,466 | $27,418,822 | $25,030,322 | $24,895,442 | | Total Shareholders' Equity | $5,445,715 | $5,364,541 | $4,993,223 | $4,967,820 | | Goodwill | $2,018,864 | $2,018,910 | $1,888,889 | $1,888,889 | | Allowance for Loan & Lease Losses | $300,050 | $307,962 | $271,844 | $270,767 | [Consolidated Average Balance Sheets](index=11&type=section&id=Consolidated%20Average%20Balance%20Sheets) This table details average balances for key assets, liabilities, and equity over the reporting periods | Metric (Thousands) | Sep 2025 (Q-T-D Average) | Jun 2025 (Q-T-D Average) | Sep 2024 (Q-T-D Average) | | :-------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total Assets | $33,069,770 | $32,584,368 | $29,503,324 | | Interest-earning Assets | $29,419,570 | $28,949,287 | $26,131,676 | | Loans & Leases, net of unearned income | $24,290,915 | $23,977,199 | $21,532,925 | | Total Deposits | $26,635,159 | $26,202,718 | $23,356,552 | | Total Interest-bearing Liabilities | $20,720,559 | $20,321,323 | $18,339,930 | | Total Shareholders' Equity | $5,413,460 | $5,351,140 | $4,908,866 | [Quarterly/Year-to-Date Share Data](index=12&type=section&id=Quarterly%2FYear-to-Date%20Share%20Data%3A) This table presents per-share data, including diluted EPS, dividends, and book values, for quarterly and year-to-date periods | Metric | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Diluted EPS ($) | $0.92 | $0.85 | $0.70 | $2.36 | $2.06 | | Common Dividend Declared Per Share ($) | $0.37 | $0.37 | $0.37 | $1.11 | $1.11 | | Dividend Payout Ratio (%) | 40.12% | 43.69% | 52.71% | 47.22% | 54.07% | | Metric | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | | Book Value Per Share ($) | $38.58 | $37.80 | $36.89 | $36.74 | | Tangible Book Value Per Share (non-GAAP) ($) | $24.03 | $23.32 | $22.87 | $22.70 | | EOP Shares Outstanding (Shares) | 141,170,258 | 141,909,452 | 135,346,628 | 135,220,770 | [Selected Average Balances and Yields](index=13&type=section&id=Selected%20Average%20Balances%20and%20Yields%3A) This table provides average balances and associated yields for interest-earning assets and interest-bearing liabilities | Metric (Thousands) | Sep 2025 (Q-T-D Average) | Jun 2025 (Q-T-D Average) | Sep 2024 (Q-T-D Average) | | :-------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total Earning Assets | $29,419,570 | $28,949,287 | $26,131,676 | | Loans and loans held for sale, net of unearned income | $24,321,283 | $24,012,929 | $21,588,333 | | Total Interest-Bearing Liabilities | $20,720,559 | $20,321,323 | $18,339,930 | | Net Interest Income | $280,896 | $275,328 | $231,084 | | Interest Rate Spread (%) | 2.94% | 2.95% | 2.54% | | Net Interest Margin (%) | 3.80% | 3.81% | 3.52% | | Metric (Thousands) | Sep 2025 (9 Months Average) | Sep 2024 (9 Months Average) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Total Earning Assets | $28,982,251 | $26,077,485 | | Loans and loans held for sale, net of unearned income | $23,947,635 | $21,578,981 | | Total Interest-Bearing Liabilities | $20,379,383 | $18,314,847 | | Net Interest Income | $817,061 | $681,027 | | Interest Rate Spread (%) | 2.91% | 2.52% | | Net Interest Margin (%) | 3.77% | 3.49% | [Selected Financial Ratios](index=15&type=section&id=Selected%20Financial%20Ratios%3A) This table summarizes key financial performance and asset quality ratios for various reporting periods | Metric | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Return on Average Assets (%) | 1.57% | 1.49% | 1.28% | 1.38% | 1.26% | | Return on Average Shareholders' Equity (%) | 9.58% | 9.05% | 7.72% | 8.39% | 7.65% | | Return on Average Tangible Equity (non-GAAP) (%) | 15.45% | 14.67% | 12.59% | 13.63% | 12.57% | | Efficiency Ratio (%) | 45.39% | 48.37% | 51.62% | 48.79% | 53.16% | | Price / Earnings Ratio (x) | 10.21x | 10.74x | 13.22x | 11.81x | 13.53x | | Metric | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | | Loans & Leases, net of unearned income / Deposit Ratio (%) | 91.21% | 91.32% | 90.45% | 90.74% | | Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income (%) | 1.22% | 1.28% | 1.25% | 1.25% | | Non-performing Loans/ Loans & Leases, net of unearned income (%) | 0.48% | 0.28% | 0.34% | 0.30% | | Non-performing Assets/ Total Assets (%) | 0.37% | 0.23% | 0.25% | 0.22% | [Mortgage Banking and Asset Quality Data](index=16&type=section&id=Mortgage%20Banking%20Data%3A) This table presents detailed data on mortgage banking activities, non-performing loans, and the allowance for loan and lease losses Mortgage Banking Data (Thousands) | Mortgage Banking Data (Thousands) | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Loans originated | $91,228 | $116,591 | $151,333 | $283,722 | $513,561 | | Loans sold | $104,055 | $108,180 | $171,315 | $303,856 | $523,329 | Asset Quality Data (Thousands) | Asset Quality Data (Thousands) | Sep 30, 2025 | Jun 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :----------------------------- | :----------- | :----------- | :----------- | :----------- | | EOP Non-Accrual Loans | $110,236 | $64,014 | $56,460 | $52,446 | | Total EOP Non-performing Loans | $116,867 | $68,267 | $73,400 | $65,240 | | Total EOP Non-performing Assets | $123,758 | $74,598 | $73,727 | $65,409 | Allowance for Loan & Lease Losses (Thousands) | Allowance for Loan & Lease Losses (Thousands) | Sep 2025 (3 Months) | Jun 2025 (3 Months) | Sep 2024 (3 Months) | Sep 2025 (9 Months) | Sep 2024 (9 Months) | | :-------------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Beginning Balance | $307,962 | $310,424 | $267,423 | $271,844 | $259,237 | | Net Charge-offs | ($20,008) | ($8,351) | ($3,599) | ($36,400) | ($6,930) | | Provision for Loan & Lease Losses | $12,096 | $5,889 | $6,943 | $47,088 | $18,460 | | Ending Balance | $300,050 | $307,962 | $270,767 | $300,050 | $270,767 |

Core Insights - United Bankshares, Inc. (NASDAQ:UBSI) is recognized as one of the Best Dividend Stocks for a Dividend Champions List, highlighting its reliability in dividend payments [1] Company Overview - United Bankshares has evolved into a significant regional bank holding company, engaging in traditional banking activities such as loans in commercial, real estate, and consumer markets, alongside deposits, trust services, brokerage, and digital banking [2] - The company has expanded through acquisitions, having acquired over thirty banks, with the latest being Piedmont Bancorp in early 2025 and Community Bankers Trust in late 2021, which integrated its Mid-Atlantic and Southeast markets into a cohesive network [2] Operational Challenges - A primary challenge for United Bankshares is ensuring the smooth operation of its acquired banks under a unified management structure. A substantial portion of its lending is linked to commercial real estate and construction, which poses risks during economic downturns [3] - Management is focusing on the integration of acquisitions and closely monitoring the loan portfolio, as nearly half of it is exposed to commercial real estate and construction sectors [3] Dividend Performance - United Bankshares has a strong dividend history, having increased its dividends for 51 consecutive years, currently offering a quarterly dividend of $0.37 per share [4] - As of October 2, the stock has a dividend yield of 4.04%, making it an attractive option for income-focused investors [4]

Core Viewpoint - United Bankshares (UBSI) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system focuses on changes in earnings estimates as a key determinant of stock ratings, with a strong correlation between earnings estimate revisions and near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to assess a company's fair value, leading to stock price movements based on their buying or selling actions [4]. Recent Performance and Outlook - For the fiscal year ending December 2025, United Bankshares is expected to earn $3.14 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 5.9% over the past three months [8]. - The upgrade to Zacks Rank 2 places United Bankshares in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The system maintains a balanced distribution of ratings, ensuring that only the top 5% of stocks receive a "Strong Buy" rating, while the next 15% receive a "Buy" rating [9].

Core Viewpoint - United Bankshares (UBSI) is experiencing solid improvement in earnings estimates, which is likely to positively impact its stock price [1][2]. Earnings Estimates - Analysts are increasingly optimistic about the earnings prospects for United Bankshares, leading to higher earnings estimates that should reflect in the stock price [2]. - The current quarter's earnings estimate is $0.82 per share, representing a 17.1% increase from the previous year [6]. - For the full year, the expected earnings are $3.14 per share, indicating a 14.2% increase from the prior year [7]. Estimate Revisions - Over the past 30 days, the Zacks Consensus Estimate for the current quarter has risen by 5.58%, with three estimates moving higher and no negative revisions [6]. - The consensus estimate for the full year has increased by 5.86%, with four estimates revised upward and no negative revisions [8]. Zacks Rank - United Bankshares currently holds a Zacks Rank 2 (Buy), reflecting strong agreement among analysts in revising earnings estimates upward [9]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500 [9]. Stock Performance - United Bankshares shares have increased by 7% over the past four weeks, indicating investor confidence in the company's earnings growth prospects [10].

Group 1 - United Bankshares has shown a recovery with an approximate 11% return since the beginning of the year [1] - The investment strategy focuses on a long-term, buy-and-hold approach, emphasizing stocks that can deliver sustainable high-quality earnings [1] Group 2 - The article does not provide any specific financial metrics or detailed analysis of United Bankshares' performance beyond the mentioned return [1]

[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 (UBSI) has experienced a decline of 6.1% over the past two weeks, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottoming out, with reduced selling pressure, which could lead to a bullish trend for UBSI [2][5]. - A hammer pattern typically forms during a downtrend, where the stock opens lower, makes a new low, but then closes near or above the opening price, indicating buying interest [4][5]. - The effectiveness of the hammer pattern is contingent on its placement on the chart and should be used alongside other bullish indicators [6]. Fundamental Analysis - There is a strong consensus among Wall Street analysts to raise earnings estimates for UBSI, enhancing its prospects for a trend reversal [2][7]. - Over the last 30 days, the consensus EPS estimate for UBSI has increased by 4.9%, indicating analysts expect better earnings than previously predicted [8]. - UBSI holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

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].