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CHARLESTON — United Bankshares Inc. this week reported first quarter 2025 earnings of $84.3 million, or $0.59 per diluted share.

According to a release from the company, the first quarter was highlighted by record net interest income, net interest margin expansion, resumption of share repurchases and the consummation of the previously announced acquisition of Atlanta-based Piedmont Bancorp Inc.

As a result of the acquisition, the first quarter of 2025 was impacted by increased levels of average balances, income and expense, including $30 million in merger-related noninterest expenses and merger-related provision for credit losses.

First quarter of 2025 results produced annualized returns on average assets, average equity and average tangible equity of 1.06%, 6.47% and 10.61%, respectively.

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

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

Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share, and

annualized returns on average assets, average equity and average tangible equity were 1.19%, 7.25% and 11.98%, respectively.

Earnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share.

Net interest income for the first quarter of 2025 was a record $260.1 million, an increase of $27.5 million, or 12%, from the fourth quarter of 2024. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the first quarter of 2025 increased $27.4 million, or 12%, from the fourth quarter of 2024.

Average earning assets increased $1.9 billion, or 7%, from the fourth quarter of 2024 driven by increases in average net loans and loans held for sale of $1.7 billion and average short-term investments of $324 million. These increases were partially offset by a decrease in average investment securities of $192.3 million mainly due to sales late in the fourth quarter of 2024.

The cost of average interest-bearing deposits decreased 17 basis points from the fourth quarter of 2024 driven by deposit rate repricing. Average interest-bearing deposits increased $1.5 billion, or 8%, from the fourth quarter of 2024.

The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on purchased non-credit deteriorated loans from Piedmont. The provision for credit losses was $6.7 million for the fourth quarter of 2024.

Noninterest income of $29.6 million for the first quarter of 2025 was flat from the fourth quarter of 2024, increasing $236,000, or less than 1%. Net gains on investment securities were $521,000 for the first quarter, compared to net losses on investment securities of $688,000 thousand for the fourth quarter of 2024. Fees from brokerage services increased $667,000 from the fourth quarter of 2024. Partially offsetting these increases in noninterest income was a decrease in other noninterest income of $1.3 million.

Noninterest expense was $153.6 million for the first quarter of 2025, which included $11.3 million in merger-related expenses while noninterest expense was $134.2 million for the fourth quarter of 2024, which included $1.3 million in merger-related expenses. The increase in noninterest expense was primarily due to increases in other noninterest expense of $6.7 million, the expense for the reserve for unfunded loan commitments of $4.7 million, employee compensation of $2.5 million and smaller increases in several other categories, mainly

from the acquisition. During the first quarter of 2025, United recorded $4.1 million in merger-related expenses for the reserve for unfunded loan commitments related to the Piedmont acquisition. The increase in employee compensation was driven by $1.2 million in merger-related expenses and higher employee headcount for the first quarter from the acquisition.

Income tax expense was $22.6 million for the first quarter of 2025 as compared to $26.7 million for the fourth quarter of 2024. United’s effective tax rate was 21.2% and 22.0% for the first quarter of 2025 and fourth quarter of 2024, respectively.

Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share.

Net interest income for the first quarter of 2025 increased $37.6 million, or 17%, from the first quarter of 2024. Tax-equivalent net interest income for the first quarter of 2025 increased $37.5 million, or 17%, from 2024. This was primarily due to an increase in average earning assets, a lower average rate paid on deposits and a decrease in average long-term borrowings partially offset by an increase in average interest-bearing deposits and a lower yield on average short-term investments.

Average earning assets increased $2.5 billion, or 10%, from the first quarter of 2024 driven by increases in average net loans and loans held for sale of $1.9 billion and average short-term investments of $1.2 billion partially offset by a decrease in average investment securities of $709.6 million. The increases were largely driven by the Piedmont acquisition. The decrease in average investment securities was driven by sales during 2024.

Average long-term borrowings decreased $945.6 million from the first quarter of 2024. Average interest-bearing deposits increased $2.7 billion from the first quarter of 2024. Interest income and tax-equivalent net interest income for the first quarter of 2025 included $6 million of acquired loan accretion income as compared to $2.5 million for the first quarter of 2024.

The provision for credit losses was $29.1 million for the first quarter of 2025, which included $18.7 million of provision recorded on non-PCD loans from Piedmont. The provision for credit losses was $5.7 million for the first quarter of 2024.

Noninterest income for the first quarter of 2025 decreased $2.7 million, or 8%, from the first quarter of 2024, primarily due to a decrease in income from mortgage banking activities of $2.8 million.

Noninterest expense for the first quarter of 2024 was $140.7 million.

For the first quarter of 2024, income tax expense was $21.4 million. The increase of $1.2 million for the first quarter of 2025 was due to a higher effective tax rate partially offset by lower earnings.

United’s effective tax rate was 21.2% and 19.8% for the first quarter of 2025 and 2024, respectively.

United’s asset quality continues to be sound. As of March 31, non-performing loans were $69.8

million, or 0.29% of loans & leases, net of unearned income. Total non-performing assets were $71.3 million, including other real estate owned of $1.5 million, or 0.22% of total assets. As of

Dec. 31, non-performing loans were $73.4 million, or 0.34% of loans and leases, net of unearned income. Total non-performing assets were $73.7 million, including other real estate owned of $327,000, or 0.25% of total assets.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.7% as of March 31, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.3%, 13.3% and 11.3%, respectively.

During the first quarter of 2025, United repurchased, under a previously announced plan,

approximately 567,000 shares of its common stock at an average price per share of $34.93. United did not repurchase any shares of its common stock during 2024.

As of March 31, United had consolidated assets of approximately $33 billion and is the 41st largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which has more than 240 offices throughout West Virginia, Ohio, Virginia, Maryland, North Carolina, South Carolina, Pennsylvania, Georgia and Washington, D.C. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI.”