Business
United Bankshares, Inc. Announces Earnings for the First Quarter of 2025
WASHINGTON, D.C. & CHARLESTON, W.Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON, D.C. & CHARLESTON, W.Va.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2025 of $84.3 million, or $0.59 per diluted share. The first quarter of 2025 was highlighted by record net interest income, net interest margin expansion, resumption of share repurchases, and the consummation of the previously announced acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”) including completion of the systems conversion. As a result of the acquisition, the first quarter of 2025 was impacted by increased levels of average balances, income, and expense, including $30.0 million, or approximately $0.17 per diluted share, in merger-related noninterest expenses and merger-related provision for credit losses. First quarter of 2025 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.06%, 6.47%, and 10.61%, respectively.\n\n“This quarter we officially welcomed Piedmont to the United family and we are very excited about entering the Atlanta market,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Closing a deal always brings a lot of noise to the quarter, but that shouldn’t overshadow the excellent results we posted when adjusting for the acquisition. UBSI continues to perform at a high level and have success in these challenging and uncertain times.”\n\nEarnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share, and annualized returns on average assets, average equity, and average tangible equity for the fourth quarter of 2024 were 1.25%, 7.48%, and 12.03%, respectively. Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.19%, 7.25%, and 11.98%, respectively.\n\nFirst quarter of 2025 compared to the fourth quarter of 2024\n\nEarnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, as compared to earnings of $94.4 million, or $0.69 per diluted share, for the fourth quarter of 2024.\n\nNet 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, a non-GAAP measure ...