United Bankshares, Inc. · NASDAQ:UBSI
United Bankshares — Q1 2025 Earnings Presentation
20 slides from United Bankshares's earnings presentation, Apr 24, 2025
Slide 1: First Quarter 2025 Earnings Review
First Quarter 2025 Earnings Review United Bankshares, Inc. (UBSI) April 24, 2025 Exhibit 99.2
Slide 2: Forward-looking statements
This presentation and statements made by United Bankshares, Inc. (“UBSI”) and its management contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be
Slide 3: 1Q25 Highlights
Achieved Net Income of $84.3 million and Diluted Earnings Per Share of $0.59, which included $30.0 million of merger-related expenses, equating to $0.17 per diluted share Generated Return on Average Assets of 1.06%, Return on Average Equity of 6.47%, and Return on Average Tangible Equity* of 10.61%
Slide 4: Continuation of UBSI's proven M&A strategy
Continuation of UBSI’s proven M&A strategy | UBSI’s 34th acquisition Entrance into Greater Atlanta Area markets with robust economic growth opportunities Enhances UBSI’s position as one of the premier regional banking companies in the Southeast and Mid-Atlantic Piedmont Overview Advancing Strategy T
Slide 5: Linked-quarter income statement results
Linked-Quarter (LQ) Net Income was $84.3 million in 1Q25 compared to $94.4 million in 4Q24, with diluted EPS of $0.59 in 1Q25 compared to $0.69 in 4Q24. Net Interest Income increased $27.5 million primarily due to an increase in average earning assets largely from the Piedmont acquisition and a lowe
Slide 6: Performance ratios
*Non-GAAP measure. Refer to appendix. Strong profitability and expense control 1Q25 was impacted by pre-tax merger related expenses of $30.0 million. PERFORMANCE RATIOS
Slide 7: Net interest income and margin
Reported Net Interest Margin increased from 3.49% to 3.69% LQ. Linked-quarter Net Interest Income (FTE) increased $27.4 million primarily due to an increase in average earning assets largely from the Piedmont acquisition and a lower average rate paid on deposits partially offset by an increase in av
Slide 8: Loan portfolio
Linked-Quarter loan balances increased $2.2 billion driven by the loans acquired in the Piedmont merger. Excluding the acquired loan balances, total gross loans increased $174 million. Loan balances within the North Carolina & South Carolina markets were up 17.5% annualized in 1Q25. Non Owner Occupi
Slide 9: Loan portfolio geographic details
LOAN PORTFOLIO GEOGRAPHIC DETAILS Total Loans Total Loans ($ Billions) 23.9 % of Total Loans 100% Geographic location Southeast 42% Metro DC / Baltimore 36% WV / OH / PA / Shenandoah Valley 19% Other 3% Total 100% Diversified portfolio with strong underwriting practices and ongoing monitoring Select
Slide 10: Asset quality
End of Period Balances (000s) 12/31/24 3/31/25 Non-Accrual Loans $56,460 $57,388 90-Day Past Due Loans $16,940 $12,387 Total Non-performing Loans $73,400 $69,775 Other Real Estate Owned $327 $1,475 Total Non-performing Assets $73,727 $71,250 Non-performing Loans / Loans 0.34% 0.29% Non-performing As
Slide 11: Deposit summary
Strong core deposit base with 25% of deposits in Non Interest Bearing accounts. LQ deposits increased $2.4 billion primarily driven by the balances acquired from Piedmont. Excluding the acquired deposit balances, total deposits increased $297 million LQ. Brokered deposits remained low at 1.1% of tot
Slide 12: Deposit account details and available liquidity
Deposit Account Details ($ in millions) End of Period Ratios / Values 3/31/25 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $8,594 33% Estimated Insured/Collateralized Deposits $17,771 67% Total Deposits $26,365 100% *Does not include other sources of
Slide 13: Capital ratios and share repurchases
End of Period Ratios / Values 12/31/24 3/31/25** Common Equity Tier 1 Ratio 14.1% 13.3% Tier 1 Capital Ratio 14.1% 13.3% Total Risk Based Capital Ratio 16.5% 15.7% Leverage Ratio 11.7% 11.3% Total Equity to Total Assets 16.6% 16.2% *Tangible Equity to Tangible Assets (non-GAAP) 11.0% 10.6% Book Valu
Slide 14: 2025 guidance
Select guidance is being provided for 2025. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan and deposit growth to be in the low to mid single digits for the remainder of 2025 (annualized). Loan pipelines continue to be relatively
Slide 15: Investment thesis
Premier Mid-Atlantic and Southeast franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base Consistently high-performing company with a culture of disciplined risk management and expense control 51 consecutive years of dividend increases evidences Un
Slide 16: Demonstrated history of successful acquisitions
Source: S&P Capital IQ Pro; Company filings DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS
Slide 17: Appendix
APPENDIX UNITED | BANKSHARES, INC.
Slide 18: Piedmont merger - additional information
PIEDMONT MERGER- ADDITIONAL INFORMATION Merger-related expense detail ($ in millions) 1Q24 2Q24 3Q24 4Q24 1Q25 Provision for Credit Losses --- --- --- --- $18.7 Employee Compensation --- --- --- --- $1.2 Expense for Reserve for Unfunded Loan Commitments --- --- --- --- $4.1 Other Noninterest Expense
Slide 19: Reconciliation of non-GAAP items
(dollars in thousands) 1Q24 2Q24 3Q24 4Q24 1Q25 (1) Return on Average Tangible Equity (A) Net Income (GAAP) $86,814 $96,507 $95,267 $94,408 $84,306 (B) Number of Days in the Quarter 91 91 92 92 90 Average Total Shareholders' Equity (GAAP) $4,816,476 $4,857,893 $4,908,866 $5,019,069 $5,283,542 Less:
Slide 20: Reconciliation of non-GAAP items (cont.)
(dollars in thousands) 12/31/2024 3/31/2025 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 30,023,545 $ 32,788,494 Less: Total Intangibles (GAAP) (1,897,755) (2,062,893) Tangible Assets (non-GAAP) $ 28,125,790 $ 30,725,601 Total Shareholders' Equity (GAAP) $ 4,993,223 $ 5,314,449 Less: