United Bankshares (UBSI) investor relations material

Executive summary

• Achieved record net income of $120.7 million and diluted EPS of $0.85 in Q2 2025, with annualized ROA of 1.49% and ROE of 9.05%, driven by the Piedmont Bancorp acquisition and strong loan growth.

• Total assets reached $32.78 billion at June 30, 2025, up 9.19% from year-end 2024, reflecting the Piedmont acquisition.

• 51 consecutive years of dividend increases, with a quarterly dividend of $0.37 per share.

• Strongest earnings quarter in company history, supported by entry into the Atlanta market, excellent asset quality, and disciplined expense control.

• Piedmont acquisition resulted in $31.36 million in merger-related costs, including $18.73 million provision for credit losses on acquired loans.

Financial highlights

• Net interest income reached a record $274.5 million in Q2 2025, up 6% sequentially and 22% year-over-year, with net interest margin rising to 3.81%.

• Provision for credit losses was $5.9 million in Q2 2025, down from $29.1 million in Q1 2025, mainly due to the Piedmont acquisition.

• Noninterest income was $31.5 million, up 4% year-over-year; noninterest expense was $148.0 million, up 9.8% year-over-year, reflecting higher personnel and merger-related costs.

• Book value per share at quarter-end was $37.80; tangible book value per share was $23.32.

• Quarterly dividend yield was approximately 4.0%.

Outlook and guidance

• Loan and deposit growth expected in the low to mid-single digits annualized for the remainder of 2025.

• Net interest income projected at $1.09–$1.10 billion for FY 2025, assuming two 25 bps rate cuts.

• Provision expense for 2025 planned at $52 million, including $19 million Day 2 merger-related CECL provision.

• Noninterest income expected between $115–$125 million; noninterest expense between $605–$615 million for 2025.

• Effective tax rate estimated at ~21.0%; capital position remains robust and buybacks will be market dependent.