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CHARLESTON — United Bankshares Inc. reported record earnings for the second quarter of 2025 of $120.7 million, or $0.85 per diluted share.

Second quarter results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.49%, 9.05% and 14.67%, respectively.

“I’m excited to announce that the second quarter of 2025 was the strongest earnings quarter in our company’s long history,” United CEO Richard M. Adams Jr. said. “Our entry into the Atlanta market, along with excellent asset quality and strong expense control, drove our results in the quarter. I anticipate continued success in the second half of the year.”

As a result of the acquisition of Piedmont Bancorp Inc. on Jan. 10, the second quarter and year of 2025 were impacted by increased levels of average balances, income and expense. Earnings for the first quarter of 2025 were $84.3 million, or $0.59 per diluted share, and annualized returns on average assets, average equity and average tangible equity were 1.06%, 6.47%, and 10.61%, respectively. The first quarter of 2025 was impacted by $30 million in pre-tax or approximately $0.17 in after-tax earnings per diluted share, merger-related noninterest expenses and merger-related provision for credit losses.

Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.32%, 7.99%, and 13.12%, respectively.

Net interest income for the second quarter of 2025 was a record $274.5 million, an increase of $14.5 million, or 6%, from the first quarter. The second quarter reflected a full three months of average earning assets and interest-bearing liabilities balances from the Piedmont acquisition.

The increase in net interest income was driven by increases in average loans from the Piedmont acquisition and organic loan growth, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income.

These increases were partially offset by an increase in average interest-bearing deposits primarily due to the Piedmont acquisition. Average net loans and loans held for sale increased $511.1 million, or 2%, from the first quarter of 2025. The interest rate spread increased 12 basis points to 2.95% for the second quarter, driven by an increase in the yield on average net loans and loans held for sale of 13 basis points.

Average interest-bearing deposits increased $237.5 million, or 1%, from the first quarter of 2025. The net interest margin of 3.81% for the second quarter was an increase of 12 basis points from the net interest margin of 3.69% for the first quarter.

The provision for credit losses was $5.9 million for the second quarter of 2025. 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.

Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.9 million, or 6%, from the first quarter, driven by an increase in other noninterest income of $1.5 million.

Noninterest expense for the second quarter of 2025 was $148 million, which included $1.3 million in merger-related expenses while noninterest expense was $153.6 million for the first quarter, which included $11.3 million in merger-related expenses. This decrease was driven by a $4.8 million decrease in other noninterest expense and a $748,000 net benefit in the expense for the reserve for unfunded loan commitments for the second quarter, compared to $1.7 million for the first quarter of 2025, which included $4.1 million of merger expense related to the Piedmont acquisition. These decreases in noninterest expense were partially offset by an increase in employee compensation of $2.1 million.

The net benefit in the expense for the reserve for unfunded loan commitments for the second quarter of 2025 was primarily due to a decrease in the outstanding balance of loan commitments at period-end compared to the first quarter of 2025. Employee compensation increased primarily due to higher employee incentives, stock-based compensation and employee commissions driven by higher mortgage production. This was partially offset by lower merger-related employee compensation expenses of $310,000 for the second quarter, compared to $1.2 million for the first.

For the second quarter of 2025, income tax expense was $31.4 million as compared to $22.6 million for the first. This was driven by the impact of higher earnings partially offset by a lower effective tax rate.

Net interest income for the second quarter of 2025 increased $48.8 million, or 22%, from the second quarter of 2024. The increase was primarily due to an increase in average earning assets, a lower average rate paid on deposits, a higher yield on average net loans and loans held for sale, an increase in acquired loan accretion income and a decrease in average long-term borrowings.

The provision for credit losses was $5.9 million for the second quarter of 2025 as compared to $5.8 million for the second quarter of 2024.

Noninterest income for the second quarter of 2025 was $31.5 million, an increase of $1.2 million, or 4%, from the second quarter of 2024. The increase was driven by a $1.1 million increase in income from bank-owned life insurance and smaller increases in several other categories.

Noninterest expense for the second quarter of 2025 was $148 million, an increase of $13.2 million, or 10%, from the second quarter of 2024.

Earnings for the first half of 2025 were $205 million, or $1.44 per diluted share, compared to $183.3 million, or $1.35 per diluted share, for the first half of 2024.

Net interest income for the first half of 2025 increased $86.4 million, or 19%, from the first half of 2024. The increase in net interest income was primarily due to an increase in average earning assets, a lower average rate paid on deposits, a decrease in average long-term borrowings, a higher yield on average net loans and loans held for sale, and an increase in acquired loan accretion income. These increases were partially offset by an increase in average interest-bearing deposits and a decrease in average investment securities.

Average earning assets increased $2.7 billion, or 10%, from the first half of 2024, driven by increases in average net loans and loans held for sale of $2.1 billion and average short-term investments of $1.2 billion partially offset by a decrease in average investment securities of $597.5 million.

Average interest-bearing deposits increased $2.8 billion, or 17%, from the first half of 2024.

The provision for credit losses was $35 million for the first half of 2025, which included $18.7 million of provision recorded on non-PCD loans from Piedmont. The provision for credit losses was $11.5 million for the first half of 2024.

Noninterest income for the first half of 2025 was $61 million, a decrease of $1.4 million, or 2%, from the first half of 2024.

Noninterest expense for the first half of 2025 was $301.6 million, which included $12.6 million in merger-related expenses. Noninterest expense was $275.5 million for the first half of 2024, which included $1.3 million in merger-related expenses. Other noninterest expense increased $11.1 million, driven by $7 million in merger-related expenses recognized during the first half of 2025 as compared to $1.3 million for the first half of 2024 and higher amounts of certain general operating expenses.

United’s asset quality remains sound. As of June 30, non-performing loans were $68.3 million, or 0.28% of loans and leases, net of unearned income. Total non-performing assets were $74.6 million, including other real estate owned of $6.3 million, or 0.23% of total assets. As of March 31, non-performing loans were $69.8 million, or 0.29% of loans and 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 on regulatory guidelines. Its estimated risk-based capital ratio was 15.8% as of June 30. Regulatory requirements for a well-capitalized financial institution include a risk-based capital ratio of 10%.

During the second quarter of 2025, United repurchased, under a previously announced plan, approximately 981,000 shares of its common stock at an average price per share of $33.17. During the first half of 2025, United repurchased approximately 1.5 million shares of its common stock at an average price per share of $33.81. United did not repurchase any shares of its common stock during 2024.

United Bankshares Inc. is a financial services company with consolidated assets of approximately $33 billion as of June 30. United is the 39th largest banking company in the U.S. based on market capitalization. It is the parent company of United Bank, which comprises over 240 offices located across West Virginia, Ohio, Virginia, Maryland, North Carolina, South Carolina, Pennsylvania, Georgia and Washington, D.C. For more information, visit ubsi-inc.com.