- United Bankshares, Inc. (UBSI, Financial) reports first-quarter 2025 earnings of $84.3 million, or $0.59 per diluted share, down from $94.4 million or $0.69 per diluted share in the previous quarter.
- Record net interest income of $260.1 million marks a 12% increase quarter-over-quarter, driven by the acquisition of Piedmont Bancorp, Inc.
- Company resumes share repurchases, buying back approximately 567,000 shares at an average price of $34.93 per share.
United Bankshares, Inc. (UBSI) has announced its financial results for the first quarter of 2025, revealing a net income of $84.3 million or $0.59 per diluted share. This is a decrease from the $94.4 million or $0.69 per diluted share reported in the fourth quarter of 2024. The earnings decline is attributed partly to merger-related noninterest expenses of $30 million linked to the acquisition of Atlanta-based Piedmont Bancorp, Inc.
The quarter was marked by record net interest income of $260.1 million, representing a 12% increase from $232.6 million in the prior quarter. The acquisition of Piedmont contributed to this growth, alongside net interest margin expansion from 3.49% to 3.69%. Average earning assets increased by $1.9 billion or 7%, mainly due to higher loan balances and lower average deposit rates.
Despite incurring $29.1 million in provisions for credit losses, including $18.7 million related to non-credit deteriorated loans from Piedmont, United maintained strong asset quality with non-performing loans at 0.29% of total loans. Furthermore, the company remained well-capitalized with an estimated risk-based capital ratio of 15.7% as of March 31, 2025.
During the first quarter, United Bankshares repurchased approximately 567,000 shares of its common stock under a previously announced plan, with an average price of $34.93 per share. This move reflects confidence in the bank's future performance amid challenging market conditions.
