April 28. United Bankshares, which has branches in Mooresville and Denver, reported earnings for the first quarter of 2025 of $84.3 million, or $0.59 per diluted share. The first quarter 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.

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.

Richard M. Adams Jr.

Quotable

“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., CEO. “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.”

Details

Earnings 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.

Earnings 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.

Net 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 which adjusts for the tax-favored status of income from certain loans and investments, for the first quarter of 2025 increased $27.4 million, or 12%, from the fourth quarter of 2024.

The increase in net interest income and tax-equivalent net interest income was 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 average interest-bearing deposits, also largely from the Piedmont acquisition.