United Bankshares ( (UBSI) ) has released its Q1 earnings. Here is a breakdown of the information United Bankshares presented to its investors.
United Bankshares, Inc. is a financial institution operating in the banking sector, providing a range of banking services across multiple states in the U.S. and is publicly traded on NASDAQ under the symbol UBSI.
In the first quarter of 2025, United Bankshares reported earnings of $84.3 million, or $0.59 per diluted share. The quarter was marked by record net interest income and the completion of the acquisition of Piedmont Bancorp, Inc., which contributed to increased average balances, income, and expenses.
Key financial highlights include a 12% increase in net interest income from the previous quarter, reaching a record $260.1 million, driven by the Piedmont acquisition and a lower rate on deposits. The net interest margin improved to 3.69%. However, the provision for credit losses rose significantly to $29.1 million, largely due to the acquisition. Noninterest income remained stable, while noninterest expenses increased due to merger-related costs.
Despite a decrease in earnings compared to the previous quarter and the same quarter last year, United Bankshares maintained strong asset quality and capital ratios, with non-performing loans at 0.29% of total loans and a risk-based capital ratio of 15.7%. The company also resumed share repurchases, buying back 567,000 shares.
Looking ahead, United Bankshares remains optimistic about its performance, focusing on integrating Piedmont and navigating the current economic environment. The management continues to emphasize the company’s strong position and strategic growth opportunities in the banking sector.