July 25. United Bankshares reported earnings for the second quarter of 2024 of $96.5 million, or $0.71 per diluted share. Second-quarter results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.32%, 7.99% and 13.12%, respectively.

Quotable

“UBSI continues to consistently deliver exceptional results,” stated Richard M. Adams, Jr., United’s CEO. “In the second quarter we saw increases in profitability, capital, loans, and deposits, as well as decreases in expenses and non-performing assets. We anticipate continued success in the second half of the year, and are excited about our recent acquisition announcement of Piedmont Bancorp, Inc. in Atlanta.”

Richard M. Adams Jr.

Acquisition

United that it entered into a definitive merger agreement with Piedmont Bancorp. The combined organization will have more than $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C., in some of the most desirable banking markets in the nation. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to satisfaction of customary closing conditions.

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 second quarter of 2023 were $92.5 million, or $0.68 per diluted share, and annualized returns on average assets, average equity and average tangible equity were 1.26%, 7.96% and 13.47%, respectively.

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Highlights

• Achieved Net Income of $96.5 million and Diluted Earnings Per Share of $0.71

• Generated Return on Average Assets of 1.32%, Return on Average Equity of 7.99%, and Return on Average Tangible Equity* of 13.12%

• Announced the signing of a definitive merger agreement to acquire Piedmont Bancorp

• Financially compelling strategic transaction that provides expansion into the attractive Greater Atlanta Area, adding to UBSI’s growing presence in the Southeast

• Consistently ranked as one of the most trustworthy banks in America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024)

• Quarterly dividend of $0.37 per share equates to a yield of ~4.0% (based upon recent prices). 2023 was the 50th consecutive year of dividend increases to shareholders

• Net Interest Margin (FTE) increased from 3.44% to 3.50%

• Asset quality remains sound and Non-Performing Assets remained low at 0.23% of Total Assets

• Strong expense control with an efficiency ratio of 52.66%

• Capital position remains robust and liquidity remains sound