United Bankshares | 8-K: FY2025 Q4 Revenue: USD 318.39 B

Revenue: As of FY2025 Q4, the actual value is USD 318.39 B.EPS: As of FY2025 Q4, the actual value is USD 0.91, beating the estimate of USD 0.858.EBIT: As of FY2025 Q4, the actual value is USD -127.56 B.Fiscal Year 2025 HighlightsUnited Bankshares, Inc. achieved a record Net Income of $464.6 million and record Diluted Earnings Per Share of $3.27 for fiscal year 2025 . The company generated a Return on Average Assets of 1.41%, Return on Average Equity of 8.63%, and Return on Average Tangible Equity of 13.95% . Dividends to shareholders were increased for the 52nd consecutive year . The company returned capital through $212 million of common dividends and $126 million of share repurchases, with 3.6 million shares repurchased during 2025 . The merger with Piedmont Bancorp, Inc. was closed in 1Q25, expanding into the Greater Atlanta Area and acquiring approximately $2.4 billion in assets, $2.1 billion in loans, and $2.1 billion in deposits . Excluding the balances acquired in the Piedmont merger, full-year period-end loan growth was $1.0 billion (4.7%) and deposit growth was $1.0 billion (4.1%) . The Net Interest Margin (FTE) increased to 3.78% from 3.49% in FY 2024 . Asset quality remained sound with Non-Performing Assets to Total Assets at 0.33%, and the efficiency ratio was 48.50% .Overall Financial Performance联合银行 (United Bankshares, Inc.) reported record earnings of $464.6 million for the year 2025, or $3.27 per diluted share, representing an increase from $373.0 million, or $2.75 per diluted share, in 2024 . Returns on average assets for 2025 were 1.41%, compared to 1.26% in 2024 . Returns on average equity for 2025 were 8.63%, compared to 7.61% in 2024 . Returns on average tangible equity for 2025 were 13.95%, compared to 12.43% in 2024 .Fourth Quarter 2025 PerformanceNet Income for 4Q25 was $128.8 million, compared to $130.7 million in 3Q25, with diluted EPS of $0.91 in 4Q25 compared to $0.92 in 3Q25 . Net Interest Income increased by $7.3 million linked-quarter, driven by a lower average rate paid on deposits and loan growth, partially offset by a lower yield on average net loans and loans held for sale, and an increase in average interest-bearing deposits . Provision Expense was $6.8 million in 4Q25, down from $12.1 million in 3Q25 . Noninterest Income decreased by $12.3 million compared to 3Q25, which had included net gains on investment securities of $10.4 million, primarily from unrealized fair value gains on equity securities . Noninterest Expense increased by $5.0 million compared to 3Q25, mainly due to a $5.6 million increase in the expense for the reserve for unfunded loan commitments . Income Taxes decreased by $2.7 million, primarily due to a decline in the effective tax rate from 20.5% to 19.4% .Earnings Summary (in thousands)Interest & Fees Income: $430,053 in 4Q25, $430,957 in 3Q25, $376,034 in 4Q24, $1,685,853 for FY 2025, and $1,502,121 for FY 2024 .Interest Expense: $142,596 in 4Q25, $150,842 in 3Q25, $143,426 in 4Q24, $583,689 for FY 2025, and $591,053 for FY 2024 .Net Interest Income: $287,457 in 4Q25, $280,115 in 3Q25, $232,608 in 4Q24, $1,102,164 for FY 2025, and $911,068 for FY 2024 . Net interest income for Q4 2025 was a record $287.5 million, an increase of $7.3 million, or 3%, from the third quarter of 2025 . Tax-equivalent net interest income increased $7.4 million, or 3% . Net interest income increased by $54.8 million, or 24%, to $287.5 million compared to 4Q24 . For the full year, net interest income increased by $191.1 million, or 21%, to $1,102.2 million .Provision for Credit Losses: $6,779 in 4Q25, $12,095 in 3Q25, $6,691 in 4Q24, $53,866 for FY 2025, and $25,153 for FY 2024 . The provision for credit losses decreased to $6.8 million from $12.1 million in 3Q25 . For the full year 2025, the provision was $53.9 million, including $18.7 million for purchased non-credit deteriorated (non-PCD) loans from Piedmont, up from $25.2 million in 2024 .Noninterest Income: $30,936 in 4Q25, $43,204 in 3Q25, $29,318 in 4Q24, $135,154 for FY 2025, and $123,695 for FY 2024 . Total noninterest income decreased by $12.3 million, or 28%, to $30.9 million in 4Q25, primarily due to net losses on investment securities of -$218 thousand compared to net gains of $10.4 million in the prior quarter . Noninterest income increased by $1.6 million, or 6%, compared to 4Q24, mainly due to a $980 thousand increase in fees from brokerage services . For the full year, noninterest income increased by $11.5 million, or 9%, to $135.2 million, driven by net gains on investment securities of $11.2 million (compared to net losses of -$7.7 million in 2024), a $2.5 million increase in fees from brokerage services, a $2.0 million increase in income from bank-owned life insurance, and a $1.8 million increase in fees from deposit services . These gains were partially offset by a -$9.0 million decrease in mortgage loan servicing income and a -$6.5 million decrease in income from mortgage banking activities .Noninterest Expense: $151,718 in 4Q25, $146,741 in 3Q25, $134,176 in 4Q24, $600,052 for FY 2025, and $545,031 for FY 2024 . Noninterest expense increased by $5.0 million, or 3%, to $151.7 million in 4Q25 . The expense for the reserve for unfunded loan commitments was $2.4 million, compared to a net benefit of -$3.2 million in the third quarter . Noninterest expense increased by $17.5 million, or 13%, compared to 4Q24 . Employee compensation increased by $5.8 million, and the expense for the reserve for unfunded loan commitments was $2.4 million compared to a net benefit of -$3.1 million in 4Q24 . Other increases included equipment expense ($1.8 million), amortization of intangibles ($1.4 million), and net occupancy ($1.1 million), largely attributable to the Piedmont acquisition . For the full year, noninterest expense increased to $600.1 million, including $12.7 million in merger-related expenses, compared to $545.0 million (including $2.9 million in merger-related expenses) in 2024 . Employee compensation increased by $17.4 million, and other noninterest expense increased by $14.2 million . The expense for the reserve for unfunded loan commitments increased by $10.0 million .Income Before Income Taxes: $159,896 in 4Q25, $164,483 in 3Q25, $121,059 in 4Q24, $583,400 for FY 2025, and $464,579 for FY 2024 .Income Taxes: $31,068 in 4Q25, $33,735 in 3Q25, $26,651 in 4Q24, $118,797 for FY 2025, and $91,583 for FY 2024 . Income tax expense decreased by $2.7 million to $31.1 million in 4Q25, with the effective tax rate falling to 19.4% from 20.5% . Income tax expense rose to $31.1 million from $26.7 million compared to 4Q24, despite a lower effective tax rate of 19.4% compared to 22.0% . For the full year, income tax expense increased to $118.8 million from $91.6 million, with the effective tax rate rising to 20.4% from 19.7% .Net Income: $128,828 in 4Q25, $130,748 in 3Q25, $94,408 in 4Q24, $464,603 for FY 2025, and $372,996 for FY 2024 . Net income for the fourth quarter of 2025 was $128.8 million, a decrease from $130.7 million in the third quarter of 2025 . Net income increased to $128.8 million from $94.4 million compared to 4Q24 . For the full year, net income for 2025 was $464.6 million, an increase from $373.0 million in 2024 .Diluted EPS: $0.91 in 4Q25, $0.92 in 3Q25, $0.69 in 4Q24, $3.27 for FY 2025, and $2.75 for FY 2024 .Weighted Average Diluted Shares: 140,980 in 4Q25, 141,961 in 3Q25, 135,732 in 4Q24, 141,827 for FY 2025, and 135,225 for FY 2024 .Loan SummaryTotal Gross Loans increased by $189 million linked-quarter to $24,721 million at 4Q25, driven by Commercial loans and Residential Real Estate loans . The loan portfolio is diversified, with Owner Occupied CRE at 8.7% ($2,146 million), Non Owner Occupied CRE at 33.8% ($8,344 million), Commercial at 15.3% ($3,785 million), Residential Real Estate at 24.7% ($6,098 million), Construction & Land Dev. at 14.4% ($3,571 million), Bankcard at 0.0% ($10 million), and Consumer at 3.1% ($767 million) . Non Owner Occupied CRE to Total Risk Based Capital was approximately 288% at 4Q25 . Non Owner Occupied Office loans totaled approximately $0.7 billion, representing about 3.0% of total loans . The total purchase accounting-related fair value discount on loans was approximately $57 million as of December 31, 2025 .Credit QualityTotal Non-performing Assets were $110,323 thousand at December 31, 2025, a decrease from $123,758 thousand at September 30, 2025 . The ratio of Non-performing Assets to Total Assets decreased from 0.37% to 0.33% linked-quarter . Total NPAs were $110.3 million, or 0.33% of total assets, at December 31, 2025, compared to $123.8 million (0.37%) at September 30, 2025, and $73.7 million (0.25%) at December 31, 2024 . Non-Accrual Loans decreased to $96,492 thousand from $110,236 thousand . 90-Day Past Due Loans decreased to $4,974 thousand from $6,631 thousand . The Allowance for Loan & Lease Losses (ALLL) was $297,518 thousand, representing 1.20% of loans, net of unearned income, a slight decrease from 1.22% in the prior quarter . The allowance for loan & lease losses was $297.5 million, or 1.20% of loans & leases, net of unearned income, at December 31, 2025, a decrease from $300.1 million (1.22%) at September 30, 2025 . It was $271.8 million (1.25%) at December 31, 2024 . Annualized Net Charge-offs to Average Loans were 0.15% . Net charge-offs were $9.3 million, or 0.15% annualized, for Q4 2025 . For the full year 2025, net charge-offs were $45.7 million, or 0.19% annualized, up from $12.5 million, or 0.06% annualized, in 2024 . At December 31, 2025, NPLs were $101.5 million, or 0.41% of loans & leases, net of unearned income, down from $116.9 million (0.48%) at September 30, 2025, but up from $73.4 million (0.34%) at December 31, 2024 .Deposit SummaryTotal Deposits increased by $177 million linked-quarter to $27,061 million at 4Q25, driven by Interest Bearing Transaction accounts . Non Interest Bearing deposits constituted 24.3% ($6,574 million) of total deposits, with Interest Bearing Transaction at 24.6% ($6,658 million), Regular Savings at 4.7% ($1,265 million), Money Market Accounts at 29.0% ($7,836 million), Time Deposits $100,000 at 12.4% ($3,365 million) . The estimated uninsured/uncollateralized deposits were flat compared to December 31, 2024, at 32% of total deposits .Liquidity and CapitalAvailable liquidity totaled $22,226 million as of December 31, 2025, including $2,542 million in Cash & Cash Equivalents, $957 million in Unpledged AFS Securities, $5,016 million in Available FHLB Borrowing Capacity, and $4,663 million in Available FRB Discount Window Borrowing Capacity . Capital ratios remained significantly above regulatory “Well Capitalized” levels . The Common Equity Tier 1 Ratio and Tier 1 Capital Ratio were both 13.4%, the Total Risk Based Capital Ratio was 15.7%, and the Leverage Ratio was 11.3% as of December 31, 2025 . These ratios exceed the regulatory requirements for a well-capitalized financial institution . Total Equity to Total Assets was 16.3%, and Tangible Equity to Tangible Assets was 10.9% . Book Value Per Share was $39.29, and Tangible Book Value Per Share was $24.63 . 联合银行 (United Bankshares, Inc.) repurchased 1.3 million common shares for $47.5 million during 4Q25 . During Q4 2025, 联合银行 (United Bankshares, Inc.) repurchased approximately 1.3 million shares at an average price of $36.49 . For the full year 2025, approximately 3.6 million shares were repurchased at an average price of $35.24 .Operational MetricsAs of December 31, 2025, 联合银行 (United Bankshares, Inc.) had 2,740 full-time equivalent employees, compared to 2,779 at September 30, 2025, and 2,591 at December 31, 2024 . Loans originated were $87.1 million in Q4 2025 and $370.9 million for the full year 2025, compared to $132.4 million in Q4 2024 and $645.9 million for the full year 2024 . Loans sold were $80.1 million in Q4 2025 and $383.9 million for the full year 2025, compared to $134.5 million in Q4 2024 and $657.8 million for the full year 2024 .2026 Outlook联合银行 (United Bankshares, Inc.) expects loan and deposit growth to be in the mid-single digits for 2026, with the investment portfolio balances projected to be relatively flat . Net interest income (non-FTE) is anticipated to be in the range of $1.145 billion to $1.175 billion, assuming two 25 basis point rate cuts in 2026, with an estimated $28 million in loan purchase accounting accretion . Provision expense is planned at $48 million for 2026, and noninterest income is expected to range from $125 million to $135 million, while noninterest expense is projected between $615 million and $630 million . The estimated effective tax rate is approximately 21.0% .