Executive Summary

Q1 2025 delivered record net interest income and 20 bps linked‑quarter NIM expansion to 3.69%, offset by elevated merger-related costs tied to the Piedmont acquisition; GAAP diluted EPS was $0.59 with $30.0M ($0.17/sh) of merger-related items embedded .
On S&P Global’s adjusted “Primary EPS” basis, UBSI beat consensus ($0.76 actual vs. $0.63 est.); on revenue (S&P “Revenue” proxy), UBSI missed ($260.5M actual vs. $278.8M est.) as analysts anticipated higher near‑term revenue capture; details below (S&P Global data)*.
Balance sheet scaled with Piedmont: loans ended $23.86B (+$2.19B LQ) and deposits ended $26.36B (+$2.40B LQ); credit stayed sound (NPAs 0.22% of assets; NPLs 0.29% of loans) .
Capital and liquidity remained robust; buybacks resumed (567k shares in Q1; another 831k through 4/23/25), and FY25 guidance introduced for NII ($1.050–$1.065B), expenses ($610–$625M), and ETR (~21%) .
Management highlighted Atlanta entry and integration progress; near‑term catalysts include continued NIM trajectory, execution on buybacks, and delivery vs. FY25 NII/expense outlook .

What Went Well and What Went Wrong

What Went Well
- Record net interest income ($260.1M) with NIM up 20 bps LQ to 3.69% on asset growth (Piedmont) and lower deposit costs; TE NII rose $27.4M LQ .
- Credit quality resilient despite growth: NPAs fell to 0.22% of assets; NPLs to 0.29% of loans; ALLL increased to 1.30% of loans, including Day‑1 Piedmont marks .
- Shareholder returns: repurchased 567k shares in Q1 at $34.93 and another 831k shares through 4/23/25; dividend maintained at $0.37/sh (51st consecutive annual increase in 2024) .
- “Closing a deal always brings a lot of noise… but that shouldn’t overshadow the excellent results we posted when adjusting for the acquisition.” – CEO Richard M. Adams, Jr. .
What Went Wrong
- Provision spiked to $29.1M (vs. $6.7M in Q4), primarily from $18.7M Day‑2 CECL on Piedmont non‑PCD loans, pressuring GAAP EPS .
- Noninterest expense increased to $153.6M, including $11.3M of merger-related costs (vs. $1.3M in Q4), lifting the efficiency ratio to 53.03% .
- On S&P’s “Revenue” metric, actual of $260.5M missed the $278.8M consensus; near‑term integration “noise” and revenue capture timing likely contributed (S&P Global data)*.

Financial Results

Income statement and profitability vs prior periods

Metric	Q3 2024	Q4 2024	Q1 2025
Net Interest Income ($M)	$230.256	$232.608	$260.055
Noninterest Income ($M)	$31.942	$29.318	$29.554
Provision for Credit Losses ($M)	$6.943	$6.691	$29.103
Noninterest Expense ($M)	$135.339	$134.176	$153.573
Efficiency Ratio (%)	51.62%	51.23%	53.03%
Net Income ($M)	$95.267	$94.408	$84.306
Diluted EPS (GAAP)	$0.70	$0.69	$0.59
Net Interest Margin (%)	3.52%	3.49%	3.69%
ROAA (%)	1.28%	1.25%	1.06%
ROATCE (%)	12.59%	12.03%	10.61%

Balance sheet and credit KPIs

KPI	Q3 2024	Q4 2024	Q1 2025
Assets (EOP, $B)	$29.86	$30.02	$32.79
Loans (EOP, $B)	$21.62	$21.67	$23.86
Deposits (EOP, $B)	$23.83	$23.96	$26.36
NPLs / Loans (%)	0.30%	0.34%	0.29%
NPAs / Assets (%)	0.22%	0.25%	0.22%
ALLL / Loans (%)	1.25%	1.25%	1.30%
Annualized NCOs / Avg Loans (%)	0.07%	0.10%	0.14%
CET1 Ratio (%)	—	14.2%	13.3%
Total RBC Ratio (%)	—	16.5%	15.7%

Results vs S&P Global consensus (Q1 2025)

Metric	Consensus	Actual (S&P)	GAAP Actual	Surprise
EPS – Primary (Adjusted)	$0.63*	$0.76*	$0.59	+$0.13 vs est (Adjusted)*
Revenue (S&P “Revenue”) ($M)	$278.8*	$260.5*	—	−$18.3M (≈−6.6%)*

Note: S&P’s “Primary EPS” reflects adjusted/normalized EPS; management cited $0.17/sh merger impact (GAAP diluted EPS $0.59 + $0.17 ≈ $0.76). S&P’s “Revenue” maps to a bank revenue proxy (tracks net interest income/TE NII). Values retrieved from S&P Global.*

Additional asset & portfolio disclosures (Q1 2025)
- Acquired loan accretion: $6.0M in Q1; FY25 accretion estimated ~$30M; remainder of FY25 ≈ ~$24M .
- Office CRE: ~$0.9B (~3.8% of total loans); ~58% in the DC MSA; no CBD DC exposure; Top 60 loans WA LTV ~59% on current balances (68% at origination) .
- Liquidity (3/31/25): Total liquidity ~$21.3B incl. cash, unpledged AFS, FHLB/FRB capacity and brokered deposit capacity .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Interest Income (non‑FTE)	FY 2025	N/A	$1.050B–$1.065B	Introduced
Noninterest Income	FY 2025	N/A	$120M–$130M	Introduced
Noninterest Expense	FY 2025	N/A	$610M–$625M (incl. $11M merger costs in Q1)	Introduced
Effective Tax Rate	FY 2025	N/A	~21%	Introduced
Provision Expense	FY 2025	N/A	Planning assumption $53M total incl. $19M Day‑2 recorded in Q1	Introduced
Purchase Accounting Accretion	FY 2025	N/A	~ $30M (FY25)	Introduced
Loans & Deposits Growth	FY 2025	N/A	Low‑to‑mid single‑digits annualized; pipelines “relatively strong”	Introduced
Dividend	Ongoing	$0.37/sh	Reaffirmed $0.37 declared for Q1 (payable 4/1/25)	Maintained
Share Repurchases	2025	N/A	Ongoing; 567k in Q1; 831k 4/1–4/23; 2.97M shares remaining under plan (as of 4/23)	Introduced/Active

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available in our document set; we leverage the 8‑K news release and the company’s Q1 slide deck for “themes.” [ListDocuments returned none.]

Topic	Q3 2024 (Q‑2)	Q4 2024 (Q‑1)	Q1 2025 (Current)	Trend
M&A/Integration	Announced Piedmont; closing expected late Q4/early Q1	Closed 1/10/25 noted; preliminary marks disclosed	Closed; systems conversion complete; $30M total merger‑related items; goodwill/CDI quantified	Execution progressing; one‑time costs peaked in Q1
NIM/Funding Costs	NIM 3.52%; deposit repricing pressure noted	NIM 3.49%; funding cost moderation	NIM 3.69%; deposit cost down 17 bps LQ; strong NII	Improving
Credit Quality	NPAs 0.22%; NPLs 0.30%	NPAs 0.25%; NPLs 0.34%	NPAs 0.22%; NPLs 0.29%; ALLL up to 1.30%	Stable/solid with added CECL from merger
Office CRE	No unusual stress signaled	Still modest exposure	~$0.9B (~3.8% loans); DC‑MSA weighted; WA LTV ~59% (Top 60)	Risk framed with strong underwriting
Capital/Buybacks	No repurchases	No repurchases	Repurchases resumed; 567k Q1; 831k post‑Q1 through 4/23	Positive capital return
Dividend	$0.37/qtr	$0.37/qtr	$0.37 (Q1 declared)	Maintained

Management Commentary

“This quarter we officially welcomed Piedmont to the United family… 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.” – CEO Richard M. Adams, Jr. .
The quarter was “highlighted by record net interest income, net interest margin expansion, resumption of share repurchases, and the consummation” of Piedmont, including completion of systems conversion .
Guidance points: FY25 NII $1.050–$1.065B; noninterest income $120–$130M; noninterest expense $610–$625M; ETR ~21%; provision planning assumption $53M (incl. $19M Day‑2); purchase accounting accretion ~$30M .
Risk framing: Asset quality “remains sound,” NPAs low at 0.22% of assets; deposit base granular (avg account ~$38k) with uninsured/uncollateralized deposits ~33% .

Q&A Highlights

A full Q1 2025 earnings call transcript was not available in our document set; however, management’s slide deck clarified:

Deposits and loans expected to grow low‑to‑mid single‑digits in 2025 (annualized); loan pipelines “relatively strong” .
FY25 noninterest expense range includes the Q1 merger cost; additional merger costs are not implied beyond amounts recorded .
Purchase accounting accretion estimated ~$30M in FY25 (Q1 recognized $6M) .
Capital return: buybacks resumed, with 2.97M shares remaining authorized as of 4/23/25 .

Estimates Context

EPS: S&P Global “Primary EPS” consensus $0.63 vs. actual $0.76 (Adjusted), a beat of $0.13; GAAP diluted EPS was $0.59 with $0.17/sh merger impact disclosed by management (S&P Global values)* .
Revenue: S&P Global “Revenue” consensus $278.8M vs. actual $260.5M (miss ≈ 6.6%); S&P’s “Revenue” for banks typically maps to a net interest income proxy rather than GAAP “total revenue” (S&P Global values)*.
Estimate depth: 6 EPS estimates; 4 revenue estimates for Q1 2025 (S&P Global values)*.

Values retrieved from S&P Global.*

Key Takeaways for Investors

Core earnings power strengthening: NIM expanded 20 bps LQ and record NII was aided by Piedmont and deposit repricing; watch whether NIM holds as rate cuts materialize and accretion fades .
GAAP vs adjusted optics matter: Q1 GAAP EPS $0.59 reflects $0.17/sh merger impact; S&P adjusted EPS was $0.76. Near‑term prints likely carry residual integration noise but should normalize per FY25 guide .
Balance sheet scale and franchise depth improved (Atlanta entry); guidance implies modest growth, disciplined credit, and expense control—setup for operating leverage if NIM remains firm .
Credit remains a support: low NPA/NPL ratios; office CRE exposure is measured (~3.8% of loans) with conservatively underwritten top exposures (WA LTV ~59%) .
Capital return unlocked: buybacks resumed alongside stable dividend; execution on repurchases can enhance EPS/ TBV trajectory if credit and NIM trends persist .
Watch list: delivery vs. NII ($1.050–$1.065B) and expense ($610–$625M) ranges, pace of accretion ($30M FY25), deposit mix/cost trends, and any credit migration as loan book scales .

Appendix – Additional Q1 2025 Disclosures

Dividend declared: $0.37 per share for Q1 (payable 4/1/25); 51st consecutive annual dividend increase in 2024 .
Community investments: $4.7M AHP grants for 363 affordable units in DC/VA (community impact; not earnings‑material) .

Footnote:

S&P Global/Capital IQ consensus and “actual” values shown with asterisks are retrieved from S&P Global. “Primary EPS” is an adjusted/normalized measure; UBSI’s management disclosed $0.17/sh merger impacts in Q1 2025 (GAAP diluted EPS $0.59) .

UNITED BANKSHARES INC/WV (UBSI)·Q1 2025 Earnings Summary