Executive Summary

Record net income of $130.7M and diluted EPS of $0.92; net interest income reached $280.1M with NIM holding at 3.80% .
EPS and revenue topped S&P Global consensus: EPS $0.92 vs $0.824*, revenue $311.2M vs $309.8M*; beat driven by higher average earning assets and a $10.4M securities gain offsetting a higher credit provision* . Values retrieved from S&P Global.
Guidance refined: FY25 NII raised to $1.093–$1.100B (from $1.090–$1.100B), noninterest income raised to $130–$135M (from $115–$125M), noninterest expense lowered to $598–$605M (from $605–$615M); provision planning assumption increased to $55M (from $52M) .
Credit headlines: NPAs rose to $123.8M (0.37% of assets) after downgrading two Northern Virginia CRE office loans to nonaccrual and recording $16.5M in charge-offs; CET1 ~13.4% and total RBC ~15.7% remain robust .
Likely stock drivers: record earnings and raised NII/noninterest income guidance; watch credit normalization in CRE office, buybacks (735K shares in 3Q; 479K through 10/22), and stable NIM trajectory .

What Went Well and What Went Wrong

What Went Well

Continued earnings momentum: “another quarter of record earnings, marked by continued organic growth, tightly managed expenses, and strong profitability metrics” — CEO Richard M. Adams, Jr. .
Net interest income growth with solid NIM: NII +$5.6M q/q to $280.1M; NIM 3.80% (vs 3.81% in 2Q) on higher average earning assets .
Noninterest income strength: +$11.7M q/q to $43.2M, aided by $10.4M unrealized fair value gains on equity securities and higher brokerage fees .

What Went Wrong

Credit costs and asset quality pressure: provision increased to $12.1M (vs $5.9M q/q); net charge-offs rose to $20.0M, driven by two CRE NOO office loans downgraded to nonaccrual ($60.5M balance, $16.5M charge-offs) .
Mortgage-related revenue softer y/y: mortgage banking income fell y/y and MSR-related servicing income absent given prior MSR sales; mortgage banking activities decreased $2.0M y/y in 3Q .
Operating expenses y/y higher: noninterest expense up $11.4M y/y, largely from acquisition-related headcount, benefits, intangibles amortization, and occupancy .

Financial Results

Earnings and Income Summary

Metric ($USD Millions unless noted)	Q3 2024	Q2 2025	Q3 2025
Interest Income	$382.7	$421.2	$431.0
Interest Expense	$152.5	$146.7	$150.8
Net Interest Income	$230.3	$274.5	$280.1
Noninterest Income	$31.9	$31.5	$43.2
Provision for Credit Losses	$6.9	$5.9	$12.1
Noninterest Expense	$135.3	$148.0	$146.7
Net Income	$95.3	$120.7	$130.7
Diluted EPS ($)	$0.70	$0.85	$0.92

Ratios and Margins

Metric	Q3 2024	Q2 2025	Q3 2025
Net Interest Margin (FTE)	3.52%	3.81%	3.80%
Efficiency Ratio	51.62%	48.37%	45.39%
ROAA	1.28%	1.49%	1.57%
ROAE	7.72%	9.05%	9.58%
ROTCE (non-GAAP)	12.59%	14.67%	15.45%
Effective Tax Rate	20.56%	20.62%	20.51%

Consensus vs Actual (S&P Global; Q3 2025)

Metric	Q3 2025 Actual*	Q3 2025 Consensus*	Surprise
Diluted EPS ($)	0.92*	0.824*	Bold beat (+$0.096)
Total Revenue ($MM)	311.224*	309.800*	Beat (+$1.424MM)
Values retrieved from S&P Global.

Components and Mix (Selected)

Noninterest Income Components ($MM)	Q3 2024	Q2 2025	Q3 2025
Fees from Brokerage Services	$5.07	$4.86	$6.26
Fees from Deposit Services	$9.41	$9.66	$10.15
BOLI Income	$3.03	$3.62	$3.46
Mortgage Banking Activities	$4.54	$2.60	$2.50
Net Gains (Losses) on Securities	($6.72)	$0.43	$10.44

KPIs

KPI	Q3 2024	Q2 2025	Q3 2025
Dividend per Share ($)	0.37	0.37	0.37
Dividend Payout Ratio	52.71%	43.69%	40.12%
Loans & Leases (EOP, $MM)	21,622	24,050	24,520
Total Deposits (EOP, $MM)	23,828	26,336	26,884
CET1 Ratio (Est.)	—	13.4%	13.4%
Total RBC Ratio (Est.)	—	15.8%	15.7%
NPAs ($MM)	65.4	74.6	123.8
NPAs / Total Assets	0.22%	0.23%	0.37%

Guidance Changes

Metric	Period	Previous Guidance (Q2 2025)	Current Guidance (Q3 2025)	Change
Net Interest Income (non-FTE)	FY 2025	$1.090–$1.100B	$1.093–$1.100B	Raised (midpoint +$3M)
Loan Purchase Accounting Accretion	FY 2025	~$31M	~$32M	Raised
Provision Expense (total)	FY 2025	$52M (incl. $19M Day 2)	$55M (incl. $19M Day 2)	Raised
Noninterest Income	FY 2025	$115–$125M	$130–$135M	Raised
Noninterest Expense	FY 2025	$605–$615M	$598–$605M	Lowered
Effective Tax Rate	FY 2025	~21%	~21%	Maintained
Balance Sheet Growth (Loans/Deposits)	FY 2025 (rest of year)	Low–mid single digits annualized	Low–mid single digits annualized	Maintained
Capital/Buybacks	FY 2025	Market-dependent	Market-dependent; plan capacity remains	Maintained

Earnings Call Themes & Trends

Note: An earnings call transcript for Q3 2025 was not available in our document catalog. The following trends reflect management’s press release and slide disclosures.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Net Interest Income & Margin	NIM rose to 3.81% in Q2 on higher loan yields and accretion; scheduled accretion ~$13M remainder of FY25	NIM stable at 3.80%; accretion ~$6M remainder of FY25; AFS duration 4.2yrs; ~37% loans repricing <3 months	Stable margin; modest accretion tailwind moderating
Deposit Mix & Liquidity	Brokered deposits fell to 0.4% in Q2; uninsured ~33%; total liquidity $22.5B	Brokered ~0.8%; uninsured ~33%; total liquidity $22.3B	Stable granular deposits and liquidity
Credit Quality & CRE Office	NPAs 0.23% in Q2; NOO office ~$0.9B; disciplined underwriting, LTVs ~55% Top 60	NPAs 0.37% on two NOO office loans; charge-offs $16.5M; NOO office ~$0.8B with ALLL $56.1M (6.6%)	Credit normalization; targeted office stress
Operating Efficiency	Efficiency ratio improved to 48.37% in Q2	Efficiency ratio improved to 45.39%	Improving
Capital & Buybacks	CET1 ~13.4%; buybacks 981K shares in Q2	CET1 ~13.4%; buybacks 735K in Q3; 479K through 10/22	Continued capital returns
Mortgage Banking	Lower origination/sales; MSR sale reduced servicing income	Mortgage banking down y/y; servicing income absent post MSR sales	Ongoing industry headwind

Management Commentary

“UBSI’s earnings momentum from the first half of the year carried through into the third quarter of 2025. It was another quarter of record earnings, marked by continued organic growth, tightly managed expenses, and strong profitability metrics.” — Richard M. Adams, Jr., CEO .
Credit update: United downgraded two CRE NOO office loans in Northern Virginia to nonaccrual after sponsor deterioration; recorded $16.5M charge-offs; NPAs increased to 0.37% of assets .
Strategic positioning: Premier Mid-Atlantic/Southeast franchise; 51 consecutive years of dividend increases; robust capital ratios and liquidity .

Q&A Highlights

No Q3 2025 earnings call transcript was available in our document catalog; Q&A highlights and tone changes cannot be assessed from transcripts at this time.

Estimates Context

EPS beat: $0.92 vs $0.824*; driven by higher average earning assets, noninterest income uplift (+$11.7M q/q, including $10.4M securities gains), and stable NIM at 3.80%* . Values retrieved from S&P Global.
Revenue beat: $311.224M vs $309.800M*; note UBSI’s reported components include NII $280.1M and noninterest income $43.2M in the quarter . Values retrieved from S&P Global.
Estimate revisions likely to reflect: raised FY25 guidance for NII, noninterest income, and lowered noninterest expense, partially offset by higher provision planning assumption .

Key Takeaways for Investors

Strong core earnings: record net income and EPS with NIM resilience at 3.80% and continuing efficiency gains (45.39%) .
Guidance bias positive on revenues: FY25 NII and noninterest income raised; OpEx guidance lowered — supportive for operating leverage and forward EPS .
Credit watch: office CRE exposures are well-underwritten but seeing idiosyncratic stress; net charge-offs elevated, allowance robust (ALLL 1.22% of loans) .
Capital return intact: buybacks continued into 4Q; CET1 ~13.4% and total RBC ~15.7% provide capacity .
Deposit quality/liquidity: uninsured deposits ~33%, granular base; total liquidity ~$22.3B; brokered deposits modest .
Near-term trading lens: EPS/revenue beats and raised guidance are positives; monitor additional CRE developments and any NIM drift from deposit pricing and rate cuts .
Medium-term thesis: diversified footprint in high-growth MSAs, disciplined underwriting, and expense control underpin sustainable profitability; Piedmont integration tailwinds and accretion taper reasonably managed .

Values retrieved from S&P Global.

UNITED BANKSHARES INC/WV (UBSI)·Q3 2025 Earnings Summary