Executive Summary

Q4 2024 delivered disciplined performance: net income $94.4M and diluted EPS $0.69; NIM held at 3.49% as deposit pricing moderated and average earning assets grew, offset by lower loan yields .
Credit quality remained sound but ticked up: NPAs/Assets rose to 0.25% and NPLs to $73.7M; annualized net charge-offs increased to 0.10% (still low) .
Management issued 2025 outlook with explicit ranges (NII $1.02–$1.05B; noninterest income $125–$135M; noninterest expense $600–$620M ex-merger; ETR ~20.5%; provision planning $33M plus ~$27M Day 2 CECL), and closed the Piedmont Bancorp deal on Jan 10, 2025 .
Estimates context: S&P Global consensus was unavailable; public sources indicated EPS near $0.69 and revenue near $262M, implying broadly in-line results .

What Went Well and What Went Wrong

What Went Well

Net interest income increased sequentially (+$2.4M QoQ) as deposit costs fell 26 bps and average earning assets expanded; management highlighted “strong earnings, credit, and capital” and regulatory approval for Atlanta acquisition: “UBSI capped off a successful 2024 with another high quality quarter” — CEO Richard M. Adams, Jr. .
Capital ratios well above “well-capitalized” thresholds (Total RBC 16.5%, CET1 14.2% at 12/31/24); tangible book per share improved to $22.87 .
Operating discipline: efficiency ratio improved YoY to ~51% in Q4; noninterest expense fell $18.1M YoY due to lower FDIC special assessment, reserve for unfunded commitments, and other expense .

What Went Wrong

Noninterest income declined $2.6M QoQ and $4.4M YoY, driven by the absence of MSR gains in Q4 and softer mortgage activity; Q4 also included $2.4M losses on AFS sales (partly offset by equity fair value gains) .
Asset quality metrics increased: NPLs rose to $73.4M and NPAs/Assets to 0.25%; annualized net charge-offs increased to 0.10% from 0.07% in Q3 .
Net interest margin compressed slightly to 3.49% from 3.52% QoQ, reflecting lower loan yields despite reduced deposit costs .

Financial Results

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenue ($USD Millions)	$255.9 = NII $225.7 + Noninterest $30.2	$262.2 = NII $230.3 + Noninterest $31.9	$261.9 = NII $232.6 + Noninterest $29.3
Net Income ($USD Millions)	$96.5	$95.3	$94.4
Diluted EPS ($USD)	$0.71	$0.70	$0.69
Net Interest Margin (%)	3.50%	3.52%	3.49%

Notes: Total Revenue computed as Net Interest Income (GAAP) + Total Noninterest Income (GAAP), per company tables .

Segment reporting: United operates one reportable segment beginning Q1 2024; mortgage banking data presented on a consolidated basis .

KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Total Deposits (Period End, $MM)	$23,066.4	$23,828.3	$23,961.9
Loans & Leases (Net of Unearned, Period End, $MM)	$21,598.7	$21,622.0	$21,673.5
NPLs ($MM)	$65.3	$65.2	$73.4
NPAs / Total Assets (%)	0.23%	0.22%	0.25%
Allowance for Loan & Lease Losses / Loans (%)	1.24%	1.25%	1.25%
Annualized Net Charge-offs (%)	0.02%	0.07%	0.10%

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Interest Income (non-FTE)	FY 2025	N/A for 2025; 2024 guidance was $900–$915M	$1.02–$1.05B (assumes one 25 bps cut; includes ~$20M purchase accretion from Piedmont)	Raised vs prior year run-rate (and boosted by Piedmont)
Noninterest Income	FY 2025	N/A for 2025	$125–$135M	Set new range
Noninterest Expense (ex-merger)	FY 2025	N/A for 2025	$600–$620M; merger-related ~$15M	Set new range
Effective Tax Rate	FY 2025	N/A for 2025	~20.5%	Set new target
Provision Expense (Day 2 CECL separate)	FY 2025	N/A for 2025	Planning assumption $33M; Day 2 CECL ~$27M	Set new planning assumptions
Loans & Deposits Growth	FY 2025	2024: low-to-mid single digit growth expected	Mid-single-digit growth expected (ex-Piedmont balances)	Maintained directional growth outlook
Investment Portfolio	FY 2025	2024: decrease ~$250M remainder of year	Relatively flat; market dependent	Maintained cautious stance

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available despite targeted searches; themes below derive from the 8-K Exhibit 99.2 earnings presentation and press releases.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Net interest margin and deposit pricing	Stable NIM expected; deposit growth low-to-mid single digits	NIM rose to 3.52%; deposit rates up 10 bps; earning assets increased	NIM 3.49%; deposit costs fell 26 bps; earning assets +$556M; loan yields slipped	Stabilizing margin with improving funding costs
Mortgage banking and MSRs	VISA gain; AFS sales loss; mortgage activity modest	Sold remaining MSRs at $7.1M gain; higher securities losses	No MSR gains; noninterest income down; AFS losses $2.4M partly offset by equity gains	Post-MSR sale normalization; softer mortgage
Credit quality / Office CRE	Sound asset quality	Sound asset quality; NPLs up primarily from a C&I relationship; allowances 1.25%	NPAs increased; NCOs annualized 0.10%; office CRE ~$1.0B with Top 40 WA LTV ~56%	Normalization with prudent underwriting
M&A (Piedmont)	Announced definitive merger agreement	Expected close late Q4 or early Q1	Closed Jan 10, 2025; set 2025 outlook ranges including accretion and Day 2 CECL	Integration underway; 2025 guidance anchored
Capital & buybacks	No repurchases in 1H24	No repurchases Q3	No repurchases Q4; buybacks market-dependent in 2025	Optionality maintained

Management Commentary

“UBSI capped off a successful 2024 with another high quality quarter. Strong earnings, credit, and capital continue to be the story, and we also received regulatory approval of our acquisition in Atlanta.” — Richard M. Adams, Jr., CEO .
2025 outlook provides explicit ranges for NII, noninterest income/expense, provision, and tax rate; capital “remains robust,” buybacks are “market dependent” .
Deposit franchise strength across Mid-Atlantic and Southeast (e.g., #1 regional bank in D.C. MSA with $10.1B deposits; #1/#2 share positions in top WV markets) highlights durable funding base .

Q&A Highlights

A full Q4 2024 earnings call transcript was not available via the document search. Key clarifications stem from the earnings presentation/8-K:
- Funding costs and NIM: deposit repricing pressure eased in Q4; management expects stable-to-improving NII supported by deposit mix and modest rate cuts .
- Credit normalization: Provision planning reflects a normalizing environment; Day 2 CECL for Piedmont estimated ~$27M .
- Strategy and capital deployment: Buybacks remain tactical; focus on integrating Piedmont and sustaining robust regulatory capital .

Estimates Context

S&P Global consensus data was unavailable at time of analysis (service limit).
External public sources indicate: EPS expected ~$0.69 and revenue ~$262M for Q4 2024, implying broadly in-line results versus public estimates .

Key Takeaways for Investors

Core banking fundamentals resilient: stable NIM and sequentially higher NII as deposit costs fell; expect 2025 NII uplift aided by Piedmont accretion and modest rate cuts .
Credit normalization continues from low levels; watch NPAs/NPLs trajectory and office CRE exposures, but underwriting discipline (Top 40 office WA LTV ~56%) mitigates risk .
Fee income headwinds: post-MSR sale, mortgage revenue softer; 2025 noninterest income guided to $125–$135M—build positions assuming lower mortgage tailwinds .
Expense control remains a strength; 2025 noninterest expense guided $600–$620M ex-merger, efficiency ~low-50s plausible—supports EPS durability .
Capital optionality: CET1 14.2%, TBV/share rising; buybacks market-dependent—consider opportunistic capital return amid integration progress .
Integration catalyst: Atlanta (Piedmont) expands footprint and growth optionality; monitor Day 2 CECL ($~27M) and cost saves realization—near-term noise, medium-term accretive .
Near-term trading: Results broadly in-line with public expectations; stock reaction likely tied to 2025 outlook credibility, NIM trajectory, and credit prints rather than Q4 headline EPS .

UNITED BANKSHARES INC/WV (UBSI)·Q4 2024 Earnings Summary