United Bankshares Reports 25% Increase in Net Income Following Piedmont Bancorp Acquisition

United Bankshares, Inc. reported significant financial growth in its latest 10-Q filing for the second quarter of 2025, driven largely by its acquisition of Piedmont Bancorp, Inc. on January 10, 2025. The company’s total assets increased to $32.78 billion, a rise of $2.76 billion or 9.19% from December 31, 2024. This growth was primarily attributed to the addition of approximately $2.30 billion in assets from the Piedmont acquisition, which included $2.1 billion in loans and $2.1 billion in deposits. The bank's net income for the second quarter reached $120.72 million, up from $96.51 million in the same period last year, marking a 25% increase. Earnings per diluted share also rose to $0.85 from $0.71.

The acquisition of Piedmont significantly impacted United's loan portfolio, which grew by $2.38 billion or 10.97% since year-end 2024. The commercial, financial, and agricultural loan segment saw a notable increase of $1.82 billion, driven by a $1.52 billion rise in nonowner-occupied commercial real estate loans. Additionally, total deposits increased by $2.37 billion or 9.91%, with noninterest-bearing deposits rising by 8.02% and interest-bearing deposits by 10.56%. The bank's total liabilities also increased by $2.39 billion, primarily due to the growth in deposits.

Operationally, United Bankshares has seen a rise in its employee count and branch locations following the Piedmont acquisition, which contributed to a 9.83% increase in noninterest expenses for the second quarter compared to the previous year. The bank's total noninterest income for the quarter was $31.46 million, reflecting a 4.09% increase from the prior year, driven by higher income from bank-owned life insurance policies and bankcard fees. However, income from mortgage banking activities decreased due to lower origination and sale volumes.

Looking ahead, United Bankshares remains optimistic about its growth trajectory, particularly in light of the synergies expected from the Piedmont acquisition. The bank anticipates continued improvements in net interest income, supported by a favorable interest rate environment and effective management of its loan portfolio. The company also plans to focus on enhancing noninterest income streams and maintaining a strong capital position, with a risk-based capital ratio of 15.83% as of June 30, 2025, well above regulatory requirements.