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Mar 31, 2024
United Bankshares Q1 2024 Earnings Report
Reported solid performance with decreased net interest income and earnings compared to previous year, but maintained strong operating metrics.
Key Takeaways
United Bankshares, Inc. reported earnings for Q1 2024 of $86.8 million, or $0.64 per diluted share. While net interest income decreased by 5% compared to Q1 2023, the company's operating metrics remain strong.
Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share.
Annualized return on average assets was 1.19%, average equity was 7.25%, and average tangible equity was 11.98%.
Net interest income decreased by $11.8 million, or 5%, from the first quarter of 2023.
Noninterest income decreased by $532 thousand, or 2%, from the first quarter of 2023.
Revenue by Segment
Forward Guidance
This report contains various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Positive Outlook
- United continues to be well-capitalized based upon regulatory guidelines.
- United’s asset quality continues to be sound.
- United’s estimated risk-based capital ratio is 15.6% at March 31, 2024
- United did not repurchase any shares of its common stock during 2023 or 2024.
- United is the parent company of United Bank, which comprises more than 225 offices
Challenges Ahead
- Uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board
- Volatility and disruptions in global capital and credit markets, interest rate, securities market and monetary supply fluctuations
- Increasing rates of inflation and slower growth rates
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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