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Jun 30, 2024
United Bankshares Q2 2024 Earnings Report
Reported an increase in earnings compared to the previous quarter and year prior, driven by increases in profitability, capital, loans, and deposits, as well as decreases in expenses and non-performing assets.
Key Takeaways
United Bankshares, Inc. reported earnings of $96.5 million, or $0.71 per diluted share, for the second quarter of 2024. The company saw increases in profitability, capital, loans, and deposits, as well as decreases in expenses and non-performing assets. The company also announced a merger agreement with Piedmont Bancorp, Inc., expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025.
Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share.
Annualized returns on average assets, average equity and average tangible equity were 1.32%, 7.99% and 13.12%, respectively.
Net interest income increased $3.2 million, or 1%, from the first quarter of 2024.
Noninterest expense decreased $6.0 million, or 4%, from the first quarter of 2024.
United Bankshares
United Bankshares
Forward Guidance
The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to satisfaction of customary closing conditions.