United Bankshares Q3 2023 Earnings Report

Earnings increased compared to the previous quarter but decreased compared to the same quarter last year, with growth and profitability acceleration and strong capital, liquidity, and asset quality positions maintained.

Key Takeaways

United Bankshares, Inc. reported Q3 2023 earnings of $96.2 million, or $0.71 per diluted share. This compares to $92.5 million, or $0.68 per diluted share, for the second quarter of 2023, and $102.6 million, or $0.76 per diluted share, for the third quarter of 2022. The results reflect accelerated growth and profitability, while maintaining strong capital, liquidity, and asset quality positions.

Earnings for Q3 2023 were $96.2 million, or $0.71 per diluted share.

Annualized return on average assets was 1.31%, average equity was 8.14%, and average tangible equity was 13.71%.

Net interest income increased by $992 thousand from the second quarter of 2023.

Noninterest income decreased by $1.5 million from the second quarter of 2023, primarily due to a decrease in mortgage loan servicing income.