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Dec 31, 2023
United Bankshares Q4 2023 Earnings Report
Reported earnings for Q4 2023 with stable asset quality and capital levels.
Key Takeaways
United Bankshares, Inc. reported Q4 2023 earnings of $79.4 million, or $0.59 per diluted share. The quarter included a $12.0 million noninterest expense for the FDIC's special assessment. The company saw loan and deposit growth, margin expansion, and strong asset quality metrics and capital levels.
Earnings for the fourth quarter of 2023 were $79.4 million, or $0.59 per diluted share.
Annualized returns on average assets, average equity, and average tangible equity were 1.08%, 6.70%, and 11.27%, respectively.
Net interest income increased $1.2 million, or 1%, from the third quarter of 2023.
Noninterest expense increased $17.1 million, or 13%, from the third quarter of 2023, primarily due to the $12.0 million FDIC special assessment.
United Bankshares
United Bankshares
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
- We closed the year with another excellent quarter.
- We saw loan growth
- We saw deposit growth
- We saw margin expansion
- We saw strong asset quality metrics and capital levels.
Challenges Ahead
- The uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic on United
- 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
- The effect of changes in the level of checking or savings account deposits on United’s funding costs and net interest margin