United Bankshares just released its earnings report on Q3 and the first nine months of 2016. Earnings were $41.5M, or $0.54 per diluted share, up 19% from earnings of $35M in Q3 2015.
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Its acquisition of Bank of Georgetown completed June 3 to position it for long-term success, but the bank has spent more than $5M just this year on merger-related expenses, which detracted from year-to-date earnings.
That’s why its YTD earnings of $108M, an improvement over last year’s $104.5M for quarters 1 through 3, are particularly encouraging.
“Third quarter and YTD 2016 earnings continue to be strong,” says COO Ross Draber. “In addition, our annualized returns on average assets and average equity outperformed our latest peer group numbers.”
United’s YTD average asset return was 1.1% and its average equity return 7.7%, while its peer group of bank holding companies with total assets over $10B produced averages of 0.9% and 7.6%, respectively, from the most recently available data in Q2 2016.
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