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United Bankshares reported earnings of $37.1M for the second quarter of 2017 and $75.9M for the first half of the year, both significantly higher than the previous year. In 2016, United reported earnings of $31.8M in Q2 and $66.5M for the first half of the year, so the latest figures represent increases of 16.6% and 14.1%, respectively.
“During the second quarter of 2017, we successfully completed the largest merger in our company’s history with the acquisition of Cardinal Financial Corp., headquartered in Tysons Corner, Virginia,” United Bank CEO and Chairman Richard M. Adams said. “Despite significant merger expenses related to the acquisition of Cardinal, our core earnings remain strong.”
United completed its acquisition of Cardinal Financial Corp. on April 21 and its acquisition of Bank of Georgetown of Washington, D.C., in June 2016. As a result of the Cardinal acquisition, this year’s earnings were impacted by slightly over two months of increased levels of average balances, income and expense compared to last year's earnings, which were similarly affected for around one month due to the Bank of Georgetown acquisition.
Q2 included $23.2M of merger-related expenses from the Cardinal acquisition and $4.5M of expenses due to the Bank of Georgetown acquisition, making the strong earnings even more impressive.
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