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United Bankshares reported earnings of $56.7M for Q3 and $132.6M for the first nine months of the year, both significantly higher than the previous year, when United reported earnings of $41.5M in Q3 and $108M over the same period. The latest figures represent increases of 36.6% and 22.8%, respectively.
“We are pleased to announce record earnings of almost $57M for the third quarter of 2017,” United Bankshares CEO and Chairman Richard M. Adams said. “In addition, our return on average assets of 1.19% for the quarter compares very favorably to United’s Federal Reserve peer group’s most recently reported return on average assets of 0.96%.”
United solidified its standing as the 38th-largest banking company in the country with the completion of its acquisition of Cardinal Financial Corp. of Tysons, Virginia, on April 21, following its acquisition of Washington, D.C.-based Bank of Georgetown in June 2016.
As a result of the Cardinal acquisition, this year’s earnings were impacted by just over two months of increased levels of average balances, income and expenses. Last year's earnings were similarly affected for around one month due to the Bank of Georgetown acquisition.
The third quarter and first nine months of 2017 included $532K and $25M, respectively, of merger-related expenses from the Cardinal acquisition. The third quarter and first nine months of 2016 included $924K and $5.6M, respectively, of merger-related expenses due to the Bank of Georgetown acquisition.
Net interest income for the first nine months of 2017 was $394.1M, which was an increase of $82.1M, or 26%, from the first nine months of 2016. United continues to be well-capitalized based on regulatory guidelines.
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