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United Bankshares Inc. achieved record earnings for Q2 and the first half of 2018, the company reported in a release Wednesday.
Earnings for Q2 2018 were a record $66.3M, compared to earnings of $37.1M for Q2 2017. Diluted earnings per share were $0.63 for Q2 2018, compared to diluted earnings per share of $0.37 for Q2 2017. Earnings for the first half of 2018 were $128M, compared to $75.9M in earnings for the first half of 2017. Diluted earnings per share were $1.22 for the first half of 2018, compared to diluted earnings per share of $0.84 for the first half of 2017.
“Following record net income in the first quarter of 2018, United’s earnings momentum continued as we achieved record net income of $66.3M and $128M for Q2 and first half of 2018,” United Bank Chairman and CEO Richard M. Adams said.
Q2 results for 2018 produced an annualized return on average assets of 1.42% and an annualized return on average equity of 8.11%, respectively. For the first half of 2018, United’s return on average assets was 1.39% while the return on average equity was 7.88%. United’s annualized returns on average assets and average equity were 0.82% and 4.93%, respectively, for Q2 of 2017 while the returns on average assets and average equity were 0.94% and 5.8%, respectively, for the first half of 2017.
United Bank’s acquisition of Cardinal Financial Corp. of Tysons, Virginia, which was completed April 21, 2017, is also included in the consolidated earnings. As a result of the Cardinal acquisition, Q2 and first half of 2018 were impacted by increased levels of average balances, income and expense as compared to Q2 and the first half of 2017. Q2 and the first half of 2017 included merger-related expenses of $23.2M and $24.5M, respectively, due to the acquisition.
United’s asset quality continues to be sound. As of June 30, 2018, nonperforming loans were $150.9M, or 1.12% of loans, net of unearned income, down from nonperforming loans of $168.7M, or 1.3% of loans, net of unearned income, at Dec. 31, 2017. As of June 30, 2018, the allowance for loan losses was $77.1M or 0.57% of loans, net of unearned income, compared to $76.6M or 0.59% of loans, net of unearned income, at Dec. 31, 2017. Total nonperforming assets of $172.8M, including OREO of $21.9M at June 30, 2018, represented 0.9% of total assets as compared to nonperforming assets of $193.1M or 1.01% at Dec. 31, 2017.
This feature was produced in collaboration between Bisnow Branded Content and United Bank. Bisnow news staff was not involved in the production of this content.
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