United Bankshares Inc. Earnings Off To A Strong Start In 2019
Following a record-breaking 2018, United Bankshares Inc. continues to see its earnings rise in 2019.
The company recently announced earnings for Q1 2019, which totaled $63.6M, or $0.62 per diluted share. This is an increase from the earnings reported for Q1 2018, which were $61.7M, or $0.59 diluted earnings per share.
“United is off to a great start in 2019,” United Bank Chairman and CEO Richard M. Adams said. “We are pleased to announce an increase in earnings from the first quarter of 2018. Our annualized return on average assets of 1.34% for the quarter is ahead of our peers’ most recently reported return on average assets of 1.24% for the year of 2018.”
United Bankshares Inc. is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region. As of March 31, 2019, United had consolidated assets of approximately $19.6B. In 2018, the company outperformed its Federal Reserve peer group, reported record earnings and increased dividends to its shareholders for the 45th consecutive year.
Along with a strong return on average assets, United’s Q1 2019 results also showed an annualized return on average equity of 7.88%, compared to Q1 2018’s 7.65%.
United saw $144.2M in net interest income for Q1 2019, which is relatively flat compared to Q1 2018, representing an increase of $125K, or less than 1%. Total interest income increased $21.9M this past quarter, while total interest expense increased $21.8M from Q1 2018.
United continues to boast strong asset quality. As of March 31, nonperforming loans represented just 1% of loans, or $135.8M, net of unearned income. This is down compared to last year, which saw nonperforming loans of $142.8M, or 1.06% of loans, net of unearned income, reported on Dec. 31.
The company also reported that as of March 31, the allowance for loan losses was $76.9M or 0.57% of loans, net of unearned income, compared to $76.7M or 0.57% of loans, net of unearned income, announced at the end of 2018.
The results for Q1 2019 also showed that total nonperforming assets were $153.2M as of March 31, including OREO of $17.5M. This represents 0.78% of total assets, compared to nonperforming assets reported Dec. 31, which totaled $159.7M, or 0.83%.
United Bank has 139 full-service banking offices and 17 George Mason Mortgage LLC locations throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C.
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.