United Bankshares Inc. Announces Record Earnings in Q1
United Bankshares Inc. announced record earnings for Q1 of 2018 at $61.7M. This is a $22.9M increase in earnings compared to the first quarter of 2017. Diluted earnings per share were $0.59 for Q1 of 2018, compared to diluted earnings per share of $0.48 for Q1 of 2017.
The results from Q1 produced an annualized return on average assets of 1.35% and an annualized return on average equity of 7.65%. United’s annualized returns on average assets and average equity were 1.09% and 6.98%, respectively, for Q1 of 2017.
“United’s earnings continue to be strong as we achieved record net income of $61.7M for the first quarter of 2018,” United Bankshares Inc. Chairman and CEO Richard M. Adams said. “For the first quarter of 2018, we increased before tax earnings to $79.6M from $59M for last year’s first quarter.”
United completed its acquisition of Tysons, Virginia-based financial company Cardinal Financial Corp. April 21, 2017. As a result of this acquisition, Q1 of 2018 saw increased levels of average balances, income and expense as compared to the first quarter of 2017. In addition, Q1 of 2017 included merger-related expenses of $1.2M related to the Cardinal acquisition.
United’s asset quality continues to be sound. As of March 31, nonperforming loans were $157.6M, or 1.21% of loans, net of unearned income, down from nonperforming loans of $168.7M, or 1.3% of loans, net of unearned income, as of Dec. 31.
As of March 31, the allowance for loan losses was $76.7M or 0.59% of loans, net of unearned income, as compared to $76.6M or 0.59% of loans, net of unearned income, as of Dec. 31. Total nonperforming assets of $180.4M, including OREO of $22.8M as of March 31, represented 0.97% of total assets as compared to nonperforming assets of $193.1M or 1.01% as of the end of 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.
