WASHINGTON — United Bankshares Inc. (NASDAQ: UBSI) just lately reported earnings for the third quarter and first 9 months of 2021.
Earnings for the third quarter of 2021 have been $92.2 million, or $0.71 per diluted share, in comparison with earnings of $103.8 million, or $0.80 per diluted share, for the third quarter of 2020. Earnings for the primary 9 months of 2021 have been $293.9 million, or $2.27 per diluted share, in comparison with earnings of $196.7 million, or $1.68 per diluted share, for the primary 9 months of 2020.
Third quarter 2021 outcomes produced annualized returns on common belongings, common fairness and common tangible fairness, a non-GAAP measure, of 1.33 %, 8.23 % and 14.03 %, respectively, in comparison with annualized returns on common belongings, common fairness and common tangible fairness of 1.56 %, 9.68 % and 16.94 %, respectively, for the third quarter of 2020. For the primary 9 months of 2021, United’s annualized returns on common belongings, common fairness and common tangible fairness have been 1.46 %, 8.95 % and 15.36 %, respectively, in comparison with annualized returns on common belongings, common fairness and common tangible fairness of 1.12 %, 6.85 % and 12.19 %, respectively, for the primary 9 months of 2020.
“Our earnings continued to be robust within the third quarter of 2021 as we earned internet earnings of $92.2 million, diluted earnings per share of $0.71 and delivered an annualized return on common belongings of 1.33 %,” stated Richard M. Adams, United’s Chairman of the Board and CEO. “Moreover, credit score high quality metrics stay robust with nonperforming belongings lowering roughly 31 % from Dec. 31, 2020, to $107.0 million, representing 0.39 % of complete belongings, at Sept. 30, 2021.”
United beforehand introduced that it entered right into a definitive merger settlement with Group Bankers Belief Company (“Group Bankers Belief”). Below the merger settlement, United will purchase one hundred pc of the excellent shares of Group Bankers Belief in alternate for frequent shares of United. The mixed group will likely be roughly $29 billion in belongings with practically 250 areas in a number of the most fascinating banking markets within the nation.
All requisite regulatory approvals for the merger have been obtained from the Board of Governors of the Federal Reserve System and from the Virginia State Company Fee. The merger is predicted to shut within the fourth quarter of 2021, topic to satisfaction of customary closing circumstances together with approval by the shareholders of Group Bankers Belief.
Because of the acquisition of Carolina Monetary Company (“Carolina Monetary”) on Might 1, 2020, the primary 9 months of 2021 mirrored increased common balances, earnings, and expense as in comparison with the primary 9 months of 2020. As well as, the third quarter and first 9 months of 2020 included merger-related bills of $5.7 million and $53.7 million, respectively, related to the acquisition of Carolina Monetary in comparison with $845 thousand and $1.0 million of merger-related bills incurred within the third quarter and first 9 months of 2021, respectively, associated to the introduced Group Bankers Belief acquisition.
As of Sept. 30, 2021, United had consolidated belongings of roughly $27.5 billion. United is the guardian firm of United Financial institution which has 222 workplaces in Virginia, West Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, and Ohio. United’s inventory is traded on the NASDAQ International Choose Market underneath the citation image “UBSI.”
