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United Bankshares, Inc./United Bank reported record earnings for the first quarter of 2021 of $106.9 million, or $0.83 per share, up from earnings of $40.2 million, or $0.40 per share for the first quarter of 2020.
Record earnings for the first quarter of 2021, as compared to the first quarter of 2020, were primarily due to higher income from mortgage banking activities, driven by an elevated volume of home mortgage loan originations and sales in the secondary market, the impact of the Carolina Financial Corp. acquisition and a lower provision for credit losses primarily due to better performance trends within the loan portfolio and an improved future economic forecast.
“The first quarter of 2021 was another great quarter for United Bankshares, and UBSI continues to be one of the best performing regional banking companies in the nation,” Richard M. Adams, United’s chairman of the board and CEO, said. “We earned record net income of $107 million, record earnings per share of $0.83 and delivered an annualized return on average assets of 1.64% with a return on average equity of 9.97%. Our credit quality and regulatory ratios remain strong and position us well for continued growth as the economy recovers from the effects of the COVID-19 pandemic.”
United continues to be well-capitalized based upon regulatory guidelines and the loan quality continues to be sound. On March 31, nonperforming loans were $116.2 million, or 0.67% of all loans, down from $132.2 million, or 0.75% of loans at year end 2020.
United has consolidated assets of approximately $27.0 billion and is the largest community bank headquartered in the D.C. Metro region. United Bank has 223 offices in West Virginia, Virginia, Ohio, Pennsylvania, Maryland, North Carolina, South Carolina, Georgia and D.C. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol UBSI.
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