United Bankshares Inc. reported earnings for the first quarter of 2024 of $86.8 million, or 64 cents per share. First quarter of 2024 results produced annualized returns on average assets, average equity and average tangible equity, of 1.19%, 7.25% and 11.98%, respectively.
The first quarter of 2024 included $1.8 million of expense for the Federal Deposit Insurance Corp.’s (“FDIC”) special assessment levied on all banking organizations stemming from the FDIC’s Deposit Insurance Fund.
“UBSI delivered solid performance in the first quarter of 2024,” stated Richard M. Adams Jr., United’s CEO. “While the headwinds in the current economic environment persist and continue to create challenges, UBSI’s operating metrics remain strong, and we are well-positioned for success going forward.”
United’s loan quality continues to be sound. At March 31, total non-performing assets were
$77.1 million or 0.35% of total loans and leases, while the allowance for loan losses was $262.9 million, or 1.22% of loans and leases. United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.6% while regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%.
United Bankshares is the largest publicly traded company headquartered in West Virginia. The company was founded in 1839.
As of March 31, United had consolidated assets of approximately $30 billion. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Georgia.
United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI.”
