United Bankshares Inc. recently reported earnings for the second quarter of 2024 of $96.5 million, or 71 cents per share.
Second quarter of 2024 results produced annualized returns on average assets, average equity and average tangible equity, of 1.32%, 7.99% and 13.12%, respectively. Earnings for the first six months of 2024 were $183.3 million, or $1.35 per shares.
United’s loan quality continues to be sound. At June 30, non-performing loans were $65.3 million, or 0.30% of total loans. The allowance for loan and lease losses was $267.4 million, or 1.24% of loans.
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.8% while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.5%, 13.5% and 11.6%, respectively.
“UBSI continues to consistently deliver exceptional results,” said Richard M. Adams Jr., United’s CEO. “In the second quarter we saw increases in profitability, capital, loans and deposits, as well as decreases in expenses and non-performing assets. We anticipate continued success in the second half of the year, and are excited about our recent acquisition announcement of Piedmont Bancorp Inc. in Atlanta, Ga.”
United, founded in 1839 is the largest publicly traded company that is headquartered in West Virginia, previously announced during the second quarter of 2024 that it entered into a definitive merger agreement with Piedmont Bancorp. The combined organization will have more than $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C., in some of the most desirable banking markets in the nation. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to satisfaction of customary closing conditions.
