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WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the third quarter and first nine months of 2021. Earnings for the third quarter of 2021 were $92.2 million, or $0.71 per diluted share, as compared to earnings of $103.8 million, or $0.80 per diluted share, for the third quarter of 2020. Earnings for the first nine months of 2021 were $293.9 million, or $2.27 per diluted share, as compared to earnings of $196.7 million, or $1.68 per diluted share, for the first nine months of 2020.
Third quarter 2021 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.33%, 8.23% and 14.03%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.56%, 9.68% and 16.94%, respectively, for the third quarter of 2020. For the first nine months of 2021, United’s annualized returns on average assets, average equity and average tangible equity were 1.46%, 8.95% and 15.36%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.12%, 6.85% and 12.19%, respectively, for the first nine months of 2020.
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