United Bankshares, Inc. Announces Record Earnings for the First Nine Months of 2019

10/25/2019 | Corporate & Financial

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2019. Earnings for the third quarter of 2019 were $66.0 million, up from earnings of $64.4 million for the third quarter of 2018. Diluted earnings per share were $0.65 for the third quarter of 2019 as compared to diluted earnings per share of $0.62 for the third quarter of 2018. Earnings for the first nine months of 2019 were a record $196.8 million, an increase from earnings of $192.4 million for the first nine months of 2018. Diluted earnings per share were $1.93 for the first nine months of 2019 as compared to diluted earnings per share of $1.83 for the first nine months of 2018.

Third quarter of 2019 results produced an annualized return on average assets of 1.33%, an annualized return on average equity of 7.79% and an annualized return on average tangible equity of 14.16%. For the first nine months of 2019, United’s annualized return on average assets was 1.35% while the annualized return on average equity was 7.93% and the annualized return on average tangible equity was 14.56%. United’s annualized returns on average assets, average equity and average tangible equity were 1.34%, 7.83% and 14.65%, respectively, for the third quarter of 2018 while the annualized returns on average assets, average equity and average tangible equity were 1.37%, 7.86% and 14.69%, respectively, for the first nine months of 2018.

“Our earnings continue to be strong, achieving record net income for the first nine months of 2019,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer.

Read the full article here.