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United Bank 1Q earnings more than doubled

April 26. United Bankshares reported record earnings for the first quarter of 2021 of $106.9 million, more than double earnings during the first quarter of 2020. Record earnings were primarily due to higher income from mortgage banking activities, the impact of the Carolina Financial acquisition and a lower provision for credit losses primarily due to better performance trends within the loan portfolio.

United Bank, the principal subsidiary, has offices in Mooresville, Denver and Lincolnton.

“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,” stated Richard M. Adams, United’s CEO. “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,” he said.

To read the full report, click here.

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