Business

United Bankshares reports earnings

Oct. 26. United Bankshares reported third quarter earnings of $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.

“Our earnings continued to be strong in the third quarter of 2021 as we earned net income of $92.2 million, diluted earnings per share of $0.71 and delivered an annualized return on average assets of 1.33 percent,” stated Richard M. Adams, United’s CEO.

He said credit quality metrics remain strong with nonperforming assets decreasing approximately 31 percent from Dec. 31, 2020 to $107.0 million, representing 0.39 percent of total assets, at Sept. 30, 2021.

United previously announced that it entered into a definitive merger agreement with Community Bankers Trust. Under the merger agreement, United will acquire all of the outstanding shares of Community Bankers Trust in exchange for common shares of United. The combined organization will be approximately $29 billion in assets with nearly 250 locations.

The merger is expected to close in the fourth quarter of 2021.

Here is the full earnings report: 3rd Qtr 2021 UBSI Earnings Release.

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