Welcome to our dedicated page for United Bankshares news (Ticker: UBSI), a resource for investors and traders seeking the latest updates and insights on United Bankshares stock.
United Bankshares, Inc. reports developments as a financial holding company and parent of United Bank, a community banking institution serving markets across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. Its banking business includes deposits, consumer and commercial lending, construction and real estate loans, residential mortgage origination and sale, trust and brokerage services, safe deposit boxes, and wire transfers.
Recurring UBSI news covers quarterly and annual earnings, returns on assets and equity, asset quality, credit-loss provisioning, expense trends, capital allocation, common-stock dividends, and the effects of completed bank acquisitions such as Piedmont Bancorp. Company updates also include investor conference presentations and corporate objectives tied to United Bank's regional banking footprint.
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United Bankshares, Inc. (NASDAQ: UBSI) reported first-quarter 2023 earnings of $98.3 million, or $0.73 per diluted share, slightly down from $99.8 million or $0.74 in the previous quarter, but up from $81.7 million or $0.60 in Q1 2022. The annualized return on average assets decreased to 1.35%, while average equity and tangible equity returns were 8.72% and 14.97%, respectively. Key metrics included a net interest margin of 3.63% and an efficiency ratio of 51.46%. Net interest income fell by 6% due to rising interest expenses, despite a 22% increase year-over-year. The provision for credit losses was $6.9 million, down from $16.4 million in Q4 2022. Total non-performing loans dropped to $42.4 million, reflecting strong asset quality.