Welcome to our dedicated page for United Bankshares West Va news (Ticker: UBSI), a resource for investors and traders seeking the latest updates and insights on United Bankshares West Va 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.
United Bankshares, Inc. (NASDAQ: UBSI) will present at the Raymond James 44th Annual Institutional Investors Conference on March 6, 2023, at 1:40 p.m. ET. CEO Rick Adams and CFO W. Mark Tatterson will discuss the company's financial performance and objectives during the 30-minute presentation. Investors can stream the event live and access the archived webcast for a year through https://wsw.com/webcast/rj127/ubsi/1608162. United reported consolidated assets of approximately $29.5 billion as of December 31, 2022, and operates nearly 250 offices across several states, including Virginia, Maryland, and West Virginia.
United Bankshares, Inc. (NASDAQ: UBSI) has declared a first quarter 2023 dividend of $0.36 per share, amounting to approximately $48.6 million for shareholders of record as of March 10, 2023. This dividend is payable on April 3, 2023. The announcement marks 49 consecutive years of dividend increases, a feat achieved by only one other major U.S. banking company. As of December 31, 2022, United's consolidated assets were approximately $29.5 billion.