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.
United Bankshares, Inc. (NASDAQ: UBSI) has declared a first quarter 2021 dividend of $0.35 per share, totaling approximately $45.2 million for shareholders of record as of March 12, 2021. This dividend will be payable on April 1, 2021. With this announcement, United Bankshares continues its impressive track record, marking the 47th consecutive year of dividend increases. The company reported consolidated assets of around $26.2 billion as of December 31, 2020, and operates the largest community bank in the D.C. Metro region with 224 offices across multiple states.
United Bankshares, Inc. (NASDAQ: UBSI) reported a strong performance for Q4 2020, with earnings of $92.4 million ($0.71 per diluted share), up from $63.3 million in Q4 2019. For 2020, net income reached a record $289 million, a 11% increase from $260.1 million in 2019. The year saw significant boosts from mortgage banking activities and the acquisition of Carolina Financial. However, provisions for credit losses rose significantly to $106.6 million due to economic uncertainties related to COVID-19. Despite challenges, the bank's credit quality remains sound.
United Bankshares, Inc. (NASDAQ: UBSI) has declared a fourth quarter dividend of $0.35 per share, intended for shareholders on record as of December 11, 2020. The total dividend for 2020 stands at $1.40, marking a 2% increase from the previous year's $1.37. This dividend represents the 47th consecutive year of increases, positioning United as one of only two major U.S. banking companies to achieve this milestone. The dividend will be payable on January 4, 2021.
United Bankshares, Inc. (NASDAQ: UBSI) reported record earnings of $103.8 million ($0.80 per diluted share) in Q3 2020, up from $66.0 million ($0.65) in Q3 2019. Year-to-date earnings totaled $196.7 million ($1.68 per diluted share) compared to $196.8 million ($1.93) in 2019. Significant factors for the increase include higher mortgage banking income and the acquisition of Carolina Financial. However, merger-related expenses and increased provisions for credit losses due to COVID-19 also impacted results. The company's strong credit quality and capital ratios support future growth.