Business
United Bankshares, Inc. Announces Earnings for the First Quarter of 2020
WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today announced its earnings for the first quarter of
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI) (“United”), today announced its earnings for the first quarter of 2020 and that it has exceeded $20 billion in total assets. Earnings for the first quarter of 2020 were $40.2 million as compared to earnings of $63.6 million for the first quarter of 2019. The lower amount of net income was driven primarily by a higher provision for loan losses resulting from an adverse future macroeconomic forecast as a result of the coronavirus (“COVID-19”) pandemic under the new Current Expected Credit Loss (“CECL”) accounting standard. This was an industry-wide issue that affected bank earnings nationwide. Diluted earnings per share were $0.40 for the first quarter of 2020 and $0.62 for the first quarter of 2019.\n\n\n“Let me first extend our deepest sympathy to those families who have lost loved ones, and our greatest appreciation to those individuals working on the front lines during this coronavirus pandemic,” stated Richard M. Adams, United’s Chairman and Chief Executive Officer. “While our core earnings results for the first quarter of 2020 were good, given the current environment, we continue to focus on the challenges that people and businesses are facing each day.”\n\n\nAdams added, “Through this pandemic, our employees have been focused on meeting our customers’ needs as most branches have remained open, with heightened safety procedures and precautions. We’ve enabled many of our employees to work remotely, made additional cash payments to employees whose roles require them to come into the office, and we have taken significant actions to help ensure their safety. For commercial and consumer customers, we’ve suspended residential property foreclosures, offered fee waivers, and provided payment deferrals, among other actions. United has been actively involved as a facilitator of the government Paycheck Protection Program. Our team members have worked nights and weekends to meet deadlines for businesses in need. The bottom line is that we are executing our purpose, which is to make a positive difference in the lives of our employees, our customers, our shareholders, and our communities.”\n\n\nAs of mid-April, United had processed over 3,000 loans totaling over $900 million under the Paycheck Protection Program (“PPP”) prior to all of the availabl...