Business
United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2021
WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the second quarter and first
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the second quarter and first half of 2021. Earnings for the second quarter of 2021 were $94.8 million, or $0.73 per diluted share, as compared to earnings of $52.7 million, or $0.44 per diluted share, for the second quarter of 2020. Earnings for the first half of 2021 were $201.7 million, or $1.56 per diluted share, as compared to earnings of $92.9 million, or $0.84 per diluted share, for the first half of 2020.\n\nSecond quarter 2021 results produced annualized returns on average assets, average equity and average tangible common equity, a non-GAAP measure, of 1.41%, 8.69% and 14.95%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 0.87%, 5.40% and 9.58%, respectively, for the second quarter of 2020. For the first half of 2021, United’s annualized returns on average assets, average equity and average tangible equity were 1.52%, 9.32% and 16.06%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 0.85%, 5.16% and 9.28%, respectively, for the first half of 2020.\n\nEarnings for the second quarter and first half of 2021, as compared to the second quarter and first half of 2020, benefited from additional net earnings related to the Carolina Financial Corporation (“Carolina Financial”) acquisition and a lower provision for credit losses primarily due to better performance trends within the loan portfolio and an improved future macroeconomic forecast under the Current Expected Credit Loss (“CECL”) accounting standard. The second quarter and first half of 2020 also included significant merger-related expenses from the Carolina Financial acquisition.\n\nDuring the second quarter of 2021, United announced that it entered into a definitive merger agreement with Community Bankers Trust Corporation (“Community Bankers Trust”). Under the merger agreement, United will acquire 100% 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 in some of the most desirable banking markets in the nation. The merger is expected to close in the fourth quarter of 2021, subje...