Business
United Bankshares, Inc. Announces Record Earnings for the First Nine Months of 2019
WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2019. Earnings for the third quarter of 2019 were $66.0 million, up from earnings of $64.4 million for the third quarter of 2018. Diluted earnings per share were $0.65 for the third quarter of 2019 as compared to diluted earnings per share of $0.62 for the third quarter of 2018. Earnings for the first nine months of 2019 were a record $196.8 million, an increase from earnings of $192.4 million for the first nine months of 2018. Diluted earnings per share were $1.93 for the first nine months of 2019 as compared to diluted earnings per share of $1.83 for the first nine months of 2018.\n\n\nThird quarter of 2019 results produced an annualized return on average assets of 1.33%, an annualized return on average equity of 7.79% and an annualized return on average tangible equity of 14.16%. For the first nine months of 2019, United’s annualized return on average assets was 1.35% while the annualized return on average equity was 7.93% and the annualized return on average tangible equity was 14.56%. United’s annualized returns on average assets, average equity and average tangible equity were 1.34%, 7.83% and 14.65%, respectively, for the third quarter of 2018 while the annualized returns on average assets, average equity and average tangible equity were 1.37%, 7.86% and 14.69%, respectively, for the first nine months of 2018.\n\n\n“Our earnings continue to be strong, achieving record net income for the first nine months of 2019,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer.\n\n\nNet interest income for the third quarter of 2019 was $141.9 million, which was a decrease of $6.9 million or 5% from the third quarter of 2018. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the third quarter of 2019 was $142.8 million, a decrease of $7.0 million or 5% from the third quarter of 2018 due mainly to an increase of 37 basis points in the average cost of funds as compared to the third quarter of 2018 due to higher market interest rates. In addition, the average yield on earning assets declined 4 basis points from the third quarter of 2018 due in large part to a declin...