United Bankshares Inc., the parent company of United Bank, announced record earnings for 2020 this week.
Earnings for the year of 2020 were a record $289 million as compared to earnings of $260 million for the year of 2019, according to a news release from the company.
Earnings per diluted share for the year of 2020 were $2.40 as compared to earnings per diluted share of $2.55 for the year of 2019.
Earnings for the fourth quarter of 2020 were $92.4 million, or 71 cents per diluted share, as compared to earnings of $63.3 million, or 62 cents per diluted share, for the fourth quarter of 2019.
The company said the 2020 record earnings were primarily due to higher income from mortgage banking activities, driven by an elevated volume of mortgage loan originations and sales in the secondary market, as well as the impact of the Carolina Financial Corp. acquisition.
“During the many challenges of 2020, United delivered a strong performance for our shareholders, our team members, our customers and our communities,” said Richard M. Adams, United’s chairman of the board and chief executive officer. “For 2020, we earned a record $289 million, increased our dividend for the 47th consecutive year, successfully completed the largest acquisition in our company’s history with Carolina Financial, and maintained our focus on meeting the needs of our customers, our employees and our communities during the COVID-19 pandemic. We enter 2021 with strong credit quality and regulatory ratios that position us well for continued success.”
For the year of 2020, United’s returns on average assets, average equity and average tangible equity were 1.20%, 7.30% and 12.90%, respectively, compared to returns on average assets, average equity and average tangible equity of 1.34%, 7.80% and 14.26%, respectively, for the year of 2019.
As of the end of 2020, United had consolidated assets of approximately $26.2 billion compared to $19.7 billion at the end of 2019.
United Bankshares has corporate headquarters in Parkersburg. It is the parent company of United Bank, the largest community bank headquartered in the Washington, D.C., metro region.
United Bank has 230 offices in West Virginia, Virginia, Ohio, Pennsylvania, Maryland, North Carolina, South Carolina, Georgia and the nation’s capital.
United’s stock is traded on the NASDAQ stock market under the symbol UBSI. The stock was trading at $33 per share Thursday at 10:12 a.m., up 68 cents from Wednesday.