United Bankshares is surging, bolstered by last year’s acquisition of Carolina Financial Corporation and with another merger deal expected to be sealed year’s end.
Bolstered by a bullish second quarter, United notched $201.7 million, or $1.56 per diluted share, in first-half earnings, more than double the $92.9 million, or 84 cents per diluted share, recorded in the first half of 2020. The bank reported earnings of $94.8 million, or 73 cents per diluted share, in the second quarter, nearly double the take over the same period last year at $52.7 million, or 44 cents per diluted share. Annualized returns both in the first half and second quarter far outpaced last year.
United credited additional net earnings from the Carolina acquisition along with reduced credit losses because of stronger performance in its loan portfolio and a brighter forecast under the expected credit loss accounting standard.
The bank announced in the second quarter a merger agreement with Community Bankers Trust Corporation. Expected to close in the final quarter of the year, the acquisition would be the 33rd of United’s current administration. The move would boost United’s assets to $29 billion with nearly 250 locations in some of the country’s best banking markets.
Said United CEO and board Chairman Richard M. Adams: “[W]e continue to strengthen United’s position as one of the largest and best performing regional banking companies in the Mid-Atlantic and Southeast.”
With assets at the end of last month totaling $27.2 billion, United is the parent company of United Bank, which has 223 offices in West Virginia, Ohio, Virginia, Maryland, North Carolina, South Carolina, Georgia, Pennsylvania and Washington, D.C.