Third-quarter earnings slipped year-over-year for United Bankshares, but the bank remained on a bullish annual pace compared to last year.
United recently reported third-quarter earnings of $92.2 million, or 71 cents per diluted share, compared to $103.8 million, or 80 cents per diluted share, over the same period last year.
Earnings over the first nine months reached $293.9 million, or $2.27 per diluted share, compared to $196.7 million, or $1.68 per diluted share, last year.
Driven by a $67.4 million drop in mortgage banking, noninterest income was nearly halved to $68.6 million in the third quarter compared to the same period a year ago.
Last year’s acquisition of Carolina Financial Corporation continues to pay off for United, as the company noted in a news release, citing higher average balances and income.
Next quarter, United expects to close on its previously announced merger with Community Bankers Trust Corporation. That deal will give United $29 billion in assets and nearly 250 locations. State and federal regulators have approved the merger.
United CEO and board Chairman Richard Adams hailed the company’s position in a news release.
“Our earnings continued to be strong in the third quarter of 2021 as we ... delivered an annualized return on average assets of 1.33%,” Adams said. “Additionally, credit quality metrics remain strong.”
Nonperforming assets fell 31% from Dec. 31 and represent less than a half-percent of total assets, Adams said.
United is the parent company of United Bank, which operates 222 offices in West Virginia, Virginia, Maryland, North Carolina, South Carolina, Georgia, Pennsylvania, Ohio and Washington, D.C.