United Bankshares announces record earnings for first nine months of 2019

United Bank

The United Bank building in downtown Charleston.

United Bankshares has reported earnings for the third quarter and the first nine months of 2019. Earnings for the third quarter of 2019 were $66 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.

Third quarter of 2019 results produced an annualized return on average assets of 1.33 percent, an annualized return on average equity of 7.79 percent and an annualized return on average tangible equity of 14.16 percent. For the first nine months of 2019, United’s annualized return on average assets was 1.35 percent while the annualized return on average equity was 7.93 percent and the annualized return on average tangible equity was 14.56 percent.

United’s annualized returns on average assets, average equity and average tangible equity were 1.34 percent, 7.83 percent and 14.65 percent, respectively, for the third quarter of 2018 while the annualized returns on average assets, average equity and average tangible equity were 1.37 percent, 7.86 percent and 14.69 percent, respectively, for the first nine months of 2018.

“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.

As of Sept. 30, 2019, United had consolidated assets of approximately $19.8 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region.

United Bank comprises 139 full-service banking offices and 16 George Mason Mortgage, LLC locations located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI.”

Funerals for Monday, November 11, 2019

Adkins, Tressa - 6 p.m., Bethel Baptist Church, Spring Hill.

Bailey, Melissa - 2 p.m., Honaker Funeral Home, Logan.

Bostic, Faye - 2 p.m., White Funeral Home, Summersville.

Cogar, Brenda - 2 p.m., Grant Cemetery, Winfield.

Conley, Billy - 6 p.m., Evans Funeral Home & Cremation Services, Chapmanville.

Conley, Virginia - 1 p.m., Taylor-Vandale Funeral Home, Spencer.

Ellis, Emert - 11 a.m., Evans Funeral Home & Cremation Services, Chapmanville.

Green, Judy - Noon, Stevens & Grass Funeral Home, Malden.

Hunter, Lauria - 1 p.m., Hafer Funeral Home, Elkview.

Mull, Melanie - 3 p.m., McGhee - Handley Funeral Home, West Hamlin.

Poveromo, Joseph - 7:30 p.m., Handley Funeral Home, Danville.

Shingleton, Carole - 11 a.m., Gatens-Harding Funeral Home Chapel, Poca.

Sigman Sr., Ralph - Noon, Casdorph & Curry Funeral Home, St. Albans.

Snyder, Jeffrey - 1 p.m., Leavitt Funeral Home, Parkersburg.

Taylor, Naomi - 1 p.m., Dodd & Reed Funeral Home, Webster Springs.

Taylor, Robert - 2 p.m., Matics Funeral Home Inc., Clendenin.

Webb, Roy - 1 p.m., Armstrong Funeral Home, Whitesville.

Williams, Jennie - 2 p.m., Bartlett-Nichols Funeral Home, St. Albans.

Wingo II, Rufus - 1 p.m., Tyler Mountain Memory Gardens, Cross Lanes.