United Bankshares, Inc. recently reported earnings for the third quarter of 2023 of $96.2 million, or $0.71 per diluted share, as compared to earnings of $92.5 million, or $0.68 per diluted share, for the second quarter of 2023. Earnings for the third quarter of 2022 were $102.6 million, or $0.76 per diluted share.
“Third quarter results saw accelerated growth and profitability, while maintaining our strong capital, liquidity and asset quality positions,” stated Richard M. Adams, Jr., United’s Chief Executive Officer, in a press release. “I’m pleased with the resilient performance we continue to deliver in this environment.”
Third quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.31 percent, 8.14 percent and 13.71 percent, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.26 percent, 7.96 percent and 13.47 percent, respectively, for the second quarter of 2023. Annualized returns on average assets, average equity and average tangible equity were 1.41 percent, 8.96 percent and 15.46 percent, respectively, for the third quarter of 2022.
For the third quarter of 2023, income tax expense was $24.8 million as compared to $23.5 million for the second quarter of 2023. The increase of $1.3 million was due to higher earnings and a higher effective tax rate. United’s effective tax rate was 20.5 percent and 20.2 percent for the third quarter of 2023 and second quarter of 2023, respectively.
Earnings for the third quarter of 2023 were $96.2 million, or $0.71 per diluted share, as compared to earnings of $102.6 million, or $0.76 per diluted share, for the third quarter of 2022.
United Bank has multiple locations throughout GFBJ’s coverage area including in Fayetteville, Hope Mills, Lumberton and Elizabethtown.
Editor’s note : GFBJ reached out to local United Bank leaders for comment, but they were unavailable.
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