United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the fourth quarter of 2024 of $94.4 million, or $0.69 per diluted share.
Fourth quarter of 2024 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.25%, 7.48%, and 12.03%, respectively. Earnings for the year of 2024 were $373.0 million, or $2.75 per diluted share, and returns on average assets, average equity, and average tangible equity were 1.26%, 7.61%, and 12.43%, respectively.
“UBSI capped off a successful 2024 with another high quality quarter,” stated Richard M. Adams, Jr., United’s Chief Executive Officer in a press release. “Strong earnings, credit, and capital continue to be the story, and we also received regulatory approval of our acquisition in Atlanta. As we turn our sights towards 2025, we are excited about the opportunities we see in front of us.”
Earnings for the third quarter of 2024 were $95.3 million, or $0.70 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.28%, 7.72%, and 12.59%, respectively. Earnings for the fourth quarter of 2023 were $79.4 million, or $0.59 per diluted share, and annualized returns on average assets, average equity and average tangible equity were 1.08%, 6.70%, and 11.27%, respectively. Earnings for the year of 2023 were $366.3 million, or $2.71 per diluted share, and returns on average assets, average equity, and average tangible equity were 1.25%, 7.87%, and 13.33%, respectively. The fourth quarter of 2023 included approximately $12.0 million of noninterest expense for the Federal Deposit Insurance Corporation’s (“FDIC”) special assessment levied on banking organizations to recover losses to the Deposit Insurance Fund.
On Jan. 10, 2025, United consummated its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”). As of January 10, 2025, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately $2.2 billion, total deposits of approximately $2.1 billion, and total shareholders’ equity of approximately $202 million. Merger-related expenses for the fourth quarter and year of 2024 were $1.3 million and $2.9 million, respectively.
United Bank has five offices located within GFBJ’s coverage area. You can see the full report here.
Poster courtesy of Haymount Truck StopCookout season is officially in full swing, and if you’re tired of grilling your own, the Haymount Truck Stop has an exciting option for the whole family! The Truck Stop’s inaugural burger competition is happenin
Adiós. Au revoir. Auf Wiedersehen.No, I am not leaving the Greater Fayetteville Business Journal, but I am going on a long overdue vacation!Hello dear readers, this is my roundabout way of announcing to the community that starting on July 4, any and
In a city where traditional lending channels can overlook aspiring business owners from underserved communities, the Tulsa Initiative is changing the narrative around access to capital. The Fayetteville-based nonprofit has worked to expand its missio