United Bankshares, Inc. recently released earnings for the fourth quarter and year for 2021.
Cumberland County is home to three United Bank locations; Bladen County has one location; Robeson County has one location.
The earnings for the fourth quarter were $73.9 million, or $0.56 per diluted share, compared to the earnings of the fourth quarter of 2020 at $92.4 million, or $0.71 per diluted share.
The end-of-year earnings for 2021 were recorded at $367.7 million, with a per diluted share of $2.83. Those earnings marked a new record for United Bankshares, Inc. The earnings for 2020 were $289 million at the end of the year with a diluted share of $2.40.
The results from the 2021 fourth quarter produced annual returns on average assets, equity and tangible equity at 1.04 percent, 6.44 percent and 10.87 percent, while for the year, 2021 averaged 1.35 percent, 8.3 percent, and 14.18 percent in the same fields.
The results for the fourth quarter of 2020 averaged 1.41 percent, 8.51 percent and 14.72 percent; the year of 2020 resulted in 1.2 percent, 7.3 percent and 12.9 percent.
On Dec. 3, 2021, United completed its acquisition of Community Bankers Trust Corporation. With this new acquisition, the results of operations for Community Bankers Trust are included in the results of operations from the date of acquisition.
The fourth quarter and year of 2021 included merger-related expenses associated with Community Bankers Trust. This impacted United by approximately one month of increased levels of average balances, incomes, and expenses.
“2021 was one of the most successful years in our company’s history,” stated Richard M. Adams, United’s Chairman of the Board and CEO. “We achieved record pre-tax earnings of $463 million, increased earnings per diluted share 18% and outperformed peer profitability. We increased our dividend for the 48th consecutive year and successfully completed the acquisition of Community Bankers Trust Corporation, the 33rd acquisition of the current administration.”
As of Dec. 31, 2021 United had consolidated assets of nearly $29.3 billion.
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