Jan. 28. United Bankshares, which has branches in Mooresville and Denver, 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.

Quotable

“UBSI capped off a successful 2024 with another high quality quarter,” stated Richard M. Adams, Jr., CEO. “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.”

A look at 2024

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 FDIC special assessment levied on banking organizations to recover losses to the Deposit Insurance Fund.

2025 acquistion

On Jan. 10, 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.