April 26. United Bankshares first quarter earnings of this year were $86.8 million, down from $98.3 million during the same period last year.

The first quarter of 2024 included $1.8 million of non-interest expense for the Federal Deposit Insurance Corp.’s special assessment levied on banking organizations stemming from revised loss estimates to the deposit insurance fund.

First-quarter 2024 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.19 percent, 7.25 percent and 11.98 percent, respectively.

For the full UBSI earnings report, click here.

Quotable

Richard M. Adams Jr.

“UBSI delivered solid performance in the first quarter of 2024,” stated Richard M. Adams Jr., United’s CEO. “While the headwinds in the current economic environment persist and continue to create challenges, UBSI’s operating metrics remain strong and we are well-positioned for success going forward.”

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 for the fourth quarter of 2023 were 1.08 percent, 6.70 percent and 11.27 percent, respectively.

The fourth quarter of 2023 included $12.0 million of noninterest expense for the FDIC special assessment.

United Bankshares Lake Norman offices are located at 125 Trade Court Suite E in Mooresville and 1293 Hwy. 16 North in Denver.