Jan. 27. United Bankshares reported earnings for the fourth quarter and the year of 2021. Earnings for the fourth quarter of 2021 were $73.9 million, compared to earnings of $92.4 million or the fourth quarter of 2020. Earnings for the year of 2021 were a record $367.7 million as compared to earnings of $289.0 million for the year of 2020.

United Bank has offices in Mooresville at 125-E Trade Court.

Earnings per diluted share for the year of 2021 were a record $2.83 as compared to earnings per diluted share of $2.40 for the year of 2020.

Results in detail

Fourth quarter 2021 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.04%, 6.44% and 10.87%, respectively, compared to annualized returns on average assets, average equity, and average tangible equity of 1.41%, 8.51% and 14.72%, respectively, for the fourth quarter of 2020.

For the year of 2021, United’s returns on average assets, average equity and average tangible equity were 1.35%, 8.30% and 14.18%, respectively, compared to returns on average assets, average equity and average tangible equity of 1.20%, 7.30% and 12.90%, respectively, for the year of 2020.

Outperformed peers

CEO Richard M. Adams said last year was one of the company’s most successful ever. “We achieved record pre-tax earnings of $463 million, increased earnings per diluted share 18% and outperformed peer profitability,” he said.

Dividend

The banking company also increased it dividend for the 48th consecutive year and successfully completed the acquisition of Community Bankers Trust Corp.

The results of operations for Community Bankers Trust are included in the consolidated results of operations from the date of acquisition. As a result of the acquisition, the fourth quarter and year of 2021 were impacted by approximately one month of increased levels of average balances, income, and expense as compared to the fourth quarter and year of 2020 and as compared to the third quarter of 2021.

As a result of the acquisition of Carolina Financial on May 1, 2020, the year of 2021 reflected higher average balances, income, and expense as compared to 2020.

The fourth quarter and year of 2021 included merger-related expenses associated with the Community Bankers Trust acquisition of $20.4 million and $21.4 million, respectively, compared to $558 thousand and $54.2 million of merger-related expenses associated with the Carolina Financial acquisition for the fourth quarter and year of 2020.