United Bankshares Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2018
January 29, 2019 at 07:50 am
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United Bankshares Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company reported net interest income of $146,705,000 compared to $154,856,000 a year ago. Net income was $63,950,000 or $0.62 per basic and diluted share compared to $17,975,000 or $0.17 per basic and diluted share a year ago. Interest income was $187,500,000 against $176,518,000 reported last year.
For the year, the company reported net interest income of $588,645,000 compared to $548,997,000 a year ago. Net income was $256,342,000 or $2.46 per basic share compared to $150,581,000 or $0.54 per basic share a year ago. Diluted EPS was $2.45 against $1.54 a year ago. Interest income was $717,715,000 against $623,806,000 reported last year.
For the fourth quarter, net charge-offs were $6.1 million compared to $5.3 million for the same time periods in 2017.
United Bankshares, Inc. is a financial holding company. The Company's segments include community banking and mortgage banking. The community banking segment includes both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products including demand deposit accounts, savings accounts and certificates of deposit as well as investment and financial advisory services to businesses and individuals, including financial planning, retirement/estate planning, and investment management. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market though Unitedâs mortgage banking subsidiaries, George Mason and Crescent. The Company has one banking subsidiary doing business under the name of United Bank. It also owns nonbank subsidiaries.
United Bankshares Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2018