United Bankshares Q2 Profit Increases, Tops View - Quick Facts

United Bankshares, Inc. (UBSI) reported on Friday that net income for the second quarter increased to $94.8 million or $0.73 per share from $52.7 million or $0.44 per share in the prior-year quarter.

The growth in net income was driven primarily by additional net earnings related to the Carolina Financial Corp. acquisition and a lower provision for credit losses and an improved future macroeconomic forecast under the Current Expected Credit Loss or CECL accounting standard.

The second quarter also included significant merger-related expenses from the Carolina Financial acquisition.

Net interest income for the quarter grew 9 percent from the year-ago quarter to $186.5 million, while noninterest income declined 29 percent from last year to $62.8 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share on revenues of $261.5 million for the quarter. Analysts' estimates typically exclude special items.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Motors will start replacing defective battery modules in Chevrolet Bolt EVs and EUVs with new modules. The replacement battery modules will be shipped to dealers as soon as mid-October, the automaker said in a statement. CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing. Twitter, Inc. (TWTR) announced Monday that it has entered into a binding agreement to settle the consolidated class action lawsuit commenced in 2016 in the United States District Court for the Northern District of California. Under the terms of the proposed settlement, Twitter will pay $809.5 million...
Follow RTT