United Bankshares Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2017; Provides Tax Rate Guidance for the Year 2018
October 26, 2017 at 08:01 am EDT
Share
United Bankshares Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported interest income was $171,583,000 compared with $123,137,000 for the same period last year. Net interest income was $150,276,000 compared with $111,069,000 for the same period last year. Income before income taxes was $84,574,000 compared with $60,325,000 for the same period last year. Net income was $56,738,000 compared with $41,479,000 for the same period last year. Diluted earnings per share was $0.54 compared with $0.54 for the same period last year. Return on average assets was 1.19% compared with 1.17% for the same period last year. Return on average shareholders' equity was 6.89% compared with 8.10% for the same period last year. Net interest income (FTE) (non-GAAP) was $152,368,000 compared with $112,625,000 for the same period last year. Income before income taxes (FTE) (non-GAAP) was $86,666,000 compared with $61,881,000 for the same period last year. Income before income taxes (GAAP) was $84,574,000 compared with $60,325,000 for the same period last year.
For the nine months, the company reported interest income was $447,288,000 compared with $344,720,000 for the same period last year. Net interest income was $394,141,000 compared with $312,078,000 for the same period last year. Income before income taxes was $199,962,000 compared with $161,080,000 for the same period last year. Net income was $132,606,000 compared with $107,977,000 for the same period last year. Diluted earnings per share was $1.39 compared with $1.48 for the same period last year. Return on average assets was 1.03% compared with 1.10% for the same period last year. Return on average shareholders' equity was 6.22% compared with 7.73% for the same period last year. Net interest income (FTE) (non-GAAP) was $400,309,000 compared with $316,640,000 for the same period last year. Income before income taxes (FTE) (non-GAAP) was $206,130,000 compared with $165,642,000 for the same period last year. Income before income taxes (GAAP) was $199,962,000 compared with $161,080,000 for the same period last year. Book value per share as at September 30, 2017 was $31.09 compared to $26.54 as on September 30, 2016. Tangible book value as at September 30, 2017 was $16.47 compared to $14.88 as on September 30, 2016.
Net charge-offs were $5.3 million for the third quarter of 2017 as compared to $6.8 million for the third quarter of 2016.
For the year 2018, tax rate estimated at approximately 34% and net Interest Margin is stable core NIM (excluding purchase accounting related loan accretion).
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. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2017; Provides Tax Rate Guidance for the Year 2018