United Bankshares Reports Q224 Earnings, Sets Stage for Merger with Piedmont Bancorp

Strategic Insights -

United Bankshares, Inc., a US-based bank holding company, reported second-quarter 2024 earnings of USD 96.5 million, or USD 0.71 per diluted share, with annualized returns on average assets, average equity, and average tangible equity of 1.32%, 7.99%, and 13.12%, respectively. The company previously announced a merger agreement with Piedmont Bancorp, Inc., set to create a combined entity with over USD 32 billion in assets and a presence in eight states and Washington, DC.

Key Takeaways:

  • United Bankshares reported second-quarter 2024 earnings of USD 96.5 million, a USD 9.7 million increase from the same period in 2023.
  • The company's annualized returns on average assets, average equity, and average tangible equity for the second quarter of 2024 were 1.32%, 7.99%, and 13.12%, respectively.
  • Net interest income for the second quarter of 2024 increased by USD 3.2 million, or 1%, compared to the first quarter of 2024.
  • The merger agreement with Piedmont Bancorp, Inc. is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to customary closing conditions.
  • The combined entity will have over USD 32 billion in assets and a network of over 240 locations across eight states and Washington, DC.

Statistics:

  • Second-quarter 2024 earnings: USD 96.5 million
  • Annualized returns on average assets, average equity, and average tangible equity for the second quarter of 2024: 1.32%, 7.99%, and 13.12%, respectively
  • Net interest income increase for the second quarter of 2024 compared to the first quarter of 2024: USD 3.2 million, or 1%
  • Assets of the combined entity: over USD 32 billion
  • Locations of the combined entity: over 240 locations across eight states and Washington, DC

Sources:

  • M2 EQUITYBITES-July 26, 2024-United Bankshares Posts Q224 Earnings (C)2024 M2 COMMUNICATIONS http://www.m2.co.uk