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Overview of United Bankshares Inc (UBSI)
United Bankshares Inc is a financial holding company that operates in the community banking sector, offering a diverse range of services including deposits, personal and commercial loans, credit card financing, construction loans, brokerage activities, and secure safe deposit boxes. Emphasizing community banking, customer service, and competitive financial products, the company has uniquely positioned itself within multi-state regional markets. Its strategy balances innovative technology with traditional relationship-based banking, ensuring customers receive tailored financial solutions that meet local needs.
Comprehensive Financial Services
The company’s offerings cover a broad spectrum of banking services. It accepts deposits and extends a variety of loan products, designed to address personal, credit, commercial, and construction financing requirements. Additionally, its brokerage services and provision of safe deposit boxes round out its holistic approach to community banking. This diversified service model enables the institution to generate revenue through interest earnings and fee-based channels, ensuring a resilient operational framework.
Commitment to Customer Service and Relationship Building
At the heart of United Bankshares Inc’s operations is a commitment to unmatched customer service. The company is dedicated to cultivating personal, lasting relationships with its customers, ensuring that each interaction is rooted in trust and tailored financial guidance. This focus on service distinguishes the institution in a competitive marketplace where many banking competitors prioritize expansion over personalized care.
Regional Impact and Market Presence
Operating across a wide geographic footprint in the Eastern United States, United Bankshares Inc maintains an extensive network of branches strategically located to serve local communities. This regional presence allows the bank to combine localized service with the benefits of a larger institutional framework. The geographic diversity of its operations supports a deep understanding of regional market nuances and positions the company as a reliable community partner.
Competitive Advantages and Industry Position
United Bankshares Inc differentiates itself by focusing on service quality and community engagement rather than simply expanding its size. The harmonious integration of competitive financial products with a superior level of customer service provides a compelling value proposition. This approach not only helps in addressing the specific needs of its varied clientele but also establishes a resilient market position among other regional and community banks.
Transparency and Trustworthiness
Transparency plays a key role in the company’s operational ethos. United Bankshares Inc ensures that clear, straightforward communication about its financial services and business practices builds trust with its clientele. This emphasis on honest dialogue and consistent performance has cemented its reputation as a dependable community banking institution.
United Bankshares, Inc. (NASDAQ: UBSI) reported first-quarter 2023 earnings of $98.3 million, or $0.73 per diluted share, slightly down from $99.8 million or $0.74 in the previous quarter, but up from $81.7 million or $0.60 in Q1 2022. The annualized return on average assets decreased to 1.35%, while average equity and tangible equity returns were 8.72% and 14.97%, respectively. Key metrics included a net interest margin of 3.63% and an efficiency ratio of 51.46%. Net interest income fell by 6% due to rising interest expenses, despite a 22% increase year-over-year. The provision for credit losses was $6.9 million, down from $16.4 million in Q4 2022. Total non-performing loans dropped to $42.4 million, reflecting strong asset quality.
United Bankshares, Inc. (NASDAQ: UBSI) will present at the Raymond James 44th Annual Institutional Investors Conference on March 6, 2023, at 1:40 p.m. ET. CEO Rick Adams and CFO W. Mark Tatterson will discuss the company's financial performance and objectives during the 30-minute presentation. Investors can stream the event live and access the archived webcast for a year through https://wsw.com/webcast/rj127/ubsi/1608162. United reported consolidated assets of approximately $29.5 billion as of December 31, 2022, and operates nearly 250 offices across several states, including Virginia, Maryland, and West Virginia.
United Bankshares, Inc. (NASDAQ: UBSI) has declared a first quarter 2023 dividend of $0.36 per share, amounting to approximately $48.6 million for shareholders of record as of March 10, 2023. This dividend is payable on April 3, 2023. The announcement marks 49 consecutive years of dividend increases, a feat achieved by only one other major U.S. banking company. As of December 31, 2022, United's consolidated assets were approximately $29.5 billion.
United Bankshares, Inc. (NASDAQ: UBSI) reported record earnings of $379.6 million for 2022, up from $367.7 million in 2021. Earnings per diluted share were $2.80, slightly lower than $2.83 in 2021. Q4 earnings totaled $99.8 million or $0.74 per diluted share, compared to $102.6 million in Q3. Key highlights include a record net interest income of $896.4 million for the year, driven by strong loan growth and net interest margin expansion. However, the provision for credit losses rose to $16.4 million in Q4 due to loan growth and macroeconomic forecasts. The company maintained a solid credit quality with non-performing loans at 0.29%.
United Bankshares, Inc. (NASDAQ: UBSI) declared a fourth quarter dividend of $0.36 per share, marking an increase from $1.41 in 2021 to $1.44 for 2022. The total dividend payout amounts to approximately $48.5 million, affecting 134.7 million shares, and will be paid on January 3, 2023 to shareholders of record as of December 9, 2022. This is the 49th consecutive year of dividend increases for United, making it one of only two primary banking companies in the USA with such a long history.
United Bankshares, Inc. (NASDAQ: UBSI) reported third-quarter 2022 earnings of $102.6 million, or $0.76 per diluted share, up from $95.6 million in Q2 2022. This performance was driven by a 16% annualized loan growth and a net interest margin of 3.78%, reflecting a 40 basis point increase. Non-performing loans improved to 0.35% of total loans. However, noninterest income fell by 25%, mainly due to decreased mortgage banking activities. The company remains well-capitalized with a risk-based capital ratio of 14.4%.
United Bankshares, Inc. (NASDAQ: UBSI) announced a third quarter dividend of $0.36 per share for shareholders as of September 9, 2022. This $48.5 million payout, based on 134.6 million shares, will be payable on October 3, 2022. The year 2021 marked the 48th consecutive year of dividend increases, a record matched by only one other major US banking company. As of June 30, 2022, United held approximately $28.8 billion in consolidated assets, and operates nearly 250 offices across multiple states.
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