United Bankshares Inc West Va - UBSI STOCK NEWS

United Bankshares, Inc. (NASDAQ: UBSI) has declared a second quarter dividend of $0.36 per share, totaling approximately $48.7 million, payable on July 1, 2022, to shareholders of record as of June 10, 2022. This marks the 48th consecutive year of dividend increases for the company, a notable achievement shared by only one other major US banking institution. As of March 31, 2022, United reported consolidated assets of around $29.4 billion, reflecting its robust market position.

During the Annual Meeting on May 11, 2022, United Bankshares elected two new directors, Diana Lewis Jackson and Lacy I. Rice, along with the new CEO, Richard M. Adams, to its board. Jackson is the founder and CEO of Action Facilities Management, while Rice is the co-founder of Federal Capital Partners. Both bring extensive leadership experience to the company. This board refreshment aims to enhance local leadership commitment and service excellence across United's operational footprint.

United Bankshares, Inc. (UBSI) held its Annual Meeting on May 11, 2022, highlighting a record year in 2021 with before-tax earnings of $463 million and an 18% increase in earnings per share, reaching $2.83. The bank's acquisition strategy resulted in growth to nearly $30 billion in assets. United has increased dividends for 48 consecutive years, now at $1.41 per share. Recognized for its community involvement, United ranked 2nd in Newsweek's list of 'America's Most Trustworthy Companies' among banking firms. Richard M. Adams emphasized the bank's commitment to financial performance and community service.

United Bankshares, Inc. (NASDAQ: UBSI) reported first-quarter 2022 earnings of $81.7 million, or $0.60 per diluted share, up from $73.9 million, or $0.56 per diluted share in Q4 2021. The company saw strong loan growth of 11% annually, net interest margin expansion, and resumed share buybacks. Net interest income was flat year-over-year at $191.5 million, with the net interest margin at 2.99%. Noninterest income decreased by 50% year-over-year to $46.0 million, primarily due to lower mortgage banking activities. United remains well-capitalized with a risk-based capital ratio of 15.1%.

United Bankshares, Inc. has announced the promotion of Julie R. Gurtis to President, effective April 1, 2022. Gurtis, previously EVP and Chief Commercial Banking Officer, has a 31-year tenure at United, excelling in various leadership roles. Michael P. Fitzgerald will assume the role of Vice Chairman, maintaining focus on business development. As of December 31, 2021, UBSI reported consolidated assets of approximately $29.3 billion, operating nearly 250 offices across multiple states, including Virginia, Maryland, and West Virginia.

United Bankshares, Inc. (NASDAQ: UBSI) will present at the Raymond James 43rd Annual Institutional Investors Conference on March 8, 2022, at 2:50 p.m. Eastern Time. CFO W. Mark Tatterson will discuss the company’s financial performance and corporate objectives during the 30-minute presentation. The event will be streamed online with an archived version available for seven days. As of December 31, 2021, United's consolidated assets were approximately $29.3 billion, with nearly 250 offices spread across multiple states including Virginia and West Virginia.

United Bankshares, Inc. (NASDAQ: UBSI) has announced an executive management reorganization effective April 1, 2022. Chairman and CEO Richard M. Adams will transition to Executive Chairman, while Richard (Rick) Adams, Jr., currently President, will assume the role of CEO. Jim C. Consagra, Jr. will take over as President. The company had consolidated assets of approximately $29.3 billion as of December 31, 2021, and operates nearly 250 offices across multiple states, including Virginia and Maryland.

United Bankshares, Inc. (UBSI) has declared a first quarter 2022 dividend of $0.36 per share, benefiting shareholders of record as of March 11, 2022. This dividend payout totals approximately $49.3 million on 136.8 million shares, payable on April 1, 2022. This marks the 48th consecutive year of dividend increases for the company, a rare achievement among major U.S. banking firms. As of December 31, 2021, United had consolidated assets of around $29.3 billion.

United Bankshares, Inc. (NASDAQ: UBSI) reported fourth-quarter 2021 earnings of $73.9 million ($0.56 per share), down from $92.4 million ($0.71 per share) in Q4 2020. However, annual earnings reached a record $367.7 million ($2.83 per share), up from $289.0 million ($2.40 per share) in 2020. The net interest income for Q4 decreased 4% to $183.7 million. Total noninterest income also saw a decline of 43% to $54.0 million, driven by lower mortgage banking activities. The asset quality remained strong, with nonperforming loans dropping to 0.50% of total loans.