United Bankshares, Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
April 26, 2018 at 05:20 pm IST
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United Bankshares, Inc. reported consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported Interest & loan fees income (GAAP) of $167,185,000 against $120,758,000 a year ago. Net interest income (FTE) (non-GAAP) was $145,546,000 against $109,184,000 a year ago. Income before income taxes (FTE) (non-GAAP) was $81,108,000 against $60,589,000 a year ago. Income before income taxes (GAAP) was $79,605,000 against $59,025,000 a year ago. Net income was $61,706,000 against $38,809,000 a year ago. Book value per share as at March 2018 was $30.92 against $27.76 as at March 2017. Tangible book value per share as at March 31, 2018 was $16.45 against $16.85 as at March 31, 2017. Earnings per basic and diluted share was $0.59 against $0.48 a year ago. Return on average shareholders' equity was 7.65% against 6.98% a year ago. Return on average assets was 1.35% against 1.09% a year ago. Net interest was $144.0 million, which was an increase of $36.4 million or 34% from the first quarter of 2017. The $36.4 million increase in net interest income occurred because total interest income increased $46.4 million while total interest expense only increased $10.0 million from the first quarter of 2017.
For the quarter, the company reported net charge-offs of $5,152,000 against $5,795,000 a year ago.
For the year 2018, the company estimated tax rate at approximately 22.5% to 23.0%. Non-interest income growth, excluding George Mason Mortgage Company and not loss on investments, is estimated in the low single digits (compared to first quarter 2018 annualized).
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 First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018