United Bankshares Q2 2021 EPS $0.73 vs $0.44 YoY; announces Community Bankers Trust acquisition

UNITED BANKSHARES INC/WV

2021-Q2 EPS reported $1.56

Q2 2021 net income $94.8M, diluted EPS $0.73 vs $52.7M, $0.44 in Q2 2020; H1 net income $201.7M, $1.56 vs $92.9M, $0.84.
Net interest income $186.5M, up 9% YoY; provision for credit losses net benefit $8.9M vs $45.9M expense in Q2 2020.
Noninterest income $62.8M, down 29% on mortgage banking mark-to-market; noninterest expense $139.0M, down 7%.
Nonperforming loans improved to 0.61% of loans from 0.75% at year-end; risk-based capital ratio 15.9%, well-capitalized.
Announced acquisition of Community Bankers Trust; expected close Q4 2021 subject to regulatory and shareholder approvals.

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