United Bankshares posts record 2021 net income of $367.7M ($2.83/sh); Q4 earnings decline 20%

UNITED BANKSHARES INC/WV

2021-FY EPS reported $2.83 revenue$330,958,000

Record annual net income of $367.7M ($2.83 diluted EPS) vs $289.0M ($2.40) in 2020, up 27%.
Q4 net income $73.9M ($0.56 EPS) vs $92.4M ($0.71) Q4 2020, down 20% on lower mortgage banking income and merger costs.
Completed Community Bankers Trust acquisition on Dec 3, 2021; merger-related expenses of $20.4M in Q4.
Net interest margin 2.94% in Q4, down 39 bps YoY; provision for credit losses was a net benefit of $7.4M.
Nonperforming loans fell to 0.50% of loans from 0.75% at Dec 31, 2020; regulatory capital remains well-capitalized.

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