United Bankshares Q4 2023 EPS $0.59 vs $0.74 YoY; net income $79.4M

UNITED BANKSHARES INC/WV

2023-FY EPS reported $2.71

Net interest income decreased 8% YoY; net interest margin 3.55% vs 3.87%.
Average loans grew $903.6M (4%) from Q4 2022; deposit rate repricing pressured NIM.
Noninterest expense rose 11% YoY, including $12.0M FDIC special assessment.
Non-performing loans were 0.21% of loans at Dec 31, 2023, down from 0.29%.
Estimated risk-based capital ratio 15.4%; well-capitalized status maintained.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNITED BANKSHARES INC/WV reported the fourth quarter and year of 2023 results: net income $79.4 million, or $0.59 per diluted share (for Q4); $366.3 million, or $2.71 per diluted share (for full year), EPS $0.59 per diluted share (Q4); $2.71 per diluted share (full year).

Period: the fourth quarter and year of 2023
Net income: $79.4 million, or $0.59 per diluted share (for Q4); $366.3 million, or $2.71 per diluted share (for full year)
EPS: $0.59 per diluted share (Q4); $2.71 per diluted share (full year)
Result: reported results

Exact text from the filing

United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the fourth quarter of 2023 of $79.4 million, or $0.59 per diluted share.

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Source: SEC EDGAR

accession 0001193125-24-016144

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