United Bankshares Q2 EPS $0.71 beats Q1 and YoY; NIM expands; Piedmont merger on track

UNITED BANKSHARES INC/WV

2024-Q2 EPS reported $1.35

Q2 net income $96.5M ($0.71 diluted EPS) vs $86.8M ($0.64) in Q1 and $92.5M ($0.68) in Q2 2023.
Net interest margin improved to 3.50% from 3.44% in Q1; net interest income up $3.2M sequentially.
Noninterest expense decreased 4% sequentially; provision for credit losses $5.8M vs $11.4M YoY.
Non-performing loans $65.3M (0.30% of loans) up from Dec 2023 but down $9.1M from March 2024.
Piedmont Bancorp acquisition expected close late Q4 2024 or early Q1 2025; combined assets >$32B.

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