United Bankshares Q3 EPS $0.70; net income $95.3M, down slightly YoY; Piedmont merger on track

UNITED BANKSHARES INC/WV

2024-Q3 EPS reported $2.06

Diluted EPS $0.70 vs $0.71 YoY and QoQ; net income $95.3M, down from $96.2M in Q3 2023.
Net interest income $230.3M, +2% QoQ; NIM of 3.52% vs 3.50% in Q2 2024.
Sold remaining MSRs ($1.1B UPB) for $7.1M gain; sold $196.7M AFS securities at $6.9M loss.
Merger with Piedmont Bancorp expected to close late Q4 2024 or early Q1 2025; combined $32B assets.
Credit quality sound: NPLs 0.30% of loans; ALLL 1.25%; risk-based capital ratio 16.2%.

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