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United Bankshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $29.86 billion, a decrease of $63.22 million from December 31, 2023. This decrease is attributed to a reduction in investment securities and loans held for sale, partially offset by an increase in cash and cash equivalents.
Cash and cash equivalents rose by $309.89 million, driven by an increase in interest-bearing deposits with other banks. Investment securities decreased by $587.34 million due to sales and maturities exceeding purchases.
Loans held for sale decreased by $9.77 million, while net loans increased by $262.88 million, with growth in commercial real estate and residential real estate loans.
Deposits increased by $1.01 billion, with a rise in interest-bearing deposits offsetting a decrease in noninterest-bearing deposits.
Net interest income for the quarter was $230.26 million, relatively flat compared to the same quarter last year. Interest income increased by $25.81 million, while interest expense rose by $24.01 million.
The provision for credit losses was $6.94 million, up from $5.95 million in the same quarter last year. Noninterest income decreased by $1.72 million, primarily due to lower income from mortgage banking activities.
Noninterest expense remained stable, increasing by $109 thousand from the previous year. Income tax expense was $24.65 million for the quarter.
Net income for the quarter was $95.27 million, a slight decrease from $96.16 million in the same quarter last year. Diluted earnings per share were $0.70, compared to $0.71 last year.
The filing also details the pending merger with Piedmont Bancorp, Inc., expected to close in late 2024 or early 2025, subject to regulatory approvals and other customary conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United Bankshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.