United Bankshares, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. As of September 30, 2024, the company had total assets of $29.86 billion, a slight decrease of $63.22 million (less than 1%) from December 31, 2023. Total deposits increased by $1.01 billion (4.42%) to $23.83 billion, while total liabilities decreased by $259.80 million (1.03%).

For the three months ended September 30, 2024, net income was $95.27 million, down from $96.16 million in the same period of 2023. For the nine months ended September 30, 2024, net income totaled $278.59 million, compared to $286.92 million in the prior year. Earnings per diluted share for Q3 2024 were $0.70, unchanged from Q3 2023, while for the nine months, it decreased to $2.06 from $2.12.

Net interest income for Q3 2024 was $230.26 million, flat compared to Q3 2023, with total interest income rising to $382.72 million from $356.91 million. However, total interest expense also increased significantly, leading to a net interest margin of 3.52%, slightly down from 3.54% in the prior year. For the nine months, net interest income decreased by $11.77 million (1.71%) to $678.46 million.

The company experienced a notable increase in cash and cash equivalents, which rose by $309.89 million (19.38%) to $1.91 billion, attributed to higher interest-bearing deposits and federal funds sold. However, the total investment securities decreased by $587.34 million (14.24%), primarily due to net sales and maturities.

United's strategic developments included the consolidation of its mortgage origination and sales business with United Bank, following the exit from the third-party origination business in late 2023. Additionally, the company entered into a merger agreement with Piedmont Bancorp, Inc. on May 9, 2024, which is expected to close in late Q4 2024 or early Q1 2025, pending regulatory and stockholder approvals.

The allowance for credit losses increased to $308.74 million, reflecting a rise in nonperforming loans, which totaled $65.24 million as of September 30, 2024, compared to $45.50 million at the end of 2023. The company’s risk-based capital ratio stood at 16.18%, exceeding the regulatory requirement for well-capitalized institutions.

Overall, United Bankshares, Inc. demonstrated resilience in its core banking operations while navigating challenges in the investment landscape and preparing for strategic growth through the upcoming merger.