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United Bank experiences increased loan demand

United Bankshares Inc. reported earnings for the fourth quarter of 2023 of $79.4 million, or 59 cents per share. Fourth quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity of 1.08%, 6.70% and 11.27%, respectively.

Earnings for the year of 2023 were $366.3 million, or $2.71 per share, and returns on average assets, average equity and average tangible equity were 1.25%, 7.87% and 13.33%, respectively, for the year of 2023.

Average net loans increased $313.9 million, or 6% on an annualized basis, from the third quarter of 2023. United’s loan quality continues to be sound.

At Dec. 31, 2023, non-performing loans were a $45.5 million, a favorable 0.21% of total loans. The bank continues to be well-capitalized based upon regulatory guidelines. United’s risk-based capital ratio is 15.4% at Dec. 31, 2023,

“We closed the year with another excellent quarter,” said Richard M. Adams Jr., United’s CEO. “We saw loan growth, deposit growth, margin expansion, and strong asset quality metrics and capital levels. I’m proud of what we accomplished in the quarter and for the full year of 2023.”

As of Dec. 31, 2023, United had consolidated assets of approximately $29.9 billion. United is the parent company of United Bank, which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.

United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI.” United is the largest publicly traded company headquartered in West Virginia.