United Bankshares, Inc (UBSI) has reported a 16.82 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $39.11 million, or $0.51 a share in the quarter, compared with $33.48 million, or $0.48 a share for the same period last year.
Revenue during the quarter grew 13.88 percent to $124.09 million from $108.96 million in the previous year period. Net interest income for the quarter rose 16.57 percent over the prior year period to $113.25 million. Non-interest income for the quarter fell 8.13 percent over the last year period to $16.65 million.
United Bankshares, Inc has made provision of $5.82 million for loan losses during the quarter, down 7.96 percent from $6.32 million in the same period last year.
Net interest margin improved 6 basis points to 3.62 percent in the quarter from 3.56 percent in the last year period. Efficiency ratio for the quarter improved to 48.12 percent from 50.85 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"The year of 2016 was an active and successful year for United Bankshares," stated Richard M. Adams, United’s chairman of the board and chief executive officer. "We increased diluted earnings per share to $1.99 while achieving record earnings before income taxes of $223 million. United’s return on average assets for the year of 2016 was 1.10% compared to our Federal Reserve peer group’s (bank holding companies with total assets over $10 billion) most recently reported return on average assets of 0.90%. We increased dividends to $1.32 per share which represented the 43rd consecutive year of dividend increases to our shareholders. This is a record only one other major banking company in the USA has been able to achieve. In addition, we completed our acquisition of Bank of Georgetown and announced an agreement to merge with Cardinal Financial Corporation, which will be the largest acquisition in our history."
Assets outpace liabilities growth
Total assets stood at $14,508.89 million as on Dec. 31, 2016, up 15.35 percent compared with $12,577.94 million on Dec. 31, 2015. On the other hand, total liabilities stood at $12,273.14 million as on Dec. 31, 2016, up 12.96 percent from $10,865.31 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $10,268.37 million as on Dec. 31, 2016, up 10.31 percent compared with $9,308.35 million on Dec. 31, 2015. Deposits stood at $10,796.87 million as on Dec. 31, 2016, up 15.58 percent compared with $9,341.53 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $3,171.84 million or 29.38 percent of total deposits on Dec. 31, 2016, compared with $2,699.96 million or 28.90 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,403.64 million as on Dec. 31, 2016, up 16.56 percent or $199.46 million from year-ago. Shareholders equity stood at $2,235.75 million as on Dec. 31, 2016, up 30.54 percent or $523.11 million from year-ago.
Return on average assets moved up 3 basis points to 1.10 percent in the quarter from 1.07 percent in the last year period. At the same time, return on average equity decreased 18 basis points to 7.50 percent in the quarter from 7.68 percent in the last year period.
Average equity to average assets ratio was 14.62 percent for the quarter, up from 13.97 percent for the previous year quarter. Book value per share was $27.59 for the quarter, up 12.11 percent or $2.98 compared to $24.61 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
