United Bankshares Inc.’s earnings increase again
WHEELING — United Bankshares Inc., the parent company of United Bank, posted profits of $147.1 million in 2016, up from $138 million the previous year.
Numbers for the three-month period stretching from Oct. 1-Dec. 31 also proved positive, as the company earned $39.1 million, comparing favorably to the $33.5 million United collected during the same time in 2015.
United now has consolidated assets of about $14.5 billion with 127 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. The stock trades on the NASDAQ market under the “UBSI” symbol.
“The year of 2016 was an active and successful year for United Bankshares,” United Chairman and CEO Richard M. Adams said. “United’s return on average assets for the year of 2016 was 1.10 percent compared to our Federal Reserve peer group’s most recently reported return on average assets of 0.9-percent.”
“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 U.S. has been able to achieve,” Adams added.
On June 3, United completed its acquisition of Bank of Georgetown of Washington, D.C. The results of operations of Bank of Georgetown are included in the consolidated results of operations from the date of acquisition.