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United Financial institution experiences elevated mortgage 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 outcomes produced annualized returns on common belongings, common fairness and common tangible fairness of 1.08%, 6.70% and 11.27%, respectively.

Earnings for the 12 months of 2023 have been $366.3 million, or $2.71 per share, and returns on common belongings, common fairness and common tangible fairness have been 1.25%, 7.87% and 13.33%, respectively, for the 12 months of 2023.

Common web loans elevated $313.9 million, or 6% on an annualized foundation, from the third quarter of 2023. United’s mortgage high quality continues to be sound.

At Dec. 31, 2023, non-performing loans have been a $45.5 million, a good 0.21% of complete loans. The financial institution continues to be well-capitalized based mostly upon regulatory tips. United’s risk-based capital ratio is 15.4% at Dec. 31, 2023,

“We closed the 12 months with one other wonderful quarter,” mentioned Richard M. Adams Jr., United’s CEO. “We noticed mortgage development, deposit development, margin enlargement, and powerful asset high quality metrics and capital ranges. I’m happy with what we achieved within the quarter and for the complete 12 months of 2023.”

As of Dec. 31, 2023, United had consolidated belongings of roughly $29.9 billion. United is the mother or father firm of United Financial institution, which includes almost 250 workplaces in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.

United’s inventory is traded on the NASDAQ World Choose Market beneath the citation image “UBSI.” United is the biggest publicly traded firm headquartered in West Virginia.