Every material Form 8-K United Bankshares filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
United Bankshares reported third-quarter 2024 net income of $95.3 million, or $0.70 per diluted share, down from $96.2 million, or $0.71 per share, a year earlier. Net income for the first nine months of 2024 was $278.6 million, or $2.06 per diluted share, compared with $286.9 million, or $2.12, in the same period of 2023. Shareholders are seeing slightly lower profit year over year even as net interest income held steady, and the pending Piedmont Bancorp merger is expected to close in late 2024 or early 2025.
Q3 2024 net income $95.3 million ($0.70 diluted) vs. $96.2 million ($0.71) in Q3 2023; Q2 2024 was $96.5 million ($0.71)
Nine-month 2024 net income $278.6 million ($2.06 diluted) vs. $286.9 million ($2.12) in 2023
Q3 2024 net interest income $230.3 million, up 2% from Q2 2024 and flat from Q3 2023
Noninterest income $31.9 million in Q3 2024, down 5% from Q3 2023; merger with Piedmont expected to close late Q4 2024 or early Q1 2025
United Bankshares increased its board to 15 members and appointed Dr. Sara DuMond as an independent director to fill the new seat, effective October 21, 2024. DuMond is a practicing pediatrician and founder and CEO of Pediatric Housecalls, PLLC, and the filing reports no financial results or deal terms.
Board size increased to 15 members on August 26, 2024, creating the seat DuMond fills
Appointment effective October 21, 2024; DuMond has not yet been named to any board committee
DuMond will receive compensation under the standard arrangements for non-employee directors described in the April 2, 2024 proxy statement
DuMond is founder and CEO of Pediatric Housecalls, PLLC, and a board-certified pediatrician
United Bankshares reported second-quarter 2024 net income of $96.5 million, or $0.71 per diluted share, up from $86.8 million, or $0.64, in the first quarter of 2024 and $92.5 million, or $0.68, in the second quarter of 2023. Net interest margin rose to 3.50% from 3.44% in the first quarter, while noninterest income fell 14% year over year. The pending merger with Piedmont Bancorp, Inc. is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to customary closing conditions.
Q2 2024 net income was $96.5 million, or $0.71 per diluted share, versus $86.8 million, or $0.64, in Q1 2024 and $92.5 million, or $0.68, in Q2 2023.
Net interest margin was 3.50% for Q2 2024, up 6 basis points from 3.44% in Q1 2024.
Noninterest income was $30.2 million in Q2 2024, down $5.0 million, or 14%, from Q2 2023; noninterest expense was $134.8 million.
Piedmont Bancorp merger expected to close late in Q4 2024 or early in Q1 2025.
United Bankshares agreed on May 9, 2024 to acquire Piedmont Bancorp, a Georgia bank holding company with about $2.1 billion in assets and 16 locations, through a merger in which Piedmont shareholders receive 0.300 United shares for each Piedmont share. United expects to issue about 7,756,514 shares, and the company's presentation projects 7.6% EPS accretion in 2025 but 3.5% dilution to tangible book value per share, so shareholders face both earnings and capital effects.
Aggregate transaction value of approximately $267 million, all in United common stock, per the company's exhibit
Fixed exchange ratio of 0.300 United shares per Piedmont share; about 7,756,514 United shares expected to be issued
Piedmont termination fee of $10,690,000 payable in certain circumstances; merger expected to close in the fourth quarter of 2024
Closing requires Piedmont shareholder approval and Federal Reserve approval among other conditions
United Bankshares reported first-quarter 2024 net income of $86.8 million, or $0.64 per diluted share, down from $98.3 million, or $0.73 per diluted share, a year earlier, though up from $79.4 million in the fourth quarter of 2023. Net interest income fell 5% from a year earlier, while the company's capital ratios and credit metrics were reported as sound, and the company did not repurchase shares in 2023 or the first quarter of 2024.
Q1 2024 net income $86.8 million, or $0.64 per diluted share, versus $98.3 million, or $0.73, in Q1 2023 and $79.4 million, or $0.59, in Q4 2023
Net interest income of $222.5 million for Q1 2024 was down $11.8 million, or 5%, from Q1 2023, mainly due to higher deposit interest expense
Non-performing loans rose to $74.4 million, or 0.35% of loans, at March 31, 2024, from $45.5 million at December 31, 2023, driven by one commercial and industrial loan relationship
Q1 2024 included $1.8 million of FDIC special assessment expense; the quarterly cash dividend was $0.37 per share
United Bankshares (UBSI) reported fourth-quarter 2023 net income of $79.4 million, or $0.59 per diluted share, down from $99.8 million, or $0.74, in the fourth quarter of 2022. Full-year 2023 net income was $366.3 million, or $2.71 per diluted share, compared with $379.6 million, or $2.80, in 2022, and results included a $12.0 million FDIC special assessment in the fourth quarter.
Q4 2023 net income was $79.4 million, or $0.59 per diluted share, versus $96.2 million, or $0.71, in Q3 2023 and $99.8 million, or $0.74, in Q4 2022.
Full-year 2023 net income was $366.3 million, or $2.71 per diluted share, versus $379.6 million, or $2.80, in 2022.
Q4 2023 noninterest expense included a $12.0 million FDIC special assessment, and net interest margin was 3.55%, down from 3.87% a year earlier.
The filing contains no earnings guidance; United did not repurchase any shares in 2023.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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