United Bankshares Q1 Profit Declines, Misses View - Quick Facts

(RTTNews) - United Bankshares, Inc. (UBSI) on Thursday reported net income for the first quarter of $40.2 million or $0.40 per share, down from $63.6 million or $0.62 per share in the year-ago period.

The decrease in net income was driven primarily by a higher provision for loan losses resulting from an adverse future macroeconomic forecast as a result of the COVID-19 pandemic under the new Current Expected Credit Loss or CECL accounting standard.

Net interest income for the quarter declined 2 percent from the year-ago quarter to $141.52 million. Noninterest income grew 18 percent from last year to $36.81 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter on revenues of $171.71 million. Analysts' estimates typically exclude special items.

As of March 31, 2020, United had consolidated assets of approximately $20.4 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region.