United Bankshares Q2 Profit Increases, Tops View - Quick Facts

(RTTNews) - United Bankshares, Inc. (UBSI) reported on Friday that net income for the second quarter increased to $94.8 million or $0.73 per share from $52.7 million or $0.44 per share in the prior-year quarter.

The growth in net income was driven primarily by additional net earnings related to the Carolina Financial Corp. acquisition and a lower provision for credit losses and an improved future macroeconomic forecast under the Current Expected Credit Loss or CECL accounting standard.

The second quarter also included significant merger-related expenses from the Carolina Financial acquisition.

Net interest income for the quarter grew 9 percent from the year-ago quarter to $186.5 million, while noninterest income declined 29 percent from last year to $62.8 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share on revenues of $261.5 million for the quarter. Analysts' estimates typically exclude special items.