United Bankshares Q3 Profit Increases - Quick Facts

(RTTNews) - United Bankshares Inc. (UBSI) reported that its earnings for the third quarter of 2020 increased to $103.8 million or $0.80 per share, from last year's $66.0 million or $0.65 per share, primarily due to higher income from mortgage banking activities, driven by an elevated volume of mortgage loan originations and sales in the secondary market, as well as the impact of the Carolina Financial acquisition. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the third quarter of 2020 was $185.7 million, an increase of $43.7 million or 31% from the third quarter of 2019, primarily due to an increase in average earning assets from the Carolina Financial acquisition.

Noninterest income for the third quarter of 2020 was $135.5 million, an increase of $93.2 million or 221% from the third quarter of 2019.