United Bankshares Q3 EPS beats estimates, helped by loan growth
UBSI•United Bankshares reported third-quarter adjusted EPS of $0.94, above the $0.93 analyst estimate. Net interest income rose 5% year over year, and the company repurchased 2.1 million shares.
1. Quarterly results
United Bankshares reported third-quarter net income of $128.7 million and net interest income of $294.25 million. Adjusted EPS was $0.94, compared with the $0.93 analyst consensus.
2. Income drivers
The company said record net interest income and an expanding net interest margin drove results. It attributed higher net interest income to loan growth funded by deposit growth and purchases of higher-yielding securities. Noninterest income fell because of lower gains on investment securities and reduced mortgage banking activity.
3. Share repurchases
The company repurchased 2.1 million shares under a previously announced buyback plan. It did not provide specific financial guidance for future quarters or the full year.
