United Bankshares, Inc. has reported a change in its operating and reporting segments as of March 31, 2024. The company now operates solely in one segment * United Bank, and reports only one segment * community banking. This is a consolidation from the previous three operating segments: United Bank, George Mason Mortgage, LLC, and Crescent Mortgage Company, and two reporting segments: community banking and mortgage banking.
In terms of specific financial metrics, the interest expense on deposits has decreased by 22% compared to the same period last year. Interest and dividend income from operating activities has also decreased by 5% from the previous year. Additionally, interest income after provision for loan losses has decreased by 1% compared to the previous year.
Furthermore, the company's liabilities have decreased by 1% from the last period, while its assets have increased by 3% compared to the same period last year.
These changes have occurred as the company consolidated its mortgage origination and sales business of George Mason and Crescent with that of United Bank. It's important to note that this information is not an amendment or restatement of the previous financial filings and should be read in conjunction with the company's 2023 Form 10-K and subsequent filings with the SEC. Following these announcements, the company's shares moved 0.7%, and are now trading at a price of $32.51. Check out the company's full 8-K submission here.
