United Bankshares, Inc. has reported earnings for the fourth quarter and the year of 2024, revealing several key financial metrics. In the fourth quarter of 2024, the company recorded earnings of $94.4 million, or $0.69 per diluted share, down from $95.3 million, or $0.70 per diluted share, in the third quarter of 2024. Net interest income for the fourth quarter of 2024 increased by $2.4 million, or 1%, from the third quarter of 2024 to reach $232.6 million. However, noninterest income for the same period decreased by $2.6 million, or 8%. Additionally, noninterest expense for the fourth quarter of 2024 remained flat compared to the third quarter of 2024, at $134.2 million.
Compared to the fourth quarter of 2023, the fourth quarter of 2024 saw a notable improvement in earnings, with an increase from $79.4 million to $94.4 million. Net interest income also grew by $2.9 million, or 1%, from the fourth quarter of 2023 to reach $232.6 million. However, noninterest income for the same period decreased by $4.4 million, or 13%. Noninterest expense for the fourth quarter of 2024 decreased by $18.1 million, or 12%, from the fourth quarter of 2023, amounting to $134.2 million.
In terms of the year-end comparison, the year of 2024 saw an increase in earnings from $366.3 million in 2023 to $373.0 million in 2024. However, net interest income for the year of 2024 decreased by $8.9 million, or 1%, from the year of 2023. Noninterest income for the same period decreased by $11.6 million, or 9%. Noninterest expense for the year of 2024 also decreased by $15.2 million, or 3%, from the year of 2023, amounting to $545.0 million.
These figures depict a nuanced financial performance for United Bankshares, Inc. over the specified periods, with fluctuations in key metrics such as earnings, net interest income, noninterest income, and noninterest expense. Today the company's shares have moved -0.5% to a price of $38.14. For the full picture, make sure to review United Bankshares's 8-K report.
