United Bankshares Inc. (NASDAQ: NASDAQ:UBSI) reported its Q3 2023 revenues and earnings per share (EPS) of $262.98 million and $0.71 respectively, surpassing Zacks estimates. The results generated surprises of +2.22% and +7.58% in revenue and EPS figures, respectively.
The bank's key metrics included an efficiency ratio of 51.6%, a net interest margin of 3.5%, and earning assets-average balance standing at $25.77 billion. Other income sources contributing to the earnings included mortgage banking operations, which accounted for $7.56 million, total other income of $33.66 million, bank-owned life insurance income that brought in $2.56 million, deposit service fees amounting to $9.28 million, and net interest income (taxable equivalent) of $229.32 million.
Additional revenue streams were from other service charges, commissions, and fees which summed up to $0.85 million, bankcard fees and merchant discounts that totaled $1.68 million, and other income which stood at $2.12 million.
Despite a monthly return of -3.4%, UBSI outperformed the Zacks S&P 500 composite's -1.6% change for the same period. Given this performance, UBSI currently holds a Zacks Rank #2 (Buy).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.