United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $29.4 billion regional financial services company, virtually held its Annual Meeting of Shareholders on Wednesday, May 11, 2022.
During the meeting, United Executive Chairman of the Board Richard M. Adams addressed the shareholders by highlighting several key points from the 2021 Annual Report to Shareholders.
“2021 was one of the most successful years in our company’s history. We achieved record earnings, were ranked fourth among the 50 largest banking companies in the nation in financial performance, increased earnings per share, outperformed peer profitability, increased the dividends to shareholders for the 48th consecutive year, closed the 33rd acquisition of the current administration and made a positive difference in the lives of those we serve.”
Adams continued, “I well remember when our company was not even ranked in the top 500 banks in the country. At that time, we developed a vision statement to be in the top five in financial performance among the 50 largest US banks. To many , our ability to execute our vision statement was considered impossible. In March 2021, S&P Global Market Place Intelligence reported that S&P Global ranked United fourth among the 50 largest banking companies in the country in financial performance based upon our growth and profitability, as well as our safety and soundness metrics. When our CFO sent me the ranking, I have to say it was a moment I’ll never forget. A vision became a reality, as we are now the 43rd largest banking company and ranked in the top five in financial performance among the top 50. Time and time again, our people have achieved what others have not been able to achieve.”
Overall, United’s financial performance continued to be among the best of the best, achieving record before-tax earnings of $463 million and increasing earnings per share from $2.40 to $2.83 or 18% in 2021. United’s return on average assets of 1.35% compared very favorably to its Federal Reserve peer group of…