United Bankshares(US:UBSI)2021-10-29 18:13Financial Data and Key Metrics Changes - Net income for Q3 2021 was $6.5 million, an increase from $5.4 million in Q2 2021 and $4.5 million in Q3 2020 [8] - Provision for loan losses reflected a credit of $1.25 million in Q3 2021, compared to no provision in Q2 2021, indicating improved credit quality [9] - Net interest income increased by $298,000 or 2.1% in Q3 2021 compared to Q2 2021, driven by decreasing interest expense [9] - The net interest margin was 3.52% in Q3 2021, slightly down from 3.58% in Q2 2021 [10] Business Line Data and Key Metrics Changes - Loans excluding purchase credit impaired loans grew by $39.1 million or 3.3% during Q3 2021, and $53.3 million or 4.5% year-over-year [14] - Nonperforming assets were $4 million at September 30, 2021, down from $4.6 million a year earlier, with a non-performing assets to loans ratio of 0.33% [14] Market Data and Key Metrics Changes - Deposits grew by $10 million or 0.7% during Q3 2021 and increased by $129.5 million or 9.5% year-over-year [15] - Noninterest bearing deposits grew by $64 million or 22.7% year-over-year [16] Company Strategy and Development Direction - The company is preparing for a merger with United Bank, expected to be completed by the end of Q4 2021, which is anticipated to enhance market share and customer value [5][20] - The management emphasizes the importance of strong credit and risk management practices as part of their strategic focus [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future as they merge with one of the largest banks in Virginia, highlighting the strong balance sheet and superior returns [22] - The management team reflected on the positive transformation of the company over the years, noting significant improvements in performance and shareholder returns [21] Other Important Information - The company has experienced a significant turnaround since the management change, with shares previously trading below $1 [21] - The management team thanked the board and employees for their commitment and contributions to the company's success [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [24][25]