Overview

• U.S. regional bank's Q1 net income rose yr/yr, supported by higher net interest income

• Net interest income grew 9% yr/yr, driven by higher average net loans and lower deposit costs

• Company repurchased 1.7 mln shares during the quarter under its stock buyback plan

Outlook

• Company did not provide specific financial guidance for the current or future periods

Result Drivers

• NET INTEREST INCOME - Growth in average net loans and a lower average rate paid on interest-bearing deposits drove higher net interest income yr/yr

• NONINTEREST INCOME - Higher net gains on investment securities and increased brokerage fees contributed to growth in noninterest income

• CREDIT COSTS - Lower provision for credit losses yr/yr, reflecting absence of prior-year merger-related charges

Company press release: ID:nBw9VHJcFa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		$124.20 mln
Q1 Net Interest Income		$282.52 mln
Q1 Credit Loss Provision		$7.78 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for United Bankshares Inc is $46.00, about 6% above its April 22 closing price of $43.39

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

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