Four of West Virginia's largest banking companies released their fourth-quarter earnings reports this week, with two showing increases in net income and two showing decreases compared with the first quarter of last year.
The first-quarter report for Summit Financial Corp., based in Moorefield, Hardy County, is probably its last. Summit expects to complete its merger into Burke & Herbert Financial Services Corp. of Alexandria, Virginia, next month.
MVB Financial Corp. has not yet announced its first-quarter results.
City Holding Co.
City Holding Company, a $6.3 billion bank holding company headquartered in Cross Lanes, announced net income of $29.5 million, up from $24.3 million in the first three months of 2023.
City National operates 97 branches across West Virginia, Kentucky, Virginia and Ohio.
On April 8, City National announced that it had been ranked first in customer satisfaction for consumer banking in the North Central Region in the J.D. Power 2024 U.S. Retail Banking Satisfaction Study. City National has claimed the top honor in five of the last seven years and outscored all other banks in West Virginia, Kentucky, Ohio, Indiana and Michigan.
Summit Financial Group
Summit Financial Group, the parent company of Summit Community Bank, reported first-quarter net income of $16.8 million, up from $13.9 million in the first quarter of 2023. In January the bank celebrated the opening of its new branch at 2218 5th Ave. in Huntington, near Marshall University’s Joan C. Edwards Stadium. That branch replaced the one at the corner of 4th Avenue and 10th Street.
Summit also has branches in Kanawha and Putnam counties.
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"Now as we look forward to the consummation of our strategic partnership with Burke & Herbert, which brings together two organizations dedicated to a community banking model that places an emphasis on service and dedication to the people who live and work among us, I could not be more excited by the combined organization’s prospects for robust growth and for enhancing shareholder value,†H. Charles Maddy III, president and CEO of Summit Financial, said in the earnings release.
Summit expects the merger to close May 3, after which it will take the Burke & Herbert name.
United Bankshares Inc.
United Bankshares Inc., the parent company of United Bank, reported earnings for the first quarter of 2024 of $86.8 million, down from $98.3 million a year ago. The first quarter of 2024 included $1.8 million of noninterest expense for the Federal Deposit Insurance Corp.'s special assessment levied on banking organizations stemming from the FDIC’s revised loss estimates to the Deposit Insurance Fund.
“UBSI delivered solid performance in the first quarter of 2024,†United CEO Richard M. Adams Jr. said in the earnings release, using the company's stock symbol. “While the headwinds in the current economic environment persist and continue to create challenges, UBSI’s operating metrics remain strong and we are well-positioned for success going forward.â€
As of March 31, United had consolidated assets of approximately $30 billion. United Bank has more than 225 offices throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Georgia. United Bankshares' corporate offices are in Parkersburg, while United Bank's operational headquarters are in downtown ÂÒÂ×ÄÚÉä.
WesBanco Inc.
WesBanco Inc., based in Wheeling, reported net income of $33.2 million in the first quarter, down from $39.8 million last year.
"WesBanco's first quarter results marked a strong start to 2024. We grew loans and deposits while smartly managing borrowings, controlling costs, and advancing our efforts to diversify revenue streams and drive non-interest income," Jeff Jackson, president and CEO, said in the earnings report.
The company's banking subsidiary, WesBanco Bank, operates more than 190 financial centers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania and West Virginia.
