United Bankshares reports record earnings for first quarter
United Bankshares Inc. reported record earnings for the first quarter of 2021 of $106.9 million, or $0.83 per diluted share, up significantly from earnings of $40.2 million, or $0.40 per diluted share for the first quarter of 2020.
Earnings for the first quarter of 2021, as compared to the first quarter of 2020, were primarily due to higher income from mortgage banking activities, driven by an elevated volume of mortgage loan originations and sales in the secondary market, the impact of the Carolina Financial Corporation acquisition and a lower provision for credit losses primarily due to better performance trends within the loan portfolio and an improved future macroeconomic forecast under the Current Expected Credit Loss accounting standard.
“The first quarter of 2021 was another great quarter for United Bankshares, and UBSI continues to be one of the best performing regional banking companies in the nation,” Richard M. Adams, United’s chairman and CEO, said in the earnings release. “We earned record net income of $107 million, record diluted earnings per share of $0.83 and delivered an annualized return on average assets of 1.64%. Our credit quality and regulatory ratios remain strong and position us well for continued growth as the economy recovers from the effects of the COVID-19 pandemic.”
The results of operations for Carolina Financial are included in the consolidated results of operations from the date of acquisition, May 1, 2020, the release said.
“As a result of the acquisition, the first quarter of 2021 reflected higher average balances, income, and expense as compared to the first quarter of 2020. The first quarter of 2020 included merger-related expenses of $1.6 million. There were no merger-related expenses incurred in the first quarter of 2021,” according to the release.
RCBI offering virtual 3D printing, maker camps
HUNTINGTON — The Robert C. Byrd Institute (RCBI) at Marshall University has announced dates for its series of statewide 3D Printing and Maker Camps for middle and high school students.
Three virtual weeklong “Design to Production” camps will run 9 a.m. to 2 p.m., June 21-25, July 12-16 and July 19-23. Participants will engage directly in all aspects of manufacturing — from developing their own product ideas, through the design and testing phase of new products to prototyping, manufacturing and marketing, RCBI officials said.
Students will utilize computer-aided design software to create and model their own unique designs that will then be 3D printed and laser cut on computer-controlled equipment at RCBI. Students’ creations will be mailed to them at the conclusion of the camps.
Because the interactive, hands-on STEM camps will be presented virtually, students ages 9 to 16 from West Virginia and surrounding states may enroll in any of the three camps. The cost is $60 for each camper. A limited number of full scholarships are available thanks to the support of Suddenlink by Altice. To apply for a scholarship, register for the camp then fill out the scholarship application in lieu of submitting payment information.
In addition to providing scholarships, Suddenlink by Altice is joining Nuts, Bolts & Thingamajigs, the charitable foundation of the Fabricators & Manufacturers Association, International, in providing financial support for overall operations of RCBI’s camps.
“With the enthusiastic support of our generous sponsors, RCBI can engage and encourage young minds while promoting creativity and understanding of the use of technology,” said Charlotte Weber, RCBI director and CEO.
“Just as we did with the onset of the pandemic, RCBI will present virtual camps this year that are both educational and entertaining,” said Deacon Stone, director of the Center for Innovation and Maker Vault at RCBI. “A variety of hands-on activities will immerse students in the maker experience while reinforcing the STEM skills of science, technology, engineering and math.”
Because registration is limited, parents or guardians who want their students to participate should register them at www.rcbi.org/2021camps.
For more information, contact Stone at email@example.com or 304-781-1659.
RCBI announces scholarship opportunities
HUNTINGTON — The Robert C. Byrd Institute at Marshall University (RCBI) has new scholarship opportunities for underrepresented students as part of its effort to expand opportunity, build a more diverse workforce and help bridge the manufacturing skills gap.
Thanks to a $50,000 grant from The Hearst Foundations, rural/low income, female and minority students who enroll in RCBI’s Machinist Technology/CNC and Welding Technology programs are eligible for scholarships for career skills classes that are offered in collaboration with Mountwest Community & Technical College.
RCBI has trained nearly 750 people, delivering hands-on learning and intensive interaction with instructors that has resulted in students earning more than 2,500 national industry certifications from the National Institute for Metalworking Skills and American Welding Society. In 2019, the entire Machinist Technology/CNC senior class boasted job offers prior to graduation.
“These scholarships will allow us to provide opportunities to students who otherwise may not be able to participate in our programs,” said Carol Howerton, senior advisor for workforce development at RCBI. “We are extremely appreciative of the Hearst Foundations’ support because it will make training more affordable and attainable, and it will enable us to increase the numbers of skilled workers needed by the manufacturing industry.”
The Hearst Foundations, founded in 1946 by media mogul William Randolph Hearst, fund outstanding nonprofits to ensure that people of all backgrounds in the United States have the opportunity to build healthy, productive and inspiring lives.
Both the Machinist Technology/CNC and Welding Technology programs are enrolling students for the fall term. More information is available at www.rcbi.org/career-skills.
For more information about scholarship opportunities, contact Howerton at firstname.lastname@example.org or 304-781-1680.