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United Bankshares, Inc. Announces Earnings for the First Quarter of 2022
WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2022 of
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2022 of $81.7 million, or $0.60 per diluted share, as compared to earnings of $73.9 million, or $0.56 per diluted share, for the fourth quarter of 2021. The quarter was highlighted by strong 11% annualized loan growth (excluding Paycheck Protection Program loans), net interest margin expansion, and the resumption of United’s share repurchase program.\n\nFirst quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.13%, 6.96% and 11.63%, respectively, compared to annualized returns on average assets, average equity, and average tangible equity of 1.04%, 6.44% and 10.87%, respectively, for the fourth quarter of 2021.\n\n“We came out of the gate quickly and are off to a good start in 2022,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We continue to experience promising loan growth in our new markets in the Southeast, as well as in our legacy markets, especially in the Greater Washington Region. We remain well capitalized, have sound liquidity levels, and maintain our longstanding commitments to strong risk management practices and credit underwriting discipline.”\n\nNet Interest Income and Net Interest Margin\n\nNet interest income for the first quarter of 2022 was relatively flat from the first quarter of 2021, increasing $542 thousand, or less than 1%, to $191.5 million. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the first quarter of 2022 was also relatively flat from the first quarter of 2021, increasing $604 thousand, or less than 1%, to $192.6 million. United completed its acquisition of Community Bankers Trust Corporation (“Community Bankers Trust”) on December 3, 2021. The slight increase in net interest income and tax-equivalent net interest income was primarily due to the impact of higher average earning assets, driven by the Community Bankers Trust acquisition and lower interest expense on deposits. These increases were mostly offset by lower accretion on acquired loans, lower fee income from Paycheck Protection Program (“PPP”) loans and higher average interest-bearing de...