Business
United Bankshares, Inc. Announces Earnings for the First Quarter of 2023
WASHINGTON, D.C. & CHARLESTON, W.V.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON, D.C. & CHARLESTON, W.V.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2023 of $98.3 million, or $0.73 per diluted share, as compared to earnings of $99.8 million, or $0.74 per diluted share, for the fourth quarter of 2022. Earnings for the first quarter of 2022 were $81.7 million, or $0.60 per diluted share.\n\n\nFirst quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.35%, 8.72% and 14.97%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.36%, 8.80% and 15.28%, respectively, for the fourth quarter of 2022. Annualized returns on average assets, average equity and average tangible equity were 1.13%, 6.96% and 11.63%, respectively, for the first quarter of 2022.\n\n\n“Consistency, conservatism, and trust were the leading themes for UBSI in the first quarter,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We continued to deliver strong financial performance, highlighted by a Return on Average Assets of 1.35%, a net interest margin of 3.63%, and an efficiency ratio of 51.46%. Our capital levels remain among the strongest in the industry, our asset quality metrics reflect our conservative underwriting, and our liquidity levels have us well-positioned to meet the challenges of the current environment.”\n\n\nAdams further stated, “And as for trust, United was named during the first quarter by Newsweek magazine as the most trusted banking company in the nation. Trust is critical to the success of any organization, and this is especially true in banking. We are honored to receive this recognition, and appreciate the level of trust we have earned with our stakeholders.”\n\n\nFirst quarter of 2023 compared to the fourth quarter of 2022\n\n\nNet interest income for the first quarter of 2023 decreased $15.1 million, or 6%, from the fourth quarter of 2022. 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 2023 also decreased $15.1 million, or 6%, from the fourth quarter of 2022. The decrease in net interest income and tax-equivalent net interest income was primarily due to h...