Business
United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2022
WASHINGTON & CHARLESTON, W.V.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the second quarter of 2022 of
About this update from United Bankshares, Inc.
[{"type":"text","content":" WASHINGTON & CHARLESTON, W.V.--(BUSINESS WIRE)--\nUnited Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the second quarter of 2022 of $95.6 million, or $0.71 per diluted share, as compared to earnings of $81.7 million, or $0.60 per diluted share, for the first quarter of 2022. The quarter was highlighted by continued loan growth, net interest margin expansion, and strong credit quality metrics.\n\nAnnualized loan growth, excluding Paycheck Protection Program (“PPP”) loans, for the second quarter and first half of 2022 was 15% and 13%, respectively. Second quarter 2022 net interest margin of 3.38% increased 39 basis points from the first quarter of 2022. Non-performing loans as a percentage of loans and leases, net of unearned income was a low 0.37% at June 30, 2022.\n\nSecond quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.32%, 8.33% and 14.23%, respectively, compared to annualized returns on average assets, average equity, and average tangible equity of 1.13%, 6.96% and 11.63%, respectively, for the first quarter of 2022.\n\n“During the second quarter, we continued our strong momentum from the beginning of the year and are well positioned for the second half of 2022,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “We had meaningful net interest margin expansion and continue to experience promising loan growth in our markets. We remain well capitalized with solid asset quality, have sound liquidity levels, and maintain our longstanding commitments to strong risk management practices, credit underwriting discipline and meeting our customers’ needs.”\n\nSecond quarter of 2022 compared to the first quarter of 2022\n\nNet interest income for the second quarter of 2022 increased $23.4 million, or 12%, from the first 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 second quarter of 2022 also increased $23.4 million, or 12%, from the first quarter of 2022. The increase in net interest income and tax-equivalent net interest income was primarily due to higher interest income on earning assets driven by rising market interest rates and a change in the asset mix to higher earning assets. The ...