Business
United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2022
WASHINGTON & CHARLESTON, W.V.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the third 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 third quarter of 2022 of $102.6 million, or $0.76 per diluted share, as compared to earnings of $95.6 million, or $0.71 per diluted share, for the second quarter of 2022. The quarter was highlighted by continued broad-based loan growth, net interest margin expansion and strong credit quality metrics.\n\nAnnualized loan growth, excluding Paycheck Protection Program (“PPP”) loans, for the third quarter and first nine months of 2022 was 16% and 15%, respectively. Third quarter 2022 net interest margin of 3.78% increased 40 basis points from the second quarter of 2022. Non-performing loans as a percentage of loans and leases, net of unearned income was a low 0.35% at September 30, 2022.\n\nThird quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.41%, 8.96% and 15.46%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.32%, 8.33% and 14.23%, respectively, for the second quarter of 2022.\n\n“The third quarter of 2022 was another great quarter for UBSI,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “The company delivered strong results related to loan growth, margin expansion, expense control and asset quality. The vitality of our markets, the strength of our deposit franchise and our conservative and disciplined approach to running our business have served us well in this environment and will provide us opportunities going forward.”\n\nThird quarter of 2022 compared to the second quarter of 2022\n\nNet interest income for the third quarter of 2022 increased $25.7 million, or 12%, from the second 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 third quarter of 2022 also increased $25.7 million, or 12%, from the second 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. This increase in net interest income and tax-equivalent net int...