United Bankshares Inc. (NASDAQ: UBSI) reported earnings for the second quarter of 2022 of $95.6 million, or $0.71 per share, as compared to earnings of $81.7 million, or $0.60 per share, for the first quarter of 2022.
The quarter was highlighted by continued loan growth, net interest margin expansion and strong credit quality metrics.
Annualized 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.
Second quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, 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.
“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,” said Richard M. Adams Jr., United’s CEO. “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.”
During the first half of 2022, United repurchased, under a previously announced stock repurchase plan, approximately 2.3 million shares of its common stock at an average price per share of $34.69.
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.8% at June 30.
As of June 30, United had consolidated assets of approximately $28.8 billion. United is the parent company of United Bank, which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.
United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI.”
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