United Bankshares Inc. reported earnings for the first quarter of 2023 of $98.3 million, or $0.73 per share, as compared to earnings of $99.8 million, or $0.74 per share, for the fourth quarter of 2022. Earnings for the first quarter of 2022 were $81.7 million, or $0.60 per share.
First quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, 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.
“Consistency, conservatism and trust were the leading themes for UBSI in the first quarter,” said Richard M. Adams Jr., United’s CEO. “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.”
Adams 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.”
United’s loan quality continues to be sound. On March 31, non-performing loans were $42.4 million, or 0.21% of loans & leases, net of unearned income. Total non-performing assets were $46.5 million, including other real estate owned (“OREO”) of $4.1 million, or 0.15% of total assets on March 31. On Dec. 31, non-performing loans were $58.6 million, or 0.29% of loans and leases, net of unearned income. Total non-performing assets were $60.7 million, including OREO of $2.1 million, or 0.21% of total assets at Dec. 31. As of March 31, the allowance for loan and lease losses was $240.5 million, or 1.17% of loans and leases.
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.7% at March 31, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.5%, 12.5% and 10.8%, respectively.
As of March 31, United had consolidated assets of approximately $30.2 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.”
