Banking & Finance

United Bankshares, Inc. announces earnings for the first quarter of 2023

By Staff Report, posted 7 months ago
United Bank Logo provided by United Bankshares, Inc.

United Bankshares, Inc. recently 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. Net interest income for the first quarter of 2023 increased $42.8 million, or 22 percent, from the first quarter of 2022.

First quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.35 percent, 8.72 percent and 14.97 percent, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.36 percent, 8.80 percent and 15.28 percent, respectively, for the fourth quarter of 2022. 

Annualized returns on average assets, average equity and average tangible equity were 1.13 percent, 6.96 percent and 11.63 percent, respectively, for the first quarter of 2022.

“Consistency, conservatism, and trust were the leading themes for UBSI in the first quarter,” stated Richard M. Adams, Jr., United’s Chief Executive Officer, in a press release. “We continued to deliver strong financial performance, highlighted by a Return on Average Assets of 1.35 percent, a net interest margin of 3.63 percent, and an efficiency ratio of 51.46 percent. 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 in a press release, “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 Bank has locations across the Greater Fayetteville Business Journal’s coverage area including in Fayetteville, Hope Mills, Elizabethtown, and Lumberton. 

The full 14 page report is available to the public and can be found online here. 

Ico insights


fayetteville-state-university trung-v-tran-phd headshott

FSU Empowers Youth with STEM Skills Thanks to NASA Grant

Trung V. Tran, Ph.D. - Assistant Professor of Geospatial Science in the Department of Intelligence Studies, Geospatial Science, Political Science and History, Fayetteville State University
tom-keith-associates-inc alex-keith headshott

Looking at Southeastern North Carolina Cropland and Woodland Prices vs. the Global Grain Economy

Alex Keith - Certified General Real Estate Appraiser and Property Manager, Tom Keith & Associates, Inc.
pappas-commercial-properties peter-pappas headshott

Finding Harmony: How I Navigate Politics and Business In Fayetteville

Peter Pappas - President, Pappas Commercial Properties

In The Current Issue

It’s a deal: Blue Cross NC reaches agreement to acquire FastMed's North Carolina locations

PHOTO PROVIDED BY: FASTMED There are 55 FastMed urgent care walk-in clinics and Family Medicine locations across the state. Blue Cross NC has agreed to acquire only FastMed’s NC locations.On Oct. 20, 2023, Blue Cross NC announced that the compan

Protect, prevent, respond: TeamLogic IT of Eastern North Carolina continues to provide tech guidance for businesses throughout the region

PHOTO PROVIDED BY TEAMLOGIC ITTeamLogic IT’s Eastern North Carolina branch operates in Fayetteville, Raleigh,Greenville and Wilmington, providing information technology (IT) infrastructuremanagement and cybersecurity consulting, to area businesses.Te

Fayetteville eats more chicken: Local Chick-fil-A owner and operator shares about his pleasure in working with one of the south's favorite restaurants

Cody Hopper, owner/operator of the Chick-fil-a on Skibo Rd. - Photo provided by Mr. HopperOne of the south’s most popular franchises is none other than Chick-fil-A. Whether you spring out of bed to make it in time for Chick-n-Minis™, brave the lunch