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

By Staff Report, posted Jul 27, 2023 on BizFayetteville.com

United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the second quarter of 2023 of $92.5 million, or $0.68 per diluted share, as compared to earnings of $98.3 million, or $0.73 per diluted share, for the first quarter of 2023. Earnings for the second quarter of 2022 were $95.6 million, or $0.71 per diluted share.

Second quarter of 2023 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.26%, 7.96 % and 13.47%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.35%, 8.72% and 14.97%, respectively, for the first quarter of 2023. 

Annualized returns on average assets, average equity and average tangible equity were 1.32%, 8.33% and 14.23%, respectively, for the second quarter of 2022.

During the second quarter of 2023, United sold mortgage servicing rights (“MSRs”) with an aggregate unpaid principal balance of approximately $2.0 billion at a gain of $8.1 million. Additionally, during the second quarter of 2023, United sold approximately $187.0 million of available for sale (“AFS”) investment securities at a loss of $7.2 million.

“UBSI’s performance remained strong in the second quarter,” stated Richard M. Adams, Jr., United’s Chief Executive Officer in a press release. “Our profitability, asset quality, and balance sheet strength continue to allow us to take care of our customers, invest in our communities, and build new relationships across our footprint.”

The first half of 2023 compared to the first half of 2022 showed that earnings for the first six months of 2023 were $190.8 million, or $1.41 per diluted share, as compared to

earnings of $177.3 million, or $1.30 per diluted share, for the first six months of 2022.

United Bank has locations across the Greater Fayetteville Business Journal’s coverage area including in Fayetteville, Hope Mills, Elizabethtown, and Lumberton. 

“Overall United Bank continues to perform well and is well capitalized leaving the Bank positioned to continue to meet the needs of the communities we serve,” shared Market President of Fayetteville/Lumberton Jim Strickland. “Locally, through June 30,  we have seen good growth in our commercial loan portfolio and our deposit base has shown good growth as well.” 

 

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

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