CHARLESTON — United Bankshares, the largest banking company headquartered in West Virginia, on Thursday reported earnings for the second quarter of 2022 of $95.6 million.
This is an increase from the $81.7 million the company reported for the first quarter of 2022.
The quarter was highlighted by continued loan growth, net interest margin expansion and strong credit quality metrics, the company reported.
Annualized loan growth, excluding Paycheck Protection Program 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.
“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,” stated Richard M. Adams Jr., United’s CEO, said in a press release. “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.”
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