Oct. 27. United Bankshares third-quarter earnings were $102.6 million, or $0.76 per diluted share, as compared to $95.6 million, or $0.71 per diluted share, for the second quarter of 2022. The quarter was
highlighted by continued broad-based loan growth, net interest margin expansion and strong credit quality
metrics.

Annualized loan growth, excluding Paycheck Protection Program (“PPP”) loans, for the third quarter and first nine months of 2022 was 16% and 15%, respectively. Third quarter 2022 net interest margin of 3.78% increased 40 basis points from the second quarter of 2022. Non-performing loans as a percentage of loans and leases, net of unearned income was a low 0.35% at Sept. 30, 2022.

Third-quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.41%, 8.96% and 15.46%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.32%, 8.33% and 14.23%, respectively, for the second quarter of 2022.

“The third quarter of 2022 was another great quarter for UBSI,” stated Richard M. Adams, Jr., United’s CEO. “The company delivered strong results related to loan growth, margin expansion, expense
control and asset quality. The vitality of our markets, the strength of our deposit franchise and our conservative and disciplined approach to running our business have served us well in this environment and will provide us opportunities going forward.”