Aug. 1. United Bankshares (NASDAQ: UBSI) reported second quarter earnings of $95.6 million, or $0.71 per diluted share, as compared to earnings of $81.7 million, or $0.60 per diluted share, for the first quarter of 2022. The quarter was highlighted by continued loan growth, net interest margin expansion and strong credit quality metrics.

Annualized loan growth, excluding Paycheck Protection Program (PPP) 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.

Second quarter 2022 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.32%, 8.33% and 14.23%, respectively, compared to annualized returns on average assets, average equity, and average tangible equity of 1.13%, 6.96% and 11.63%, respectively, for the first quarter of 2022.

United, which has offices on Trade Court in Mooresville, is the parent company of United Bank which has 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.