United Bankshares Q1 2022 EPS $0.60, up 7% from Q4; loan growth 11% annualized

UNITED BANKSHARES INC/WV

2022-Q1 EPS reported $0.60

Net income $81.7M ($0.60 diluted EPS) vs $73.9M ($0.56) in Q4 2021.
Net interest income $191.5M, flat YoY; net interest margin 2.99% (+5 bps linked quarter).
Annualized loan growth 11% ex-PPP; provision benefit of $3.4M vs expense of $0.1M a year ago.
Noninterest income fell 50% YoY to $46.0M on lower mortgage banking revenue.
Repurchased 711k shares at avg $35.15; all capital ratios well above well-capitalized thresholds.

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