United Bankshares Q2 net income $95.6M ($0.71 EPS), NIM expands 39 bps, loan growth 15%

UNITED BANKSHARES INC/WV

2022-Q2 EPS reported $1.30

Q2 2022 net income $95.6M ($0.71 diluted EPS), up from $81.7M ($0.60) in Q1 2022.
Net interest margin expanded 39 bps to 3.38% QoQ, driven by rising interest rates and asset mix.
Annualized loan growth ex-PPP of 15%; non-performing loans low at 0.37% of loans.
Repurchased ~1.5M shares in Q2 at avg $34.47; risk-based capital ratio 14.8%.
Mortgage banking income fell $24.5M YoY; BOLI death benefits partially offset.

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