United Bankshares Q1 2023 EPS $0.73, net income $98.3M, NIM 3.63%

UNITED BANKSHARES INC/WV

2023-Q1 EPS reported $0.73

Q1 2023 net income $98.3M ($0.73 diluted EPS) vs $99.8M ($0.74) Q4 2022 and $81.7M ($0.60) Q1 2022.
Net interest margin 3.63%, down 24 bps QoQ but up 64 bps YoY; net interest income down 6% QoQ on higher deposit costs.
Noninterest income $32.7M, down 29% YoY driven by lower mortgage banking income.
Provision for credit losses $6.9M vs $16.4M Q4 2022; non-performing loans 0.21% of loans, allowance 1.17%.
Capital well-capitalized: risk-based capital 14.7%, CET1 12.5%; no share repurchases in Q1 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNITED BANKSHARES INC/WV reported first quarter of 2023 results: net income $98.3 million, EPS $0.73 per diluted share.

Period: first quarter of 2023
Net income: $98.3 million
EPS: $0.73 per diluted share
Result: reported results

Exact text from the filing

United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the first quarter of 2023 of $98.3 million, or $0.73 per diluted share

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Source: SEC EDGAR

accession 0001193125-23-116883

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