United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2021
United Bankshares, Inc. (NASDAQ: UBSI) reported robust earnings for Q2 2021, with net income of $94.8 million ($0.73 per diluted share), significantly up from $52.7 million ($0.44 per diluted share) in Q2 2020. For the first half of 2021, earnings reached $201.7 million ($1.56 per diluted share), compared to $92.9 million ($0.84 per diluted share) in 2020. The earnings benefited from the Carolina Financial acquisition and lower credit loss provisions. United announced a merger agreement with Community Bankers Trust, enhancing its market position with a combined asset of approximately $29 billion.
- Earnings for Q2 2021 increased by 80% YoY to $94.8 million.
- Earnings for H1 2021 up 117% YoY to $201.7 million.
- Net interest income for Q2 2021 rose 9% YoY to $186.5 million.
- Successful acquisition of Carolina Financial resulting in higher average balances.
- Well-capitalized with risk-based capital ratio at 15.9%.
- Noninterest income decreased 29% YoY in Q2 2021 due to lower mortgage banking income.
- Net interest margin slightly decreased from 3.18% in Q2 2020 to 3.14% in Q2 2021.
- Provision for credit losses was a net benefit of $8.9 million but reflects past losses.
United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the second quarter and first half of 2021. Earnings for the second quarter of 2021 were
Second quarter 2021 results produced annualized returns on average assets, average equity and average tangible common equity, a non-GAAP measure, of
Earnings for the second quarter and first half of 2021, as compared to the second quarter and first half of 2020, benefited from additional net earnings related to the Carolina Financial Corporation (“Carolina Financial”) acquisition and a lower provision for credit losses primarily due to better performance trends within the loan portfolio and an improved future macroeconomic forecast under the Current Expected Credit Loss (“CECL”) accounting standard. The second quarter and first half of 2020 also included significant merger-related expenses from the Carolina Financial acquisition.
During the second quarter of 2021, United announced that it entered into a definitive merger agreement with Community Bankers Trust Corporation (“Community Bankers Trust”). Under the merger agreement, United will acquire
“Our earnings continued to be strong in the second quarter of 2021 as we earned net income of
The results of operations for Carolina Financial are included in the consolidated results of operations from the date of acquisition, May 1, 2020. As a result of the acquisition, the second quarter and first half of 2021 reflected higher average balances, income, and expense as compared to the second quarter and first half of 2020. The second quarter and first half of 2020 included merger-related expenses of
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2021 was
Net interest income for the first six months of 2021 was
On a linked-quarter basis, net interest income for the second quarter of 2021 decreased
Credit Quality
United’s asset quality continues to be sound relative to the current economic environment. At June 30, 2021, nonperforming loans were
The provision for credit losses was a net benefit of
As of June 30, 2021, the allowance for loan losses was
Noninterest Income
Noninterest income for the second quarter of 2021 was
Noninterest income for the first six months of 2021 was
On a linked-quarter basis, noninterest income for the second quarter of 2021 decreased
Noninterest Expense
Noninterest expense for the second quarter of 2021 was
Noninterest expense for the first six months of 2021 was
On a linked-quarter basis, noninterest expense for the second quarter of 2021 decreased
Income Tax Expense
For the second quarter and first six months of 2021, income tax expense was
Regulatory Capital
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is
About United Bankshares, Inc.
As of June 30, 2021, United had consolidated assets of approximately
Cautionary Statements
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its June 30, 2021 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2021 and will adjust amounts preliminarily reported, if necessary.
Use of non-GAAP Financial Measures
This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP"). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry.
Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, tangible equity, return on tangible equity and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.
Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of
Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of common equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.
Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.
Forward-Looking Statements
In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic, on United, its colleagues, the communities United serves, and the domestic and global economy; uncertainty in U.S .fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets, reform of LIBOR; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the OCC, Federal Reserve, FDIC, and CFPB; the effect of changes in the level of checking or savings account deposits on United’s funding costs and net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; risks relating to the merger with Community Bankers Trust, including the successful integration of operations of Community Bankers Trust; competition; and changes in legislation or regulatory requirements. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
||||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
EARNINGS SUMMARY: |
|
June
|
|
June
|
|
June
|
|
June
|
||||||||||
Interest income |
|
$ |
200,186 |
|
|
$ |
198,717 |
|
|
$ |
405,843 |
|
|
$ |
379,199 |
|
||
Interest expense |
|
|
13,669 |
|
|
|
28,115 |
|
|
|
28,366 |
|
|
|
67,079 |
|
||
Net interest income |
|
|
186,517 |
|
|
|
170,602 |
|
|
|
377,477 |
|
|
|
312,120 |
|
||
Provision for credit losses |
|
|
(8,879 |
) |
|
|
45,911 |
|
|
|
(8,736 |
) |
|
|
73,030 |
|
||
Noninterest income |
|
|
62,846 |
|
|
|
88,390 |
|
|
|
155,419 |
|
|
|
125,196 |
|
||
Noninterest expense |
|
|
138,951 |
|
|
|
149,374 |
|
|
|
287,878 |
|
|
|
250,507 |
|
||
Income before income taxes |
|
|
119,291 |
|
|
|
63,707 |
|
|
|
253,754 |
|
|
|
113,779 |
|
||
Income taxes |
|
|
24,455 |
|
|
|
11,021 |
|
|
|
52,020 |
|
|
|
20,910 |
|
||
Net income |
|
$ |
94,836 |
|
|
$ |
52,686 |
|
|
$ |
201,734 |
|
|
$ |
92,869 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
PER COMMON SHARE: |
|
|
|
|
|
|
|
|
||||||||||
Net income: |
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
0.73 |
|
|
$ |
0.44 |
|
|
$ |
1.56 |
|
|
$ |
0.84 |
|
||
Diluted |
|
|
0.73 |
|
|
|
0.44 |
|
|
|
1.56 |
|
|
|
0.84 |
|
||
Cash dividends |
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
|
0.70 |
|
|
|
0.70 |
|
||
Book value |
|
|
|
|
|
|
34.01 |
|
|
|
32.35 |
|
||||||
Closing market price |
|
|
|
|
|
$ |
36.50 |
|
|
$ |
27.66 |
|
||||||
Common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||||
Actual at period end, net of treasury shares |
|
|
|
|
|
|
129,203,593 |
|
|
|
129,755,395 |
|
||||||
Weighted average-basic |
|
|
128,750,851 |
|
|
|
119,823,652 |
|
|
|
128,693,616 |
|
|
|
110,559,363 |
|
||
Weighted average-diluted |
|
|
129,033,988 |
|
|
|
119,887,823 |
|
|
|
128,946,280 |
|
|
|
110,624,976 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL RATIOS: |
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
|
1.41 |
% |
|
|
0.87 |
% |
|
|
1.52 |
% |
|
|
0.85 |
% |
||
Return on average shareholders’ equity |
|
|
8.69 |
% |
|
|
5.40 |
% |
|
|
9.32 |
% |
|
|
5.16 |
% |
||
Return on average tangible equity (non-GAAP)(1) |
|
|
14.95 |
% |
|
|
9.58 |
% |
|
|
16.06 |
% |
|
|
9.28 |
% |
||
Average equity to average assets |
|
|
16.21 |
% |
|
|
16.07 |
% |
|
|
16.31 |
% |
|
|
16.47 |
% |
||
Net interest margin |
|
|
3.14 |
% |
|
|
3.18 |
% |
|
|
3.22 |
% |
|
|
3.24 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||||
PERIOD END BALANCES: |
|
June 30
|
|
June 30
|
|
December 31
|
|
March 31
|
||||||||||
Assets |
|
$ |
27,190,926 |
|
|
$ |
26,234,973 |
|
|
$ |
26,184,247 |
|
|
$ |
27,030,755 |
|
||
Earning assets |
|
|
24,129,532 |
|
|
|
23,253,983 |
|
|
|
23,172,403 |
|
|
|
24,023,292 |
|
||
Loans & leases, net of unearned income |
|
|
16,888,001 |
|
|
|
17,992,402 |
|
|
|
17,591,413 |
|
|
|
17,365,891 |
|
||
Loans held for sale |
|
|
576,827 |
|
|
|
625,984 |
|
|
|
718,937 |
|
|
|
808,134 |
|
||
Investment securities |
|
|
3,511,501 |
|
|
|
3,062,198 |
|
|
|
3,186,184 |
|
|
|
3,402,922 |
|
||
Total deposits |
|
|
21,567,391 |
|
|
|
19,893,843 |
|
|
|
20,585,160 |
|
|
|
21,396,474 |
|
||
Shareholders’ equity |
|
|
4,393,713 |
|
|
|
4,197,855 |
|
|
|
4,297,620 |
|
|
|
4,332,698 |
|
||
Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure. |
||||||||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June |
|
June |
|
March |
|
June |
|
June |
||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Interest & Loan Fees Income (GAAP) |
$ |
200,186 |
|
|
$ |
198,717 |
|
|
$ |
205,657 |
|
|
$ |
405,843 |
|
|
$ |
379,199 |
|
Tax equivalent adjustment |
|
1,075 |
|
|
|
1,018 |
|
|
|
1,047 |
|
|
|
2,122 |
|
|
|
1,800 |
|
Interest & Fees Income (FTE) (non-GAAP) |
|
201,261 |
|
|
|
199,735 |
|
|
|
206,704 |
|
|
|
407,965 |
|
|
|
380,999 |
|
Interest Expense |
|
13,669 |
|
|
|
28,115 |
|
|
|
14,697 |
|
|
|
28,366 |
|
|
|
67,079 |
|
Net Interest Income (FTE) (non-GAAP) |
|
187,592 |
|
|
|
171,620 |
|
|
|
192,007 |
|
|
|
379,599 |
|
|
|
313,920 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for Credit Losses |
|
(8,879 |
) |
|
|
45,911 |
|
|
|
143 |
|
|
|
(8,736 |
) |
|
|
73,030 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Fees from trust services |
|
4,193 |
|
|
|
3,261 |
|
|
|
3,763 |
|
|
|
7,956 |
|
|
|
6,744 |
|
Fees from brokerage services |
|
3,654 |
|
|
|
2,651 |
|
|
|
4,323 |
|
|
|
7,977 |
|
|
|
5,567 |
|
Fees from deposit services |
|
9,396 |
|
|
|
8,055 |
|
|
|
8,896 |
|
|
|
18,292 |
|
|
|
16,012 |
|
Bankcard fees and merchant discounts |
|
1,368 |
|
|
|
718 |
|
|
|
1,064 |
|
|
|
2,432 |
|
|
|
1,711 |
|
Other charges, commissions, and fees |
|
775 |
|
|
|
610 |
|
|
|
759 |
|
|
|
1,534 |
|
|
|
1,128 |
|
Income from bank-owned life insurance |
|
1,658 |
|
|
|
1,291 |
|
|
|
1,403 |
|
|
|
3,061 |
|
|
|
3,679 |
|
Income from mortgage banking activities |
|
36,943 |
|
|
|
68,213 |
|
|
|
65,395 |
|
|
|
102,338 |
|
|
|
85,844 |
|
Mortgage loan servicing income |
|
2,386 |
|
|
|
1,534 |
|
|
|
2,355 |
|
|
|
4,741 |
|
|
|
1,534 |
|
Net gains on investment securities |
|
24 |
|
|
|
1,510 |
|
|
|
2,609 |
|
|
|
2,633 |
|
|
|
1,706 |
|
Other noninterest income |
|
2,449 |
|
|
|
547 |
|
|
|
2,006 |
|
|
|
4,455 |
|
|
|
1,271 |
|
Total Noninterest Income |
|
62,846 |
|
|
|
88,390 |
|
|
|
92,573 |
|
|
|
155,419 |
|
|
|
125,196 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation |
|
68,557 |
|
|
|
68,664 |
|
|
|
72,412 |
|
|
|
140,969 |
|
|
|
113,205 |
|
Employee benefits |
|
14,470 |
|
|
|
12,779 |
|
|
|
15,450 |
|
|
|
29,920 |
|
|
|
23,565 |
|
Net occupancy |
|
10,101 |
|
|
|
10,318 |
|
|
|
10,941 |
|
|
|
21,042 |
|
|
|
19,380 |
|
Data processing |
|
6,956 |
|
|
|
15,926 |
|
|
|
7,026 |
|
|
|
13,982 |
|
|
|
21,432 |
|
Amortization of intangibles |
|
1,467 |
|
|
|
1,646 |
|
|
|
1,466 |
|
|
|
2,933 |
|
|
|
3,223 |
|
OREO expense |
|
372 |
|
|
|
607 |
|
|
|
3,625 |
|
|
|
3,997 |
|
|
|
1,513 |
|
Equipment expense |
|
5,830 |
|
|
|
5,004 |
|
|
|
6,044 |
|
|
|
11,874 |
|
|
|
8,849 |
|
FDIC insurance expense |
|
1,800 |
|
|
|
2,782 |
|
|
|
2,000 |
|
|
|
3,800 |
|
|
|
5,182 |
|
Mortgage loan servicing expense and impairment |
|
3,599 |
|
|
|
2,510 |
|
|
|
3,177 |
|
|
|
6,776 |
|
|
|
2,648 |
|
Other expenses |
|
25,799 |
|
|
|
29,138 |
|
|
|
26,786 |
|
|
|
52,585 |
|
|
|
51,510 |
|
Total Noninterest Expense |
|
138,951 |
|
|
|
149,374 |
|
|
|
148,927 |
|
|
|
287,878 |
|
|
|
250,507 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income Before Income Taxes (FTE) (non-GAAP) |
|
120,366 |
|
|
|
64,725 |
|
|
|
135,510 |
|
|
|
255,876 |
|
|
|
115,579 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax equivalent adjustment |
|
1,075 |
|
|
|
1,018 |
|
|
|
1,047 |
|
|
|
2,122 |
|
|
|
1,800 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income Before Income Taxes (GAAP) |
|
119,291 |
|
|
|
63,707 |
|
|
|
134,463 |
|
|
|
253,754 |
|
|
|
113,779 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxes |
|
24,455 |
|
|
|
11,021 |
|
|
|
27,565 |
|
|
|
52,020 |
|
|
|
20,910 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income |
$ |
94,836 |
|
|
$ |
52,686 |
|
|
$ |
106,898 |
|
|
$ |
201,734 |
|
|
$ |
92,869 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
MEMO: Effective Tax Rate |
|
20.50 |
% |
|
|
17.30 |
% |
|
|
20.50 |
% |
|
|
20.50 |
% |
|
|
18.38 |
% |
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
June 2021 |
|
June 2020 |
|
June 30 |
|
December 31 |
|
June 30 |
||||||||||
|
|
|
Q-T-D Average |
|
Q-T-D Average |
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash & Cash Equivalents |
|
|
$ |
3,203,664 |
|
|
$ |
1,803,632 |
|
|
$ |
3,677,396 |
|
|
$ |
2,209,068 |
|
|
$ |
2,062,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities Available for Sale |
|
|
|
3,234,581 |
|
|
|
2,671,202 |
|
|
|
3,277,074 |
|
|
|
2,953,359 |
|
|
|
2,799,941 |
|
Less: Allowance for credit losses |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Net available for sale securities |
|
|
|
3,234,581 |
|
|
|
2,671,202 |
|
|
|
3,277,074 |
|
|
|
2,953,359 |
|
|
|
2,799,941 |
|
Securities Held to Maturity |
|
|
|
1,020 |
|
|
|
1,235 |
|
|
|
1,020 |
|
|
|
1,235 |
|
|
|
1,235 |
|
Less: Allowance for credit losses |
|
|
|
(23 |
) |
|
|
(10 |
) |
|
|
(31 |
) |
|
|
(23 |
) |
|
|
(14 |
) |
Net held to maturity securities |
|
|
|
997 |
|
|
|
1,225 |
|
|
|
989 |
|
|
|
1,212 |
|
|
|
1,221 |
|
Equity Securities |
|
|
|
11,454 |
|
|
|
8,940 |
|
|
|
11,507 |
|
|
|
10,718 |
|
|
|
9,875 |
|
Other Investment Securities |
|
|
|
221,093 |
|
|
|
249,555 |
|
|
|
221,931 |
|
|
|
220,895 |
|
|
|
251,161 |
|
Total Securities |
|
|
|
3,468,125 |
|
|
|
2,930,922 |
|
|
|
3,511,501 |
|
|
|
3,186,184 |
|
|
|
3,062,198 |
|
Total Cash and Securities |
|
|
|
6,671,789 |
|
|
|
4,734,554 |
|
|
|
7,188,897 |
|
|
|
5,395,252 |
|
|
|
5,125,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held for sale |
|
|
|
618,306 |
|
|
|
566,381 |
|
|
|
576,827 |
|
|
|
718,937 |
|
|
|
625,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Loans & Leases |
|
|
|
13,068,138 |
|
|
|
11,795,853 |
|
|
|
12,723,654 |
|
|
|
13,165,497 |
|
|
|
13,043,554 |
|
Mortgage Loans |
|
|
|
2,950,453 |
|
|
|
3,730,995 |
|
|
|
2,946,352 |
|
|
|
3,197,274 |
|
|
|
3,745,085 |
|
Consumer Loans |
|
|
|
1,224,973 |
|
|
|
1,259,424 |
|
|
|
1,251,646 |
|
|
|
1,259,812 |
|
|
|
1,243,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Loans |
|
|
|
17,243,564 |
|
|
|
16,786,272 |
|
|
|
16,921,652 |
|
|
|
17,622,583 |
|
|
|
18,032,554 |
|
Unearned income |
|
|
|
(36,437 |
) |
|
|
(7,645 |
) |
|
|
(33,651 |
) |
|
|
(31,170 |
) |
|
|
(40,152 |
) |
Loans & Leases, net of unearned income |
|
|
|
17,207,127 |
|
|
|
16,778,627 |
|
|
|
16,888,001 |
|
|
|
17,591,413 |
|
|
|
17,992,402 |
|
Allowance for Loan & Leases Losses |
|
|
|
(231,422 |
) |
|
|
(170,947 |
) |
|
|
(217,545 |
) |
|
|
(235,830 |
) |
|
|
(215,121 |
) |
Net Loans |
|
|
|
16,975,705 |
|
|
|
16,607,680 |
|
|
|
16,670,456 |
|
|
|
17,355,583 |
|
|
|
17,777,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage Servicing Rights |
|
|
|
22,385 |
|
|
|
21,171 |
|
|
|
22,540 |
|
|
|
20,955 |
|
|
|
20,200 |
|
Goodwill |
|
|
|
1,810,045 |
|
|
|
1,679,530 |
|
|
|
1,810,040 |
|
|
|
1,796,848 |
|
|
|
1,794,779 |
|
Other Intangibles |
|
|
|
24,875 |
|
|
|
29,153 |
|
|
|
23,990 |
|
|
|
26,923 |
|
|
|
31,108 |
|
Operating Lease Right-of-Use Asset |
|
|
|
68,191 |
|
|
|
65,115 |
|
|
|
66,635 |
|
|
|
69,520 |
|
|
|
70,655 |
|
Other Real Estate Owned |
|
|
|
18,740 |
|
|
|
17,797 |
|
|
|
18,474 |
|
|
|
22,595 |
|
|
|
29,947 |
|
Other Assets |
|
|
|
795,922 |
|
|
|
681,219 |
|
|
|
813,067 |
|
|
|
777,634 |
|
|
|
760,008 |
|
Total Assets |
|
|
$ |
27,005,958 |
|
|
$ |
24,402,600 |
|
|
$ |
27,190,926 |
|
|
$ |
26,184,247 |
|
|
$ |
26,234,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
MEMO: Interest-earning Assets |
|
|
$ |
23,967,740 |
|
|
$ |
21,653,742 |
|
|
$ |
24,129,532 |
|
|
$ |
23,172,403 |
|
|
$ |
23,253,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing Deposits |
|
|
$ |
13,219,572 |
|
|
$ |
11,600,243 |
|
|
$ |
13,283,937 |
|
|
$ |
13,179,900 |
|
|
$ |
12,797,269 |
|
Noninterest-bearing Deposits |
|
|
|
8,227,147 |
|
|
|
6,412,124 |
|
|
|
8,283,454 |
|
|
|
7,405,260 |
|
|
|
7,096,574 |
|
Total Deposits |
|
|
|
21,446,719 |
|
|
|
18,012,367 |
|
|
|
21,567,391 |
|
|
|
20,585,160 |
|
|
|
19,893,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term Borrowings |
|
|
|
136,801 |
|
|
|
144,866 |
|
|
|
127,745 |
|
|
|
142,300 |
|
|
|
176,168 |
|
Long-term Borrowings |
|
|
|
814,151 |
|
|
|
2,070,557 |
|
|
|
814,022 |
|
|
|
864,369 |
|
|
|
1,633,891 |
|
Total Borrowings |
|
|
|
950,952 |
|
|
|
2,215,423 |
|
|
|
941,767 |
|
|
|
1,006,669 |
|
|
|
1,810,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Lease Liability |
|
|
|
72,254 |
|
|
|
68,917 |
|
|
|
70,546 |
|
|
|
73,213 |
|
|
|
74,435 |
|
Other Liabilities |
|
|
|
157,135 |
|
|
|
184,604 |
|
|
|
217,509 |
|
|
|
221,585 |
|
|
|
258,781 |
|
Total Liabilities |
|
|
|
22,627,060 |
|
|
|
20,481,311 |
|
|
|
22,797,213 |
|
|
|
21,886,627 |
|
|
|
22,037,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred Equity |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Common Equity |
|
|
|
4,378,898 |
|
|
|
3,921,289 |
|
|
|
4,393,713 |
|
|
|
4,297,620 |
|
|
|
4,197,855 |
|
Total Shareholders' Equity |
|
|
|
4,378,898 |
|
|
|
3,921,289 |
|
|
|
4,393,713 |
|
|
|
4,297,620 |
|
|
|
4,197,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Liabilities & Equity |
|
|
$ |
27,005,958 |
|
|
$ |
24,402,600 |
|
|
$ |
27,190,926 |
|
|
$ |
26,184,247 |
|
|
$ |
26,234,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
MEMO: Interest-bearing Liabilities |
|
|
$ |
14,170,524 |
|
|
$ |
13,815,666 |
|
|
$ |
14,225,704 |
|
|
$ |
14,186,569 |
|
|
$ |
14,607,328 |
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||
|
June |
|
June |
|
March |
|
June |
|
June |
|||||||||||
Quarterly/Year-to-Date Share Data: |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
0.73 |
|
|
$ |
0.44 |
|
|
$ |
0.83 |
|
|
$ |
1.56 |
|
|
$ |
0.84 |
|
|
Diluted |
$ |
0.73 |
|
|
$ |
0.44 |
|
|
$ |
0.83 |
|
|
$ |
1.56 |
|
|
$ |
0.84 |
|
|
Common Dividend Declared Per Share |
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
|
High Common Stock Price |
$ |
42.50 |
|
|
$ |
33.12 |
|
|
$ |
41.61 |
|
|
$ |
42.50 |
|
|
$ |
39.07 |
|
|
Low Common Stock Price |
$ |
36.19 |
|
|
$ |
21.52 |
|
|
$ |
31.57 |
|
|
$ |
31.57 |
|
|
$ |
19.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Shares Outstanding (Net of Treasury Stock): |
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
128,750,851 |
|
|
|
119,823,652 |
|
|
|
128,635,740 |
|
|
|
128,693,616 |
|
|
|
110,559,363 |
|
|
Diluted |
|
129,033,988 |
|
|
|
119,887,823 |
|
|
|
128,890,861 |
|
|
|
128,946,280 |
|
|
|
110,624,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common Dividends |
$ |
45,268 |
|
|
$ |
45,416 |
|
|
$ |
45,254 |
|
|
$ |
90,522 |
|
|
$ |
81,020 |
|
|
Dividend Payout Ratio |
|
47.73 |
% |
|
|
86.20 |
% |
|
|
42.33 |
% |
|
|
44.87 |
% |
|
|
87.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
June 30 |
|
June 30 |
|
March |
|||||||||||
EOP Share Data: |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|||||
Book Value Per Share |
|
|
|
|
$ |
34.01 |
|
|
$ |
32.35 |
|
|
$ |
33.54 |
|
|||||
Tangible Book Value Per Share (non-GAAP) (1) |
|
|
|
|
$ |
19.81 |
|
|
$ |
18.28 |
|
|
$ |
19.38 |
|
|||||
52-week High Common Stock Price |
|
|
|
|
$ |
42.50 |
|
|
$ |
40.70 |
|
|
$ |
41.61 |
|
|||||
Date |
|
|
|
|
05/18/21 |
|
11/05/19 |
|
03/18/21 |
|||||||||||
52-week Low Common Stock Price |
|
|
|
|
$ |
20.57 |
|
|
$ |
19.67 |
|
|
$ |
20.57 |
|
|||||
Date |
|
|
|
|
09/25/20 |
|
03/23/20 |
|
09/25/20 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
EOP Shares Outstanding (Net of Treasury Stock): |
|
|
|
|
|
129,203,593 |
|
|
|
129,755,395 |
|
|
|
129,175,800 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Memorandum Items: |
|
|
|
|
|
|
|
|
|
|||||||||||
EOP Employees (full-time equivalent) |
|
|
|
|
|
3,012 |
|
|
|
3,039 |
|
|
|
3,033 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Note: |
|
|
|
|
|
|
|
|
|
|||||||||||
(1) Tangible Book Value Per Share: |
|
|
|
|
|
|
|
|
|
|||||||||||
Total Shareholders' Equity (GAAP) |
|
|
|
|
$ |
4,393,713 |
|
|
$ |
4,197,855 |
|
|
$ |
4,332,698 |
|
|||||
Less: Total Intangibles |
|
|
|
|
|
(1,834,030 |
) |
|
|
(1,825,887 |
) |
|
|
(1,829,495 |
) |
|||||
Tangible Equity (non-GAAP) |
|
|
|
|
$ |
2,559,683 |
|
|
$ |
2,371,968 |
|
|
$ |
2,503,203 |
|
|||||
÷ EOP Shares Outstanding (Net of Treasury Stock) |
|
|
|
|
|
129,203,593 |
|
|
|
129,755,395 |
|
|
|
129,175,800 |
|
|||||
Tangible Book Value Per Share (non-GAAP) |
|
|
|
|
$ |
19.81 |
|
|
$ |
18.28 |
|
|
$ |
19.38 |
|
|||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||||||||
|
|
June |
|
June |
|
March |
|
June |
|
June |
|
|||||||||||
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Selected Yields and Net Interest Margin: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Loans and Loans held for sale |
|
|
4.18 |
% |
|
|
4.21 |
% |
|
|
4.26 |
% |
|
|
4.22 |
% |
|
|
4.38 |
% |
|
|
Investment Securities |
|
|
1.87 |
% |
|
|
2.44 |
% |
|
|
1.93 |
% |
|
|
1.90 |
% |
|
|
2.56 |
% |
|
|
Money Market Investments/FFS |
|
|
0.24 |
% |
|
|
0.49 |
% |
|
|
0.34 |
% |
|
|
0.28 |
% |
|
|
1.04 |
% |
|
|
Average Earning Assets Yield |
|
|
3.37 |
% |
|
|
3.70 |
% |
|
|
3.56 |
% |
|
|
3.46 |
% |
|
|
3.93 |
% |
|
|
Interest-bearing Deposits |
|
|
0.33 |
% |
|
|
0.67 |
% |
|
|
0.37 |
% |
|
|
0.35 |
% |
|
|
0.90 |
% |
|
|
Short-term Borrowings |
|
|
0.54 |
% |
|
|
0.54 |
% |
|
|
0.51 |
% |
|
|
0.52 |
% |
|
|
0.93 |
% |
|
|
Long-term Borrowings |
|
|
1.22 |
% |
|
|
1.68 |
% |
|
|
1.23 |
% |
|
|
1.23 |
% |
|
|
1.95 |
% |
|
|
Average Liability Costs |
|
|
0.39 |
% |
|
|
0.82 |
% |
|
|
0.42 |
% |
|
|
0.40 |
% |
|
|
1.07 |
% |
|
|
Net Interest Spread |
|
|
2.98 |
% |
|
|
2.88 |
% |
|
|
3.14 |
% |
|
|
3.06 |
% |
|
|
2.86 |
% |
|
|
Net Interest Margin |
|
|
3.14 |
% |
|
|
3.18 |
% |
|
|
3.30 |
% |
|
|
3.22 |
% |
|
|
3.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Selected Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Return on Average Assets |
|
|
1.41 |
% |
|
|
0.87 |
% |
|
|
1.64 |
% |
|
|
1.52 |
% |
|
|
0.85 |
% |
|
|
Return on Average Shareholders’ Equity |
|
|
8.69 |
% |
|
|
5.40 |
% |
|
|
9.97 |
% |
|
|
9.32 |
% |
|
|
5.16 |
% |
|
|
Return on Average Tangible Equity (non-GAAP) (1) |
|
|
14.95 |
% |
|
|
9.58 |
% |
|
|
17.20 |
% |
|
|
16.06 |
% |
|
|
9.28 |
% |
|
|
Efficiency Ratio |
|
|
55.72 |
% |
|
|
57.68 |
% |
|
|
52.53 |
% |
|
|
54.02 |
% |
|
|
57.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Note: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1) Return on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(a) Net Income (GAAP) |
|
$ |
94,836 |
|
|
$ |
52,686 |
|
|
$ |
106,898 |
|
|
$ |
201,734 |
|
|
$ |
92,869 |
|
|
|
(b) Number of Days |
|
|
91 |
|
|
|
91 |
|
|
|
90 |
|
|
|
181 |
|
|
|
182 |
|
|
|
Average Total Shareholders' Equity (GAAP) |
|
$ |
4,378,898 |
|
|
$ |
3,921,289 |
|
|
$ |
4,346,750 |
|
|
$ |
4,363,053 |
|
|
$ |
3,620,425 |
|
|
|
Less: Average Total Intangibles |
|
|
(1,834,920 |
) |
|
|
(1,708,683 |
) |
|
|
(1,825,639 |
) |
|
|
(1,830,305 |
) |
|
|
(1,607,977 |
) |
|
|
(c) Average Tangible Equity (non-GAAP) |
|
$ |
2,543,978 |
|
|
$ |
2,212,606 |
|
|
$ |
2,521,111 |
|
|
$ |
2,532,748 |
|
|
$ |
2,012,448 |
|
|
|
Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x 365 or 366 / (c) |
|
|
14.95 |
% |
|
|
9.58 |
% |
|
|
17.20 |
% |
|
|
16.06 |
% |
|
|
9.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Selected Financial Ratios: |
|
|
|
June 30
|
|
June 30
|
|
December 31
|
|
March 31
|
|
|||||||||||
Loans & Leases, net of unearned income / Deposit Ratio |
|
|
|
|
78.30 |
% |
|
|
90.44 |
% |
|
|
85.46 |
% |
|
|
81.16 |
% |
|
|||
Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income |
|
|
|
|
1.29 |
% |
|
|
1.20 |
% |
|
|
1.34 |
% |
|
|
1.33 |
% |
|
|||
Allowance for Credit Losses (2)/ Loans & Leases, net of unearned income |
|
|
|
|
1.41 |
% |
|
|
1.26 |
% |
|
|
1.45 |
% |
|
|
1.45 |
% |
|
|||
Nonaccrual Loans / Loans & Leases, net of unearned income |
|
|
|
|
0.24 |
% |
|
|
0.38 |
% |
|
|
0.36 |
% |
|
|
0.28 |
% |
|
|||
90-Day Past Due Loans/ Loans & Leases, net of unearned income |
|
|
|
|
0.08 |
% |
|
|
0.06 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|||
Non-performing Loans/ Loans & Leases, net of unearned income |
|
|
|
|
0.61 |
% |
|
|
0.87 |
% |
|
|
0.75 |
% |
|
|
0.67 |
% |
|
|||
Non-performing Assets/ Total Assets |
|
|
|
|
0.45 |
% |
|
|
0.71 |
% |
|
|
0.59 |
% |
|
|
0.50 |
% |
|
|||
Primary Capital Ratio |
|
|
|
|
16.89 |
% |
|
|
16.72 |
% |
|
|
17.22 |
% |
|
|
16.80 |
% |
|
|||
Shareholders' Equity Ratio |
|
|
|
|
16.16 |
% |
|
|
16.00 |
% |
|
|
16.41 |
% |
|
|
16.03 |
% |
|
|||
Price / Book Ratio |
|
|
|
|
1.07 |
|
x |
|
0.85 |
|
x |
|
0.97 |
|
x |
|
1.15 |
|
x |
|||
Price / Earnings Ratio |
|
|
|
|
12.42 |
|
x |
|
15.74 |
|
x |
|
11.35 |
|
x |
|
11.63 |
|
x |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Note: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(2) Includes allowances for loan losses and lending-related commitments. |
|
|
|
|
|
|||||||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data and Number of Loans Serviced) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||||
|
|
June |
|
June |
|
March |
|
June |
|
June |
|
||||||||||
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Mortgage Banking Segment Data: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Applications |
|
$ |
2,029,846 |
|
|
$ |
2,189,008 |
|
|
$ |
2,630,426 |
|
|
$ |
4,660,272 |
|
|
$ |
4,243,008 |
|
|
Loans originated |
|
|
1,658,128 |
|
|
|
1,692,297 |
|
|
|
1,910,619 |
|
|
|
3,568,747 |
|
|
|
2,597,246 |
|
|
Loans sold |
|
$ |
1,877,772 |
|
|
$ |
1,636,063 |
|
|
$ |
1,817,884 |
|
|
$ |
3,695,656 |
|
|
$ |
2,429,455 |
|
|
Purchase money % of loans closed |
|
|
69 |
% |
|
|
42 |
% |
|
|
43 |
% |
|
|
55 |
% |
|
|
44 |
% |
|
Realized gain on sales and fees as a % of loans sold |
|
|
2.90 |
% |
|
|
2.49 |
% |
|
|
4.16 |
% |
|
|
3.52 |
% |
|
|
2.60 |
% |
|
Net interest income |
|
$ |
2,871 |
|
|
$ |
2,246 |
|
|
$ |
2,650 |
|
|
$ |
5,521 |
|
|
$ |
3,195 |
|
|
Other income |
|
|
39,764 |
|
|
|
71,013 |
|
|
|
67,507 |
|
|
|
107,271 |
|
|
|
92,203 |
|
|
Other expense |
|
|
36,390 |
|
|
|
35,261 |
|
|
|
41,183 |
|
|
|
77,573 |
|
|
|
56,018 |
|
|
Income taxes |
|
|
1,280 |
|
|
|
6,946 |
|
|
|
5,940 |
|
|
|
7,220 |
|
|
|
7,219 |
|
|
Net income |
|
$ |
4,965 |
|
|
$ |
31,052 |
|
|
$ |
23,034 |
|
|
$ |
27,999 |
|
|
$ |
32,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
June 30 |
|
June 30 |
|
December 31 |
|
March 31 |
|
||||||||||
Period End Mortgage Banking Segment Data: |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2021 |
|
|
||
Locked pipeline |
|
|
|
$ |
660,258 |
|
|
$ |
889,275 |
|
|
$ |
989,640 |
|
|
$ |
979,842 |
|
|
||
Balance of loans serviced |
|
|
|
$ |
3,674,023 |
|
|
$ |
3,552,292 |
|
|
$ |
3,587,953 |
|
|
$ |
3,585,890 |
|
|
||
Number of loans serviced |
|
|
|
|
25,526 |
|
|
|
25,609 |
|
|
|
25,614 |
|
|
|
25,443 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
June 30 |
|
June 30 |
|
December 31 |
|
March 31 |
|
||||||||||
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2021 |
|
|
||
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EOP Non-Accrual Loans |
|
|
|
$ |
41,182 |
|
|
$ |
67,669 |
|
|
$ |
62,718 |
|
|
$ |
48,985 |
|
|
||
EOP 90-Day Past Due Loans |
|
|
|
|
14,135 |
|
|
|
11,150 |
|
|
|
13,832 |
|
|
|
15,719 |
|
|
||
EOP Restructured Loans (1) |
|
|
|
|
47,271 |
|
|
|
77,436 |
|
|
|
55,657 |
|
|
|
51,529 |
|
|
||
Total EOP Non-performing Loans |
|
|
|
$ |
102,588 |
|
|
$ |
156,255 |
|
|
$ |
132,207 |
|
|
$ |
116,233 |
|
|
||
EOP Other Real Estate Owned |
|
|
|
|
18,474 |
|
|
|
29,947 |
|
|
|
22,595 |
|
|
|
18,690 |
|
|
||
Total EOP Non-performing Assets |
|
|
|
$ |
121,062 |
|
|
$ |
186,202 |
|
|
$ |
154,802 |
|
|
$ |
134,923 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||||
|
|
June |
|
June |
|
March |
|
June |
|
June |
|
||||||||||
Allowance for Loan Losses: |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Beginning Balance |
|
$ |
231,582 |
|
|
$ |
154,923 |
|
|
$ |
235,830 |
|
|
$ |
235,830 |
|
|
$ |
77,057 |
|
|
Cumulative Effect Adjustment for CECL |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
57,442 |
|
|
|
|
|
231,582 |
|
|
|
154,923 |
|
|
|
235,830 |
|
|
|
235,830 |
|
|
|
134,499 |
|
|
Initial allowance for acquired PCD loans |
|
|
0 |
|
|
|
18,635 |
|
|
|
0 |
|
|
|
0 |
|
|
|
18,635 |
|
|
Gross Charge-offs |
|
|
(6,131 |
) |
|
|
(5,634 |
) |
|
|
(6,957 |
) |
|
|
(13,088 |
) |
|
|
(14,395 |
) |
|
Recoveries |
|
|
910 |
|
|
|
1,290 |
|
|
|
2,415 |
|
|
|
3,325 |
|
|
|
3,363 |
|
|
Net Charge-offs |
|
|
(5,221 |
) |
|
|
(4,344 |
) |
|
|
(4,542 |
) |
|
|
(9,763 |
) |
|
|
(11,032 |
) |
|
Provision for Loan & Lease Losses |
|
|
(8,816 |
) |
|
|
45,907 |
|
|
|
294 |
|
|
|
(8,522 |
) |
|
|
73,019 |
|
|
Ending Balance |
|
$ |
217,545 |
|
|
$ |
215,121 |
|
|
$ |
231,582 |
|
|
$ |
217,545 |
|
|
$ |
215,121 |
|
|
Reserve for lending-related commitments |
|
|
20,897 |
|
|
|
11,946 |
|
|
|
20,024 |
|
|
|
20,897 |
|
|
|
11,946 |
|
|
Allowance for Credit Losses (2) |
|
$ |
238,442 |
|
|
$ |
227,067 |
|
|
$ |
251,606 |
|
|
$ |
238,442 |
|
|
$ |
227,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Notes: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Restructured loans with an aggregate balance of |
|
||||||||||||||||||||
(2) Includes allowances for loan losses and lending-related commitments. |
|
||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210723005036/en/
FAQ
What were United Bankshares' earnings for Q2 2021?
How does the Q2 2021 performance compare to Q2 2020 for UBSI?
What is the expected impact of the merger with Community Bankers Trust on UBSI?
How has noninterest income changed for United Bankshares in Q2 2021?
What was the net interest margin for United Bankshares in Q2 2021?
