United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2024
United Bankshares (NASDAQ: UBSI) reported Q3 2024 earnings of $95.3 million, or $0.70 per diluted share, with annualized returns on average assets of 1.28%. Net interest income increased to $230.3 million, up 2% from Q2 2024. The company maintains strong asset quality with non-performing loans at 0.30% of total loans. United previously announced a merger agreement with Piedmont Bancorp, expected to close in late Q4 2024 or early Q1 2025, creating a combined organization with approximately $32 billion in assets and over 240 locations across eight states and Washington, D.C.
United Bankshares (NASDAQ: UBSI) ha riportato utili per il terzo trimestre del 2024 di 95,3 milioni di dollari, ovvero 0,70 dollari per azione diluita, con rendimenti annualizzati sugli attivi medi dell'1,28%. Il reddito da interessi netto è aumentato a 230,3 milioni di dollari, in crescita del 2% rispetto al secondo trimestre del 2024. L'azienda mantiene una forte qualità degli attivi con prestiti non performanti pari allo 0,30% dei prestiti totali. United aveva precedentemente annunciato un accordo di fusione con Piedmont Bancorp, previsto per chiudere entro la fine del quarto trimestre del 2024 o all'inizio del primo trimestre del 2025, creando un'organizzazione combinata con circa 32 miliardi di dollari in attivi e oltre 240 sedi in otto stati e Washington D.C.
United Bankshares (NASDAQ: UBSI) informó ganancias para el tercer trimestre de 2024 de 95.3 millones de dólares, o 0.70 dólares por acción diluida, con rendimientos anuales sobre activos promedio del 1.28%. Los ingresos netos por intereses aumentaron a 230.3 millones de dólares, un 2% más que el segundo trimestre de 2024. La compañía mantiene una sólida calidad de activos con préstamos no productivos en el 0.30% del total de préstamos. United había anunciado previamente un acuerdo de fusión con Piedmont Bancorp, que se espera que cierre a finales del cuarto trimestre de 2024 o principios del primer trimestre de 2025, creando una organización combinada con aproximadamente 32 mil millones de dólares en activos y más de 240 ubicaciones en ocho estados y Washington D.C.
United Bankshares (NASDAQ: UBSI)는 2024년 3분기 실적을 9,530만 달러, 즉 희석주당 0.70달러로 보고했으며, 평균 자산에 대한 연환산 수익률은 1.28%입니다. 순이자 수익은 2억 3,030만 달러로 증가했으며, 이는 2024년 2분기보다 2% 상승한 수치입니다. 이 회사는 총 대출의 0.30%를 차지하는 비수익 대출로 강력한 자산 품질을 유지하고 있습니다. United는 Piedmont Bancorp와의 합병 계약을 이전에 발표했으며, 이는 2024년 4분기 말 또는 2025년 1분기 초에 종료될 예정으로, 약 320억 달러의 자산과 240개 이상의 위치를 갖는 결합된 조직을 만들어냅니다.
United Bankshares (NASDAQ: UBSI) a annoncé des bénéfices pour le troisième trimestre 2024 de 95,3 millions de dollars, soit 0,70 dollar par action diluée, avec des rendements annualisés sur les actifs moyens de 1,28%. Les revenus d'intérêts nets ont augmenté pour atteindre 230,3 millions de dollars, en hausse de 2 % par rapport au deuxième trimestre 2024. L'entreprise maintient une bonne qualité d'actifs avec des prêts non performants représentant 0,30 % du total des prêts. United a précédemment annoncé un accord de fusion avec Piedmont Bancorp, qui devrait se conclure d'ici la fin du quatrième trimestre 2024 ou au début du premier trimestre 2025, créant une organisation combinée avec environ 32 milliards de dollars d'actifs et plus de 240 emplacements dans huit États et Washington D.C.
United Bankshares (NASDAQ: UBSI) berichtete im dritten Quartal 2024 über einen Gewinn von 95,3 Millionen Dollar oder 0,70 Dollar pro verwässerter Aktie, mit annualisierten Renditen auf durchschnittliche Vermögenswerte von 1,28%. Die Nettzinsvergütung stieg auf 230,3 Millionen Dollar, was einem Anstieg von 2% gegenüber dem zweiten Quartal 2024 entspricht. Das Unternehmen hält eine starke Vermögensqualität mit notleidenden Krediten von 0,30% der gesamten Kredite. United hatte zuvor eine Fusionsvereinbarung mit Piedmont Bancorp angekündigt, die voraussichtlich Ende des vierten Quartals 2024 oder Anfang des ersten Quartals 2025 abgeschlossen wird und eine kombinierte Organisation mit ungefähr 32 Milliarden Dollar in Vermögenswerten und über 240 Standorten in acht Bundesstaaten und Washington, D.C. schafft.
- Net interest income increased by $4.5 million (2%) quarter-over-quarter to $230.3 million
- Strong asset quality with NPLs at only 0.30% of total loans
- Well-capitalized with 16.2% risk-based capital ratio
- Average short-term investments increased $457.0 million (49%) from Q2 2024
- Net charge-offs increased to $3.6 million in Q3 2024 from $1.3 million in Q2 2024
- Net losses on investment securities were $6.7 million in Q3 2024
- Earnings per share decreased to $0.70 in Q3 2024 from $0.71 in Q3 2023
Insights
The Q3 2024 earnings report for United Bankshares (UBSI) shows stable performance with some notable highlights. Net income reached
Key positives include a
The pending Piedmont Bancorp merger will expand UBSI's footprint to
UBSI's strategic positioning shows both opportunities and challenges. The upcoming Piedmont merger will strengthen market presence in desirable banking regions, potentially driving future growth. However, the
The bank's decision to sell
“We are excited to announce this quarter’s earnings,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “It was another successful quarter for UBSI, and we continue to perform at a high level. Profitability metrics stayed strong, growth trends continued upward, and expenses were well-controlled. In addition, asset quality, liquidity, and capital levels remain a source of strength.”
United previously announced during the second quarter of 2024 that it entered into a definitive merger agreement with Piedmont Bancorp, Inc. (“Piedmont”). The combined organization will have approximately
Earnings for the second quarter of 2024 were
Third quarter of 2024 compared to the second quarter of 2024
Net interest income for the third quarter of 2024 was
The provision for credit losses was
Noninterest income for the third quarter of 2024 was
Noninterest expense for the third quarter of 2024 of
For the third quarter of 2024, income tax expense was
Third quarter of 2024 compared to the third quarter of 2023
Earnings for the third quarter of 2024 were
Net interest income for the third quarter of 2024 of
The provision for credit losses was
Noninterest income for the third quarter of 2024 was
Noninterest expense for the third quarter of 2024 was flat from the third quarter of 2023, increasing
Income tax expense for the third quarter of 2024 was flat from the third quarter of 2023, decreasing
First nine months of 2024 compared to the first nine months of 2023
Earnings for the first nine months of 2024 were
Net interest income for the first nine months of 2024 decreased
The provision for credit losses was
Noninterest income for the first nine months of 2024 was
Noninterest expense for the first nine months of 2024 was
For the first nine months of 2024, income tax expense was
Credit Quality
United’s asset quality continues to be sound. At September 30, 2024, non-performing loans (“NPLs”) were
As of September 30, 2024, the allowance for loan & lease losses was
Net charge-offs were
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 September 30, 2024, 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 September 30, 2024 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 September 30, 2024 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
Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average 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 equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible 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 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: uncertainty in
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
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Stock Symbol: UBSI |
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(In Thousands Except for Per Share Data) |
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Three Months Ended |
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Nine Months Ended |
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EARNINGS SUMMARY: |
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September 2024 |
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September 2023 |
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June 2024 |
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September 2024 |
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September 2023 |
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Interest income |
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$ |
382,723 |
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$ |
356,910 |
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$ |
374,184 |
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$ |
1,126,087 |
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$ |
1,032,145 |
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Interest expense |
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152,467 |
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|
128,457 |
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|
148,469 |
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|
447,627 |
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341,911 |
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Net interest income |
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230,256 |
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228,453 |
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225,715 |
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678,460 |
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690,234 |
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Provision for credit losses |
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6,943 |
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5,948 |
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5,779 |
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18,462 |
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24,278 |
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Noninterest income |
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31,942 |
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33,661 |
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30,223 |
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94,377 |
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101,583 |
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Noninterest expense |
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135,339 |
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135,230 |
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134,774 |
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410,855 |
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407,937 |
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Income before income taxes |
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119,916 |
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120,936 |
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115,385 |
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343,520 |
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359,602 |
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Income taxes |
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24,649 |
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24,779 |
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18,878 |
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64,932 |
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72,679 |
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Net income |
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$ |
95,267 |
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$ |
96,157 |
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$ |
96,507 |
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$ |
278,588 |
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$ |
286,923 |
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PER COMMON SHARE: |
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Net income: |
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Basic |
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$ |
0.70 |
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$ |
0.71 |
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$ |
0.71 |
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$ |
2.06 |
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$ |
2.13 |
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Diluted |
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0.70 |
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0.71 |
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0.71 |
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2.06 |
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2.12 |
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Cash dividends |
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$ |
0.37 |
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$ |
0.36 |
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0.37 |
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1.11 |
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1.08 |
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Book value |
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35.92 |
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36.74 |
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34.45 |
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Closing market price |
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$ |
32.44 |
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$ |
37.10 |
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$ |
27.59 |
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Common shares outstanding: |
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Actual at period end, net of treasury shares |
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135,195,704 |
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135,220,770 |
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134,933,015 |
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Weighted average-basic |
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135,158,476 |
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134,685,041 |
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135,137,901 |
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134,912,625 |
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134,493,059 |
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Weighted average-diluted |
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135,504,911 |
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134,887,776 |
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135,314,785 |
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135,143,028 |
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134,733,055 |
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FINANCIAL RATIOS: |
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Return on average assets |
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1.28 |
% |
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1.31 |
% |
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1.32 |
% |
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1.26 |
% |
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1.31 |
% |
Return on average shareholders’ equity |
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7.72 |
% |
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8.14 |
% |
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7.99 |
% |
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7.65 |
% |
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8.27 |
% |
Return on average tangible equity (non-GAAP)(1) |
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12.59 |
% |
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13.71 |
% |
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13.12 |
% |
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12.57 |
% |
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14.03 |
% |
Average equity to average assets |
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16.64 |
% |
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16.12 |
% |
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16.54 |
% |
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16.52 |
% |
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15.81 |
% |
Net interest margin |
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3.52 |
% |
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3.54 |
% |
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3.50 |
% |
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3.49 |
% |
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3.56 |
% |
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PERIOD END BALANCES: |
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September 30 2024 |
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December 31 2023 |
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September 30 2023 |
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June 30 2024 |
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Assets |
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$ |
29,863,262 |
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$ |
29,926,482 |
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$ |
29,224,794 |
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$ |
29,957,418 |
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Earning assets |
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26,461,342 |
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26,623,652 |
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25,883,462 |
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26,572,087 |
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Loans & leases, net of unearned income |
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21,621,968 |
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21,359,084 |
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21,097,883 |
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21,598,727 |
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Loans held for sale |
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46,493 |
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56,261 |
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59,614 |
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66,475 |
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Investment securities |
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3,538,415 |
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4,125,754 |
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4,066,299 |
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3,650,582 |
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Total deposits |
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23,828,345 |
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22,819,319 |
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22,676,854 |
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23,066,440 |
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Shareholders’ equity |
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4,967,820 |
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4,771,240 |
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4,648,878 |
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4,856,633 |
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Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non |
GAAP measure. |
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
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Stock Symbol: UBSI |
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(In Thousands Except for Per Share Data) |
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Consolidated Statements of Income |
Three Months Ended |
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Nine Months Ended |
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September |
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September |
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June |
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March |
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September |
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September |
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2024 |
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2023 |
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2024 |
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2024 |
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2024 |
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2023 |
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Interest & Loan Fees Income (GAAP) |
$ |
382,723 |
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$ |
356,910 |
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$ |
374,184 |
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$ |
369,180 |
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$ |
1,126,087 |
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$ |
1,032,145 |
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Tax equivalent adjustment |
|
828 |
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|
869 |
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|
867 |
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|
872 |
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2,567 |
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|
3,148 |
|
Interest & Fees Income (FTE) (non-GAAP) |
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383,551 |
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357,779 |
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|
375,051 |
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370,052 |
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1,128,654 |
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|
1,035,293 |
|
Interest Expense |
|
152,467 |
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|
|
128,457 |
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148,469 |
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|
146,691 |
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447,627 |
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341,911 |
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Net Interest Income (FTE) (non-GAAP) |
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231,084 |
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229,322 |
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226,582 |
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223,361 |
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681,027 |
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|
693,382 |
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Provision for Credit Losses |
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6,943 |
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5,948 |
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5,779 |
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|
5,740 |
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|
18,462 |
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24,278 |
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Noninterest Income: |
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Fees from trust services |
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4,904 |
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|
4,514 |
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|
|
4,744 |
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|
|
4,646 |
|
|
|
14,294 |
|
|
|
13,810 |
|
Fees from brokerage services |
|
5,073 |
|
|
|
4,433 |
|
|
|
4,959 |
|
|
|
5,267 |
|
|
|
15,299 |
|
|
|
12,551 |
|
Fees from deposit services |
|
9,413 |
|
|
|
9,282 |
|
|
|
9,326 |
|
|
|
8,971 |
|
|
|
27,710 |
|
|
|
27,969 |
|
Bankcard fees and merchant discounts |
|
1,775 |
|
|
|
1,676 |
|
|
|
1,355 |
|
|
|
1,873 |
|
|
|
5,003 |
|
|
|
5,090 |
|
Other charges, commissions, and fees |
|
890 |
|
|
|
850 |
|
|
|
869 |
|
|
|
858 |
|
|
|
2,617 |
|
|
|
2,937 |
|
Income from bank-owned life insurance |
|
3,032 |
|
|
|
2,562 |
|
|
|
2,549 |
|
|
|
2,418 |
|
|
|
7,999 |
|
|
|
6,475 |
|
Income from mortgage banking activities |
|
4,544 |
|
|
|
7,556 |
|
|
|
3,901 |
|
|
|
5,298 |
|
|
|
13,743 |
|
|
|
21,847 |
|
Mortgage loan servicing income |
|
7,385 |
|
|
|
846 |
|
|
|
783 |
|
|
|
789 |
|
|
|
8,957 |
|
|
|
12,963 |
|
Net losses on investment securities |
|
(6,715 |
) |
|
|
(181 |
) |
|
|
(218 |
) |
|
|
(99 |
) |
|
|
(7,032 |
) |
|
|
(7,922 |
) |
Other noninterest income |
|
1,641 |
|
|
|
2,123 |
|
|
|
1,955 |
|
|
|
2,191 |
|
|
|
5,787 |
|
|
|
5,863 |
|
Total Noninterest Income |
|
31,942 |
|
|
|
33,661 |
|
|
|
30,223 |
|
|
|
32,212 |
|
|
|
94,377 |
|
|
|
101,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employee compensation |
|
58,481 |
|
|
|
59,064 |
|
|
|
58,501 |
|
|
|
59,293 |
|
|
|
176,275 |
|
|
|
172,980 |
|
Employee benefits |
|
13,084 |
|
|
|
12,926 |
|
|
|
12,147 |
|
|
|
14,671 |
|
|
|
39,902 |
|
|
|
38,597 |
|
Net occupancy |
|
11,271 |
|
|
|
11,494 |
|
|
|
11,400 |
|
|
|
12,343 |
|
|
|
35,014 |
|
|
|
34,736 |
|
Data processing |
|
7,456 |
|
|
|
7,405 |
|
|
|
7,290 |
|
|
|
7,463 |
|
|
|
22,209 |
|
|
|
22,134 |
|
Amortization of intangibles |
|
909 |
|
|
|
1,279 |
|
|
|
910 |
|
|
|
910 |
|
|
|
2,729 |
|
|
|
3,837 |
|
OREO expense |
|
104 |
|
|
|
185 |
|
|
|
268 |
|
|
|
159 |
|
|
|
531 |
|
|
|
1,167 |
|
Net (gains) losses on the sale of OREO properties |
|
(34 |
) |
|
|
93 |
|
|
|
32 |
|
|
|
(83 |
) |
|
|
(85 |
) |
|
|
66 |
|
Equipment expense |
|
7,811 |
|
|
|
7,170 |
|
|
|
7,548 |
|
|
|
6,853 |
|
|
|
22,212 |
|
|
|
22,192 |
|
FDIC insurance expense |
|
4,338 |
|
|
|
4,598 |
|
|
|
5,058 |
|
|
|
6,455 |
|
|
|
15,851 |
|
|
|
13,755 |
|
Mortgage loan servicing expense and impairment |
|
403 |
|
|
|
1,051 |
|
|
|
1,011 |
|
|
|
1,015 |
|
|
|
2,429 |
|
|
|
4,634 |
|
Expense for the reserve for unfunded loan commitments |
|
(2,766 |
) |
|
|
(3,002 |
) |
|
|
(2,177 |
) |
|
|
(1,790 |
) |
|
|
(6,733 |
) |
|
|
(2,423 |
) |
Other noninterest expense |
|
34,282 |
|
|
|
32,967 |
|
|
|
32,786 |
|
|
|
33,453 |
|
|
|
100,521 |
|
|
|
96,262 |
|
Total Noninterest Expense |
|
135,339 |
|
|
|
135,230 |
|
|
|
134,774 |
|
|
|
140,742 |
|
|
|
410,855 |
|
|
|
407,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income Before Income Taxes (FTE) (non-GAAP) |
|
120,744 |
|
|
|
121,805 |
|
|
|
116,252 |
|
|
|
109,091 |
|
|
|
346,087 |
|
|
|
362,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tax equivalent adjustment |
|
828 |
|
|
|
869 |
|
|
|
867 |
|
|
|
872 |
|
|
|
2,567 |
|
|
|
3,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income Before Income Taxes (GAAP) |
|
119,916 |
|
|
|
120,936 |
|
|
|
115,385 |
|
|
|
108,219 |
|
|
|
343,520 |
|
|
|
359,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxes |
|
24,649 |
|
|
|
24,779 |
|
|
|
18,878 |
|
|
|
21,405 |
|
|
|
64,932 |
|
|
|
72,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income |
$ |
95,267 |
|
|
$ |
96,157 |
|
|
$ |
96,507 |
|
|
$ |
86,814 |
|
|
$ |
278,588 |
|
|
$ |
286,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MEMO: Effective Tax Rate |
|
20.56 |
% |
|
|
20.49 |
% |
|
|
16.36 |
% |
|
|
19.78 |
% |
|
|
18.90 |
% |
|
|
20.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Stock Symbol: UBSI |
||||||||||||||||||||||||
(In Thousands Except for Per Share Data) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
September 2024 |
|
September 2023 |
|
September 30 |
|
December 31 |
|
September 30 |
|
June 30 |
||||||||||||
|
|
Q-T-D Average |
Q-T-D Average |
|
2024 |
|
|
2023 |
|
|
|
2023 |
|
|
|
2024 |
|
|||||||
|
|
|
|
|
|
|
||||||||||||||||||
Cash & Cash Equivalents |
|
$ |
1,634,929 |
|
|
$ |
1,133,432 |
|
|
$ |
1,908,832 |
|
|
$ |
1,598,943 |
|
|
$ |
1,184,054 |
|
|
$ |
1,858,861 |
|
Securities Available for Sale |
|
|
3,218,892 |
|
|
|
3,885,870 |
|
|
|
3,239,501 |
|
|
|
3,786,377 |
|
|
|
3,749,357 |
|
|
|
3,315,726 |
|
Less: Allowance for credit losses |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Net available for sale securities |
|
|
3,218,892 |
|
|
|
3,885,870 |
|
|
|
3,239,501 |
|
|
|
3,786,377 |
|
|
|
3,749,357 |
|
|
|
3,315,726 |
|
Securities Held to Maturity |
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
Less: Allowance for credit losses |
|
|
(19 |
) |
|
|
(19 |
) |
|
|
(19 |
) |
|
|
(17 |
) |
|
|
(18 |
) |
|
|
(19 |
) |
Net held to maturity securities |
|
|
1,001 |
|
|
|
1,001 |
|
|
|
1,001 |
|
|
|
1,003 |
|
|
|
1,002 |
|
|
|
1,001 |
|
Equity Securities |
|
|
10,014 |
|
|
|
8,556 |
|
|
|
9,082 |
|
|
|
8,945 |
|
|
|
8,548 |
|
|
|
11,094 |
|
Other Investment Securities |
|
|
292,590 |
|
|
|
309,824 |
|
|
|
288,831 |
|
|
|
329,429 |
|
|
|
307,392 |
|
|
|
322,761 |
|
Total Securities |
|
|
3,522,497 |
|
|
|
4,205,251 |
|
|
|
3,538,415 |
|
|
|
4,125,754 |
|
|
|
4,066,299 |
|
|
|
3,650,582 |
|
Total Cash and Securities |
|
|
5,157,426 |
|
|
|
5,338,683 |
|
|
|
5,447,247 |
|
|
|
5,724,697 |
|
|
|
5,250,353 |
|
|
|
5,509,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans held for sale |
|
|
55,408 |
|
|
|
65,009 |
|
|
|
46,493 |
|
|
|
56,261 |
|
|
|
59,614 |
|
|
|
66,475 |
|
Commercial Loans & Leases |
|
|
15,869,541 |
|
|
|
15,193,346 |
|
|
|
16,015,679 |
|
|
|
15,535,204 |
|
|
|
15,416,232 |
|
|
|
15,894,244 |
|
Mortgage Loans |
|
|
4,734,979 |
|
|
|
4,482,774 |
|
|
|
4,722,997 |
|
|
|
4,728,374 |
|
|
|
4,519,845 |
|
|
|
4,759,798 |
|
Consumer Loans |
|
|
940,167 |
|
|
|
1,237,183 |
|
|
|
892,377 |
|
|
|
1,109,607 |
|
|
|
1,178,898 |
|
|
|
956,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross Loans |
|
|
21,544,687 |
|
|
|
20,913,303 |
|
|
|
21,631,053 |
|
|
|
21,373,185 |
|
|
|
21,114,975 |
|
|
|
21,610,427 |
|
Unearned income |
|
|
(11,762 |
) |
|
|
(16,999 |
) |
|
|
(9,085 |
) |
|
|
(14,101 |
) |
|
|
(17,092 |
) |
|
|
(11,700 |
) |
Loans & Leases, net of unearned income |
|
|
21,532,925 |
|
|
|
20,896,304 |
|
|
|
21,621,968 |
|
|
|
21,359,084 |
|
|
|
21,097,883 |
|
|
|
21,598,727 |
|
Allowance for Loan & Lease Losses |
|
|
(267,457 |
) |
|
|
(250,810 |
) |
|
|
(270,767 |
) |
|
|
(259,237 |
) |
|
|
(254,886 |
) |
|
|
(267,423 |
) |
Net Loans |
|
|
21,265,468 |
|
|
|
20,645,494 |
|
|
|
21,351,201 |
|
|
|
21,099,847 |
|
|
|
20,842,997 |
|
|
|
21,331,304 |
|
Mortgage Servicing Rights |
|
|
1,283 |
|
|
|
4,588 |
|
|
|
0 |
|
|
|
4,554 |
|
|
|
4,616 |
|
|
|
3,934 |
|
Goodwill |
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
Other Intangibles |
|
|
10,372 |
|
|
|
15,880 |
|
|
|
9,776 |
|
|
|
12,505 |
|
|
|
15,060 |
|
|
|
10,685 |
|
Operating Lease Right-of-Use Asset |
|
|
82,783 |
|
|
|
80,751 |
|
|
|
82,114 |
|
|
|
86,986 |
|
|
|
80,259 |
|
|
|
83,045 |
|
Other Real Estate Owned |
|
|
1,787 |
|
|
|
3,189 |
|
|
|
169 |
|
|
|
2,615 |
|
|
|
3,181 |
|
|
|
2,156 |
|
Bank-Owned Life Insurance |
|
|
494,438 |
|
|
|
484,751 |
|
|
|
495,784 |
|
|
|
486,895 |
|
|
|
485,386 |
|
|
|
493,498 |
|
Other Assets |
|
|
545,470 |
|
|
|
548,687 |
|
|
|
541,589 |
|
|
|
563,233 |
|
|
|
594,439 |
|
|
|
567,989 |
|
Total Assets |
$ |
29,503,324 |
$ |
29,075,921 |
$ |
29,863,262 |
$ |
29,926,482 |
$ |
29,224,794 |
$ |
29,957,418 |
||||||||||||
MEMO: Interest-earning Assets |
$ |
26,131,676 |
$ |
25,767,978 |
$ |
26,461,342 |
$ |
26,623,652 |
$ |
25,883,462 |
$ |
26,572,087 |
||||||||||||
Interest-bearing Deposits |
|
$ |
17,399,368 |
|
|
$ |
15,993,991 |
|
|
$ |
17,790,247 |
|
|
$ |
16,670,239 |
|
|
$ |
16,423,511 |
|
|
$ |
17,134,728 |
|
Noninterest-bearing Deposits |
|
|
5,957,184 |
|
|
|
6,337,052 |
|
|
|
6,038,098 |
|
|
|
6,149,080 |
|
|
|
6,253,343 |
|
|
|
5,931,712 |
|
Total Deposits |
|
|
23,356,552 |
|
|
|
22,331,043 |
|
|
|
23,828,345 |
|
|
|
22,819,319 |
|
|
|
22,676,854 |
|
|
|
23,066,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term Borrowings |
|
|
191,954 |
|
|
|
188,945 |
|
|
|
181,969 |
|
|
|
196,095 |
|
|
|
188,274 |
|
|
|
203,519 |
|
Long-term Borrowings |
|
|
748,608 |
|
|
|
1,590,763 |
|
|
|
540,091 |
|
|
|
1,789,103 |
|
|
|
1,388,770 |
|
|
|
1,489,764 |
|
Total Borrowings |
|
|
940,562 |
|
|
|
1,779,708 |
|
|
|
722,060 |
|
|
|
1,985,198 |
|
|
|
1,577,044 |
|
|
|
1,693,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Lease Liability |
|
|
89,082 |
|
|
|
85,112 |
|
|
|
88,464 |
|
|
|
92,885 |
|
|
|
84,569 |
|
|
|
89,308 |
|
Other Liabilities |
|
|
208,262 |
|
|
|
192,934 |
|
|
|
256,573 |
|
|
|
257,840 |
|
|
|
237,449 |
|
|
|
251,754 |
|
Total Liabilities |
|
|
24,594,458 |
|
|
|
24,388,797 |
|
|
|
24,895,442 |
|
|
|
25,155,242 |
|
|
|
24,575,916 |
|
|
|
25,100,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred Equity |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Common Equity |
|
|
4,908,866 |
|
|
|
4,687,124 |
|
|
|
4,967,820 |
|
|
|
4,771,240 |
|
|
|
4,648,878 |
|
|
|
4,856,633 |
|
Total Shareholders' Equity |
|
|
4,908,866 |
|
|
|
4,687,124 |
|
|
|
4,967,820 |
|
|
|
4,771,240 |
|
|
|
4,648,878 |
|
|
|
4,856,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Liabilities & Equity |
|
$ |
29,503,324 |
|
|
$ |
29,075,921 |
|
|
$ |
29,863,262 |
|
|
$ |
29,926,482 |
|
|
$ |
29,224,794 |
|
|
$ |
29,957,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MEMO: Interest-bearing Liabilities |
|
$ |
18,339,930 |
|
|
$ |
17,773,699 |
|
|
$ |
18,512,307 |
|
|
$ |
18,655,437 |
|
|
$ |
18,000,555 |
|
|
$ |
18,828,011 |
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
Stock Symbol: UBSI |
|||||||||||||||||||||||
(In Thousands Except for Per Share Data) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
September |
|
September |
|
June |
|
March |
|
September |
|
September |
||||||||||||
Quarterly/Year-to-Date Share Data: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
0.70 |
|
|
$ |
0.71 |
|
|
$ |
0.71 |
|
|
$ |
0.64 |
|
|
$ |
2.06 |
|
|
$ |
2.13 |
|
Diluted |
$ |
0.70 |
|
|
$ |
0.71 |
|
|
$ |
0.71 |
|
|
$ |
0.64 |
|
|
$ |
2.06 |
|
|
$ |
2.12 |
|
Common Dividend Declared Per Share |
$ |
0.37 |
|
|
$ |
0.36 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
1.11 |
|
|
$ |
1.08 |
|
High Common Stock Price |
$ |
39.93 |
|
|
$ |
34.30 |
|
|
$ |
36.08 |
|
|
$ |
38.18 |
|
|
$ |
39.93 |
|
|
$ |
42.45 |
|
Low Common Stock Price |
$ |
31.47 |
|
|
$ |
26.49 |
|
|
$ |
30.68 |
|
|
$ |
32.92 |
|
|
$ |
30.68 |
|
|
$ |
26.49 |
|
Average Shares Outstanding (Net of Treasury Stock): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
135,158,476 |
|
|
|
134,685,041 |
|
|
|
135,137,901 |
|
|
|
134,808,634 |
|
|
|
134,912,625 |
|
|
|
134,493,059 |
|
Diluted |
|
135,504,911 |
|
|
|
134,887,776 |
|
|
|
135,314,785 |
|
|
|
135,121,380 |
|
|
|
135,143,028 |
|
|
|
134,733,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common Dividends |
$ |
50,213 |
|
|
$ |
48,706 |
|
|
$ |
50,204 |
|
|
$ |
50,213 |
|
|
$ |
150,630 |
|
|
$ |
146,054 |
|
Dividend Payout Ratio |
|
52.71 |
% |
|
|
50.65 |
% |
|
|
52.02 |
% |
|
|
57.84 |
% |
|
|
54.07 |
% |
|
|
50.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
September 30 |
|
December 31 |
|
September 30 |
|
June 30 |
||||||||||||
EOP Share Data: |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2024 |
|
||||
Book Value Per Share |
|
|
|
|
$ |
36.74 |
|
|
$ |
35.36 |
|
|
$ |
34.45 |
|
|
$ |
35.92 |
|
||||
Tangible Book Value Per Share (non-GAAP) (1) |
|
|
|
|
$ |
22.70 |
|
|
$ |
21.27 |
|
|
$ |
20.34 |
|
|
$ |
21.87 |
|
||||
52-week High Common Stock Price |
|
|
|
|
$ |
39.93 |
|
|
$ |
42.45 |
|
|
$ |
44.15 |
|
|
$ |
38.74 |
|
||||
Date |
|
|
|
|
7/31/24 |
|
2/3/23 |
|
11/11/22 |
|
12/14/23 |
||||||||||||
52-week Low Common Stock Price |
|
|
|
|
$ |
25.35 |
|
|
$ |
25.35 |
|
|
$ |
26.49 |
|
|
$ |
25.35 |
|
||||
Date |
|
|
|
|
10/24/23 |
|
10/24/23 |
|
9/22/23 |
|
10/24/23 |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): |
|
|
|
|
|
135,220,770 |
|
|
|
134,949,063 |
|
|
|
134,933,015 |
|
|
|
135,195,704 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Memorandum Items: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employees (full-time equivalent) |
|
|
|
|
|
2,651 |
|
|
|
2,736 |
|
|
|
2,803 |
|
|
|
2,644 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Note: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Tangible Book Value Per Share: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Shareholders' Equity (GAAP) |
|
|
|
|
$ |
4,967,820 |
|
|
$ |
4,771,240 |
|
|
$ |
4,648,878 |
|
|
$ |
4,856,633 |
|
||||
Less: Total Intangibles |
|
|
|
|
|
(1,898,665 |
) |
|
|
(1,901,394 |
) |
|
|
(1,903,949 |
) |
|
|
(1,899,574 |
) |
||||
Tangible Equity (non-GAAP) |
|
|
|
|
$ |
3,069,155 |
|
|
$ |
2,869,846 |
|
|
$ |
2,744,929 |
|
|
$ |
2,957,059 |
|
||||
÷ EOP Shares Outstanding (Net of Treasury Stock) |
|
|
|
|
|
135,220,770 |
|
|
|
134,949,063 |
|
|
|
134,933,015 |
|
|
|
135,195,704 |
|
||||
Tangible Book Value Per Share (non-GAAP) |
|
|
|
|
$ |
22.70 |
|
|
$ |
21.27 |
|
|
$ |
20.34 |
|
|
$ |
21.87 |
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Stock Symbol: UBSI |
||||||||||||||||||||||||||||||||
(In Thousands Except for Per Share Data) |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Three Months Ended September 2024 |
|
Three Months Ended September 2023 |
|
Three Months Ended June 2024 |
|
||||||||||||||||||||||||||
Selected Average Balances and Yields: |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|||||||||||||
ASSETS: |
|
Balance |
|
Interest(1) |
|
Rate(1) |
|
Balance |
|
Interest(1) |
|
Rate(1) |
|
Balance |
|
Interest(1) |
|
Rate(1) |
|
|||||||||||||
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Federal funds sold and securities purchased under agreements to resell and other short-term investments |
|
$ |
1,387,462 |
|
|
$ |
19,241 |
|
5.52 |
% |
|
$ |
852,224 |
|
|
$ |
11,810 |
|
5.50 |
% |
|
$ |
930,453 |
|
|
$ |
12,787 |
|
5.53 |
% |
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Taxable |
|
|
3,218,258 |
|
|
|
30,797 |
|
3.83 |
% |
|
|
3,994,073 |
|
|
|
35,730 |
|
3.58 |
% |
|
|
3,496,310 |
|
|
|
33,968 |
|
3.89 |
% |
|
|
Tax-exempt |
|
|
205,080 |
|
|
|
1,461 |
|
2.85 |
% |
|
|
211,178 |
|
|
|
1,482 |
|
2.81 |
% |
|
|
209,114 |
|
|
|
1,488 |
|
2.85 |
% |
|
|
Total securities |
|
|
3,423,338 |
|
|
|
32,258 |
|
3.77 |
% |
|
|
4,205,251 |
|
|
|
37,212 |
|
3.54 |
% |
|
|
3,705,424 |
|
|
|
35,456 |
|
3.83 |
% |
|
|
Loans and loans held for sale, net of unearned income (2) |
|
|
21,588,333 |
|
|
|
332,052 |
|
6.12 |
% |
|
|
20,961,313 |
|
|
|
308,757 |
|
5.85 |
% |
|
|
21,639,898 |
|
|
|
326,808 |
|
6.07 |
% |
|
|
Allowance for loan losses |
|
|
(267,457 |
) |
|
|
|
|
|
|
(250,810 |
) |
|
|
|
|
|
|
(263,050 |
) |
|
|
|
|
|
|||||||
Net loans and loans held for sale |
|
|
21,320,876 |
|
|
|
|
6.20 |
% |
|
|
20,710,503 |
|
|
|
|
5.92 |
% |
|
|
21,376,848 |
|
|
|
|
6.14 |
% |
|
||||
Total earning assets |
|
|
26,131,676 |
|
|
$ |
383,551 |
|
5.85 |
% |
|
|
25,767,978 |
|
|
$ |
357,779 |
|
5.52 |
% |
|
|
26,012,725 |
|
|
$ |
375,051 |
|
5.79 |
% |
|
|
Other assets |
|
|
3,371,648 |
|
|
|
|
|
|
|
3,307,943 |
|
|
|
|
|
|
|
3,357,439 |
|
|
|
|
|
|
|||||||
TOTAL ASSETS |
|
$ |
29,503,324 |
|
|
|
|
|
|
$ |
29,075,921 |
|
|
|
|
|
|
$ |
29,370,164 |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest-bearing deposits |
|
$ |
17,399,368 |
|
|
$ |
143,313 |
|
3.28 |
% |
|
$ |
15,993,991 |
|
|
$ |
108,793 |
|
2.70 |
% |
|
$ |
16,740,124 |
|
|
$ |
132,425 |
|
3.18 |
% |
|
|
Short-term borrowings |
|
|
191,954 |
|
|
|
2,048 |
|
4.24 |
% |
|
|
188,945 |
|
|
|
1,805 |
|
3.79 |
% |
|
|
206,234 |
|
|
|
2,206 |
|
4.30 |
% |
|
|
Long-term borrowings |
|
|
748,608 |
|
|
|
7,106 |
|
3.78 |
% |
|
|
1,590,763 |
|
|
|
17,859 |
|
4.45 |
% |
|
|
1,290,405 |
|
|
|
13,838 |
|
4.31 |
% |
|
|
Total interest-bearing liabilities |
|
|
18,339,930 |
|
|
|
152,467 |
|
3.31 |
% |
|
|
17,773,699 |
|
|
|
128,457 |
|
2.87 |
% |
|
|
18,236,763 |
|
|
|
148,469 |
|
3.27 |
% |
|
|
Noninterest-bearing deposits |
|
|
5,957,184 |
|
|
|
|
|
|
|
6,337,052 |
|
|
|
|
|
|
|
5,976,971 |
|
|
|
|
|
|
|||||||
Accrued expenses and other liabilities |
|
|
297,344 |
|
|
|
|
|
|
|
278,046 |
|
|
|
|
|
|
|
298,537 |
|
|
|
|
|
|
|||||||
TOTAL LIABILITIES |
|
|
24,594,458 |
|
|
|
|
|
|
|
24,388,797 |
|
|
|
|
|
|
|
24,512,271 |
|
|
|
|
|
|
|||||||
SHAREHOLDERS’ EQUITY |
|
|
4,908,866 |
|
|
|
|
|
|
|
4,687,124 |
|
|
|
|
|
|
|
4,857,893 |
|
|
|
|
|
|
|||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
29,503,324 |
|
|
|
|
|
|
$ |
29,075,921 |
|
|
|
|
|
|
$ |
29,370,164 |
|
|
|
|
|
|
|||||||
NET INTEREST INCOME |
|
|
|
$ |
231,084 |
|
|
|
|
|
$ |
229,322 |
|
|
|
|
|
$ |
226,582 |
|
|
|
||||||||||
INTEREST RATE SPREAD |
|
|
|
|
|
2.54 |
% |
|
|
|
|
|
2.65 |
% |
|
|
|
|
|
2.52 |
% |
|
||||||||||
NET INTEREST MARGIN |
|
|
|
|
|
3.52 |
% |
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
3.50 |
% |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal
income tax rate of |
|
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
(2) Nonaccruing loans are included in the daily average loan amounts outstanding. |
|
|||||||||||||||||||||||||||||||
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||
|
||||||||||||||||||||||
Stock Symbol: UBSI |
||||||||||||||||||||||
(In Thousands Except for Per Share Data) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine Months Ended September 2024 |
|
Nine Months Ended September 2023 |
|
|||||||||||||||||
Selected Average Balances and Yields: |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
||||||||
ASSETS: |
|
|
Balance |
|
Interest(1) |
|
Rate(1) |
|
Balance |
|
Interest(1) |
|
Rate(1) |
|
||||||||
Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Federal funds sold and securities purchased under agreements to resell and other short-term investments |
|
|
$ |
1,068,028 |
|
|
$ |
44,331 |
|
5.54 |
% |
|
$ |
927,255 |
|
|
$ |
35,499 |
|
5.12 |
% |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable |
|
|
|
3,484,931 |
|
|
|
99,487 |
|
3.81 |
% |
|
|
4,222,849 |
|
|
|
108,710 |
|
3.43 |
% |
|
Tax-exempt |
|
|
|
208,843 |
|
|
|
4,423 |
|
2.82 |
% |
|
|
328,276 |
|
|
|
6,940 |
|
2.82 |
% |
|
Total securities |
|
|
|
3,693,774 |
|
|
|
103,910 |
|
3.75 |
% |
|
|
4,551,125 |
|
|
|
115,650 |
|
3.39 |
% |
|
Loans and loans held for sale, net of unearned income (2) |
|
|
|
21,578,981 |
|
|
|
980,413 |
|
6.07 |
% |
|
|
20,784,493 |
|
|
|
884,144 |
|
5.69 |
% |
|
Allowance for loan losses |
|
|
|
(263,298 |
) |
|
|
|
|
|
|
(242,135 |
) |
|
|
|
|
|
||||
Net loans and loans held for sale |
|
|
|
21,315,683 |
|
|
|
|
6.14 |
% |
|
|
20,542,358 |
|
|
|
|
5.75 |
% |
|
||
Total earning assets |
|
|
|
26,077,485 |
|
|
$ |
1,128,654 |
|
5.78 |
% |
|
|
26,020,738 |
|
|
$ |
1,035,293 |
|
5.32 |
% |
|
Other assets |
|
|
|
3,357,672 |
|
|
|
|
|
|
|
3,319,143 |
|
|
|
|
|
|
||||
TOTAL ASSETS |
|
|
$ |
29,435,157 |
|
|
|
|
|
|
$ |
29,339,881 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing deposits |
|
|
$ |
16,936,116 |
|
|
$ |
404,115 |
|
3.19 |
% |
|
$ |
15,569,985 |
|
|
$ |
268,962 |
|
2.31 |
% |
|
Short-term borrowings |
|
|
|
200,555 |
|
|
|
6,336 |
|
4.22 |
% |
|
|
177,707 |
|
|
|
4,451 |
|
3.35 |
% |
|
Long-term borrowings |
|
|
|
1,178,176 |
|
|
|
37,176 |
|
4.21 |
% |
|
|
2,102,386 |
|
|
|
68,498 |
|
4.36 |
% |
|
Total interest-bearing liabilities |
|
|
|
18,314,847 |
|
|
|
447,627 |
|
3.26 |
% |
|
|
17,850,078 |
|
|
|
341,911 |
|
2.56 |
% |
|
Noninterest-bearing deposits |
|
|
|
5,958,668 |
|
|
|
|
|
|
|
6,576,063 |
|
|
|
|
|
|
||||
Accrued expenses and other liabilities |
|
|
|
300,220 |
|
|
|
|
|
|
|
274,418 |
|
|
|
|
|
|
||||
TOTAL LIABILITIES |
|
|
|
24,573,735 |
|
|
|
|
|
|
|
24,700,559 |
|
|
|
|
|
|
||||
SHAREHOLDERS’ EQUITY |
|
|
|
4,861,422 |
|
|
|
|
|
|
|
4,639,322 |
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
$ |
29,435,157 |
|
|
|
|
|
|
$ |
29,339,881 |
|
|
|
|
|
|
||||
NET INTEREST INCOME |
|
|
|
|
$ |
681,027 |
|
|
|
|
|
$ |
693,382 |
|
|
|
||||||
INTEREST RATE SPREAD |
|
|
|
|
|
|
2.52 |
% |
|
|
|
|
|
2.76 |
% |
|
||||||
NET INTEREST MARGIN |
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
3.56 |
% |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Notes: |
|
|||||||||||||||||||||
(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal
income tax rate of |
|
|||||||||||||||||||||
(2) Nonaccruing loans are included in the daily average loan amounts outstanding. |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
|
||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
Stock Symbol: UBSI |
|||||||||||||||||||||||||||
(In Thousands Except for Per Share Data) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|
|
||||||||||||||||||||||
|
September |
|
September |
|
June |
|
March |
|
September |
|
September |
|
|
||||||||||||||
Selected Financial Ratios: |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Return on Average Assets |
|
|
1.28 |
% |
|
|
1.31 |
% |
|
|
1.32 |
% |
|
|
1.19 |
% |
|
|
1.26 |
% |
|
|
1.31 |
% |
|
|
|
Return on Average Shareholders’ Equity |
|
|
7.72 |
% |
|
|
8.14 |
% |
|
|
7.99 |
% |
|
|
7.25 |
% |
|
|
7.65 |
% |
|
|
8.27 |
% |
|
|
|
Return on Average Tangible Equity (non-GAAP) (1) |
|
|
12.59 |
% |
|
|
13.71 |
% |
|
|
13.12 |
% |
|
|
11.98 |
% |
|
|
12.57 |
% |
|
|
14.03 |
% |
|
|
|
Efficiency Ratio |
|
|
51.62 |
% |
|
|
51.59 |
% |
|
|
52.66 |
% |
|
|
55.26 |
% |
|
|
53.16 |
% |
|
|
51.52 |
% |
|
|
|
Price / Earnings Ratio |
|
|
13.22 |
|
x |
|
9.70 |
|
x |
|
11.40 |
|
x |
|
13.96 |
|
x |
|
13.53 |
|
x |
|
9.74 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Return on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) Net Income (GAAP) |
|
$ |
95,267 |
|
|
$ |
96,157 |
|
|
$ |
96,507 |
|
|
$ |
86,814 |
|
|
$ |
278,588 |
|
|
$ |
286,923 |
|
|
|
|
(b) Number of Days |
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
91 |
|
|
|
274 |
|
|
|
273 |
|
|
|
|
Average Total Shareholders' Equity (GAAP) |
|
$ |
4,908,866 |
|
|
$ |
4,687,124 |
|
|
$ |
4,857,893 |
|
|
$ |
4,816,476 |
|
|
$ |
4,861,422 |
|
|
$ |
4,639,322 |
|
|
|
|
Less: Average Total Intangibles |
|
|
(1,899,261 |
) |
|
|
(1,904,769 |
) |
|
|
(1,900,164 |
) |
|
|
(1,901,074 |
) |
|
|
(1,900,163 |
) |
|
|
(1,906,042 |
) |
|
|
|
(c) Average Tangible Equity (non-GAAP) |
|
$ |
3,009,605 |
|
|
$ |
2,782,355 |
|
|
$ |
2,957,729 |
|
|
$ |
2,915,402 |
|
|
$ |
2,961,259 |
|
|
$ |
2,733,280 |
|
|
|
|
Return on Average Tangible Equity (non-GAAP)\ [(a) / (b)] x 366 or 365 / (c) |
|
|
12.59 |
% |
|
|
13.71 |
% |
|
|
13.12 |
% |
|
|
11.98 |
% |
|
|
12.57 |
% |
|
|
14.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Selected Financial Ratios: |
|
|
|
|
|
September 30 2024 |
|
December 31 2023 |
|
September 30 2023 |
|
June 30 2024 |
|
|
|||||||||||||
Loans & Leases, net of unearned income / Deposit Ratio |
|
|
|
|
|
|
90.74 |
% |
|
|
93.60 |
% |
|
|
93.04 |
% |
|
|
93.64 |
% |
|
|
|||||
Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income |
|
|
|
|
|
|
1.25 |
% |
|
|
1.21 |
% |
|
|
1.21 |
% |
|
|
1.24 |
% |
|
|
|||||
Allowance for Credit Losses (2)/ Loans & Leases, net of unearned income |
|
|
|
|
|
|
1.43 |
% |
|
|
1.42 |
% |
|
|
1.42 |
% |
|
|
1.43 |
% |
|
|
|||||
Nonaccrual Loans / Loans & Leases, net of unearned income |
|
|
|
|
|
|
0.24 |
% |
|
|
0.14 |
% |
|
|
0.12 |
% |
|
|
0.25 |
% |
|
|
|||||
90-Day Past Due Loans/ Loans & Leases, net of unearned income |
|
|
|
|
|
|
0.06 |
% |
|
|
0.07 |
% |
|
|
0.09 |
% |
|
|
0.06 |
% |
|
|
|||||
Non-performing Loans/ Loans & Leases, net of unearned income |
|
|
|
|
|
|
0.30 |
% |
|
|
0.21 |
% |
|
|
0.20 |
% |
|
|
0.30 |
% |
|
|
|||||
Non-performing Assets/ Total Assets |
|
|
|
|
|
|
0.22 |
% |
|
|
0.16 |
% |
|
|
0.16 |
% |
|
|
0.23 |
% |
|
|
|||||
Primary Capital Ratio |
|
|
|
|
|
|
17.49 |
% |
|
|
16.79 |
% |
|
|
16.76 |
% |
|
|
17.06 |
% |
|
|
|||||
Shareholders' Equity Ratio |
|
|
|
|
|
|
16.64 |
% |
|
|
15.94 |
% |
|
|
15.91 |
% |
|
|
16.21 |
% |
|
|
|||||
Price / Book Ratio |
|
|
|
|
|
|
1.01 |
|
x |
|
1.06 |
|
x |
|
0.80 |
|
x |
|
0.90 |
|
x |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(2) Includes allowances for loan losses and lending-related commitments. |
|
||||||||||||||||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Stock Symbol: UBSI |
|||||||||||||||||||||||||
(In Thousands Except for Per Share Data) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||||||||
|
|
September 30 |
|
September 30 |
|
June 30 |
|
March 31 |
|
September 30 |
|
September 30 |
|
||||||||||||
Mortgage Banking Data: (1) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Loans originated |
|
$ |
151,333 |
|
|
$ |
185,945 |
|
|
$ |
185,322 |
|
|
$ |
176,906 |
|
|
$ |
513,561 |
|
|
$ |
635,582 |
|
|
Loans sold |
|
|
171,315 |
|
|
|
217,627 |
|
|
|
163,273 |
|
|
|
188,741 |
|
|
|
523,329 |
|
|
|
632,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
September 30 |
|
December 31 |
|
September 30 |
|
June 30 |
|
||||||||||||
Mortgage Loan Servicing Data: (2) |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2024 |
|
|
||||
Balance of loans serviced |
|
|
|
|
|
$ |
- |
|
|
$ |
1,202,448 |
|
|
$ |
1,216,805 |
|
|
$ |
1,138,443 |
|
|
||||
Number of loans serviced |
|
|
|
|
|
|
- |
|
|
|
12,419 |
|
|
|
12,596 |
|
|
|
11,853 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
September 30 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
||||||||||||
Asset Quality Data: |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
||
EOP Non-Accrual Loans |
|
|
|
$ |
52,446 |
|
|
$ |
30,919 |
|
|
$ |
24,456 |
|
|
$ |
52,929 |
|
|
$ |
63,053 |
|
|
||
EOP 90-Day Past Due Loans |
|
|
|
|
12,794 |
|
|
|
14,579 |
|
|
|
18,283 |
|
|
|
12,402 |
|
|
|
11,329 |
|
|
||
Total EOP Non-performing Loans |
|
|
|
$ |
65,240 |
|
|
$ |
45,498 |
|
|
$ |
42,739 |
|
|
$ |
65,331 |
|
|
$ |
74,382 |
|
|
||
EOP Other Real Estate Owned |
|
|
|
|
169 |
|
|
|
2,615 |
|
|
|
3,181 |
|
|
|
2,156 |
|
|
|
2,670 |
|
|
||
Total EOP Non-performing Assets |
|
|
|
$ |
65,409 |
|
|
$ |
48,113 |
|
|
$ |
45,920 |
|
|
$ |
67,487 |
|
|
$ |
77,052 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||||||||
|
|
September 30 |
|
September 30 |
|
June 30 |
|
March 31 |
|
September 30 |
|
September 30 |
|
||||||||||||
Allowance for Loan & Lease Losses: |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Beginning Balance |
|
$ |
267,423 |
|
|
$ |
250,721 |
|
|
$ |
262,905 |
|
|
$ |
259,237 |
|
|
$ |
259,237 |
|
|
$ |
234,746 |
|
|
Gross Charge-offs |
|
|
(4,903 |
) |
|
|
(2,836 |
) |
|
|
(2,542 |
) |
|
|
(3,576 |
) |
|
|
(11,021 |
) |
|
|
(8,046 |
) |
|
Recoveries |
|
|
1,304 |
|
|
|
1,052 |
|
|
|
1,281 |
|
|
|
1,506 |
|
|
|
4,091 |
|
|
|
3,908 |
|
|
Net Charge-offs |
|
|
(3,599 |
) |
|
|
(1,784 |
) |
|
|
(1,261 |
) |
|
|
(2,070 |
) |
|
|
(6,930 |
) |
|
|
(4,138 |
) |
|
Provision for Loan & Lease Losses |
|
|
6,943 |
|
|
|
5,949 |
|
|
|
5,779 |
|
|
|
5,738 |
|
|
|
18,460 |
|
|
|
24,278 |
|
|
Ending Balance |
|
$ |
270,767 |
|
|
$ |
254,886 |
|
|
$ |
267,423 |
|
|
$ |
262,905 |
|
|
$ |
270,767 |
|
|
$ |
254,886 |
|
|
Reserve for lending-related commitments |
|
|
37,973 |
|
|
|
43,766 |
|
|
|
40,739 |
|
|
|
42,915 |
|
|
|
37,973 |
|
|
|
43,766 |
|
|
Allowance for Credit Losses (3) |
|
$ |
308,740 |
|
|
$ |
298,652 |
|
|
$ |
308,162 |
|
|
$ |
305,820 |
|
|
$ |
308,740 |
|
|
$ |
298,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) During the first quarter of 2024, United completed its previously announced consolidation of its mortgage delivery channels. Based on an evaluation performed in accordance with ASC 280, Segment Reporting, beginning with the periods as of March 31, 2024, United operates one reportable business segment. Mortgage banking data above is presented on a consolidated basis for all current and prior periods. |
|||||||||||||||||||||||||
(2) As disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024. |
|||||||||||||||||||||||||
(3) Includes allowances for loan losses and lending-related commitments. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024251814/en/
W. Mark Tatterson
Chief Financial Officer
(800) 445-1347 ext. 8716
Source: United Bankshares, Inc.
FAQ
What was United Bankshares (UBSI) earnings per share in Q3 2024?
When is the UBSI merger with Piedmont Bancorp expected to close?
What was UBSI's net interest income for Q3 2024?