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United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2024

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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.

Positive
  • 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
Negative
  • 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 $95.3 million ($0.70 per diluted share), with solid returns on assets of 1.28% and equity of 7.72%.

Key positives include a 2% increase in net interest income to $230.3 million QoQ, improved net interest margin at 3.52% and well-controlled expenses. The bank maintains strong asset quality with NPLs at just 0.30% of total loans.

The pending Piedmont Bancorp merger will expand UBSI's footprint to $32 billion in assets across eight states. However, some challenges include increased deposit costs and a $6.9 million loss from securities sales. Capital levels remain robust with a 16.2% risk-based capital ratio, well above regulatory requirements.

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 9% YoY increase in interest-bearing deposits and rising deposit costs could pressure margins.

The bank's decision to sell $196.7 million of available-for-sale securities at a loss, while negative short-term, helps reposition the investment portfolio for the current rate environment. Mortgage banking revenues remain under pressure due to market conditions, though the $7.1 million gain from MSR sales partially offset this weakness.

WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the third quarter of 2024 of $95.3 million, or $0.70 per diluted share. Third quarter of 2024 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.28%, 7.72%, and 12.59%, respectively.

“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 $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C., in some of the most desirable banking markets in the nation. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to satisfaction of customary closing conditions.

Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.32%, 7.99%, and 13.12%, respectively. Earnings for the third quarter of 2023 were $96.2 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.31%, 8.14%, and 13.71%, respectively.

Third quarter of 2024 compared to the second quarter of 2024

Net interest income for the third quarter of 2024 was $230.3 million, an increase of $4.5 million, or 2%, from the second quarter of 2024. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, of $231.1 million for the third quarter of 2024 also increased $4.5 million, or 2%, from the second quarter of 2024. The increase in net interest income and tax-equivalent net interest income was driven by an increase in average short-term investments, a higher yield on average net loans and loans held for sale, and a decrease in average long-term borrowings partially offset by an increase in average interest-bearing deposits as well as a higher average rate paid on deposits. Average short-term investments increased $457.0 million, or 49%, from the second quarter of 2024 primarily driven by cash received from deposit growth. The yield on average net loans and loans held for sale increased 6 basis points to 6.20% for the third quarter of 2024. As previously disclosed, the second quarter of 2024 included a $654 thousand interest recovery from a commercial real estate nonaccrual loan payoff. Average long-term borrowings decreased $541.8 million, or 42%, from the second quarter of 2024. Average interest-bearing deposits increased $659.2 million, or 4%, from the second quarter of 2024. The yield on average interest-bearing deposits increased 10 basis points to 3.28% for the third quarter of 2024. The net interest margin of 3.52% for the third quarter of 2024 was an increase of 2 basis points from the net interest margin of 3.50% for the second quarter of 2024.

The provision for credit losses was $6.9 million for the third quarter of 2024 as compared to $5.8 million for the second quarter of 2024.

Noninterest income for the third quarter of 2024 was $31.9 million, an increase of $1.7 million, or 6%, from the second quarter of 2024. The increase in noninterest income was driven by an increase in income from mortgage banking activities of $643 thousand as well as increases in several additional categories of noninterest income, none of which were significant. The increase in income from mortgage banking activities was primarily due to higher mortgage loan sale volume and a higher quarter-end valuation of mortgage loans held for sale. Additionally, in comparison to the second quarter of 2024, an increase in mortgage loan servicing income was mostly offset by higher net losses on investment securities. Mortgage loan servicing income was $7.4 million for the third quarter of 2024, an increase of $6.6 million from the second quarter of 2024. During the third quarter of 2024, United sold its remaining mortgage servicing rights (“MSRs”) with an aggregate unpaid principal balance of $1.1 billion at a gain of $7.1 million. Net losses on investment securities were $6.7 million for the third quarter of 2024 compared to $218 thousand for the second quarter of 2024. During the third quarter of 2024, United sold $196.7 million of available for sale (“AFS”) investment securities at a loss of $6.9 million. Net losses on investment securities for the second quarter of 2024 included a $6.9 million gain on the VISA share exchange and a $6.8 million loss on the sale of $102.7 million of AFS investment securities.

Noninterest expense for the third quarter of 2024 of $135.3 million was flat from the second quarter of 2024, increasing $565 thousand, or less than 1%. A $1.5 million increase in other noninterest expense from the second quarter of 2024, driven by higher amounts of certain general operating expenses, was mostly offset by smaller decreases in several other categories of noninterest expense. Within other noninterest expense, merger-related expenses for the third quarter of 2024 were $332 thousand compared to $1.3 million for the second quarter of 2024.

For the third quarter of 2024, income tax expense was $24.6 million as compared to $18.9 million for the second quarter of 2024. The increase was driven by higher pre-tax earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.6% and 16.4% for the third quarter of 2024 and second quarter of 2024, respectively.

Third quarter of 2024 compared to the third quarter of 2023

Earnings for the third quarter of 2024 were $95.3 million, or $0.70 per diluted share, as compared to earnings of $96.2 million, or $0.71 per diluted share, for the third quarter of 2023.

Net interest income for the third quarter of 2024 of $230.3 million was flat from the third quarter of 2023, increasing $1.8 million, or less than 1%. Tax-equivalent net interest income for the third quarter of 2024 was also flat from the third quarter of 2023, increasing $1.8 million, or less than 1%. The slight increase in net interest income and tax-equivalent net interest income was primarily due to a higher yield on average net loans and loans held for sale, a decrease in average long-term borrowings, organic loan growth, and an increase in average short-term investments. This increase in net interest income and tax-equivalent net interest income was partially offset by the impact of deposit rate repricing and an increase in average interest-bearing deposits. The yield on average earning assets increased 33 basis points from the third quarter of 2023 to 5.85% driven by an increase in the yield on average net loans and loans held for sale of 28 basis points. Average long-term borrowings decreased $842.2 million, or 53%, from the third quarter of 2023. Average earning assets for the third quarter of 2024 increased $363.7 million, or 1%, from the third quarter of 2023 due to a $610.4 million increase in average net loans and loans held for sale and a $535.2 million increase in average short-term investments partially offset by a $781.9 million decrease in average investment securities. The yield on average interest-bearing deposits increased 58 basis points from the third quarter of 2023. Average interest-bearing deposits increased $1.4 billion, or 9%, from the third quarter of 2023. The net interest margin for the third quarter of 2024 and 2023 was 3.52% and 3.54%, respectively.

The provision for credit losses was $6.9 million for the third quarter of 2024 as compared to $5.9 million for the third quarter of 2023.

Noninterest income for the third quarter of 2024 was $31.9 million, which was a decrease of $1.7 million, or 5%, from the third quarter of 2023. Income from mortgage banking activities decreased $3.0 million from the third quarter of 2023 mainly due to lower mortgage loan origination and sale volume. This decrease in income from mortgage banking activities was partially offset by increases in several categories of noninterest income, none of which were significant. Additionally, in comparison to the third quarter of 2023, an increase in mortgage loan servicing income was mostly offset by higher net losses on investment securities. Mortgage loan servicing income was $7.4 million for the third quarter of 2024, an increase of $6.5 million from the third quarter of 2023 driven by the aforementioned $7.1 million gain on the sale of MSRs in the third quarter of 2024. Net losses on investment securities were $6.7 million for the third quarter of 2024 as compared to $181 thousand for the third quarter of 2023 driven by the aforementioned $6.9 million loss on sale of AFS investment securities in the third quarter of 2024.

Noninterest expense for the third quarter of 2024 was flat from the third quarter of 2023, increasing $109 thousand, or less than 1%. A $1.3 million increase in other noninterest expense from the third quarter of 2023, driven by higher amounts of certain general operating expenses, was mostly offset by smaller decreases in several other categories of noninterest expense.

Income tax expense for the third quarter of 2024 was flat from the third quarter of 2023, decreasing $130 thousand, or less than 1%, primarily due to slightly lower pre-tax earnings partially offset by a slightly higher effective tax rate. United’s effective tax rate was 20.6% and 20.5% for the third quarter of 2024 and third quarter of 2023, respectively.

First nine months of 2024 compared to the first nine months of 2023

Earnings for the first nine months of 2024 were $278.6 million, or $2.06 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.26%, 7.65%, and 12.57%, respectively. Earnings for the first nine months of 2023 were $286.9 million, or $2.12 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.31%, 8.27%, and 14.03%, respectively.

Net interest income for the first nine months of 2024 decreased $11.8 million, or 2%, from the first nine months of 2023. Tax-equivalent net interest income for the first nine months of 2024 decreased $12.4 million, or 2%, from the first nine months of 2023. The decrease in net interest income and tax-equivalent net interest income was primarily due to higher interest expense driven by deposit rate repricing, an increase in average interest-bearing deposits, and a decrease in acquired loan accretion income. These decreases were partially offset by a higher yield on average net loans and loans held for sale, organic loan growth, and a decrease in average long-term borrowings. The yield on average interest-bearing deposits increased 88 basis points from the first nine months of 2023. Average interest-bearing deposits increased $1.4 billion from the first nine months of 2023. Acquired loan accretion income for the first nine months of 2024 of $7.3 million was a decrease of $1.2 million from the first nine months of 2023. The yield on average earning assets increased 46 basis points from the first nine months of 2023 to 5.78% driven by an increase in the yield on average net loans and loans held for sale of 39 basis points. Average net loans and loans held for sale increased $773.3 million from the first nine months of 2023. Average long-term borrowings decreased $924.2 million from the first nine months of 2023. Additionally, average investment securities decreased $857.4 million, or 19%, from the first nine months of 2023 while the yield on average investment securities increased 36 basis points from the first nine months of 2023. The net interest margin for the first nine months of 2024 and 2023 was 3.49% and 3.56%, respectively.

The provision for credit losses was $18.5 million for the first nine months 2024 as compared to $24.3 million for the first nine months of 2023.

Noninterest income for the first nine months of 2024 was $94.4 million, which was a decrease of $7.2 million, or 7%, from the first nine months of 2023. Income from mortgage banking activities decreased $8.1 million from the first nine months of 2023 mainly due to lower mortgage loan origination and sale volume. Mortgage loan servicing income for the first nine months of 2024 of $9.0 million included a $7.1 million gain on the sale of MSRs while mortgage loan servicing income for the first nine months of 2023 of $13.0 million included $8.3 million in gains on sales of MSRs with the remainder of the decrease due to lower serviced loan balances. Fees from brokerage services increased $2.7 million from the first nine months of 2023 primarily due to higher volume. Net losses on investment securities of $7.0 million for the first nine months of 2024 included $13.7 million in losses on sales of AFS investment securities partially offset by a $6.9 million gain on the VISA share exchange. Net losses on investment securities of $7.9 million for the first nine months of 2023 were driven by a $7.2 million loss on sale of AFS investment securities during the second quarter of 2023.

Noninterest expense for the first nine months of 2024 was $410.9 million, an increase of $2.9 million, or 1%, from the first nine months of 2023 driven by increases in other noninterest expense of $4.3 million, employee compensation of $3.3 million, and FDIC insurance expense of $2.1 million partially offset by decreases in the expense for the reserve for unfunded loan commitments of $4.3 million and mortgage loan servicing expense of $2.2 million. The increase in employee compensation was driven by higher employee incentives, base salaries, and employee severance associated with the previously announced mortgage delivery channel consolidation partially offset by lower employee commissions related to mortgage banking production. The increase in other noninterest expense was primarily driven by a $2.2 million increase in tax credit amortization, $1.6 million in merger-related expenses, and higher amounts of certain general operating expenses. The increase in FDIC insurance expense was driven by $1.8 million of expense recognized in the first quarter of 2024 for the FDIC special assessment. The decrease in the expense for the reserve for unfunded loan commitments was driven by a decrease in the outstanding balance of loan commitments. The decrease in mortgage loan servicing expense was driven by the sales of MSRs.

For the first nine months of 2024, income tax expense was $64.9 million as compared to $72.7 million for the first nine months of 2023 primarily due to lower pre-tax earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 18.9% for the first nine months of 2024 and 20.2% for the first nine months of 2023.

Credit Quality

United’s asset quality continues to be sound. At September 30, 2024, non-performing loans (“NPLs”) were $65.2 million, or 0.30% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $65.4 million, including other real estate owned (“OREO”) of $169 thousand, or 0.22% of total assets at September 30, 2024. At June 30, 2024, NPLs were $65.3 million, or 0.30% of loans & leases, net of unearned income. Total NPAs were $67.5 million, including OREO of $2.2 million, or 0.23% of total assets at June 30, 2024. At December 31, 2023, NPLs were $45.5 million, or 0.21% of loans & leases, net of unearned income. Total NPAs were $48.1 million, including OREO of $2.6 million, or 0.16% of total assets at December 31, 2023. As previously disclosed in the first quarter of 2024, the increase in NPLs and NPAs from year-end was primarily driven by one commercial & industrial loan relationship. NPLs decreased $9.1 million from $74.4 million at March 31, 2024 primarily due to partial paydowns of the aforementioned commercial & industrial loan relationship.

As of September 30, 2024, the allowance for loan & lease losses was $270.8 million, or 1.25% of loans & leases, net of unearned income. At June 30, 2024 the allowance for loan & lease losses was $267.4 million, or 1.24% of loans & leases, net of unearned income. At December 31, 2023, the allowance for loan & lease losses was $259.2 million, or 1.21% of loans & leases, net of unearned income.

Net charge-offs were $3.6 million, or 0.07% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2024. Net charge-offs were $1.3 million, or 0.02% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2024. Net charge-offs were $1.8 million, or 0.03% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2023. Net charge-offs were $6.9 million for the first nine months of 2024 compared to $4.1 million for the first nine months of 2023. Annualized net charge-offs as a percentage of average loans & leases, net of unearned income were 0.04% and 0.03% for the first nine months of 2024 and 2023, respectively.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 16.2% at September 30, 2024, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.8%, 13.8%, and 11.7%, respectively. The September 30, 2024 ratios reflect United’s election of a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the COVID-19 pandemic, to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%. United did not repurchase any shares of its common stock during 2024 or 2023.

About United Bankshares, Inc.

As of September 30, 2024, United had consolidated assets of approximately $30 billion and is the 41st largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".

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 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, 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 21%.

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 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, interest rate, securities market and monetary supply fluctuations; increasing rates of inflation and slower growth rates; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the 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 Piedmont, including the successful integration of operations of Piedmont; competition; changes in legislation or regulatory requirements; and the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events. 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, 2023, 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

 

Nine Months Ended

EARNINGS SUMMARY:

 

 

 

September

2024

 

September

2023

 

June

2024

 

September

2024

 

September

2023

Interest income

 

 

 

$

382,723

 

 

$

356,910

 

 

$

374,184

 

 

$

1,126,087

 

 

$

1,032,145

 

Interest expense

 

 

 

 

152,467

 

 

 

128,457

 

 

 

148,469

 

 

 

447,627

 

 

 

341,911

 

Net interest income

 

 

 

 

230,256

 

 

 

228,453

 

 

 

225,715

 

 

 

678,460

 

 

 

690,234

 

Provision for credit losses

 

 

 

 

6,943

 

 

 

5,948

 

 

 

5,779

 

 

 

18,462

 

 

 

24,278

 

Noninterest income

 

 

 

 

31,942

 

 

 

33,661

 

 

 

30,223

 

 

 

94,377

 

 

 

101,583

 

Noninterest expense

 

 

 

 

135,339

 

 

 

135,230

 

 

 

134,774

 

 

 

410,855

 

 

 

407,937

 

Income before income taxes

 

 

 

 

119,916

 

 

 

120,936

 

 

 

115,385

 

 

 

343,520

 

 

 

359,602

 

Income taxes

 

 

 

 

24,649

 

 

 

24,779

 

 

 

18,878

 

 

 

64,932

 

 

 

72,679

 

Net income

 

 

 

$

95,267

 

 

$

96,157

 

 

$

96,507

 

 

$

278,588

 

 

$

286,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

$

0.70

 

 

$

0.71

 

 

$

0.71

 

 

$

2.06

 

 

$

2.13

 

Diluted

 

 

 

 

0.70

 

 

 

0.71

 

 

 

0.71

 

 

 

2.06

 

 

 

2.12

 

Cash dividends

 

 

 

$

0.37

 

 

$

0.36

 

 

 

0.37

 

 

 

1.11

 

 

 

1.08

 

Book value

 

 

 

 

 

 

 

 

35.92

 

 

 

36.74

 

 

 

34.45

 

Closing market price

 

 

 

 

 

 

 

$

32.44

 

 

$

37.10

 

 

$

27.59

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Actual at period end, net of treasury shares

 

 

 

 

 

 

 

 

135,195,704

 

 

 

135,220,770

 

 

 

134,933,015

 

Weighted average-basic

 

 

 

 

135,158,476

 

 

 

134,685,041

 

 

 

135,137,901

 

 

 

134,912,625

 

 

 

134,493,059

 

Weighted average-diluted

 

 

 

 

135,504,911

 

 

 

134,887,776

 

 

 

135,314,785

 

 

 

135,143,028

 

 

 

134,733,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

 

 

1.28

%

 

 

1.31

%

 

 

1.32

%

 

 

1.26

%

 

 

1.31

%

Return on average shareholders’ equity

 

 

 

 

7.72

%

 

 

8.14

%

 

 

7.99

%

 

 

7.65

%

 

 

8.27

%

Return on average tangible equity (non-GAAP)(1)

 

 

 

 

12.59

%

 

 

13.71

%

 

 

13.12

%

 

 

12.57

%

 

 

14.03

%

Average equity to average assets

 

 

 

 

16.64

%

 

 

16.12

%

 

 

16.54

%

 

 

16.52

%

 

 

15.81

%

Net interest margin

 

 

 

 

3.52

%

 

 

3.54

%

 

 

3.50

%

 

 

3.49

%

 

 

3.56

%

 

 

 

 

 

 

 

 

 

 

 

 

 

PERIOD END BALANCES:

 

 

 

 

 

September 30

2024

 

December 31

2023

 

September 30

2023

 

June 30

2024

Assets

 

 

 

 

 

$

29,863,262

 

 

$

29,926,482

 

 

$

29,224,794

 

 

$

29,957,418

 

Earning assets

 

 

 

 

 

 

26,461,342

 

 

 

26,623,652

 

 

 

25,883,462

 

 

 

26,572,087

 

Loans & leases, net of unearned income

 

 

 

 

 

 

21,621,968

 

 

 

21,359,084

 

 

 

21,097,883

 

 

 

21,598,727

 

Loans held for sale

 

 

 

 

 

 

46,493

 

 

 

56,261

 

 

 

59,614

 

 

 

66,475

 

Investment securities

 

 

 

 

 

 

3,538,415

 

 

 

4,125,754

 

 

 

4,066,299

 

 

 

3,650,582

 

Total deposits

 

 

 

 

 

 

23,828,345

 

 

 

22,819,319

 

 

 

22,676,854

 

 

 

23,066,440

 

Shareholders’ equity

 

 

 

 

 

 

4,967,820

 

 

 

4,771,240

 

 

 

4,648,878

 

 

 

4,856,633

 

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

 

Nine Months Ended

 

September

 

September

 

June

 

March

 

September

 

September

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

Interest & Loan Fees Income (GAAP)

$

382,723

 

 

$

356,910

 

 

$

374,184

 

 

$

369,180

 

 

$

1,126,087

 

 

$

1,032,145

 

Tax equivalent adjustment

 

828

 

 

 

869

 

 

 

867

 

 

 

872

 

 

 

2,567

 

 

 

3,148

 

Interest & Fees Income (FTE) (non-GAAP)

 

383,551

 

 

 

357,779

 

 

 

375,051

 

 

 

370,052

 

 

 

1,128,654

 

 

 

1,035,293

 

Interest Expense

 

152,467

 

 

 

128,457

 

 

 

148,469

 

 

 

146,691

 

 

 

447,627

 

 

 

341,911

 

Net Interest Income (FTE) (non-GAAP)

 

231,084

 

 

 

229,322

 

 

 

226,582

 

 

 

223,361

 

 

 

681,027

 

 

 

693,382

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Credit Losses

 

6,943

 

 

 

5,948

 

 

 

5,779

 

 

 

5,740

 

 

 

18,462

 

 

 

24,278

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

 

 

Fees from trust services

 

4,904

 

 

 

4,514

 

 

 

4,744

 

 

 

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

Washington, D.C. and Charleston, WV

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

Washington, D.C. and Charleston, WV

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

Washington, D.C. and Charleston, WV

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 21%.

 

 

(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

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 21%.

 

(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

 

Washington, D.C. and Charleston, WV

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

Washington, D.C. and Charleston, WV

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.

 

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?

United Bankshares reported earnings of $0.70 per diluted share in Q3 2024.

When is the UBSI merger with Piedmont Bancorp expected to close?

The merger is expected to close in late Q4 2024 or early Q1 2025, subject to customary closing conditions.

What was UBSI's net interest income for Q3 2024?

UBSI's net interest income for Q3 2024 was $230.3 million, an increase of $4.5 million or 2% from Q2 2024.

What is UBSI's risk-based capital ratio as of September 30, 2024?

UBSI's estimated risk-based capital ratio was 16.2% as of September 30, 2024.

United Bankshares Inc

NASDAQ:UBSI

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