United Bankshares, Inc. Holds Annual Meeting of Shareholders

Rhea-AI Summary

United Bankshares (NASDAQ: UBSI) held its Annual Meeting of Shareholders on May 15, 2024. The company reported significant achievements in 2023, including growth in loans, deposits, and net interest margin. United also delivered above-peer performance in return on average assets and efficiency ratio while reducing non-performing assets and bolstering capital levels.

Despite a tough year for bank stocks, UBSI traded at a premium and increased dividends for the 50th consecutive year. The company was named the Most Trustworthy Bank by Newsweek. United's first-quarter 2024 results were rated 'Outperform' by Raymond James with a $41.00 price target.

The company announced the acquisition of Piedmont Bancorp, enhancing its presence in Atlanta. Additionally, shareholders elected directors and approved key proposals, including ratifying Ernst & Young as their auditing firm.

Positive

• Growth in loans, deposits, and net interest margin in 2023.
• Above-peer performance in return on average assets and efficiency ratio.
• Reduction in non-performing assets and increase in capital levels.
• Continued trading at a premium despite industry challenges.
• 50th consecutive year of dividend increases.
• Named the Most Trustworthy Bank by Newsweek.
• First-quarter 2024 results rated 'Outperform' by Raymond James.
• $41.00 price target set by Raymond James.
• Acquisition of Piedmont Bancorp, enhancing presence in Atlanta.
• Company projected to increase dividends for the 51st consecutive year.

Negative

• Overall tough year for bank stocks in 2023.
• Banking industry faced numerous challenges, including historic bank failures.
• Potential market volatility due to industry-specific issues.
• Concerns about the impact of acquisitions on financial stability.

WASHINGTON & CHARLESTON, W.V.--(BUSINESS WIRE)-- United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $30 billion regional financial services company, held its Annual Meeting of Shareholders on Wednesday, May 15, 2024, at Congressional Country Club in Bethesda, Md.

During the meeting, United Executive Chairman of the Board Richard M. Adams addressed shareholders by highlighting several key points from the 2023 Annual Report to Shareholders.

2023 was a year of growth, profitability, and soundness for United. The Company grew loans, grew deposits, and increased its net interest margin versus the prior year. In addition, United delivered above-peer results with its return on average assets and efficiency ratio, and reduced its non-performing assets, built its reserve, and boosted its capital levels. Capital was king in 2023, and United has some of the highest capital levels in the industry. Despite a down and difficult year for bank stock performance, the Company continued to trade at a premium to its peers.

“In 2023, we increased dividends to our shareholders for the 50^th consecutive year,” said Adams. “This is a truly remarkable achievement. Out of thousands of publicly traded companies in the U.S., fewer than 60 have achieved such a record. Our consistency in increasing dividends to shareholders is evidence of our long track record of strong financial performance – profitability, solid asset quality, and sound capital position.”

Another achievement for United was being named the Most Trustworthy Bank in the nation by Newsweek. This #1 ranking is a true testament to the Company’s unwavering commitment to providing excellence in service to its customers, shareholders, employees, and communities over many, many years.

The banking industry faced many challenges in 2023, including an historic year for bank failures as we witnessed three of the four largest failures ever in this country. Adams shared, “These failures were specific, distinct, and particular to those banks and were not indicative of the strength of the banking industry. However, bank stocks were hit hard.”

That said, United’s financial performance in 2024 continues to be strong. To quote Raymond James’ Research Report of April 26, 2024, “UBSI’s first quarter achieved solid results in a challenging environment: Rated Outperform” with a $41.00 price target.

“This year, we are projected to increase dividends for the 51^st consecutive year, as we celebrate our 185^th anniversary. More good news is that we announced the 34^th acquisition of the current administration on May 10, with Piedmont Bancorp headquartered in Atlanta, Georgia. This acquisition gives us a great presence in one of the best banking markets in the country and will make United the 39^th largest banking company in the nation based on market capitalization,” said Adams.

Adams also highlighted United’s strong continued commitment to its communities. He noted, “Our team members give untold hours of service to many community organizations, and our Company made substantial contributions to numerous worthwhile community organizations. As I have said many times before, our competitive advantage is our people. Every day we make a positive difference in the lives of those we serve.”

During the meeting, it was announced that the following directors were elected by the shareholders to serve on the Board of Directors until the 2025 Annual Meeting: Richard M. Adams, Executive Chairman; Richard M. Adams, Jr., Chief Executive Officer, United Bankshares, Inc.; Charles L. Capito, Jr., Former Managing Director, Wells Fargo Advisors Complex; Peter A. Converse, Former President and CEO, Virginia Commerce Bancorp, Inc.; Michael P. Fitzgerald, Former Co-Founder, Chairman, CEO and President, Bank of Georgetown; Patrice A. Harris, MD, MA, FAPA, Psychiatrist and Chief Executive Officer, eMed; Diana Lewis Jackson, President and Founder, Action Facilities Management; J. Paul Mc- Namara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC; Lacy I. Rice, III, Co-founder and Managing Partner, Federated Capital Partners; Albert H. Small, Jr., Founder and President, Renaissance Centro Inc., LLC; Mary K. Weddle, CPA, Former Executive Vice President, Long and Foster Companies; Gary G. White, Principal Consultant, JRW, LLC, and Former Interim President, Marshall University; and P. Clinton Winter, President, Bray & Oakley Insurance Agency, Inc.

In addition to the election of Directors, other proposals were approved by shareholders: ratification of the selection of Ernst & Young LLP to act as the independent registered public accounting firm for 2024 and approval, on an advisory basis, of the compensation of United’s named executive officers.

After the shareholder proposals were approved, Executive Chairman Adams introduced Richard M. (Rick) Adams, Jr., Chief Executive Officer, who discussed the current industry environment, and the continued strength of United.

About United Bankshares, Inc.

As of March 31, 2024, United had consolidated assets of approximately $30.0 billion and is the 39^th 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".

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515844741/en/

W. Mark Tatterson

Chief Financial Officer

(800) 445-1347 ext. 8716

Source: United Bankshares, Inc.

FAQ

What is the stock symbol for United Bankshares?

The stock symbol for United Bankshares is UBSI.

When did United Bankshares hold their Annual Meeting of Shareholders in 2024?

United Bankshares held their Annual Meeting of Shareholders on May 15, 2024.

What was a key achievement for United Bankshares in 2023?

A key achievement for United Bankshares in 2023 was increasing dividends for the 50th consecutive year.

How did United Bankshares perform in the first quarter of 2024?

United Bankshares' first quarter of 2024 was rated 'Outperform' by Raymond James with a $41.00 price target.

What acquisition was announced by United Bankshares?

United Bankshares announced the acquisition of Piedmont Bancorp on May 10, 2024.

What is significant about United Bankshares' dividend history?

United Bankshares has increased dividends for 50 consecutive years, a record achieved by fewer than 60 publicly traded companies in the U.S.

Which firm was ratified as the independent registered public accounting firm for United Bankshares in 2024?

Ernst & Young LLP was ratified as the independent registered public accounting firm for United Bankshares in 2024.

What title did Newsweek award to United Bankshares?

Newsweek named United Bankshares the Most Trustworthy Bank in the nation.