別紙99.1
ニュースリリース
| 即時リリース用 | 連絡先：W・マーク・タターソン | |
| 2024年10月24日 | 最高財務責任者 | |
| (800) 445-1347 内線番号 8716 |
ユナイテッド・バンクシェアーズ社が決算を発表
2024年の第3四半期と最初の9か月について
ワシントンD.C. とチャールストン、 WV-- ユナイテッド・バンクシェアーズ株式会社（NASDAQ：UBSI）（「ユナイテッド」） 本日、2024年第3四半期の収益は9,530万ドル、希薄化後1株あたり0.70ドルと報告されました。2024年第3四半期の業績により、平均資産、平均資本、および平均有形資産の年間収益が得られました。 非GAAPベースの 指標は、それぞれ 1.28%、7.72%、12.59% です。
「これを発表できることを嬉しく思います 四半期の収益」と、ユナイテッドの最高経営責任者であるリチャード・M・アダムス・ジュニアは述べました。「UBSIにとって今年も好調な四半期となり、引き続き高い水準で業績を上げています。収益性の指標は堅調に推移し、成長傾向にあります 上昇を続け、経費はうまく抑えられました。さらに、資産の質、流動性、資本水準は依然として強みの源です。」
ユナイテッドは以前、2024年の第2四半期に、ピエモンテ・バンコープ社と最終的な合併契約を締結したと発表しました。 (「ピエモンテ」)。合併後の組織は、約320億ドルの資産と、8つの州とワシントンDCにまたがる240以上の拠点のネットワークを持ち、国内で最も人気の高い銀行市場の一部に拠点を置くことになります。ザ・ 合併は、慣習的な完了条件が満たされることを条件として、2024年の第4四半期後半または2025年の第1四半期初頭に完了する予定です。
2024年第2四半期の収益は9,650万ドル、希薄化後1株あたり0.71ドルで、平均資産の年間収益は 株式、および平均有形株式は、それぞれ1.32％、7.99％、13.12％でした。2023年第3四半期の収益は9,620万ドル、希薄化後1株あたり0.71ドルで、平均資産、平均資本、平均の年間収益率は 有形株式は、それぞれ1.31％、8.14％、13.71％でした。
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ユナイテッド・バンクシェアーズ、株式会社が発表しました…
2024年10月24日
この意見書に明示されている事項に限定され、これを超える意見が暗黙的に示唆されるべきではなく、示唆されるものでもありません。本意見は、ここで有効または存在している法律および事実に関してのみ表明されるものであり、私たちは、これ以降私たちが気付くことがあった場合や、これ以降法律に変更があった場合を反映するために、この書簡を更新または補足する義務または責任を負わないことを明示いたします。
2024年第3四半期は2024年第2四半期と比較して
2024年第3四半期の純金利収入は2億3030万ドルで、前年同期比で450万ドル、または2%増加しました。2024年第2四半期と比較して 税換算 純金利収入 そして、そのような消極的なコメント-投資家たちのネガティブな反応を考慮すると、今日シャッターストックを売却するべきかどうかの問題が生じます。そして答えは：売却することはおすすめしません。 調整を行う指標は、特定のローンや投資からの所得の税優遇措置を考慮に入れます 税制上の優遇措置 2024年第3四半期の純金利収入は2億3,110万ドルで、第2四半期から4.5百万ドル、または2％増加しました。純金利収入および 税換算後の純金利収入 純金利収入の増加は、平均短期投資の増加、平均純ローンおよび売却用ローンの利回り上昇、平均長期借入金の減少による部分的な相殺、および平均利子発生預金の増加、さらに預金金利の平均支払い率の上昇によるものです。平均短期投資は第2四半期から457.0百万ドル、または49％増加し、主に預金増加から受け取った現金が原因です。平均純ローンおよび売却用ローンの利回りは第3四半期に6ベーシスポイント上昇し、6.20%になりました。これまでに開示された通り、2024年第2四半期に商業不動産の不償却ローン精算から65.4千ドルの利子回収が含まれました。平均長期借入金は第2四半期から541.8百万ドル、42％減少しました。平均利子発生預金は第2四半期から659.2百万ドル、または4％増加しました。平均利子発生預金の利回りは第3四半期に10ベーシスポイント上昇し、3.28%になりました。2024年第3四半期の純金利マージンは、2024年第2四半期の純金利マージン3.50%から2ベーシスポイント増の3.52%になりました。
2024年第3四半期の貸倒引当金は、第2四半期の5.8百万ドルに対して6.9百万ドルでした。
2024年第3四半期の非金利収入は3,190万ドルで、第2四半期から1.7百万ドル、または6％増加しました。非金利収入の増加は、住宅ローン銀行業務からの収益が643千ドル増加したことによるもので、他のいくつかの非金利収入カテゴリーも増加していますが、重要なものはありませんでした。住宅ローン銀行業務からの収益の増加は、主にモーゲージローンの売却出来高の増加と、高い 四半期末 売却予定の住宅ローンの評価。また、2024年第2四半期と比較して、住宅ローンのサービス収入が増加しましたが、投資証券の純損失が上回りました。 住宅ローンのサービス収入は2024年第3四半期に740万ドルで、2024年第2四半期から660万ドル増加しました。2024年第3四半期に、Unitedは残りの住宅ローンサービス権（「MSR」）を、未払いの元本残高11億ドルで710万ドルの利益で売却しました。投資証券の純損失は2024年第3四半期に670万ドルで、2024年第2四半期の218,000ドルと比較していました。 2024年第3四半期に、Unitedは利用可能な売り売り（「AFS」）投資証券の196.7百万ドルを69百万ドルの損失で売却しました。2024年第2四半期の投資証券の純損失には、VISA株の取引で69百万ドルの利益と、AFS投資証券の1億2700万ドルを売却して68百万ドルの損失が含まれていました。
2024年第3四半期の非利息費用は1億3530万ドルで、2024年第2四半期から変わらず、565,000ドル、または1%未満増加しました。 2024年第2四半期からのその他の非利息費用の150万ドル増加は、一部の一般運営費用が増加したため、その大部分が他のいくつかの非利息費用のカテゴリーの小さな減少によって相殺されました。 その他の非利息費用内で、2024年第3四半期の合併に関連する費用は、2024年第2四半期の130万ドルに対して332,000ドルでした。
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ユナイテッド・バンクシェアーズ社が発表...
2024年10月24日
3ページ目
2024年の第3四半期の所得税費用は、これと比較して2,460万ドルでした 2024年の第2四半期には1,890万ドルです。増加は上昇によるものでした 税引前 2024年の第2四半期に認識された収益と個別の税制上の優遇措置の影響。ユナイテッドは効果的です 2024年の第3四半期と2024年の第2四半期の税率はそれぞれ 20.6% と 16.4% でした。
2024年の第3四半期と第3四半期の比較 2023年の四半期
2024年第3四半期の収益は、9,530万ドル、希薄化後1株あたり0.70ドルでしたが、 2023年第3四半期の収益は9,620万ドル、希薄化後1株あたり0.71ドルです。
の第3四半期の純利息収入 2億3030万ドルのうち2024ドルは、2023年の第3四半期と比べて横ばいで、180万ドル、つまり 1% 未満の増加でした。 税相当額 2024年第3四半期の純利息収入も第3四半期と横ばいでした 2023年の四半期には、180万ドル、つまり 1% 未満の増加です。純利息収入のわずかな増加と 税相当額 純利息収入は、主に平均純ローンの利回りの上昇によるもので、 売却目的で保有されているローン、平均長期借入金の減少、有機的ローンの増加、および平均的な短期投資の増加。この純利息収入の増加と 税相当額 純利息 収益は、預金金利の改定と平均有利子預金の増加の影響により一部相殺されました。平均収益資産の利回りは、2023年の第3四半期から33ベーシスポイント増加して 5.85% になりました 純ローンと売却目的で保有されているローンの平均利回りは28ベーシスポイントです。平均長期借入額は、2023年の第3四半期から8億4,220万ドル、つまり 53% 減少しました。2024年第3四半期の平均収益資産は増加しました 2023年の第3四半期から3億6,370万ドル、つまり 1% です。これは、純貸付金と売りに出されている貸付金の平均が6億1,040万ドル増加し、短期投資の平均が5億3,520万ドル増加したことにより、一部相殺されました 平均投資有価証券が7億8190万ドル減少しました。平均有利子預金の利回りは、2023年の第3四半期から58ベーシスポイント増加しました。平均有利子預金は、そこから14億ドル、つまり9％増加しました 2023年の第3四半期。2024年と2023年の第3四半期の純金利は、それぞれ 3.52% と 3.54% でした。
規定 の信用損失は、2023年第3四半期が590万ドルだったのに対し、2024年第3四半期は690万ドルでした。
2024年第3四半期の無利子収益は3190万ドルで、第3四半期から170万ドル、つまり5％減少しました 2023年の四半期。住宅ローン銀行業務からの収益は、主に住宅ローンの開始と売却量の減少により、2023年の第3四半期から300万ドル減少しました。モーゲージ・バンキング業務による収入のこの減少は、部分的でした 無利子収益のいくつかのカテゴリーの増加によって相殺されましたが、どれも重要ではありませんでした。さらに、2023年の第3四半期と比較すると、住宅ローンサービス収入の増加は、純損失の増加によってほぼ相殺されました 投資証券。2024年第3四半期の住宅ローンサービス収益は740万ドルで、2023年の第3四半期から650万ドル増加しました。これは、前述のMSRの売却による710万ドルの利益によるものです 2024年の第3四半期。投資有価証券の純損失は、前述のAFSの売却による690万ドルの損失により、2023年第3四半期は181千ドルでしたが、2024年第3四半期は670万ドルでした 2024年第3四半期の投資証券。
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United Bankshares, Inc. Announces…
October 24, 2024
Page Four
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
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United Bankshares, Inc. Announces…
October 24, 2024
Page Five
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.
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United Bankshares, Inc. Announces…
October 24, 2024
Page Six
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”.
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United Bankshares, Inc. Announces…
October 24, 2024
Page Seven
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.
7
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. |
8
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 | % | ||||||||||||
9
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 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
10
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 | |||||||||||||||
11
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. |
12
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. |
13
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. |
14
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 | ||||||||||||||||||
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| 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 | ||||||||||||||||||
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| 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 | ||||||||||||||||||
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| Allowance for Credit Losses (3) |
$ | 308,740 | $ | 298,652 | $ | 308,162 | $ | 305,820 | $ | 308,740 | $ | 298,652 | ||||||||||||
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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. |
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