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 United Bankshares, Inc. Announces Increased Earnings for the Fourth Quarter and Year of 2014
   Thursday, January 29, 2015 7:50:06 AM ET

United Bankshares, Inc. (UBSI ), today reported an increase in earnings for the fourth quarter and year of 2014 as compared to same time periods last year. Earnings for the fourth quarter of 2014 were $33.3 million or $0.48 per diluted share as compared to earnings of $19.7 million or $0.39 per diluted share for the fourth quarter of 2013. Earnings for the year of 2014 were $129.9 million or $1.92 per diluted share, an increase from earnings of $85.6 million or $1.70 per diluted share for the year of 2013.

Fourth quarter of 2014 results produced an annualized return on average assets of 1.09% and an annualized return on average equity of 7.88%. For the year of 2014, United’s return on average assets was 1.11% while the return on average equity was 8.13%. United’s annualized returns on average assets and average equity were 0.91% and 7.57%, respectively, for the fourth quarter of 2013 while the returns on average assets and average equity were 1.02% and 8.43%, respectively, for the year of 2013.



"In 2014, United had the most successful year in the company’s long history," stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. "Before tax earnings increased from $125 million to a record $195 million. Earnings per share increased 13% from $1.70 to $1.92. We outperformed peer profitability with a return on average assets of 1.11% as compared to 0.95% for our peer group. We increased the dividend to shareholders from $1.25 to $1.28 per share, which represented the 41st consecutive year of dividend increases to shareholders. That is a record only one other major banking company in the United States has been able to achieve. Our stock price increased 19% for the year as compared to the NASDAQ Bank Index which increased 3% and the Keefe, Bruyette & Woods (KBW) Bank Index which was flat. Our total return increased 23.8% as compared to increases of 4.9% and 2.4% for the NASDAQ Bank Index and KBW Bank Index, respectively. We successfully executed the largest merger in the company’s history with Virginia Commerce Bancorp, Inc., headquartered in Arlington, Virginia, which increased total assets from $8.7 billion to a record $12 billion."

On January 31, 2014, United completed its acquisition of Virginia Commerce Bancorp, Inc. (Virginia Commerce). The results of operations of Virginia Commerce are included in the consolidated results of operations from the date of acquisition. As a result, comparisons for the fourth quarter and year of 2014 to the fourth quarter and year of 2013 are impacted by increased levels of average balances, income, and expense due to the acquisition. At consummation, Virginia Commerce had assets of approximately $2.8 billion, loans of $2.1 billion, and deposits of $2.0 billion.

The results for the fourth quarter and year of 2014 included noncash, before-tax, other-than-temporary impairment charges of $704 thousand and $6.5 million, respectively, on certain investment securities. The results for the fourth quarter and year of 2013 included noncash, before-tax, other-than-temporary impairment charges of $6.4 million and $7.3 million, respectively, on certain investment securities. Also included in the results for the fourth quarter and year of 2014 was a penalty of $2.0 million to prepay a Federal Home Loan Bank (FHLB) advance with a high interest rate. As previously reported, United sold a former branch building during the first quarter of 2014 which resulted in a before-tax gain of $9.0 million. In addition, the results for the year of 2014 included merger related expenses and charges of $5.3 million as compared to $2.0 million for the year of 2013.

Tax-equivalent net interest income for the fourth quarter of 2014 was $102.1 million, an increase of $31.4 million or 44% from the fourth quarter of 2013. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Virginia Commerce acquisition. Average earning assets increased $3.1 billion or 40% from the fourth quarter of 2013. Average net loans increased $2.4 billion or 37% for the fourth quarter of 2014 while average investment securities and average short-term investments increased $464.4 million or 55% and $203.6 million or 84%, respectively. In addition, the average yield on earning assets increased 9 basis points while the average cost of funds declined 3 basis points from the fourth quarter of 2013. The net interest margin for the fourth quarter of 2014 was 3.77%, which was an increase of 11 basis points from a net interest margin of 3.66% for the fourth quarter of 2013.

Tax-equivalent net interest income for the year of 2014 was $382.0 million, an increase of $106.2 million or 38% from the year of 2013. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Virginia Commerce acquisition. Average earning assets increased $2.8 billion or 37% from the year of 2013. Average net loans increased $2.2 billion or 34% for the year of 2014 while average investment securities and average short-term investments increased $482.4 million or 61% and $145.2 million or 62%, respectively. In addition, the average cost of funds declined 9 basis points from the year of 2013. Partially offsetting the increases to tax-equivalent net interest income for the year of 2014 was a decline of 4 basis points in the average yield on earning assets as compared to the year of 2013. The net interest margin for the year of 2014 was 3.71%, which was an increase of 3 basis points from a net interest margin of 3.68% for the year of 2013.

On a linked-quarter basis, United’s tax-equivalent net interest income for the fourth quarter of 2014 increased $4.6 million or 5% due mainly to increases in average earning assets and the average yield on those average earning assets. Average earning assets increased $175.3 million or 2% during the quarter. Average net loans increased $110.2 million or 1%. Average short-term investments increased $42.3 million or 10% while average investment securities increased $22.8 million or 2% for the quarter. The fourth quarter of 2014 average yield on earning assets increased 12 basis points from the third quarter of 2014 due primarily to interest income of $3.2 million on the repayment of a large acquired loan. Partially offsetting the increases to tax-equivalent net interest income for the fourth quarter of 2014 was an increase of a basis point in the average cost of funds as compared to the third quarter of 2014. The net interest margin of 3.77% for the fourth quarter of 2014 was an increase of 11 basis points from the net interest margin of 3.66% for the third quarter of 2014.

For the quarters ended December 31, 2014 and 2013, the provision for loan losses was $6.3 million and $4.3 million, respectively, while the provision for the year of 2014 was $21.9 million as compared to $19.3 million for the year of 2013. Net charge-offs were $6.5 million and $20.6 million for the fourth quarter and year of 2014, respectively, as compared to $4.7 million and $19.0 million for the same time periods in 2013. Annualized net charge-offs as a percentage of average loans were 0.28% and 0.24% for the fourth quarter and year of 2014, respectively. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 0.29% for the first nine months of 2014. On a linked-quarter basis, the provision for loan losses for the fourth quarter of 2014 increased $1.6 million while net charge-offs increased $2.5 million from the third quarter of 2014.

Noninterest income for the fourth quarter of 2014 was $19.4 million, which was an increase of $7.5 million from the fourth quarter of 2013. Included in noninterest income for the fourth quarter of 2014 were noncash, before-tax, other-than-temporary impairment charges of $704 thousand on certain investment securities as compared to $6.4 million for the fourth quarter of 2013. In addition, net gains on sales and calls of investment securities were $1.2 million and $934 thousand for the fourth quarter of 2014 and 2013, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as the net gains from sales and calls of investment securities, noninterest income for the fourth quarter of 2014 increased $1.6 million or 9% from the fourth quarter of 2013. This increase for the fourth quarter of 2014 was due primarily to an increase of $705 thousand in fees from deposit services as a result of increased debit card and automated teller machine (ATM) usage as a result of the Virginia Commerce merger. Also, fees from bankcard services increased $341 thousand due to an increase in volume and income from bank-owned life insurance policies increased $203 thousand due to an increase in cash surrender values.

Noninterest income for the year of 2014 was $81.0 million, which was an increase of $14.5 million from the year of 2013. Included in noninterest income for the year of 2014 was the previously mentioned net gain of $9.0 million on the sale of bank premises as well as noncash, before-tax, other-than-temporary impairment charges of $6.5 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $7.3 million on certain investment securities for the year of 2013. In addition, net gains on sales and calls of investment securities were $3.4 million and $1.5 million for the year of 2014 and 2013, respectively. Excluding the net gain on the sale of bank premises, the noncash, other-than-temporary impairment charges as well as the net gains from sales and calls of investment securities, noninterest income for year of 2014 increased $2.8 million or 4% from the year of 2013. This increase was due mainly to higher fees from deposit services of $2.1 million due to increased debit card and ATM usage, an increase in income from trust and brokerage services of $1.7 million due to increased volume and value of assets under management and a rise in fees from bankcard services of $616 thousand due to higher volume. These increases were partially offset by decreases in mortgage banking income of $695 thousand due to fewer sales in the secondary market and income from bank-owned insurance policies of $488 thousand due to large death benefits in 2013.

On a linked-quarter basis, noninterest income for the fourth quarter of 2014 increased $3.3 million from the third quarter of 2014. Included in the results for the fourth quarter and third quarter of 2014 were noncash, before-tax, other-than-temporary impairment charges of $704 thousand and $4.7 million, respectively. In addition, the results for the fourth and third quarter of 2014 included net gains on sales and calls of investment securities of $1.2 million and $1.3 million, respectively. Excluding the noncash, other-than-temporary impairment charges as well as the net gains from sales and calls of investment securities, noninterest income decreased $684 thousand or 3% on a linked-quarter basis. This decrease was mainly due to declines in mortgage banking income of $369 thousand due to decreased sales in the secondary market and fees from deposit services of $357 thousand as a result of a decrease in overdraft fees.

Noninterest expense for the fourth quarter of 2014 was $64.0 million, an increase of $16.2 million or 34% from the fourth quarter of 2013 due mainly to the Virginia Commerce merger and the previously mentioned prepayment penalty of $2.0 million on an FHLB advance. Due to the merger, most major categories of noninterest expense showed increases. In particular, employee compensation increased $4.9 million, net occupancy expenses increased $1.6 million, data processing fees increased $874 thousand and equipment expense increased $669 thousand. These increases were due mainly to the additional employees, offices, equipment, and data processing expenses as a result of the Virginia Commerce acquisition. In addition, expense on other real estate owned (OREO) increased $1.5 million from the fourth quarter of 2013 due to declines in the fair values of OREO properties and Federal Deposit Insurance Corporation (FDIC) insurance expense increased $480 thousand due to a higher assessment base as a result of the Virginia Commerce acquisition. Partially offsetting these increases from the fourth quarter of 2013 was a decrease of $570 thousand in employee benefits due to a decline in pension expense.

Noninterest expense for the year of 2014 was $239.8 million, an increase of $47.8 million or 25% from the year of 2013 due mainly to the Virginia Commerce merger. Accordingly, most major categories of noninterest expense showed increases. In particular, employee compensation increased $22.8 million including $3.6 million of merger severance charges, net occupancy expenses increased $6.0 million, data processing fees increased $3.1 million, and equipment expense increased $1.8 million. These increases were due mainly to the additional employees, offices, equipment, and data processing expenses as a result of the Virginia Commerce acquisition. In addition, FDIC insurance expense and OREO expense for the year of 2014 increased $1.4 million and $1.3 million, respectively, from the year of 2013 due to a higher assessment base as a result of the Virginia Commerce acquisition and a decline in the fair values of OREO properties, respectively. Partially offsetting these increases was a decrease of $2.5 million in employee benefits due to a decline in pension expense.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2014 increased $6.3 million or 11% from the third quarter of 2014 due primarily to the previously mentioned prepayment penalty of $2.0 million on an FHLB advance. In addition, the expense associated with the reserve for lending related commitments increased $1.0 million, OREO expense increased $954 thousand due to declines in the fair values of OREO properties and equipment expense increased $671 thousand due to software costs and certain maintenance contracts expensed in the fourth quarter. Also included in noninterest expense for the fourth quarter of 2014 was a donation of $800 thousand to an educational institution.

United’s asset quality continues to be sound. At December 31, 2014, nonperforming loans were $109.0 million or 1.20% of loans, net of unearned income, as compared to nonperforming loans of $81.1 million or 1.21% of loans, net of unearned income, at December 31, 2013. As of December 31, 2014, the allowance for loan losses was $75.5 million or 0.83% of loans, net of unearned income, as compared to $74.2 million or 1.11% of loans, net of unearned income, at December 31, 2013. The decline in the ratio at December 31, 2014 of the allowance for loan losses as a percentage of loans, net of unearned income, was mainly because United was unable to carry-over Virginia Commerce’s previously established allowance for loan losses as acquired loans are recorded at fair value in accordance with accounting rules. In addition, the allowance for loan losses declined during the year due to lower historical loss rates and specific loan allocations. Total nonperforming assets of $147.7 million, including OREO of $38.8 million at December 31, 2014, represented 1.20% of total assets.

United continues to be well-capitalized based on all regulatory guidelines. United’s estimated risk-based capital ratio is 13.2% at December 31, 2014 while its Tier I capital and leverage ratios are 12.3% and 10.3%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

During the fourth quarter of 2014, United’s Board of Directors declared a cash dividend of $0.32 per share. The 2014 dividend of $1.28 per share represented the 41st consecutive year of dividend increases for United shareholders.

United has consolidated assets of approximately $12.3 billion with 130 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares 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 December 31, 2014 consolidated financial statements on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2014 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, noninterest income excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, 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 35%.

GAAP total non-interest income results are adjusted for other-than-temporary impairment charges (OTTI) on certain investment securities, net gains or losses on the sale of securities and any infrequent noninterest income items. Management believes noninterest income without OTTI charges, net securities gains or losses and infrequent noninterest income items is more indicative of United’s performance because it isolates income that is primarily customer relationship driven and is more indicative of normalized operations. In addition, these items can fluctuate greatly from quarter to quarter and are difficult to predict.

The efficiency ratio used by United focuses on the performance of its core business operations. It is used by management as a measure of operating expense control. In general, the GAAP efficiency ratio is total noninterest expenses as a percentage of net interest income plus total noninterest income as shown on the face of the Consolidated Statements of Income. In United’s calculation of its efficiency ratio, amortization of intangibles, OREO expense and any infrequent noninterest expenses are excluded from total noninterest expenses. Net interest income is increased for the favorable treatment of tax-exempt income and excludes securities gains and losses as well as any infrequent noninterest income items from total noninterest income. Management believes that excluding these items is more indicative of United’s normalized operations and is highly useful in comparing period-to-period core operating performance.

Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the "permanent" items of common equity are presented. These two measures, along with others, are used by management to analyze capital adequacy.

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

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

                                                                                              
                                                                                              
                                                                                   UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                               FINANCIAL SUMMARY
                                                                                   (In Thousands Except for Per Share Data)
                                                                                                                              
                                                                                      Three Months Ended                                                                   Year Ended
                                                                  -----------------------------------------------------------                     ------------------------------------------------------------
                                                                      December 31          December 31                             December 31           December 31
                                                                         2014                                    2013                                    2014                                     2013
                                                                  ----------------   -------------------- ----------------                        ----------------   -------------------- -----------------
EARNINGS SUMMARY:                                                                                                                                  
Interest income, taxable equivalent (non-GAAP)                      $    113,252                            $     79,111                            $    424,858                               $    312,153
Interest expense                                                          11,166                                   8,453                                  42,834                                     36,313
Net interest income, taxable equivalent (non-GAAP)                       102,086                                  70,658                                 382,024                                    275,840
Taxable equivalent adjustment                                              1,530                                   1,472                                   6,316                                      5,999
Net interest income (GAAP)                                               100,556                                  69,186                                 375,708                                    269,841
Provision for loan losses                                                  6,309                                   4,343                                  21,937                                     19,267
Noninterest income                                                        19,415                                  11,905                                  80,962                                     66,506
Noninterest expenses                                                      64,024                                  47,836                                 239,847                                    192,036
Income taxes                                                              16,381                                   9,252                                  64,998                                     39,416
Net income                                                          $     33,257                            $     19,660                            $    129,888                               $     85,628
                                                                                                                                                                                           
PER COMMON SHARE:
Net income:
     Basic                                                          $       0.48                            $       0.39                            $       1.93                               $       1.70
     Diluted                                                                0.48                                    0.39                                    1.92                                       1.70
Cash dividends                                                      $       0.32                            $       0.32                                    1.28                                       1.25
Book value                                                                                                                                                 23.90                                      20.66
Closing market price                                                                                                                                $      37.45                               $      31.45
Common shares outstanding:
     Actual at period end, net of treasury shares                                                                                                     69,295,859                                 50,430,267
     Weighted average- basic                                          69,088,844                              50,417,452                              67,404,254                                 50,353,452
     Weighted average- diluted                                        69,355,086                              50,564,497                              67,648,673                                 50,426,078
                                                                                                                                                                                           
FINANCIAL RATIOS:
Return on average assets                                                    1.09 %                                  0.91 %                                  1.11 %                                     1.02 %
Return on average shareholders’ equity           7.88 %                                  7.57 %                                  8.13 %                                     8.43 %
Average equity to average assets                                           13.79 %                                 12.01 %                                 13.71 %                                    12.07 %
Net interest margin                                                         3.77 %                                  3.66 %                                  3.71 %                                     3.68 %
                                                                                                                                                                                           
                                                                      December 31          December 31                             December 31          September 30
                                                                         2014                                    2013                                    2012                                     2014
                                                                  ----------------   -------------------- ----------------                        ----------------   -------------------- -----------------
PERIOD END BALANCES:
Assets                                                              $ 12,328,811                            $  8,735,324                            $  8,420,013                               $ 12,085,063
Earning assets                                                        10,931,194                               7,805,772                               7,459,217                                 10,657,693
Loans, net of unearned income                                          9,104,652                               6,704,583                               6,511,416                                  9,015,903
Loans held for sale                                                        8,680                                   4,236                                  17,762                                      5,773
Investment securities                                                  1,316,040                                 889,342                                 729,402                                  1,307,242
Total deposits                                                         9,045,485                               6,621,571                               6,752,986                                  8,753,257
Shareholders’ equity                        1,656,160                               1,041,732                                 992,251                                  1,653,673
                                                                                                                                                                                                                                     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
                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      December                                                                                                December                                                                                       September                                                                                        June                                                                                           March
                                                                                        2014                                                                                                    2013                                                                                           2014                                                                                           2014                                                                                           2014
                                             -------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------                     --------------------------------------------------------------------------                     --------------------------------------------------------------------------                     --------------------------------------------------------------------------
Interest & Loan Fees Income (GAAP)                                                                       $ 111,722                                                                                       $ 77,639                                                                                      $ 106,857                                                                                      $ 104,799                                                                                       $ 95,164
Tax equivalent adjustment                                                                                    1,530                                                                       1,472                                                                       1,572                                                                       1,606                                                                       1,608  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
     Interest & Fees Income (FTE) (non-GAAP)                                                               113,252                                                                                         79,111                                                                                        108,429                                                                                        106,405                                                                                         96,772
Interest Expense                                                                                            11,166                                                                       8,453                                                                      10,939                                                                      10,867                                                                       9,862  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
     Net Interest Income (FTE) (non-GAAP)                                                                  102,086                                                                                         70,658                                                                                         97,490                                                                                         95,538                                                                                         86,910
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Provision for Loan Losses                                                                                    6,309                                                                                          4,343                                                                                          4,748                                                                                          6,201                                                                                          4,679
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Non-Interest Income:
  Fees from trust & brokerage services                                                                       4,433                                                                                          4,241                                                                                          4,474                                                                                          4,641                                                                                          4,593
  Fees from deposit services                                                                                10,777                                                                                         10,072                                                                                         11,134                                                                                         10,902                                                                                          9,559
  Bankcard fees and merchant discounts                                                                       1,233                                                                                            892                                                                                          1,101                                                                                          1,127                                                                                            746
  Other charges, commissions, and fees                                                                         508                                                                                            461                                                                                            512                                                                                            602                                                                                            427
  Income from bank owned life insurance                                                                      1,279                                                                                          1,076                                                                                          1,325                                                                                          1,445                                                                                          1,251
  Mortgage banking income                                                                                      405                                                                                            262                                                                                            774                                                                                            438                                                                                            259
  Net gain on the sale of bank premises                                                                          0                                                                                              0                                                                                              0                                                                                              0                                                                                          8,976
  Other non-interest revenue                                                                                   252                                                                                            328                                                                                            251                                                                                            259                                                                                            391
  Net other-than-temporary impairment losses                                                                  (704 )                                                                                       (6,361 )                                                                                       (4,714 )                                                                                         (421 )                                                                                         (639 )
  Net gains on sales/calls of investment                                                                     1,232                                                                         934                                                                       1,309                                                                           1                                                                         824  
  securities
                                             -------------------------------------------------------------------   --------------------                      --------------------------------------------------   --------------------                      --------------------------------------------------   --------------------                      --------------------------------------------------   --------------------                      --------------------------------------------------   --------------------
     Total Non-Interest Income                                                                              19,415                                                                      11,905                                                                      16,166                                                                      18,994                                                                      26,387  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Non-Interest Expense:
  Employee compensation                                                                                     22,097                                                                                         17,244                                                                                         22,173                                                                                         21,546                                                                                         25,007
  Employee benefits                                                                                          4,890                                                                                          5,460                                                                                          4,753                                                                                          5,190                                                                                          5,624
  Net occupancy                                                                                              6,447                                                                                          4,875                                                                                          6,400                                                                                          6,514                                                                                          6,435
  Data processing                                                                                            3,844                                                                                          2,970                                                                                          3,785                                                                                          3,589                                                                                          3,237
  Amortization of intangibles                                                                                1,054                                                                                            450                                                                                          1,054                                                                                          1,104                                                                                            809
  OREO expense                                                                                               2,772                                                                                          1,306                                                                                          1,818                                                                                          1,037                                                                                          2,113
  FDIC expense                                                                                               2,006                                                                                          1,526                                                                                          1,981                                                                                          2,071                                                                                          1,507
  Prepayment penalty on FHLB advance                                                                         1,971                                                                                              0                                                                                              0                                                                                              0                                                                                              0
  Other expenses                                                                                            18,943                                                                      14,005                                                                      15,730                                                                      16,052                                                                      16,294  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
     Total Non-Interest Expense                                                                             64,024                                                                      47,836                                                                      57,694                                                                      57,103                                                                      61,026  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Income Before Income Taxes (FTE) (non-GAAP)                                                                 51,168                                                                                         30,384                                                                                         51,214                                                                                         51,228                                                                                         47,592
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Tax equivalent adjustment                                                                                    1,530                                                                       1,472                                                                       1,572                                                                       1,606                                                                       1,608  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Income Before Income Taxes (GAAP)                                                                           49,638                                                                                         28,912                                                                                         49,642                                                                                         49,622                                                                                         45,984
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Taxes                                                                                                       16,381                                                                       9,252                                                                      16,382                                                                      16,375                                                                      15,860  
                                             ------------------------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Net Income                                                                                                $ 33,257                                                                    $ 19,660                                                                    $ 33,260                                                                    $ 33,247                                                                    $ 30,124  
                                             ==========================================================================================                      =========================================================================                      =========================================================================                      =========================================================================                      =========================================================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
MEMO: Effective Tax Rate                                                                                     33.00 %                                                                                        32.00 %                                                                                        33.00 %                                                                                        33.00 %                                                                                        34.49 %
 
Note: Non-Interest Income excluding
the results of noncash, other-than-temporary impairment charges as
well as net gains and losses from sales and calls of
investment securities (non-GAAP):
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                             
Total Non-Interest Income (GAAP)                                                            $               19,415                                                                         $               11,905                                                                         $               16,166                                                                         $               18,994                                                                         $               26,387
Less: Net gain on the sale of bank premises (GAAP)                                                               0                                                                                              0                                                                                              0                                                                                              0                                                                                          8,976
Less: Net other-than-temporary impairment losses (GAAP)                                                       (704 )                                                                                       (6,361 )                                                                                       (4,714 )                                                                                         (421 )                                                                                         (639 )
Less: Net gains on sales/calls of investment                                              1,232                                                      934                                                    1,309                                                        1                                                      824  
securities (GAAP)
                                                                         -------------------- -------------------- --------------------                                 -------------------- -------------------- --------------------                                 -------------------- -------------------- --------------------                                 -------------------- -------------------- --------------------                                 -------------------- -------------------- --------------------
Non-Interest Income excluding the results of noncash,                                                                                                                                                                                 
other-than-temporary impairment charges as well as                                                                                                                                                                                                                                                              
net gains and losses from sales and calls of investment                                     $               18,887                                                                         $               17,332                                                                         $               19,571                                                                         $               19,414                                                                         $               17,226
securities (non-GAAP)
                                                                         ==================== ==================== ====================                                 ==================== ==================== ====================                                 ==================== ==================== ====================                                 ==================== ==================== ====================                                 ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                    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
                                                                                                                                                                                                                                         Year Ended
                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    December                                                                                                          December                                                                                     December                                                                                 December
                                                                                                      2014                                                                                                              2013                                                                                         2012                                                                                     2011
                                             ----------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------                     --------------------------------------------------------------------------                     ---------------------------------------------------------------
Interest & Loan Fees Income (GAAP)                                                                                                  $ 418,542                                                                                 $ 306,154                                                                                      $ 323,897                                                              $              316,522
Tax equivalent adjustment                                                                                                               6,316                                                                  5,999                                                                       6,413                                         6,587  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
     Interest & Fees Income (FTE) (non-GAAP)                                                                                          424,858                                                                                   312,153                                                                                        330,310                                                                             323,109
Interest Expense                                                                                                                       42,834                                                                 36,313                                                                      46,190                                        55,794  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
     Net Interest Income (FTE) (non-GAAP)                                                                                             382,024                                                                                   275,840                                                                                        284,120                                                                             267,315
                                                                                                                                                                                                                                                                                                                                                                                  
Provision for Loan Losses                                                                                                              21,937                                                                                    19,267                                                                                         17,862                                                                              17,141
                                                                                                                                                                                                                                                                                                                                                                                  
Non-Interest Income:
  Fees from trust & brokerage services                                                                                                 18,141                                                                                    16,447                                                                                         15,845                                                                              13,343
  Fees from deposit services                                                                                                           42,372                                                                                    40,245                                                                                         41,832                                                                              42,110
  Bankcard fees and merchant discounts                                                                                                  4,207                                                                                     3,591                                                                                          2,996                                                                               2,572
  Other charges, commissions, and fees                                                                                                  2,049                                                                                     2,247                                                                                          2,229                                                                               1,849
  Income from bank owned life insurance                                                                                                 5,300                                                                                     5,788                                                                                          5,039                                                                               5,286
  Mortgage banking income                                                                                                               1,876                                                                                     2,571                                                                                          2,471                                                                                 952
  Net gain on the sale of bank premises                                                                                                 8,976                                                                                         0                                                                                              0                                                                                   0
  Other non-interest revenue                                                                                                            1,153                                                                                     1,426                                                                                          1,360                                                                               1,781
  Net other-than-temporary impairment losses                                                                                           (6,478 )                                                                                  (7,332 )                                                                                       (7,376 )                                                                           (20,414 )
  Net gains on sales/calls of investment                                                                                                3,366                                                                  1,523                                                                         446                                         1,576  
  securities
                                             --------------------------------------------------------------------------------------------     --------------------                      ---------------------------------------------   --------------------                      --------------------------------------------------   --------------------                      -------------------- -------------------- --------------------
     Total Non-Interest Income                                                                                                         80,962                                                                 66,506                                                                      64,842                                        49,055  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                  
Non-Interest Expense:
  Employee compensation                                                                                                                90,823                                                                                    68,074                                                                                         71,402                                                                              64,611
  Employee benefits                                                                                                                    20,457                                                                                    22,970                                                                                         21,178                                                                              17,358
  Net occupancy                                                                                                                        25,796                                                                                    19,818                                                                                         20,428                                                                              18,596
  Data processing                                                                                                                      14,455                                                                                    11,394                                                                                         12,532                                                                              11,637
  Amortization of intangibles                                                                                                           4,021                                                                                     1,969                                                                                          2,852                                                                               2,429
  OREO expense                                                                                                                          7,740                                                                                     6,441                                                                                          8,556                                                                               7,008
  FDIC expense                                                                                                                          7,565                                                                                     6,188                                                                                          6,064                                                                               8,468
  Prepayment penalty on FHLB advance                                                                                                    1,971                                                                                         0                                                                                              0                                                                                   0
  Other expenses                                                                                                                       67,019                                                                 55,182                                                                      60,194                                        52,159  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
     Total Non-Interest Expense                                                                                                       239,847                                                                192,036                                                                     203,206                                       182,266  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                  
Income Before Income Taxes (FTE) (non-GAAP)                                                                                           201,202                                                                                   131,043                                                                                        127,894                                                                             116,963
                                                                                                                                                                                                                                                                                                                                                                                  
Tax equivalent adjustment                                                                                                               6,316                                                                  5,999                                                                       6,413                                         6,587  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                  
Income Before Income Taxes (GAAP)                                                                                                     194,886                                                                                   125,044                                                                                        121,481                                                                             110,376
                                                                                                                                                                                                                                                                                                                                                                                  
Taxes                                                                                                                                  64,998                                                                 39,416                                                                      38,874                                        34,766  
                                             ---------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------                      -------------------------------------------------------------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                  
Net Income                                                                                                                          $ 129,888                                                               $ 85,628                                                                    $ 82,607                                           $               75,610  
                                             =====================================================================================================================                      ====================================================================                      =========================================================================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                  
MEMO: Effective Tax Rate                                                                                                                33.35 %                                                                                   31.52 %                                                                                        32.00 %                                                                             31.50 %
Note: Non-Interest Income excluding
the results of noncash, other-than-temporary impairment charges as
well as net gains and losses from sales and calls of
investment securities (non-GAAP):
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total Non-Interest Income (GAAP)                                                            $               80,962                                                                            $               66,506                                                      $               64,842                                                              $               49,055
Less: Net gain on the sale of bank premises (GAAP)                                                           8,976                                                                                                                    0                                                                                              0                                                                                   0
Less: Net other-than-temporary impairment losses (GAAP)                                                     (6,478 )                                                                                                             (7,332 )                                                                                       (7,376 )                                                                           (20,414 )
Less: Net gains on sales/calls of investment                                              3,366                                                                          1,523                                                      446                                         1,576  
securities (GAAP)
                                                                         -------------------- -------------------- --------------------                                                       -------------------- -------------------- --------------------                                 -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
Non-Interest Income excluding the results of noncash,                                                                                                                                                      
other-than-temporary impairment charges as well as                                                                                                                                                                                                                
net gains and losses from sales and calls of investment                                     $               75,098                                                                                               $               72,315                                                                         $               71,772                                                              $               67,893
securities (non-GAAP)
                                                                         ==================== ==================== ====================                                                       ==================== ==================== ====================                                 ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                     UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                                        Washington, D.C. and Charleston, WV
                                                                                                                                                                                                Stock Symbol: UBSI
                                                                                                                                                                                     (In Thousands Except for Per Share Data)
                                                                                                                                                                                                                                                              
Consolidated Balance Sheets
                                                                             December 31                                                               December 31
                                                                                2014                                                                      2013                                                                  December 31                                                               December 31                                                              December 31
                                                                            Q-T-D Average                                                             Q-T-D Average                                                                2014                                                                      2013                                                                     2012
                                                        -----------------------------------------------------                     ----------------------------------------------------                     -----------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                               
Cash & Cash Equivalents                                                    $    603,289                                                              $   376,412                                                              $    753,064                                                              $   416,617                                                              $   432,077
                                                                                                                                                                                                                                                                                                                                                               
Securities Available for Sale                                                 1,170,638                                                                  735,626                                                                 1,180,386                                                                  775,284                                                                  625,625
Securities Held to Maturity                                                      39,464                                                                   41,902                                                                    39,310                                                                   40,965                                                                   43,467
Other Investment Securities                                  101,392                             69,539                              96,344                             73,093                             60,310  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
  Total Securities                                         1,311,494                            847,067                           1,316,040                            889,342                            729,402  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Total Cash and Securities                             1,914,783                          1,223,479                           2,069,104                          1,305,959                          1,161,479  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                               
  Loans Held for Sale                                                             4,912                                                                    2,586                                                                     8,680                                                                    4,236                                                                   17,762
                                                                                                                                                                                                                                                                                                                                                               
  Commercial Loans                                                            6,902,466                                                                4,867,199                                                                 6,923,745                                                                4,926,537                                                                4,726,292
  Mortgage Loans                                                              1,792,098                                                                1,461,033                                                                 1,806,766                                                                1,460,327                                                                1,490,306
  Consumer Loans                                             385,786                            328,015                             388,981                            326,735                            301,182  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                               
      Gross Loans                                                             9,080,350                                                                6,656,247                                                                 9,119,492                                                                6,713,599                                                                6,517,780
                                                                                                                                                                                                                                                                                                                                                               
      Unearned Income                                        (15,008 )                                              (8,643 )                                              (14,840 )                                              (9,016 )                                              (6,364 )
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                               
     Loans, Net of Unearned Income                                            9,065,342                                                                6,647,604                                                                 9,104,652                                                                6,704,583                                                                6,511,416
                                                                                                                                                                                                                                                                                                                                                               
Allowance for Loan Losses                                                       (76,133 )                                                                (74,689 )                                                                 (75,529 )                                                                (74,198 )                                                                (73,901 )
                                                                                                                                                                                                                                                                                                                                                               
Goodwill                                                                        709,812                                                                  375,559                                                                   709,794                                                                  375,547                                                                  375,583
Other Intangibles                                             21,792                              8,379                              21,260                              8,138                             10,107  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total Intangibles                                                            731,604                                                                  383,938                                                                   731,054                                                                  383,685                                                                  385,690
                                                                                                                                                                                                                                                                                                                                                               
Real Estate Owned                                                                41,778                                                                   39,553                                                                    38,778                                                                   38,182                                                                   49,484
Other Assets                                                 454,606                            351,867                             452,072                            372,877                            368,083  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Total Assets                                                          $ 12,136,892                                           $ 8,574,338                                           $ 12,328,811                                           $ 8,735,324                                           $ 8,420,013  
                                                        ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                               
MEMO: Earning Assets                                                       $ 10,752,045                                           $ 7,665,396                                           $ 10,931,194                                           $ 7,805,772                                           $ 7,459,217  
                                                        ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                               
Interest-bearing Deposits                                                  $  6,323,295                                                              $ 4,773,397                                                              $  6,453,866                                                              $ 4,747,051                                                              $ 4,928,575
Noninterest-bearing Deposits                               2,533,963                          1,849,404                           2,591,619                          1,874,520                          1,824,411  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total Deposits                                                             8,857,258                                                                6,622,801                                                                 9,045,485                                                                6,621,571                                                                6,752,986
                                                                                                                                                                                                                                                                                                                                                               
Short-term Borrowings                                                           425,600                                                                  300,688                                                                   435,652                                                                  430,754                                                                  314,962
Long-term Borrowings                                       1,131,901                            573,849                           1,105,314                            575,697                            284,926  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total Borrowings                                                           1,557,501                                                                  874,537                                                                 1,540,966                                                                1,006,451                                                                  599,888
                                                                                                                                                                                                                                                                                                                                                               
Other Liabilities                                             48,504                             47,252                              86,200                             65,570                             74,888  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Total Liabilities                                    10,463,263                          7,544,590                          10,672,651                          7,693,592                          7,427,762  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                               
Preferred Equity                                                                    ---                                                                      ---                                                                       ---                                                                      ---                                                                      ---
Common Equity                                              1,673,629                          1,029,748                           1,656,160                          1,041,732                            992,251  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
     Total Shareholders’ Equity                            1,673,629                          1,029,748                           1,656,160                          1,041,732                            992,251  
                                                        -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                               
Total Liabilities & Equity                                                 $ 12,136,892                                           $ 8,574,338                                           $ 12,328,811                                           $ 8,735,324                                           $ 8,420,013  
                                                        ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                               
MEMO: Interest-bearing Liabilities                                         $  7,880,796                                           $ 5,647,934                                           $  7,994,832                                           $ 5,753,502                                           $ 5,528,463  
                                                        ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========== ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                   Washington, D.C. and Charleston, WV
                                                                                                                                                                           Stock Symbol: UBSI
                                                                                                                                                                (In Thousands Except for Per Share Data)
                                                                                                                                                                                                                    
                                                                                                                                                                                                                     Three Months Ended
                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                December                                                December                                                 September                                                 June                                                             March
Quarterly Share Data:                                                                             2014                                                    2013                                                     2014                                                    2014                                                             2014
                                                                                   -----------------------------------                     -----------------------------------                     ------------------------------------                     -----------------------------------                     -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                     
Earnings Per Share:
     Basic                                                                                            $       0.48                                            $       0.39                                            $       0.48                                             $       0.48                                            $       0.48
     Diluted                                                                                          $       0.48                                            $       0.39                                            $       0.48                                             $       0.48                                            $       0.48
                                                                                                                                                                                                                                                                                                                     
Common Dividend Declared Per Share                                                                    $       0.32                                            $       0.32                                            $       0.32                                             $       0.32                                            $       0.32
                                                                                                                                                                                                                                                                                                                     
High Common Stock Price                                                                               $      38.00                                            $      32.71                                            $      33.60                                             $      32.50                                            $      32.08
Low Common Stock Price                                                                                $      30.39                                            $      28.06                                            $      30.89                                             $      28.19                                            $      28.23
                                                                                                                                                                                                                                                                                                                     
Average Shares Outstanding (Net of Treasury Stock):
     Basic                                                                                              69,088,844                                              50,417,452                                              69,044,876                                               68,956,123                                              62,434,749
     Diluted                                                                                            69,355,086                                              50,564,497                                              69,269,309                                               69,154,032                                              62,707,328
                                                                                                                                                                                                                                                                                                                     
Tax Applicable to Security Sales/Calls                                                                $        431                                            $        327                                            $        458                                             $          1                                            $        288
                                                                                                                                                                                                                                                                                                                     
Common Dividends                                                                                      $     22,165                                            $     16,140                                            $     22,142                                             $     22,130                                            $     22,085
                                                                                                                                                                                                                                                                                                                     
Dividend Payout Ratio                                                                                        66.65 %                                                 82.10 %                                                 66.57 %                                                  66.56 %                                                 73.31 %
                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                     Year Ended
                                                                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        December                                                 December                                                December                                                         December
YTD Share Data:                                                                                                                                           2014                                                     2013                                                    2012                                                             2011
                                                                                                                                           -----------------------------------                     ------------------------------------                     -----------------------------------                     -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                     
Earnings Per Share:
     Basic                                                                                                                                                    $       1.93                                            $       1.70                                             $       1.64                                            $       1.62
     Diluted                                                                                                                                                  $       1.92                                            $       1.70                                             $       1.64                                            $       1.61
                                                                                                                                                                                                                                                                                                                     
Common Dividend Declared Per Share                                                                                                                            $       1.28                                            $       1.25                                             $       1.24                                            $       1.21
                                                                                                                                                                                                                                                                                                                     
Average Shares Outstanding (Net of Treasury Stock):
     Basic                                                                                                                                                      67,404,254                                              50,353,452                                               50,265,620                                              46,803,432
     Diluted                                                                                                                                                    67,648,673                                              50,426,078                                               50,298,019                                              46,837,363
                                                                                                                                                                                                                                                                                                                     
Tax Applicable to Security Sales/Calls                                                                                                                        $      1,178                                            $        533                                             $        156                                            $        552
                                                                                                                                                                                                                                                                                                                     
Common Dividends                                                                                                                                              $     88,522                                            $     62,982                                             $     62,351                                            $     56,827
                                                                                                                                                                                                                                                                                                                     
Dividend Payout Ratio                                                                                                                                                68.15 %                                                 73.55 %                                                  75.48 %                                                 75.16 %
                                                                                                                                                                                                                                                                                                                     
EOP Employees (full-time equivalent)                                                                                                                                 1,703                                                   1,528                                                    1,529                                                   1,619
                                                                                    
                                                                                                                                                                                                                     Three Months Ended
                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                December                                                December                                                 September                                                 June                                                             March
EOP Share Data:                                                                                   2014                                                    2013                                                     2014                                                    2014                                                             2014
                                                                                   -----------------------------------                     -----------------------------------                     ------------------------------------                     -----------------------------------                     -----------------------------------------------------
Book Value Per Share                                                                                  $      23.90                                            $      20.66                                            $      23.90                                             $      23.70                                            $      23.40
Tangible Book Value Per Share (1)                                                                     $      13.35                                            $      13.05                                            $      13.29                                             $      13.10                                            $      12.78
                                                                                                                                                                                                                                                                                                                     
52-week High Common Stock Price                                                                       $      38.00                                            $      32.71                                            $      33.60                                             $      32.71                                            $      32.71
    Date                                                                                                  12/30/14                                                11/29/13                                                09/19/14                                                 11/29/13                                                11/29/13
52-week Low Common Stock Price                                                                        $      28.23                                            $      24.46                                            $      28.06                                             $      26.04                                            $      24.46
    Date                                                                                                  02/03/14                                                05/01/13                                                10/08/13                                                 07/01/13                                                05/01/13
                                                                                                                                                                                                                                                                                                                     
EOP Shares Outstanding (Net of Treasury Stock):                                                         69,295,859                                              50,430,267                                              69,196,992                                               69,163,254                                              69,055,157
                                                                                                                                                                                                                                                                                                                     
Note:
-------------------------------------------------------------
   (1) Tangible Book Value Per Share:
             Total Shareholders’ Equity (GAAP)                                                        $  1,656,160                                            $  1,041,732                                            $  1,653,673                                             $  1,639,283                                            $  1,616,123
             Less: Total Intangibles                                                   (731,054 )                           (383,685 )                           (734,379 )                            (733,533 )                           (733,762 )
                                                                                   -------------------- ---------- --                      -------------------- ---------- --                      -------------------- ---------- ---                      -------------------- ---------- --                      -------------------- ---------- --------------------
                    Tangible Equity (non-GAAP)                                                        $    925,106                                            $    658,047                                            $    919,294                                             $    905,750                                            $    882,361
             / EOP Shares Outstanding (Net of Treasury Stock)                                           69,295,859                                              50,430,267                                              69,196,992                                               69,163,254                                              69,055,157
                    Tangible Book Value Per Share (non-GAAP)                                          $      13.35                                            $      13.05                                            $      13.29                                             $      13.10                                            $      12.78
                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                          UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                             Washington, D.C. and Charleston, WV
                                                                                                                                                                     Stock Symbol: UBSI
                                                                                                                                                          (In Thousands Except for Per Share Data)
                                                                                                                                                                                       
                                                                                                                                                                                                    Three Months Ended
                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                    December                                                              December                                          September                                        June                                                                March
                                                                                      2014                                                                  2013                                              2014                                           2014                                                                2014
                                                               --------------------------------------------------                     ------------------------------------------------- ------------------------------------------------- -------------------------------------------                     --------------------------------------------------
Selected Yields and Net Interest Margin:
Net Loans                                                                              4.55 %                                                                4.42 %                                            4.43 %                                      4.48 %                                                                 4.50 %
Investment Securities                                                                  3.02 %                                                                2.70 %                                            2.86 %                                      2.74 %                                                                 2.59 %
Money Market Investments/FFS                                                           0.27 %                                                                0.27 %                                            0.24 %                                      0.26 %                                                                 0.23 %
   Average Earning Assets Yield                                                        4.19 %                                                                4.10 %                                            4.07 %                                      4.11 %                                                                 4.13 %
Interest-bearing Deposits                                                              0.44 %                                                                0.51 %                                            0.45 %                                      0.45 %                                                                 0.46 %
Short-term Borrowings                                                                  0.21 %                                                                0.27 %                                            0.21 %                                      0.23 %                                                                 0.24 %
Long-term Borrowings                                                                   1.39 %                                                                1.47 %                                            1.31 %                                      1.45 %                                                                 1.56 %
   Average Liability Costs                                                             0.56 %                                                                0.59 %                                            0.55 %                                      0.56 %                                                                 0.56 %
     Net Interest Spread                                                               3.63 %                                                                3.51 %                                            3.52 %                                      3.55 %                                                                 3.57 %
     Net Interest Margin                                                               3.77 %                                                                3.66 %                                            3.66 %                                      3.69 %                                                                 3.70 %
                                                                                                                                                                                                                                                                                                           
Selected Financial Ratios:
Return on Average Common Equity                                                        7.88 %                                                                7.57 %                                            7.96 %                                      8.16 %                                                                 8.57 %
Return on Average Assets                                                               1.09 %                                                                0.91 %                                            1.10 %                                      1.13 %                                                                 1.14 %
Efficiency Ratio (non-GAAP) (1)                                                       48.13 %                                                               51.85 %                                           46.89 %                                     47.63 %                                                                50.85 %
                                                                                                                                                                                                                                                                                                           
Note:
--------------------------------------------------------------
(1) The efficiency ratio used by United reflects certain adjustments
from the GAAP based calculation as reconciled below:
                                                                                                                                                                                                                                                                                                           
    Total Non-Interest Expense (GAAP)                                             $  64,024                                                              $ 47,836                                          $ 57,694                                    $ 57,103                                                              $  61,026
    Net Interest Income plus Total Non-Interest Income (GAAP)                       119,971                                                                81,091                                           112,084                                     112,926                                                                111,689
                    Efficiency Ratio (GAAP)                                           53.37 %                                                               58.99 %                                           51.47 %                                     50.57 %                                                                54.64 %
                                                                                                                                                                                                                                                                                                           
    Total Non-Interest Expense (GAAP)                                                64,024                                                                47,836                                            57,694                                      57,103                                                                 61,026
       Less: Amortization of intangibles (GAAP)                                       1,054                                                                   450                                             1,054                                       1,104                                                                    809
       Less: OREO expense (GAAP)                                                      2,772                                                                 1,306                                             1,818                                       1,037                                                                  2,113
       Less: Prepayment penalty on FHLB advance (GAAP)                                1,971                                                                     0                                                 0                                           0                                                                      0
       Less: Merger related expenses and charges (GAAP)                0                             455                            (72 )                                       211                            5,148  
                                                               -------------------- ------- --------------------                      -------------------- ------ --------------------  ------------------------------------------------  ------------------------------------------                      -------------------- ------- --------------------
    Total Non-Interest Expense (non-GAAP)                                         $  58,227                                                              $ 45,625                                          $ 54,894                                    $ 54,751                                                              $  52,956
                                                                                                                                                                                                                                                                                                           
    Net Interest Income plus Total Non-Interest Income (GAAP)                     $ 119,971                                                              $ 81,091                                         $ 112,084                                   $ 112,926                                                              $ 111,689
       Plus: Tax equivalent adjustment (non-GAAP)                                     1,530                                                                 1,472                                             1,572                                       1,606                                                                  1,608
       Less: Net gain on the sale of bank premises (GAAP)                                 0                                                                     0                                                 0                                           0                                                                  8,976
       Less: Net other-than-temporary impairment losses (GAAP)                         (704 )                                                              (6,361 )                                          (4,714 )                                      (421 )                                                                 (639 )
       Less: Net gains on sales/calls of investment                1,232                             934                          1,309                        1                              824  
       securities (GAAP)
                                                               -------------------- ------- --------------------                      -------------------- ------ --------------------  --------------------------  --------------------  --------------------  --------------------                      -------------------- ------- --------------------
    Net Interest Income plus Total Non-Interest                                   $ 120,973                                                              $ 87,990                                         $ 117,061                                   $ 114,952                                                              $ 104,136
    Income (non-GAAP)
                    Efficiency Ratio (non-GAAP)                                       48.13 %                                                               51.85 %                                           46.89 %                                     47.63 %                                                                50.85 %
                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                            Year Ended
                                                                                                                                      ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          December                                          December                                       December                                                            December
                                                                                                                                                            2014                                              2013                                           2012                                                                2011
                                                                                                                                      ------------------------------------------------- ------------------------------------------------- -------------------------------------------                     --------------------------------------------------
Selected Yields and Net Interest Margin:
Net Loans                                                                                                                                                    4.49 %                                            4.49 %                                      4.90 %                                                                 5.18 %
Investment Securities                                                                                                                                        2.81 %                                            2.65 %                                      2.98 %                                                                 3.61 %
Money Market Investments/FFS                                                                                                                                 0.25 %                                            0.26 %                                      0.27 %                                                                 0.28 %
   Average Earning Assets Yield                                                                                                                              4.12 %                                            4.16 %                                      4.43 %                                                                 4.68 %
Interest-bearing Deposits                                                                                                                                    0.45 %                                            0.55 %                                      0.64 %                                                                 0.82 %
Short-term Borrowings                                                                                                                                        0.22 %                                            0.25 %                                      0.11 %                                                                 0.06 %
Long-term Borrowings                                                                                                                                         1.42 %                                            2.32 %                                      4.45 %                                                                 4.79 %
   Average Liability Costs                                                                                                                                   0.56 %                                            0.65 %                                      0.82 %                                                                 1.04 %
     Net Interest Spread                                                                                                                                     3.56 %                                            3.51 %                                      3.61 %                                                                 3.64 %
     Net Interest Margin                                                                                                                                     3.71 %                                            3.68 %                                      3.81 %                                                                 3.87 %
                                                                       UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                          Washington, D.C. and Charleston, WV
                                                                                  Stock Symbol: UBSI
                                                                       (In Thousands Except for Per Share Data)
                                                                       
                                                                                                                         Year Ended
                                                                                           ----------------------------------------------------------------------
                                                                                            December    December    December                            December
                                                                                              2014        2013        2012                                2011
                                                                                           ---------   ---------   ---------                            --------
Selected Financial Ratios:
Return on Average Common Equity                                                                8.13%       8.43%       8.35%                               8.50%
Return on Average Assets                                                                       1.11%       1.02%       0.98%                               0.97%
Loan / Deposit Ratio                                                                         100.65%     101.25%      96.42%                              91.37%
Allowance for Loan Losses/ Loans, Net of Unearned Income                                       0.83%       1.11%       1.13%                               1.19%
Allowance for Credit Losses (1)/ Loans, Net of Unearned                                        0.85%       1.14%       1.16%                               1.22%
Income
Nonaccrual Loans / Loans, Net of Unearned Income                                               0.82%       0.92%       1.10%                               0.96%
90-Day Past Due Loans/ Loans, Net of Unearned Income                                           0.13%       0.16%       0.28%                               0.26%
Non-performing Loans/ Loans, Net of Unearned Income                                            1.20%       1.21%       1.43%                               1.28%
Non-performing Assets/ Total Assets                                                            1.20%       1.37%       1.69%                               1.56%
Primary Capital Ratio                                                                         13.97%      12.69%      12.57%                              12.25%
Shareholders’ Equity Ratio                                                                    13.43%      11.93%      11.78%                              11.46%
Price / Book Ratio                                                                              1.57 x      1.52 x      1.23 x                              1.47 x
Price / Earnings Ratio                                                                         19.50 x     18.52 x     14.82 x                             17.51 x
Efficiency Ratio (non-GAAP) (2)                                                               48.31%      52.16%      53.68%                              51.14%
                                                                                                                                                                  
Notes:
--------------------------------------------------------------
(1) Includes allowance for loan losses and reserve for
lending-related commitments.
(2) The efficiency ratio used by United reflects certain adjustments
from the GAAP based calculation as reconciled below:
    Total Non-Interest Expense (GAAP)                                                      $ 239,847   $ 192,036   $ 203,206        $ 182,266
    Net Interest Income plus Total Non-Interest Income (GAAP)                                456,670     336,347     342,549                             309,783
                    Efficiency Ratio (GAAP)                                                   52.52%      57.09%      59.32%                              58.84%
                                                                                                                                                                  
    Total Non-Interest Expense (GAAP)                                                        239,847     192,036     203,206                             182,266
       Less: Amortization of intangibles (GAAP)                                                4,021       1,969       2,852                               2,429
       Less: OREO expense (GAAP)                                                               7,740       6,441       8,556                               7,008
       Less: Prepayment penalty on FHLB advance (GAAP)                                         1,971           0           0                                   0
       Less: Merger related expenses and charges (GAAP)                                        5,287       2,014         760                               1,411
                                                                                           ---------   ---------   ---------                      ---------------
    Total Non-Interest Expense (non-GAAP)                                                  $ 220,828   $ 181,612   $ 191,038                           $ 171,418
                                                                                                                                                                  
    Net Interest Income plus Total Non-Interest Income (GAAP)                              $ 456,670   $ 336,347   $ 342,549                           $ 309,783
       Plus: Tax equivalent adjustment (non-GAAP)                                              6,316       5,999       6,413                               6,587
       Less: Net gain on the sale of bank premises (GAAP)                                      8,976           0           0                                   0
       Less: Net other-than-temporary impairment losses (GAAP)                               (6,478)     (7,332)     (7,376)                            (20,414)
       Less: Net gains on sales/calls of investment securities (GAAP)                          3,366       1,523         446                               1,576
                                                                                           ---------   ---------   ---------                      ---------------
    Net Interest Income plus Total Non-Interest Income (non-GAAP)                          $ 457,122   $ 348,155   $ 355,892                           $ 335,208
                    Efficiency Ratio (non-GAAP)                                               48.31%      52.16%      53.68%                              51.14%
                                                                                                                                                                     UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                        Washington, D.C. and Charleston, WV
                                                                                                                                                                                Stock Symbol: UBSI
                                                                                                                                                                     (In Thousands Except for Per Share Data)
                                                                                                                                                                                                                                                    
                                                          December                                                               December                                                               September                                                                June                                                                   March
Asset Quality Data:                                         2014                                                                   2013                                                                   2014                                                                   2014                                                                   2014
                                     -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
                                                                                                                                                                                                                                                                                                                                  
EOP Non-Accrual Loans                                   $  75,051                                                              $  61,928                                                              $  67,715                                                              $  55,150                                                              $  60,207
EOP 90-Day Past Due Loans                                  11,675                                                                 11,044                                                                 16,692                                                                 18,417                                                                 27,812
EOP Restructured Loans (2)              22,234                            8,157                           13,502                           13,648                            8,106  
                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
   Total EOP Non-performing Loans                       $ 108,960                                                              $  81,129                                                              $  97,909                                                              $  87,215                                                              $  96,125
                                                                                                                                                                                                                                                                                                                                  
EOP Other Real Estate & Assets Owned    38,778                           38,182                           42,432                           43,232                           43,792  
                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
   Total EOP Non-performing Assets                      $ 147,738                                           $ 119,311                                           $ 140,341                                           $ 130,447                                           $ 139,917  
                                     ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                  
                                                                                        Three Months Ended                                                                                                                                                                    Year Ended
                                     -------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          December                                                               December                                                               December                                                               December                                                               December
Allowance for Credit Losses:(1)                             2014                                                                   2013                                                                   2014                                                                   2013                                                                   2012
                                     -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
Beginning Balance                                       $  77,198                                                              $  76,767                                                              $  76,341                                                              $  75,557                                                              $  75,727
Provision for Credit Losses (3)          6,350                            4,290                           21,312                           19,754                           17,665  
                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                           83,548                                                                 81,057                                                                 97,653                                                                 95,311                                                                 93,392
Gross Charge-offs                                          (8,246 )                                                               (5,362 )                                                              (25,241 )                                                              (21,006 )                                                              (20,555 )
Recoveries                               1,745                              646                            4,635                            2,036                            2,720  
                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Net Charge-offs                         (6,501 )                                            (4,716 )                                           (20,606 )                                           (18,970 )                                           (17,835 )
                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
Ending Balance                                          $  77,047                                           $  76,341                                           $  77,047                                           $  76,341                                           $  75,557  
                                     ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                  
Notes:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Includes allowance for loan losses and reserve for
lending-related commitments.
(2) Restructured loans with an aggregate balance of $4,194, $820,
$827, $844 and $861 at December 31, 2014, September 30, 2014, June
30, 2014, March 31, 2014 and December 31, 2013, respectively, were
on nonaccrual status, but are not included in "EOP Non-Accrual
Loans" above.
(3) Includes the Provision for Loan Losses and a provision for
lending-related commitments included in Other Expenses.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150129005086r1&sid=cmtx6&distro=nx&lang=en

SOURCE: United Bankshares, Inc.

United Bankshares, Inc. 
W. Mark Tatterson 
Chief Financial Officer 
800-445-1347 ext. 8716


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