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 United Bankshares, Inc. Announces Increased Earnings for the Fourth Quarter and Year of 2016
   Tuesday, January 31, 2017 7:50:01 AM ET

United Bankshares, Inc. (UBSI ), today reported earnings for the fourth quarter and year of 2016. Earnings for the fourth quarter of 2016 were $39.1 million or $0.51 per diluted share, an increase from earnings of $33.5 million or $0.48 per diluted share for the fourth quarter of 2015. Earnings for the year of 2016 were $147.1 million or $1.99 per diluted share, up from earnings of $138.0 million or $1.98 per diluted share for the year of 2015.

Fourth quarter of 2016 results produced an annualized return on average assets of 1.10% and an annualized return on average equity of 7.50%. For the year of 2016, United’s return on average assets was 1.10% while the return on average equity was 7.67%. United’s annualized returns on average assets and average equity were 1.07% and 7.68%, respectively, for the fourth quarter of 2015 while the returns on average assets and average equity were 1.12% and 8.10%, respectively, for the year of 2015.



"The year of 2016 was an active and successful year for United Bankshares," stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. "We increased diluted earnings per share to $1.99 while achieving record earnings before income taxes of $223 million. United’s return on average assets for the year of 2016 was 1.10% compared to our Federal Reserve peer group’s (bank holding companies with total assets over $10 billion) most recently reported return on average assets of 0.90%. We increased dividends to $1.32 per share which represented the 43rd consecutive year of dividend increases to our shareholders. This is a record only one other major banking company in the USA has been able to achieve. In addition, we completed our acquisition of Bank of Georgetown and announced an agreement to merge with Cardinal Financial Corporation, which will be the largest acquisition in our history."

On June 3, 2016, United completed its acquisition of Bank of Georgetown of Washington, D.C. The results of operations of Bank of Georgetown are included in the consolidated results of operations from the date of acquisition. As a result, the fourth quarter and year of 2016 were impacted by increased levels of average balances, income, and expense as compared to the fourth quarter and year of 2015. At consummation, Bank of Georgetown had assets of approximately $1.3 billion, loans of $999.8 million, and deposits of $971.4 million. In addition, the year of 2016 included $6.1 million of merger and acquisition expenses related to the Bank of Georgetown acquisition and the planned merger with Cardinal Financial Corporation, announced on August 18, 2016.

Net interest income for the fourth quarter of 2016 was $113.3 million, which was an increase of $16.1 million or 17% from the fourth quarter of 2015. The $16.1 million increase in net interest income occurred because total interest income increased $18.4 million while total interest expense only increased $2.3 million from the fourth quarter of 2015. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the fourth quarter of 2016 was $114.8 million, an increase of $16.0 million or 16% from the fourth quarter of 2015 due mainly to an increase in average earning assets from the Bank of Georgetown acquisition. Average earning assets for the fourth quarter of 2016 increased $1.6 billion or 15% from the fourth quarter of 2015 due mainly to a $1.1 billion or 12% increase in average net loans. Average short-term investments increased $310.7 million or 50% while average investment securities increased $161.5 million or 13%. The fourth quarter of 2016 average yield on earning assets increased 8 basis points from the fourth quarter of 2015 due to additional loan accretion of $4.4 million on acquired loans and higher market interest rates. Partially offsetting the increases to tax-equivalent net interest income for the fourth quarter of 2016 was an increase of 4 basis points in the average cost of funds as compared to the fourth quarter of 2015 due to the higher market interest rates. The net interest margin of 3.62% for the fourth quarter of 2016 was an increase of 6 basis points from the net interest margin of 3.56% for the fourth quarter of 2015.

Net interest income for the year of 2016 was $425.3 million, which was an increase of $41.2 million or 11% from the year of 2015. The $41.2 million increase in net interest income occurred because total interest income increased $46.7 million while total interest expense only increased $5.5 million from the year of 2015. Tax-equivalent net interest income for the year of 2016 was $431.5 million, an increase of $40.8 million or 10% from the year of 2015. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Bank of Georgetown acquisition. Average earning assets increased $1.0 billion or 9% from the year of 2015 as average net loans increased $867.0 million or 10% for the year of 2016. Average investment securities increased $59.2 million or 5%. In addition, the average yield on earning assets increased 6 basis points from the year of 2015 due to additional loan accretion of $10.1 million on acquired loans and higher market interest rates. Partially offsetting the increases to tax-equivalent net interest income for the year of 2016 was an increase of 3 basis points in the average cost of funds as compared to the year of 2015 due to higher market interest rates. The net interest margin of 3.62% for the year of 2016 was an increase of 4 basis points from the net interest margin of 3.58% for the year of 2015.

On a linked-quarter basis, net interest income for the fourth quarter of 2016 increased $2.2 million or 2% from the third quarter of 2016. The $2.2 million increase in net interest income occurred because total interest income increased $2.5 million while total interest expense only increased $300 thousand from the third quarter of 2016. Tax-equivalent net interest income for the fourth quarter of 2016 increased $2.2 million or 2% due mainly to an increase in the average yield on earning assets. The yield on average earning assets for the fourth quarter of 2016 increased 6 basis points from the third quarter of 2016 due to additional loan accretion of $3.0 million. Average earning assets were relatively flat for the quarter, increasing $45.2 million or less than 1%. Average net loans were also relatively flat, decreasing $25.9 million or less than 1% while average short-term investments increased $121.0 million or 15% and average investment securities decreased $49.9 million or 3%, respectively. Partially offsetting the increases to tax-equivalent net interest income for the fourth quarter of 2016 was an increase of a basis point in the average cost of funds as compared to the third quarter of 2016. The net interest margin of 3.62% for the fourth quarter of 2016 was an increase of 6 basis points from the net interest margin of 3.56% for the third quarter of 2016.

For the quarters ended December 31, 2016 and 2015, the provision for loan losses was $5.8 million and $6.3 million, respectively, while the provision for the year of 2016 was $24.5 million as compared to $22.6 million for the year of 2015. Net charge-offs were $5.7 million and $27.5 million for the fourth quarter and year of 2016, respectively, as compared to $6.1 million and $22.4 million for the same time periods in 2015. Annualized net charge-offs as a percentage of average loans were 0.22% and 0.28% for the fourth quarter and year of 2016, respectively. On a linked-quarter basis, the provision for loan losses for the fourth quarter of 2016 decreased $1.2 million while net charge-offs decreased $1.1 million from the third quarter of 2016.

Noninterest income for the fourth quarter of 2016 was $16.7 million, which was a decrease of $1.5 million or 8% from the fourth quarter of 2015. Income from bank-owned insurance policies decreased $911 million due to death benefits recorded during the fourth quarter of 2015. In addition, fees from deposit services decreased $507 thousand mainly due to lower income from overdraft fees. Partially offsetting these decreases was an increase of $317 thousand in mortgage banking income due to increased loan production and sales in the secondary market.

Noninterest income for the year of 2016 was $70.0 million, which was a decrease of $3.6 million or 5% from the year of 2015. The decrease was due to lower fees from deposit services as a result of the Durbin Amendment being effective for United on July 1, 2015. The Durbin Amendment, passed as part of the Dodd-Frank financial reform legislation, limits fees for debit card processing paid by merchants to banking companies with assets in excess of $10 billion. Fees from deposit services for the year of 2016 declined $5.1 million from the year of 2015. Partially offsetting this decrease was an increase of $943 thousand in mortgage banking income due to increased loan production and sales in the secondary market.

On a linked-quarter basis, noninterest income for the fourth quarter of 2016 decreased $2.4 million or 12% from the third quarter of 2016. Income from bank-owned insurance policies decreased $1.7 million due to death benefits recorded during the third quarter. In addition, fees from trust and brokerage services declined $406 thousand due to lower volume.

Noninterest expense for the fourth quarter of 2016 was $62.5 million, an increase of $3.9 million or 7% from the fourth quarter of 2015 due mainly to the Bank of Georgetown merger as most major categories of noninterest expense showed increases. In particular, net occupancy expenses increased $1.0 million and data processing increased $601 thousand. In addition, employee benefits increased $580 thousand due mainly to higher pension costs and other real estate owned (OREO) expense also increased $580 thousand from the fourth quarter of 2015 due to increased losses on sales of OREO properties.

Noninterest expense for the year of 2016 was $248.2 million, an increase of $16.5 million or 7% from the year of 2015 due in large part to the Bank of Georgetown merger. Employee compensation increased $5.2 million which includes $670 thousand of merger severance charges. Otherwise, employee compensation increased due to merit raises and a higher amount of employee incentives. Employee benefits increased $1.9 million mainly due to increased health insurance costs. Net occupancy expenses increased $3.2 million which includes $1.6 million for the termination of leases for closed offices. Other real estate owned (OREO) expense increased $2.2 million due to a decline in the fair value of OREO properties. In addition, other merger-related expenses of $3.9 million were incurred.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2016 was flat, decreasing $269 thousand or less than 1% from the third quarter of 2016. This slight decrease was due primarily to a decrease of $335 thousand in net occupancy expense due to a decline in building rental expense.

For the fourth quarter of 2016, income tax expense was $22.5 million, an increase of $5.6 million from the fourth quarter of 2015 mainly due to higher earnings. For the year of 2016, income tax expense was $75.6 million, an increase of $10.1 million from the year of 2015. This increase was due to higher earnings for the year of 2016 and the release of tax reserves and historical tax credits in the year of 2015. On a linked-quarter basis, income tax expense increased $3.6 million due to slightly higher earnings and a reduction in the current tax expense as a result of an increase in the deferred tax rate for the third quarter of 2016. United’s effective tax rate was approximately 36.5% for the fourth quarter of 2016, 33.5% for the fourth quarter of 2015 and 31.2% for the third quarter of 2016. For the years of 2016 and 2015, United’s effective tax rate was 33.9% and 32.2%, respectively.

United’s asset quality continues to be sound. At December 31, 2016, nonperforming loans were $113.3 million, or 1.10% of loans, net of unearned income, down from nonperforming loans of $126.7 million or 1.35% of loans, net of unearned income, at December 31, 2015. As of December 31, 2016, the allowance for loan losses was $72.8 million or 0.70% of loans, net of unearned income, as compared to $75.7 million or 0.81% of loans, net of unearned income, at December 31, 2015. United’s allowance for loan losses as a percentage of non-acquired loans, net of unearned income at December 31, 2016 was 0.90% as compared to 1.00% at December 31, 2015. Total nonperforming assets of $144.8 million, including OREO of $31.5 million at December 31, 2016, represented 1.00% of total assets.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.9% at December 31, 2016 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.2%, 14.2% and 12.2%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

As of December 31, 2016, United had consolidated assets of approximately $14.5 billion with 127 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, 2016 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, 2016 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, the allowance for loan losses as a percentage of non-acquired loans, 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%.

In accordance with accounting rules, United is unable to carry-over an acquired banking company’s previously established allowance for loan losses because acquired loans are recorded at fair value. Therefore, due to this acquisition accounting impact on the allowance for loans losses as well as loans, net of unearned income, management believes that excluding acquired loans in the calculation of the allowance for loan losses as a percentage of loans, net of unearned income reflects the difference in the accounting rules for acquired loans and originated loans as well as provides for improved comparability to prior periods and to other financial institutions without acquired loans.

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
                                                                                                                                                         2016                                                                                           2015                                                                                           2016                                                                                           2015
                                                                                                                                 --------------------------------------------------   -------------------- -------------------- --------------------------------------------------                                             --------------------------------------------------   -------------------- -------------------- --------------------------------------------------
EARNINGS SUMMARY:                                                                                                                                                                                                                                                                                                                                
Interest income                                                                                                                                     $    125,621                                                                                   $    107,240                                                                                   $    470,341                                                                                   $    423,630
Interest expense                                                                                                                       12,368             10,085                                                   45,010             39,506  
                                                                                                                                 -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                                           -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Net interest income                                                                                                                                      113,253                                                                                         97,155                                                                                        425,331                                                                                        384,124
Provision for loan losses                                                                                                                                  5,819                                                                                          6,322                                                                                         24,509                                                                                         22,574
Noninterest income                                                                                                                                        16,652                                                                                         18,125                                                                                         70,032                                                                                         73,626
Noninterest expenses                                                                                                                   62,508             58,618                                                  248,196            231,687  
                                                                                                                                 -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                                           -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Income before income taxes                                                                                                                                61,578                                                                                         50,340                                                                                        222,658                                                                                        203,489
Income taxes                                                                                                                           22,472             16,864                                                   75,575             65,530  
                                                                                                                                 -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                                           -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Net income                                                                                                                                          $     39,106                          $     33,476                                                                $    147,083                          $    137,959  
                                                                                                                                 ==================== ========== ==================== ==================== ==================== ==================== ========== ====================                                           ==================== ========== ==================== ==================== ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                               
PER COMMON SHARE:
Net income:
    Basic                                                                                                                                           $       0.51                                                                                   $       0.48                                                                                   $       2.00                                                                                   $       1.99
    Diluted                                                                                                                                                 0.51                                                                                           0.48                                                                                           1.99                                                                                           1.98
Cash dividends                                                                                                                                      $       0.33                                                                                   $       0.33                                                                                           1.32                                                                                           1.29
Book value                                                                                                                                                                                                                                                                                                                                               27.59                                                                                          24.61
Closing market price                                                                                                                                                                                                                                                                                                                              $      46.25                                                                                   $      36.99
Common shares outstanding:
    Actual at period end, net of treasury shares                                                                                                                                                                                                                                                                                                    81,039,974                                                                                     69,603,097
    Weighted average- basic                                                                                                                           76,863,906                                                                                     69,431,787                                                                                     73,531,992                                                                                     69,334,849
    Weighted average- diluted                                                                                                                         77,303,310                                                                                     69,737,451                                                                                     73,893,127                                                                                     69,625,531
                                                                                                                                                                                                                                                                                                                                                                                                                               
FINANCIAL RATIOS:
Return on average assets                                                                                                                                    1.10 %                                                                                         1.07 %                                                                                         1.10 %                                                                                         1.12 %
Return on average shareholders’ equity                                                                                           7.50 %                                                                                         7.68 %                                                                                         7.67 %                                                                                         8.10 %
Average equity to average assets                                                                                                                           14.62 %                                                                                        13.97 %                                                                                        14.34 %                                                                                        13.88 %
Net interest margin                                                                                                                                         3.62 %                                                                                         3.56 %                                                                                         3.62 %                                                                                         3.58 %
                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                      December 31                                              December 31                                                                                    December 31                                             September 30
                                                                                                                                                         2016                                                                                           2015                                                                                           2014                                                                                           2016
                                                                                                                                 --------------------------------------------------   -------------------- -------------------- --------------------------------------------------                                             --------------------------------------------------   -------------------- -------------------- --------------------------------------------------
PERIOD END BALANCES:
Assets                                                                                                                                              $ 14,505,892                                                                                   $ 12,577,944                                                                                   $ 12,328,811                                                                                   $ 14,344,696
Earning assets                                                                                                                                        12,939,508                                                                                     11,243,862                                                                                     10,931,194                                                                                     12,789,305
Loans, net of unearned income                                                                                                                         10,341,137                                                                                      9,384,080                                                                                      9,104,652                                                                                     10,435,763
Loans held for sale                                                                                                                                        8,445                                                                                         10,681                                                                                          8,680                                                                                         10,957
Investment securities                                                                                                                                  1,403,638                                                                                      1,204,182                                                                                      1,316,040                                                                                      1,462,566
Total deposits                                                                                                                                        10,796,867                                                                                      9,341,527                                                                                      9,045,485                                                                                     10,578,332
Shareholders’ equity                                                                                                        2,235,747                                                                                      1,712,635                                                                                      1,656,160                                                                                      2,028,679
                                                                                                                                                                                                                                                                                                                                                                                                                               
 
                                                                                                                                                                                                                                     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
                                                                                                                                            2016                                                                                        2015                                                                                        2016                                                                                        2016                                                                                        2016
                                                                                                                     --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------
Interest & Loan Fees Income (GAAP)                                                                                                      $ 125,621                                                                                   $ 107,240                                                                                   $ 123,137                                                                                   $ 113,087                                                                                   $ 108,496
Tax equivalent adjustment                                                                                                1,559                                                 1,678                                                 1,556                                                 1,513                                                 1,493  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
    Interest & Fees Income (FTE) (non-GAAP)                                                                                               127,180                                                                                     108,918                                                                                     124,693                                                                                     114,600                                                                                     109,989
Interest Expense                                                                                                        12,368                                                10,085                                                12,068                                                10,362                                                10,212  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
    Net Interest Income (FTE) (non-GAAP)                                                                                                  114,812                                                                                      98,833                                                                                     112,625                                                                                     104,238                                                                                      99,777
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Provision for Loan Losses                                                                                                                   5,819                                                                                       6,322                                                                                       6,988                                                                                       7,667                                                                                       4,035
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Non-Interest Income:
    Fees from trust & brokerage services                                                                                                    4,485                                                                                       4,525                                                                                       4,891                                                                                       4,792                                                                                       4,869
    Fees from deposit services                                                                                                              8,189                                                                                       8,696                                                                                       8,306                                                                                       8,390                                                                                       7,973
    Bankcard fees and merchant discounts                                                                                                    1,461                                                                                       1,498                                                                                       1,551                                                                                       1,365                                                                                         838
    Other charges, commissions, and fees                                                                                                      334                                                                                         497                                                                                         500                                                                                         796                                                                                         429
    Income from bank owned life insurance                                                                                                     881                                                                                       1,792                                                                                       2,541                                                                                       1,192                                                                                       1,180
    Mortgage banking income                                                                                                                   951                                                                                         634                                                                                         982                                                                                         789                                                                                         728
    Other non-interest revenue                                                                                                                289                                                                                         454                                                                                         249                                                                                         430                                                                                         371
    Net other-than-temporary impairment losses                                                                                                  0                                                                                         (13 )                                                                                         0                                                                                         (33 )                                                                                         0
                                                                                                                            62                                                    42                                                     1                                                   246                                                     4  
    Net gains on sales/calls of investment securities
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
        Total Non-Interest Income                                                                                       16,652                                                18,125                                                19,021                                                17,967                                                16,392  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Non-Interest Expense:
    Employee compensation                                                                                                                  24,158                                                                                      24,431                                                                                      24,213                                                                                      22,631                                                                                      22,279
    Employee benefits                                                                                                                       7,585                                                                                       7,005                                                                                       7,483                                                                                       7,294                                                                                       6,603
    Net occupancy                                                                                                                           6,584                                                                                       5,576                                                                                       6,919                                                                                       7,773                                                                                       6,253
    Data processing                                                                                                                         4,276                                                                                       3,675                                                                                       3,857                                                                                       3,596                                                                                       3,551
    Amortization of intangibles                                                                                                             1,158                                                                                         855                                                                                       1,122                                                                                         919                                                                                         745
    OREO expense                                                                                                                            1,190                                                                                         610                                                                                       1,342                                                                                       2,663                                                                                         649
    FDIC expense                                                                                                                            2,207                                                                                       2,114                                                                                       2,086                                                                                       2,135                                                                                       2,120
    Other expenses                                                                                                      15,350                                                14,352                                                15,755                                                17,844                                                15,856  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
        Total Non-Interest Expense                                                                                      62,508                                                58,618                                                62,777                                                64,855                                                58,056  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Income Before Income Taxes (FTE) (non-GAAP)                                                                                                63,137                                                                                      52,018                                                                                      61,881                                                                                      49,683                                                                                      54,078
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Tax equivalent adjustment                                                                                                1,559                                                 1,678                                                 1,556                                                 1,513                                                 1,493  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Income Before Income Taxes (GAAP)                                                                                                          61,578                                                                                      50,340                                                                                      60,325                                                                                      48,170                                                                                      52,585
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Taxes                                                                                                                   22,472                                                16,864                                                18,846                                                16,378                                                17,879  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Net Income                                                                                                                              $  39,106                                                                $  33,476                                                                $  41,479                                                                $  31,792                                                                $  34,706  
                                                                                                                     ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
MEMO: Effective Tax Rate                                                                                                                    36.49 %                                                                                     33.50 %                                                                                     31.24 %                                                                                     34.00 %                                                                                     34.00 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 
                                                                                                                                                                                                         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
                                                                                                                                            2016                                                                                        2015                                                                                        2014                                                                                        2013
                                                                                                                     --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------
Interest & Loan Fees Income (GAAP)                                                                                                      $ 470,341                                                                                   $ 423,630                                                                                   $ 418,542                                                                                   $ 306,154
Tax equivalent adjustment                                                                                                6,121                                                 6,486                                                 6,316                                                 5,999  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
        Interest & Fees Income (FTE) (non-GAAP)                                                                                           476,462                                                                                     430,116                                                                                     424,858                                                                                     312,153
Interest Expense                                                                                                        45,010                                                39,506                                                42,834                                                36,313  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
        Net Interest Income (FTE) (non-GAAP)                                                                                              431,452                                                                                     390,610                                                                                     382,024                                                                                     275,840
                                                                                                                                                                                                                                                                                                                                                                                                          
Provision for Loan Losses                                                                                                                  24,509                                                                                      22,574                                                                                      21,937                                                                                      19,267
                                                                                                                                                                                                                                                                                                                                                                                                          
Non-Interest Income:
    Fees from trust & brokerage services                                                                                                   19,037                                                                                      19,085                                                                                      18,141                                                                                      16,447
    Fees from deposit services                                                                                                             32,858                                                                                      37,962                                                                                      42,372                                                                                      40,245
    Bankcard fees and merchant discounts                                                                                                    5,215                                                                                       4,786                                                                                       4,207                                                                                       3,591
    Other charges, commissions, and fees                                                                                                    2,059                                                                                       2,141                                                                                       2,049                                                                                       2,247
    Income from bank owned life insurance                                                                                                   5,794                                                                                       5,557                                                                                       5,300                                                                                       5,788
    Mortgage banking income                                                                                                                 3,450                                                                                       2,507                                                                                       1,876                                                                                       2,571
    Net gain on the sale of bank premises                                                                                                       0                                                                                           0                                                                                       8,976                                                                                           0
    Other non-interest revenue                                                                                                              1,339                                                                                       1,433                                                                                       1,153                                                                                       1,426
    Net other-than-temporary impairment losses                                                                                                (33 )                                                                                       (47 )                                                                                    (6,478 )                                                                                    (7,332 )
                                                                                                                           313                                                   202                                                 3,366                                                 1,523  
    Net gains on sales/calls of investment securities
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
        Total Non-Interest Income                                                                                       70,032                                                73,626                                                80,962                                                66,506  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                          
Non-Interest Expense:
    Employee compensation                                                                                                                  93,281                                                                                      88,123                                                                                      90,823                                                                                      68,074
    Employee benefits                                                                                                                      28,965                                                                                      27,086                                                                                      20,457                                                                                      22,970
    Net occupancy                                                                                                                          27,529                                                                                      24,301                                                                                      25,796                                                                                      19,818
    Data processing                                                                                                                        15,280                                                                                      14,867                                                                                      14,455                                                                                      11,394
    Amortization of intangibles                                                                                                             3,944                                                                                       3,420                                                                                       4,021                                                                                       1,969
    OREO expense                                                                                                                            5,844                                                                                       3,613                                                                                       7,740                                                                                       6,441
    FDIC expense                                                                                                                            8,548                                                                                       8,367                                                                                       7,565                                                                                       6,188
    Prepayment penalty on FHLB advance                                                                                                          0                                                                                           0                                                                                       1,971                                                                                           0
    Other expenses                                                                                                      64,805                                                61,910                                                67,019                                                55,182  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
        Total Non-Interest Expense                                                                                     248,196                                               231,687                                               239,847                                               192,036  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                          
Income Before Income Taxes (FTE) (non-GAAP)                                                                                               228,779                                                                                     209,975                                                                                     201,202                                                                                     131,043
                                                                                                                                                                                                                                                                                                                                                                                                          
Tax equivalent adjustment                                                                                                6,121                                                 6,486                                                 6,316                                                 5,999  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                          
Income Before Income Taxes (GAAP)                                                                                                         222,658                                                                                     203,489                                                                                     194,886                                                                                     125,044
                                                                                                                                                                                                                                                                                                                                                                                                          
Taxes                                                                                                                   75,575                                                65,530                                                64,998                                                39,416  
                                                                                                                     -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                          
Net Income                                                                                                                              $ 147,083                                                                $ 137,959                                                                $ 129,888                                                                $  85,628  
                                                                                                                     ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                          
MEMO: Effective Tax Rate                                                                                                                    33.94 %                                                                                     32.20 %                                                                                     33.35 %                                                                                     31.52 %
                                                                                                                                                                                                                                                                                                                                                                                                          
 
                                                                                                                                                                                                                                     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
                                                                                                                           2016                                                                                           2015                                                                                        December 31                                                                                    December 31                                                                                    December 31
                                                                                                                       Q-T-D Average                                                                                  Q-T-D Average                                                                                      2016                                                                                           2015                                                                                           2014
                                                                                                   -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Cash & Cash Equivalents                                                                                               $  1,094,122                                                                                   $    770,264                                                                                   $  1,434,527                                                                                   $    857,335                                                                                   $    753,064
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Securities Available for Sale                                                                                            1,233,147                                                                                      1,090,546                                                                                      1,259,214                                                                                      1,066,334                                                                                      1,180,386
Securities Held to Maturity                                                                                                 33,414                                                                                         39,019                                                                                         33,258                                                                                         39,099                                                                                         39,310
Other Investment Securities                                                                             115,944                                                   91,488                                                  111,166                                                   98,749                                                   96,344  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
    Total Securities                                                                                  1,382,505                                                1,221,053                                                1,403,638                                                1,204,182                                                1,316,040  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
        Total Cash and Securities                                                                     2,476,627                                                1,991,317                                                2,838,165                                                2,061,517                                                2,069,104  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
    Loans Held for Sale                                                                                                      9,480                                                                                          8,835                                                                                          8,445                                                                                         10,681                                                                                          8,680
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
    Commercial Loans                                                                                                     7,847,555                                                                                      6,972,600                                                                                      7,783,478                                                                                      7,096,595                                                                                      6,923,745
    Mortgage Loans                                                                                                       1,945,245                                                                                      1,839,467                                                                                      1,938,707                                                                                      1,843,518                                                                                      1,806,766
    Consumer Loans                                                                                      619,183                                                  461,609                                                  634,534                                                  458,839                                                  388,981  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
        Gross Loans                                                                                                     10,411,983                                                                                      9,273,676                                                                                     10,356,719                                                                                      9,398,952                                                                                      9,119,492
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
        Unearned Income                                                                                 (15,712 )                                                                   (14,750 )                                                                   (15,582 )                                                                   (14,872 )                                                                   (14,840 )
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
      Loans, Net of Unearned Income                                                                                     10,396,271                                                                                      9,258,926                                                                                     10,341,137                                                                                      9,384,080                                                                                      9,104,652
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Allowance for Loan Losses                                                                                                  (72,666 )                                                                                      (75,525 )                                                                                      (72,771 )                                                                                      (75,726 )                                                                                      (75,529 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Goodwill                                                                                                                   867,313                                                                                        710,252                                                                                        863,767                                                                                        710,252                                                                                        709,794
Other Intangibles                                                                                        23,507                                                   18,278                                                   22,954                                                   17,840                                                   21,260  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
    Total Intangibles                                                                                                      890,820                                                                                        728,530                                                                                        886,721                                                                                        728,092                                                                                        731,054
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Real Estate Owned                                                                                                           32,314                                                                                         33,028                                                                                         31,510                                                                                         32,228                                                                                         38,778
Other Assets                                                                                            459,243                                                  430,794                                                  475,685                                                  437,072                                                  452,072  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Total Assets                                                                                                    $ 14,192,089                                                                $ 12,375,905                                                                $ 14,508,892                                                                $ 12,577,944                                                                $ 12,328,811  
                                                                                                   ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
MEMO: Earning Assets                                                                                                  $ 12,646,642                                                                $ 11,033,647                                                                $ 12,939,508                                                                $ 11,243,862                                                                $ 10,931,194  
                                                                                                   ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Interest-bearing Deposits                                                                                             $  7,302,256                                                                                   $  6,675,701                                                                                   $  7,625,026                                                                                   $  6,641,569                                                                                   $  6,453,866
Noninterest-bearing Deposits                                                                          3,114,684                                                2,665,676                                                3,171,841                                                2,699,958                                                2,591,619  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
    Total Deposits                                                                                                      10,416,940                                                                                      9,341,377                                                                                     10,796,867                                                                                      9,341,527                                                                                      9,045,485
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Short-term Borrowings                                                                                                      449,163                                                                                        304,544                                                                                        209,551                                                                                        423,028                                                                                        435,652
Long-term Borrowings                                                                                  1,172,081                                                  941,841                                                1,172,026                                                1,015,249                                                1,105,314  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
    Total Borrowings                                                                                                     1,621,244                                                                                      1,246,385                                                                                      1,381,577                                                                                      1,438,277                                                                                      1,540,966
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Other Liabilities                                                                                        79,094                                                   59,629                                                   94,701                                                   85,505                                                   86,200  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Total Liabilities                                                                              12,117,278                                               10,647,391                                               12,273,145                                               10,865,309                                               10,672,651  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Preferred Equity                                                                                                               ---                                                                                            ---                                                                                            ---                                                                                            ---                                                                                            ---
Common Equity                                                                                         2,074,811                                                1,728,514                                                2,235,747                                                1,712,635                                                1,656,160  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Total Shareholders’ Equity                                                                      2,074,811                                                1,728,514                                                2,235,747                                                1,712,635                                                1,656,160  
                                                                                                   -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Total Liabilities & Equity                                                                                            $ 14,192,089                                                                $ 12,375,905                                                                $ 14,508,892                                                                $ 12,577,944                                                                $ 12,328,811  
                                                                                                   ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
MEMO: Interest-bearing Liabilities                                                                                    $  8,923,500                                                                $  7,922,086                                                                $  9,006,603                                                                $  8,079,846                                                                $  7,994,832  
                                                                                                   ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 
                                                                                                                                                                                                                   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:                                                                                                                  2016                                                                         2015                                                                          2016                                                                         2016                                                                         2016
                                                                                                                        -----------------------------------                                          -----------------------------------                                          ------------------------------------                                          -----------------------------------                                          ----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Earnings Per Share:
    Basic                                                                                                                                  $       0.51                                                                 $       0.48                                                                 $       0.54                                                                  $       0.44                                                                 $       0.50
    Diluted                                                                                                                                $       0.51                                                                 $       0.48                                                                 $       0.54                                                                  $       0.44                                                                 $       0.50
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Common Dividend Declared Per Share                                                                                                         $       0.33                                                                 $       0.33                                                                 $       0.33                                                                  $       0.33                                                                 $       0.33
                                                                                                                                                                                                                                                                                                                                                                                                                                              
High Common Stock Price                                                                                                                    $      49.35                                                                 $      43.13                                                                 $      39.71                                                                  $      40.18                                                                 $      37.85
Low Common Stock Price                                                                                                                     $      36.52                                                                 $      35.78                                                                 $      35.91                                                                  $      34.50                                                                 $      32.22
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Average Shares Outstanding (Net of Treasury Stock):
    Basic                                                                                                                                    76,863,906                                                                   69,431,787                                                                   76,218,573                                                                    71,483,703                                                                   69,497,489
    Diluted                                                                                                                                  77,303,310                                                                   69,737,451                                                                   76,647,773                                                                    71,809,021                                                                   69,714,121
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Tax Applicable to Security Sales/Calls                                                                                                     $         23                                                                 $         15                                                                 $          0                                                                  $         90                                                                 $          1
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Common Dividends                                                                                                                           $     25,315                                                                 $     22,967                                                                 $     25,220                                                                  $     25,160                                                                 $     23,001
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Dividend Payout Ratio                                                                                                                             64.73 %                                                                      68.61 %                                                                      60.80 %                                                                       79.14 %                                                                      66.27 %
                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                     Year Ended
                                                                                                                                                                                                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                  December                                                                      December                                                                     December                                                                     December
YTD Share Data:                                                                                                                                                                                                     2016                                                                          2015                                                                         2014                                                                         2013
                                                                                                                                                                                                     -----------------------------------                                          ------------------------------------                                          -----------------------------------                                          ----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Earnings Per Share:
    Basic                                                                                                                                                                                                               $       2.00                                                                 $       1.99                                                                  $       1.93                                                                 $       1.70
    Diluted                                                                                                                                                                                                             $       1.99                                                                 $       1.98                                                                  $       1.92                                                                 $       1.70
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Common Dividend Declared Per Share                                                                                                                                                                                      $       1.32                                                                 $       1.29                                                                  $       1.28                                                                 $       1.25
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Average Shares Outstanding (Net of Treasury Stock):
    Basic                                                                                                                                                                                                                 73,531,992                                                                   69,334,849                                                                    67,404,254                                                                   50,353,452
    Diluted                                                                                                                                                                                                               73,893,127                                                                   69,625,531                                                                    67,648,673                                                                   50,426,078
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Tax Applicable to Security Sales/Calls                                                                                                                                                                                  $        114                                                                 $         73                                                                  $      1,178                                                                 $        533
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Common Dividends                                                                                                                                                                                                        $     98,696                                                                 $     89,667                                                                  $     88,522                                                                 $     62,982
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Dividend Payout Ratio                                                                                                                                                                                                          67.10 %                                                                      65.00 %                                                                       68.15 %                                                                      73.55 %
                                                                                                                                                                                                                                                                                                                                                                                                                                              
EOP Employees (full-time equivalent)                                                                                                                                                                                           1,701                                                                        1,701                                                                         1,703                                                                        1,528
                                                                                                                         
                                                                                                                                                                                                                                                                                          Three Months Ended
                                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                     December                                                                     December                                                                      September                                                                      June                                                                         March
EOP Share Data:                                                                                                                        2016                                                                         2015                                                                          2016                                                                         2016                                                                         2016
                                                                                                                        -----------------------------------                                          -----------------------------------                                          ------------------------------------                                          -----------------------------------                                          ----------------------------------
Book Value Per Share                                                                                                                       $      27.59                                                                 $      24.61                                                                 $      26.54                                                                  $      26.39                                                                 $      24.89
Tangible Book Value Per Share (1)                                                                                                          $      16.65                                                                 $      14.15                                                                 $      14.88                                                                  $      14.67                                                                 $      14.46
                                                                                                                                                                                                                                                                                                                                                                                                                                              
52-week High Common Stock Price                                                                                                            $      49.35                                                                 $      43.43                                                                 $      43.13                                                                  $      43.43                                                                 $      43.43
   Date                                                                                                                                        12/12/16                                                                     07/23/15                                                                     11/09/15                                                                      07/23/15                                                                     07/23/15
52-week Low Common Stock Price                                                                                                             $      32.22                                                                 $      33.25                                                                 $      32.22                                                                  $      32.22                                                                 $      32.22
   Date                                                                                                                                        02/11/16                                                                     01/30/15                                                                     02/11/16                                                                      02/11/16                                                                     02/11/16
                                                                                                                                                                                                                                                                                                                                                                                                                                              
EOP Shares Outstanding (Net of Treasury Stock):                                                                                              81,039,974                                                                   69,603,097                                                                   76,439,173                                                                    76,296,146                                                                   69,706,341
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Note:
--------------------------------------------------------
   (1) Tangible Book Value Per Share:
                                                                                                                                           $  2,235,747                                                                 $  1,712,635                                                                 $  2,028,679                                                                  $  2,013,140                                                                 $  1,735,037
        Total Shareholders’ Equity (GAAP)
        Less: Total Intangibles                                                                                             (886,721 )                                                (728,092 )                                                (891,423 )                                                 (893,759 )                                                (727,347 )
                                                                                                                        -------------------- ---------- --                                           -------------------- ---------- --                                           -------------------- ---------- ---                                           -------------------- ---------- --                                           -------------------- ---------- -
            Tangible Equity (non-GAAP)                                                                                                     $  1,349,026                                                                 $    984,543                                                                 $  1,137,256                                                                  $  1,119,381                                                                 $  1,007,690
        / EOP Shares Outstanding (Net of Treasury Stock)                                                                                     81,039,974                                                                   69,603,097                                                                   76,439,173                                                                    76,296,146                                                                   69,706,341
            Tangible Book Value Per Share (non-GAAP)                                                                                       $      16.65                                                                 $      14.15                                                                 $      14.88                                                                  $      14.67                                                                 $      14.46
                                                                                                                                                                                                                                                                                                                                                                                                                                              
 
                                                                                                                                                     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
                                                                                                           2016                                                 2015                                                  2016                                                  2016                                                      2016
                                                                                                        -----------                                          -----------                                          ------------                                          ------------                                          ---------------------
Selected Yields and Net Interest Margin:
Net Loans                                                                                                4.50 %                                               4.31 %                                                4.35 %                                                4.34 %                                                    4.34 %
Investment Securities                                                                                    2.68 %                                               2.84 %                                                2.87 %                                                3.03 %                                                    3.01 %
Money Market Investments/FFS                                                                             0.48 %                                               0.32 %                                                0.54 %                                                0.55 %                                                    0.48 %
    Average Earning Assets Yield                                                                         4.00 %                                               3.92 %                                                3.94 %                                                4.04 %                                                    4.01 %
Interest-bearing Deposits                                                                                0.43 %                                               0.43 %                                                0.42 %                                                0.41 %                                                    0.42 %
Short-term Borrowings                                                                                    0.40 %                                               0.24 %                                                0.42 %                                                0.38 %                                                    0.31 %
Long-term Borrowings                                                                                     1.38 %                                               1.14 %                                                1.29 %                                                1.21 %                                                    1.22 %
    Average Liability Costs                                                                              0.55 %                                               0.51 %                                                0.54 %                                                0.51 %                                                    0.52 %
      Net Interest Spread                                                                                3.45 %                                               3.41 %                                                3.40 %                                                3.53 %                                                    3.49 %
      Net Interest Margin                                                                                3.62 %                                               3.56 %                                                3.56 %                                                3.67 %                                                    3.64 %
                                                                                                                                                                                                                                                                                                                               
Selected Financial Ratios:
Return on Average Common Equity                                                                          7.50 %                                               7.68 %                                                8.10 %                                                6.99 %                                                    8.06 %
Return on Average Assets                                                                                 1.10 %                                               1.07 %                                                1.17 %                                                1.00 %                                                    1.13 %
Efficiency Ratio                                                                                        48.12 %                                              50.85 %                                               48.26 %                                               53.74 %                                                   50.63 %
                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                              
                                                                                                                                                                                                                                                   Year Ended
                                                                                                                                                             --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                              December                                              December                                              December                                                  December
                                                                                                                                                                2016                                                  2015                                                  2014                                                      2013
                                                                                                                                                             -----------                                          ------------                                          ------------                                          ---------------------
Selected Yields and Net Interest Margin:
Net Loans                                                                                                                                                     4.38 %                                                4.33 %                                                4.49 %                                                    4.49 %
Investment Securities                                                                                                                                         2.89 %                                                2.87 %                                                2.81 %                                                    2.65 %
Money Market Investments/FFS                                                                                                                                  0.51 %                                                0.27 %                                                0.25 %                                                    0.26 %
    Average Earning Assets Yield                                                                                                                              4.00 %                                                3.94 %                                                4.12 %                                                    4.16 %
Interest-bearing Deposits                                                                                                                                     0.42 %                                                0.42 %                                                0.45 %                                                    0.55 %
Short-term Borrowings                                                                                                                                         0.39 %                                                0.26 %                                                0.22 %                                                    0.25 %
Long-term Borrowings                                                                                                                                          1.28 %                                                1.08 %                                                1.42 %                                                    2.32 %
    Average Liability Costs                                                                                                                                   0.53 %                                                0.50 %                                                0.56 %                                                    0.65 %
      Net Interest Spread                                                                                                                                     3.47 %                                                3.44 %                                                3.56 %                                                    3.51 %
      Net Interest Margin                                                                                                                                     3.62 %                                                3.58 %                                                3.71 %                                                    3.68 %
                                                                                                                                                                                                                                                                                                                               
Selected Financial Ratios:
Return on Average Common Equity                                                                                                                               7.67 %                                                8.10 %                                                8.13 %                                                    8.43 %
Return on Average Assets                                                                                                                                      1.10 %                                                1.12 %                                                1.11 %                                                    1.02 %
Loan / Deposit Ratio                                                                                                                                         95.78 %                                              100.46 %                                              100.65 %                                                  101.25 %
                                                                                                                                                                                                                                                                                                                               
 
                                                                                                                                                                                     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
                                                                                                                                                         2016                                                                         2015                                                                         2014                                                                        2013
                                                                                                                                          -----------------------------------                                          -----------------------------------                                          -----------------------------------                                          ---------------------------------
Selected Financial Ratios (continued):
Allowance for Loan Losses/ Loans, Net of Unearned Income                                                                                                             0.70 %                                                                       0.81 %                                                                       0.83 %                                                                      1.11 %
Allowance for Loan Losses/ Non-acquired Loans, Net of Unearned                                                                                                       0.90 %                                                                       1.00 %                                                                       1.09 %                                                                      1.23 %
Income (1)
Allowance for Credit Losses (2)/ Loans, Net of Unearned                                                                                                              0.71 %                                                                       0.82 %                                                                       0.85 %                                                                      1.14 %
Income
Nonaccrual Loans / Loans, Net of Unearned Income                                                                                                                     0.81 %                                                                       0.97 %                                                                       0.82 %                                                                      0.92 %
90-Day Past Due Loans/ Loans, Net of Unearned Income                                                                                                                 0.08 %                                                                       0.12 %                                                                       0.13 %                                                                      0.16 %
Non-performing Loans/ Loans, Net of Unearned Income                                                                                                                  1.10 %                                                                       1.35 %                                                                       1.20 %                                                                      1.21 %
Non-performing Assets/ Total Assets                                                                                                                                  1.00 %                                                                       1.26 %                                                                       1.20 %                                                                      1.37 %
Primary Capital Ratio                                                                                                                                               15.84 %                                                                      14.14 %                                                                      13.97 %                                                                     12.69 %
Shareholders’ Equity Ratio                                                                                                                                          15.41 %                                                                      13.62 %                                                                      13.43 %                                                                     11.93 %
Price / Book Ratio                                                                                                                                                     1.68x                                                                        1.50x                                                                        1.57x                                                                      1.52x
Price / Earnings Ratio                                                                                                                                                23.24x                                                                       18.67x                                                                       19.50x                                                                     18.52x
Efficiency Ratio                                                                                                                                                    50.10 %                                                                      50.61 %                                                                      52.52 %                                                                     57.09 %
                                                                                                                                           
                                                                                                                                           
Notes:
--------------------------------------------------------------------------
      (1) Allowance for Loan Losses (GAAP)                                                                                                                   $     72,771                                                                 $     75,726                                                                 $     75,529                                                                 $    74,198
      Loans, net of unearned income                                                                                                                            10,341,137                                                                    9,384,080                                                                    9,104,652                                                                   6,704,583
      Less: Acquired Loans (non-GAAP)                                                                                                       (2,275,601 )                                              (1,791,023 )                                              (2,196,036 )                                               (648,796 )
                                                                                                                                          -------------------- ---------- --                                           -------------------- ---------- --                                           -------------------- ---------- --                                           -------------------- --------- -
      Non-Acquired Loans, net of unearned income (non-GAAP)                                                                                                  $  8,065,536                                                                 $  7,593,057                                                                 $  6,908,616                                                                 $ 6,055,787
      Allowance for Loan Losses/Non-acquired Loans, net of unearned income                                                                                           0.90 %                                                                       1.00 %                                                                       1.09 %                                                                      1.23 %
      (non-GAAP)
      (2) Includes allowances for loan losses and lending-related
      commitments.
                                                                                                                                                                                                                                                                                                                                                                                  
 
                                                                                                                                                                                                                                     UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     Washington, D.C. and Charleston, WV
                                                                                                                                                                                                                                     Stock Symbol: UBSI
                                                                                                                                                                                                                                     (In Thousands Except for Per Share Data)
 
                                                                                                                                                                                                                                                                     
                                                                                                                            December                                                                                    December                                                                                    September                                                                                     June                                                                                        March
Asset Quality Data:                                                                                                           2016                                                                                        2015                                                                                        2016                                                                                        2016                                                                                        2016
                                                                                                       --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
EOP Non-Accrual Loans                                                                                                     $  83,525                                                                                   $  91,189                                                                                   $  77,040                                                                                   $  82,509                                                                                   $  92,901
EOP 90-Day Past Due Loans                                                                                                     8,586                                                                                      11,628                                                                                      11,387                                                                                       5,594                                                                                       7,891
EOP Restructured Loans (1)                                                                                21,152                                                23,890                                                21,308                                                24,944                                                24,156  
                                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
    Total EOP Non-performing Loans                                                                                        $ 113,263                                                                                   $ 126,707                                                                                   $ 109,735                                                                                   $ 113,047                                                                                   $ 124,948
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
EOP Other Real Estate & Assets Owned                                                                      31,510                                                32,228                                                32,202                                                34,894                                                28,981  
                                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
    Total EOP Non-performing Assets                                                                                       $ 144,773                                                                $ 158,935                                                                $ 141,937                                                                $ 147,941                                                                $ 153,929  
                                                                                                       ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                     Three Months Ended                                                                                                                                                                                                                        Year Ended
                                                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            December                                                                                    December                                                                                    December                                                                                    December                                                                                    December
Allowance for Loan Losses:                                                                                                    2016                                                                                        2015                                                                                        2016                                                                                        2015                                                                                        2014
                                                                                                       --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------
Beginning Balance                                                                                                         $  72,657                                                                                   $  75,480                                                                                   $  75,726                                                                                   $  75,529                                                                                   $  74,198
Provision for Loan Losses                                                                                  5,819                                                 6,322                                                24,509                                                22,574                                                21,937  
                                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                             78,476                                                                                      81,802                                                                                     100,235                                                                                      98,103                                                                                      96,135
Gross Charge-offs                                                                                                            (8,655 )                                                                                    (7,357 )                                                                                   (36,180 )                                                                                   (25,499 )                                                                                   (25,241 )
Recoveries                                                                                                 2,950                                                 1,281                                                 8,716                                                 3,122                                                 4,635  
                                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Net Charge-offs                                                                                           (5,705 )                                                                 (6,076 )                                                                (27,464 )                                                                (22,377 )                                                                (20,606 )
                                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Ending Balance                                                                                                            $  72,771                                                                                   $  75,726                                                                                   $  72,771                                                                                   $  75,726                                                                                   $  75,529
Reserve for lending-related commitments                                                                    1,044                                                   936                                                 1,044                                                   936                                                 1,518  
                                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Allowance for Credit Losses (2)                                                                                           $  73,815                                                                $  76,662                                                                $  73,815                                                                $  76,662                                                                $  77,047  
                                                                                                       ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Notes:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Restructured loans with an aggregate balance of $11,106,
$10,697, $10,682, $11,450 and $11,949 at December 31, 2016,
September 30, 2016, June 30, 2016, March 31, 2016 and December 31,
2015, respectively, were on nonaccrual status, but are not included
in "EOP Non-Accrual Loans" above.
(2) Includes allowance for loan losses and reserve for
lending-related commitments.
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170131005286r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170131005286/en/

SOURCE: United Bankshares, Inc.

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


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