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 United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2017
   Thursday, October 26, 2017 7:50:00 AM ET

United Bankshares, Inc. (UBSI ), today reported earnings for the third quarter and the first nine months of 2017. Earnings for the third quarter of 2017 were $56.7 million or $0.54 per diluted share, as compared to earnings of $41.5 million or $0.54 per diluted share for the third quarter of 2016. Earnings for the first nine months of 2017 were $132.6 million or $1.39 per diluted share as compared to earnings of $108.0 million or $1.48 per diluted share for the first nine months of 2016.

Third quarter of 2017 results produced an annualized return on average assets of 1.19% and an annualized return on average equity of 6.89%, respectively. For the first nine months of 2017, United’s return on average assets was 1.03% while the return on average equity was 6.22%. United’s annualized returns on average assets and average equity were 1.17% and 8.10%, respectively, for the third quarter of 2016 while the returns on average assets and average equity were 1.10% and 7.73%, respectively, for the first nine months of 2016.



"We are pleased to announce record earnings of almost $57 million for the third quarter of 2017," stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. "In addition, our return on average assets of 1.19% for the quarter compares very favorably to United’s Federal Reserve peer group’s most recently reported return on average assets of 0.96%."

On April 21, 2017, United completed its acquisition of Cardinal Financial Corporation (Cardinal) of Tysons Corner, Virginia. On June 3, 2016, United completed its acquisition of Bank of Georgetown of Washington, D.C. Both the results of operations of Cardinal and Bank of Georgetown are included in the consolidated results of operations from their respective dates of acquisition. As a result of the Cardinal acquisition, the third quarter and first nine months of 2017 were impacted by increased levels of average balances, income, and expense as compared to the third quarter and first nine months of 2016 which were impacted by increased levels of average balances, income, and expense due to the Bank of Georgetown acquisition. In addition, the third quarter and first nine months of 2017 included $532 thousand and $25.0 million, respectively, of merger-related expenses from the Cardinal acquisition. The third quarter and first nine months of 2016 included $924 thousand and $5.6 million, respectively, of merger-related expenses due to the Bank of Georgetown acquisition.

Net interest income for the third quarter of 2017 was $150.3 million, which was an increase of $39.2 million or 35% from the third quarter of 2016. The $39.2 million increase in net interest income occurred because total interest income increased $48.4 million while total interest expense only increased $9.2 million from the third quarter of 2016. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the third quarter of 2017 was $152.4 million, an increase of $39.7 million or 35% from the third quarter of 2016 due mainly to an increase in average earning assets from the Cardinal acquisition. Average earning assets for the third quarter of 2017 increased $4.0 billion or 32% from the third quarter of 2016 due mainly to a $3.2 billion or 31% increase in average net loans. Average short-term investments increased $436.7 million or 54% while average investment securities increased $360.3 million or 25%. The third quarter of 2017 average yield on earning assets increased 22 basis points from the third quarter of 2016 due to additional loan accretion of $7.7 million on acquired loans and higher market interest rates. Partially offsetting the increases to tax-equivalent net interest income for the third quarter of 2017 was an increase of 19 basis points in the average cost of funds as compared to the third quarter of 2016 due to the higher market interest rates. The net interest margin of 3.65% for the third quarter of 2017 was an increase of 9 basis points from the net interest margin of 3.56% for the third quarter of 2016.

Net interest income for the first nine months of 2017 was $394.1 million, which was an increase of $82.1 million or 26% from the first nine months of 2016. The $82.1 million increase in net interest income occurred because total interest income increased $102.6 million while total interest expense only increased $20.5 million from the first nine months of 2016. Tax-equivalent net interest income for the first nine months of 2017 was $400.3 million, an increase of $83.7 million or 26% from the first nine months of 2016. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Cardinal acquisition. Average earning assets increased $3.5 billion or 30% from the first nine months of 2016 as average net loans increased $2.5 billion or 26% for the first nine months of 2017. Average investment securities increased $340.9 million or 26%. Partially offsetting the increases to tax-equivalent net interest income for the first nine months of 2017 was an increase of 15 basis points in the average cost of funds as compared to the first nine months of 2016 due to higher market interest rates. In addition, the first nine months of 2017 average yield on earning assets decreased a basis point from the first nine months of 2016 due to the replacement of maturing higher-yielding investment securities with those at a lower current interest rate despite an increase of $11.6 million from accretion on acquired loans. The net interest margin of 3.52% for the first nine months of 2017 was a decrease of 10 basis points from the net interest margin of 3.62% for the first nine months of 2016.

On a linked-quarter basis, net interest income for the third quarter of 2017 increased $14.0 million or 10% from the second quarter of 2017. The $14.0 million increase in net interest income occurred because total interest income increased $16.6 million while total interest expense only increased $2.6 million from the second quarter of 2017. United’s tax-equivalent net interest income for the third quarter of 2017 increased $13.6 million or 10% due mainly to increases in the average yield on and the average balance of earning assets. The third quarter of 2017 average yield on earning assets increased 25 basis points from the second quarter of 2017 due to additional loan accretion of $5.5 million on acquired loans. Average earning assets increased $426.5 million or 3% for the linked-quarter due to the Cardinal acquisition. Average net loans increased $492.6 million or 4% while average investment securities increased $40.6 million or 2%. Average short-term investments decreased $106.8 million or 8%. Partially offsetting the increases to tax-equivalent net interest income for the third quarter of 2017 was an increase of 7 basis points in the average cost of funds as compared to the second quarter of 2017 due to higher market interest rates. The net interest margin of 3.65% for the third quarter of 2017 was an increase of 21 basis points from the net interest margin of 3.44% for the second quarter of 2017.

For the quarters ended September 30, 2017 and 2016, the provision for loan losses was $7.3 million and $7.0 million, respectively, while the provision for the first nine months of 2017 was $21.4 million as compared to $18.7 million for the first nine months of 2016. Net charge-offs were $5.3 million and $19.3 million for the third quarter and first nine months of 2017, respectively, as compared to $6.8 million and $21.8 million for the third quarter and first nine months of 2016, respectively. Annualized net charge-offs as a percentage of average loans were 0.16% and 0.21% for the third quarter and first nine months of 2017, respectively.

Noninterest income for the third quarter of 2017 was $38.2 million, which was an increase of $19.2 million or 101% from the third quarter of 2016. The increase was due mainly to an increase of $19.4 million in income from mortgage banking activities due to increased production and sales of mortgage loans in the secondary market. As part of the Cardinal acquisition, United acquired Cardinal’s mortgage banking subsidiary, George Mason Mortgage, LLC (George Mason). George Mason is the largest locally headquartered home mortgage lender in the D.C. Metro region with offices located in Virginia, Maryland, North Carolina, South Carolina and the District of Columbia. Partially offsetting this increase was a decrease of $1.1 million in income from bank-owned insurance policies due to death benefits recorded during the third quarter of 2016.

Noninterest income for the first nine months of 2017 was $98.9 million, which was an increase of $45.5 million or 85% from the first nine months of 2016. Once again, the increase was mainly due to increased production and sales of mortgage loans in the secondary market as a result of the acquisition of Cardinal and its mortgage banking subsidiary, George Mason. Income from mortgage banking activities for the first nine months of 2017 increased $41.1 million from the first nine months of 2016. Also, net gains on the sales, calls and redemption of investment securities for the first nine months of 2017 increased $5.0 million from the first nine months of 2016 due mainly to a net gain of $3.8 million on the redemption of an investment security during the first quarter of 2017. Partially offsetting these increases was a decrease of $1.0 million in income from bank-owned insurance policies due to death benefits recorded during the first nine months of 2016.

On a linked-quarter basis, noninterest income for the third quarter of 2017 decreased $2.3 million or 6% from the second quarter of 2017 due mainly to a decline of $2.2 million in income from mortgage banking activities despite increased production and sales of mortgage loans in the secondary market. The decline was due mainly to the impact of Accounting Standards Codification (ASC) 815 "Derivatives and Hedging" (ASC 815-10-S99-1), formerly Staff Accounting Bulletin (SAB) 109, accounting requirement to record unrealized gains associated with George Mason’s locked mortgage loan pipeline which creates a timing difference in the recognition of income as the loans are sold. The impact of ASC 815-10-S99-1 resulted in a decline of $4.5 million in income for the third quarter of 2017 versus an increase of $1.0 million in income for the second quarter of 2017.

Noninterest expense for the third quarter of 2017 was $96.7 million, an increase of $33.9 million or 54% from the third quarter of 2016 due mainly to the additional employees and branch offices from the Cardinal acquisition as most major categories of noninterest expense showed increases. In particular, employee compensation increased $20.1 million, employee benefits increased $2.1 million, net occupancy expenses increased $2.4 million, and data processing expense increased $1.7 million. In addition, other real estate owned (OREO) expense increased $1.4 million due to declines in the fair value of OREO properties.

Noninterest expense for the first nine months of 2017 was $271.6 million, an increase of $85.9 million or 46% from the first nine months of 2016 due mainly to the additional employees and branch offices from the Cardinal acquisition. Employee compensation increased $54.1 million which includes an increase of $12.1 million in merger severance charges. Otherwise, employee compensation increased due to higher employee incentives and commissions expense mainly related to the mortgage banking production of George Mason. Employee benefits increased $6.0 million, net occupancy expenses increased $9.1 million which includes an increase of $4.4 million for the termination of leases and a reduction in value of leasehold improvements for closed offices and data processing expense increased $4.0 million which included a contract termination penalty of $525 thousand. In addition, other merger-related expenses increased $3.0 million.

On a linked-quarter basis, noninterest expense for the third quarter of 2017 decreased $15.5 million or 14% from the second quarter of 2017 generally due to a decline of $22.6 million in merger-related expenses. Partially offsetting this decrease was an increase in OREO expense of $2.2 million due to declines in the fair value of OREO properties.

For the third quarter of 2017, income tax expense was $27.8 million as compared to $18.8 million for the third quarter of 2016. This increase was mainly due to higher earnings and a higher effective tax rate as the result of a reduction in the income tax expense for the third quarter of 2016 due to an increase in United’s deferred tax rate. For the first nine months of 2017, income tax expense was $67.4 million as compared to $53.1 million for the first nine months of 2016 due to higher earnings and a higher effective tax rate. On a linked-quarter basis, income tax expense increased $8.5 million due to higher earnings partially offset by a decline in the effective tax rate due to the Cardinal acquisition. United’s effective tax rate was approximately 32.9% for the third quarter of 2017, 34.25% for the second quarter of 2017 and 31.2% for the third quarter of 2016. For the first nine months of 2017 and 2016, United’s effective tax rate was approximately 33.7% and 33.0%, respectively.

United’s asset quality continues to be sound. At September 30, 2017, nonperforming loans were $168.4 million, or 1.28% of loans, net of unearned income as compared to nonperforming loans of $113.3 million, or 1.10% of loans, net of unearned income, at December 31, 2016. As of September 30, 2017, the allowance for loan losses was $74.9 million or 0.57% of loans, net of unearned income, as compared to $72.8 million or 0.70% of loans, net of unearned income, at December 31, 2016. Total nonperforming assets of $195.2 million, including OREO of $26.8 million at September 30, 2017, represented 1.02% of total assets as compared to nonperforming assets of $144.8 million or 1.00% of total assets at December 31, 2016.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.3% at September 30, 2017 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.0%, 12.0% and 10.1%, 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%.

During the third quarter of 2017, United’s Board of Directors declared a cash dividend of $0.33 per share. United has increased its dividend to shareholders for 43 consecutive years. United is one of only two major banking companies in the USA to have achieved such a record.

United has consolidated assets of approximately $19.1 billion with 144 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 September 30, 2017 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2017 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, 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%.

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                                                                                                                                                                              Nine Months Ended
                                                                                                                                 -----------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      September 30                                             September 30                                                                                    September 30                                             September 30
                                                                                                                                                          2017                                                                                           2016                                                                                            2017                                                                                           2016
                                                                                                                                 ---------------------------------------------------   -------------------- -------------------- --------------------------------------------------                                             ---------------------------------------------------   -------------------- -------------------- --------------------------------------------------
EARNINGS SUMMARY:                                                                                                                                                                                                                                                                                                                                  
Interest income                                                                                                                                     $     171,583                                                                                   $    123,137                                                                                   $     447,288                                                                                   $    344,720
Interest expense                                                                                                                        21,307             12,068                                                    53,147             32,642  
                                                                                                                                 -------------------- ----------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                                           -------------------- ----------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Net interest income                                                                                                                                       150,276                                                                                        111,069                                                                                         394,141                                                                                        312,078
Provision for loan losses                                                                                                                                   7,279                                                                                          6,988                                                                                          21,429                                                                                         18,690
Noninterest income                                                                                                                                         38,229                                                                                         19,021                                                                                          98,881                                                                                         53,380
Noninterest expenses                                                                                                                    96,652             62,777                                                   271,631            185,688  
                                                                                                                                 -------------------- ----------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                                           -------------------- ----------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Income before income taxes                                                                                                                                 84,574                                                                                         60,325                                                                                         199,962                                                                                        161,080
Income taxes                                                                                                                            27,836             18,846                                                    67,356             53,103  
                                                                                                                                 -------------------- ----------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                                           -------------------- ----------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Net income                                                                                                                                          $      56,738                          $     41,479                                                                $     132,606                          $    107,977  
                                                                                                                                 ==================== =========== ==================== ==================== ==================== ==================== ========== ====================                                           ==================== =========== ==================== ==================== ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                 
PER COMMON SHARE:
Net income:
   Basic                                                                                                                                            $        0.54                                                                                   $       0.54                                                                                   $        1.39                                                                                   $       1.49
   Diluted                                                                                                                                                   0.54                                                                                           0.54                                                                                            1.39                                                                                           1.48
Cash dividends                                                                                                                                      $        0.33                                                                                   $       0.33                                                                                            0.99                                                                                           0.99
Book value                                                                                                                                                                                                                                                                                                                                                 31.09                                                                                          26.54
Closing market price                                                                                                                                                                                                                                                                                                                               $       37.15                                                                                   $      37.67
Common shares outstanding:
   Actual at period end, net of treasury shares                                                                                                                                                                                                                                                                                                      104,983,126                                                                                     76,439,173
   Weighted average - basic                                                                                                                           104,760,153                                                                                     76,218,573                                                                                      95,040,664                                                                                     72,413,246
   Weighted average - diluted                                                                                                                         105,068,122                                                                                     76,647,773                                                                                      95,450,626                                                                                     72,746,363
                                                                                                                                                                                                                                                                                                                                                                                                                                 
FINANCIAL RATIOS:
Return on average assets                                                                                                                                     1.19 %                                                                                         1.17 %                                                                                          1.03 %                                                                                         1.10 %
Return on average shareholders’ equity                                                                                            6.89 %                                                                                         8.10 %                                                                                          6.22 %                                                                                         7.73 %
Average equity to average assets                                                                                                                            17.25 %                                                                                        14.38 %                                                                                         16.58 %                                                                                        14.24 %
Net interest margin                                                                                                                                          3.65 %                                                                                         3.56 %                                                                                          3.52 %                                                                                         3.62 %
                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                      September 30                                             September 30                                               December 31                                                June 30
                                                                                                                                                          2017                                                                                           2016                                                                                            2016                                                                                           2017
                                                                                                                                 ---------------------------------------------------   -------------------- -------------------- --------------------------------------------------   -------------------- -------------------- ---------------------------------------------------   -------------------- -------------------- --------------------------------------------------
PERIOD END BALANCES:
Assets                                                                                                                                              $  19,129,978                                                                                   $ 14,344,696                                                                                   $  14,508,892                                                                                   $ 19,035,600
Earning assets                                                                                                                                         16,751,643                                                                                     12,789,305                                                                                      12,939,508                                                                                     16,657,280
Loans, net of unearned income                                                                                                                          13,140,468                                                                                     10,435,763                                                                                      10,341,137                                                                                     13,392,478
Loans held for sale                                                                                                                                       315,031                                                                                         10,957                                                                                           8,445                                                                                        339,403
Investment securities                                                                                                                                   1,836,725                                                                                      1,462,566                                                                                       1,403,638                                                                                      1,790,487
Total deposits                                                                                                                                         13,875,297                                                                                     10,578,332                                                                                      10,796,867                                                                                     13,971,221
Shareholders’ equity                                                                                                         3,263,843                                                                                      2,028,679                                                                                       2,235,747                                                                                      3,237,421
 
 
 
 
 
 
                                                                                                                                                                                                                                     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                                                                                                                                                                                                                               Year to Date
                                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        September                                             September                                               June                                                  March                                                                                     September                                             September
                                                                                                                                          2017                                                                                        2016                                                                                        2017                                                                                        2017                                                                                        2017                                                                                        2016
                                                                                                                   --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------
Interest & Loan Fees Income (GAAP)                                                                                                    $ 171,583                                                                                   $ 123,137                                                                                   $ 154,947                                                                                   $ 120,758                                                                                   $ 447,288                                                                                   $ 344,720
Tax equivalent adjustment                                                                                              2,092                                                 1,556                                                 2,512                                                 1,564                                                 6,168                                                 4,562  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
     Interest & Fees Income (FTE) (non-GAAP)                                                                                            173,675                                                                                     124,693                                                                                     157,459                                                                                     122,322                                                                                     453,456                                                                                     349,282
Interest Expense                                                                                                      21,307                                                12,068                                                18,702                                                13,138                                                53,147                                                32,642  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
     Net Interest Income (FTE) (non-GAAP)                                                                                               152,368                                                                                     112,625                                                                                     138,757                                                                                     109,184                                                                                     400,309                                                                                     316,640
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Provision for Loan Losses                                                                                                                 7,279                                                                                       6,988                                                                                       8,251                                                                                       5,899                                                                                      21,429                                                                                      18,690
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Non-Interest Income:
  Fees from trust & brokerage services                                                                                                    5,052                                                                                       4,891                                                                                       4,745                                                                                       4,886                                                                                      14,683                                                                                      14,552
  Fees from deposit services                                                                                                              8,744                                                                                       8,306                                                                                       8,528                                                                                       7,706                                                                                      24,978                                                                                      24,669
  Bankcard fees and merchant discounts                                                                                                    1,332                                                                                       1,551                                                                                       1,216                                                                                         884                                                                                       3,432                                                                                       3,754
  Other charges, commissions, and fees                                                                                                      535                                                                                         500                                                                                         521                                                                                         477                                                                                       1,533                                                                                       1,725
  Income from bank owned life insurance                                                                                                   1,403                                                                                       2,541                                                                                       1,258                                                                                       1,217                                                                                       3,878                                                                                       4,913
  Mortgage banking income                                                                                                                20,385                                                                                         982                                                                                      22,537                                                                                         675                                                                                      43,597                                                                                       2,499
  Other non-interest revenue                                                                                                                311                                                                                         249                                                                                         954                                                                                         361                                                                                       1,626                                                                                       1,050
  Net other-than-temporary impairment losses                                                                                                  0                                                                                           0                                                                                         (16 )                                                                                       (44 )                                                                                       (60 )                                                                                       (33 )
                                                                                                                         467                                                     1                                                   763                                                 3,984                                                 5,214                                                   251  
  Net gains on sales/calls of investment securities
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
     Total Non-Interest Income                                                                                        38,229                                                19,021                                                40,506                                                20,146                                                98,881                                                53,380  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Non-Interest Expense:
  Employee compensation                                                                                                                  44,308                                                                                      24,213                                                                                      55,461                                                                                      23,471                                                                                     123,240                                                                                      69,123
  Employee benefits                                                                                                                       9,578                                                                                       7,483                                                                                      10,329                                                                                       7,465                                                                                      27,372                                                                                      21,380
  Net occupancy                                                                                                                           9,364                                                                                       6,919                                                                                      13,913                                                                                       6,784                                                                                      30,061                                                                                      20,945
  Data processing                                                                                                                         5,597                                                                                       3,857                                                                                       5,331                                                                                       4,043                                                                                      14,971                                                                                      11,004
  Amortization of intangibles                                                                                                             2,240                                                                                       1,122                                                                                       2,093                                                                                       1,048                                                                                       5,381                                                                                       2,786
  OREO expense                                                                                                                            2,713                                                                                       1,342                                                                                         524                                                                                       1,414                                                                                       4,651                                                                                       4,654
  FDIC expense                                                                                                                            1,540                                                                                       2,086                                                                                       1,771                                                                                       1,751                                                                                       5,062                                                                                       6,341
  Other expenses                                                                                                      21,312                                                15,755                                                22,715                                                16,866                                                60,893                                                49,455  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
     Total Non-Interest Expense                                                                                       96,652                                                62,777                                               112,137                                                62,842                                               271,631                                               185,688  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Income Before Income Taxes (FTE) (non-GAAP)                                                                                              86,666                                                                                      61,881                                                                                      58,875                                                                                      60,589                                                                                     206,130                                                                                     165,642
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Tax equivalent adjustment                                                                                              2,092                                                 1,556                                                 2,512                                                 1,564                                                 6,168                                                 4,562  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Income Before Income Taxes (GAAP)                                                                                                        84,574                                                                                      60,325                                                                                      56,363                                                                                      59,025                                                                                     199,962                                                                                     161,080
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Taxes                                                                                                                 27,836                                                18,846                                                19,304                                                20,216                                                67,356                                                53,103  
                                                                                                                   -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
Net Income                                                                                                                            $  56,738                                                                $  41,479                                                                $  37,059                                                                $  38,809                                                                $ 132,606                                                                $ 107,977  
                                                                                                                   ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
MEMO: Effective Tax Rate                                                                                                                  32.91 %                                                                                     31.24 %                                                                                     34.25 %                                                                                     34.25 %                                                                                     33.68 %                                                                                     32.97 %
 
 
 
 
 
 
                                                                                                                                                                                                                                     UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     Washington, D.C. and Charleston, WV
                                                                                                                                                                                                                                     Stock Symbol: UBSI
                                                                                                                                                                                                                                     (In Thousands Except for Per Share Data)
 
Consolidated Balance Sheets                                                                                                                                                                                                                                                
---------------------------------
                                                                                                                     September 30                                                                                   September 30
                                                                                                                         2017                                                                                           2016                                                                                       September 30                                                                                    December 31                                                                                   September 30
                                                                                                                     Q-T-D Average                                                                                  Q-T-D Average                                                                                      2017                                                                                           2016                                                                                           2016
                                                                                                 -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Cash & Cash Equivalents                                                                                             $  1,443,491                                                                                   $    985,466                                                                                   $  1,747,037                                                                                   $  1,434,527                                                                                   $  1,118,506
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Securities Available for Sale                                                                                          1,612,335                                                                                      1,280,729                                                                                      1,649,634                                                                                      1,259,214                                                                                      1,311,220
Held to Maturity Securities                                                                                               20,353                                                                                         33,969                                                                                         20,335                                                                                         33,258                                                                                         33,971
Other Investment Securities                                                                           159,945                                                  117,687                                                  166,756                                                  111,166                                                  117,375  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
  Total Securities                                                                                  1,792,633                                                1,432,385                                                1,836,725                                                1,403,638                                                1,462,566  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
     Total Cash and Securities                                                                      3,236,124                                                2,417,851                                                3,583,762                                                2,838,165                                                2,581,072  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Loans held for sale                                                                                                      294,971                                                                                          9,862                                                                                        315,031                                                                                          8,445                                                                                         10,957
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Commercial Loans                                                                                                      10,111,213                                                                                      7,909,779                                                                                      9,943,254                                                                                      7,783,478                                                                                      7,899,253
Mortgage Loans                                                                                                         2,488,671                                                                                      1,951,862                                                                                      2,475,092                                                                                      1,938,707                                                                                      1,952,598
Consumer Loans                                                                                        730,798                                                  575,140                                                  738,508                                                  634,534                                                  599,811  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
    Gross Loans                                                                                                       13,330,682                                                                                     10,436,781                                                                                     13,156,854                                                                                     10,356,719                                                                                     10,451,662
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
    Unearned income                                                                                   (17,720 )                                                                   (16,194 )                                                                   (16,386 )                                                                   (15,582 )                                                                   (15,899 )
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
    Loans, net of unearned income                                                                                     13,312,962                                                                                     10,420,587                                                                                     13,140,468                                                                                     10,341,137                                                                                     10,435,763
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Allowance for Loan Losses                                                                                                (73,031 )                                                                                      (71,493 )                                                                                      (74,926 )                                                                                      (72,771 )                                                                                      (72,657 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Goodwill                                                                                                               1,484,488                                                                                        866,477                                                                                      1,487,607                                                                                        863,767                                                                                        867,311
Other Intangibles                                                                                      52,649                                                   25,496                                                   47,526                                                   22,954                                                   24,112  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
   Total Intangibles                                                                                                   1,537,137                                                                                        891,973                                                                                      1,535,133                                                                                        886,721                                                                                        891,423
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Other Real Estate Owned                                                                                                   27,889                                                                                         34,362                                                                                         26,826                                                                                         31,510                                                                                         32,202
Other Assets                                                                                          591,733                                                  456,427                                                  603,684                                                  475,685                                                  465,936  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
     Total Assets                                                                                                   $ 18,927,785                                                                $ 14,159,569                                                                $ 19,129,978                                                                $ 14,508,892                                                                $ 14,344,696  
                                                                                                 ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
MEMO: Interest-earning                                                                                              $ 16,574,277                                                                $ 12,601,422                                                                $ 16,751,643                                                                $ 12,939,508                                                                $ 12,789,305  
Assets
---------------------------------                                                                ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Interest-bearing Deposits                                                                                           $  9,837,967                                                                                   $  7,255,184                                                                                   $  9,741,278                                                                                   $  7,625,026                                                                                   $  7,327,877
Noninterest-bearing Deposits                                                                        4,036,653                                                3,105,273                                                4,134,019                                                3,171,841                                                3,250,455  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
   Total Deposits                                                                                                     13,874,620                                                                                     10,360,457                                                                                     13,875,297                                                                                     10,796,867                                                                                     10,578,332
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Short-term Borrowings                                                                                                    325,631                                                                                        519,807                                                                                        492,036                                                                                        209,551                                                                                        467,159
Long-term Borrowings                                                                                1,364,417                                                1,171,599                                                1,364,246                                                1,172,026                                                1,172,504  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
   Total Borrowings                                                                                                    1,690,048                                                                                      1,691,406                                                                                      1,856,282                                                                                      1,381,577                                                                                      1,639,663
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Other Liabilities                                                                                      97,575                                                   71,670                                                  134,556                                                   94,701                                                   98,022  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
     Total Liabilities                                                                             15,662,243                                               12,123,533                                               15,866,135                                               12,273,145                                               12,316,017  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Preferred Equity                                                                                                             ---                                                                                            ---                                                                                            ---                                                                                            ---                                                                                            ---
Common Equity                                                                                       3,265,542                                                2,036,036                                                3,263,843                                                2,235,747                                                2,028,679  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
     Total Shareholders’ Equity                                                                     3,265,542                                                2,036,036                                                3,263,843                                                2,235,747                                                2,028,679  
                                                                                                 -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Total Liabilities & Equity                                                                                          $ 18,927,785                                                                $ 14,159,569                                                                $ 19,129,978                                                                $ 14,508,892                                                                $ 14,344,696  
                                                                                                 ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
MEMO: Interest-bearing                                                                                              $ 11,528,015                                                                $  8,946,590                                                                $ 11,597,560                                                                $  9,006,603                                                                $  8,967,540  
Liabilities
---------------------------------                                                                ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
 
 
 
 
 
 
                                                                                                                                                                                                                                     UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     Washington, D.C. and Charleston, WV
                                                                                                                                                                                                                                     Stock Symbol: UBSI
                                                                                                                                                                                                                                     (In Thousands Except for Per Share Data)
 
                                                                                                                                                                                  Three Months Ended                                                                                                                                                                    Year to Date
                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------
                                                                                                                                   September              September                         June                                     March                                                                       September                               September
                                                                                                                                     2017                                                         2016                                                                  2017                                                                           2017                                                                          2017                                                                          2016
                                                                                                                             --------------------                                          -------------------                                          -------------------------------------                                          ------------------------------------                                          -------------------------------------                                          ----------------------------------
Quarterly/Year-to-Date Share Data:
-------------------------------------------------------------
Earnings Per Share:
-------------------------------------------------------------
     Basic                                                                                                                     $        0.54                                                 $       0.54                                                                  $        0.37                                                                  $       0.48                                                                  $        1.39                                                                  $       1.49
     Diluted                                                                                                                   $        0.54                                                 $       0.54                                                                  $        0.37                                                                  $       0.48                                                                  $        1.39                                                                  $       1.48
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Common Dividend Declared Per Share:                                                                                            $        0.33                                                 $       0.33                                                                  $        0.33                                                                  $       0.33                                                                  $        0.99                                                                  $       0.99
-------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
High Common Stock Price                                                                                                        $       40.45                                                 $      39.71                                                                  $       42.60                                                                  $      47.30                                                                  $       47.30                                                                  $      40.18
Low Common Stock Price                                                                                                         $       31.70                                                 $      35.91                                                                  $       37.45                                                                  $      39.45                                                                  $       31.70                                                                  $      32.22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Average Shares Outstanding (Net of
Treasury Stock):
-------------------------------------------------------------
     Basic                                                                                                                       104,760,153                                                   76,218,573                                                                     99,197,807                                                                    80,902,368                                                                     95,040,664                                                                    72,413,246
     Diluted                                                                                                                     105,068,122                                                   76,647,773                                                                     99,620,045                                                                    81,306,540                                                                     95,450,626                                                                    72,746,363
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Memorandum Items:
-------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Tax Applicable to Security Sales/Calls                                                                                         $         173                                                 $          0                                                                  $         282                                                                  $      1,474                                                                  $       1,929                                                                  $         91
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Common Dividends                                                                                                               $      34,642                                                 $     25,220                                                                  $      34,621                                                                  $     26,777                                                                  $      96,040                                                                  $     73,381
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Dividend Payout Ratio                                                                                                                  61.06 %                                                      60.80 %                                                                        93.42 %                                                                       69.00 %                                                                        72.43 %                                                                       67.96 %
 
 
                                                                                                                                                                                                                                                                      September                                                                      September                                                                      June 30                                                                      March 31
                                                                                                                                                                                                                                                                        2017                                                                           2016                                                                          2017                                                                          2017
                                                                                                                                                                                                                                                        -------------------------------------                                          ------------------------------------                                          -------------------------------------                                          ----------------------------------
EOP Share Data:
-------------------------------------------------------------
Book Value Per Share                                                                                                                                                                                                                                                       $       31.09                                                                  $      26.54                                                                  $       30.85                                                                  $      27.76
Tangible Book Value Per Share (non-GAAP) (1)                                                                                                                                                                                                                               $       16.47                                                                  $      14.88                                                                  $       16.19                                                                  $      16.85
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
52-week High Common Stock Price                                                                                                                                                                                                                                            $       49.35                                                                  $      43.13                                                                  $       49.35                                                                  $      49.35
    Date                                                                                                                                                                                                                                                                        12/12/16                                                                      11/09/15                                                                       12/12/16                                                                      12/12/16
52-week Low Common Stock Price                                                                                                                                                                                                                                             $       31.70                                                                  $      32.22                                                                  $       35.91                                                                  $      34.50
    Date                                                                                                                                                                                                                                                                        09/07/17                                                                      02/11/16                                                                       07/06/16                                                                      06/27/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
EOP Shares Outstanding (Net of Treasury                                                                                                                                                                                                                                      104,983,126                                                                    76,439,173                                                                    104,946,351                                                                    81,151,257
Stock):
-------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Memorandum Items:
-------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
EOP Employees (full-time equivalent)                                                                                                                                                                                                                                               2,451                                                                         1,728                                                                          2,493                                                                         1,718
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Note:
-------------------------------------------------------------
   (1) Tangible Book Value Per Share:
             Total Shareholders’ Equity (GAAP)                                                                                                                                                                                                                             $   3,263,843                                                                  $  2,028,679                                                                  $   3,237,421                                                                  $  2,252,859
             Less: Total Intangibles                                                                                                                                                                                                                       (1,535,133 )                                                 (891,423 )                                                (1,538,640 )                                                 (885,674 )
                                                                                                                                                                                                                                                        -------------------- ----------- ---                                           -------------------- ---------- ---                                           -------------------- ----------- ---                                           -------------------- ---------- -
                    Tangible Equity (non-GAAP)                                                                                                                                                                                                                             $   1,728,710                                                                  $  1,137,256                                                                  $   1,698,781                                                                  $  1,367,185
             / EOP Shares Outstanding (Net of Treasury Stock)                                                                                                                                                                                                                104,983,126                                                                    76,439,173                                                                    104,946,351                                                                    81,151,257
                    Tangible Book Value Per Share (non-GAAP)                                                                                                                                                                                                               $       16.47                                                                  $      14.88                                                                  $       16.19                                                                  $      16.85
 
 
 
 
 
 
                                                                                                                                                                         UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                            Washington, D.C. and Charleston, WV
                                                                                                                                                                                    Stock Symbol: UBSI
                                                                                                                                                                         (In Thousands Except for Per Share Data)
 
                                                                                                                          Three Months Ended                                                                                                          Year to Date
                                                                                                        -------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------
                                                                                                          September      September        June          March                                             September      September
                                                                                                            2017                                                 2016                                                 2017                                                2017                                                2017                                                 2016
                                                                                                        ------------                                          -----------                                          -----------                                          ---------                                          -----------                                          -----------
Selected Yields and Net Interest Margin:
----------------------------------------
Loans                                                                                                        4.61 %                                            4.35 %                                               4.38 %                                               4.34 %                                             4.46 %                                               4.34 %
Investment Securities                                                                                        2.61 %                                            2.87 %                                               2.52 %                                               2.84 %                                             2.64 %                                               2.96 %
Money Market Investments/FFS                                                                                 1.55 %                                            0.54 %                                               1.12 %                                               0.87 %                                             1.18 %                                               0.53 %
   Average Earning Assets Yield                                                                              4.16 %                                            3.94 %                                               3.91 %                                               3.85 %                                             3.99 %                                               4.00 %
Interest-bearing Deposits                                                                                    0.57 %                                            0.42 %                                               0.53 %                                               0.45 %                                             0.52 %                                               0.42 %
Short-term Borrowings                                                                                        0.52 %                                            0.42 %                                               0.49 %                                               0.54 %                                             0.52 %                                               0.38 %
Long-term Borrowings                                                                                         1.93 %                                            1.29 %                                               1.72 %                                               1.52 %                                             1.74 %                                               1.24 %
   Average Liability Costs                                                                                   0.73 %                                            0.54 %                                               0.66 %                                               0.59 %                                             0.67 %                                               0.52 %
     Net Interest Spread                                                                                     3.43 %                                            3.40 %                                               3.25 %                                               3.26 %                                             3.32 %                                               3.48 %
     Net Interest Margin                                                                                     3.65 %                                            3.56 %                                               3.44 %                                               3.43 %                                             3.52 %                                               3.62 %
 
Selected Performance Ratios:
----------------------------------------
Return on Average Common Equity                                                                              6.89 %                                            8.10 %                                               4.93 %                                               6.98 %                                             6.22 %                                               7.73 %
Return on Average Assets                                                                                     1.19 %                                            1.17 %                                               0.82 %                                               1.09 %                                             1.03 %                                               1.10 %
Efficiency Ratio                                                                                            51.27 %                                           48.26 %                                              63.44 %                                              49.19 %                                            55.10 %                                              50.81 %
 
 
                                                                                                                                                               September                                            September                                             June                                                March                                              December
                                                                                                                                                                 2017                                                 2016                                                2017                                                2017                              2016
                                                                                                                                                              -----------                                          -----------                                          ---------                                          -------------------------------                      -----------
Selected Financial Ratios:
--------------------------------------------------------------------------------------------------------------
Loan / Deposit Ratio                                                                                                                                          94.70 %                                              98.65 %                                              95.86 %                                            94.09 %                                              95.78 %
Allowance for Loan Losses/ Loans, Net of Unearned Income                                                                                                       0.57 %                                               0.70 %                                               0.54 %                                             0.70 %                                               0.70 %
Allowance for Credit Losses (1)/ Loans, Net of Unearned                                                                                                        0.58 %                                               0.71 %                                               0.55 %                                             0.71 %                                               0.71 %
Income
Nonaccrual Loans / Loans, Net of Unearned Income                                                                                                               0.76 %                                               0.74 %                                               0.72 %                                             0.87 %                                               0.81 %
90-Day Past Due Loans/ Loans, Net of Unearned Income                                                                                                           0.17 %                                               0.11 %                                               0.06 %                                             0.06 %                                               0.08 %
Non-performing Loans/ Loans, Net of Unearned Income                                                                                                            1.28 %                                               1.05 %                                               1.15 %                                             1.17 %                                               1.10 %
Non-performing Assets/ Total Assets                                                                                                                            1.02 %                                               0.99 %                                               0.96 %                                             1.02 %                                               1.00 %
Primary Capital Ratio                                                                                                                                         17.39 %                                              14.58 %                                              17.32 %                                            15.68 %                                              15.84 %
Shareholders’ Equity Ratio                                                                                                                                    17.06 %                                              14.14 %                                              17.01 %                                            15.26 %                                              15.41 %
Price / Book Ratio                                                                                                                                             1.19 x                                               1.42 x                                               1.27 x                                             1.52 x                                               1.68 x
Price / Earnings Ratio                                                                                                                                        17.20 x                                              17.40 x                                              26.34 x                                            22.13 x                                              23.24 x
 
Note:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Includes allowances for loan losses and lending-related
commitments.
 
 
 
 
 
 
                                                                                                                                                                                       UNITED BANKSHARES, INC. AND SUBSIDIARIES
                                                                                                                                                                                                      Washington,
                                                                                                                                                                                                D.C. and Charleston, WV
                                                                                                                                                                               Stock Symbol:  UBSI
                                                                                                                                                                                                          (In
                                                                                                                                                                                         Thousands Except for Per Share Data)
 
                                                                                                         Three Months Ended                                      Year to Date
                                                                                                                                                                                                                                                                         ------------------------------------------------------------------------------                                          ---------------------
                                                                                                                                                                                                                                                                              September               June                                                       September
Mortgage Banking Data - George Mason:                                                                                                                                                                                                                              2017                                                        2017                                                         2017
------------------------------------------------------                                                                                                                                                                                                                   ---------------                                             ---------------                                             ------------------
Applications                                                                                                                                                                                                                                                               $ 1,064,000                                                 $ 1,367,000                                                    $ 2,431,000
Loans originated                                                                                                                                                                                                                                                               858,625                                                     786,318                                                      1,644,943
Loans sold                                                                                                                                                                                                                                                                 $   887,711                                                 $   710,097                                                    $ 1,597,808
Purchase money % of loans closed                                                                                                                                                                                                                                                    81 %                                                        87 %                                                           84 %
Realized gain on sales and fees as a % of loans sold                                                                                                                                                                                                                              2.75 %                                                      2.96 %                                                         2.84 %
Net interest income                                                                                                                                                                                                                                                        $       (36 )                                               $        90                                                    $        54
Other income                                                                                                                                                                                                                                                                    19,936                                                      22,393                                                         42,329
Other expense                                                                                                                                                                                                                                                                   24,036                                                      18,708                                                         42,744
Income taxes                                                                                                                                                                                                                                                                    (1,332 )                                                     1,293                                                            (39 )
Net income                                                                                                                                                                                                                                                                 $    (2,804 )                                               $     2,482                                                    $      (322 )
                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                          September                                                      June
                                                                                                                                                                                                                                                                                                                                            2017                                                         2017
                                                                                                                                                                                                                                                                                                                                     ------------------                                          ---------------------
Period End Mortgage Banking Data - George
Mason:
------------------------------------------------------
Locked pipeline                                                                                                                                                                                                                                                                                                                        $   245,986                                                    $   387,710
 
                                                                                                                                                                                 September                                             September                                             December                                                June                                                  March
Asset Quality Data:                                                                                                                                                                                                      2017                                                                                        2016                                                                                        2016                                                                                        2017                                                                                        2017
-------------------------------------------------------------------------------------------------------------------------------------------------                                                 -----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
EOP Non-Accrual Loans                                                                                                                                                                                                $ 100,016                                                                                   $  77,040                                                                                   $  83,525                                                                                   $  96,679                                                                                   $  90,596
EOP 90-Day Past Due Loans                                                                                                                                                                                               22,249                                                                                      11,387                                                                                       8,586                                                                                       8,489                                                                                       6,714
EOP Restructured Loans (1)                                                                                                                                                                           46,132                                                21,308                                                21,152                                                49,037                                                24,028  
                                                                                                                                                                                                  -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
    Total EOP Non-performing Loans                                                                                                                                                                                   $ 168,397                                                                                   $ 109,735                                                                                   $ 113,263                                                                                   $ 154,205                                                                                   $ 121,338
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
EOP Other Real Estate Owned                                                                                                                                                                          26,826                                                32,202                                                31,510                                                28,157                                                29,902  
                                                                                                                                                                                                  -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
    Total EOP Non-performing Assets                                                                                                                                                                                  $ 195,223                                                                $ 141,937                                                                $ 144,773                                                                $ 182,362                                                                $ 151,240  
                                                                                                                                                                                                  ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                       Three Months Ended                                                                                                                                                                                                                                                                     Year to Date
                                                                                                       ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           September                                                                                   September                                                                                     June                                                                                        March                                                                                     September                                                                                   September
Allowance for Loan Losses:                                                                                                   2017                                                                                        2016                                                                                        2017                                                                                        2017                                                                                        2017                                                                                        2016
---------------------------------------                                                                ----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------                                             -----------------------------------------------
Beginning Balance                                                                                                         $ 72,983                                                                                   $  72,448                                                                                   $  72,875                                                                                   $  72,771                                                                                   $  72,771                                                                                   $  75,726
Provision for Loan Losses                                                                                 7,279                                                 6,988                                                 8,251                                                 5,899                                                21,429                                                18,690  
                                                                                                       -------------------- ------ --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                            80,262                                                                                      79,436                                                                                      81,126                                                                                      78,670                                                                                      94,200                                                                                      94,416
Gross Charge-offs                                                                                                           (6,357 )                                                                                    (8,592 )                                                                                    (9,922 )                                                                                    (7,285 )                                                                                   (23,564 )                                                                                   (27,525 )
Recoveries                                                                                                1,021                                                 1,813                                                 1,779                                                 1,490                                                 4,290                                                 5,766  
                                                                                                       -------------------- ------ --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Net Charge-offs                                                                                          (5,336 )                                                                 (6,779 )                                                                 (8,143 )                                                                 (5,795 )                                                                (19,274 )                                                                (21,759 )
                                                                                                       -------------------- ------ --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Ending Balance                                                                                                              74,926                                                                                      72,657                                                                                   $  72,983                                                                                   $  72,875                                                                                      74,926                                                                                      72,657
Reserve for lending-related commitments                                                                     804                                                 1,122                                                   738                                                   902                                                   804                                                 1,122  
                                                                                                       -------------------- ------ --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
Allowance for Credit Losses (2)                                                                                           $ 75,730                                                                $  73,779                                                                $  73,721                                                                $  73,777                                                                $  75,730                                                                $  73,779  
                                                                                                       ==================== ====== ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Notes:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Restructured loans with an aggregate balance of $29,717,
$10,697, $31,606, $11,522 and $11,106 at September 30, 2017,
September 30, 2016, June 30, 2017, March 31, 2017 and December 31,
2016, 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=20171026005309r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005309/en/

SOURCE: United Bankshares, Inc.

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


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