United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today
reported record earnings for the year of 2022 of $379.6 million as
compared to earnings of $367.7 million for the year of 2021.
Earnings per diluted share for the year of 2022 were $2.80 as
compared to earnings per diluted share of $2.83 for the year of
2021. Earnings for the fourth quarter of 2022 were $99.8 million,
or $0.74 per diluted share, as compared to earnings of $102.6
million, or $0.76 per diluted share, for the third quarter of
2022.
“With strong performance in the fourth quarter, 2022 finishes as
one of the best years in our company’s long history,” stated
Richard M. Adams, Jr., United’s Chief Executive Officer. “Record
earnings, record loan growth, and one of the best Total Shareholder
Returns in the industry highlight the year’s results. Looking ahead
to 2023, our strong profitability, robust capital, disciplined
expense control, and conservative credit culture have us
well-positioned for success.”
Year of 2022 results produced returns on average assets, average
equity and average tangible equity, a non-GAAP measure, of 1.31%,
8.25% and 14.11%, respectively, compared to returns on average
assets, average equity and average tangible equity of 1.35%, 8.30%
and 14.18%, respectively, for the year of 2021. For the fourth
quarter of 2022, United’s annualized returns on average assets,
average equity and average tangible equity were 1.36%, 8.80% and
15.28%, respectively, compared to annualized returns on average
assets, average equity and average tangible equity of 1.41%, 8.96%
and 15.46%, respectively, for the third quarter of 2022.
The fourth quarter and year of 2022 were highlighted by record
net interest income of $249.4 million and $896.4 million,
respectively, driven by strong loan growth and net interest margin
expansion achieved during the quarter and throughout the year of
2022. Annualized loan growth, excluding Paycheck Protection Program
(“PPP”) loans, for the fourth quarter and year of 2022 was 18% and
16%, respectively. Fourth quarter 2022 net interest margin of 3.87%
increased 9 basis points from the third quarter of 2022 and 93
basis points from the fourth quarter of 2021.
The provision for credit losses for the fourth quarter of 2022
was $16.4 million, an increase of $8.7 million from the third
quarter of 2022, primarily due to loan growth and the impact of
reasonable and supportable forecasts of future macroeconomic
conditions. The expense for the reserve for unfunded loan
commitments for the fourth quarter of 2022 was $6.5 million as
compared to a net benefit of $2.9 million for the third quarter of
2022. The change was primarily due to an increase in the
outstanding balance of loan commitments. The provision for credit
losses was $18.8 million for the year of 2022 as compared to a net
benefit of $24.0 million for the year of 2021. Current credit
quality metrics remain strong. Net charge-offs remain historically
low and the ratio of annualized net charge-offs as a percentage of
average loans & leases, net of unearned income was 0.02% for
the fourth quarter of 2022. Non-performing loans as a percentage of
loans and leases, net of unearned income was a low 0.29% at
December 31, 2022.
Fourth quarter of 2022 compared to the third quarter of
2022
Net interest income for the fourth quarter of 2022 increased
$8.8 million, or 4%, from the third quarter of 2022. Tax-equivalent
net interest income, a non-GAAP measure which adjusts for the
tax-favored status of income from certain loans and investments,
for the fourth quarter of 2022 also increased $8.8 million, or 4%,
from the third quarter of 2022. The increase in net interest income
and tax-equivalent net interest income was primarily due to higher
interest income on earning assets driven by rising market interest
rates, organic loan growth and a change in the asset mix to higher
earning assets. This increase in net interest income and
tax-equivalent net interest income was partially offset by higher
interest expense primarily driven by deposit rate repricing and
higher average balances of long-term borrowings. In addition, PPP
loan fee income was lower on a linked quarter basis. The interest
rate spread for the fourth quarter of 2022 was 3.40%. The average
yield on earning assets increased 63 basis points to 4.77% from the
third quarter of 2022. An increase in average earning assets of
$304.0 million, or 1%, from the third quarter of 2022 was driven by
an increase in average net loans and loans held for sale of $689.2
million partially offset by a decrease of $202.9 million in average
investment securities and a decrease of $182.3 million in
short-term investments. The average cost of funds increased 81
basis points to 1.37% from the third quarter of 2022. The average
yield on interest-bearing deposits increased 70 basis points to
1.16% from the third quarter of 2022. Average long-term borrowings
increased $633.0 million from the third quarter of 2022. Net PPP
loan fee income decreased $1.3 million to $342 thousand for the
fourth quarter of 2022. The net interest margin of 3.87% for the
fourth quarter of 2022 was an increase of 9 basis points from the
net interest margin of 3.78% for the third quarter of 2022.
The provision for credit losses was $16.4 million for the fourth
quarter of 2022 as compared to $7.7 million for the third quarter
of 2022. The increase in the provision for credit losses was
primarily due to loan growth and the impact of reasonable and
supportable forecasts of future macroeconomic conditions.
Noninterest income for the fourth quarter of 2022 decreased $1.9
million, or 6%, from the third quarter of 2022. The decrease in
noninterest income was primarily due to a decrease of $1.8 million
in income from mortgage banking activities. The decrease in income
from mortgage banking activities was mainly due to lower mortgage
loan origination and sale volume and a lower margin on loans sold
in the secondary market.
Noninterest expense for the fourth quarter of 2022 of $137.5
million was flat from the third quarter of 2022, increasing $346
thousand, or less than 1%. An increase in the expense for the
reserve for unfunded commitments of $9.4 million was mostly offset
primarily by decreases of $5.2 million in other noninterest expense
and $2.1 million in employee compensation. The increase in the
expense for the reserve for unfunded loan commitments reflects an
increase in the outstanding balance of loan commitments at quarter
end. The decrease in other noninterest expense was primarily driven
by a $3.9 million partial recovery of a third quarter accrual that
related to a litigation matter with a former commercial customer
which was settled during the fourth quarter as well as lower
amounts of certain general operating expenses. Partially offsetting
the decrease in other noninterest expense was an increase in
charitable contributions of $1.8 million from the third quarter of
2022. The decrease in employee compensation was primarily due to
lower employee commissions related to mortgage banking
production.
For the fourth quarter of 2022, income tax expense was $26.6
million as compared to $25.9 million for the third quarter of 2022.
The increase of $689 thousand was due to a higher effective tax
rate partially offset by lower earnings. United’s effective tax
rate was 21.1% and 20.2% for the fourth and third quarter of 2022,
respectively.
Fourth quarter of 2022 compared to the fourth quarter of
2021
Earnings for the fourth quarter of 2022 were $99.8 million, or
$0.74 per diluted share, as compared to earnings of $73.9 million,
or $0.56 per diluted share, for the fourth quarter of 2021. United
completed its acquisition of Community Bankers Trust Corporation
(“Community Bankers Trust”) on December 3, 2021. The fourth quarter
of 2021 included merger-related expenses associated with the
Community Bankers Trust acquisition of $20.4 million.
Net interest income for the fourth quarter of 2022 increased
$65.7 million, or 36%, from the fourth quarter of 2021.
Tax-equivalent net interest income for the fourth quarter of 2022
increased $65.8 million, or 36%, from the fourth quarter of 2021.
The increase in net interest income and tax-equivalent net interest
income was primarily due to the impact of rising market interest
rates on earning assets, an increase in average earning assets from
the Community Bankers Trust acquisition as well as organic loan
growth, and a change in the asset mix to higher earning assets.
These increases were partially offset by higher interest expense
primarily driven by deposit rate repricing, lower PPP loan fee
income and lower acquired loan accretion income. The interest rate
spread for the fourth quarter of 2022 increased 55 basis points
from the fourth quarter of 2021 to 3.40% due to a 164 basis point
increase in the average yield on earning assets partially offset by
a 109 basis point increase in the average cost of funds. Average
earning assets for the fourth quarter of 2022 increased $806.8
million, or 3%, from the fourth quarter of 2021 due to a $2.7
billion increase in average net loans and loans held for sale and a
$971.9 million increase in average investment securities partially
offset by a $2.9 billion decrease in average short-term
investments. Net PPP loan fee income was $342 thousand and $5.0
million for the fourth quarter of 2022 and 2021, respectively, a
decrease of $4.7 million. Acquired loan accretion income was $4.7
million and $6.2 million for the fourth quarter of 2022 and 2021,
respectively, a decrease of $1.5 million. The net interest margin
of 3.87% for the fourth quarter of 2022 was an increase of 93 basis
points from the net interest margin of 2.94% for the fourth quarter
of 2021.
The provision for credit losses was $16.4 million for the fourth
quarter of 2022 as compared to a net benefit of $7.4 million for
the fourth quarter of 2021. The increase in the provision for
credit losses was primarily due to loan growth and the impact of
reasonable and supportable forecasts of future macroeconomic
conditions. Partially offsetting the fourth quarter of 2021 net
benefit was a provision for loan losses of $12.3 million recorded
on purchased non-credit deteriorated (“non-PCD”) loans from
Community Bankers Trust.
Noninterest income for the fourth quarter of 2022 was $30.9
million, which was a decrease of $23.2 million, or 43%, from the
fourth quarter of 2021. The decrease in noninterest income was
driven by a $22.7 million decrease in income from mortgage banking
activities mainly due to lower mortgage loan origination and sale
volume and a lower margin on loans sold in the secondary
market.
Noninterest expense for the fourth quarter of 2022 was $137.5
million, a decrease of $14.3 million, or 9%, from the fourth
quarter of 2021 primarily due to decreases of $14.0 million in
employee compensation and $3.4 million in data processing expense
partially offset by an increase of $2.1 million in other
noninterest expense. The decrease in employee compensation was
primarily due to lower employee commissions and incentives related
to mortgage banking production and the impact of $2.5 million of
merger-related expenses recognized in the fourth quarter of 2021.
Data processing expense for the fourth quarter of 2021 included
$3.5 million of merger-related expenses associated with the
Community Bankers Trust acquisition. The increase in other
noninterest expense was primarily driven by an increase in
charitable contributions of $1.8 million from the fourth quarter of
2021 and higher amounts of certain general operating expenses
offset by a partial recovery of an accrual related to a prior
litigation matter with a former commercial customer which was
settled during the fourth quarter of 2022.
For the fourth quarter of 2022, income tax expense was $26.6
million as compared to $19.5 million for the fourth quarter of
2021. The increase of $7.1 million was primarily due to higher
earnings and a slightly higher effective tax rate. United’s
effective tax rate was 21.1% for the fourth quarter of 2022 and
20.9% for the fourth quarter of 2021.
Year of 2022 compared to the year of 2021
Earnings for the year of 2022 were a record $379.6 million as
compared to earnings of $367.7 million for the year of 2021.
Earnings per diluted share for the year of 2022 were $2.80 as
compared to earnings per diluted share of $2.83 for the year of
2021.
Net interest income for the year of 2022 increased $153.7
million, or 21%, from the year of 2021. Tax-equivalent net interest
income for the year of 2022 increased $153.9 million, or 21%, from
the year of 2021. The increase in net interest income and
tax-equivalent net interest income was primarily due to the impact
of rising market interest rates on earning assets, an increase in
average earning assets from the Community Bankers Trust acquisition
as well as organic loan growth and a change in the asset mix to
higher earning assets. These increases were partially offset by
higher interest expense primarily driven by deposit rate repricing,
lower PPP loan fee income and lower acquired loan accretion income.
The interest rate spread for the year of 2022 increased 30 basis
points from the year of 2021 due to a 61 basis point increase in
the average yield on earning assets partially offset by a 31 basis
point increase in the average cost of funds. Average earning assets
for the year of 2022 increased $1.5 billion, or 6%, from the year
of 2021 due to a $1.7 billion increase in average net loans and
loans held for sale and a $1.4 billion increase in average
investment securities partially offset by a $1.6 billion decrease
in average short-term investments. Net PPP loan fee income was $9.6
million and $33.2 million for the year of 2022 and 2021,
respectively, a decrease of $23.6 million. Acquired loan accretion
income was $18.3 million and $33.9 million for the year of 2022 and
2021, respectively, a decrease of $15.6 million. The net interest
margin of 3.50% for the year of 2022 was an increase of 41 basis
points from the net interest margin of 3.09% for the year of
2021.
The provision for credit losses was $18.8 million for the year
of 2022 as compared to a net benefit of $24.0 million for the year
of 2021. The increase in the provision for credit losses was
primarily due to loan growth and the impact of reasonable and
supportable forecasts of future macroeconomic conditions. Partially
offsetting the year of 2021 net benefit was a provision for loan
losses of $12.3 million recorded on non-PCD loans from Community
Bankers Trust.
Noninterest income for the year of 2022 was $153.3 million,
which was a decrease of $124.9 million, or 45%, from the year of
2021. The decrease was driven by a $129.0 million decrease in
income from mortgage banking activities mainly due to lower
mortgage loan origination and sale volume and a lower margin on
loans sold in the secondary market. BOLI income for the year of
2022 was $9.2 million, an increase of $2.3 million from the year of
2021 due to increased death benefits. Fees from deposit services
for the year of 2022 were $40.6 million, an increase of $1.9
million from the year of 2021. Partially offsetting fees from
deposit services was the impact of implemented changes to United’s
overdraft policy during the third quarter of 2022.
Noninterest expense for the year of 2022 was $555.1 million, a
decrease of $26.9 million, or 5%, from the year of 2021 driven by
decreases in employee compensation of $37.6 million, employee
benefits of $7.9 million and mortgage loan servicing expense and
impairment of $5.1 million partially offset by an increase in other
noninterest expense of $15.4 million. The decrease in employee
compensation was due to lower employee commissions, incentives and
overtime related to mortgage banking production and the impact of
$2.5 million of merger-related expenses incurred in 2021. Employee
benefits decreased primarily due to changes in deferred
compensation plans resulting from market fluctuations. The decrease
in mortgage loan servicing expense and impairment was primarily due
to lower amortization of mortgage servicing rights (“MSR”)
reflecting slower serviced loan prepayment speeds and lower
serviced loan balances. The increase in other noninterest expense
mainly resulted from higher amounts of certain general operating
expenses primarily related to consulting and legal costs.
Additionally, charitable contributions for the year of 2022
increased $1.4 million from the year of 2021.
For the year of 2022, income tax expense was $96.2 million as
compared to $95.1 million for the year of 2021 due to higher
earnings partially offset by a slightly lower effective tax rate.
United’s effective tax rate was 20.2% for the year of 2022 and
20.6% for the year of 2021.
Credit Quality
United’s asset quality continues to be sound. At December 31,
2022, non-performing loans were $58.6 million, or 0.29% of loans
& leases, net of unearned income, down from $90.8 million, or
0.50% of loans & leases, net of unearned income, at December
31, 2021. Total non-performing assets of $60.7 million, including
other real estate owned (“OREO”) of $2.1 million at December 31,
2022, represented 0.21% of total assets as compared to
non-performing assets of $105.6 million, including OREO of $14.8
million, or 0.36% of total assets at December 31, 2021.
As of December 31, 2022, the allowance for loan & lease
losses was $234.7 million, or 1.14% of loans & leases, net of
unearned income, as compared to $216.0 million, or 1.20% of loans
& leases, net of unearned income, at December 31, 2021. Net
charge-offs were $1.2 million for the fourth quarter of 2022
compared to net charge-offs of $125 thousand for the fourth quarter
of 2021. Net charge-offs were $101 thousand for the year of 2022
compared to net charge-offs of $8.7 million for the year of 2021.
Annualized net charge-offs as a percentage of average loans &
leases, net of unearned income were 0.02% and 0.003% for the fourth
quarter of 2022 and 2021, respectively. Net charge-offs as a
percentage of average loans & leases, net of unearned income
were zero and 0.05% for the for the year of 2022 and 2021,
respectively.
Capital
United continues to be well-capitalized based upon regulatory
guidelines. United’s estimated risk-based capital ratio is 14.4% at
December 31, 2022, while estimated Common Equity Tier 1 capital,
Tier 1 capital and leverage ratios are 12.3%, 12.3% and 10.8%,
respectively. The December 31, 2022 ratios reflect United’s
election of a five-year transition provision, allowed by the
Federal Reserve Board and other federal banking agencies in
response to the COVID-19 pandemic, to delay for two years the full
impact of CECL on regulatory capital, followed by a three-year
transition period. The regulatory requirements for a
well-capitalized financial institution are a risk-based capital
ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a
Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.
During the year of 2022 and 2021, United repurchased, under a
previously announced stock repurchase plan, shares of its common
stock. United did not repurchase any shares of its common stock
during the fourth quarter of 2022 or 2021. During the year of 2022,
United repurchased approximately 2.3 million shares of its common
stock at an average price per share of $34.69. During the year of
2021, United repurchased approximately 306 thousand shares of its
common stock at an average price per share of $32.52.
About United Bankshares, Inc.
As of December 31, 2022, United had consolidated assets of
approximately $29.5 billion. United is the parent company of United
Bank which comprises nearly 250 offices in Virginia, Maryland,
Washington, D.C., North Carolina, South Carolina, Georgia,
Pennsylvania, West Virginia, and Ohio. United’s stock is traded on
the NASDAQ Global Select Market under the quotation symbol
"UBSI".
Cautionary Statements
The Company is required under generally accepted accounting
principles to evaluate subsequent events through the filing of its
December 31, 2022 consolidated financial statements on Form 10-K.
As a result, the Company will continue to evaluate the impact of
any subsequent events on critical accounting assumptions and
estimates made as of December 31, 2022 and will adjust amounts
preliminarily reported, if necessary.
Use of non-GAAP Financial
Measures
This press release contains certain financial measures that are
not recognized under U.S. generally accepted accounting principles
("GAAP"). Generally, United has presented these “non-GAAP”
financial measures because it believes that these measures provide
meaningful additional information to assist in the evaluation of
United’s results of operations or financial position. Presentation
of these non-GAAP financial measures is consistent with how
United’s management evaluates its performance internally and these
non-GAAP financial measures are frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in the banking industry.
Specifically, this press release contains certain references to
financial measures identified as tax-equivalent (FTE) net interest
income, average tangible equity, return on average tangible equity
and tangible book value per share. Management believes these
non-GAAP financial measures to be helpful in understanding United’s
results of operations or financial position.
Net interest income is presented in this press release on a
tax-equivalent basis. The tax-equivalent basis adjusts for the
tax-favored status of income from certain loans and investments.
Although this is a non-GAAP measure, United’s management believes
this measure is more widely used within the financial services
industry and provides better comparability of net interest income
arising from taxable and tax-exempt sources. United uses this
measure to monitor net interest income performance and to manage
its balance sheet composition. The tax-equivalent adjustment
combines amounts of interest income on federally nontaxable loans
and investment securities using the statutory federal income tax
rate of 21%.
Tangible equity is calculated as GAAP total shareholders’ equity
minus total intangible assets. Tangible equity can thus be
considered the most conservative valuation of the company. Tangible
equity is also presented on a per common share basis and
considering net income, a return on average tangible equity.
Management provides these amounts to facilitate the understanding
of as well as to assess the quality and composition of United’s
capital structure. By removing the effect of intangible assets that
result from merger and acquisition activity, the “permanent” items
of equity are presented. These measures, along with others, are
used by management to analyze capital adequacy and performance.
Where non-GAAP financial measures are used, the comparable GAAP
financial measure, as well as reconciliation to that comparable
GAAP financial measure can be found in the attached financial
information tables to this press release. Investors should
recognize that United’s presentation of these non-GAAP financial
measures might not be comparable to similarly titled measures at
other companies. These non-GAAP financial measures should not be
considered a substitute for GAAP basis measures and United strongly
encourages a review of its condensed consolidated financial
statements in their entirety.
Forward-Looking Statements
In this report, we have made various statements regarding
current expectations or forecasts of future events, which speak
only as of the date the statements are made. These statements are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are also made from time-to-time in press releases and in
oral statements made by the officers of the Company.
Forward-looking statements can be identified by the use of the
words “expect,” “may,” “could,” “intend,” “project,” “estimate,”
“believe,” “anticipate,” and other words of similar meaning. Such
forward-looking statements are based on assumptions and estimates,
which although believed to be reasonable, may turn out to be
incorrect. Therefore, undue reliance should not be placed upon
these estimates and statements. United cannot assure that any of
these statements, estimates, or beliefs will be realized and actual
results may differ from those contemplated in these
“forward-looking statements.” The following factors, among others,
could cause the actual results of United’s operations to differ
materially from its expectations: the uncertainty as to the extent
of the duration, scope and impacts of the COVID-19 pandemic on
United, its colleagues, the communities United serves, and the
domestic and global economy; uncertainty in U.S. fiscal and
monetary policies, including the interest rate policies of the
Federal Reserve Board; volatility and disruptions in global capital
and credit markets, interest rate, securities market and monetary
supply fluctuations; increasing rates of inflation and slower
growth rates; reform of LIBOR; the nature, extent, timing, and
results of governmental actions, examinations, reviews, reforms,
regulations, and interpretations, including those involving the
Federal Reserve, FDIC, and CFPB; the effect of changes in the level
of checking or savings account deposits on United’s funding costs
and net interest margin; future provisions for credit losses on
loans and debt securities; changes in nonperforming assets;
competition; and changes in legislation or regulatory requirements.
For more information about factors that could cause actual results
to differ materially from United’s expectations, refer to its
reports filed with the Securities and Exchange Commission,
including the discussion under “Risk Factors” in the Annual Report
on Form 10-K for the year ended December 31, 2021, as filed with
the Securities and Exchange Commission and available on its website
at www.sec.gov. Further, any forward-looking statement speaks only
as of the date on which it is made, and United undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events, or
otherwise. You are advised to consult further disclosures United
may make on related subjects in our filings with the SEC.
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 Ended
EARNINGS
SUMMARY:
December
2022
December
2021
September
2022
December
2022
December
2021
Interest income
$
307,741
$
195,194
$
263,683
$
1,001,990
$
795,117
Interest expense
58,337
11,516
23,061
105,559
52,383
Net interest income
249,404
183,678
240,622
896,431
742,734
Provision for credit losses
16,368
(7,405)
7,671
18,822
(23,970
)
Noninterest income
30,879
54,053
32,749
153,261
278,128
Noninterest expense
137,542
151,793
137,196
555,087
581,979
Income before income taxes
126,373
93,343
128,504
475,783
462,853
Income taxes
26,608
19,491
25,919
96,156
95,115
Net income
$
99,765
$
73,852
$
102,585
$
379,627
$
367,738
PER COMMON
SHARE:
Net income:
Basic
$
0.74
$
0.56
$
0.76
$
2.81
$
2.84
Diluted
0.74
0.56
0.76
2.80
2.83
Cash dividends
$
0.36
$
0.36
0.36
1.44
1.41
Book value
32.98
33.52
34.60
Closing market price
$
35.75
$
40.49
$
36.28
Common shares outstanding:
Actual at period end, net of treasury
shares
134,631,647
134,745,122
136,392,758
Weighted average-basic
134,267,532
130,939,640
134,182,248
134,776,241
129,276,452
Weighted average-diluted
134,799,436
131,295,816
134,553,565
135,117,512
129,512,853
FINANCIAL
RATIOS:
Return on average assets
1.36%
1.04%
1.41
%
1.31
%
1.35
%
Return on average shareholders’ equity
8.80%
6.44%
8.96
%
8.25
%
8.30
%
Return on average tangible equity
(non-GAAP)(1)
15.28%
10.87%
15.46
%
14.11
%
14.18
%
Average equity to average assets
15.45%
16.22%
15.75
%
15.83
%
16.26
%
Net interest margin
3.87%
2.94%
3.78
%
3.50
%
3.09
%
PERIOD END
BALANCES:
December 31
2022
December 31
2021
December 31
2020
September 30
2022
Assets
$
29,489,380
$
29,328,902
$
26,184,247
$
29,048,475
Earning assets
26,135,400
26,083,089
23,172,403
25,648,264
Loans & leases, net of unearned
income
20,558,166
18,023,648
17,591,413
19,700,080
Loans held for sale
56,879
504,416
718,937
210,075
Investment securities
4,872,604
4,295,749
3,186,184
4,923,694
Total deposits
22,303,166
23,350,263
20,585,160
22,863,377
Shareholders’ equity
4,516,193
4,718,628
4,297,620
4,440,086
Note: (1) See
information under the “Selected Financial Ratios” table for a
reconciliation of non-GAAP measure.
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Consolidated
Statements of Income
Three Months Ended
December
December
September
June
March
2022
2021
2022
2022
2022
Interest & Loan Fees Income
(GAAP)
$
307,741
$
195,194
$
263,683
$
227,771
$
202,795
Tax equivalent adjustment
1,149
1,036
1,105
1,104
1,109
Interest & Fees Income (FTE)
(non-GAAP)
308,890
196,230
264,788
228,875
203,904
Interest Expense
58,337
11,516
23,061
12,868
11,293
Net Interest Income (FTE) (non-GAAP)
250,553
184,714
241,727
216,007
192,611
Provision for Credit Losses
16,368
(7,405
)
7,671
(1,807
)
(3,410
)
Noninterest Income:
Fees from trust services
4,411
4,327
4,384
4,294
4,127
Fees from brokerage services
3,729
3,699
4,016
4,115
4,552
Fees from deposit services
9,510
10,509
10,069
10,830
10,148
Bankcard fees and merchant discounts
1,673
1,580
1,857
1,671
1,379
Other charges, commissions, and fees
805
753
918
785
759
Income from bank-owned life insurance
1,402
1,223
1,472
4,120
2,194
Income from mortgage banking
activities
4,620
27,342
6,422
12,445
19,203
Mortgage loan servicing income
2,218
2,435
2,302
2,328
2,387
Net gains (losses) on investment
securities
51
(39
)
(206
)
1,182
(251
)
Other noninterest income
2,460
2,224
1,515
1,838
1,527
Total Noninterest Income
30,879
54,053
32,749
43,608
46,025
Noninterest Expense:
Employee compensation
57,537
71,542
59,618
62,632
62,621
Employee benefits
10,296
10,819
10,750
12,047
12,851
Net occupancy
11,455
10,653
11,281
11,206
11,187
Data processing
7,463
10,852
7,614
7,549
7,371
Amortization of intangibles
1,379
1,509
1,379
1,379
1,379
OREO expense
202
887
1,708
46
182
Net losses (gains) on the sale of OREO
properties
1,062
121
125
(454
)
(33
)
Equipment expense
6,868
6,819
7,807
7,310
7,335
FDIC insurance expense
3,248
2,626
3,063
3,004
2,673
Mortgage loan servicing expense and
impairment
1,826
2,217
1,847
1,783
1,643
Expense for the reserve for unfunded loan
commitments
6,492
6,094
(2,881
)
5,899
5,237
Prepayment penalties on FHLB
borrowings
0
15
0
0
0
Other noninterest expense
29,714
27,639
34,885
28,773
26,729
Total Noninterest Expense
137,542
151,793
137,196
141,174
139,175
Income Before Income Taxes (FTE)
(non-GAAP)
127,522
94,380
129,609
120,248
102,871
Tax equivalent adjustment
1,149
1,036
1,105
1,104
1,109
Income Before Income Taxes
(GAAP)
126,373
93,343
128,504
119,144
101,762
Taxes
26,608
19,491
25,919
23,531
20,098
Net Income
$
99,765
$
73,852
$
102,585
$
95,613
$
81,664
MEMO: Effective Tax Rate
21.06
%
20.88
%
20.17
%
19.75
%
19.75
%
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Consolidated
Statements of Income
Year Ended
December
December
December
2022
2021
2020
Interest & Loan Fees Income
(GAAP)
$
1,001,990
$
795,117
$
798,382
Tax equivalent adjustment
4,467
4,218
3,888
Interest & Fees Income (FTE)
(non-GAAP)
1,006,457
799,335
802,270
Interest Expense
105,559
52,383
108,609
Net Interest Income (FTE) (non-GAAP)
900,898
746,952
693,661
Provision for Credit Losses
18,822
(23,970
)
106,562
Noninterest Income:
Fees from trust services
17,216
16,552
13,903
Fees from brokerage services
16,412
15,559
11,758
Fees from deposit services
40,557
38,689
34,833
Bankcard fees and merchant discounts
6,580
5,485
4,066
Other charges, commissions, and fees
3,267
2,990
2,596
Income from bank-owned life insurance
9,188
6,840
7,217
Income from mortgage banking
activities
42,690
171,692
266,094
Mortgage loan servicing income
9,235
9,605
6,213
Net gain on the sale of bank premises
0
0
2,229
Net gains on investment securities
776
2,676
3,155
Other noninterest income
7,340
8,040
2,711
Total Noninterest Income
153,261
278,128
354,775
Noninterest Expense:
Employee compensation
242,408
279,970
274,661
Employee benefits
45,944
53,871
48,870
Net occupancy
45,129
42,034
41,303
Data processing
29,997
31,446
35,420
Amortization of intangibles
5,516
5,908
6,605
OREO expense
2,138
5,370
3,805
Net losses on the sale of OREO
properties
700
54
1,972
Equipment expense
29,320
25,979
20,861
FDIC insurance expense
11,988
8,346
10,132
Mortgage loan servicing expense and
impairment
7,099
12,246
9,431
Expense for the reserve for unfunded loan
commitments
14,747
12,034
11,315
Prepayment penalties on FHLB
borrowings
0
15
10,385
Other noninterest expense
120,101
104,706
103,486
Total Noninterest Expense
555,087
581,979
578,246
Income Before Income Taxes (FTE)
(non-GAAP)
480,250
467,071
363,628
Tax equivalent adjustment
4,467
4,218
3,888
Income Before Income Taxes
(GAAP)
475,783
462,853
359,740
Taxes
96,156
95,115
70,717
Net Income
$
379,627
$
367,738
$
289,023
MEMO: Effective Tax Rate
20.21
%
20.55
%
19.66
%
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Consolidated
Balance Sheets
December 2022
December 2021
December 31
December 31
September 30
Q-T-D Average
Q-T-D Average
2022
2021
2022
Cash & Cash Equivalents
$
1,053,162
$
3,913,480
$
1,176,652
$
3,758,170
$
1,356,347
Securities Available for Sale
4,590,452
3,669,387
4,541,925
4,042,699
4,648,087
Less: Allowance for credit losses
0
0
0
0
0
Net available for sale securities
4,590,452
3,669,387
4,541,925
4,042,699
4,648,087
Securities Held to Maturity
1,020
1,020
1,020
1,020
1,020
Less: Allowance for credit losses
(19
)
(27
)
(18
)
(19
)
(19
)
Net held to maturity securities
1,001
993
1,002
1,001
1,001
Equity Securities
7,305
12,161
7,629
12,404
7,314
Other Investment Securities
286,253
230,535
322,048
239,645
267,292
Total Securities
4,885,011
3,913,076
4,872,604
4,295,749
4,923,694
Total Cash and Securities
5,938,173
7,826,556
6,049,256
8,053,919
6,280,041
Loans held for sale
56,849
482,387
56,879
504,416
210,075
Commercial Loans & Leases
14,830,629
13,028,313
14,986,117
13,809,735
14,531,221
Mortgage Loans
4,045,587
2,908,187
4,158,226
3,008,410
3,756,692
Consumer Loans
1,430,837
1,240,676
1,435,820
1,233,162
1,434,572
Gross Loans
20,307,053
17,177,176
20,580,163
18,051,307
19,722,485
Unearned income
(23,110
)
(27,666
)
(21,997
)
(27,659
)
(22,405
)
Loans & Leases, net of unearned
income
20,283,943
17,149,510
20,558,166
18,023,648
19,700,080
Allowance for Loan & Lease Losses
(219,933
)
(218,550
)
(234,746
)
(216,016
)
(219,611
)
Net Loans
20,064,010
16,930,960
20,323,420
17,807,632
19,480,469
Mortgage Servicing Rights
21,590
22,851
21,022
23,144
21,908
Goodwill
1,888,889
1,833,187
1,888,889
1,886,494
1,888,889
Other Intangibles
19,767
22,954
18,897
24,413
20,276
Operating Lease Right-of-Use Asset
72,666
75,254
71,144
81,942
74,043
Other Real Estate Owned
10,003
15,451
2,052
14,823
10,779
Bank Owned Life Insurance
478,516
455,545
480,184
478,067
478,518
Other Assets
558,901
402,135
577,637
454,052
583,477
Total Assets
$
29,109,364
$
28,067,280
$
29,489,380
$
29,328,902
$
29,048,475
MEMO: Interest-earning Assets
$
25,742,282
$
24,935,489
$
26,135,400
$
26,083,089
$
25,648,264
Interest-bearing Deposits
$
15,166,408
$
15,183,588
$
15,103,488
$
15,853,703
$
15,244,554
Noninterest-bearing Deposits
7,507,329
7,148,327
7,199,678
7,496,560
7,618,823
Total Deposits
22,673,737
22,331,915
22,303,166
23,350,263
22,863,377
Short-term Borrowings
154,894
127,731
160,698
128,844
142,476
Long-term Borrowings
1,527,904
816,518
2,197,656
817,394
1,297,308
Total Borrowings
1,682,798
944,249
2,358,354
946,238
1,439,784
Operating Lease Liability
77,338
80,118
75,749
86,703
78,748
Other Liabilities
177,113
159,364
235,918
227,070
226,480
Total Liabilities
24,610,986
23,515,646
24,973,187
24,610,274
24,608,389
Preferred Equity
0
0
0
0
0
Common Equity
4,498,378
4,551,634
4,516,193
4,718,628
4,440,086
Total Shareholders' Equity
4,498,378
4,551,634
4,516,193
4,718,628
4,440,086
Total Liabilities & Equity
$
29,109,364
$
28,067,280
$
29,489,380
$
29,328,902
$
29,048,475
MEMO: Interest-bearing
Liabilities
$
16,849,206
$
16,127,837
$
17,461,842
$
16,799,941
$
16,684,338
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Three Months Ended
December
December
September
June
March
Quarterly Share
Data:
2022
2021
2022
2022
2022
Earnings Per Share:
Basic
$
0.74
$
0.56
$
0.76
$
0.71
$
0.60
Diluted
$
0.74
$
0.56
$
0.76
$
0.71
$
0.60
Common Dividend Declared Per
Share
$
0.36
$
0.36
$
0.36
$
0.36
$
0.36
High Common Stock Price
$
44.15
$
39.41
$
40.85
$
37.81
$
39.80
Low Common Stock Price
$
35.73
$
33.34
$
33.67
$
33.11
$
33.58
Average Shares Outstanding (Net of
Treasury Stock):
Basic
134,267,532
130,939,640
134,182,248
134,623,061
136,058,328
Diluted
134,799,436
131,295,816
134,553,565
134,863,650
136,435,229
Common Dividends
$
48,603
$
46,564
$
48,564
$
48,544
$
49,266
Dividend Payout Ratio
48.72%
63.05%
47.34%
50.77%
60.33%
Year Ended
December
December
December
Year-to-Date
Share Data:
2022
2021
2020
Earnings Per Share:
Basic
$
2.81
$
2.84
$
2.40
Diluted
$
2.80
$
2.83
$
2.40
Common Dividend Declared Per
Share
$
1.44
$
1.41
$
1.40
High Common Stock Price
$
44.15
$
42.50
$
39.07
Low Common Stock Price
$
33.11
$
31.57
$
19.67
Average Shares Outstanding (Net of
Treasury Stock):
Basic
134,776,241
129,276,452
120,017,247
Diluted
135,117,512
129,512,853
120,090,232
Common Dividends
$
194,977
$
182,357
$
171,876
Dividend Payout Ratio
51.36%
49.59%
59.47%
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
December
December
September 30
June 30
March 31
EOP Share
Data:
2022
2021
2022
2022
2022
Book Value Per Share
$
33.52
$
34.60
$
32.98
$
33.34
$
33.77
Tangible Book Value Per Share (non-GAAP)
(1)
$
19.36
$
20.59
$
18.80
$
19.14
$
19.72
52-week High Common Stock Price
$
44.15
$
42.50
$
40.85
$
39.80
$
42.50
Date
11/11/22
05/18/21
8/16/22
01/13/22
05/18/21
52-week Low Common Stock Price
$
33.11
$
31.57
$
33.11
$
31.74
$
31.74
Date
5/2/22
01/29/21
5/2/22
09/20/21
9/20/21
EOP Shares
Outstanding (Net of Treasury Stock):
134,745,122
136,392,758
134,631,647
134,580,646
136,068,439
Memorandum
Items:
EOP Employees (full-time equivalent)
2,856
3,143
2,915
2,988
3,090
Note:
(1) Tangible Book Value Per Share:
Total Shareholders' Equity (GAAP)
$
4,516,193
$
4,718,628
$
4,440,086
$
4,487,050
$
4,595,140
Less: Total Intangibles
(1,907,786)
(1,910,907)
(1,909,165)
(1,910,544)
(1,912,278)
Tangible Equity (non-GAAP)
$
2,608,407
$
2,807,721
$
2,530,921
$
2,576,506
$
2,682,862
÷ EOP Shares Outstanding (Net of Treasury
Stock)
134,745,122
136,392,758
134,631,647
134,580,646
136,068,439
Tangible Book Value Per Share
(non-GAAP)
$
19.36
$
20.59
$
18.80
$
19.14
$
19.72
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Three Months Ended
December 2022
Three Months Ended
December 2021
Three Months Ended
September 2022
Selected Average
Balances and Yields:
Average
Average
Average
Average
Average
Average
ASSETS:
Balance
Interest(1)
Rate(1)
Balance
Interest(1)
Rate(1)
Balance
Interest(1)
Rate(1)
Earning Assets:
Federal funds sold and securities
purchased under
agreements to resell and other short-term
investments
$
736,412
$
8,946
4.82
%
$
3,609,066
$
2,536
0.28
%
$
918,691
$
6,834
2.95
%
Investment securities:
Taxable
4,508,813
34,568
3.07
%
3,514,971
14,307
1.63
%
4,687,528
29,149
2.49
%
Tax-exempt
376,198
2,717
2.89
%
398,105
2,489
2.50
%
400,400
2,783
2.78
%
Total securities
4,885,011
37,285
3.05
%
3,913,076
16,796
1.72
%
5,087,928
31,932
2.51
%
Loans and loans held for sale, net of
unearned income (2)
20,340,792
262,659
5.13
%
17,631,897
176,898
3.99
%
19,645,486
226,022
4.57
%
Allowance for loan losses
(219,933)
(218,550)
(213,824)
Net loans and loans held for sale
20,120,859
5.18
%
17,413,347
4.04
%
19,431,662
4.62
%
Total earning assets
25,742,282
$
308,890
4.77
%
24,935,489
$
196,230
3.13
%
25,438,281
$
264,788
4.14
%
Other assets
3,367,082
3,131,791
3,396,154
TOTAL ASSETS
$
29,109,364
$
28,067,280
$
28,834,435
LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits
$
15,166,408
$
44,265
1.16
%
$
15,183,588
$
8,820
0.23
%
$
15,308,177
$
17,660
0.46
%
Short-term borrowings
154,894
874
2.24
%
127,731
166
0.52
%
137,985
493
1.42
%
Long-term borrowings
1,527,904
13,198
3.43
%
816,518
2,530
1.23
%
894,940
4,908
2.18
%
Total interest-bearing liabilities
16,849,206
58,337
1.37
%
16,127,837
11,516
0.28
%
16,341,102
23,061
0.56
%
Noninterest-bearing deposits
7,507,329
7,148,327
7,664,032
Accrued expenses and other liabilities
254,451
239,482
287,201
TOTAL LIABILITIES
24,610,986
23,515,646
24,292,335
SHAREHOLDERS’ EQUITY
4,498,378
4,551,634
4,542,100
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY
$
29,109,364
$
28,067,280
$
28,834,435
NET INTEREST INCOME
$
250,553
$
184,714
$
241,727
INTEREST RATE SPREAD
3.40
%
2.85
%
3.58
%
NET INTEREST MARGIN
3.87
%
2.94
%
3.78
%
(1) The interest income and the yields on federally nontaxable
loans and investment securities are presented on a tax-equivalent
basis using the statutory federal income tax rate of 21%.
(2) Nonaccruing loans are included in the
daily average loan amounts outstanding.
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol:
UBSI
(In Thousands Except for Per
Share Data)
Year Ended
December 2022
Year Ended
December 2021
Selected Average
Balances and Yields:
Average
Average
Average
Average
ASSETS:
Balance
Interest(1)
Rate(1)
Balance
Interest(1)
Rate(1)
Earning Assets:
Federal funds sold and securities
purchased under
agreements to resell and other short-term
investments
$
1,597,108
$
22,950
1.44
%
$
3,162,814
$
8,734
0.28
%
Investment securities:
Taxable
4,532,713
105,780
2.33
%
3,193,414
54,678
1.71
%
Tax-exempt
410,037
10,983
2.68
%
352,843
9,129
2.59
%
Total securities
4,942,750
116,763
2.36
%
3,546,257
63,807
1.80
%
Loans and loans held for sale, net of
unearned income (2)
19,389,485
866,744
4.47
%
17,714,288
726,794
4.10
%
Allowance for loan losses
(216,104
)
(225,740
)
Net loans and loans held for sale
19,173,381
4.52
%
17,488,548
4.16
%
Total earning assets
25,713,239
$
1,006,457
3.91
%
24,197,619
$
799,335
3.30
%
Other assets
3,360,609
3,058,476
TOTAL ASSETS
$
29,073,848
$
27,256,095
LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits
$
15,466,386
$
80,237
0.52
%
$
14,927,845
$
41,620
0.28
%
Short-term borrowings
140,773
1,785
1.27
%
132,489
693
0.52
%
Long-term borrowings
1,014,655
23,537
2.32
%
819,440
10,070
1.23
%
Total interest-bearing liabilities
16,621,814
105,559
0.64
%
15,879,774
52,383
0.33
%
Noninterest-bearing deposits
7,580,624
6,709,510
Accrued expenses and other liabilities
269,970
236,123
TOTAL LIABILITIES
24,472,408
22,825,407
SHAREHOLDERS’ EQUITY
4,601,440
4,430,688
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY
$
29,073,848
$
27,256,095
NET INTEREST INCOME
$
900,898
$
746,952
INTEREST RATE SPREAD
3.27
%
2.97
%
NET INTEREST MARGIN
3.50
%
3.09
%
(1) The interest income and the yields on
federally nontaxable loans and investment securities are presented
on a tax-equivalent basis using the statutory federal
income tax rate of 21%.
(2) Nonaccruing loans are included in the
daily average loan amounts outstanding.
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Three Months
Ended
December
December
September
June
March
Selected
Financial Ratios:
2022
2021
2022
2022
2022
Return on Average Assets
1.36%
1.04%
1.41%
1.32%
1.13%
Return on Average Shareholders’ Equity
8.80%
6.44%
8.96%
8.33%
6.96%
Return on Average Tangible Equity
(non-GAAP) (1)
15.28%
10.87%
15.46%
14.23%
11.63%
Efficiency Ratio
49.07%
63.85%
50.19%
54.61%
58.59%
Price / Earnings Ratio
13.71
x
16.20
x
11.75
x
12.37
x
14.57
x
Note:
(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)
$99,765
$73,852
$102,585
$95,613
$81,664
(b) Number of Days
92
92
92
91
90
Average Total Shareholders' Equity
(GAAP)
$4,498,378
$4,551,634
$4,542,100
$4,606,186
$4,759,780
Less: Average Total Intangibles
(1,908,656)
(1,856,141)
(1,910,054)
(1,911,705)
(1,911,125)
(c) Average Tangible Equity (non-GAAP)
$2,589,722
$2,695,493
$2,632,046
$2,694,481
$2,848,655
Return on Average Tangible Equity
(non-GAAP) [(a) / (b)] x 365 / (c)
15.28%
10.87%
15.46%
14.23%
11.63%
Year Ended
December
December
December
Selected
Financial Ratios:
2022
2021
2020
Return on Average Assets
1.31%
1.35%
1.20%
Return on Average Shareholders’ Equity
8.25%
8.30%
7.30%
Return on Average Tangible Equity
(non-GAAP) (1)
14.11%
14.18%
12.90%
Efficiency Ratio
52.88%
57.01%
55.36%
Price / Earnings Ratio
14.46
x
12.82
x
13.50
x
Note:
(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)
$379,627
$367,738
$289,023
Average Total Shareholders' Equity
(GAAP)
4,601,440
4,430,688
3,956,969
Less: Average Total Intangibles
(1,910,377)
(1,837,609)
(1,716,738)
(b) Average Tangible Equity (non-GAAP)
$2,691,063
$2,593,079
$2,240,231
Return on Average Tangible Equity
(non-GAAP) [(a) / (b)]
14.11%
14.18%
12.90%
Selected
Financial Ratios:
December 31
2022
December 31
2021
December 31
2020
September 30
2022
June 30
2022
Loans & Leases, net of unearned income
/ Deposit Ratio
92.18%
77.19%
85.46%
86.16%
82.38%
Allowance for Loan & Lease Losses/
Loans & Leases, net of unearned income
1.14%
1.20%
1.34%
1.11%
1.13%
Allowance for Credit Losses (2)/ Loans
& Leases, net of unearned income
1.37%
1.37%
1.45%
1.32%
1.35%
Nonaccrual Loans / Loans & Leases, net
of unearned income
0.12%
0.20%
0.36%
0.14%
0.15%
90-Day Past Due Loans/ Loans & Leases,
net of unearned income
0.08%
0.10%
0.08%
0.09%
0.09%
Non-performing Loans/ Loans & Leases,
net of unearned income
0.29%
0.50%
0.75%
0.35%
0.37%
Non-performing Assets/ Total Assets
0.21%
0.36%
0.59%
0.28%
0.29%
Primary Capital Ratio
16.11%
16.79%
17.22%
16.03%
16.34%
Shareholders' Equity Ratio
15.31%
16.09%
16.41%
15.29%
15.59%
Price / Book Ratio
1.21
x
1.05
x
0.97
x
1.08
x
1.05
x
Note:
(2) Includes allowances for loan losses
and lending-related commitments.
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
Three Months Ended
December
December
September
June
March
Mortgage Banking
Segment Data:
2022
2021
2022
2022
2022
Applications
$
447,951
$
1,534,311
$
785,529
$
1,159,102
$
1,696,504
Loans originated
399,706
1,287,629
552,487
955,152
1,006,363
Loans sold
$
396,735
$
1,273,014
$
564,267
$
1,072,623
$
1,170,124
Purchase money % of loans closed
85%
69%
86%
86%
73%
Realized gain on sales and fees as a % of
loans sold
1.82%
3.02%
2.13%
2.40%
2.98%
Net interest income
$
2,654
$
2,609
$
2,758
$
2,870
$
2,317
Other income
10,693
30,921
13,749
21,468
23,397
Other expense
17,097
29,147
20,662
25,776
25,448
Income taxes
(810)
876
(820)
(285)
57
Net (loss) income
$
(2,940)
$
3,507
$
(3,335)
$
(1,153)
$
209
Year Ended
December
December
December
Mortgage Banking
Segment Data:
2022
2021
2020
Applications
$
4,089,086
$
8,088,453
$
9,988,227
Loans originated
2,913,708
6,242,246
6,648,247
Loans sold
$
3,203,749
$
6,439,598
$
6,393,394
Purchase money % of loans closed
81%
61%
47%
Realized gain on sales and fees as a % of
loans sold
2.40%
3.31%
3.63%
Net interest income
$
10,599
$
10,497
$
8,853
Other income
69,307
183,216
276,185
Other expense
88,983
138,508
140,628
Income taxes
(1,858)
11,275
27,698
Net (loss) income
$
(7,219)
$
43,930
$
116,712
December 31
December 31
September 30
June 30
March 31
Period End
Mortgage Banking Segment Data:
2022
2021
2022
2022
2022
Locked pipeline
$
68,654
$
448,889
$
131,846
$
206,246
$
412,809
Balance of loans serviced
$
3,381,485
$
3,698,998
$
3,459,781
$
3,534,607
$
3,623,207
Number of loans serviced
23,510
25,198
23,859
24,226
24,677
UNITED BANKSHARES, INC. AND
SUBSIDIARIES
Washington, D.C. and
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per
Share Data)
December 31
December 31
September 30
June 30
March 31
Asset Quality
Data:
2022
2021
2022
2022
2022
EOP Non-Accrual Loans
$
23,685
$
36,028
$
28,244
$
28,386
$
34,093
EOP 90-Day Past Due Loans
15,565
18,879
18,254
16,443
15,179
EOP Restructured Loans (1)
19,388
35,856
23,155
25,504
30,582
Total EOP Non-performing Loans
$
58,638
$
90,763
$
69,653
$
70,333
$
79,854
EOP Other Real Estate Owned
2,052
14,823
10,779
13,847
13,641
Total EOP Non-performing Assets
$
60,690
$
105,586
$
80,432
$
84,180
$
93,495
Three Months Ended
December
December
September
June
March
Allowance for
Loan & Lease Losses:
2022
2021
2022
2022
2022
Beginning Balance
$
219,611
$
210,891
$
213,729
$
214,594
$
216,016
Initial allowance for acquired PCD
loans
0
12.629
0
0
0
Gross Charge-offs
(2,968)
(4,205)
(3,087)
(2,119)
(1,476)
Recoveries
1,734
4,080
1,299
3,060
3,456
Net (Charge-offs) Recoveries
(1,234)
(125)
(1,788)
941
1,980
Provision for Loan & Lease Losses
16,369
(7,379)
7,670
(1,806)
(3,402)
Ending Balance
$
234,746
$
216,016
$
219,611
$
213,729
$
214,594
Reserve for lending-related
commitments
46,189
31,442
39,698
42,579
36,679
Allowance for Credit Losses (2)
$
280,935
$
247,458
$
259,309
$
256,308
$
251,273
Year Ended
December
December
December
Allowance for
Loan & Lease Losses:
2022
2021
2020
Beginning Balance
$
216,016
$
235,830
$
77,057
Cumulative Effect Adjustment for CECL
0
0
57,442
216,016
235,830
134,499
Initial allowance for acquired PCD
loans
0
12,629
18,635
Gross Charge-offs
(9,650)
(19,297)
(32,983)
Recoveries
9,549
10,578
9,386
Net (Charge-offs)
(101)
(8,719)
(23,597)
Provision for Loan & Lease Losses
18,831
(23,724)
106,293
Ending Balance
$
234,746
$
216,016
$
235,830
Reserve for lending-related
commitments
46,189
31,442
19,250
Allowance for Credit Losses (2)
$
280,935
$
247,458
$
255,080
Notes:
(1) Restructured loans with an aggregate balance of $7,186,
$22,421, $10,336, $11,298 and $13,568 at December 31, 2022,
December 31, 2021, September 30, 2022, June 30, 2022 and March 31,
2022 respectively, were on nonaccrual status, but are not included
in “EOP Non-Accrual Loans” above. Restructured loans with an
aggregate balance of $3,075, $102, $2,941 and $3,162 at December
31, 2022, December 31, 2021, September 30, 2022 and June 30, 2022,
respectively, were 90 days past due, but not included in "EOP
Non-Accrual Loans" above.
(2) Includes allowances for loan losses
and lending-related commitments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230126005174/en/
W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext.
8716
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