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Section 1: 10-Q (10-Q)

10-Q
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Table of Contents
FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
W
ashington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from
                    
to
                    
Commission File Number:    
002-86947
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
     
West Virginia
 
55-0641179
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
     
300 United Center
500 Virginia Street, East
Charleston, West Virginia
 
25301
(Address of principal executive offices)
 
Zip Code
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Registrant’s telephone number, including area code:
(304) 424-8716
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value $2.50 per share
 
UBSI
 
NASDAQ Global Select Market
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    Yes
  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated
 filer
 
 
Smaller reporting company
 
             
 
 
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Act).    Yes  
    
No  
As of
October 31, 2019
, the registrant had
101,546,153
shares of common stock, $2.50 par value per share, outstanding. 

Table of Contents
UNITED BANKSHARES, INC. AND SUBSIDIARIES
FORM
10-Q
TABLE OF CONTENTS
             
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
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11
 
 
 
 
 
 
 
 
Item 2.
 
 
 
57
 
 
 
 
 
 
 
 
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78
 
 
 
 
 
 
 
 
Item 4.
 
 
 
81
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
82
 
 
 
 
 
 
 
 
Item 1A.
 
 
 
82
 
 
 
 
 
 
 
 
Item 2.
 
 
 
82
 
 
 
 
 
 
 
 
Item 3.
 
 
 
83
 
 
 
 
 
 
 
 
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83
 
 
 
 
 
 
 
 
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83
 
 
 
 
 
 
 
 
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Table of Contents
 
PART I - FINANCIAL INFORMATION
Item 1.
FINANCIAL STATEMENTS (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
 
 
 
The September 30, 2019 and December 31, 2018, consolidated balance sheets of United Bankshares, Inc. and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2019 and 2018, the related consolidated statement of changes in shareholders’ equity for the three and nine months ended September 30, 2019 and 2018, the related condensed consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018, and the notes to consolidated financial statements appear on the following pages.
 
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CONSOLIDATED BALANCE SHEETS
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands, except par value)
                 
 
September 30
 
 
December 31
 
 
2019
 
 
2018
 
 
(Unaudited)
   
(Note 1)
 
Assets
   
     
 
Cash and due from banks
  $
228,005
    $
187,886
 
Interest-bearing deposits with other banks
   
747,332
     
831,707
 
Federal funds sold
   
817
     
803
 
                 
Total cash and cash equivalents
   
976,154
     
1,020,396
 
Securities available for sale at estimated fair value (amortized cost-$2,425,849 at September 30, 2019 and $2,360,884 at December 31, 2018)
   
2,452,097
     
2,337,039
 
Securities held to maturity (estimated fair value-$1,472 at September 30, 2019 and $18,655 at December 31, 2018)
   
1,471
     
19,999
 
Equity securities at estimated fair value
   
8,914
     
9,734
 
Other investment securities
   
210,830
     
176,955
 
Loans held for sale (at fair value-$407,463 at September 30, 2019 and $247,104 at December 31, 2018)
   
412,194
     
249,846
 
Loans
   
13,637,238
     
13,429,532
 
Less: Unearned income
   
(3,811
)    
(7,310
)
                 
Loans net of unearned income
   
13,633,427
     
13,422,222
 
Less: Allowance for loan losses
   
(77,098
)    
(76,703
)
                 
Net loans
   
13,556,329
     
13,345,519
 
Bank premises and equipment
   
94,800
     
95,245
 
Operating lease
right-of-use
assets
   
60,318
     
0
 
Goodwill
   
1,478,014
     
1,478,014
 
Accrued interest receivable
   
57,626
     
60,597
 
Other assets
   
442,714
     
457,154
 
                 
TOTAL ASSETS
  $
19,751,461
    $
19,250,498
 
                 
                 
Liabilities
   
     
 
Deposits:
   
     
 
Noninterest-bearing
  $
4,572,122
    $
4,416,815
 
Interest-bearing
   
9,523,289
     
9,577,934
 
                 
Total deposits
   
14,095,411
     
13,994,749
 
Borrowings:
   
     
 
Federal funds purchased
   
0
     
23,400
 
Securities sold under agreements to repurchase
   
129,966
     
152,927
 
Federal Home Loan Bank (FHLB) borrowings
   
1,672,448
     
1,439,198
 
Other long-term borrowings
   
235,849
     
234,905
 
Reserve for lending-related commitments
   
1,776
     
1,389
 
Operating lease liabilities
   
63,987
     
0
 
Accrued expenses and other liabilities
   
197,682
     
152,306
 
                 
TOTAL LIABILITIES
   
16,397,119
     
15,998,874
 
                 
Shareholders’ Equity
   
     
 
Preferred stock, $1.00 par value;
Authorized-50,000,000
shares, none issued
   
0
     
0
 
Common stock, $2.50 par value;
Authorized-200,000,000
shares;
issued-105,464,161
and 105,239,121 at September 30, 2019 and December 31, 2018, respectively, including 3,908,465 and 2,915,633 shares in treasury at September 30, 2019 and December 31, 2018, respectively
   
263,660
     
263,098
 
Surplus
   
2,138,240
     
2,134,462
 
Retained earnings
   
1,104,837
     
1,013,037
 
Accumulated other comprehensive loss
   
(15,781
)    
(57,019
)
Treasury stock, at cost
   
(136,614
)    
(101,954
)
                 
TOTAL SHAREHOLDERS’ EQUITY
   
3,354,342
     
3,251,624
 
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  $
19,751,461
    $
19,250,498
 
                 
 
 
 
 
 
 
 
 
 
 
See notes to consolidated unaudited financial statements.
 
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CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands, except per share data)
                                 
 
Three Months Ended
   
Nine Months Ended
 
 
September 30
   
September 30
 
 
2019
   
2018
   
2019
   
2018
 
Interest income
   
     
     
     
 
Interest and fees on loans
  $
165,149
    $
164,229
    $
505,150
    $
472,451
 
Interest on federal funds sold and other short-term investments
   
6,236
     
5,485
     
17,478
     
13,867
 
Interest and dividends on securities:
   
     
     
     
 
Taxable
   
18,168
     
13,994
     
53,279
     
39,679
 
Tax-exempt
   
798
     
1,322
     
2,786
     
4,218
 
                                 
Total interest income
   
190,351
     
185,030
     
578,693
     
530,215
 
                                 
Interest expense
   
     
     
     
 
Interest on deposits
   
36,368
     
26,368
     
104,461
     
61,101
 
Interest on short-term borrowings
   
539
     
618
     
1,838
     
1,503
 
Interest on long-term borrowings
   
11,526
     
9,269
     
35,755
     
25,671
 
                                 
Total interest expense
   
48,433
     
36,255
     
142,054
     
88,275
 
                                 
Net interest income
   
141,918
     
148,775
     
436,639
     
441,940
 
Provision for loan losses
   
5,033
     
4,808
     
15,446
     
16,190
 
                                 
Net interest income after provision for loan losses
   
136,885
     
143,967
     
421,193
     
425,750
 
                                 
Other income
   
     
     
     
 
Fees from trust services
   
3,574
     
3,350
     
10,276
     
9,545
 
Fees from brokerage services
   
2,378
     
2,787
     
7,668
     
6,964
 
Fees from deposit services
   
8,702
     
8,673
     
25,219
     
25,323
 
Bankcard fees and merchant discounts
   
1,262
     
1,549
     
3,520
     
4,384
 
Other service charges, commissions, and fees
   
568
     
532
     
1,665
     
1,640
 
Income from bank-owned life insurance
   
1,280
     
1,251
     
4,433
     
3,776
 
Income from mortgage banking activities
   
24,019
     
13,277
     
59,404
     
46,539
 
Net investment securities gains (losses)
   
116
     
(152
)    
66
     
(692
)
Other income
   
325
     
419
     
991
     
1,406
 
                                 
Total other income
   
42,224
     
31,686
     
113,242
     
98,885
 
                                 
Other expense
   
     
     
     
 
Employee compensation
   
46,313
     
41,312
     
129,563
     
125,268
 
Employee benefits
   
8,615
     
8,645
     
26,624
     
27,514
 
Net occupancy expense
   
8,698
     
9,273
     
26,116
     
27,776
 
Other real estate owned (OREO) expense
   
1,837
     
921
     
3,886
     
2,423
 
Equipment expense
   
3,698
     
3,892
     
10,688
     
10,328
 
Data processing expense
   
5,776
     
6,068
     
16,505
     
17,735
 
Bankcard processing expense
   
474
     
485
     
1,402
     
1,431
 
FDIC insurance expense
   
465
     
3,530
     
7,065
     
8,220
 
FHLB prepayment penalties
   
0
     
0
     
5,105
     
0
 
Other expense
   
20,258
     
19,189
     
58,800
     
56,482
 
                                 
Total other expense
   
96,134
     
93,315
     
285,754
     
277,177
 
                                 
Income before income taxes
   
82,975
     
82,338
     
248,681
     
247,458
 
Income taxes
   
17,010
     
17,926
     
51,867
     
55,066
 
                                 
Net income
  $
          65,965
    $
          64,412
    $
        196,814
    $
 
 
 
 
 
 
 
 
192,392
 
                                 
 
 
 
 
 
 
 
 
 
 
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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - continued
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands, except per share data)
 
                                 
 
Three Months Ended
   
Nine Months Ended
 
 
September 30
   
September 30
 
 
2019
   
2018
   
2019
   
2018
 
Earnings per common share:
   
     
     
     
 
Basic
  $
0.65
    $
0.62
    $
1.93
    $
1.84
 
                                 
Diluted
  $
0.65
    $
0.62
    $
1.93
    $
1.83
 
                                 
Average outstanding shares:
   
     
     
     
 
Basic
   
101,432,243
     
103,617,590
     
101,698,530
     
104,382,094
 
Diluted
   
101,711,740
     
103,933,959
     
101,967,135
     
104,679,876
 
 
 
 
 
See notes to consolidated unaudited financial statements
 
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands)
                                 
 
Three Months Ended
   
Nine Months Ended
 
 
September 30
   
September 30
 
 
2019
   
2018
   
2019
   
2018
 
Net income
  $
65,965
    $
64,412
    $
196,814
    $
192,392
 
Change in net unrealized gain (loss) on
available-for-sale
(AFS) securities, net of tax
   
3,637
     
(7,579
)    
38,420
     
(30,853
)
Accretion of the net unrealized loss on the transfer of AFS securities to
held-to-maturity
(HTM) securities, net of tax
   
0
     
2
     
0
     
4
 
Change in pension plan assets, net of tax
   
949
     
918
     
2,768
     
2,703
 
                                 
Comprehensive income, net of tax
  $
70,551
    $
57,753
    $
238,002
    $
164,246
 
                                 
 
 
 
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CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands, except per share data)
                                                         
 
Nine Months Ended September 30, 2019
 
 
   
   
   
   
Accumulated
   
   
 
 
Common Stock
   
   
   
Other
   
   
Total
 
 
   
Par
   
   
Retained
   
Comprehensive
   
Treasury
   
Shareholders’
 
 
Shares
   
Value
   
Surplus
   
Earnings
   
Income (Loss)
   
Stock
   
Equity