• United Bankshares, Inc.
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  • United Bankshares, Inc. Announces Increased Earnings
    Company Release - 04/25/2019 07:50

    WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today announced earnings for the first quarter of 2019. Earnings for the first quarter of 2019 were $63.6 million, an increase from earnings of $61.7 million for the first quarter of 2018. Diluted earnings per share were $0.62 for the first quarter of 2019, an increase from diluted earnings per share of $0.59 for the first quarter of 2018.

    United’s first quarter of 2019 results produced an annualized return on average assets of 1.34% and an annualized return on average equity of 7.88%. United’s annualized returns on average assets and average equity were 1.35% and 7.65%, respectively, for the first quarter of 2018.

    “United is off to a great start in 2019,” stated Richard M. Adams, United’s Chairman and Chief Executive Officer. “We are pleased to announce an increase in earnings from the first quarter of 2018. Our annualized return on average assets of 1.34% for the quarter is ahead of our peers’ most recently reported return on average assets of 1.24% for the year of 2018.”

    Net interest income for the first quarter of 2019 was $144.2 million, which was relatively flat from the first quarter of 2018, increasing $125 thousand or less than 1%. The $125 thousand increase in net interest income occurred because total interest income increased $21.9 million while total interest expense increased $21.8 million from the first quarter of 2018. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the first quarter of 2019 was $145.2 million, which was relatively flat from the first quarter of 2018, increasing $14 thousand or less than 1% due mainly to an increase in average earning assets mostly offset by an increase in the average cost of funds. Average earning assets for the first quarter of 2019 increased $667.2 million or 4% from the first quarter of 2018 due mainly to increases of $538.4 million or 4% in average net loans and $369.5 million or 17% in average investment securities. Average short-term investments decreased $240.7 million or 25%. In addition, the average yield on earning assets for the first quarter of 2019 increased 35 basis points from the first quarter of 2018 due to higher market rates. Mostly offsetting these increases to tax-equivalent net interest income for the first quarter of 2019 was an increase of 73 basis points in the average cost of funds as compared to the first quarter of 2018 due to higher market interest rates. In addition, loan accretion on acquired loans was $8.5 million and $10.8 million for the first quarter of 2019 and 2018, respectively, decreasing $2.3 million or 21%. The net interest margin of 3.46% for the first quarter of 2019 was a decrease of 15 basis points from the net interest margin of 3.61% for the first quarter of 2018.

    On a linked-quarter basis, net interest income for the first quarter of 2019 decreased $2.5 million or 2% from the fourth quarter of 2018. The $2.5 million decrease in net interest income occurred because total interest income increased $1.6 million while total interest expense increased $4.1 million from the fourth quarter of 2018. United’s tax-equivalent net interest income for the first quarter of 2019 decreased $2.6 million or 2% from the fourth quarter of 2018 due mainly to an increase in the average cost of funds. The average cost of funds for the first quarter of 2019 increased 15 basis points from the fourth quarter of 2018 due mainly to higher market interest rates. Average earning assets for the first quarter of 2019 were relatively flat from the fourth quarter of 2018, increasing $131.2 million or less than 1%. In particular, average net loans and average investments increased $161.6 million or 1% and $63.5 million or 3%, respectively, while average short-term investments decreased $93.9 million or 11% for the linked-quarter. The average yield on earning assets increased 8 basis points from the fourth quarter of 2018 due to higher market interest rates. The net interest margin of 3.46% for the first quarter of 2019 decreased 4 basis points from the net interest margin of 3.50% for the fourth quarter of 2018.

    For the quarters ended March 31, 2019 and 2018, the provision for loan losses was $5.0 million and $5.2 million, respectively. Net charge-offs were $4.8 million for the first quarter of 2019 as compared to net charge-offs of $5.2 million for the first quarter of 2018. Annualized net charge-offs as a percentage of average loans were 0.14% for the first quarter of 2019 as compared to 0.22% for United’s Federal Reserve peer group (bank holding companies with total assets over $10 billion) for the year of 2018. On a linked-quarter basis, the provision for loans losses decreased $827 thousand while net charge-offs decreased $1.3 million from the fourth quarter of 2018.

    Noninterest income for the first quarter of 2019 was $31.2 million, which was relatively flat from the first quarter of 2018, increasing $31 thousand or less than 1%. The slight increase was due mainly to an increase of $573 thousand in income from bank-owned life insurance due to the recognition of $600 thousand in death benefits in the first quarter of 2019. In addition, net losses on investment securities’ transactions declined $326 thousand. Virtually offsetting these increases from the first quarter of 2018 was a decrease of $889 thousand in income from mortgage banking activities for the first quarter of 2019 due to decreased production and sales of mortgage loans in the secondary market by United’s mortgage banking subsidiary, George Mason Mortgage, LLC (George Mason). George Mason did originate approximately $119.2 million of portfolio mortgage loan products for United’s banking subsidiary, United Bank, during the first quarter of 2019.

    On a linked-quarter basis, noninterest income for the first quarter of 2019 increased $1.4 million or 5% from the fourth quarter of 2018 due mainly to an increase in income from mortgage banking activities and a decline in net losses on investment securities transactions. Income from mortgage banking activities increased $2.1 million due mainly to a change in fair value of $2.8 million on George Mason’s interest rate lock commitments due to a higher locked pipeline. During the first quarter of 2019, United recognized a net loss of $159 thousand on investment securities transactions as compared to a net loss of $1.9 million for the fourth quarter of 2018. The fourth quarter of 2018 included other-than-temporary impairment of $1.5 million on investment securities that United intended to sell at that time and eventually sold during the first quarter of 2019. In addition, income from bank-owned life insurance increased $558 thousand due to the recognition of $600 thousand in death benefits in the first quarter of 2019. Partially offsetting these increases was a decrease of $597 thousand in fees from deposit services due to a decline in overdraft fees. In addition, during the fourth quarter of 2018, United recognized a net gain of $2.8 million on the sale of bank premises.

    Noninterest expense for the first quarter of 2019 was $89.4 million, a decrease of $1.0 million or 1% from the first quarter of 2018. In particular, employee compensation decreased $1.9 million due mainly to a decrease in commissions expense related to the decrease in production and sales of mortgage loans at George Mason. In addition, net occupancy expense and data processing expense decreased $676 thousand and $688 thousand, respectively. Partially offsetting these decreases was an increase in Federal Deposit Insurance Corporation (FDIC) insurance expense of $1.5 million due to United Bank becoming a large institution and subject to increased assessment rates.

    On a linked-quarter basis, noninterest expense for the first quarter of 2019 decreased $1.6 million or 2% from the fourth quarter of 2018. The decrease was due to declines of $903 thousand in data processing expense and $1.3 million in other expense. Within other expense, consulting and legal expense declined $842 thousand and operational losses declined $457 thousand. Partially offsetting these decreases in noninterest expense was an increase in employee benefits expense of $773 thousand due to increases in Federal Insurance Contributions Act (FICA) expense and health care insurance costs.

    For the first quarter of 2019, income tax expense was $17.3 million, a decrease of $571 thousand from the first quarter of 2018 mainly due to a decrease in the effective tax rate. On a linked-quarter basis, income tax expense for the first quarter of 2019 increased $1.6 million from the fourth quarter of 2018 due to a combination of increased earnings, a higher effective tax rate and a tax benefit from New Markets tax credits in the fourth quarter of 2018. United’s effective tax rate was approximately 21.4% for the first quarter of 2019 and 22.5% and 19.8% for the first and fourth quarters of 2018, respectively.

    United’s asset quality continues to be sound. At March 31, 2019, nonperforming loans were $135.8 million, or 1.00% of loans, net of unearned income, down from nonperforming loans of $142.8 million, or 1.06% of loans, net of unearned income, at December 31, 2018. As of March 31, 2019, the allowance for loan losses was $76.9 million or 0.57% of loans, net of unearned income, as compared to $76.7 million or 0.57% of loans, net of unearned income, at December 31, 2018. Total nonperforming assets of $153.2 million, including OREO of $17.5 million at March 31, 2019, represented 0.78% of total assets as compared to nonperforming assets of $159.7 million or 0.83% at December 31, 2018.

    United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.2% at March 31, 2019 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.0%, 12.0% and 10.2%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

    As of March 31, 2019, United had consolidated assets of approximately $19.6 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region. United Bank which comprises 139 full-service banking offices and 17 George Mason Mortgage, LLC locations, is located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C. 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 March 31, 2019 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 March 31, 2019 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 21%.

    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
    March 31

    2019

        March 31

    2018

        December 31

    2018

    EARNINGS SUMMARY:
    Interest income $ 189,097 $ 167,185 $ 187,500
    Interest expense   44,929     23,142     40,795  
    Net interest income 144,168 144,043 146,705
    Provision for loan losses 4,996 5,178 5,823
    Noninterest income 31,223 31,192 29,827
    Noninterest expense   89,425     90,452     91,002  
    Income before income taxes 80,970 79,605 79,707
    Income taxes   17,328     17,899     15,757  
    Net income $ 63,642   $ 61,706   $ 63,950  
     
    PER COMMON SHARE:
    Net income:
    Basic $ 0.62 $ 0.59 $ 0.62
    Diluted 0.62 0.59 0.62
    Cash dividends 0.34 0.34 0.34
    Book value 32.19 30.92 31.78
    Closing market price $ 36.24 $ 35.25 $ 31.11
    Common shares outstanding:
    Actual at period end, net of treasury shares 102,118,029 105,141,170 102,323,488
    Weighted average- basic 101,894,786 104,859,427 102,929,563
    Weighted average- diluted 102,162,704 105,162,858 103,164,267
     
    FINANCIAL RATIOS:
    Return on average assets 1.34 % 1.35 % 1.33 %
    Return on average shareholders’ equity 7.88 % 7.65 % 7.77 %
    Average equity to average assets 17.02 % 17.65 % 17.10 %
    Net interest margin 3.46 % 3.61 % 3.50 %
     
    March 31

    2019

    March 31

    2018

    December 31

    2018

    PERIOD END BALANCES:
    Assets $ 19,645,133 $ 18,619,702 $ 19,250,498
    Earning assets 17,305,050 16,331,741 16,971,602
    Loans, net of unearned income 13,572,703 12,984,417 13,422,222
    Loans held for sale 245,763 193,915 249,846
    Investment securities 2,592,590 2,268,963 2,543,727
    Total deposits 14,159,397 13,646,168 13,994,749
    Shareholders’ equity 3,286,891 3,251,313 3,251,624
     
     
    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
    MarchMarchDecember
    201920182018
     
    Interest & Loan Fees Income (GAAP) $ 189,097 $ 167,185 $ 187,500
    Tax equivalent adjustment   993     1,104     1,060  
    Interest & Fees Income (FTE) (non-GAAP) 190,090 168,289 188,560
    Interest Expense   44,929     23,142     40,795  
    Net Interest Income (FTE) (non-GAAP) 145,161 145,147 147,765
     
    Provision for Loan Losses 4,996 5,178 5,823
     
    Non-Interest Income:
    Fees from trust services 3,264 3,091 3,385
    Fees from brokerage services 2,524 2,224 2,383
    Fees from deposit services 8,053 8,230 8,650
    Bankcard fees and merchant discounts 1,156 1,356 784
    Other charges, commissions, and fees 521 509 588
    Income from bank owned life insurance 1,827 1,254 1,269
    Mortgage banking income 13,681 14,570 11,570
    Net gain on the sale of bank premises 0 0 2,763
    Net losses on investment securities (159 ) (485 ) (1,926 )
    Other non-interest revenue   356     443     361  
    Total Non-Interest Income   31,223     31,192     29,827  
     
    Non-Interest Expense:
    Employee compensation 38,949 40,836 39,200
    Employee benefits 9,431 9,571 8,658
    Net occupancy 8,751 9,427 8,686
    Data processing 5,162 5,850 6,065
    Amortization of intangibles 1,754 2,010 2,010
    OREO expense 1,416 946 1,021
    Equipment expense 3,315 3,157 3,518
    FDIC expense 3,300 1,848 3,244
    Other expense   17,347     16,807     18,600  
    Total Non-Interest Expense   89,425     90,452     91,002  
     
    Income Before Income Taxes (FTE) (non-GAAP) 81,963 80,709 80,767
     
    Tax equivalent adjustment   993     1,104     1,060  
     
    Income Before Income Taxes (GAAP) 80,970 79,605 79,707
     
    Taxes   17,328     17,899     15,757  
     
    Net Income $ 63,642   $ 61,706   $ 63,950  
     
    MEMO: Effective Tax Rate 21.40 % 22.48 % 19.77 %
     
     

    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol: UBSI

    (In Thousands Except for Per Share Data)

                   
    Consolidated Balance Sheets
    March 31March 31
    20192018March 31December 31
    Q-T-D AverageQ-T-D Average20192018
     
    Cash & Cash Equivalents $ 925,631 $ 1,163,657 $ 1,172,657 $ 1,020,396
     
    Securities Available for Sale 2,346,390 1,995,919 2,384,055 2,337,039
    Securities Held to Maturity 8,638 20,421 8,491 19,999
    Equity Securities 9,839 8,862 9,921 9,734
    Other Investment Securities   183,993     154,137     190,123     176,955  
    Total Securities   2,548,860     2,179,339     2,592,590     2,543,727  
    Total Cash and Securities   3,474,491     3,342,996     3,765,247     3,564,123  
     
    Loans Held for Sale 220,456 177,351 245,763 249,846
     
    Commercial Loans 9,465,494 9,757,064 9,510,490 9,447,420
    Mortgage Loans 3,006,729 2,471,903 3,039,110 2,979,787
    Consumer Loans   1,026,127     782,828     1,028,618     1,002,325  
     
    Gross Loans 13,498,350 13,011,795 13,578,218 13,429,532
     
    Unearned Income   (6,528 )   (15,490 )   (5,515 )   (7,310 )
     
    Loans, Net of Unearned Income 13,491,822 12,996,305 13,572,703 13,422,222
     
    Allowance for Loan Losses (76,762 ) (76,575 ) (76,886 ) (76,703 )
     
    Goodwill 1,478,014 1,478,385 1,478,014 1,478,014
    Other Intangibles   36,154     44,022     35,193     36,947  
    Total Intangibles 1,514,168 1,522,407 1,513,207 1,514,961
     
    Operating Lease Right-of-Use Asset 64,851 --- 63,119 ---
    Real Estate Owned 17,617 24,581 17,465 16,865
    Other Assets   542,977     556,732     544,515     559,184  
    Total Assets $ 19,249,620   $ 18,543,797   $ 19,645,133   $ 19,250,498  
     
    MEMO: Earning Assets $ 16,923,306   $ 16,256,086   $ 17,305,050   $ 16,971,602  
     
    Interest-bearing Deposits $ 9,694,708 $ 9,353,479 $ 9,788,820 $ 9,577,934
    Noninterest-bearing Deposits   4,221,040     4,174,169     4,370,577     4,416,815  
    Total Deposits 13,915,748 13,527,648 14,159,397 13,994,749
     
    Short-term Borrowings 173,597 286,350 127,821 351,327
    Long-term Borrowings   1,697,423     1,352,280     1,838,835     1,499,103  
    Total Borrowings 1,871,020 1,638,630 1,966,656 1,850,430
     
    Operating Lease Liability 68,500 --- 66,871 ---
    Other Liabilities   117,530     104,486     165,318     153,695  
    Total Liabilities   15,972,798     15,270,764     16,358,242     15,998,874  
     
    Preferred Equity --- --- --- ---
    Common Equity   3,276,822     3,273,033     3,286,891     3,251,624  

    Total Shareholders’ Equity

      3,276,822     3,273,033     3,286,891     3,251,624  
     
    Total Liabilities & Equity $ 19,249,620   $ 18,543,797   $ 19,645,133   $ 19,250,498  
     
    MEMO: Interest-bearing Liabilities $ 11,565,728   $ 10,992,109   $ 11,755,476   $ 11,428,364  
     
     
    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol: UBSI

    (In Thousands Except for Per Share Data)

               
    Three Months Ended
    MarchMarchDecember
    Quarterly Share Data:201920182018
     
    Earnings Per Share:
    Basic $ 0.62 $ 0.59 $ 0.62
    Diluted $ 0.62 $ 0.59 $ 0.62
     
    Common Dividend Declared Per Share $ 0.34 $ 0.34 $ 0.34
     
    High Common Stock Price $ 39.14 $ 38.55 $ 36.84
    Low Common Stock Price $ 30.67 $ 33.60 $ 29.13
     
    Average Shares Outstanding (Net of Treasury Stock):
    Basic 101,894,786 104,859,427 102,929,563
    Diluted 102,162,704 105,162,858 103,164,267
     
    Memorandum Items:
     
    Common Dividends $ 34,759 $ 35,748 $ 34,975
     
    Dividend Payout Ratio 54.62 % 57.93 % 54.69 %
     
    MarchMarchDecember
    EOP Share Data:201920182018
     
    Book Value Per Share $ 32.19 $ 30.92 $ 31.78
    Tangible Book Value Per Share (1) $ 17.37 $ 16.45 $ 16.97
     
    52-week High Common Stock Price $ 39.95 $ 42.60 $ 39.95
    Date 08/21/1804/03/1708/21/18
    52-week Low Common Stock Price $ 29.13 $ 31.70 $ 29.13
    Date 12/27/1809/07/1712/27/18
     
    EOP Shares Outstanding (Net of Treasury Stock): 102,118,029 105,141,170 102,323,488
     
    Memorandum Items:
     
    EOP Employees (full-time equivalent) 2,216 2,341 2,230
     

    Note:

    (1) Tangible Book Value Per Share:
    Total Shareholders' Equity (GAAP) $ 3,286,891 $ 3,251,313 $ 3,251,624
    Less: Total Intangibles   (1,513,207 )   (1,521,556 )   (1,514,961 )
    Tangible Equity (non-GAAP) $ 1,773,684 $ 1,729,757 $ 1,736,663
    ÷ EOP Shares Outstanding (Net of Treasury Stock) 102,118,029 105,141,170 102,323,488
    Tangible Book Value Per Share (non-GAAP) $ 17.37 $ 16.45 $ 16.97
     
     
    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol: UBSI

    (In Thousands Except for Per Share Data)

               
    Three Months Ended
    MarchMarchDecember
    201920182018
    Selected Yields and Net Interest Margin:
    Net Loans 4.91% 4.63% 4.86%
    Investment Securities 2.93% 2.52% 2.92%
    Money Market Investments/FFS 3.20% 2.04% 2.57%
    Average Earning Assets Yield 4.54% 4.19% 4.46%
    Interest-bearing Deposits 1.37% 0.68% 1.25%
    Short-term Borrowings 1.61% 0.60% 1.52%
    Long-term Borrowings 2.77% 2.12% 2.58%
    Average Liability Costs 1.58% 0.85% 1.43%
    Net Interest Spread 2.96% 3.34% 3.03%
    Net Interest Margin 3.46% 3.61% 3.50%
     
    Selected Financial Ratios:
     
    Return on Average Common Equity 7.88% 7.65% 7.77%
    Return on Average Assets 1.34% 1.35% 1.33%
    Loan / Deposit Ratio 95.86% 95.15% 95.91%
    Allowance for Loan Losses/ Loans, net of unearned income 0.57% 0.59% 0.57%
    Allowance for Credit Losses (1)/ Loans, net of unearned income 0.58% 0.60% 0.58%
    Nonaccrual Loans / Loans, net of unearned income 0.47% 0.77% 0.51%
    90-Day Past Due Loans/ Loans, net of unearned income 0.11% 0.07% 0.11%
    Non-performing Loans/ Loans, net of unearned income 1.00% 1.21% 1.06%
    Non-performing Assets/ Total Assets 0.78% 0.97% 0.83%
    Primary Capital Ratio 17.06% 17.80% 17.23%
    Shareholders' Equity Ratio 16.73% 17.46% 16.89%
    Price / Book Ratio 1.13 x 1.14 x 0.98 x
    Price / Earnings Ratio 14.54 x 15.02 x 12.71 x
    Efficiency Ratio 50.99% 51.62% 51.55%
     

    Notes:

     
    (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
    March     March     December
    201920182018
    Mortgage Banking Data – George Mason:
    Applications $ 866,000 $ 1,149,000 $ 714,000
    Loans originated 454,588 573,732 530,088
    Loans sold $ 457,192 $ 616,951 $ 514,294
    Purchase money % of loans closed 86 % 75 % 86 %
    Realized gain on sales and fees as a % of loans sold 3.07 % 2.62 % 2.82 %
    Net interest income $ 55 $ 376 $ 287
    Other income 16,106 14,883 13,726
    Other expense 14,842 18,384 15,066
    Income taxes 282 (703 ) (121 )
    Net income $ 1,037 $ (2,422 ) $ (932 )
     
        March     March     December
    Period End Mortgage Banking Data – George Mason:201920182018
    Locked pipeline $ 223,657 $ 206,883 $ 122,677
     
    MarchMarchDecember
    Asset Quality Data:201920182018
    EOP Non-Accrual Loans $ 63,402 $ 100,172 $ 68,544
    EOP 90-Day Past Due Loans 15,572 9,165 14,851
    EOP Restructured Loans (1) (2)   56,778     48,271     59,425  
    Total EOP Non-performing Loans $ 135,752 $ 157,608 $ 142,820
     
    EOP Other Real Estate & Assets Owned   17,465     22,778     16,865  
    Total EOP Non-performing Assets $ 153,217   $ 180,386   $ 159,685  
     
    Three Months Ended
    MarchMarchDecember
    Allowance for Loan Losses:201920182018
    Beginning Balance $ 76,703 $ 76,627 $ 76,941
    Provision for Loan Losses   4,996     5,178     5,823  
    81,699 81,805 82,764
    Gross Charge-offs (6,414 ) (5,858 ) (7,992 )
    Recoveries   1,601     706     1,931  
    Net Charge-offs   (4,813 )   (5,152 )   (6,061 )
    Ending Balance $ 76,886 $ 76,653 $ 76,703
    Reserve for lending-related commitments   1,461     755     1,389  
    Allowance for Credit Losses (3) $ 78,347   $ 77,408   $ 78,092  

    Notes:

     

    (1)

     

    Restructured loans with an aggregate balance of $47,459, $33,592 and $48,899 at March 31, 2019, March 31, 2018 and December 31, 2018, respectively, were on nonaccrual status, but are not included in “EOP Non-Accrual Loans.”

    (2)

    Restructured loans with an aggregate balance of $265 and $690 at March 31, 2019 and December 31, 2018, respectively, were 90 days or more past due, but are not included in “EOP 90-Day Past Due Loans.”

    (3)

    Includes allowances for loan losses and lending-related commitments.

    W. Mark Tatterson
    Chief Financial Officer
    (800) 445-1347, ext. 8716

    Source: United Bankshares, Inc.