• United Bankshares, Inc.
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  • United Bankshares, Inc. Announces Record Earnings for the Second Quarter and First Half of 2019
    Company Release - 07/25/2019 07:50

    WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI), today reported record earnings for the second quarter and the first half of 2019. Earnings for the second quarter of 2019 were a record $67.2 million as compared to earnings of $66.3 million for the second quarter of 2018. Diluted earnings per share were $0.66 for the second quarter of 2019 as compared to diluted earnings per share of $0.63 for the second quarter of 2018. Earnings for the first half of 2019 were a record $130.8 million as compared to earnings of $128.0 million for the first half of 2018. Diluted earnings per share were $1.28 for the first half of 2019 as compared to diluted earnings per share of $1.22 for the first half of 2018.

    Second quarter of 2019 results produced an annualized return on average assets of 1.38%, an annualized return on average equity of 8.12% and an annualized return on average tangible equity of 14.90%, respectively. For the first half of 2019, United’s annualized return on average assets was 1.36% while the annualized return on average equity was 8.00% and the annualized return on average tangible equity was 14.78%. United’s annualized returns on average assets, average equity and average tangible equity were 1.42%, 8.11% and 15.14%, respectively, for the second quarter of 2018 while the annualized returns on average assets, average equity and average tangible equity were 1.39%, 7.88% and 14.72%, respectively, for the first half of 2018.

    “We are pleased to report a continuation of strong financial performance as we announce record earnings for the second quarter and first half of 2019,” stated Richard M. Adams, United’s Chairman and Chief Executive Officer.

    Net interest income for the second quarter of 2019 was $150.6 million, which was relatively flat from the second quarter of 2018, increasing $1.4 million or less than 1%. The $1.4 million increase in net interest income occurred because total interest income increased $21.2 million while total interest expense increased $19.8 million from the second quarter of 2018. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the second quarter of 2019 was $151.5 million, which was relatively flat from the second quarter of 2018, increasing $1.3 million 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 second quarter of 2019 increased $785.8 million or 5% from the second quarter of 2018 due mainly to increases of $341.4 million or 3% in average net loans, $323.0 million or 14% in average investment securities and $121.3 million or 19% in average short-term investments. In addition, the average yield on earning assets for the second quarter of 2019 increased 30 basis points from the second quarter of 2018 due to higher market rates and an increase of $2.4 million in loan accretion on acquired loans. Loan accretion on acquired loans was $14.5 million and $12.1 million for the second quarter of 2019 and 2018, respectively. Mostly offsetting these increases to tax-equivalent net interest income for the second quarter of 2019 was an increase of 61 basis points in the average cost of funds as compared to the second quarter of 2018 due to higher market interest rates. The net interest margin of 3.53% for the second quarter of 2019 was a decrease of 14 basis points from the net interest margin of 3.67% for the second quarter of 2018.

    Net interest income for the first half of 2019 was $294.7 million, which was relatively flat from the first half of 2018, increasing $1.6 million or less than 1%. The $1.6 million increase in net interest income occurred because total interest income increased $43.2 million while total interest expense increased $41.6 million from the first half of 2018. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the first half of 2019 was $296.7 million, which was relatively flat from the first half of 2018, increasing $1.3 million 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 half of 2019 increased $726.8 million or 4% from the first half of 2018 due mainly to increases of $439.4 million or 3% in average net loans and $346.1 million or 15% in average investment securities. Average short-term investments decreased $58.7 million or 7%. In addition, the average yield on earning assets for the first half of 2019 increased 32 basis points from the first half of 2018 due to higher market rates. Mostly offsetting these increases to tax-equivalent net interest income for the first half of 2019 was an increase of 67 basis points in the average cost of funds as compared to the first half of 2018 due to higher market interest rates. Loan accretion on acquired loans was $23.0 million and $22.8 million for the first half of 2019 and 2018, respectively, increasing $173 thousand or less than 1%. The net interest margin of 3.50% for the first half of 2019 was a decrease of 14 basis points from the net interest margin of 3.64% for the first half of 2018.

    On a linked-quarter basis, net interest income for the second quarter of 2019 increased $6.4 million or 4% from the first quarter of 2019. The $6.4 million increase in net interest income occurred because total interest income increased $10.1 million while total interest expense only increased $3.7 million from the first quarter of 2019. United’s tax-equivalent net interest income for the second quarter of 2019 increased $6.4 million or 4% from the first quarter of 2019 as well due to an increase in the yield on average earning assets. The average yield on earning assets for the second quarter of 2019 increased 13 basis points from the first quarter of 2019 due to an increase of $6.0 million in loan accretion on acquired loans. Loan accretion on acquired loans was $14.5 million and $8.5 million for the second quarter and first quarter of 2019, respectively. In addition, average earning assets for the second quarter of 2019 increased $274.7 million or 2% as compared to the first quarter of 2019 as average net loans increased $176.5 million or 1%, average investment securities increased $66.5 million or 3% and average short-term investments increased $31.7 million or 4% for the linked quarter. Partially offsetting the increases to tax-equivalent net interest income for the second quarter of 2019 was an increase of 8 basis points in the average cost of funds as compared to the first quarter of 2019 due to higher market interest rates. The net interest margin of 3.53% for the second quarter of 2019 increased 7 basis points from the net interest margin of 3.46% for the first quarter of 2019.

    For the quarters ended June 30, 2019 and 2018, the provision for loan losses was $5.4 million and $6.2 million, respectively, while the provision for the first six months of 2019 was $10.4 million as compared to $11.4 million for the first six months of 2018. Net charge-offs were $5.9 million and $5.7 million for the second quarter of 2019 and 2018, respectively. Net charge-offs were $10.7 million and $10.9 million for the first half of 2019 and 2018, respectively. Annualized net charge-offs as a percentage of average loans was 0.17% and 0.16% for the second quarter and first half of 2019, respectively. On a linked-quarter basis, the provision for loan losses increased $421 thousand while net charge-offs increased $1.1 million from the first quarter of 2019.

    Noninterest income for the second quarter of 2019 was $39.8 million, which was an increase of $3.8 million or 11% from the second quarter of 2018. The increase was due mainly to an increase of $3.0 million in income from mortgage banking activities due to increased production and sales of mortgage loans in the secondary market by United’s mortgage banking subsidiary, George Mason Mortgage, LLC (George Mason). In addition, fees from brokerage services increased $813 thousand due to increased volume.

    Noninterest income for the first half of 2019 was $71.0 million, which was an increase of $3.8 million or 6% from the first half of 2018. The increase was due mainly to an increase of $2.1 million in income from mortgage banking activities due mainly to a change in fair value of $4.3 million on George Mason’s interest rate lock commitments due to a higher locked pipeline. In addition, fees from brokerage services increased $1.1 million due to increased volume and income from bank-owned life insurance increased $628 thousand due to the recognition of $600 thousand in death benefits for the first half of 2019.

    On a linked-quarter basis, noninterest income for the second quarter of 2019 increased $8.6 million or 27% from the first quarter of 2019 due mainly to an increase of $8.0 million in income from mortgage banking activities. The increase was due mainly to increased production and sales of mortgage loans in the secondary market by George Mason.

    Noninterest expense for the second quarter of 2019 was $100.2 million, an increase of $6.8 million or 7% from the second quarter of 2018 due mainly to penalties of $5.1 million to prepay long-term Federal Home Loan Bank (FHLB) advances. In addition, employee compensation increased $1.2 million due mainly to an increase in employee incentives while other expense also increased $1.2 million due to an increase of $858 thousand on the write-off of income tax credits. Partially offsetting these increases was a decrease of $720 thousand in employee benefits due to a decline in pension expense.

    Noninterest expense for the first half of 2019 was $189.6 million, an increase of $5.8 million or 3% from the first half of 2018 due mainly to the previously mentioned prepayment penalties on FHLB advances of $5.1 million. In addition, Federal Deposit Insurance Corporation (FDIC) insurance expense increased $1.9 million due to United Bank becoming a large institution and subject to increased assessment rates and other expense increased $1.7 million due to an increase of $1.4 million on the write-off of income tax credits. Partially offsetting these increases were decreases of $1.1 million in net occupancy expense due mainly to a decline in building rental expense, $938 thousand in data processing fees due to lower fees under a new contract, and $860 thousand in employee benefits due mainly to a decline in pension expense.

    On a linked-quarter basis, noninterest expense for the second quarter of 2019 increased $10.8 million or 12% from the first quarter of 2019 due in large part to the previously mentioned prepayment penalties on FHLB advances of $5.1 million. In addition, employee compensation increased $5.4 million as a result of higher commissions expense related to an increase in production and sales of mortgage loans at George Mason and other expense increased $1.3 million due primarily to increased consulting and legal expenses. Partially offsetting these increases were decreases of $853 thousand in employee benefits due mainly to a decline in pension expense and $783 thousand in other real estate owned (OREO) expense due to fewer declines in the values of OREO properties.

    For the second quarter and first half of 2019, income tax expense was $17.5 million and $34.9 million, respectively, as compared to $19.2 million and $37.1 million, respectively, in second quarter and first half of 2018. The decreases in 2019 were mainly due to a decline in the effective tax rate due in large part to the increased benefit from income tax credits. On a linked-quarter basis, income tax expense for the second quarter of 2019 increased $201 thousand from the first quarter of 2019 mainly due to higher earnings. United’s effective tax rate was 20.7% for the second quarter of 2019, 22.5% for the second quarter of 2018 and 21.4% for the first quarter of 2019. For the first half of 2019 and 2018, United's effective tax rate was 21.0% and 22.5%, respectively.

    United’s asset quality continues to be sound. At June 30, 2019, nonperforming loans were $142.6 million, or 1.05% of loans, net of unearned income, relatively flat from nonperforming loans of $142.8 million, or 1.06% of loans, net of unearned income, at December 31, 2018. As of June 30, 2019, the allowance for loan losses was $76.4 million or 0.56% 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 $157.1 million, including OREO of $14.5 million at June 30, 2019, represented 0.79% 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 14.3% at June 30, 2019 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.2%, 12.2% 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 June 30, 2019, United had consolidated assets of approximately $19.9 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 June 30, 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 June 30, 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, return on 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 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 common 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

    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

     

    Six Months Ended

     

    June 30

    2019

    June 30

    2018

     

    June 30

    2019

    June 30

    2018

    EARNINGS SUMMARY:

     

     

     

     

     

    Interest income

    $

    199,245

     

    $

    178,000

     

     

    $

    388,342

     

    $

    345,185

     

    Interest expense

     

    48,692

     

     

    28,878

     

     

     

    93,621

     

     

    52,020

     

    Net interest income

     

    150,553

     

     

    149,122

     

     

     

    294,721

     

     

    293,165

     

    Provision for loan losses

     

    5,417

     

     

    6,204

     

     

     

    10,413

     

     

    11,382

     

    Noninterest income

     

    39,795

     

     

    36,007

     

     

     

    71,018

     

     

    67,199

     

    Noninterest expenses

     

    100,195

     

     

    93,410

     

     

     

    189,620

     

     

    183,862

     

    Income before income taxes

     

    84,736

     

     

    85,515

     

     

     

    165,706

     

     

    165,120

     

    Income taxes

     

    17,529

     

     

    19,241

     

     

     

    34,857

     

     

    37,140

     

    Net income

    $

    67,207

     

    $

    66,274

     

     

    $

    130,849

     

    $

    127,980

     

     

     

     

     

     

     

    PER COMMON SHARE:

     

     

     

     

     

    Net income:

     

     

     

     

     

    Basic

    $

    0.66

     

    $

    0.63

     

     

    $

    1.28

     

    $

    1.22

     

    Diluted

     

    0.66

     

     

    0.63

     

     

     

    1.28

     

     

    1.22

     

    Cash dividends

    $

    0.34

     

    $

    0.34

     

     

     

    0.68

     

     

    0.68

     

    Book value

     

     

     

     

    32.70

     

     

    31.12

     

    Closing market price

     

     

     

    $

    37.09

     

    $

    36.40

     

    Common shares outstanding:

     

     

     

     

     

    Actual at period end, net of treasury shares

     

     

     

     

    101,963,030

     

     

    104,203,542

     

    Weighted average- basic

     

    101,773,643

     

     

    104,682,910

     

     

     

    101,833,880

     

     

    104,770,681

     

    Weighted average- diluted

     

    102,047,845

     

     

    104,952,788

     

     

     

    102,099,809

     

     

    105,058,014

     

     

     

     

     

     

     

    FINANCIAL RATIOS:

     

     

     

     

     

    Return on average assets

     

    1.38

    %

     

    1.42

    %

     

     

    1.36

    %

     

    1.39

    %

    Return on average shareholders’ equity

     

    8.12

    %

     

    8.11

    %

     

     

    8.00

    %

     

    7.88

    %

    Return on average tangible equity (non-GAAP) (1)

     

    14.90

    %

     

    15.14

    %

     

     

    14.78

    %

     

    14.72

    %

    Average equity to average assets

     

    17.02

    %

     

    17.51

    %

     

     

    17.02

    %

     

    17.58

    %

    Net interest margin

     

    3.53

    %

     

    3.67

    %

     

     

    3.50

    %

     

    3.64

    %

     

     

     

     

     

     

     

    June 30

    2019

    June 30

    2018

     

    December 31

    2018

    March 31

    2019

    PERIOD END BALANCES:

     

     

     

     

     

    Assets

    $

    19,882,539

     

    $

    19,207,603

     

     

    $

    19,250,498

     

    $

    19,645,133

     

    Earning assets

     

    17,548,123

     

     

    16,852,952

     

     

     

    16,971,602

     

     

    17,305,050

     

    Loans, net of unearned income

     

    13,635,266

     

     

    13,516,629

     

     

     

    13,422,222

     

     

    13,572,703

     

    Loans held for sale

     

    370,593

     

     

    285,194

     

     

     

    249,846

     

     

    245,763

     

    Investment securities

     

    2,563,262

     

     

    2,266,303

     

     

     

    2,543,727

     

     

    2,592,590

     

    Total deposits

     

    14,404,085

     

     

    13,830,766

     

     

     

    13,994,749

     

     

    14,159,397

     

    Shareholders’ equity

     

    3,333,858

     

     

    3,242,565

     

     

     

    3,251,624

     

     

    3,286,891

     

    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

     

    Six Months Ended

     

    June

     

    June

     

    March

     

    June

     

    June

     

     

    2019

     

     

     

    2018

     

     

     

    2019

     

     

     

    2019

     

     

     

    2018

     

    Interest & Loan Fees Income (GAAP)

    $

    199,245

     

     

    $

    178,000

     

     

    $

    189,097

     

     

    $

    388,342

     

     

    $

    345,185

     

    Tax equivalent adjustment

     

    977

     

     

     

    1,115

     

     

     

    993

     

     

     

    1,970

     

     

     

    2,219

     

    Interest & Fees Income (FTE) (non-GAAP)

     

    200,222

     

     

     

    179,115

     

     

     

    190,090

     

     

     

    390,312

     

     

     

    347,404

     

    Interest Expense

     

    48,692

     

     

     

    28,878

     

     

     

    44,929

     

     

     

    93,621

     

     

     

    52,020

     

    Net Interest Income (FTE) (non-GAAP)

     

    151,530

     

     

     

    150,237

     

     

     

    145,161

     

     

     

    296,691

     

     

     

    295,384

     

     

     

     

     

     

     

     

     

     

     

    Provision for Loan Losses

     

    5,417

     

     

     

    6,204

     

     

     

    4,996

     

     

     

    10,413

     

     

     

    11,382

     

     

     

     

     

     

     

     

     

     

     

    Non-Interest Income:

     

     

     

     

     

     

     

     

     

    Fees from trust services

     

    3,438

     

     

     

    3,104

     

     

     

    3,264

     

     

     

    6,702

     

     

     

    6,195

     

    Fees from brokerage services

     

    2,766

     

     

     

    1,953

     

     

     

    2,524

     

     

     

    5,290

     

     

     

    4,177

     

    Fees from deposit services

     

    8,464

     

     

     

    8,420

     

     

     

    8,053

     

     

     

    16,517

     

     

     

    16,650

     

    Bankcard fees and merchant discounts

     

    1,102

     

     

     

    1,479

     

     

     

    1,156

     

     

     

    2,258

     

     

     

    2,835

     

    Other charges, commissions, and fees

     

    576

     

     

     

    599

     

     

     

    521

     

     

     

    1,097

     

     

     

    1,108

     

    Income from bank-owned life insurance

     

    1,326

     

     

     

    1,271

     

     

     

    1,827

     

     

     

    3,153

     

     

     

    2,525

     

    Income from mortgage banking activities

     

    21,704

     

     

     

    18,692

     

     

     

    13,681

     

     

     

    35,385

     

     

     

    33,262

     

    Net gains (losses) on investment securities

     

    109

     

     

     

    (55

    )

     

     

    (159

    )

     

     

    (50

    )

     

     

    (540

    )

    Other non-interest revenue

     

    310

     

     

     

    544

     

     

     

    356

     

     

     

    666

     

     

     

    987

     

    Total Non-Interest Income

     

    39,795

     

     

     

    36,007

     

     

     

    31,223

     

     

     

    71,018

     

     

     

    67,199

     

     

     

     

     

     

     

     

     

     

     

    Non-Interest Expense:

     

     

     

     

     

     

     

     

     

    Employee compensation

     

    44,301

     

     

     

    43,120

     

     

     

    38,949

     

     

     

    83,250

     

     

     

    83,956

     

    Employee benefits

     

    8,578

     

     

     

    9,298

     

     

     

    9,431

     

     

     

    18,009

     

     

     

    18,869

     

    Net occupancy

     

    8,667

     

     

     

    9,076

     

     

     

    8,751

     

     

     

    17,418

     

     

     

    18,503

     

    Data processing

     

    5,567

     

     

     

    5,817

     

     

     

    5,162

     

     

     

    10,729

     

     

     

    11,667

     

    Amortization of intangibles

     

    1,754

     

     

     

    2,010

     

     

     

    1,754

     

     

     

    3,508

     

     

     

    4,020

     

    OREO expense

     

    633

     

     

     

    556

     

     

     

    1,416

     

     

     

    2,049

     

     

     

    1,502

     

    Equipment expense

     

    3,675

     

     

     

    3,279

     

     

     

    3,315

     

     

     

    6,990

     

     

     

    6,436

     

    FDIC insurance expense

     

    3,300

     

     

     

    2,842

     

     

     

    3,300

     

     

     

    6,600

     

     

     

    4,690

     

    Prepayment penalties on FHLB borrowings

     

    5,105

     

     

     

    0

     

     

     

    0

     

     

     

    5,105

     

     

     

    0

     

    Other expenses

     

    18,615

     

     

     

    17,412

     

     

     

    17,347

     

     

     

    35,962

     

     

     

    34,219

     

    Total Non-Interest Expense

     

    100,195

     

     

     

    93,410

     

     

     

    89,425

     

     

     

    189,620

     

     

     

    183,862

     

     

     

     

     

     

     

     

     

     

     

    Income Before Income Taxes (FTE) (non-GAAP)

     

    85,713

     

     

     

    86,630

     

     

     

    81,963

     

     

     

    167,676

     

     

     

    167,339

     

     

     

     

     

     

     

     

     

     

     

    Tax equivalent adjustment

     

    977

     

     

     

    1,115

     

     

     

    993

     

     

     

    1,970

     

     

     

    2,219

     

     

     

     

     

     

     

     

     

     

     

    Income Before Income Taxes (GAAP)

     

    84,736

     

     

     

    85,515

     

     

     

    80,970

     

     

     

    165,706

     

     

     

    165,120

     

     

     

     

     

     

     

     

     

     

     

    Taxes

     

    17,529

     

     

     

    19,241

     

     

     

    17,328

     

     

     

    34,857

     

     

     

    37,140

     

     

     

     

     

     

     

     

     

     

     

    Net Income

    $

    67,207

     

     

    $

    66,274

     

     

    $

    63,642

     

     

    $

    130,849

     

     

    $

    127,980

     

     

     

     

     

     

     

     

     

     

     

    MEMO: Effective Tax Rate

     

    20.69

    %

     

     

    22.50

    %

     

     

    21.40

    %

     

     

    21.04

    %

     

     

    22.49

    %

     
     
     

    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol: UBSI

    (In Thousands Except for Per Share Data)

     

     

     

     

     

     

     

     

     

     

     

     

    Consolidated Balance Sheets

     

     

     

     

     

     

     

     

     

     

     

    June 30

     

    June 30

     

     

     

     

     

     

     

     

     

    2019

     

     

     

    2018

     

     

    June 30

     

    December 31

     

    June 30

     

     

    Q-T-D Average

     

    Q-T-D Average

     

     

    2019

     

     

     

    2018

     

     

     

    2018

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash & Cash Equivalents

    $

    955,838

     

     

    $

    837,329

     

     

    $

    1,253,573

     

     

    $

    1,020,396

     

     

    $

    1,092,926

     

     

     

     

     

     

     

     

     

     

     

     

     

    Securities Available for Sale

     

    2,396,501

     

     

     

    2,092,862

     

     

     

    2,345,791

     

     

     

    2,337,039

     

     

     

    2,060,927

     

     

    Held to Maturity Securities

     

    7,315

     

     

     

    20,395

     

     

     

    6,461

     

     

     

    19,999

     

     

     

    20,378

     

     

    Equity Securities

     

    13,082

     

     

     

    10,314

     

     

     

    9,098

     

     

     

    9,734

     

     

     

    9,664

     

     

    Other Investment Securities

     

    198,432

     

     

     

    168,778

     

     

     

    201,912

     

     

     

    176,955

     

     

     

    175,334

     

     

    Total Securities

     

    2,615,330

     

     

     

    2,292,349

     

     

     

    2,563,262

     

     

     

    2,543,727

     

     

     

    2,266,303

     

     

    Total Cash and Securities

     

    3,571,168

     

     

     

    3,129,678

     

     

     

    3,816,835

     

     

     

    3,564,123

     

     

     

    3,359,229

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loans held for sale

     

    285,366

     

     

     

    209,836

     

     

     

    370,593

     

     

     

    249,846

     

     

     

    285,194

     

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial Loans

     

    9,504,143

     

     

     

    9,847,720

     

     

     

    9,525,321

     

     

     

    9,447,420

     

     

     

    9,875,623

     

     

    Mortgage Loans

     

    3,038,958

     

     

     

    2,655,389

     

     

     

    3,050,786

     

     

     

    2,979,787

     

     

     

    2,782,735

     

     

    Consumer Loans

     

    1,065,490

     

     

     

    847,949

     

     

     

    1,063,839

     

     

     

    1,002,325

     

     

     

    870,650

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Loans

     

    13,608,591

     

     

     

    13,351,058

     

     

     

    13,639,946

     

     

     

    13,429,532

     

     

     

    13,529,008

     

     

     

     

     

     

     

     

     

     

     

     

     

    Unearned income

     

    (5,241

    )

     

     

    (13,523

    )

     

     

    (4,680

    )

     

     

    (7,310

    )

     

     

    (12,379

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Loans, net of unearned income

     

    13,603,350

     

     

     

    13,337,535

     

     

     

    13,635,266

     

     

     

    13,422,222

     

     

     

    13,516,629

     

     

     

     

     

     

     

     

     

     

     

     

     

    Allowance for Loan Losses

     

    (76,682

    )

     

     

    (76,773

    )

     

     

    (76,400

    )

     

     

    (76,703

    )

     

     

    (77,135

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Goodwill

     

    1,478,014

     

     

     

    1,478,195

     

     

     

    1,478,014

     

     

     

    1,478,014

     

     

     

    1,478,014

     

     

    Other Intangibles

     

    34,386

     

     

     

    42,058

     

     

     

    33,439

     

     

     

    36,947

     

     

     

    40,966

     

     

    Total Intangibles

     

    1,512,400

     

     

     

    1,520,253

     

     

     

    1,511,453

     

     

     

    1,514,961

     

     

     

    1,518,980

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Lease Right-of-Use Asset

     

    63,503

     

     

     

    0

     

     

     

    63,113

     

     

     

    0

     

     

     

    0

     

     

    Other Real Estate Owned

     

    16,264

     

     

     

    22,263

     

     

     

    14,469

     

     

     

    16,865

     

     

     

    21,926

     

     

    Other Assets

     

    540,485

     

     

     

    569,592

     

     

     

    547,210

     

     

     

    559,184

     

     

     

    582,780

     

     

    Total Assets

    $

    19,515,854

     

     

    $

    18,712,384

     

     

    $

    19,882,539

     

     

    $

    19,250,498

     

     

    $

    19,207,603

     

     

     

     

     

     

     

     

     

     

     

     

     

    MEMO: Interest-earning Assets

    $

    17,197,989

     

     

    $

    16,412,229

     

     

    $

    17,548,123

     

     

    $

    16,971,602

     

     

    $

    16,852,952

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing Deposits

    $

    9,753,724

     

     

    $

    9,210,282

     

     

    $

    10,073,420

     

     

    $

    9,577,934

     

     

    $

    9,498,926

     

     

    Noninterest-bearing Deposits

     

    4,240,050

     

     

     

    4,255,840

     

     

     

    4,330,665

     

     

     

    4,416,815

     

     

     

    4,331,840

     

     

    Total Deposits

     

    13,993,774

     

     

     

    13,466,122

     

     

     

    14,404,085

     

     

     

    13,994,749

     

     

     

    13,830,766

     

     

     

     

     

     

     

     

     

     

     

     

     

    Short-term Borrowings

     

    136,230

     

     

     

    208,058

     

     

     

    122,159

     

     

     

    351,327

     

     

     

    199,507

     

     

    Long-term Borrowings

     

    1,879,154

     

     

     

    1,659,613

     

     

     

    1,783,567

     

     

     

    1,499,103

     

     

     

    1,794,641

     

     

    Total Borrowings

     

    2,015,384

     

     

     

    1,867,671

     

     

     

    1,905,726

     

     

     

    1,850,430

     

     

     

    1,994,148

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Lease Liability

     

    67,240

     

     

     

    0

     

     

     

    66,821

     

     

     

    0

     

     

     

    0

     

     

    Other Liabilities

     

    118,469

     

     

     

    102,492

     

     

     

    172,049

     

     

     

    153,695

     

     

     

    140,124

     

     

    Total Liabilities

     

    16,194,867

     

     

     

    15,436,285

     

     

     

    16,548,681

     

     

     

    15,998,874

     

     

     

    15,965,038

     

     

     

     

     

     

     

     

     

     

     

     

     

    Preferred Equity

     

    0

     

     

     

    0

     

     

     

    0

     

     

     

    0

     

     

     

    0

     

     

    Common Equity

     

    3,320,987

     

     

     

    3,276,099

     

     

     

    3,333,858

     

     

     

    3,251,624

     

     

     

    3,242,565

     

     

    Total Shareholders' Equity

     

    3,320,987

     

     

     

    3,276,099

     

     

     

    3,333,858

     

     

     

    3,251,624

     

     

     

    3,242,565

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Liabilities & Equity

    $

    19,515,854

     

     

    $

    18,712,384

     

     

    $

    19,882,539

     

     

    $

    19,250,498

     

     

    $

    19,207,603

     

     

     

     

     

     

     

     

     

     

     

     

     

    MEMO: Interest-bearing Liabilities

    $

    11,769,108

     

     

    $

    11,077,953

     

     

    $

    11,979,146

     

     

    $

    11,428,364

     

     

    $

    11,493,074

     

     

     

     
     
     

    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol: UBSI

    (In Thousands Except for Per Share Data)

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

    June

     

    June

     

    March

     

    June

     

    June

    Quarterly/Year-to-Date Share Data:

     

    2019

     

     

     

    2018

     

     

     

    2019

     

     

     

    2019

     

     

     

    2018

     

     

     

     

     

     

     

     

     

     

     

    Earnings Per Share:

     

     

     

     

     

     

     

     

     

    Basic

    $

    0.66

     

     

    $

    0.63

     

     

    $

    0.62

     

     

    $

    1.28

     

     

    $

    1.22

     

    Diluted

    $

    0.66

     

     

    $

    0.63

     

     

    $

    0.62

     

     

    $

    1.28

     

     

    $

    1.22

     

     

     

     

     

     

     

     

     

     

     

    Common Dividend Declared Per Share:

    $

    0.34

     

     

    $

    0.34

     

     

    $

    0.34

     

     

    $

    0.68

     

     

    $

    0.68

     

     

     

     

     

     

     

     

     

     

     

    High Common Stock Price

    $

    39.88

     

     

    $

    38.80

     

     

    $

    39.14

     

     

    $

    39.88

     

     

    $

    38.80

     

    Low Common Stock Price

    $

    35.42

     

     

    $

    33.40

     

     

    $

    30.67

     

     

    $

    30.67

     

     

    $

    33.40

     

     

     

     

     

     

     

     

     

     

     

    Average Shares Outstanding (Net of Treasury Stock):

     

     

     

     

     

     

     

    Basic

     

    101,773,643

     

     

     

    104,682,910

     

     

     

    101,894,786

     

     

     

    101,833,880

     

     

     

    104,770,681

     

    Diluted

     

    102,047,845

     

     

     

    104,952,788

     

     

     

    102,162,704

     

     

     

    102,099,809

     

     

     

    105,058,014

     

     

     

     

     

     

     

     

     

     

     

    Memorandum Items:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common Dividends

    $

    34,688

     

     

    $

    35,584

     

     

    $

    34,759

     

     

    $

    69,447

     

     

    $

    71,332

     

     

     

     

     

     

     

     

     

     

     

    Dividend Payout Ratio

     

    51.61

    %

     

     

    53.69

    %

     

     

    54.62

    %

     

     

    53.07

    %

     

     

    55.74

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30

     

    June 30

     

    March 31

    EOP Share Data:

     

     

     

     

     

    2019

     

     

     

    2018

     

     

     

    2019

     

     

     

     

     

     

     

     

     

     

     

    Book Value Per Share

     

     

     

     

    $

    32.70

     

     

    $

    31.12

     

     

    $

    32.19

     

    Tangible Book Value Per Share (non-GAAP) (1)

     

     

     

     

    $

    17.87

     

     

    $

    16.54

     

     

    $

    17.37

     

     

     

     

     

     

     

     

     

     

     

    52-week High Common Stock Price

     

     

     

     

    $

    39.95

     

     

    $

    40.45

     

     

    $

    39.95

     

    Date

     

     

     

     

    08/21/18

     

    07/03/17

     

    08/21/18

    52-week Low Common Stock Price

     

     

     

     

    $

    29.13

     

     

    $

    31.70

     

     

    $

    29.13

     

    Date

     

     

     

     

    12/27/18

     

    09/07/17

     

    12/27/18

     

     

     

     

     

     

     

     

     

     

    EOP Shares Outstanding (Net of Treasury Stock):

     

     

     

     

    101,963,030

     

     

     

    104,203,542

     

     

     

    102,118,029

     

     

     

     

     

     

     

     

     

     

     

    Memorandum Items:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EOP Employees (full-time equivalent)

     

     

     

     

     

    2,212

     

     

     

    2,300

     

     

     

    2,216

     

     

     

     

     

     

     

     

     

     

     

    Note:

     

     

     

     

     

     

     

     

     

    (1) Tangible Book Value Per Share:

     

     

     

     

     

     

     

     

     

    Total Shareholders' Equity (GAAP)

     

     

     

     

    $

    3,333,858

     

     

    $

    3,242,565

     

     

    $

    3,286,891

     

    Less: Total Intangibles

     

     

     

     

     

    (1,511,453

    )

     

     

    (1,518,980

    )

     

     

    (1,513,207

    )

    Tangible Equity (non-GAAP)

     

     

     

     

    $

    1,822,405

     

     

    $

    1,723,585

     

     

    $

    1,773,684

     

    ÷ EOP Shares Outstanding (Net of Treasury Stock)

     

     

     

     

    101,963,030

     

     

     

    104,203,542

     

     

     

    102,118,029

     

    Tangible Book Value Per Share (non-GAAP)

     

     

     

    $

    17.87

     

     

    $

    16.54

     

     

    $

    17.37

     

     
     
     

    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol: UBSI

    (In Thousands Except for Per Share Data)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

     

    June

     

     

    June

     

    March

     

    June

     

    June

     

     

    Selected Yields and Net Interest Margin:

     

    2019

     

     

     

     

    2018

     

     

     

    2019

     

     

     

    2019

     

     

     

    2018

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Loans

     

    5.10

    %

     

     

     

    4.76

    %

     

     

    4.91

    %

     

     

    5.01

    %

     

     

    4.70

    %

     

     

    Investment Securities

     

    2.90

    %

     

     

     

    2.73

    %

     

     

    2.93

    %

     

     

    2.91

    %

     

     

    2.63

    %

     

     

    Money Market Investments/FFS

     

    2.81

    %

     

     

     

    2.14

    %

     

     

    3.20

    %

     

     

    3.00

    %

     

     

    2.08

    %

     

     

    Average Earning Assets Yield

     

    4.67

    %

     

     

     

    4.37

    %

     

     

    4.54

    %

     

     

    4.60

    %

     

     

    4.28

    %

     

     

    Interest-bearing Deposits

     

    1.46

    %

     

     

     

    0.83

    %

     

     

    1.37

    %

     

     

    1.41

    %

     

     

    0.75

    %

     

     

    Short-term Borrowings

     

    1.79

    %

     

     

     

    0.89

    %

     

     

    1.61

    %

     

     

    1.69

    %

     

     

    0.72

    %

     

     

    Long-term Borrowings

     

    2.70

    %

     

     

     

    2.26

    %

     

     

    2.77

    %

     

     

    2.73

    %

     

     

    2.20

    %

     

     

    Average Liability Costs

     

    1.66

    %

     

     

     

    1.05

    %

     

     

    1.58

    %

     

     

    1.62

    %

     

     

    0.95

    %

     

     

    Net Interest Spread

     

    3.01

    %

     

     

     

    3.32

    %

     

     

    2.96

    %

     

     

    2.98

    %

     

     

    3.33

    %

     

     

    Net Interest Margin

     

    3.53

    %

     

     

     

    3.67

    %

     

     

    3.46

    %

     

     

    3.50

    %

     

     

    3.64

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Selected Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on Average Assets

     

    1.38

    %

     

     

     

    1.42

    %

     

     

    1.34

    %

     

     

    1.36

    %

     

     

    1.39

    %

     

     

    Return on Average Common Equity

     

    8.12

    %

     

     

     

    8.11

    %

     

     

    7.88

    %

     

     

    8.00

    %

     

     

    7.88

    %

     

     

    Return on Average Tangible Equity (non-

    GAAP) (1)

     

    14.90

    %

     

     

     

    15.14

    %

     

     

    14.64

    %

     

     

    14.78

    %

     

     

    14.72

    %

     

     

    Efficiency Ratio

     

    52.64

    %

     

     

     

    50.46

    %

     

     

    50.99

    %

     

     

    51.85

    %

     

     

    51.02

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Note:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Return on Average Tangible Equity:

     

     

     

     

     

     

     

     

     

     

     

     

    (a) Net Income (GAAP)

    $

    67,207

     

     

     

    $

    66,274

     

     

    $

    63,642

     

     

    $

    130,849

     

     

    $

    127,980

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (b) Number of days

     

    91

     

     

     

     

    91

     

     

     

    90

     

     

     

    181

     

     

     

    181

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average Total Shareholders' Equity (GAAP)

    $

    3,220,987

     

     

     

    $

    3,276,099

     

     

    $

    3,276,822

     

     

    $

    3,299,061

     

     

    $

    3,274,639

     

     

     

    Less: Average Total Intangibles

     

    (1,512,400

    )

     

     

     

    (1,520,253

    )

     

     

    (1,514,168

    )

     

     

    (1,513,279

    )

     

     

    (1,521,323

    )

     

     

    (c) Average Tangible Equity (non-GAAP)

    $

    1,808,587

     

     

     

    $

    1,755,846

     

     

    $

    1,762,654

     

     

    $

    1,785,782

     

     

    $

    1,753,316

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on Tangible Equity (non-GAAP)

    [(a) / (b)] x 365 / (c)

     

     

     

    14.90

     

    %

     

     

     

     

     

    15.14

     

    %

     

     

     

     

    14.64

     

    %

     

     

     

     

    14.78

     

    %

     

     

     

     

    14.72

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30

     

    June 30

     

    March 31

     

    December 31

     

     

     

     

     

     

    2019

     

    2018

     

    2019

     

    2018

     

     

    Loan / Deposit Ratio

     

     

    94.66

    %

     

     

    97.73

    %

     

     

    95.86

    %

     

     

    95.91

    %

     

     

    Allowance for Loan Losses/ Loans, net of unearned income

     

     

    0.56

    %

     

     

    0.57

    %

     

     

    0.57

    %

     

     

    0.57

    %

     

     

    Allowance for Credit Losses (1)/ Loans, net of unearned income

     

     

    0.57

    %

     

     

    0.58

    %

     

     

    0.58

    %

     

     

    0.58

    %

     

     

    Nonaccrual Loans / Loans, net of unearned income

     

     

    0.52

    %

     

     

    0.55

    %

     

     

    0.47

    %

     

     

    0.51

    %

     

     

    90-Day Past Due Loans/ Loans, net of unearned income

     

     

    0.09

    %

     

     

    0.12

    %

     

     

    0.11

    %

     

     

    0.11

    %

     

     

    Non-performing Loans/ Loans, net of unearned income

     

     

    1.05

    %

     

     

    1.12

    %

     

     

    1.00

    %

     

     

    1.06

    %

     

     

    Non-performing Assets/ Total Assets

     

     

    0.79

    %

     

     

    0.90

    %

     

     

    0.78

    %

     

     

    0.83

    %

     

     

    Primary Capital Ratio

     

     

    17.09

    %

     

     

    17.21

    %

     

     

    17.06

    %

     

     

    17.23

    %

     

     

    Shareholders' Equity Ratio

     

     

    16.77

    %

     

     

    16.88

    %

     

     

    16.73

    %

     

     

    16.89

    %

     

     

    Price / Book Ratio

     

     

    1.13

     

    x

     

    1.17

     

    x

     

    1.13

     

    x

     

    0.98

     

    x

     

    Price / Earnings Ratio

     

     

    14.08

     

    x

     

    14.41

     

    x

     

    14.54

     

    x

     

    12.71

     

    x

     

     

     

     

     

     

     

     

     

     

    Note:

    (1) Includes allowances for loan losses and lending-related commitments.

     

     
     

    UNITED BANKSHARES, INC. AND SUBSIDIARIES

    Washington, D.C. and Charleston, WV

    Stock Symbol:  UBSI

    (In Thousands Except for Per Share Data) 

     

    Three Months Ended

     

    Six Months Ended

     

    June

     

    June

     

    March

     

    June

     

    June

    Mortgage Banking Data – George Mason:

     

    2019

     

     

     

    2018

     

     

     

    2019

     

     

     

    2019

     

     

     

    2018

     

    Applications

    $

    1,278,000

     

     

    $

    1,195,000

     

     

    $

       866,000

     

     

    $

    2,144,000

     

     

    $

    2,344,000

     

    Loans originated

     

    801,926

     

     

     

    874,493

     

     

     

    454,588

     

     

     

    1,256,514

     

     

     

      1,448,225

     

    Loans sold

    $

      680,986

     

     

    $

      784,727

     

     

    $

       457,192

     

     

    $

    1,138,178

     

     

    $

    1,401,678

     

    Purchase money % of loans closed

     

    81

    %

     

     

    83

    %

     

     

    86

    %

     

     

    83

    %

     

     

    80

    %

    Realized gain on sales and fees as a % of loans sold

     

    2.89

    %

     

     

    2.62

    %

     

     

    3.07

    %

     

     

    2.96

    %

     

     

    2.62

    %

    Net interest income

    $

              111

     

     

    $

              264

     

     

    $

                55

     

     

    $

              166

     

     

    $

              640

     

    Other income

     

    23,501

     

     

     

    23,468

     

     

     

    16,106

     

     

     

    39,607

     

     

     

    38,351

     

    Other expense

     

    18,771

     

     

     

    21,225

     

     

     

    14,842

     

     

     

    33,613

     

     

     

    39,609

     

    Income taxes

     

    1,004

     

     

     

    564

     

     

     

    282

     

     

     

    1,286

     

     

     

    (139

    )

    Net income

    $

          3,837

     

     

    $

          1,943

     

     

    $

           1,037

     

     

    $

          4,874

     

     

    $

          (479

    )

     

    June

     

    June

     

    December

     

    March

    Period End Mortgage Banking Data – George Mason:

    2019

     

    2018

     

    2018

     

    2019

    Locked pipeline

    $

       305,843

     

    $

       221,317

     

    $

        122,677

     

    $

        223,657

     

    June

     

     

    June

     

    December

     

    March

    Asset Quality Data:

    2019

     

     

    2018

     

    2018

     

    2019

     

     

     

     

     

     

     

     

     

    EOP Non-Accrual Loans

    $

        71,123

     

     

    $

        74,114

     

    $

         68,544

     

    $

          63,402

    EOP 90-Day Past Due Loans

     

    12,729

     

     

     

    16,422

     

     

    14,851

     

     

    15,572

    EOP Restructured Loans (1)(2)

     

    58,750

     

     

     

    60,384

     

     

    59,425

     

     

    56,778

       Total EOP Non-performing Loans

    $

      142,602

     

     

    $

      150,920

     

    $

       142,820

     

    $

         135,752

     

     

     

     

     

     

     

     

     

    EOP Other Real Estate Owned

     

    14,469

     

     

     

    21,926

     

     

    16,865

     

     

    17,465

       Total EOP Non-performing Assets

    $

      157,071

     

     

    $

      172,846

     

    $

       159,685

     

    $

         153,217

     

     

     

    Three Months Ended

     

    Six Months Ended

     

    June

     

     June

     

    March

     

    June

     

    June

    Allowance for Loan Losses:

    2019

     

     2018

     

    2019

     

    2019

     

    2018

    Beginning Balance

    $

        76,886

     

     

     

    $

        76,653

     

     

    $

         76,703

     

     

    $

        76,703

     

     

    $

        76,627

     

    Provision for Loan Losses

     

    5,417

     

     

     

     

    6,204

     

     

     

    4,996

     

     

     

    10,413

     

     

     

    11,382

     

     

     

    82,303

     

     

     

     

    82,857

     

     

     

    81,699

     

     

     

    87,116

     

     

     

    88,009

     

    Gross Charge-offs

     

    (7,588

    )

     

     

     

    (7,712

    )

     

     

    (6,414

    )

     

     

    (14,002

    )

     

     

    (13,570

    )

    Recoveries

     

    1,685

     

     

     

     

    1,990

     

     

     

    1,601

     

     

     

    3,286

     

     

     

    2,696

     

    Net Charge-offs

     

    (5,903

    )

     

     

     

    (5,722

    )

     

     

    (4,813

    )

     

     

    (10,716

    )

     

     

    (10,874

    )

    Ending Balance

    $

        76,400

     

     

     

    $

        77,135

     

     

    $

         76,886

     

     

    $

        76,400

     

     

    $

        77,135

     

    Reserve for lending-related commitments

     

    1,752

     

     

     

     

    927

     

     

     

    1,461

     

     

     

    1,752

     

     

     

    927

     

    Allowance for Credit Losses (3)

    $

       78,152

     

     

     

    $

       78,062

     

     

    $

         78,347

     

     

    $

       78,152

     

     

    $

       78,062

     

     

     

     

     

     

     

     

     

     

     

     

    Notes:

    (1) Restructured loans with an aggregate balance of $48,586, $46,652, $47,459 and $48,899 at June 30, 2019, June 30, 2018, March 31, 2019 and December 31, 2018, respectively, were on nonaccrual status, but are not included in "EOP Non-Accrual Loans" above.
    (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.