-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OoVd1RJlYxMQkT4wsgYUg2JJ63AJW7UcUAPPwv4XVLjfzlL0xz4atht9aey8JZzf q2F4X0ewMT1wOBISm2xFzg== 0000928385-01-500434.txt : 20010424 0000928385-01-500434.hdr.sgml : 20010424 ACCESSION NUMBER: 0000928385-01-500434 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010420 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED BANKSHARES INC/WV CENTRAL INDEX KEY: 0000729986 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 550641179 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-13322 FILM NUMBER: 1607042 BUSINESS ADDRESS: STREET 1: 300 UNITED CTR STREET 2: 500 VIRGINIA ST E CITY: CHARLESTON STATE: WV ZIP: 25301 BUSINESS PHONE: 3044248761 MAIL ADDRESS: STREET 1: 300 UNITED CT STREET 2: 500 VIRGINIA SUITE CITY: CHARLESTON STATE: WV ZIP: 25301 8-K 1 d8k.txt UNITED BANKSHARES, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 20, 2001 -------------- United Bankshares, Inc. ----------------------- (Exact name of registrant as specified in its charter) West Virginia No. 0-13322 55-0641179 - ------------------------------- ------------------------ ------------------- (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation or organization) Identification No.) 300 United Center 500 Virginia Street, East Charleston, West Virginia 25301 ------------------------------- (Address of Principal Executive Offices) (304) 424-8800 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or address, if changed since last report) Item 5. Other Events - --------------------- On April 20, 2001 United Bankshares, Inc. ("United") announced its earnings for the first quarter of 2001. A copy of the press release is attached as Exhibit 99.1 to this report. Additionally, United provided supplemental financial information for analysts and other interested investors, which is attached as Exhibit 99.2 to this report. Item 7. Financial Statements and Exhibits - ------------------------------------------ (c) Exhibits 99.1 Press Release, dated April 20, 2001, issued by United Bankshares, Inc. 99.2 Unaudited Supplemental Financial Information SIGNATURES ---------- Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED BANKSHARES, INC. Date: April 20, 2001 By: /s/ Steven E. Wilson ------------------------- ------------------------------------- Steven E. Wilson, Executive Vice President, Treasurer, Secretary and Chief Financial Officer EX-99.1 2 dex991.txt PRESS RELEASE EXHIBIT 99.1 News Release - -------------------------------------------------------------------------------- [UNITED BANKSHARES, INC. LOGO] For Immediate Release Contact: Steven E. Wilson (304) 424-8704 April 20, 2001 United Bankshares, Inc. Announces Record Earnings for First Quarter 2001 United Bankshares, Inc. (NASDAQ: UBSI), today reported record earnings for the first quarter of 2001. Earnings per share increased 10% from 42c recorded in the first quarter of 2000 to 46c, which is the result of record earnings of $19.4 million for the first quarter of 2001 compared to $18.0 million for the first quarter of 2000. Cash basis operating earnings totaled $19.9 million or 47c per share for the first quarter of 2001 as compared to 44c per share for the first quarter of 2000 and 43c per share for the fourth quarter of 2000. United's key performance ratios continue to be strong. First quarter of 2001 results produced a return on average assets of 1.62% and a return on average equity of 17.87%. On a cash basis, the return on average tangible assets was 1.68% and the return on average tangible equity was 20.15%. These financial performance ratios are indicative of United's earnings strength and balanced capital levels. Net interest income for the first quarter was $44.2 million with a net interest margin of 4.10%; an increase of 7 basis points from the preceding quarter due to the cost of United's short-term borrowed funds declining 71 basis points for the quarter. The level of both earning assets and interest-bearing liabilities remained relatively flat from the fourth quarter of 2000 to the end of the first quarter of 2001. Excluding security transactions, noninterest income for the first quarter of 2001 increased 31.7% from the first quarter of 2000 and 13.1% over the fourth quarter of 2000. These increased revenues were the result of an expanded volume of trust and mortgage banking services for the quarter. Compared to the first three months of 2000, trust fees rose 19.1%, and income from mortgage banking operations grew by 54.5%. On a linked-quarter basis, trust fees grew 8.4% while income from mortgage banking operations increased by 38.1%. Noninterest income as a percentage of net revenues increased from 19% for the first quarter of 2000 to 24% for the most recent quarter. United continued its excellent expense control as evidenced by the 4.1% decrease in noninterest expense from the year-ago quarter and a decrease of 9.1% from the previous quarter. United's efficiency ratio for the first quarter of 2001 was 42.8%, which compares very favorably to peer group banking companies. United Bankshares, Inc. Announces... April 20, 2001 Page Two United's asset quality continues to be sound with the nonperforming asset level at 0.29% of total assets at the end of the first quarter. At March 31, 2001, the loan loss reserve was $41.2 million or 1.30% of total loans and the delinquency ratio for total past due loans, including loans 30-89 days delinquent, was a low 1.56%. Net charge-offs of $1.8 million for the quarter represented only 0.05% of average loans for the first quarter of 2001 compared to 0.08% and 0.11% of average loans for the quarters ended March 31, 2000 and December 31, 2000, respectively. United continues to be categorized as well capitalized based on the risk-based capital ratio, considerably exceeding the regulatory minimum requirement. These ratios support United's strong financial position. The 2001 annualized first quarter dividend of 22c per share equals 88c, which would represent the twenty-eighth consecutive year of dividend increases for United shareholders. Analysts are forecasting record earnings for United in 2001, and on the basis of operating earnings, United continues to be one of the highest performing regional banking companies in the country. Recently, United Bankshares, Inc. was listed in the 2001 Forbes 500s List according to the April 16, 2001 issue of Forbes magazine. For the second consecutive year, United is the only West Virginia-based company to appear in the Forbes 500s List. The Forbes 500s List measures profits, assets and sales metrics of the nation's biggest firms. Two other distinctions that United heralds are its inclusion in both the S&P Small Cap 600 and Russell 2000 Indices. United was added to the Banks (Regional) industry group of each of these indices during the second quarter of 1998, which made United the only regional bank in Maryland, Kentucky and West Virginia included in the indices. United Bankshares, with $5.0 billion in assets, has 76 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. 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 evolving banking industry standards. [UNITED BANKSHARES, INC. LOGO] UNITED BANKSHARES, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In Thousands Except for Per Share Data)
Three Months Ended ---------------------------------------------------------------------------- March 31 March 31 December 31 2001 2000 2000 ---------------------- ---------------------- ------------------- EARNINGS SUMMARY: Interest income, taxable equivalent $ 94,865 $ 96,143 $ 98,061 Interest expense 47,777 46,542 51,427 Net interest income, taxable equivalent 47,088 49,601 46,634 Taxable equivalent adjustment 2,868 2,875 2,843 Net interest income 44,220 46,726 43,791 Provision for loan losses 2,499 2,547 4,908 Net income from mortgage banking operations 5,225 3,383 3,784 Gain (loss) on security transactions 142 318 (15,011) Other noninterest income 8,578 7,100 8,424 Noninterest expenses 26,996 28,143 29,710 Income taxes 9,318 8,849 2,066 Net income 19,352 17,988 4,304 Cash dividends paid 9,175 8,879 8,782 PER COMMON SHARE: Net income: Basic 0.46 0.43 0.11 Diluted 0.46 0.42 0.11 Diluted - cash basis 0.47 0.44 0.12 Cash dividends paid 0.22 0.21 0.21 Book value 10.69 9.37 10.32 Closing market price 22.125 22.000 21.250 Common shares outstanding: Actual, net of treasury shares 41,587,229 42,018,879 41,765,271 Average basic 41,703,350 42,272,860 41,775,776 Average diluted 42,020,236 42,657,425 42,072,051 FINANCIAL RATIOS: Return on average assets 1.62% 1.45% 0.35% Return on average shareholders' equity 17.87% 18.05% 4.03% Average equity to average assets 9.05% 8.06% 8.69% Net interest margin 4.10% 4.23% 4.03% March 31 March 31 December 31 2001 2000 2000 ---------------------- ---------------------- ------------------- PERIOD END BALANCES: Assets 4,984,804 4,980,745 4,904,547 Earning assets 4,762,807 4,734,578 4,643,668 Loans, net of unearned income 3,171,846 3,230,245 3,192,494 Loans held for sale 239,148 102,109 203,831 Investment securities 1,303,613 1,396,949 1,245,334 Total deposits 3,462,701 3,274,505 3,391,449 Shareholders' equity 445,084 393,822 430,870
EX-99.2 3 dex992.txt UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION EXHIBIT 99.2 UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended ---------------------------------- March March December Consolidated Statements of Income 2001 2000 2000 ------- ------- -------- Interest Income and Expense Interest and Loan Fees Income $91,997 $93,268 $ 95,218 Tax Equivalent Adjustment 2,868 2,875 2,843 ------- ------- -------- Interest and Fees Income (FTE) 94,865 96,143 98,061 Interest Expense 47,777 46,542 51,427 ------- ------- -------- Net Interest Income (FTE) 47,088 49,601 46,634 Loan Loss Provision 2,499 2,547 4,908 Non-Interest Income: Inv. Securities Transactions 142 318 (15,011) Trust Revenue 2,015 1,692 1,859 Service Charges on Deposits 6,017 5,093 6,014 Income from Mortgage Banking Operations 5,225 3,383 3,784 Gain/(loss) on Sale of Assets 0 0 0 Other Non-Interest Revenue 546 315 551 ------- ------- -------- Total Non-Interest Income 13,945 10,801 (2,803) ------- ------- -------- Non-Interest Expense: Staff Expense 14,483 13,739 13,698 Occupancy & Equipment 2,658 3,161 2,895 Other Expenses 8,622 10,151 11,883 Amortization of Intangibles 792 820 808 OREO Expense 119 97 100 FDIC Expense 322 175 326 ------- ------- -------- Total Non-Interest Expense 26,996 28,143 29,710 ------- ------- -------- Pre-Tax Earnings (FTE) 31,538 29,712 9,213 Tax Equivalent Adjustment 2,868 2,875 2,843 ------- ------- -------- Reported Pre-Tax Earnings 28,670 26,837 6,370 Taxes 9,318 8,849 2,066 ------- ------- -------- Net Income before Extra Items 19,352 17,988 4,304 Extraordinary Items (Net of Tax) ------- ------- -------- Net Income $19,352 $17,988 $ 4,304 ======= ======= ======== MEMO: Effective Tax Rate 32.50% 32.97% 32.43%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Consolidated Balance Sheets March 31 March 31 2001 2000 Q-T-D Q-T-D March 31 December 31 Average Average 2001 2000 ------- ------- -------- ----------- Cash & Cash Equivalents $ 130,817 $ 111,670 $ 155,576 $ 144,810 Trading Account Securities Securities Available for Sale 903,282 1,023,967 1,014,729 865,266 Held to Maturity Securities 345,035 407,241 288,884 380,068 Other Securities ---------- ---------- ---------- ---------- Total Securities 1,248,317 1,431,208 1,303,613 1,245,334 ---------- ---------- ---------- ---------- Total Cash and Securities 1,379,134 1,542,878 1,459,189 1,390,144 ---------- ---------- ---------- ---------- Loans held for sale 174,010 100,757 239,148 203,831 Commercial Loans 1,536,740 1,473,522 1,543,672 1,527,008 Mortgage Loans 1,347,506 1,358,583 1,326,735 1,359,044 Consumer Loans 301,469 355,360 301,439 306,442 ---------- ---------- ---------- ---------- Loans & Leases, net of unearned income 3,359,725 3,288,222 3,410,994 3,396,325 Reserve for loan & Lease Losses (40,901) (39,609) (41,191) (40,532) Goodwill 34,832 37,300 34,449 35,102 Mortgage Servicing Rights 13 Purchase Credit Card Intangibles Other Intangibles 4,048 4,772 3,946 4,122 ---------- ---------- ---------- ---------- Total Intangibles 38,880 42,085 38,395 39,224 Real Estate Owned 2,426 3,815 2,395 2,109 Other Assets 110,922 137,361 115,023 117,277 ---------- ---------- ---------- ---------- Total Assets $4,850,186 $4,974,752 $4,984,804 $4,904,547 ========== ========== ========== ========== MEMO: Earning Assets $4,583,319 $4,686,817 $4,762,807 $4,643,668 ========== ========== ========== ========== Interest-bearing Deposits $2,865,822 $2,770,075 $2,921,075 $2,852,034 Noninterest-bearing Deposits 479,797 462,542 541,626 539,415 Foreign Deposits ---------- ---------- ---------- ---------- Total Deposits 3,345,619 3,232,617 3,462,701 3,391,449 Short-term Borrowings 319,938 322,221 337,751 333,716 Intermediate & Long-term Borrowings 686,763 960,393 681,446 706,512 ---------- ---------- ---------- ---------- Total Borrowings 1,006,701 1,282,614 1,019,197 1,040,228 Other Liabilities 58,736 58,664 57,822 42,000 Minority Interest ---------- ---------- ---------- ---------- Total Liabilities 4,411,056 4,573,895 4,539,720 4,473,677 ---------- ---------- ---------- ---------- Common Equity 439,130 400,857 445,084 430,870 ---------- ---------- ---------- ---------- Total Shareholders' Equity 439,130 400,857 445,084 430,870 ---------- ---------- ---------- ---------- Total Liabilities & Equity $4,850,186 $4,974,752 $4,984,804 $4,904,547 ========== ========== ========== ==========
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended -------------------------------------------------- March March December Share Data: 2001 2000 2000 ----- ----- -------- Earnings Per Share: Net Income before Extraordinary Items: Basic $0.46 $0.43 $0.11 Diluted $0.46 $0.42 $0.11 Diluted - Cash Basis $0.47 $0.44 $0.12 Net Income after Extraordinary Items: Basic $0.46 $0.43 $0.11 Diluted $0.46 $0.42 $0.11 Diluted - Cash Basis $0.47 $0.44 $0.12 Common Dividend Declared Per Share $0.22 $0.21 $0.21 High Common Stock Price $23.25 $24.44 $22.13 Low Common Stock Price $19.44 $17.00 $17.25 Book Value Per Share $10.70 $9.37 $10.32 Tangible Book Value Per Share $9.78 $8.38 $9.38 52-week High Common Stock Price $23.25 $27.38 $24.44 Date 03/01/01 04/22/99 01/03/00 52-week Low Common Stock Price $16.38 $17.00 $16.38 Date 06/27/00 03/08/00 06/27/00 EOP Shares Outstanding (Net of Treasury Stock): 41,587,229 42,018,879 41,765,271 Average Shares Outstanding: (Net of Treasury Stock): Basic 41,703,350 42,272,860 41,775,776 Diluted 42,020,236 42,657,425 42,072,051 Memorandum Items: Tax Applicable to Security Transactions $50 $111 ($5,254) Common Dividends $9,175 $8,879 $8,782 EOP Employees (full-time equivalent) 1,277 1,367 1,288
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended --------------------------------------------------------- March March December Selected Yields and Net Interest Margin: 2001 2000 2000 -------- -------- -------- Loans 8.87% 8.80% 9.05% Investment Securities 7.03% 6.84% 6.92% Money Market Investments/FFS 6.19% 6.46% 6.79% Average Earning Assets Yield 8.33% 8.22% 8.45% Interest-bearing Deposits 4.69% 4.22% 4.84% Short-term Borrowings 4.84% 4.85% 5.55% Long-term Borrowings 6.38% 5.70% 6.40% Average Liability Costs 5.00% 4.62% 5.20% Net Interest Spread 3.32% 3.60% 3.25% Net Interest Margin 4.10% 4.23% 4.03% Selected Financial Ratios: Return on Average Common Equity 17.87% 18.05% 4.03% Return on Average Assets 1.62% 1.45% 0.35% Loan / Deposit Ratio 98.51% 101.77% 100.14% Loan Loss Reserve / Net Loans 1.30% 1.22% 1.27% Nonaccrual / Net Loans 0.23% 0.41% 0.24% OREO / Net Loans 0.07% 0.12% 0.06% Non-performing / Net Loans 0.44% 0.78% 0.45% Delinquency Ratio 0.36% 0.66% 0.38% Primary Capital Ratio 9.68% 8.63% 9.53% Shareholders' Equity Ratio 8.93% 7.91% 8.79% Price / Book Ratio 2.07% 2.35% 2.33% Price / Earnings Ratio 12.01% 13.07% 15.23% Efficiency Ratio 42.84% 45.31% 48.95% March March December Credit Quality Data: 2001 2000 2000 -------- -------- -------- EOP Non-Accrual Loans $ 7,588 $ 13,110 $ 8,131 EOP 90-Day Past Due Loans 4,698 7,951 4,717 -------- -------- -------- Total EOP Non-performing Loans $ 12,286 $ 21,061 $ 12,848 EOP Other Real Estate & Assets Owned 2,395 3,764 2,109 -------- -------- -------- Total EOP Non-performing Assets $ 14,681 $ 24,825 $ 14,957 ======== ======== ======== Three Months Ended --------------------------------------------------------- March March December 2001 2000 2000 -------- -------- -------- Charge-off Analysis: Gross Charge-offs ($2,672) ($2,859) ($4,054) Recoveries 832 203 246 -------- -------- -------- Net Charge-offs ($1,840) ($2,656) ($3,808) ======== ======== ========
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