-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZlzKJ+Kr53JcogtEjTY+MZqurkFs4ng0xB8VU4UD5LBvQsB1UhH80BgaDAAUUeuR HbnPzHSQfVfybqKjAyXSyw== 0000950132-95-000167.txt : 19950517 0000950132-95-000167.hdr.sgml : 19950516 ACCESSION NUMBER: 0000950132-95-000167 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED BANKSHARES INC/WV CENTRAL INDEX KEY: 0000729986 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 550641179 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13322 FILM NUMBER: 95538123 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 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________ FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 1995 Commission File Number: 0-13322 United Bankshares, Inc. ----------------------- (Exact name of registrant as specified in its charter) West Virginia 55-0641179 ------------- ---------- (State or other jurisdiction of (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) Zip Code Registrant's Telephone Number, including Area Code: (304) 424-8761 -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class-- Common Stock,$2.50 Par Value; 11,954,453 shares outstanding as of April 30, 1995. UNITED BANKSHARES, INC. AND SUBSIDIARIES FORM 10-Q TABLE OF CONTENTS Page ---- PART I. FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements - ----------------------------------------------------------------- Consolidated Balance Sheets (Unaudited) March 31, 1995 and December 31, 1994 .........................6 Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 1995 and 1994 ...................7 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) for the Three Months Ended March 31, 1995 ...............................................8 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 1995 and 1994 ...........9 Notes to Consolidated Financial Statements ..................10 Information required by Item 303 of Regulation S-K Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...................18 PART II. OTHER INFORMATION - --------------------------- Item 1. Legal Proceedings..........................Not Applicable - ------------------------- Item 2. Changes in Securities......................Not Applicable - ----------------------------- Item 3. Defaults Upon Senior Securities ...........Not Applicable - --------------------------------------- 2 UNITED BANKSHARES, INC. AND SUBSIDIARIES FORM 10-Q TABLE OF CONTENTS--Continued Page ---- Item 4. Submission of Matters to a Vote of Security Holders..................Not Applicable _________________________________________________________________ Item 5. Other Information ........................Not Applicable _________________________________________________________________ Item 6. Exhibits and Reports on Form 8-K _________________________________________________________________ (a) Exhibits required by Item 601 of Regulation S-K Exhibit 11 - Computation of Earnings Per Share.......27 (b) Reports on Form 8-K .....................Not Applicable 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UNITED BANKSHARES, INC. ----------------------- (Registrant) Date May 12, 1995 /s/ Richard M. Adams --------------------- --------------------------- Richard M. Adams, Chairman of the Board and Chief Executive Officer Date May 12, 1995 /s/ Steven E. Wilson --------------------- --------------------------- Steven E. Wilson, Executive Vice President, Treasurer and Chief Financial Officer 4 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) The March 31, 1995 and December 31, 1994, consolidated balance sheets of United Bankshares, Inc. and Subsidiaries, and the related consolidated statements of income for the three months ended March 31, 1995 and 1994, and the related consolidated statement of changes in shareholders' equity for the three months ended March 31, 1995, and the related condensed consolidated statements of cash flows for the three months ended March 31, 1995 and 1994, and the notes to consolidated financial statements appear on the following pages. 5 CONSOLIDATED BALANCE SHEETS(UNAUDITED) UNITED BANKSHARES, INC. AND SUBSIDIARIES
March 31 December 31 1995 1994 --------------- --------------- ASSETS Cash and due from banks $ 75,162,000 $ 82,763,000 Federal funds sold 26,425,000 -------------- -------------- Total cash and cash equivalents 101 587,000 82,763,000 Securities available for sale(at market) 107,438,000 118,037,000 Investment securities(market value-$233,291,000 at March 31, 1995 and $231,461,000 at December 31, 1994) 238,389,000 242,846,000 Loans Commercial, financial, and agricultural 202,730,000 208,491,000 Real estate: Single family residential 531,833,000 527,434,000 Commercial 305,019,000 300,679,000 Construction 14,065,000 16,919,000 Other 14,403,000 14,706,000 Installment 234,967,000 233,866,000 -------------- -------------- 1,303,017,000 1,302,095,000 Less: Unearned income (4,679,000) (5,018,000) Allowance for loan losses (20,158,000) (20,008,000) -------------- -------------- Net loans 1,278,180,000 1,277,069,000 Bank premises and equipment 30,426,000 30,769,000 Interest receivable 11,413,000 10,943,000 Other assets 24,784,000 25,214,000 -------------- -------------- TOTAL ASSETS $1,792,217,000 $1,787,641,000 ============== ============== LIABILITIES Domestic deposits Noninterest-bearing $ 229,769,000 $ 244,591,000 Interest-bearing 1,244,308,000 1,190,261,000 -------------- -------------- TOTAL DEPOSITS 1,474,077,000 1,434,852,000 Short-term borrowings Federal funds purchased 2,901,000 4,582,000 Securities sold under agreements to repurchase 66,159,000 67,227,000 Federal Home Loan Bank borrowings 43,900,000 83,972,000 Accrued expenses and other liabilities 21,841,000 17,262,000 -------------- -------------- TOTAL LIABILITIES 1,608,878,000 1,607,895,000 SHAREHOLDERS' EQUITY Common stock, $2.50 par value; Authorized-20,000,000 shares; issued and outstanding-11,954,453 at March 31, 1995 and December 31, 1994, including 152,770 and 137,520 shares in treasury at March 31, 1995 and December 31, 1994, respectively 29,886,000 29,886,000 Surplus 32,247,000 32,331,000 Retained earnings 124,788,000 121,318,000 Net unrealized holding gain (loss) on securities available for sale 123,000 (443,000) Treasury stock (3,705,000) (3,346,000) -------------- -------------- TOTAL SHAREHOLDERS' EQUITY 183,339,000 179,746,000 -------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,792,217,000 $1,787,641,000 ============== ==============
See notes to consolidated financial statements. 6 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) UNITED BANKSHARES, INC. AND SUBSIDIARIES
Three Months Ended March 31 ------------------------ 1995 1994 ----------- ----------- INTEREST INCOME Interest and fees on loans $27,672,000 $22,750,000 Interest on federal funds sold 237,000 65,000 Interest and dividends on securities: Taxable 4,595,000 4,795,000 Exempt from federal taxes 837,000 892,000 Other interest income 26,000 31,000 ----------- ----------- TOTAL INTEREST INCOME 33,367,000 28,533,000 ----------- ----------- INTEREST EXPENSE Interest on deposits 11,123,000 9,432,000 Interest on short-term borrowings 848,000 515,000 Interest on long-term borrowings 970,000 437,000 ----------- ----------- TOTAL INTEREST EXPENSE 12,941,000 10,384,000 ----------- ----------- NET INTEREST INCOME 20,426,000 18,149,000 PROVISION FOR POSSIBLE LOAN LOSSES 450,000 450,000 ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR POSSIBLE LOAN LOSSES 19,976,000 17,699,000 ----------- ----------- OTHER INCOME Trust department income 779,000 823,000 Other charges, commissions, and fees 2,197,000 2,074,000 Other income 163,000 216,000 Investment securities gains 107,000 ----------- ----------- TOTAL OTHER INCOME 3,139,000 3,220,000 ----------- ----------- OTHER EXPENSES Salaries and employee benefits 5,590,000 5,591,000 Net occupancy expense 1,190,000 1,108,000 Other expense 5,856,000 4,968,000 ----------- ----------- TOTAL OTHER EXPENSES 12,636,000 11,667,000 ----------- ----------- INCOME BEFORE INCOME TAXES 10,479,000 9,252,000 INCOME TAXES 3,582,000 3,158,000 ----------- ----------- NET INCOME $ 6,897,000 $ 6,094,000 =========== =========== Earnings per common share $0.58 $0.51 Average outstanding shares 11,809,055 11,929,809
See notes to consolidated financial statements. 7 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY(UNAUDITED) UNITED BANKSHARES, INC. AND SUBSIDIARIES
Three Months Ended March 31, 1995 ----------------------------------------------------------------------------------------------- Net Unrealized Common Stock Gain on ------------------------ Securities Total Par Retained Available Treasury Shareholders' Shares Value Surplus Earnings for Sale Stock Equity ---------- ------------ ----------- ------------- ----------- ------------ -------------- Balance at January 1, 1995 11,954,453 $29,886,000 $32,331,000 $121,318,000 ($443,000) ($3,346,000) $179,746,000 Net Income 6,897,000 6,897,000 Cash dividends ($.29 per share) (3,427,000) (3,427,000) Net change in unrealized gain/ (loss) on securities available for sale 566,000 566,000 Purchase of treasury stock (573,000) (573,000) Common stock options exercised (84,000) 214,000 130,000 ---------- ----------- ----------- ------------ ---------- ----------- ------------- Balance at March 31, 1995 11,954,453 $29,886,000 $32,247,000 $124,788,000 $ 123,000 ($3,705,000) $183,339,000 ========== =========== =========== ============ ========== =========== =============
See notes to consolidated financial statements 8 CONSOLIDATED STATEMENTS OF CASH FLOWS UNITED BANKSHARES, INC. AND SUBSIDIARIES
Three Months Ended March 31 --------------------------- 1995 1994 --------------------------- NET CASH PROVIDED BY OPERATING ACTIVITIES $ 11,493,000 $ 9,990,000 INVESTING ACTIVITIES Proceeds from maturities and calls of investment securities 4,305,000 39,896,000 Purchases of investment securities (16,591,000) Proceeds from sales of securities available for sale 238,000 Proceeds from maturities and calls of securities available for sale 16,973,000 273,000 Purchases of securities available for sale (5,011,000) (298,000) Net purchase of bank premises and equipment (268,000) (1,618,000 Changes in: Loans (1,202,000) (20,631,000) ------------ ------------ NET CASH PROVIDED BY INVESTING ACTIVITIES 14,797,000 1,269,000 ------------ ------------ FINANCING ACTIVITIES Cash dividends paid (3,427,000) (3,095,000) Acquisition of treasury stock (573,000) Proceeds from exercise of stock options 130,000 172,000 Repayment of long-term borrowings (40,072,000) Proceeds from long-term borrowings 5,000,000 Changes in: Deposits 39,225,000 4,722,000 Federal funds purchased and securities sold under agreements to repurchase (2,749,000) 35,413,000 ------------ ------------ NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (7,466,000) 42,212,000 ------------ ------------ INCREASE IN CASH AND CASH EQUIVALENTS 18,824,000 53,471,000 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 82,763,000 60,850,000 ------------ ------------ CASH AND CASH EQUIVALENTS AT END OF YEAR $101,587,000 $114,321,000 ============ ============
See notes to consolidated financial statements. 9 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) UNITED BANKSHARES, INC. AND SUBSIDIARIES 1. GENERAL The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries ("United") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial information does not contain all of the information and footnotes required by generally accepted accounting principles. The financial statements presented in this report have not been audited. The accounting and reporting policies followed in the presentation of these financial statements are consistent with those applied in the preparation of the 1994 annual report of United Bankshares, Inc. on Form 10-K. In the opinion of management, adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. Effective January 1, 1995, United adopted Financial Accounting Standards Board Statement No. 114, "Accounting by Creditors for Impairment of a Loan, "(SFAS No. 114)" which was amended by Statement No. 118 and is effective for fiscal years beginning after December 15, 1994. Under the new standard, the 1995 allowance for credit losses related to loans that are identified for evaluation in accordance with SFAS No. 114 is based on discounted cash flows using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. Prior to 1995, the allowance for credit losses related to these loans was based on undiscounted cash flows or the fair value of the collateral for collateral dependent loans. The adoption of SFAS No. 114 did not have a material impact on the allowance for loan losses. 2. BASIS OF PRESENTATION The accompanying consolidated interim financial statements include the accounts of United and its wholly-owned subsidiaries, UBC Holding Company, Inc. and its wholly-owned subsidiary, United National Bank ("UNB"), United National Bank- South ("UNB-S"), UBF Holding Company, Inc. and its wholly-owned subsidiary, Bank First, N.A., and United Venture Fund, Inc. ("UVF"). All significant intercompany accounts and transactions have been eliminated. 10 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED UNITED BANKSHARES, INC. AND SUBSIDIARIES 3. SECURITIES AVAILABLE FOR SALE The book and estimated fair value of securities available for sale at March 31, 1995, by contractual maturity are as follows:
Estimated Book Fair Value Value ------------ ------------ Due in one year or less $ 53,828,000 $ 53,859,000 Due after one year through five years 42,523,000 42,588,000 Due after five years through ten years 899,000 902,000 Due after ten years 8,320,000 8,073,000 Marketable equity securities 1,679,000 2,016,000 ------------ ------------ Total $107,249,000 $107,438,000 ============ ============
The amortized cost and estimated fair values of securities available for sale are summarized as follows:
March 31, 1995 ---------------------------------------------------- Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------- ---------- ---------- ------------- U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 96,210,000 $358,000 $261,000 $ 96,307,000 Marketable equity securities 1,679,000 398,000 61,000 2,016,000 Other 9,360,000 3,000 248,000 9,115,000 ------------ -------- -------- ------------ Total $107,249,000 $759,000 $570,000 $107,438,000 ============ ======== ======== ============
At March 31, 1995, the cumulative net unrealized holding gain on available for sale securities resulted in an increase of $123,000 to shareholders' equity. 11 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED UNITED BANKSHARES, INC. AND SUBSIDIARIES 3. SECURITIES AVAILABLE FOR SALE - continued The book and estimated fair value of securities available for sale at December 31, 1994, by contractual maturity are as follows:
Estimated Book Fair Value Value ------------ ------------ Due in one year or less $ 57,934,000 $ 57,655,000 Due after one year through five years 45,408,000 44,991,000 Due after five years through ten years 1,040,000 1,043,000 Due after ten years 12,808,000 12,551,000 Marketable equity securities 1,529,000 1,797,000 ------------ ------------ Total $118,719,000 $118,037,000 ============ ============
The amortized cost and estimated fair values of securities available for sale are summarized as follows:
December 31, 1994 ----------------------------------------------------- Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------- ---------- ----------- ------------- U.S. Treasury securities and obligations of U.S. Government corporations and agencies $103,292,000 $127,000 $ 774,000 $102,645,000 Marketable equity securities 1,529,000 293,000 25,000 1,797,000 Other 13,898,000 2,000 305,000 13,595,000 ------------ -------- ---------- ------------ Total $118,719,000 $422,000 $1,104,000 $118,037,000 ============ ======== ========== ============
12 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED UNITED BANKSHARES, INC. AND SUBSIDIARIES 4. INVESTMENT SECURITIES The amortized cost and estimated fair values of investment securities are summarized as follows:
March 31, 1995 ---------------------------------------------------- Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------ ----------- ----------- ------------ U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 85,483,000 $ 248,000 $2,135,000 $ 83,596,000 State and political subdivisions 51,310,000 1,457,000 209,000 52,558,000 Mortgage-backed securities 94,571,000 50,000 4,483,000 90,138,000 Other 7,025,000 26,000 6,999,000 ------------ ---------- ---------- ------------ Total $238,389,000 $1,755,000 $6,853,000 $233,291,000 ============ ========== ========== ============
The amortized cost and estimated fair values of investment securities are summarized as follows:
December 31, 1994 ---------------------------------------------------- Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value ------------ ----------- ----------- ------------ U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 84,843,000 $ 66,000 $ 3,438,000 $ 81,471,000 State and political subdivisions 53,297,000 971,000 1,076,000 53,192,000 Mortgage-backed securities 97,644,000 7,805,000 89,839,000 Other 7,062,000 103,000 6,959,000 ------------ ---------- ----------- ------------ Total $242,846,000 $1,037,000 $12,422,000 $231,461,000 ============ ========== =========== ============
13 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED UNITED BANKSHARES, INC. AND SUBSIDIARIES 4. INVESTMENT SECURITIES - continued The amortized cost and estimated fair value of debt securities at March 31, 1995, and December 31, 1994, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 1995 ----------------------------- Estimated Book Fair Value Value ------------- ------------- Due in one year or less $ 16,958,000 $ 17,024,000 Due after one year through five years 133,736,000 131,921,000 Due after five years through ten years 35,497,000 34,446,000 Due after ten years 52,198,000 49,900,000 ------------ ------------ Total $238,389,000 $233,291,000 ============ ============
The table above includes $94,571,000 of mortgage-backed securities with an estimated market value of $90,138,000. Maturities of the mortgage-backed securities are based upon the estimated average life.
December 31, 1994 ---------------------------- Estimated Book Fair Value Value ------------- ------------- Due in one year or less $ 11,317,000 $ 11,406,000 Due after one year through five years 140,685,000 136,281,000 Due after five years through ten years 36,565,000 33,994,000 Due after ten years 54,279,000 49,780,000 ------------ ------------ Total $242,846,000 $231,461,000 ============ ============
The table above includes $97,644,000 of mortgage-backed securities with an estimated market value of $89,839,000. Maturities of the mortgage-backed securities are based upon the estimated average life. 14 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED UNITED BANKSHARES, INC. AND SUBSIDIARIES 5. NONPERFORMING LOANS Nonperforming loans are summarized as follows:
March 31 December 31 1995 1994 -------- ----------- (in thousands) Loans past due 90 days or more and still accruing interest $2,569 $2,303 Troubled debt restructurings - - Nonaccrual loans 3,935 3,733 ------ -------- $6,504 $6,036 ====== ========
For purposes of the above disclosure, the following definition has been established by management: Troubled Debt Restructurings--Loans for which original terms have been modified in response to financial difficulties of the borrower. There were no troubled debt restructured loans at March 31, 1995 or December 31, 1994. 6. ALLOWANCE FOR POSSIBLE LOAN LOSSES The adequacy of the allowance for possible loan losses is based on management's evaluation of the relative risks inherent in the loan portfolio. A progression of the allowance for possible loan losses for the periods presented is summarized as follows:
Three Months Ended March 31, --------------------- 1995 1994 -------- --------- (in thousands) Balance at beginning of period $20,008 $19,015 Provision charged to expense 450 450 ------- ------- 20,458 19,465 Loans charged-off (439) (348) Less recoveries 139 169 ------- ------- Net Charge-offs (300) (179) ------- ------- Balance at end of period $20,158 $19,286 ======= =======
15 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--CONTINUED UNITED BANKSHARES, INC. AND SUBSIDIARIES Effective January 1, 1995, United adopted Financial Accounting Standards Board Statement No. 114, "Accounting by Creditors for Impairment of a Loan," (SFAS No. 114). As a result of applying the new rules prescribed by SFAS No. 114, certain loans are being reported at the present value of expected future cash flows using the loan's effective interest rate, or as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. At the time of adoption of SFAS No. 114, United had approximately $8,000,000 of loans which were considered impaired in accordance with the guidelines as prescribed by SFAS No. 114. Under SFAS No. 114, a loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due (contractual interest and principal) according to the contractual terms of the loan agreement. The adoption of SFAS No. 114 did not have a material impact on the allowance for loan losses. At March 31, 1995, the recorded investment in loans that are considered to be impaired under SFAS No. 114 was $7,929,000 (of which $3,449,000 were on a nonaccrual basis). Included in this amount is $5,889,000 of impaired loans for which the related allowance for credit losses is $3,044,000 and $2,040,000 of impaired loans that do not have an allowance for credit losses due to management's estimate that the fair value of the underlying collateral of these loans is sufficient for full repayment of the loan and interest. The average recorded investment in impaired loans during the quarter ended March 31, 1995 was approximately $7,533,000. For the three months ended March 31, 1995, United recognized interest income on those impaired loans of approximately $111,000, substantially all of which was recognized using the accrual method of income recognition. 7. COMMITMENTS AND CONTINGENT LIABILITIES There are outstanding commitments which include, among other things, commitments to extend credit and letters of credit undertaken in the normal course of business. Outstanding standby letters of credit amounted to approximately $23,839,000 and $15,022,000 at March 31, 1995 and December 31, 1994, respectively. United and its subsidiaries are currently involved, in the normal course of business, in various legal proceedings. Management is vigorously pursuing all of its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved without material effect on financial position or results of operations. 16 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)--Continued UNITED BANKSHARES, INC. AND SUBSIDIARIES 8. EARNING ASSETS AND INTEREST-BEARING LIABILITIES The following table shows the daily average balance of major categories of assets and liabilities for each of the three month periods ended March 31, 1995, and March 31, 1994, with the interest rate earned or paid on such amount.
Three Months Ended Three Months Ended March 31 March 31 1995 1994 ----------------------------- ------------------------------ (Dollars in Average Avg. Average Avg. Thousands) Balance Interest Rate Balance Interest Rate ASSETS Earning assets: Federal funds sold and securities purchased under agreements to resell and other short-term investments $ 15,418 $ 237 6.23% $ 8,375 $ 65 3.15% Investment Securities: Taxable 302,681 4,621 6.11% 353,498 4,795 5.43% Tax-exempt (1) 52,183 1,288 9.87% 52,765 1,372 10.40% ---------- ------- ---- ---------- -------- ----- Total Securities 354,864 5,909 6.66% 406,263 6,167 6.07% Loans, net of unearned income (1) (2) 1,295,547 27,967 8.75% 1,192,447 23,053 7.84% Allowance for possible loan losses (20,149) (19,169) ---------- ---------- Net loans 1,275,398 8.89% 1,173,278 7.97% ---------- ---------- Total earning assets 1,645,680 $34,113 8.39% 1,587,916 $29,285 7.46% ------- ---- -------- ----- Other assets 135,934 134,265 ---------- ---------- TOTAL ASSETS $1,781,614 $1,722,181 ========== ========== LIABILITIES Interest-Bearing Funds: Interest-bearing deposits $1,215,174 $11,123 3.71% $1,200,662 $ 9,438 3.19% Federal funds purchased, repurchase agreements and other short-term borrowings 76,139 854 4.55% 71,156 516 2.94% FHLB advances 62,651 964 6.24% 36,257 430 4.81% ---------- ------- ---- ---------- -------- ----- Total Interest-Bearing Funds 1,353,964 12,941 3.88% 1,308,075 10,384 3.22% ------- ---- -------- ----- Demand deposits 224,920 224,270 Accrued expenses and other liabilities 19,747 15,300 ---------- ---------- TOTAL LIABILITIES 1,598,631 1,547,645 Shareholders' Equity 182,983 174,536 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,781,614 $1,722,181 ========== ========== NET INTEREST INCOME $21,172 $18,901 ======= ======== INTEREST SPREAD 4.51% 4.24% NET INTEREST MARGIN 5.20% 4.81%
(1) The interest income and the yields on nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 35%. (2) Nonaccruing loans are included in the daily average loan amounts outstanding. 17 UNITED BANKSHARES, INC. AND SUBSIDIARIES Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS United Bankshares, Inc. ("United") is a multi-bank holding company. United's wholly-owned banking subsidiaries include UBC Holding Company, Inc. and its wholly-owned subsidiary, United National Bank ("UNB"), United National Bank- South ("UNB-S") and UBF Holding Company, Inc. with its wholly-owned banking subsidiary, Bank First, N.A.("Bank First"). United also owns all of the stock of United Venture Fund, Inc. ("UVF"). UVF is a West Virginia Capital Company formed to make loans and equity investments in qualified companies under the West Virginia Capital Company Act and to promote economic welfare and development in the State of West Virginia. United is a registered bank holding company subject to the supervision of and examination by the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended. Its present business is the operation of its wholly-owned subsidiaries. The following discussion and analysis present the significant changes in financial condition and the results of operations of United and its subsidiaries for the periods indicated below. This discussion and analysis should be read in conjunction with the unaudited financial statements and accompanying notes thereto which are included elsewhere in this document. All references to United in this discussion and analysis are considered to refer to United and its wholly-owned subsidiaries, unless otherwise indicated. EARNINGS SUMMARY Net income for the first quarter of 1995 was a record $6.90 million or $.58 per share compared to $6.09 million or $.51 per share for the first quarter of 1994. This represents a 13.18% increase in net income and a 13.73% increase in earnings per share. United's annualized return on average assets of 1.55% and return on average shareholders' equity of 15.29% both compare excellently with regional and national peer groups. United has strong core earnings driven by a net interest margin of 5.20% for the first three months of 1995. Net interest income increased 12.55% and remained strong and showed improvement for the first three months of 1995 as compared to the same period for 1994. The provision for possible loan losses remained level when comparing the first three months of 1995 to the first three months of 1994 due to excellent asset quality and very low charge-offs. 18 Noninterest income decreased 2.52% for the first quarter of 1995 when compared to the first three months of 1994. This overall decrease in noninterest income is primarily attributed to a decrease in gains on security transactions. Other income before security transactions was flat when compared to the first quarter of 1994. Noninterest expenses increased 8.31% for the first quarter. This increase was due to merger and reengineering expenses. Management's cost containment efforts have continued to be successful in controlling core noninterest expenses. Income taxes were higher for the first quarter than for the same periods of 1994, with an effective tax rates of 34.2% as compared to 34.1% for first quarter of 1994. The following discussion explains in more detail the results of operations and changes in financial condition by major category. NET INTEREST INCOME Net interest income strengthened and improved in the first quarter of 1995, when compared to the same period of 1994. The net interest margin is the main factor in United's profitability momentum. Net interest income before the provision for possible loan losses increased $2,277,000 or 12.55% the first quarter of 1995 as compared to the first quarter of 1994. The increase is largely due to the repricing of variable rate loans at higher interest rates. United's tax- equivalent net interest margin rose from 4.81% in the first quarter of 1994 to 5.20% in the first quarter of 1995. Additionally, the tax-equivalent net interest margin showed an improvement over that achieved for the year ended December 31, 1994 of 4.97%. The combination of an improved net interest spread and moderate increases in rates on interest-bearing deposits compared to the first three months of 1994 have helped United generate a stronger interest margin. PROVISION FOR POSSIBLE LOAN LOSSES For both of the quarters ended March 31, 1995 and 1994, the provision for possible loan losses was $450,000. The allowance for possible loan losses as a percentage of loans, net of unearned income, held at 1.6% at March 31, 1995, as compared to December 31, 1994, and March 31, 1994. Credit quality is another major factor in United's excellent profitability. United's continued improvement in credit quality is evidenced by the low level of nonperforming assets at the end of the first quarter of 1995. Charge-offs exceeded recoveries during the first quarter of 1995 resulting in net charge- offs of $300,000 while net charge-offs for the first quarter of 1994 were $179,000. Note 6 to the accompanying unaudited consolidated financial 19 statements provides a progression of the allowance for possible loan losses. Loans, net of unearned income, remained flat during the first quarter of 1995 since year end 1994. In the first three months of 1995, management modestly increased the allowance for loan losses due to: (i) the continued improvement of credit quality; (ii) the increased coverage ratio of both nonperforming loans and nonperforming assets; and (iii) the building of the allowance as a percentage of loans to a strong level and closer to national peer group levels. Nonperforming loans were $6,504,000 at March 31, 1995 and $6,036,000 at year-end 1994. Nonperforming loans, as a percentage of loans, net of unearned income, increased from 0.47% to 0.50% when comparing these two respective periods. The components of nonperforming loans include nonaccrual loans and loans which are contractually past due 90 days or more as to interest or principal, but have not been put on a nonaccrual basis. Loans past due 90 days or more increased $266,000 or 11.55% during the first quarter of 1995; while nonaccrual loans increased $202,000 or 5.41% since year-end 1994. Even with the slight increase, in nonperforming loans, total nonperforming assets represented less than 0.43% of total assets at the end of the first quarter, which is approximately one-half of the national peer levels. As of March 31, 1995, the ratio of the allowance for loan losses to nonperforming loans was 309.9% as compared to 331.5% as of December 31, 1994. Accordingly, management believes that the allowance for loan losses of $20,158,000 as of March 31, 1995, is adequate to provide for potential losses on existing loans based on information currently available. United evaluates the adequacy of the allowance for possible loan losses on a quarterly basis. The provision for loan losses charged to operations is based on management's evaluation of individual credits, the past loan loss experience, and other factors which, in management's judgment, deserve recognition in estimating possible loan losses. Such other factors considered by management, among other things, include growth and composition of the loan portfolio, known deterioration in certain classes of loans or collateral, trends in delinquencies, and current economic conditions. United's loan administration policies are focused upon the risk characteristics of the loan portfolio, both in terms of loan approval and credit quality. OTHER INCOME Other income consists of all revenues which are not included in interest and fee income related to earning assets. Management's emphasis on improving noninterest income continues. The decrease 20 realized in total noninterest income for the first quarter of 1995, was insignificant. Other income, excluding securities gains, increased slightly over the first quarter of 1994. As evidenced by the Unaudited Condensed Consolidated Statement of Cash Flows included elsewhere herein, the volume of securities sold was insignificant in both periods. The slight decrease in noninterest income was in the areas of trust income and fees from customer accounts for which a fee is charged. Trust income declined from the first quarter of 1994 by 5.35%. OTHER EXPENSES Other expenses include all items of expense other than interest expense, the provision for possible loan losses, and income taxes. Other expenses increased $969,000 or 8.31% to $12,636,000 in the first quarter of 1995 as compared to $11,667,000 for the first quarter of 1994. The increase for the first quarter resulted primarily from merger expenses related to the recently announced acquisition and expenses related to a reengineering study. Total salaries and benefits remained identical for the first quarter of 1995 when compared to the same periods of 1994. In addition, net occupancy expense increased only $81,000 or 7.33% when compared to the first quarter of 1994. Other expenses increased $888,000 or 17.87% for the first quarter of 1995 as compared to the same period of 1994. The increase in other expenses for the three month period relates primarily to nonrecurring expenses. INCOME TAXES Income tax expense for the three months ended March 31, 1995 and 1994 was $3,582,000 and $3,158,000, respectively. This increases of 13.41% for the quarter is the result of increased pretax income, decreased tax-exempt income and increased statutory federal tax rates. United's effective tax rate was 34.2% for the first quarter of 1995 compared to 34.1% for the first quarter of 1994. INTEREST RATE SENSITIVITY Interest sensitive assets and liabilities are defined as those assets or liabilities that mature or are repriced within a designated timeframe. The principal function of asset and liability management is to maintain an appropriate relationship between those assets and liabilities that are sensitive to changing market interest rates. This relationship has become very important, given the volatility in interest rates over the last several years, due to the potential impact on earnings. United 21 closely monitors the sensitivity of its assets and liabilities on an on-going basis and projects the effect of various interest rate changes on its net interest margin. The difference between rate sensitive assets and rate sensitive liabilities for specified periods of time is known as the "gap". A primary objective of Asset/Liability Management is managing interest rate risk. At United, interest rate risk is managed to minimize the impact of fluctuating interest rates on earnings. As shown in the interest rate sensitivity gap table contained herein, United was liability sensitive (excess of liabilities over assets) in the one year horizon. United, however, has not experienced the kind of earnings volatility indicated from the cumulative gap. This is because a significant portion of United's retail deposit base does not reprice on a contractual basis. Management has estimated, based upon historical analyses, that savings deposits are less sensitive to interest rate changes than are other forms of deposits. The GAP table presented herein has been adapted to show the estimated differences in interest rate sensitivity which result when the retail deposit base is assumed to reprice in a manner consistent with historical trends. (See Management Adjustments in the GAP table.) Using these estimates, United was asset sensitive in the one year horizon in the amount of $140,964,000 or 8.44% of the cumulative gap to related earning assets. The primary method of measuring the sensitivity of earnings to changing market interest rates is to simulate expected cash flows using varying assumed interest rates while also adjusting the timing and magnitude of non-contractual deposit repricing to more accurately reflect anticipated pricing behavior. These simulations include adjustments for the lag in prime loan repricing and the spread and volume elasticity of interest-bearing deposit accounts, regular savings and money market deposit accounts. To aid in interest rate management, United's lead bank, UNB, is a member of the Federal Home Loan Bank of Pittsburgh (FHLB). The use of FHLB advances provides United with a relatively low risk means to match maturities of earning assets and interest-bearing funds to achieve a desired interest rate spread over the life of the earning assets. Additionally, United uses certain off-balance-sheet instruments known as interest rate swaps, to further aid in interest rate risk management. The use of interest rate swaps is a cost effective means of synthetically altering the repricing structure of balance sheet items. At March 31, 1995, the total notional amount of interest rate swaps in effect was only $50 million. The current maturity of the swap portfolio is one year and ten months. During the first quarter of 1995, interest rate swaps reduced net interest income by $196,000 as compared to an increase of $101,000 for the same period in 1994. 22 LIQUIDITY AND CAPITAL RESOURCES United maintains, in the opinion of management, liquidity which is sufficient to satisfy its depositors' requirements and the credit needs of its customers. Like all banks, United depends upon its ability to renew maturing deposits and other liabilities on a daily basis and to acquire new funds in a variety of markets. A significant source of funds available to United are "core deposits." Core deposits include certain demand deposits, statement and special savings and NOW accounts. These deposits are relatively stable and they are the lowest cost source of funds available to United. Short-term borrowings have also been a significant source of funds. These include federal funds purchased and securities sold under agreements to repurchase. Repurchase agreements represent funds which are obtained as the result of a competitive bidding process. Liquid assets are cash and those items readily convertible to cash. All banks must maintain sufficient balances of cash and near-cash items to meet the day- to-day demands of customers. Other than cash and due from banks, the available- for-sale securities portfolio and maturing loans and investments are the primary sources of liquidity. The goal of liquidity management is to ensure the ability to access funding which enables United to efficiently satisfy the cash flow requirements of depositors and borrowers and meet United's cash needs. Liquidity is managed by monitoring funds availability from a number of primary sources. Substantial funding is available from cash and cash equivalents, unused short-term borrowings and a geographically dispersed network of subsidiary banks providing access to a diversified and substantial retail deposit market. Short-term needs can be met through a wide array of sources such as correspondent and downstream correspondent federal funds and utilization of Federal Home Loan Bank advances. Other sources of liquidity available to United to provide long-term as well as short-term funding alternatives, in addition to FHLB advances, are long-term certificates of deposit, lines of credit, and borrowings secured by bank premises or stock of United's subsidiaries. United has no intention at this time to utilize any long-term funding sources other than FHLB advances and long- term certificate of deposits. 23 UNITED BANKSHARES, INC. AND SUBSIDIARIES The following table shows the interest rate sensitivity GAP as of March 31, 1995: Interest Rate Sensitivity Gap
Days ------------------------------ Total 1 - 5 Over 5 0 - 90 91 - 180 181 - 365 One Year Years Years Total --------- ---------- --------- ---------- -------- ---------- -------- (In Thousands) ASSETS Interest-Earning Assets: Federal funds sold and securities purchased under agreements to resell and other short-term investments $ 26,425 $ 26,425 $ 26,425 Investment and Marketable Equity Securities: Taxable 20,859 $ 6,110 $ 49,574 76,543 $ 155,571 $ 61,725 293,839 Tax-exempt 2,956 4,767 3,899 11,622 19,267 21,099 51,988 Loans, net of unearned income 542,875 74,161 123,733 740,769 329,909 227,660 1,298,338 --------- ---------- --------- ---------- --------- ---------- ---------- Total Interest-Earning Assets $ 593,115 $ 85,038 $ 177,206 $ 855,359 $ 504,747 $ 310,484 $1,670,590 ========= ========== ========= ========== ========= ========== ========== LIABILITIES Interest-Bearing Funds: Savings and NOW accounts $ 647,784 $ 647,784 $ 647,784 Time deposits of $100,000 & over 26,728 $ 9,520 $ 19,500 55,748 $ 23,481 79,229 Other time deposits 110,006 114,636 103,433 328,075 187,303 $ 1,917 517,295 Federal funds purchased, repurchase agreements and other short-term borrowings 69,060 69,060 69,060 FHLB advances 43,900 43,900 43,900 --------- ---------- --------- ---------- --------- ---------- ---------- Total Interest-Bearing Funds $ 897,478 $ 124,156 $ 122,933 $1,144,567 $ 210,784 $ 1,917 $1,357,268 ========= ========== ========= ========== ========= ========== ========== Interest Sensitivity Gap $(304,363) $ (39,118) $ 54,273 $ (289,208) $ 293,963 $ 308,567 $ 313,322 ========= ========== ========= ========== ========= ========== ========== Cumulative Gap $(304,363) $ (343,481) $(289,208) $ (289,208) $ 4,755 $ 313,322 $ 313,322 ========= ========== ========= ========== ========= ========== ========== Cumulative Gap as a Percentage of Total Earning Assets -18.22% -20.56% -17.31% - 17.31% 0.28% 18.76% 18.76% Management Adjustments 600,215 (40,015) (80,028) 480,172 (480,172) 0 Off-Balance Sheet Activities (50,000) (50,000) (50,000) --------- ---------- --------- ---------- --------- ---------- ---------- Cumulative Management Adjusted Gap and Off-Balance Sheet Activities $ 245,852 $ 166,719 $ 140,964 $ 140,964 $ (45,245) $ 263,322 $ 263,322 ========= ========== ========= ========== ========= ========== ========== Cumulative Management Adjusted Gap and Off-Balance Sheet Activities as a Percentage of Total Earning Assets 14.72% 9.98% 8.44% 8.44% -2.71% 15.76% 15.76%
24 UNITED BANKSHARES, INC. AND SUBSIDIARIES The following table shows the interest rate sensitivity GAP as of December 31, 1994:
Interest Rate Sensitivity Gap Days --------------------------------- Total 1 - 5 Over 5 0 - 90 91 - 180 181 - 365 One Year Years Years Total --------- ---------- --------- ---------- --------- ---------- --------- (In Thousands) ASSETS Interest-Earning Assets: Investment and Marketable Equity Securities: Taxable $ 25,472 $ 10,673 $ 45,222 $ 81,367 $ 162,115 $ 64,782 $ 308,264 Tax-exempt 1,440 2,953 5,883 10,276 21,379 20,964 52,619 Loans, net of unearned income 527,711 81,089 129,862 738,662 409,341 149,074 1,297,077 --------- ---------- --------- ---------- --------- ---------- ---------- Total Interest-Earning Assets $ 554,623 $ 94,715 $ 180,967 $ 830,305 $ 592,835 $ 234,820 $1,657,960 ========= ========== ========= ========== ========= ========== ========== LIABILITIES Interest-Bearing Funds: Savings and NOW accounts $ 658,187 $ 658,187 $ 658,187 Time deposits of $100,000 & over 22,654 $ 13,875 $ 11,504 48,033 $ 27,565 75,598 Other time deposits 114,102 91,208 81,641 286,951 169,525 456,476 Federal funds purchased, repurchase agreements and other short-term borrowings 71,809 71,809 71,809 FHLB advances 73,972 10,000 83,972 83,972 --------- ---------- --------- ---------- --------- ---------- ---------- Total Interest-Bearing Funds $ 940,724 $ 115,083 $ 93,145 $1,148,952 $ 197,090 $1,346,042 ========= ========== ========= ========== ========= ========= ========== Interest Sensitivity Gap $(386,101) $ (20,368) $ 87,822 $ (318,647) $ 395,745 $ 234,820 $ 311,918 ========= ========== ========= ========== ========= ========== ========== Cumulative Gap $(386,101) $ (406,469) $(318,647) $ (318,647) $ 77,098 $ 311,918 $ 311,918 ========= ========== ========= ========== ========= ========== ========== Cumulative Gap as a Percentage of Total Earning Assets -23.29% -24.52% 19.22% - 19.22% 4.65% 18.81% 18.81% Management Adjustments 616,828 (41,121) (82,244) 493,463 (493,463) 0 Off-Balance Sheet Activities (50,000) (50,000) (50,000) --------- ---------- --------- ---------- --------- ---------- ---------- Cumulative Management Adjusted Gap and Off-Balance Sheet Activities $ 180,727 $ 119,238 $ 124,816 $ 124,816 $ 27,098 $ 261,918 $ 261,918 ========= ========== ========= ========== ========= ========== ========== Cumulative Management Adjusted Gap and Off-Balance Sheet Activities as a Percentage of Total Earning Assets 10.90% 7.19% 7.53% 7.53% 1.63% 15.80% 15.80%
25 For the three months ended March 31, 1995, United generated $11,493,000 of cash from operations, which is indicative of solid earnings performance. During the same period, net cash of $14,797,000 was provided by investing activities which was primarily due to the proceeds from maturities and calls of securities not being reinvested into the investment portfolio. Uses of cash and cash equivalents during the first three months were used by financing activities totaling $7,466,000, which were largely comprised of repayments of $40,072,000 of FHLB advances which were partially offset by increases in deposits. The net effect of this activity was an increase in cash and cash equivalents of $18,824,000 for the first three months of 1995. United anticipates no difficulty in meeting its obligations over the next 12 months and has no material commitments for capital expenditures. There are no known trends, demands, commitments, or events that will result in or that are reasonably likely to result in United's liquidity increasing or decreasing in any material way. United also has significant lines of credit available. The Asset and Liability Committee monitors liquidity to ascertain that a strong liquidity position is maintained. In addition, variable rate loans are a priority. These policies help to protect net interest income against fluctuations in interest rates. No changes are anticipated in the policies of United's Asset and Liability Committee. Total shareholders' equity increased to $183,339,000 which is an increase of 2.00% from December 31, 1994. United's equity to assets ratio was 10.23% at March 31, 1995 and 10.05% at December 31, 1994. Capital and reserves to total assets increased from 11.17% at December 31, 1994, to 11.35% at March 31, 1995. The first quarter dividend of $.29 per common share represents an increase of 11.5% over the first quarter of 1994. Total cash dividends paid were $3,427,000 for the first quarter of 1995, an increase of 10.69% over the comparable period in 1994. United's risk-based capital ratios of 15.74% at March 31, 1995 and 15.52% at December 31, 1994, are both considerably in excess of the current requirement of 8.00%. Total risk-based capital at March 31, 1995 and December 31, 1994 of $188,193,000 and $184,595,000, respectively, exceeded the regulatory minimum requirement by $92,527,000 and $89,470,000, respectively. United's Tier I capital ratios are comparable to its total risk-based capital ratios and are well above regulatory minimum requirements. As a bank holding company, United is permitted by Regulation Y of the Federal Reserve Board, under certain circumstances, to purchase up to 10% of its common stock as treasury stock without obtaining prior approval of the Federal Reserve Board. Total treasury shares as of March 31, 1995, amounted to 152,770 shares at a cost of $3,705,000. It is management's intention to purchase treasury stock whenever it is beneficial to United based on such factors as cash dividends, timing and stock availability. 26 EX-11 2 COMPUTATION OF EARNINGS Exhibit 11 Statement Re: Computation of Earnings Per Share UNITED BANKSHARES, INC. AND SUBSIDIARIES
For the Quarter Ended March 31 ------------------------ PRIMARY: 1995 1994 - -------- ----------- ----------- Average Number of Common Shares 11,809,055 11,929,809 Average Number of Common Share Equivalents 73,360 93,454 ----------- ----------- Average Shares and Share Equivalents Outstanding 11,882,415 12,023,263 =========== =========== Net Income $ 6,897,000 $ 6,094,000 Preferred Dividends ----------- ----------- Available to Common Shares $ 6,897,000 $ 6,094,000 =========== =========== Earnings Per Common Share: $ 0.58 $ 0.51 =========== =========== FULLY DILUTED: - -------------- Average Number of Common Shares 11,809,055 11,929,809 Average Number of Common Share Equivalents 85,929 94,487 ----------- ----------- Average Shares and Share Equivalents Outstanding 11,894,984 12,024,296 =========== =========== Net Income $ 6,897,000 $ 6,094,000 Preferred Dividends ----------- ----------- Available to Common Shares $ 6,897,000 $ 6,094,000 =========== =========== Earnings Per Common Share $ 0.58 $ 0.51 =========== ===========
EX-27 3 FINANCIAL DATA SCHEDULE
9 3-MOS DEC-31-1995 MAR-31-1995 75,162,000 0 26,425,000 0 107,438,000 238,389,000 233,291,000 1,298,338,000 20,158,000 1,792,217,000 1,474,077,000 69,060,000 21,841,000 43,900,000 29,886,000 0 0 153,453,000 1,792,217,000 27,672,000 5,432,000 263,000 33,367,000 11,123,000 12,941,000 20,426,000 450,000 0 12,636,000 10,479,000 10,479,000 0 0 6,897,000 0.58 0.58 5.20 3,935,000 2,569,000 0 0 20,008,000 439,000 139,000 20,158,000 10,207,000 0 9,951,000
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