United Bancshares, Inc. 8-K

Table of Contents

Table of Contents

Table of Contents

0000950152-05-003437.txt : 20050425 0000950152-05-003437.hdr.sgml : 20050425 20050425080135 ACCESSION NUMBER: 0000950152-05-003437 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050425 DATE AS OF CHANGE: 20050425 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-86947 FILM NUMBER: 05768808 BUSINESS ADDRESS: STREET 1: 300 UNITED CTR STREET 2: 500 VIRGINIA ST E CITY: CHARLESTON STATE: WV ZIP: 25301 BUSINESS PHONE: 3044248800 MAIL ADDRESS: STREET 1: 300 UNITED CT STREET 2: 500 VIRGINIA ST E CITY: CHARLESTON STATE: WV ZIP: 25301 8-K 1 j1350401e8vk.htm UNITED BANCSHARES, INC. 8-K United Bancshares, Inc. 8-K

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 25, 2005

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)


West Virginia	No. 0-13322	55-0641179

(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


Item 2.02. Results of Operations and Financial Condition
Item 9.01. Financial Statements and Exhibits
SIGNATURES
Exhibit 99.1
Exhibit 99.2

Item 2.02. Results of Operations and Financial Condition

On April 25, 2005, United Bankshares, Inc. (“United”) announced its earnings for the first quarter of 2005. 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. The press release and supplemental financial information are being furnished under Item 2.02 of this Form 8-K.

Item 9.01. Financial Statements and Exhibits

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 25, 2005	By:	/s/ Steven E. Wilson
		Steven E. Wilson, Executive Vice President,
		Treasurer, Secretary and Chief Financial Officer

EX-99.1 2 j1350401exv99w1.htm EXHIBIT 99.1 EX-99.1

EXHIBIT 99.1
News Release

(UNITED BANKSHARES, INC. LOGO)


For Immediate Release April 25, 2005		Contact: Steven E. Wilson Chief Financial Officer (304) 424-8704

United Bankshares, Inc. Announces
Increased Earnings for the First Quarter of 2005

WASHINGTON, DC and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported diluted earnings per share of 57¢ for the first quarter of 2005, which represented an 8% increase from diluted earnings per share of 53¢ for first quarter of 2004. United generated net income of $24.8 million for the first quarter of 2005, an increase of 5% from the $23.5 million earned in the first quarter of 2004.

First quarter of 2005 results produced an annualized return on average assets of 1.58% and an annualized return on average equity of 15.71%, as compared to 1.52% and 15.19%, respectively, for the first quarter of 2004. United’s returns compare favorably to its most recently reported peer group banking companies’ average return on assets of 1.29% and average return on equity of 14.11%.

Earnings per diluted share from continuing operations was 57¢ for the first quarter of 2005, a 12% increase from earnings per diluted share from continuing operations of 51¢ for the first quarter of 2004. Income from continuing operations was $24.8 million for the first quarter of 2005 as compared to income from continuing operations of $22.6 million for the first quarter of 2004. No income from discontinued operations was recorded for the first quarter of 2005 because the sale of George Mason Mortgage, LLC occurred in 2004. Income from discontinued operations for the first quarter of 2004 was $897 thousand or 2¢ per diluted share.

The earnings growth for the first quarter of 2005 from last year’s first quarter was primarily due to increased net interest income. Tax-equivalent net interest income from continuing operations for the first quarter of 2005 was $55.8 million, an increase of $3.5 million or 7% from the first quarter of 2004. This increase in tax-equivalent net interest income from continuing operations was due mainly to a $399.3 million or 7% increase in average earning assets as average loans for the first quarter of 2005 grew $394.6 million or 10% over last year’s first quarter. In addition, the average yield on earning assets for the first quarter of 2005 increased 25 basis points from the first quarter of 2004 as a result of higher interest rates. Partially offsetting these increases to net interest income for the first quarter of 2005 was a 35 basis point increase in the cost of funds from the first quarter of 2004 due to the higher interest rates. On a linked-quarter basis, United’s tax-equivalent net interest income from continuing operations for the first quarter of 2005 was relatively flat compared to the fourth quarter of 2004 as growth in average loans of $97.2 million or 2% for the quarter was offset by an increase of 19 basis points in the cost of funds. On a consolidated basis, which combines the results from continuing and discontinued operations, the net interest margin for the first quarter of 2005 of 3.85% was a decrease of 1 basis point from the consolidated net interest margin of 3.86% for the first and fourth quarters of 2004.

United Bankshares, Inc. Announces...
April 25, 2005
Page Two

Noninterest income from continuing operations for the first quarter of 2005 was $12.9 million, which was a decrease of $644 thousand or 5% from the first quarter of 2004 due mainly to a decline in fees from deposit services of $906 thousand or 12%. Revenue from trust and brokerage services grew $188 thousand or 7% for the first quarter of 2005 over last year’s first quarter revenue. On a linked-quarter basis, noninterest income from continuing operations decreased $184 thousand or 1% from the fourth quarter of 2004 again due mainly to decreased revenue from deposit services. Income from trust and brokerage services showed a healthy growth of $310 thousand or 13% for the first quarter of 2005 over the fourth quarter of 2004.

Noninterest expense from continuing operations decreased $883 thousand or 3% for the first quarter of 2005 as compared to the first quarter of 2004 due to decreases in several general operating expenses, none of which were individually significant. Salaries and employee benefits expense for the first quarter of 2005 was relatively flat from last year’s first quarter expense. On a linked-quarter basis, noninterest expense decreased $3.0 million or 9% which was due mainly to a penalty of $3.0 million to refinance a Federal Home Loan Bank (FHLB) advance during the fourth quarter of 2004.

United’s credit quality continues to be sound. At March 31, 2005, nonperforming loans were $9.5 million or 0.22% of loans, net of unearned income compared to $10.8 million or 0.24% of loans, net of unearned income at December 31, 2004. Net charge-offs were $1.0 million for the first quarter of 2005 as compared to $1.3 million for the first quarter of 2004. For the quarters ended March 31, 2005 and 2004, the provision for credit losses was $1.1 million and $1.4 million, respectively. As of March 31, 2005, the allowances for loan losses and lending-related commitments totaled $51.4 million or 1.17% of loans, net of unearned income, as compared to $51.4 million or 1.16% of loans, net of unearned income at December 31, 2004.

During the first quarter, United’s Board of Directors declared a cash dividend of 26¢ per share. The 2005 annualized first quarter dividend of 26¢ per share equals $1.04, which would represent the 32nd consecutive year of dividend increases for United shareholders.

United Bankshares, with $6.3 billion in assets, presently has 90 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) Stock Market System under the quotation symbol “UBSI”.

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Per Share Data)


	Three Months Ended
	March 31			March 31			December 31
	2005			2004			2004
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	82,041		$	73,666		$	80,163
Interest expense		26,286			21,400			24,175
Net interest income, taxable equivalent		55,755			52,266			55,988
Taxable equivalent adjustment		2,765			2,515			2,717
Net interest income		52,990			49,751			53,271
Provision for credit losses		1,111			1,357			1,328
Noninterest income		12,919			13,563			13,103
Noninterest expenses		28,741			29,624			31,712
Income taxes related to continuing operations		11,297			9,726			7,834
Income from continuing operations		24,760			22,607			25,500
Income from discontinued operations before income taxes		—			1,243			—
Income taxes related to discontinued operations		—			346			—
Income from discontinued operations		—			897			—
Net income	$	24,760		$	23,504		$	25,500

PER COMMON SHARE:
From continuing operations:
Basic	$	0.58		$	0.52		$	0.59
Diluted		0.57			0.51			0.58
From discontinued operations:
Basic		—			0.02			—
Diluted		—			0.02			—
Net income:
Basic		0.58			0.54			0.59
Diluted		0.57			0.53			0.58
Cash dividends		0.26			0.25			0.26
Book value		14.65			14.34			14.68
Closing market price	$	33.14		$	30.50		$	38.15
Common shares outstanding:
Actual at period end, net of treasury shares		42,790,954			43,627,204			43,008,445
Weighted average- basic		42,900,416			43,680,837			43,111,287
Weighted average- diluted		43,418,579			44,258,584			43,742,803

FINANCIAL RATIOS:
Return on average assets		1.58	%		1.52	%		1.60	%
Return on average shareholders’ equity		15.71	%		15.19	%		15.90	%
Average equity to average assets		10.05	%		9.98	%		10.09	%
Net interest margin		3.85	%		3.86	%		3.86	%


	March 31		March 31		December 31
	2005		2004		2004
PERIOD END BALANCES:
Assets	$	6,311,308	$	6,441,078	$	6,435,971
Earning assets		5,823,572		5,576,094		5,953,858
Loans, net of unearned income		4,391,093		4,085,741		4,418,276
Loans held for sale		4,488		765		3,981
Investment securities		1,389,152		1,462,356		1,510,442
Total deposits		4,350,439		4,057,582		4,297,563
Shareholders’ equity		626,683		625,741		631,507

EX-99.2 3 j1350401exv99w2.htm EXHIBIT 99.2 EX-99.2

EXHIBIT 99.2

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)


Consolidated Statements of Income
	Three Months Ended
	March			March			December
	2005			2004			2004
Interest & Loan Fees Income	$	79,276		$	71,151		$	77,446
Tax equivalent adjustment		2,765			2,515			2,717

Interest & Fees Income (FTE)		82,041			73,666			80,163
Interest Expense		26,286			21,400			24,175

Net Interest Income (FTE)		55,755			52,266			55,988

Provision for credit losses		1,111			1,357			1,328

Non-Interest Income:
Investment securities transactions		924			714			15
Fees from trust & brokerage services		2,758			2,570			2,448
Fees from deposit services		6,491			7,397			7,202
Other charges, commissions, and fees		1,331			1,086			1,345
Income from mortgage banking operations		126			168			171
Other non-interest revenue		1,289			1,628			1,922

Total Non-Interest Income		12,919			13,563			13,103


Non-Interest Expense:
Salaries and employee benefits		14,066			14,111			12,912
Net occupancy		3,095			3,213			3,279
Other expenses		10,698			11,307			11,180
Prepayment penalties on FHLB advances		—			—			2,969
Amortization of intangibles		611			750			635
OREO expense		120			84			579
FDIC expense		151			159			158

Total Non-Interest Expense		28,741			29,624			31,712


Income from Continuing Operations Before Income Taxes (FTE)		38,822			34,848			36,051

Tax equivalent adjustment		2,765			2,515			2,717


Income from Continuing Operations Before Income Taxes		36,057			32,333			33,334

Taxes		11,297			9,726			7,834


Income from Continuing Operations		24,760			22,607			25,500

Income from Discontinued Operations Before Income Taxes		—			1,243			—

Taxes		—			346			—


Income from Discontinued Operations		—			897			—


Net Income	$	24,760		$	23,504		$	25,500


MEMO: Effective Tax Rate		31.33	%		30.00	%		23.50	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)


Discontinued Operations Statements of Income
	Three Months Ended
	March		March		December
	2005		2004		2004
Interest & Loan Fees Income		—	$	2,923		—
Interest Expense		—		572		—

Net Interest Income		—		2,351		—

Non-Interest Income:
Service charges, commissions, and fees		—		214		—
Income from mortgage banking operations		—		6,280		—

Total Non-Interest Income		—		6,494		—


Non-Interest Expense:
Salaries and employee benefits		—		5,825		—
Net occupancy		—		489		—
Other expenses		—		1,288		—

Total Non-Interest Expense		—		7,602		—


Income from Discontinued Operations Before Income Taxes		—		1,243		—

Taxes		—		346		—


Income from Discontinued Operations		—	$	897		—

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)


Consolidated Balance Sheets
	March 31			March 31
	2005			2004			March 31			December 31
	Q-T-D Average			Q-T-D Average			2005			2004
Cash & Cash Equivalents	$	167,617		$	191,569		$	174,625		$	153,465

Securities Available for Sale		1,219,415			1,229,365			1,156,442			1,277,160
Held to Maturity Securities		233,100			241,020			232,710			233,282

Total Securities		1,452,515			1,470,385			1,389,152			1,510,442

Total Cash and Securities		1,620,132			1,661,954			1,563,777			1,663,907


Loans held for sale		1,913			1,040			4,488			3,981

Commercial Loans		2,421,531			2,197,550			2,426,183			2,440,154
Mortgage Loans		1,580,145			1,404,236			1,576,147			1,579,792
Consumer Loans		401,202			406,453			395,124			404,756


Gross Loans		4,402,878			4,008,239			4,397,454			4,424,702

Unearned income		(6,382	)		(5,465	)		(6,361	)		(6,426	)


Loans, net of unearned income		4,396,496			4,002,774			4,391,093			4,418,276

Allowance for Loan Losses		(43,377	)		(50,300	)		(43,570	)		(43,365	)

Goodwill		166,925			169,079			166,852			166,926
Other Intangibles		6,532			9,204			6,208			6,819

Total Intangibles		173,457			178,283			173,060			173,745

Real Estate Owned		3,273			3,144			2,974			3,692
Other Assets		211,399			193,892			219,486			215,735
Assets Related to Discontinued Operations		—			244,565			—			—

Total Assets	$	6,363,293		$	6,235,352		$	6,311,308		$	6,435,971


MEMO: Earning Assets	$	5,833,995		$	5,434,673		$	5,823,572		$	5,953,858


Interest-bearing Deposits	$	3,436,365		$	3,209,338		$	3,469,837		$	3,412,224
Noninterest-bearing Deposits		877,253			832,575			880,602			885,339

Total Deposits		4,313,618			4,041,913			4,350,439			4,297,563

Short-term Borrowings		739,645			657,879			629,613			906,958
Long-term Borrowings		615,438			664,591			631,586			533,755

Total Borrowings		1,355,083			1,322,470			1,261,199			1,440,713

Other Liabilities		55,293			38,868			72,987			66,188
Liabilities Related to Discontinued Operations		—			209,668			—			—


Total Liabilities		5,723,994			5,612,919			5,684,625			5,804,464


Common Equity		639,299			622,433			626,683			631,507

Total Shareholders’ Equity		639,299			622,433			626,683			631,507


Total Liabilities & Equity	$	6,363,293		$	6,235,352		$	6,311,308		$	6,435,971

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)


	Three Months Ended
	March		March		December
	2005		2004		2004
Quarterly Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.58	$	0.52	$	0.59
Diluted	$	0.57	$	0.51	$	0.58

Earnings Per Share from Discontinued Operations:
Basic		—	$	0.02		—
Diluted		—	$	0.02		—

Earnings Per Share:
Basic	$	0.58	$	0.54	$	0.59
Diluted	$	0.57	$	0.53	$	0.58

Common Dividend Declared Per Share	$	0.26	$	0.25	$	0.26

High Common Stock Price	$	38.62	$	31.60	$	39.35
Low Common Stock Price	$	32.00	$	29.36	$	34.36

Average Shares Outstanding (Net of Treasury Stock):
Basic		42,900,416		43,680,837		43,111,287
Diluted		43,418,579		44,258,584		43,742,803

Memorandum Items:

Tax Applicable to Security Transactions	$	323	$	250	$	5

Common Dividends	$	11,138	$	10,916	$	11,553


	March		March		December
	2005		2004		2004
EOP Share Data:
Book Value Per Share	$	14.65	$	14.34	$	14.68
Tangible Book Value Per Share	$	10.60	$	10.30	$	10.64

52-week High Common Stock Price	$	39.35	$	31.61	$	39.35
Date		12/02/04		09/08/03		12/02/04
52-week Low Common Stock Price	$	29.15	$	27.40	$	29.15
Date		05/10/04		04/01/03		05/10/04

EOP Shares Outstanding (Net of Treasury Stock):		42,790,954		43,627,204		43,008,445

Memorandum Items:

EOP Employees (full-time equivalent)		1,319		1,549		1,319

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)


	Three Months Ended
	March			March			December
	2005			2004			2004
Selected Yields and Net Interest Margin:
Loans		6.03	%		5.75	%		5.84	%
Investment Securities		4.68	%		4.50	%		4.66	%
Money Market Investments/FFS		1.94	%		2.81	%		1.24	%
Average Earning Assets Yield		5.67	%		5.42	%		5.52	%
Interest-bearing Deposits		1.73	%		1.37	%		1.61	%
Short-term Borrowings		1.87	%		0.97	%		1.42	%
Long-term Borrowings		5.39	%		4.47	%		5.43	%
Average Liability Costs		2.22	%		1.87	%		2.03	%
Net Interest Spread		3.45	%		3.55	%		3.49	%
Net Interest Margin		3.85	%		3.86	%		3.86	%

Selected Financial Ratios:

Return on Average Common Equity		15.71	%		15.19	%		15.90	%
Return on Average Assets		1.58	%		1.52	%		1.60	%
Loan / Deposit Ratio		100.93	%		100.69	%		102.81	%
Allowance for Loan Losses/ Loans, net of unearned income		0.99	%		1.04	%		0.98	%
Allowance for Credit Losses ⁽¹⁾/ Loans, net of unearned income		1.17	%		1.26	%		1.16	%
Nonaccrual Loans / Loans, net of unearned income		0.14	%		0.16	%		0.14	%
90-Day Past Due Loans/ Loans, net of unearned income		0.08	%		0.22	%		0.10	%
Non-performing Loans/ Loans, net of unearned income		0.22	%		0.38	%		0.24	%
Non-performing Assets/ Total Assets		0.20	%		0.30	%		0.22	%
Primary Capital Ratio		10.66	%		10.43	%		10.53	%
Shareholders’ Equity Ratio		9.93	%		9.71	%		9.81	%
Price / Book Ratio		2.26	x		2.13	x		2.60	x
Price / Earnings Ratio		14.53	x		14.36	x		16.36	x
Efficiency Ratio		41.34	%		49.20	%		44.15	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)


	March		March		December
	2005		2004		2004
Asset Quality Data:
EOP Non-Accrual Loans	$	5,955	$	6,555	$	6,352
EOP 90-Day Past Due Loans		3,565		9,167		4,425

Total EOP Non-performing Loans	$	9,520	$	15,722	$	10,777

EOP Other Real Estate & Assets Owned		2,974		3,312		3,692

Total EOP Non-performing Assets	$	12,494	$	19,034	$	14,469


	Three Months Ended
	March			March			December
	2005			2004			2004
Allowance for Credit Losses:⁽¹⁾
Beginning Balance	$	51,353		$	51,309		$	51,475
Provision Expense		1,111			1,357			1,328

		52,464			52,666			52,803
Gross Charge-offs		(1,538	)		(1,762	)		(1,861	)
Recoveries		498			447			411

Net Charge-offs		(1,040	)		(1,315	)		(1,450	)

Ending Balance	$	51,424		$	51,351		$	51,353

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

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Press Release, dated April 25, 2005, issued by United Bankshares, Inc.

Unaudited Supplemental Financial Information