0001193125-12-434462.txt : 20121025 0001193125-12-434462.hdr.sgml : 20121025 20121025080042 ACCESSION NUMBER: 0001193125-12-434462 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121025 DATE AS OF CHANGE: 20121025 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: 121160076 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 d426447d8k.htm FORM 8-K Form 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):

October 24, 2012

 

 

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:

 

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

 

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

 

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

 

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

 

 

 

Item 2.02. Results of Operations and Financial Condition

On October 25, 2012, United Bankshares, Inc. (“United”) announced its financial results for the third quarter of 2012. A copy of the press release is attached as Exhibit 99.1 to this report. The press release is being furnished under Item 2.02 of this Form 8-K.

Item 8.01. Other Events

On October 24, 2012, United and its wholly owned subsidiary, United Bank, Inc. of West Virginia, agreed to settle two putative class actions. The class actions allege that United Bank improperly posted, processed, and paid consumer checking account debit card transactions, which allegedly resulted in the assessment of improper overdraft fees. These cases are virtually identical to cases filed against more than 70 other United States banks over the last three years.

The first case has been consolidated, with similar cases against a myriad of other banks, into a federal multidistrict litigation pending in the United States District Court for the Southern District of Florida that is known as In re Checking Account Overdraft Litigation, Case No. 1:09-md-02036-JLK. The second case is pending in the Circuit Court of Jackson County, West Virginia. Without admitting liability or any wrongdoing and to avoid further litigation expense, United Bankshares, Inc. and United Bank, Inc. of West Virginia agreed to settle these cases in exchange for a payment of $3.3 million and an agreement to pay certain settlement-related expenses.

The settlement is subject to court approval.

Item 9.01. Financial Statements and Exhibits

(c) The following exhibits are being furnished herewith:

 

99.1    Press Release, dated October 25, 2012, issued by United Bankshares, Inc.

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: October 25, 2012     By:  

/s/ Steven E. Wilson

    Steven E. Wilson, Executive Vice President,
    Treasurer, Secretary and Chief Financial Officer
 EX-99.1 2 d426447dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

News Release

 

 

LOGO

 

For Immediate Release    Contact: Steven E. Wilson
October 25, 2012    Chief Financial Officer
   (800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings

for the Third Quarter and First Nine Months of 2012

WASHINGTON, D.C. and CHARLESTON, WV—United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2012. Earnings for the third quarter of 2012 were $19.3 million or $0.38 per diluted share while earnings for the first nine months of 2012 were $61.4 million or $1.22 per diluted share. Earnings for the third quarter of 2011 were $20.0 million or $0.40 per diluted share while earnings for the first nine months of 2011 were $55.4 million or $1.21 per diluted share.

The results for the third quarter and first nine months of 2012 included an accrual of $3.3 million with respect to a settlement of claims asserted in class actions against United Bank, Inc. of West Virginia. For further details regarding this settlement, please refer to Item 8.01 of the Form 8-K filed with the Securities Exchange Commission on this date. Also included in the results for the third quarter and first nine months of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million and $5.4 million, respectively, on certain investment securities.

The results for the third quarter and first nine months of 2011 included before-tax, other-than-temporary impairment charges of $7.9 million and $14.1 million, respectively, on certain investment securities. In addition, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) during the third quarter of 2011. As a result, comparisons for the first nine months of 2012 to the same time period in 2011 are impacted by increased levels of average balances, income, and expense due to the acquisition. At consummation, Centra had assets of approximately $1.3 billion, loans of $1.0 billion, deposits of $1.1 billion and shareholders’ equity of $131 million.

Third quarter of 2012 results produced a return on average assets of 0.92% and a return on average equity of 7.76%, respectively. For the first nine months of 2012, United’s return on average assets was 0.97% while the return on average equity was 8.32%. United’s annualized returns on average assets and average equity were 0.95% and 8.26%, respectively, for the third quarter of 2011 while the returns on average assets and average equity was 0.98% and 8.62%, respectively, for the first nine months of 2011.

United’s asset quality continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.53% at September 30, 2012 compares favorably to the most recently reported percentage of 2.93% at June 30, 2012 for United’s Federal Reserve peer group. At September 30, 2012, nonperforming loans were $98.4 million, up from nonperforming loans of $79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011. During the third quarter of 2012, loans totaling $20.5 million to two commercial customers were placed on nonaccrual status. The loss potential on these loans has been

United Bankshares, Inc. Announces…

October 25, 2012

Page Two

 

properly evaluated and allocated within the company’s allowance for loan losses. As of September 30, 2012, the allowance for loan losses was $73.7 million or 1.15% of loans, net of unearned income, which was comparable to $73.9 million or 1.18% of loans, net of unearned income, at December 31, 2011. Total nonperforming assets of $148.5 million, including OREO of $50.0 million at September 30, 2012, represented 1.77% of total assets which also compares favorably to the most recently reported percentage of 2.33% at June 30, 2012 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 13.8% at September 30, 2012 while its Tier I capital and leverage ratios are 12.6% and 10.7%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

Tax-equivalent net interest income for the third quarter of 2012 was $71.6 million, a decrease of $951 thousand or 1% from the third quarter of 2011 due mainly to a decrease in the average yield on earning assets. The third quarter of 2012 average yield on earning assets decreased 13 basis points from the third quarter of 2011. In addition, average earning assets decreased $90.5 million or 1% from the third quarter of 2011 as average short-term investments and average investment securities declined $199.5 million and $87.9 million, respectively. Average net loans did increase $197.0 million or 3% for the third quarter of 2012 from the third quarter of 2011 partially offsetting the decreases in average short-term investments and investment securities. Partially offsetting the decreases to tax-equivalent net interest income for the third quarter of 2012 was a decline of 14 basis points in the average cost of funds as compared to the third quarter of 2011. The net interest margin for the third quarter of 2012 was 3.87%, which equaled the net interest margin for the third quarter of 2011.

Tax-equivalent net interest income for the first nine months of 2012 was $212.8 million, an increase of $19.2 million or 10% from the first nine months of 2011. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Centra acquisition. Average earning assets increased $787.6 million or 12% from the first nine months of 2011. Average net loans increased $731.7 million or 13% for the first nine months of 2012. In addition, the average cost of funds declined 23 basis points from the first nine months of 2011. Partially offsetting the increases to tax-equivalent net interest income for the first nine months of 2012 was a decline of 27 basis points in the average yield on earning assets as compared to the first nine months of 2011. The net interest margin for the first nine months of 2012 was 3.80%, which was a decrease of 7 basis points from a net interest margin of 3.87% for the first nine months of 2011.

On a linked-quarter basis, United’s tax-equivalent net interest income for the third quarter of 2012 increased $951 thousand or 1% from the second quarter of 2012 due mainly to increases in average net loans and the average yield on earning assets. Average net loans increased $137.2 million or 2%. The third quarter of 2012 average yield on earning assets increased 7 basis points while the average cost of funds decreased 3 basis points from the second quarter of 2012. Overall, average earning assets decreased $165.5 million or 2% during the quarter as average short-term investments and average investment securities decreased $292.1 million and $10.6 million, respectively. The net interest margin of 3.87% for the third quarter of 2012 was an increase of 11 basis points from the net interest margin of 3.76% for the second quarter of 2012.

United Bankshares, Inc. Announces…

October 25, 2012

Page Three

 

For the quarters ended September 30, 2012 and 2011, the provision for loan losses was $4.3 million and $3.6 million, respectively, while the provision for the first nine months of 2012 was $11.9 million as compared to $12.9 million for the first nine months of 2011. Net charge-offs were $4.0 million and $3.3 million for the third quarter of 2012 and 2011, respectively, as compared to $12.0 million and $12.4 million for the first nine months of 2012 and 2011. Annualized net charge-offs as a percentage of average loans were 0.25% and 0.26% for the third quarter and first nine months of 2012, respectively. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 0.65% for the second quarter of 2012.

Noninterest income for the third quarter of 2012 was $16.6 million, which was an increase of $5.7 million from the third quarter of 2011. Included in noninterest income for the third quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $7.9 million on certain investment securities for the third quarter of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the third quarter of 2012 would have increased $367 thousand or 2% from the third quarter of 2011. This increase for the third quarter of 2012 was due primarily to increases of $890 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management and $614 thousand in mortgage banking income due to increased production and sales of mortgage loans in the secondary market.

Noninterest income for the first nine months of 2012 was $49.5 million, which was an increase of $10.6 million from the first nine months of 2011. Included in noninterest income for the first nine months of 2012 were noncash, before-tax, other-than-temporary impairment charges of $5.4 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $14.1 million on certain investment securities for the first nine months of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the first nine months of 2012 would have increased $3.3 million or 6% from the first nine months of 2011. This increase for the first nine months of 2012 was due primarily to increases of $2.1 million in income from trust and brokerage services due to increases in volume and the value of assets under management, $792 thousand in fees from deposit services due to an increase in check card income and $1.1 million in mortgage banking income due to increased production and sales of mortgage loans in the secondary market.

On a linked-quarter basis, noninterest income for the third quarter of 2012 was flat from the second quarter of 2012, increasing $47 thousand. Included in the results for the third quarter of 2012 and second quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million and $1.7 million, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have increased $692 thousand or 4% on a linked-quarter basis due primarily to increases of $336 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market and $157 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management.

United Bankshares, Inc. Announces…

October 25, 2012

Page Four

 

Noninterest expense for the third quarter of 2012 was $53.9 million, an increase of $5.0 million or 10% from the third quarter of 2011 due mainly to the previously mentioned accrual of $3.3 million for the litigation settlement amount related to overdraft claims against United. In addition, employee benefits increased $910 thousand due to higher pension costs and data processing expense increased $734 thousand due to a conversion to a new servicer.

Noninterest expense for the first nine months of 2012 was $155.4 million, an increase of $21.4 million or 16% from the first nine months of 2011 due partially to the previously mentioned litigation settlement accrual. In addition, employee compensation increased $6.3 million due to additional employees from the Centra merger and employee benefits increased $3.4 million due mainly to an increase in pension costs. The remainder of the increase in noninterest expense from the first nine months of 2011 was due mainly to the additional offices and equipment from the Centra merger.

On a linked-quarter basis, noninterest expense for the third quarter of 2012 increased $2.6 million or 5% from the second quarter of 2012. This increase was due primarily to the litigation settlement accrual as well as an increase of $1.0 million in data processing expense related to the overlap of data processors and the conversion to a new servicer.

During the third quarter of 2012, United’s Board of Directors declared a cash dividend of $0.31 per share. United has increased its dividend to shareholders for 38 consecutive years. The annualized 2012 dividend of $1.24 equates to a yield of approximately 5% based on recent UBSI market prices.

United has consolidated assets of approximately $8.4 billion with 123 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2012 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2012 and will adjust amounts preliminarily reported, if necessary.

Forward-Looking Statements

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FINANCIAL SUMMARY

(In Thousands Except for Per Share Data)

 

     Three Months Ended     Nine Months Ended  
     September 30
2012		     September 30
2011		     September 30
2012		     September 30
2011		  

EARNINGS SUMMARY:

         

Interest income, taxable equivalent (non-GAAP)

    $ 82,888      $ 86,466      $ 249,010      $ 235,848   

Interest expense

      11,322        13,949        36,194        42,257   

Net interest income, taxable equivalent (non-GAAP)

      71,566        72,517        212,816        193,591   

Taxable equivalent adjustment

      1,552        1,765        4,781        4,855   

Net interest income (GAAP)

      70,014        70,752        208,035        188,736   

Provision for loan losses

      4,346        3,637        11,915        12,873   

Noninterest income

      16,634        10,978        49,547        38,963   

Noninterest expenses

      53,869        48,873        155,383        134,019   

Income taxes

      9,099        9,204        28,891        25,454   

Net income

    $ 19,334      $ 20,016      $ 61,393      $ 55,353   

PER COMMON SHARE:

         

Net income:

         

Basic

    $ 0.38      $ 0.40      $ 1.22      $ 1.21   

Diluted

      0.38        0.40        1.22        1.21   

Cash dividends

    $ 0.31      $ 0.30        0.93        0.90   

Book value

          19.66        19.38   

Closing market price

        $ 24.91      $ 20.09   

Common shares outstanding:

         

Actual at period end, net of treasury shares

          50,275,998        50,205,691   

Weighted average-basic

      50,276,074        49,628,087        50,262,089        45,656,304   

Weighted average-diluted

      50,295,162        49,636,382        50,298,998        45,692,106   

FINANCIAL RATIOS:

         

Return on average assets

      0.92 %      0.95 %      0.97 %      0.98 % 

Return on average shareholders’ equity

      7.76 %      8.26 %      8.32 %      8.62 % 

Average equity to average assets

      11.92 %      11.47 %      11.72 %      11.39 % 

Net interest margin

      3.87 %      3.87 %      3.80 %      3.87 % 
     September 30
2012		     September 30
2011		     December 31
2011		     June 30
2012		  

PERIOD END BALANCES:

         

Assets

    $ 8,381,378      $ 8,577,886      $ 8,451,470      $ 8,457,009   

Earning assets

      7,426,785        7,601,292        7,492,400        7,482,684   

Loans, net of unearned income

      6,422,613        6,253,295        6,230,777        6,308,983   

Loans held for sale

      12,905        7,378        3,902        9,279   

Investment securities

      766,713        871,898        824,219        722,854   

Total deposits

      6,753,924        6,927,975        6,819,010        6,860,441   

Shareholders’ equity

      988,429        972,753        968,844        981,181   

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

 

     Three Months Ended     Year to Date  
     September
2012		     September
2011		     June
2012		     March
2012		     September
2012		     September
2011		  

Interest & Loan Fees Income (GAAP)

    $ 81,336      $ 84,701      $ 81,105      $ 81,788      $ 244,229      $ 230,993   

Tax equivalent adjustment

      1,552        1,765        1,560        1,669        4,781        4,855   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      82,888        86,466        82,665        83,457        249,010        235,848   

Interest Expense

      11,322        13,949        12,050        12,822        36,194        42,257   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Interest Income (FTE) (non-GAAP)

      71,566        72,517        70,615        70,635        212,816        193,591   

Provision for Loan Losses

      4,346        3,637        3,436        4,133        11,915        12,873   

Non-Interest Income:

             

Fees from trust & brokerage services

      4,170        3,280        4,013        3,984        12,167        10,027   

Fees from deposit services

      10,521        10,462        10,393        10,312        31,226        30,434   

Bankcard fees and merchant discounts

      866        1,237        738        647        2,251        2,475   

Other charges, commissions, and fees

      513        455        600        577        1,690        1,290   

Income from bank owned life insurance

      1,247        1,544        1,255        1,289        3,791        3,947   

Mortgage banking income

      819        205        483        318        1,620        570   

Other non-interest revenue

      686        1,272        648        658        1,992        2,722   

Net other-than-temporary impairment losses

      (2,255 )      (7,922 )      (1,742 )      (1,377 )      (5,374 )      (14,128 ) 

Net gains on sales/calls of investment securities

      67        445        199        (82 )      184        1,626   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Non-Interest Income

      16,634        10,978        16,587        16,326        49,547        38,963   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-Interest Expense:

             

Employee compensation

      17,258        16,970        17,965        17,907        53,130        46,855   

Employee benefits

      5,271        4,361        5,823        5,192        16,286        12,870   

Net occupancy

      5,060        5,051        5,321        5,042        15,423        13,578   

Data processing

      3,675        2,941        2,639        3,209        9,523        8,618   

Amortization of intangibles

      697        860        724        762        2,183        1,597   

OREO expense

      2,160        2,129        2,160        2,328        6,648        5,129   

FDIC expense

      1,489        2,308        1,495        1,555        4,539        6,972   

Other expenses

      18,259        14,253        15,125        14,267        47,651        38,400   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Non-Interest Expense

      53,869        48,873        51,252        50,262        155,383        134,019   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      29,985        30,985        32,514        32,566        95,065        85,662   

Tax equivalent adjustment

      1,552        1,765        1,560        1,669        4,781        4,855   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income Before Income Taxes (GAAP)

      28,433        29,220        30,954        30,897        90,284        80,807   

Taxes

      9,099        9,204        9,905        9,887        28,891        25,454   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

    $ 19,334      $ 20,016      $ 21,049      $ 21,010      $ 61,393      $ 55,353   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MEMO: Effective Tax Rate

      32.00 %      31.50 %      32.00 %      32.00 %      32.00 %      31.50 % 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

     September  30
2012
Q-T-D Average		     September  30
2011
Q-T-D Average		     September 30
2012		     December 31
2011		     September 30
2011		  

Cash & Cash Equivalents

    $ 475,549      $ 652,478      $ 436,328      $ 636,003      $ 668,524   

Securities Available for Sale

      629,531        699,449        650,145        696,518        738,226   

Held to Maturity Securities

      52,998        62,572        52,929        59,289        62,114   

Other Investment Securities

      63,725        72,172        63,639        68,412        71,558   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Securities

      746,254        834,193        766,713        824,219        871,898   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Cash and Securities

      1,221,803        1,486,671        1,203,041        1,460,222        1,540,422   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans held for sale

      10,295        3,859        12,905        3,902        7,378   

Commercial Loans

      4,548,687        4,275,255        4,628,401        4,378,345        4,370,792   

Mortgage Loans

      1,508,239        1,563,506        1,502,227        1,556,905        1,553,378   

Consumer Loans

      306,357        333,342        297,702        299,030        334,391   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross Loans

      6,363,283        6,172,103        6,428,330        6,234,280        6,258,561   

Unearned income

      (5,711 )      (4,988 )      (5,717 )      (3,503 )      (5,266 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans, net of unearned income

      6,357,572        6,167,115        6,422,613        6,230,777        6,253,295   

Allowance for Loan Losses

      (73,398 )      (73,504 )      (73,748 )      (73,874 )      (73,509 ) 

Goodwill

      371,778        361,995        375,583        375,626        376,912   

Other Intangibles

      11,213        1,762        10,776        12,950        11,787   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Intangibles

      382,991        363,757        386,359        388,576        388,699   

Real Estate Owned

      48,321        51,430        50,040        51,760        52,657   

Other Assets

      368,515        383,244        380,168        390,107        408,944   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 8,316,099      $ 8,382,572      $ 8,381,378      $ 8,451,470      $ 8,577,886   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MEMO: Earning Assets

    $ 7,369,900      $ 7,460,381      $ 7,426,785      $ 7,492,400      $ 7,601,292   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest-bearing Deposits

    $ 4,959,606      $ 5,217,555      $ 4,946,725      $ 5,199,848      $ 5,314,303   

Noninterest-bearing Deposits

      1,754,351        1,557,654        1,807,199        1,619,162        1,613,672   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Deposits

      6,713,957        6,775,209        6,753,924        6,819,010        6,927,975   

Short-term Borrowings

      280,319        248,829        288,482        254,766        260,320   

Long-term Borrowings

      287,661        354,482        285,000        345,366        355,433   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Borrowings

      567,980        603,311        573,482        600,132        615,753   

Other Liabilities

      42,513        42,340        65,543        63,484        61,405   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

      7,324,450        7,420,860        7,392,949        7,482,626        7,605,133   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred Equity

      —          —          —          —          —     

Common Equity

      991,649        961,712        988,429        968,844        972,753   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Shareholders’ Equity

      991,649        961,712        988,429        968,844        972,753   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities & Equity

    $ 8,316,099      $ 8,382,572      $ 8,381,378      $ 8,451,470      $ 8,577,886   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MEMO: Interest-bearing Liabilities

    $ 5,527,586      $ 5,820,866      $ 5,520,207      $ 5,799,980      $ 5,930,056   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

    Three Months Ended     Year to Date  
    September
2012		     September
2011		     June
2012		     March
2012		     September
2012		     September
2011		  

Quarterly/Year-to-Date Share Data:

            

Earnings Per Share:

            

Basic

   $ 0.38      $ 0.40      $ 0.42      $ 0.42      $ 1.22      $ 1.21   

Diluted

   $ 0.38      $ 0.40      $ 0.42      $ 0.42      $ 1.22      $ 1.21   

Common Dividend Declared Per Share:

   $ 0.31      $ 0.30      $ 0.31      $ 0.31      $ 0.93      $ 0.90   

High Common Stock Price

   $ 26.40      $ 25.21      $ 29.45      $ 30.91      $ 30.91      $ 30.84   

Low Common Stock Price

   $ 22.54      $ 18.78      $ 23.87      $ 27.36      $ 22.54      $ 18.78   

Average Shares Outstanding (Net of Treasury Stock):

            

Basic

     50,276,074        49,628,087        50,274,665        50,235,374        50,262,089        45,656,304   

Diluted

     50,295,162        49,636,382        50,308,228        50,300,538        50,298,998        45,692,106   

Memorandum Items:

            

Tax Applicable to Security Sales/Calls

   $ 23      $ 156      $ 70      $ (29 )    $ 64      $ 569   

Common Dividends

   $ 15,589      $ 15,062      $ 15,605      $ 15,570      $ 46,764      $ 41,256   

Dividend Payout Ratio

     80.63 %      75.25 %      74.14 %      74.11 %      76.17 %      74.53 % 

 

     September
2012		     September
2011		     June
2012		     March
2012		  

EOP Share Data:

         

Book Value Per Share

    $ 19.66      $ 19.38      $ 19.52      $ 19.42   

Tangible Book Value Per Share (1)

    $ 11.98      $ 11.63      $ 11.82      $ 11.71   

52-week High Common Stock Price

    $ 30.91      $ 30.84      $ 30.91      $ 30.91   

Date

      03/19/12        01/19/11        03/19/12        03/19/12   

52-week Low Common Stock Price

    $ 19.06      $ 18.78      $ 18.78      $ 18.78   

Date

      10/04/11        09/22/11        09/22/11        09/22/11   

EOP Shares Outstanding (Net of Treasury Stock):

      50,275,998        50,205,691        50,275,869        50,274,104   

Memorandum Items:

         

EOP Employees (full-time equivalent)

      1,597        1,632        1,626        1,637   

Note:

         

(1) Tangible Book Value Per Share:

         

Total Shareholders’ Equity (GAAP)

    $ 988,429      $ 972,753      $ 981,181      $ 976,303   

Less: Total Intangibles

      (386,359 )      (388,699 )      (387,056 )      (387,766 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Tangible Equity (non-GAAP)

    $ 602,070      $ 584,054      $ 594,125      $ 588,517   

÷ EOP Shares Outstanding (Net of Treasury Stock)

      50,275,998        50,205,691        50,275,869        50,274,104   

Tangible Book Value Per Share (non-GAAP)

    $ 11.98      $ 11.63      $ 11.82      $ 11.71   

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     Three Months Ended     Year to Date  
     September
2012		     September
2011		     June
2012		     March
2012		     September
2012		     September
2011		  

Selected Yields and Net Interest Margin:

             

Loans

      4.85 %      5.14 %      5.01 %      5.02 %      4.96 %      5.18 % 

Investment Securities

      3.28 %      3.48 %      2.91 %      3.08 %      3.09 %      3.79 % 

Money Market Investments/FFS

      0.18 %      0.27 %      0.27 %      0.26 %      0.24 %      0.31 % 

Average Earning Assets Yield

      4.48 %      4.61 %      4.41 %      4.47 %      4.45 %      4.72 % 

Interest-bearing Deposits

      0.63 %      0.74 %      0.65 %      0.67 %      0.65 %      0.87 % 

Short-term Borrowings

      0.08 %      0.08 %      0.10 %      0.09 %      0.09 %      0.06 % 

Long-term Borrowings

      4.73 %      4.73 %      4.78 %      4.83 %      4.78 %      4.77 % 

Average Liability Costs

      0.81 %      0.95 %      0.84 %      0.89 %      0.85 %      1.08 % 

Net Interest Spread

      3.67 %      3.66 %      3.57 %      3.58 %      3.60 %      3.64 % 

Net Interest Margin

      3.87 %      3.87 %      3.76 %      3.78 %      3.80 %      3.87 % 

Selected Financial Ratios:

             

Return on Average Common Equity

      7.76 %      8.26 %      8.58 %      8.63 %      8.32 %      8.62 % 

Return on Average Assets

      0.92 %      0.95 %      1.00 %      1.00 %      0.97 %      0.98 % 

Efficiency Ratio

      56.44 %      50.44 %      54.50 %      53.35 %      54.77 %      51.94 % 

 

     September
2012		     September
2011		     June
2012		     March
2012		  

Loan / Deposit Ratio

      95.09 %      90.26 %      91.96 %      90.01 % 

Allowance for Loan Losses/ Loans, Net of Unearned Income

      1.15 %      1.18 %      1.16 %      1.19 % 

Allowance for Credit Losses (1)/ Loans, Net of Unearned Income

      1.18 %      1.21 %      1.20 %      1.22 % 

Nonaccrual Loans / Loans, Net of Unearned Income

      1.27 %      0.86 %      1.00 %      1.00 % 

90-Day Past Due Loans/ Loans, Net of Unearned Income

      0.19 %      0.26 %      0.16 %      0.16 % 

Non-performing Loans/ Loans, Net of Unearned Income

      1.53 %      1.18 %      1.23 %      1.23 % 

Non-performing Assets/ Total Assets

      1.77 %      1.47 %      1.49 %      1.48 % 

Primary Capital Ratio

      12.58 %      12.11 %      12.38 %      12.23 % 

Shareholders’ Equity Ratio

      11.79 %      11.34 %      11.60 %      11.45 % 

Price / Book Ratio

      1.27x        1.04x        1.33x        1.49x   

Price / Earnings Ratio

      16.20x        12.45x        15.46x        17.27x   

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

     September
2012		      September
2011		      December
2011		      June
2012		      March
2012		  

Asset Quality Data:

               

EOP Non-Accrual Loans

    $ 81,861       $ 53,759       $ 59,892       $ 63,279       $ 62,037   

EOP 90-Day Past Due Loans

      12,475         16,340         16,179         10,029         9,816   

EOP Restructured Loans

      4,091         3,624         3,592         4,255         4,335   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total EOP Non-performing Loans

    $ 98,427       $ 73,723       $ 79,663       $ 77,563       $ 76,188   

EOP Other Real Estate Owned

      50,040         52,657         51,760         48,608         49,864   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total EOP Non-performing Assets

    $ 148,467       $ 126,380       $ 131,423       $ 126,171       $ 126,052   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

     Three Months Ended     Year to Date  
     September
2012		     September
2011		     June
2012		     March
2012		     September
2012		     September
2011		  

Allowance for Credit Losses: (1)

             

Beginning Balance

    $ 75,525      $ 75,181      $ 75,747      $ 75,727      $ 75,727      $ 75,039   

Provision for Credit Losses (3)

      4,022        3,573        3,813        4,015        11,850        12,852   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     79,547        78,754        79,560        79,742        87,577        87,891   

Gross Charge-offs

      (4,453 )      (4,867 )      (5,188 )      (4,734 )      (14,375 )      (15,207 ) 

Recoveries

      442        1,607        1,153        739        2,334        2,810   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Charge-offs

      (4,011 )      (3,260 )      (4,035 )      (3,995 )      (12,041 )      (12,397 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending Balance

    $ 75,536      $ 75,494      $ 75,525      $ 75,747      $ 75,536      $ 75,494   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

(1) Includes allowances for loan losses and lending-related commitments.
(2) Restructured loans with an aggregate balance of $1,277, $1,549, $1,528, $1,427 and $2,283 at September 30, 2012, September 30, 2011, December 31, 2011, June 30, 2012 and March 31, 2012, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.”
(3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.
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