United Bankshares, Inc. (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

United Bankshares, Inc. (Parent Company Only) Financial Information

NOTE R—UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION

Condensed Balance Sheets

	December 31
(In thousands)	2013		2012
Assets
Cash and due from banks	$	43,613	$	30,585
Securities available for sale		1,925		3,271
Securities held to maturity		20		225
Other investment securities		125		162
Investment in subsidiaries:
Bank subsidiaries		1,139,786		1,100,880
Nonbank subsidiaries		6,396		6,355
Other assets		11,751		10,069
Total Assets	$	1,203,616	$	1,151,547
Liabilities and Shareholders’ Equity
Junior subordinated debentures of subsidiary trusts	$	128,868	$	128,868
Accrued expenses and other liabilities		33,016		30,428
Shareholders’ equity (including other accumulated comprehensive loss of $43,047 and $65,748 at December 31, 2013 and 2012, respectively)		1,041,732		992,251
Total Liabilities and Shareholders’ Equity	$	1,203,616	$	1,151,547

Condensed Statements of Income

	Year Ended December 31
(In thousands)	2013			2012			2011
Income
Dividends from banking subsidiaries	$	69,500		$	67,600		$	68,323
Net interest income		74			119			417
Management fees:
Bank subsidiaries		17,665			15,854			13,000
Nonbank subsidiaries		27			27			27
Other income		555			105			414
Total Income		87,821			83,705			82,181
Expenses
Operating expenses		20,595			20,879			20,431
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries		67,226			62,826			61,750
Applicable income tax benefit		(709	)		(1,487	)		(2,025	)
Income Before Equity in Undistributed Net Income of Subsidiaries		67,935			64,313			63,775
Equity in undistributed net income of subsidiaries:
Bank subsidiaries		17,652			18,186			11,710
Nonbank subsidiaries		41			108			125
Net Income	$	85,628		$	82,607		$	75,610

Condensed Statements of Cash Flows

	Year Ended December 31
(In thousands)	2013			2012			2011
Operating Activities
Net income	$	85,628		$	82,607		$	75,610
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(17,693	)		(18,294	)		(11,835	)
Amortization of net periodic pension costs		373			117			76
Stock-based compensation		1,786			1,908			1,133
Net (gain) loss on securities transactions		(556	)		(55	)		(12	)
Net change in other assets and liabilities		867			(1,553	)		(6,895	)
Net Cash Provided by Operating Activities		70,405			64,730			58,077
Investing Activities
Net proceeds from (purchases of) sales of securities		2,341			1,541			4,854
Net cash paid in acquisition of subsidiary		0			0			(8,576	)
Change in other investment securities		37			38			1,376
Net Cash Provided by (Used in) Investing Activities		2,378			1,579			(2,346	)
Financing Activities
Cash dividends paid		(62,434	)		(62,333	)		(54,344	)
Net (repayment) liquidation of subsidiary trusts		0			(5,155	)		0
Acquisition of treasury stock		(93	)		(12	)		(18	)
Proceeds from sale of treasury stock from deferred compensation plan		77			130			74
Excess tax benefits from stock-based compensation arrangements		331			35			3,114
Proceeds from exercise of stock options		2,364			115			542
Net Cash Used in Financing Activities		(59,755	)		(67,220	)		(50,632	)
Increase (Decrease) in Cash and Cash Equivalents		13,028			(911	)		5,099
Cash and Cash Equivalents at Beginning of Year		30,585			31,496			26,397
Cash and Cash Equivalents at End of Year	$	43,613		$	30,585		$	31,496