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

12 Months Ended

Dec. 31, 2023

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

Condensed Balance Sheets


	December 31
(In thousands)	2023			2022
Assets
Cash and due from banks	$	238,256		$	253,411
Securities available for sale		5,846			6,184
Securities held to maturity		20			20
Equity securities		3,735			2,490
Other investment securities		20,704			19,179
Investment in subsidiaries:
Bank subsidiaries		4,818,320			4,575,098
Nonbank subsidiaries		54,556			43,349
Goodwill		(16,715	)		(16,715	)
Other assets		28,315			24,993

Total Assets	$	5,153,037		$	4,908,009

Liabilities and Shareholders’ Equity
Subordinated notes	$	0		$	9,892
Junior subordinated debentures of subsidiary trusts		278,617			276,989
Accrued expenses and other liabilities		103,180			104,935
Shareholders’ equity (including other accumulated comprehensive losses of $259,681 and $332,732 at December 31, 2023 and 2022, respectively)		4,771,240			4,516,193

Total Liabilities and Shareholders’ Equity	$	5,153,037		$	4,908,009

Condensed Statements of Income


	Year Ended December 31
(In thousands)	2023		2022		2021
Income
Dividends from banking subsidiaries	$	217,000	$	272,500	$	287,500
Net interest income		970		446		335
Management fees:
Bank subsidiaries		43,852		35,931		39,678
Nonbank subsidiaries		27		27		27
Other income		2,167		3,053		3,418

Total Income		264,016		311,957		330,958

Expenses
Operating expenses		67,968		50,242		47,273

Condensed Statements of Income


	Year Ended December 31
(In thousands)	2023			2022			2021
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries		196,048			261,715			283,685
Applicable income tax benefit		(4,521	)		(2,196	)		(779	)

Income Before Equity in Undistributed Net Income of Subsidiaries		200,569			263,911			284,464
Equity in undistributed net income of subsidiaries:
Bank subsidiaries		170,997			117,594			83,507
Nonbank subsidiaries		(5,253	)		(1,878	)		(233	)

Net Income	$	366,313		$	379,627		$	367,738

Condensed Statements of Cash Flows


	Year Ended December 31
(In thousands)	2023			2022			2021
Operating Activities
Net income	$	366,313		$	379,627		$	367,738
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(165,744	)		(115,716	)		(83,274	)
Amortization of net periodic pension costs		204			220			203
Stock-based compensation		12,463			9,881			8,018
Excess tax benefits from stock-based compensation arrangements		128			1,040			303
Net change in other assets and liabilities		(5,420	)		(6,118	)		2,519

Net Cash Provided by Operating Activities		207,944			268,934			295,507

Investing Activities
Net proceeds from (purchases) sales of debt securities		338			(426	)		1,449
Net (purchases) proceeds from sales of equity securities		(1,303	)		4,186			(1,016	)
Net cash received in acquisition of subsidiary		0			0			1,072
Increase in investment in subsidiaries		(16,000	)		(13,000	)		(3,500	)
Change in other investment securities		(1,525	)		(6,144	)		(2,310	)

Net Cash Used in Investing Activities		(18,490	)		(15,384	)		(4,305	)

Financing Activities
Repayment of subordinated notes		(10,250	)		0			0
Cash dividends paid		(194,727	)		(193,041	)		(181,277	)
Acquisition of treasury stock		(1,382	)		(79,460	)		(11,211	)
Proceeds from exercise of stock options		1,750			10,295			5,206

Net Cash Used in Financing Activities		(204,609	)		(262,206	)		(187,282	)

(Decrease) Increase in Cash and Cash Equivalents		(15,155	)		(8,656	)		103,920
Cash and Cash Equivalents at Beginning of Year		253,411			262,067			158,147

Cash and Cash Equivalents at End of Year	$	238,256		$	253,411		$	262,067