UNITED BANKSHARES INC/WV false 0000729986 0000729986 2025-01-24 2025-01-24
UNITED STATES
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):
January 24, 2025
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
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| West Virginia |
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No. 002-86947 |
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55-0641179 |
| (State or other jurisdiction of incorporation or organization) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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| 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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading
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Name of each exchange on which registered |
| Common Stock, par value $2.50 per share |
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UBSI |
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NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On January 24, 2025 United Bankshares, Inc. (“United”) announced its financial results for the fourth quarter and year of 2024. 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 9.01. Financial Statements and Exhibits
(c) The following exhibits are being furnished herewith:
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.
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UNITED BANKSHARES, INC. |
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| Date: January 24, 2025 |
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By: |
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/s/ W. Mark Tatterson |
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W. Mark Tatterson, Executive Vice President and Chief Financial Officer |
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EXHIBIT 99.1
News Release
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| For Immediate Release |
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Contact: W. Mark Tatterson |
| January 24, 2025 |
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Chief Financial Officer |
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(800) 445-1347 ext. 8716 |
United Bankshares, Inc. Announces Earnings
for the Fourth Quarter and Year of 2024
WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the fourth
quarter of 2024 of $94.4 million, or $0.69 per diluted share. Fourth quarter of 2024 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure,
of 1.25%, 7.48%, and 12.03%, respectively. Earnings for the year of 2024 were $373.0 million, or $2.75 per diluted share, and returns on average assets, average equity, and average tangible equity were 1.26%, 7.61%, and 12.43%, respectively.
“UBSI capped off a successful 2024 with another high quality quarter,” stated Richard M. Adams, Jr., United’s Chief
Executive Officer. “Strong earnings, credit, and capital continue to be the story, and we also received regulatory approval of our acquisition in Atlanta. As we turn our sights towards 2025, we are excited about the opportunities we see in
front of us.”
Earnings for the third quarter of 2024 were $95.3 million, or $0.70 per diluted share, and annualized returns on
average assets, average equity, and average tangible equity were 1.28%, 7.72%, and 12.59%, respectively. Earnings for the fourth quarter of 2023 were $79.4 million, or $0.59 per diluted share, and annualized returns on average assets, average
equity, and average tangible equity were 1.08%, 6.70%, and 11.27%, respectively. Earnings for the year of 2023 were $366.3 million, or $2.71 per diluted share, and returns on average assets, average equity, and average tangible equity were
1.25%, 7.87%, and 13.33%, respectively. The fourth quarter of 2023 included approximately $12.0 million of noninterest expense for the Federal Deposit Insurance Corporation’s (“FDIC”) special assessment levied on banking
organizations to recover losses to the Deposit Insurance Fund.
On January 10, 2025, United consummated its acquisition of
Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”). As of January 10, 2025, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately
$2.2 billion, total deposits of approximately $2.1 billion, and total shareholders’ equity of approximately $202 million. Merger-related expenses for the fourth quarter and year of 2024 were $1.3 million and
$2.9 million, respectively.
1
United Bankshares, Inc. Announces…
January 24, 2025
Page Two
Fourth quarter of 2024 compared to the third quarter of 2024
Earnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share, as compared to earnings of $95.3 million, or
$0.70 per diluted share, for the third quarter of 2024.
Net interest income for the fourth quarter of 2024 was $232.6 million, an
increase of $2.4 million, or 1%, from the third quarter of 2024. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, of $233.4 million for the fourth quarter of 2024 increased $2.3 million, or 1%, from the third quarter of 2024. The increase in net interest
income and tax-equivalent net interest income was mainly due to a lower average rate paid on deposits and an increase in average earning assets that was largely funded by deposit growth. This increase in net
interest income and tax-equivalent net interest income was partially offset by a lower yield on average net loans and loans held for sale. The yield on average interest-bearing deposits decreased 26 basis
points from the third quarter of 2024. Average earning assets increased $556.2 million, or 2%, from the third quarter of 2024 due to a $419.7 million increase in average short-term investments, a $121.5 million increase in average net
loans and loans held for sale, and a $14.9 million increase in average investment securities. The yield on average net loans and loans held for sale decreased 18 basis points from the third quarter of 2024. The net interest margin was 3.49% for
the fourth quarter of 2024 as compared to 3.52% for the third quarter of 2024.
The provision for credit losses was $6.7 million for
the fourth quarter of 2024 as compared to $6.9 million for the third quarter of 2024.
Noninterest income for the fourth quarter of
2024 was $29.3 million, a decrease of $2.6 million, or 8%, from the third quarter of 2024 driven by decreases in mortgage loan servicing income of $7.4 million and income from mortgage banking activities of $2.2 million partially
offset by lower net losses on investment securities of $6.0 million and increases in several other categories of noninterest income, none of which were significant. During the third quarter of 2024, United sold its remaining mortgage servicing
rights (“MSRs”) at a gain of $7.1 million. The decrease in income from mortgage banking activities was mainly due to lower mortgage loan sale volume and a lower quarter-end valuation of mortgage
derivatives and mortgage loans held for sale. Net losses on investment securities were $688 thousand for the fourth quarter of 2024 compared to $6.7 million for the third quarter of 2024. During the fourth quarter of 2024,
$2.4 million of losses on sales of $170.9 million of available for sale (“AFS”) investment securities were partially offset by net unrealized fair value gains on equity securities of $1.7 million. During the third quarter of
2024, United sold $196.7 million of AFS investment securities at a loss of $6.9 million.
Noninterest expense for the fourth
quarter of 2024 of $134.2 million was flat from the third quarter of 2024, decreasing $1.2 million, or less than 1%. The slight decrease in noninterest expense was driven by decreases in several categories of noninterest expense, none of
which were significant. Within other noninterest expense, an increase in merger-related expenses was mostly offset by lower amounts of certain general operating expenses. Merger-related expenses for the fourth quarter of 2024 were $1.3 million
as compared to $332 thousand for the third quarter of 2024.
For the fourth quarter of 2024, income tax expense was
$26.7 million as compared to $24.6 million for the third quarter of 2024. The increase was driven by a higher effective tax rate and slightly higher pre-tax earnings. United’s effective tax rate
was 22.0% and 20.6% for the fourth quarter of 2024 and third quarter of 2024, respectively. The higher effective tax rate was primarily due to the impact of provision to return adjustments in the fourth quarter of 2024.
2
United Bankshares, Inc. Announces…
January 24, 2025
Page Three
Fourth quarter of 2024 compared to the fourth quarter of 2023
Earnings for the fourth quarter of 2024 were $94.4 million, or $0.69 per diluted share, as compared to earnings of $79.4 million, or
$0.59 per diluted share, for the fourth quarter of 2023.
Net interest income for the fourth quarter of 2024 was $232.6 million, an
increase of $2.9 million, or 1%, from the fourth quarter of 2023. Tax-equivalent net interest income for the fourth quarter of 2024 increased $2.8 million, or 1%, from the fourth quarter of 2023. The
increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average short-term investments, a decrease in average long-term borrowings, and loan growth. This
increase in net interest income and tax-equivalent net interest income was partially offset by a lower yield on average short-term investments, an increase in average interest-bearing deposits, and a decrease
in average investment securities. Average earning assets for the fourth quarter of 2024 increased $812.0 million, or 3%, from the fourth quarter of 2023 due to a $987.8 million increase in average short-term investments and a
$418.0 million increase in average net loans and loans held for sale partially offset by a $593.7 million decrease in average investment securities. Average long-term borrowings decreased $854.1 million, or 61%, from the fourth
quarter of 2023. The yield on average short-term investments decreased 78 basis points from the fourth quarter of 2023. Average interest-bearing deposits increased $1.5 billion, or 9%, from the fourth quarter of 2023. The net interest margin
for the fourth quarter of 2024 and 2023 was 3.49% and 3.55%, respectively.
The provision for credit losses was $6.7 million for the
fourth quarter of 2024 as compared to $6.9 million for the fourth quarter of 2023.
Noninterest income for the fourth quarter of 2024
was $29.3 million, which was a decrease of $4.4 million, or 13%, from the fourth quarter of 2023. This decrease in noninterest income was driven by decreases in other noninterest income of $3.3 million and income from mortgage banking
activities of $2.4 million partially offset by an increase in income from bank-owned life insurance (“BOLI”) of $1.4 million. Other noninterest income for the fourth quarter of 2023 included a $2.7 million gain from the
payoff of a fixed rate commercial loan that had an associated interest rate swap derivative. The decrease in income from mortgage banking activities was mainly due to lower mortgage loan origination and sale volume. The increase in BOLI income was
primarily due to the impact of higher market values of underlying investments and higher amounts of death benefits recognized in the fourth quarter of 2024.
Noninterest expense for the fourth quarter of 2024 decreased $18.1 million, or 12%, from the fourth quarter of 2023. The decrease in
noninterest expense was driven by decreases in FDIC insurance expense of $12.7 million, the expense for the reserve for unfunded loan commitments of $4.0 million, and other noninterest expense of $4.0 million partially offset by
increases in employee benefits of $3.9 million. FDIC insurance expense for the fourth quarter of 2023 included $12.0 million for the FDIC special assessment. The decrease in the expense for the reserve for unfunded loan commitments was
mainly due to a decrease in loan commitments. The decrease in other noninterest expense was primarily driven by a decrease in certain general operating expenses and an impairment recognized during the fourth quarter of 2023 of trade name intangibles
partially offset by merger-related expenses recognized during the fourth quarter of 2024. The increase in employee benefits was driven by higher health insurance costs and higher postretirement benefit costs.
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United Bankshares, Inc. Announces…
January 24, 2025
Page Four
For the fourth quarter of 2024, income tax expense was $26.7 million as compared to
$24.8 million for the fourth quarter of 2023. The increase was driven by higher pre-tax earnings partially offset by a lower effective tax rate. United’s effective tax rate was 22.0% and 23.8% for
the fourth quarter of 2024 and fourth quarter of 2023, respectively. The effective tax rates for the fourth quarter of 2024 and 2023 reflect the impact of provision to return adjustments during each period.
Year of 2024 compared to the year of 2023
Earnings for the year of 2024 were $373.0 million, or $2.75 per diluted share, as compared to earnings of $366.3 million, or $2.71
per diluted share, for the year of 2023.
Net interest income for the year of 2024 decreased $8.9 million, or 1%, from the year of
2023. Tax-equivalent net interest income for the year of 2024 decreased $9.5 million, or 1%, from the year of 2023. The decrease in net interest income and
tax-equivalent net interest income was primarily due to a higher average rate paid on deposits, an increase in average interest-bearing deposits, a decrease in average investment securities, and a decrease in
acquired loan accretion income. These decreases were partially offset by a higher yield on average net loans and loans held for sale, loan growth, a decrease in average long-term borrowings, and an increase in average short-term investments. The
yield on average interest-bearing deposits increased 66 basis points from the year of 2023. Average interest-bearing deposits increased $1.4 billion from the year of 2023. Average investment securities decreased $790.7 million from the
year of 2023. Acquired loan accretion income for the year of 2024 of $9.3 million was a decrease of $2.3 million from the year of 2023. The yield on average earning assets increased 33 basis points from the year of 2023 to 5.74% driven by
an increase in the yield on average net loans and loans held for sale of 28 basis points. Average net loans and loans held for sale increased $683.7 million from the year of 2023. Average long-term borrowings decreased $906.1 million from
the year of 2023. Average short-term investments increased $353.8 million from the year of 2023. The net interest margin for the year of 2024 and 2023 was 3.49% and 3.56%, respectively.
The provision for credit losses was $25.2 million for the year of 2024 as compared to $31.2 million for the year of 2023.
Noninterest income for the year of 2024 was $123.7 million, which was a decrease of $11.6 million, or 9%, from the year of 2023.
Income from mortgage banking activities decreased $10.5 million from the year of 2023 mainly due to lower mortgage loan origination and sale volume. Mortgage loan servicing income for the year of 2024 of $9.0 million included a
$7.1 million gain on the sale of MSRs while mortgage loan servicing income for the year of 2023 of $13.7 million included $8.3 million in gains on sales of MSRs with the remainder of the decrease due to lower serviced loan balances.
Other noninterest income decreased $3.3 million from the year of 2023 primarily due to the aforementioned $2.7 million gain from the payoff of a fixed rate commercial loan that had an associated interest rate swap derivative in the fourth
quarter of 2023. Fees from brokerage services increased $3.4 million from the year of 2023 primarily due to higher volume. BOLI income increased $2.9 million from the year of 2023 mainly due to higher market values of underlying
investments and higher amounts of death benefits recognized during the year of 2024. Net losses on investment securities of $7.7 million for the year of 2024 included $16.0 million in losses on sales of AFS investment securities partially
offset by a $6.9 million gain on the VISA share exchange and $1.7 million net unrealized fair value gains on equity securities. Net losses on investment securities of $7.6 million for the year of 2023 were driven by a
$7.2 million loss on sale of AFS investment securities during the second quarter of 2023.
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United Bankshares, Inc. Announces…
January 24, 2025
Page Five
Noninterest expense for the year of 2024 was $545.0 million, a decrease of
$15.2 million, or 3%, from the year of 2023 driven by decreases in FDIC insurance expense of $10.6 million, the expense for the reserve for unfunded loan commitments of $8.3 million, mortgage loan servicing expense of
$3.2 million, and amortization of intangibles of $1.5 million. These decreases in noninterest expense were partially offset by increases in employee benefits of $5.3 million and employee compensation of $3.8 million. The decrease
in FDIC insurance expense was driven by $12.0 million in expense recognized for the FDIC special assessment in 2023 as compared to $1.5 million in 2024. The decrease in the expense for the reserve for unfunded loan commitments was driven
by decreases in loan commitments. The decrease in mortgage loan servicing expense was driven by the aforementioned sales of MSRs in 2023 and 2024. The decrease in the amortization of intangibles was due to lower core deposit intangible balances. The
increase in employee benefits was primarily due to higher postretirement benefit costs. The increase in employee compensation was driven by higher employee incentives and base salaries, as well as employee severance associated with the previously
announced mortgage delivery channel consolidation partially offset by lower employee commissions and incentives related to mortgage banking production.
For the year of 2024, income tax expense was $91.6 million as compared to $97.5 million for the year of 2023. The decrease was
primarily due to the impact of discrete tax benefits recognized in the second quarter of 2024 and the impact of higher provision to return adjustments recognized in the fourth quarter of 2023 as compared to the fourth quarter of 2024. United’s
effective tax rate was 19.7% for the year of 2024 and 21.0% for the year of 2023.
Credit Quality
United’s asset quality continues to be sound. At December 31, 2024, non-performing loans
(“NPLs”) were $73.4 million, or 0.34% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $73.7 million, including other real estate
owned (“OREO”) of $327 thousand, or 0.25% of total assets at December 31, 2024. At September 30, 2024, NPLs were $65.2 million, or 0.30% of loans & leases, net of unearned income. Total NPAs were
$65.4 million, including OREO of $169 thousand, or 0.22% of total assets at September 30, 2024. At December 31, 2023, NPLs were $45.5 million, or 0.21% of loans & leases, net of unearned income. Total NPAs were
$48.1 million, including OREO of $2.6 million, or 0.16% of total assets at December 31, 2023.
As of December 31,
2024, the allowance for loan & lease losses was $271.8 million, or 1.25% of loans & leases, net of unearned income. At September 30, 2024, the allowance for loan & lease losses was $270.8 million, or 1.25%
of loans & leases, net of unearned income. At December 31, 2023, the allowance for loan & lease losses was $259.2 million, or 1.21% of loans & leases, net of unearned income.
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United Bankshares, Inc. Announces…
January 24, 2025
Page Six
Net charge-offs were $5.6 million, or 0.10% on an annualized basis as a percentage of
average loans & leases, net of unearned income for the fourth quarter of 2024. Net charge-offs were $3.6 million, or 0.07% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third
quarter of 2024. Net charge-offs were $2.5 million, or 0.05% on an annualized basis as a percentage of average loans & leases, net of unearned income for the fourth quarter of 2023. Net charge-offs were $12.5 million for the year
of 2024 compared to $6.7 million for the year of 2023. Net charge-offs as a percentage of average loans & leases, net of unearned income were 0.06% and 0.03% for the years of 2024 and 2023, respectively.
Capital
United continues to be
well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 16.5% at December 31, 2024, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 14.2%, 14.2%, and 11.7%,
respectively. The December 31, 2024 ratios reflect United’s election of a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the
COVID-19 pandemic, to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. The regulatory requirements for a well-capitalized financial institution are
a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%. United did not repurchase any shares of its common stock during 2024 or 2023.
About United Bankshares, Inc.
As
of December 31, 2024, United had consolidated assets of approximately $30 billion and is the 41st largest banking company in the U.S. based on market capitalization. United is the parent
company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United’s stock is traded on the NASDAQ Global
Select Market under the quotation symbol “UBSI”.
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United Bankshares, Inc. Announces…
January 24, 2025
Page Seven
Cautionary Statements
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its
December 31, 2024 consolidated financial statements on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates
made as of December 31, 2024 and will adjust amounts preliminarily reported, if necessary.
Use of
non-GAAP Financial Measures
This press release contains certain financial measures that
are not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures
provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how
United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of
companies in the banking industry.
Specifically, this press release contains certain references to financial measures identified
as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes these
non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.
Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP
measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt
sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally
nontaxable loans and investment securities using the statutory federal income tax rate of 21%.
Tangible equity is calculated as
GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a
return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from
merger and acquisition activity, the “permanent” items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.
Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as
reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these
non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a
substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.
Forward-Looking Statements
In
this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the
officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,”
“anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be
placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The
following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve
Board; volatility and disruptions in global capital and credit markets, interest rate, securities market and monetary supply fluctuations; increasing rates of inflation and slower growth rates; the nature, extent, timing, and results of governmental
actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the Federal Reserve, FDIC, and CFPB; the effect of changes in the level of checking or savings account deposits on United’s funding costs and
net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; risks relating to the merger with Piedmont, including the successful integration of operations of Piedmont; competition; changes
in legislation or regulatory requirements; and the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts
and potential geopolitical consequences), terrorism or other geopolitical events. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities
and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange
Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result
of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.
7
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In
Thousands Except for Per Share Data)
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Three Months Ended |
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Year Ended |
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| EARNINGS SUMMARY: |
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December
2024 |
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December
2023 |
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September
2024 |
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December
2024 |
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December
2023 |
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| Interest income |
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$ |
376,034 |
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$ |
369,175 |
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$ |
382,723 |
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$ |
1,502,121 |
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$ |
1,401,320 |
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| Interest expense |
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143,426 |
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139,485 |
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152,467 |
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591,053 |
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481,396 |
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| Net interest income |
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232,608 |
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229,690 |
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230,256 |
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911,068 |
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919,924 |
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| Provision for credit losses |
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6,691 |
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6,875 |
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6,943 |
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25,153 |
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31,153 |
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| Noninterest income |
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29,318 |
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33,675 |
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31,942 |
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123,695 |
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135,258 |
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| Noninterest expense |
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134,176 |
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152,287 |
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135,339 |
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545,031 |
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560,224 |
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|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
121,059 |
|
|
|
104,203 |
|
|
|
119,916 |
|
|
|
464,579 |
|
|
|
463,805 |
|
| Income taxes |
|
|
26,651 |
|
|
|
24,813 |
|
|
|
24,649 |
|
|
|
91,583 |
|
|
|
97,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
94,408 |
|
|
$ |
79,390 |
|
|
$ |
95,267 |
|
|
$ |
372,996 |
|
|
$ |
366,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.70 |
|
|
$ |
0.59 |
|
|
$ |
0.70 |
|
|
$ |
2.76 |
|
|
$ |
2.72 |
|
| Diluted |
|
|
0.69 |
|
|
|
0.59 |
|
|
|
0.70 |
|
|
|
2.75 |
|
|
|
2.71 |
|
| Cash dividends |
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
|
0.37 |
|
|
|
1.48 |
|
|
|
1.45 |
|
| Book value |
|
|
|
|
|
|
|
|
|
|
36.74 |
|
|
|
36.89 |
|
|
|
35.36 |
|
| Closing market price |
|
|
|
|
|
|
|
|
|
$ |
37.10 |
|
|
$ |
37.55 |
|
|
$ |
37.55 |
|
| Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actual at period end, net of treasury shares |
|
|
|
|
|
|
|
|
|
|
135,220,770 |
|
|
|
135,346,628 |
|
|
|
134,949,063 |
|
| Weighted average-basic |
|
|
135,235,641 |
|
|
|
134,691,360 |
|
|
|
135,158,476 |
|
|
|
134,947,592 |
|
|
|
134,505,058 |
|
| Weighted average-diluted |
|
|
135,732,069 |
|
|
|
134,984,970 |
|
|
|
135,504,911 |
|
|
|
135,225,417 |
|
|
|
134,753,820 |
|
| FINANCIAL RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
|
1.25 |
% |
|
|
1.08 |
% |
|
|
1.28 |
% |
|
|
1.26 |
% |
|
|
1.25 |
% |
| Return on average shareholders’ equity |
|
|
7.48 |
% |
|
|
6.70 |
% |
|
|
7.72 |
% |
|
|
7.61 |
% |
|
|
7.87 |
% |
| Return on average tangible equity (non-GAAP)(1) |
|
|
12.03 |
% |
|
|
11.27 |
% |
|
|
12.59 |
% |
|
|
12.43 |
% |
|
|
13.33 |
% |
| Average equity to average assets |
|
|
16.72 |
% |
|
|
16.11 |
% |
|
|
16.64 |
% |
|
|
16.57 |
% |
|
|
15.89 |
% |
| Net interest margin |
|
|
3.49 |
% |
|
|
3.55 |
% |
|
|
3.52 |
% |
|
|
3.49 |
% |
|
|
3.56 |
% |
|
|
|
|
|
|
| PERIOD END BALANCES: |
|
|
|
|
December 31
2024 |
|
|
December 31
2023 |
|
|
September 30
2024 |
|
|
June 30
2024 |
|
| Assets |
|
|
|
|
|
$ |
30,023,545 |
|
|
$ |
29,926,482 |
|
|
$ |
29,863,262 |
|
|
$ |
29,957,418 |
|
| Earning assets |
|
|
|
|
|
|
26,650,661 |
|
|
|
26,623,652 |
|
|
|
26,461,342 |
|
|
|
26,572,087 |
|
| Loans & leases, net of unearned income |
|
|
|
|
|
|
21,673,493 |
|
|
|
21,359,084 |
|
|
|
21,621,968 |
|
|
|
21,598,727 |
|
| Loans held for sale |
|
|
|
|
|
|
44,360 |
|
|
|
56,261 |
|
|
|
46,493 |
|
|
|
66,475 |
|
| Investment securities |
|
|
|
|
|
|
3,259,296 |
|
|
|
4,125,754 |
|
|
|
3,538,415 |
|
|
|
3,650,582 |
|
| Total deposits |
|
|
|
|
|
|
23,961,859 |
|
|
|
22,819,319 |
|
|
|
23,828,345 |
|
|
|
23,066,440 |
|
| Shareholders’ equity |
|
|
|
|
|
|
4,993,223 |
|
|
|
4,771,240 |
|
|
|
4,967,820 |
|
|
|
4,856,633 |
|
Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.
8
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 Ended |
|
| |
|
December |
|
|
December |
|
|
September |
|
|
June |
|
|
December |
|
|
December |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Interest & Loan Fees Income (GAAP) |
|
$ |
376,034 |
|
|
$ |
369,175 |
|
|
$ |
382,723 |
|
|
$ |
374,184 |
|
|
$ |
1,502,121 |
|
|
$ |
1,401,320 |
|
| Tax equivalent adjustment |
|
|
795 |
|
|
|
866 |
|
|
|
828 |
|
|
|
867 |
|
|
|
3,362 |
|
|
|
4,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest & Fees Income (FTE) (non-GAAP) |
|
|
376,829 |
|
|
|
370,041 |
|
|
|
383,551 |
|
|
|
375,051 |
|
|
|
1,505,483 |
|
|
|
1,405,334 |
|
| Interest Expense |
|
|
143,426 |
|
|
|
139,485 |
|
|
|
152,467 |
|
|
|
148,469 |
|
|
|
591,053 |
|
|
|
481,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (FTE) (non-GAAP) |
|
|
233,403 |
|
|
|
230,556 |
|
|
|
231,084 |
|
|
|
226,582 |
|
|
|
914,430 |
|
|
|
923,938 |
|
| Provision for Credit Losses |
|
|
6,691 |
|
|
|
6,875 |
|
|
|
6,943 |
|
|
|
5,779 |
|
|
|
25,153 |
|
|
|
31,153 |
|
| Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fees from trust services |
|
|
5,156 |
|
|
|
4,508 |
|
|
|
4,904 |
|
|
|
4,744 |
|
|
|
19,450 |
|
|
|
18,318 |
|
| Fees from brokerage services |
|
|
4,978 |
|
|
|
4,360 |
|
|
|
5,073 |
|
|
|
4,959 |
|
|
|
20,277 |
|
|
|
16,911 |
|
| Fees from deposit services |
|
|
9,473 |
|
|
|
9,107 |
|
|
|
9,413 |
|
|
|
9,326 |
|
|
|
37,183 |
|
|
|
37,076 |
|
| Bankcard fees and merchant discounts |
|
|
2,056 |
|
|
|
1,923 |
|
|
|
1,775 |
|
|
|
1,355 |
|
|
|
7,059 |
|
|
|
7,013 |
|
| Other charges, commissions, and fees |
|
|
868 |
|
|
|
924 |
|
|
|
890 |
|
|
|
869 |
|
|
|
3,485 |
|
|
|
3,861 |
|
| Income from bank-owned life insurance |
|
|
3,226 |
|
|
|
1,855 |
|
|
|
3,032 |
|
|
|
2,549 |
|
|
|
11,225 |
|
|
|
8,330 |
|
| Income from mortgage banking activities |
|
|
2,314 |
|
|
|
4,746 |
|
|
|
4,544 |
|
|
|
3,901 |
|
|
|
16,057 |
|
|
|
26,593 |
|
| Mortgage loan servicing income |
|
|
— |
|
|
|
783 |
|
|
|
7,385 |
|
|
|
783 |
|
|
|
8,957 |
|
|
|
13,746 |
|
| Net (losses) gains on investment securities |
|
|
(688 |
) |
|
|
276 |
|
|
|
(6,715 |
) |
|
|
(218 |
) |
|
|
(7,720 |
) |
|
|
(7,646 |
) |
| Other noninterest income |
|
|
1,935 |
|
|
|
5,193 |
|
|
|
1,641 |
|
|
|
1,955 |
|
|
|
7,722 |
|
|
|
11,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Noninterest Income |
|
|
29,318 |
|
|
|
33,675 |
|
|
|
31,942 |
|
|
|
30,223 |
|
|
|
123,695 |
|
|
|
135,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Employee compensation |
|
|
58,343 |
|
|
|
57,829 |
|
|
|
58,481 |
|
|
|
58,501 |
|
|
|
234,618 |
|
|
|
230,809 |
|
| Employee benefits |
|
|
13,719 |
|
|
|
9,771 |
|
|
|
13,084 |
|
|
|
12,147 |
|
|
|
53,621 |
|
|
|
48,368 |
|
| Net occupancy |
|
|
11,070 |
|
|
|
11,690 |
|
|
|
11,271 |
|
|
|
11,400 |
|
|
|
46,084 |
|
|
|
46,426 |
|
| Data processing |
|
|
7,437 |
|
|
|
7,261 |
|
|
|
7,456 |
|
|
|
7,290 |
|
|
|
29,646 |
|
|
|
29,395 |
|
| Amortization of intangibles |
|
|
910 |
|
|
|
1,279 |
|
|
|
909 |
|
|
|
910 |
|
|
|
3,639 |
|
|
|
5,116 |
|
| OREO expense |
|
|
45 |
|
|
|
188 |
|
|
|
104 |
|
|
|
268 |
|
|
|
576 |
|
|
|
1,355 |
|
| Net losses (gains) on the sale of OREO properties |
|
|
10 |
|
|
|
(126 |
) |
|
|
(34 |
) |
|
|
32 |
|
|
|
(75 |
) |
|
|
(60 |
) |
| Equipment expense |
|
|
7,474 |
|
|
|
7,539 |
|
|
|
7,811 |
|
|
|
7,548 |
|
|
|
29,686 |
|
|
|
29,731 |
|
| FDIC insurance expense |
|
|
3,884 |
|
|
|
16,621 |
|
|
|
4,338 |
|
|
|
5,058 |
|
|
|
19,735 |
|
|
|
30,376 |
|
| Mortgage loan servicing expense and impairment |
|
|
— |
|
|
|
962 |
|
|
|
403 |
|
|
|
1,011 |
|
|
|
2,429 |
|
|
|
5,596 |
|
| Expense for the reserve for unfunded loan commitments |
|
|
(3,062 |
) |
|
|
940 |
|
|
|
(2,766 |
) |
|
|
(2,177 |
) |
|
|
(9,795 |
) |
|
|
(1,483 |
) |
| Other noninterest expense |
|
|
34,346 |
|
|
|
38,333 |
|
|
|
34,282 |
|
|
|
32,786 |
|
|
|
134,867 |
|
|
|
134,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Noninterest Expense |
|
|
134,176 |
|
|
|
152,287 |
|
|
|
135,339 |
|
|
|
134,774 |
|
|
|
545,031 |
|
|
|
560,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Income Taxes (FTE)
(non-GAAP) |
|
|
121,854 |
|
|
|
105,069 |
|
|
|
120,744 |
|
|
|
116,252 |
|
|
|
467,941 |
|
|
|
467,819 |
|
| Tax equivalent adjustment |
|
|
795 |
|
|
|
866 |
|
|
|
828 |
|
|
|
867 |
|
|
|
3,362 |
|
|
|
4,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Income Taxes (GAAP) |
|
|
121,059 |
|
|
|
104,203 |
|
|
|
119,916 |
|
|
|
115,385 |
|
|
|
464,579 |
|
|
|
463,805 |
|
| Taxes |
|
|
26,651 |
|
|
|
24,813 |
|
|
|
24,649 |
|
|
|
18,878 |
|
|
|
91,583 |
|
|
|
97,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
94,408 |
|
|
$ |
79,390 |
|
|
$ |
95,267 |
|
|
$ |
96,507 |
|
|
$ |
372,996 |
|
|
$ |
366,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MEMO: Effective Tax Rate |
|
|
22.01 |
% |
|
|
23.81 |
% |
|
|
20.56 |
% |
|
|
16.36 |
% |
|
|
19.71 |
% |
|
|
21.02 |
% |
9
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In
Thousands Except for Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 2024 |
|
|
December 2023 |
|
|
December 31 |
|
|
December 31 |
|
|
September 30 |
|
| |
|
Q-T-D Average |
|
|
Q-T-D Average |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
| Cash & Cash Equivalents |
|
$ |
2,036,079 |
|
|
$ |
1,073,118 |
|
|
$ |
2,292,244 |
|
|
$ |
1,598,943 |
|
|
$ |
1,908,832 |
|
| Securities Available for Sale |
|
|
3,245,428 |
|
|
|
3,710,447 |
|
|
|
2,959,719 |
|
|
|
3,786,377 |
|
|
|
3,239,501 |
|
| Less: Allowance for credit losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net available for sale securities |
|
|
3,245,428 |
|
|
|
3,710,447 |
|
|
|
2,959,719 |
|
|
|
3,786,377 |
|
|
|
3,239,501 |
|
| Securities Held to Maturity |
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
|
|
1,020 |
|
| Less: Allowance for credit losses |
|
|
(19 |
) |
|
|
(18 |
) |
|
|
(18 |
) |
|
|
(17 |
) |
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net held to maturity securities |
|
|
1,001 |
|
|
|
1,002 |
|
|
|
1,002 |
|
|
|
1,003 |
|
|
|
1,001 |
|
| Equity Securities |
|
|
9,012 |
|
|
|
8,598 |
|
|
|
21,058 |
|
|
|
8,945 |
|
|
|
9,082 |
|
| Other Investment Securities |
|
|
288,453 |
|
|
|
311,922 |
|
|
|
277,517 |
|
|
|
329,429 |
|
|
|
288,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Securities |
|
|
3,543,894 |
|
|
|
4,031,969 |
|
|
|
3,259,296 |
|
|
|
4,125,754 |
|
|
|
3,538,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Cash and Securities |
|
|
5,579,973 |
|
|
|
5,105,087 |
|
|
|
5,551,540 |
|
|
|
5,724,697 |
|
|
|
5,447,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans held for sale |
|
|
45,143 |
|
|
|
53,499 |
|
|
|
44,360 |
|
|
|
56,261 |
|
|
|
46,493 |
|
| Commercial Loans & Leases |
|
|
16,093,104 |
|
|
|
15,510,282 |
|
|
|
16,152,453 |
|
|
|
15,535,204 |
|
|
|
16,015,679 |
|
| Mortgage Loans |
|
|
4,709,802 |
|
|
|
4,576,046 |
|
|
|
4,702,720 |
|
|
|
4,728,374 |
|
|
|
4,722,997 |
|
| Consumer Loans |
|
|
873,961 |
|
|
|
1,156,339 |
|
|
|
825,325 |
|
|
|
1,109,607 |
|
|
|
892,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Loans |
|
|
21,676,867 |
|
|
|
21,242,667 |
|
|
|
21,680,498 |
|
|
|
21,373,185 |
|
|
|
21,631,053 |
|
| Unearned income |
|
|
(8,862 |
) |
|
|
(16,722 |
) |
|
|
(7,005 |
) |
|
|
(14,101 |
) |
|
|
(9,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans & Leases, net of unearned income |
|
|
21,668,005 |
|
|
|
21,225,945 |
|
|
|
21,673,493 |
|
|
|
21,359,084 |
|
|
|
21,621,968 |
|
| Allowance for Loan & Lease Losses |
|
|
(270,751 |
) |
|
|
(255,032 |
) |
|
|
(271,844 |
) |
|
|
(259,237 |
) |
|
|
(270,767 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loans |
|
|
21,397,254 |
|
|
|
20,970,913 |
|
|
|
21,401,649 |
|
|
|
21,099,847 |
|
|
|
21,351,201 |
|
| Mortgage Servicing Rights |
|
|
— |
|
|
|
4,573 |
|
|
|
— |
|
|
|
4,554 |
|
|
|
— |
|
| Goodwill |
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
|
|
1,888,889 |
|
| Other Intangibles |
|
|
9,446 |
|
|
|
14,569 |
|
|
|
8,866 |
|
|
|
12,505 |
|
|
|
9,776 |
|
| Operating Lease
Right-of-Use Asset |
|
|
82,505 |
|
|
|
80,622 |
|
|
|
81,742 |
|
|
|
86,986 |
|
|
|
82,114 |
|
| Other Real Estate Owned |
|
|
190 |
|
|
|
2,885 |
|
|
|
327 |
|
|
|
2,615 |
|
|
|
169 |
|
| Bank-Owned Life Insurance |
|
|
495,839 |
|
|
|
484,987 |
|
|
|
497,181 |
|
|
|
486,895 |
|
|
|
495,784 |
|
| Other Assets |
|
|
513,487 |
|
|
|
558,122 |
|
|
|
548,991 |
|
|
|
563,233 |
|
|
|
541,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
30,012,726 |
|
|
$ |
29,164,146 |
|
|
$ |
30,023,545 |
|
|
$ |
29,926,482 |
|
|
$ |
29,863,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MEMO: Interest-earning Assets |
|
$ |
26,687,835 |
|
|
$ |
25,875,812 |
|
|
$ |
26,650,661 |
|
|
$ |
26,623,652 |
|
|
$ |
26,461,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing Deposits |
|
$ |
17,871,685 |
|
|
$ |
16,414,152 |
|
|
$ |
17,826,446 |
|
|
$ |
16,670,239 |
|
|
$ |
17,790,247 |
|
| Noninterest-bearing Deposits |
|
|
6,099,264 |
|
|
|
6,175,309 |
|
|
|
6,135,413 |
|
|
|
6,149,080 |
|
|
|
6,038,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Deposits |
|
|
23,970,949 |
|
|
|
22,589,461 |
|
|
|
23,961,859 |
|
|
|
22,819,319 |
|
|
|
23,828,345 |
|
| Short-term Borrowings |
|
|
180,070 |
|
|
|
198,453 |
|
|
|
176,090 |
|
|
|
196,095 |
|
|
|
181,969 |
|
| Long-term Borrowings |
|
|
540,247 |
|
|
|
1,394,361 |
|
|
|
540,420 |
|
|
|
1,789,103 |
|
|
|
540,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Borrowings |
|
|
720,317 |
|
|
|
1,592,814 |
|
|
|
716,510 |
|
|
|
1,985,198 |
|
|
|
722,060 |
|
| Operating Lease Liability |
|
|
87,935 |
|
|
|
85,063 |
|
|
|
86,771 |
|
|
|
92,885 |
|
|
|
88,464 |
|
| Other Liabilities |
|
|
214,456 |
|
|
|
199,128 |
|
|
|
265,182 |
|
|
|
257,840 |
|
|
|
256,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
|
24,993,657 |
|
|
|
24,466,466 |
|
|
|
25,030,322 |
|
|
|
25,155,242 |
|
|
|
24,895,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred Equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Common Equity |
|
|
5,019,069 |
|
|
|
4,697,680 |
|
|
|
4,993,223 |
|
|
|
4,771,240 |
|
|
|
4,967,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Shareholders’ Equity |
|
|
5,019,069 |
|
|
|
4,697,680 |
|
|
|
4,993,223 |
|
|
|
4,771,240 |
|
|
|
4,967,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities & Equity |
|
$ |
30,012,726 |
|
|
$ |
29,164,146 |
|
|
$ |
30,023,545 |
|
|
$ |
29,926,482 |
|
|
$ |
29,863,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MEMO: Interest-bearing Liabilities |
|
$ |
18,592,002 |
|
|
$ |
18,006,966 |
|
|
$ |
18,542,956 |
|
|
$ |
18,655,437 |
|
|
$ |
18,512,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
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 Ended |
|
| |
|
December |
|
|
December |
|
|
September |
|
|
June |
|
|
December |
|
|
December |
|
|
Quarterly/Year-to-Date Share
Data: |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.70 |
|
|
$ |
0.59 |
|
|
$ |
0.70 |
|
|
$ |
0.71 |
|
|
$ |
2.76 |
|
|
$ |
2.72 |
|
| Diluted |
|
$ |
0.69 |
|
|
$ |
0.59 |
|
|
$ |
0.70 |
|
|
$ |
0.71 |
|
|
$ |
2.75 |
|
|
$ |
2.71 |
|
| Common Dividend Declared Per Share |
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
1.48 |
|
|
$ |
1.45 |
|
| High Common Stock Price |
|
$ |
44.43 |
|
|
$ |
38.74 |
|
|
$ |
39.93 |
|
|
$ |
36.08 |
|
|
$ |
44.43 |
|
|
$ |
42.45 |
|
| Low Common Stock Price |
|
$ |
35.31 |
|
|
$ |
25.35 |
|
|
$ |
31.47 |
|
|
$ |
30.68 |
|
|
$ |
30.68 |
|
|
$ |
25.35 |
|
| Average Shares Outstanding (Net of Treasury Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
135,235,641 |
|
|
|
134,691,360 |
|
|
|
135,158,476 |
|
|
|
135,137,901 |
|
|
|
134,947,592 |
|
|
|
134,505,058 |
|
| Diluted |
|
|
135,732,069 |
|
|
|
134,984,970 |
|
|
|
135,504,911 |
|
|
|
135,314,785 |
|
|
|
135,225,417 |
|
|
|
134,753,820 |
|
| Common Dividends |
|
$ |
50,259 |
|
|
$ |
50,066 |
|
|
$ |
50,213 |
|
|
$ |
50,204 |
|
|
$ |
200,889 |
|
|
$ |
196,120 |
|
| Dividend Payout Ratio |
|
|
53.24 |
% |
|
|
63.06 |
% |
|
|
52.71 |
% |
|
|
52.02 |
% |
|
|
53.86 |
% |
|
|
53.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
| EOP Share Data: |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
| Book Value Per Share |
|
$ |
36.89 |
|
|
$ |
35.36 |
|
|
$ |
36.74 |
|
|
$ |
35.92 |
|
| Tangible Book Value Per Share (non-GAAP) (1) |
|
$ |
22.87 |
|
|
$ |
21.27 |
|
|
$ |
22.70 |
|
|
$ |
21.87 |
|
| 52-week High Common Stock Price |
|
$ |
44.43 |
|
|
$ |
42.45 |
|
|
$ |
39.93 |
|
|
$ |
38.74 |
|
| Date |
|
|
11/25/24 |
|
|
|
2/3/23 |
|
|
|
7/31/24 |
|
|
|
12/14/23 |
|
| 52-week Low Common Stock Price |
|
$ |
30.68 |
|
|
$ |
25.35 |
|
|
$ |
25.35 |
|
|
$ |
25.35 |
|
| Date |
|
|
06/11/24 |
|
|
|
10/24/23 |
|
|
|
10/24/23 |
|
|
|
10/24/23 |
|
| EOP Shares Outstanding (Net of Treasury Stock): |
|
|
135,346,628 |
|
|
|
134,949,063 |
|
|
|
135,220,770 |
|
|
|
135,195,704 |
|
| Memorandum Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Employees (full-time equivalent) |
|
|
2,591 |
|
|
|
2,736 |
|
|
|
2,651 |
|
|
|
2,644 |
|
| Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Tangible Book Value Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Shareholders’ Equity (GAAP) |
|
$ |
4,993,223 |
|
|
$ |
4,771,240 |
|
|
$ |
4,967,820 |
|
|
$ |
4,856,633 |
|
| Less: Total Intangibles |
|
|
(1,897,755 |
) |
|
|
(1,901,394 |
) |
|
|
(1,898,665 |
) |
|
|
(1,899,574 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible Equity (non-GAAP) |
|
$ |
3,095,468 |
|
|
$ |
2,869,846 |
|
|
$ |
3,069,155 |
|
|
$ |
2,957,059 |
|
| ÷ EOP Shares Outstanding (Net of Treasury Stock) |
|
|
135,346,628 |
|
|
|
134,949,063 |
|
|
|
135,220,770 |
|
|
|
135,195,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible Book Value Per Share (non-GAAP) |
|
$ |
22.87 |
|
|
$ |
21.27 |
|
|
$ |
22.70 |
|
|
$ |
21.87 |
|
11
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In
Thousands Except for Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
December 2024 |
|
|
Three Months Ended
December 2023 |
|
|
Three Months Ended
September 2024 |
|
| Selected Average Balances and Yields: |
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
| |
|
Balance |
|
|
Interest(1) |
|
|
Rate(1) |
|
|
Balance |
|
|
Interest(1) |
|
|
Rate(1) |
|
|
Balance |
|
|
Interest(1) |
|
|
Rate(1) |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal funds sold and securities purchased under agreements to resell and other short-term
investments |
|
$ |
1,807,207 |
|
|
$ |
21,876 |
|
|
|
4.82 |
% |
|
$ |
819,431 |
|
|
$ |
11,570 |
|
|
|
5.60 |
% |
|
$ |
1,387,462 |
|
|
$ |
19,241 |
|
|
|
5.52 |
% |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable |
|
|
3,242,979 |
|
|
|
29,244 |
|
|
|
3.61 |
% |
|
|
3,836,498 |
|
|
|
35,710 |
|
|
|
3.72 |
% |
|
|
3,218,258 |
|
|
|
30,797 |
|
|
|
3.83 |
% |
| Tax-exempt |
|
|
195,252 |
|
|
|
1,374 |
|
|
|
2.81 |
% |
|
|
195,471 |
|
|
|
1,471 |
|
|
|
3.01 |
% |
|
|
205,080 |
|
|
|
1,461 |
|
|
|
2.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total securities |
|
|
3,438,231 |
|
|
|
30,618 |
|
|
|
3.56 |
% |
|
|
4,031,969 |
|
|
|
37,181 |
|
|
|
3.69 |
% |
|
|
3,423,338 |
|
|
|
32,258 |
|
|
|
3.77 |
% |
| Loans and loans held for sale, net of unearned income
(2) |
|
|
21,713,148 |
|
|
|
324,335 |
|
|
|
5.95 |
% |
|
|
21,279,444 |
|
|
|
321,290 |
|
|
|
6.00 |
% |
|
|
21,588,333 |
|
|
|
332,052 |
|
|
|
6.12 |
% |
| Allowance for loan losses |
|
|
(270,751 |
) |
|
|
|
|
|
|
|
|
|
|
(255,032 |
) |
|
|
|
|
|
|
|
|
|
|
(267,457 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loans and loans held for sale |
|
|
21,442,397 |
|
|
|
|
|
|
|
6.02 |
% |
|
|
21,024,412 |
|
|
|
|
|
|
|
6.07 |
% |
|
|
21,320,876 |
|
|
|
|
|
|
|
6.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total earning assets |
|
|
26,687,835 |
|
|
$ |
376,829 |
|
|
|
5.62 |
% |
|
|
25,875,812 |
|
|
$ |
370,041 |
|
|
|
5.68 |
% |
|
|
26,131,676 |
|
|
$ |
383,551 |
|
|
|
5.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
3,324,891 |
|
|
|
|
|
|
|
|
|
|
|
3,288,334 |
|
|
|
|
|
|
|
|
|
|
|
3,371,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
30,012,726 |
|
|
|
|
|
|
|
|
|
|
$ |
29,164,146 |
|
|
|
|
|
|
|
|
|
|
$ |
29,503,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits |
|
$ |
17,871,685 |
|
|
$ |
135,690 |
|
|
|
3.02 |
% |
|
$ |
16,414,152 |
|
|
$ |
122,132 |
|
|
|
2.95 |
% |
|
$ |
17,399,368 |
|
|
$ |
143,313 |
|
|
|
3.28 |
% |
| Short-term borrowings |
|
|
180,070 |
|
|
|
1,630 |
|
|
|
3.60 |
% |
|
|
198,453 |
|
|
|
1,998 |
|
|
|
3.99 |
% |
|
|
191,954 |
|
|
|
2,048 |
|
|
|
4.24 |
% |
| Long-term borrowings |
|
|
540,247 |
|
|
|
6,106 |
|
|
|
4.50 |
% |
|
|
1,394,361 |
|
|
|
15,355 |
|
|
|
4.37 |
% |
|
|
748,608 |
|
|
|
7,106 |
|
|
|
3.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities |
|
|
18,592,002 |
|
|
|
143,426 |
|
|
|
3.07 |
% |
|
|
18,006,966 |
|
|
|
139,485 |
|
|
|
3.07 |
% |
|
|
18,339,930 |
|
|
|
152,467 |
|
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing deposits |
|
|
6,099,264 |
|
|
|
|
|
|
|
|
|
|
|
6,175,309 |
|
|
|
|
|
|
|
|
|
|
|
5,957,184 |
|
|
|
|
|
|
|
|
|
| Accrued expenses and other liabilities |
|
|
302,391 |
|
|
|
|
|
|
|
|
|
|
|
284,191 |
|
|
|
|
|
|
|
|
|
|
|
297,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES |
|
|
24,993,657 |
|
|
|
|
|
|
|
|
|
|
|
24,466,466 |
|
|
|
|
|
|
|
|
|
|
|
24,594,458 |
|
|
|
|
|
|
|
|
|
| SHAREHOLDERS’ EQUITY |
|
|
5,019,069 |
|
|
|
|
|
|
|
|
|
|
|
4,697,680 |
|
|
|
|
|
|
|
|
|
|
|
4,908,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
30,012,726 |
|
|
|
|
|
|
|
|
|
|
$ |
29,164,146 |
|
|
|
|
|
|
|
|
|
|
$ |
29,503,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
|
|
|
$ |
233,403 |
|
|
|
|
|
|
|
|
|
|
$ |
230,556 |
|
|
|
|
|
|
|
|
|
|
$ |
231,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST RATE SPREAD |
|
|
|
|
|
|
|
|
|
|
2.55 |
% |
|
|
|
|
|
|
|
|
|
|
2.61 |
% |
|
|
|
|
|
|
|
|
|
|
2.54 |
% |
| NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
|
|
3.52 |
% |
Notes:
| (1) |
The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. |
| (2) |
Nonaccruing loans are included in the daily average loan amounts outstanding. |
12
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In
Thousands Except for Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 2024 |
|
|
Year Ended
December 2023 |
|
| Selected Average Balances and Yields: |
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
| |
|
Balance |
|
|
Interest(1) |
|
|
Rate(1) |
|
|
Balance |
|
|
Interest(1) |
|
|
Rate(1) |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal funds sold and securities purchased under agreements to resell and other
short-terminvestments |
|
$ |
1,253,832 |
|
|
$ |
66,207 |
|
|
|
5.28 |
% |
|
$ |
900,077 |
|
|
$ |
47,069 |
|
|
|
5.23 |
% |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable |
|
|
3,424,113 |
|
|
|
128,731 |
|
|
|
3.76 |
% |
|
|
4,125,467 |
|
|
|
144,420 |
|
|
|
3.50 |
% |
| Tax-exempt |
|
|
205,427 |
|
|
|
5,796 |
|
|
|
2.82 |
% |
|
|
294,802 |
|
|
|
8,411 |
|
|
|
2.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total securities |
|
|
3,629,540 |
|
|
|
134,527 |
|
|
|
3.71 |
% |
|
|
4,420,269 |
|
|
|
152,831 |
|
|
|
3.46 |
% |
| Loans and loans held for sale, net of unearned income
(2) |
|
|
21,612,707 |
|
|
|
1,304,749 |
|
|
|
6.04 |
% |
|
|
20,909,248 |
|
|
|
1,205,434 |
|
|
|
5.77 |
% |
| Allowance for loan losses |
|
|
(265,171 |
) |
|
|
|
|
|
|
|
|
|
|
(245,386 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loans and loans held for sale |
|
|
21,347,536 |
|
|
|
|
|
|
|
6.11 |
% |
|
|
20,663,862 |
|
|
|
|
|
|
|
5.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total earning assets |
|
|
26,230,908 |
|
|
$ |
1,505,483 |
|
|
|
5.74 |
% |
|
|
25,984,208 |
|
|
$ |
1,405,334 |
|
|
|
5.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
3,349,451 |
|
|
|
|
|
|
|
|
|
|
|
3,311,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
29,580,359 |
|
|
|
|
|
|
|
|
|
|
$ |
29,295,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits |
|
$ |
17,171,286 |
|
|
$ |
539,805 |
|
|
|
3.14 |
% |
|
$ |
15,782,761 |
|
|
$ |
391,094 |
|
|
|
2.48 |
% |
| Short-term borrowings |
|
|
195,406 |
|
|
|
7,966 |
|
|
|
4.08 |
% |
|
|
182,936 |
|
|
|
6,449 |
|
|
|
3.53 |
% |
| Long-term borrowings |
|
|
1,017,823 |
|
|
|
43,282 |
|
|
|
4.25 |
% |
|
|
1,923,924 |
|
|
|
83,853 |
|
|
|
4.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities |
|
|
18,384,515 |
|
|
|
591,053 |
|
|
|
3.21 |
% |
|
|
17,889,621 |
|
|
|
481,396 |
|
|
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing deposits |
|
|
5,994,009 |
|
|
|
|
|
|
|
|
|
|
|
6,475,051 |
|
|
|
|
|
|
|
|
|
| Accrued expenses and other liabilities |
|
|
300,766 |
|
|
|
|
|
|
|
|
|
|
|
276,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES |
|
|
24,679,290 |
|
|
|
|
|
|
|
|
|
|
|
24,641,555 |
|
|
|
|
|
|
|
|
|
| SHAREHOLDERS’ EQUITY |
|
|
4,901,069 |
|
|
|
|
|
|
|
|
|
|
|
4,654,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
29,580,359 |
|
|
|
|
|
|
|
|
|
|
$ |
29,295,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
|
|
|
$ |
914,430 |
|
|
|
|
|
|
|
|
|
|
$ |
923,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST RATE SPREAD |
|
|
|
|
|
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
|
|
|
|
|
2.72 |
% |
| NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
|
|
3.56 |
% |
Notes:
| (1) |
The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. |
| (2) |
Nonaccruing loans are included in the daily average loan amounts outstanding. |
13
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 Ended |
|
| |
|
December |
|
|
December |
|
|
September |
|
|
June |
|
|
December |
|
|
December |
|
| Selected Financial Ratios: |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Return on Average Assets |
|
|
1.25 |
% |
|
|
1.08 |
% |
|
|
1.28 |
% |
|
|
1.32 |
% |
|
|
1.26 |
% |
|
|
1.25 |
% |
| Return on Average Shareholders’ Equity |
|
|
7.48 |
% |
|
|
6.70 |
% |
|
|
7.72 |
% |
|
|
7.99 |
% |
|
|
7.61 |
% |
|
|
7.87 |
% |
| Return on Average Tangible Equity (non-GAAP) (1) |
|
|
12.03 |
% |
|
|
11.27 |
% |
|
|
12.59 |
% |
|
|
13.12 |
% |
|
|
12.43 |
% |
|
|
13.33 |
% |
| Efficiency Ratio |
|
|
51.23 |
% |
|
|
57.82 |
% |
|
|
51.62 |
% |
|
|
52.66 |
% |
|
|
52.67 |
% |
|
|
53.09 |
% |
| Price / Earnings Ratio |
|
|
13.53 x |
|
|
|
16.00 x |
|
|
|
13.22 x |
|
|
|
11.40 x |
|
|
|
13.64 x |
|
|
|
13.85 x |
|
| Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Return on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) Net Income (GAAP) |
|
$ |
94,408 |
|
|
$ |
79,390 |
|
|
$ |
95,267 |
|
|
$ |
96,507 |
|
|
$ |
372,996 |
|
|
$ |
366,313 |
|
| (b) Number of Days |
|
|
92 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
366 |
|
|
|
365 |
|
| Average Total Shareholders’ Equity (GAAP) |
|
$ |
5,019,069 |
|
|
$ |
4,697,680 |
|
|
$ |
4,908,866 |
|
|
$ |
4,857,893 |
|
|
$ |
4,901,069 |
|
|
$ |
4,654,103 |
|
| Less: Average Total Intangibles |
|
|
(1,898,335 |
) |
|
|
(1,903,458 |
) |
|
|
(1,899,261 |
) |
|
|
(1,900,164 |
) |
|
|
(1,899,704 |
) |
|
|
(1,905,390 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (c) Average Tangible Equity (non-GAAP) |
|
$ |
3,120,734 |
|
|
$ |
2,794,222 |
|
|
$ |
3,009,605 |
|
|
$ |
2,957,729 |
|
|
$ |
3,001,365 |
|
|
$ |
2,748,713 |
|
| Return on Average Tangible Equity (non-GAAP) [(a) / (b)] x
366 or 365 / (c) |
|
|
12.03 |
% |
|
|
11.27 |
% |
|
|
12.59 |
% |
|
|
13.12 |
% |
|
|
12.43 |
% |
|
|
13.33 |
% |
|
|
|
|
|
|
|
| Selected Financial Ratios: |
|
|
|
|
|
|
|
December 31
2024 |
|
|
December 31
2023 |
|
|
September 30
2024 |
|
|
June 30
2024 |
|
| Loans & Leases, net of unearned income / Deposit Ratio |
|
|
|
|
|
|
|
|
|
|
90.45 |
% |
|
|
93.60 |
% |
|
|
90.74 |
% |
|
|
93.64 |
% |
| Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned
income |
|
|
|
|
|
|
|
|
|
|
1.25 |
% |
|
|
1.21 |
% |
|
|
1.25 |
% |
|
|
1.24 |
% |
| Allowance for Credit Losses (2)/
Loans & Leases, net of unearned income |
|
|
|
|
|
|
|
|
|
|
1.42 |
% |
|
|
1.42 |
% |
|
|
1.43 |
% |
|
|
1.43 |
% |
| Nonaccrual Loans / Loans & Leases, net of unearned income |
|
|
|
|
|
|
|
|
|
|
0.26 |
% |
|
|
0.14 |
% |
|
|
0.24 |
% |
|
|
0.25 |
% |
| 90-Day Past Due Loans/ Loans & Leases, net of
unearned income |
|
|
|
|
|
|
|
|
|
|
0.08 |
% |
|
|
0.07 |
% |
|
|
0.06 |
% |
|
|
0.06 |
% |
| Non-performing Loans/ Loans & Leases, net of
unearned income |
|
|
|
|
|
|
|
|
|
|
0.34 |
% |
|
|
0.21 |
% |
|
|
0.30 |
% |
|
|
0.30 |
% |
| Non-performing Assets/ Total Assets |
|
|
|
|
|
|
|
|
|
|
0.25 |
% |
|
|
0.16 |
% |
|
|
0.22 |
% |
|
|
0.23 |
% |
| Primary Capital Ratio |
|
|
|
|
|
|
|
|
|
|
17.47 |
% |
|
|
16.79 |
% |
|
|
17.49 |
% |
|
|
17.06 |
% |
| Shareholders’ Equity Ratio |
|
|
|
|
|
|
|
|
|
|
16.63 |
% |
|
|
15.94 |
% |
|
|
16.64 |
% |
|
|
16.21 |
% |
| Price / Book Ratio |
|
|
|
|
|
|
|
|
|
|
1.02 x |
|
|
|
1.06 x |
|
|
|
1.01 x |
|
|
|
0.90 x |
|
Note:
| (2) |
Includes allowances for loan losses and lending-related commitments. |
14
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 Ended |
|
| |
|
December 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
December 31 |
|
|
December 31 |
|
| Mortgage Banking Data:
(1) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Loans originated |
|
$ |
132,381 |
|
|
$ |
225,319 |
|
|
$ |
151,333 |
|
|
$ |
185,322 |
|
|
$ |
645,942 |
|
|
$ |
860,901 |
|
| Loans sold |
|
|
134,514 |
|
|
|
228,672 |
|
|
|
171,315 |
|
|
|
163,273 |
|
|
|
657,843 |
|
|
|
861,519 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
December 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
| Mortgage Loan Servicing Data: (2) |
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
| Balance of loans serviced |
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
1,202,448 |
|
|
$ |
— |
|
|
$ |
1,138,443 |
|
| Number of loans serviced |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
12,419 |
|
|
|
— |
|
|
|
11,853 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
December 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
| Asset Quality Data: |
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
| EOP Non-Accrual Loans |
|
|
|
|
|
|
|
|
|
$ |
56,460 |
|
|
$ |
30,919 |
|
|
$ |
52,446 |
|
|
$ |
52,929 |
|
| EOP 90-Day Past Due Loans |
|
|
|
|
|
|
|
|
|
|
16,940 |
|
|
|
14,579 |
|
|
|
12,794 |
|
|
|
12,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total EOP Non-performing Loans |
|
|
|
|
|
|
|
|
|
$ |
73,400 |
|
|
$ |
45,498 |
|
|
$ |
65,240 |
|
|
$ |
65,331 |
|
| EOP Other Real Estate Owned |
|
|
|
|
|
|
|
|
|
|
327 |
|
|
|
2,615 |
|
|
|
169 |
|
|
|
2,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total EOP Non-performing Assets |
|
|
|
|
|
|
|
|
|
$ |
73,727 |
|
|
$ |
48,113 |
|
|
$ |
65,409 |
|
|
$ |
67,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Year Ended |
|
| |
|
December 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
December 31 |
|
|
December 31 |
|
| Allowance for Loan & Lease Losses: |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Beginning Balance |
|
$ |
270,767 |
|
|
$ |
254,886 |
|
|
$ |
267,423 |
|
|
$ |
262,905 |
|
|
$ |
259,237 |
|
|
$ |
234,746 |
|
| Gross Charge-offs |
|
|
(6,509 |
) |
|
|
(3,258 |
) |
|
|
(4,903 |
) |
|
|
(2,542 |
) |
|
|
(17,530 |
) |
|
|
(11,304 |
) |
| Recoveries |
|
|
894 |
|
|
|
733 |
|
|
|
1,304 |
|
|
|
1,281 |
|
|
|
4,985 |
|
|
|
4,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Charge-offs |
|
|
(5,615 |
) |
|
|
(2,525 |
) |
|
|
(3,599 |
) |
|
|
(1,261 |
) |
|
|
(12,545 |
) |
|
|
(6,663 |
) |
| Provision for Loan & Lease Losses |
|
|
6,692 |
|
|
|
6,876 |
|
|
|
6,943 |
|
|
|
5,779 |
|
|
|
25,152 |
|
|
|
31,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending Balance |
|
$ |
271,844 |
|
|
$ |
259,237 |
|
|
$ |
270,767 |
|
|
$ |
267,423 |
|
|
$ |
271,844 |
|
|
$ |
259,237 |
|
| Reserve for lending-related commitments |
|
|
34,911 |
|
|
|
44,706 |
|
|
|
37,973 |
|
|
|
40,739 |
|
|
|
34,911 |
|
|
|
44,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for Credit Losses (3) |
|
$ |
306,755 |
|
|
$ |
303,943 |
|
|
$ |
308,740 |
|
|
$ |
308,162 |
|
|
$ |
306,755 |
|
|
$ |
303,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
| (1) |
During the first quarter of 2024, United completed its previously announced consolidation of its mortgage
delivery channels. Based on an evaluation performed in accordance with ASC 280, Segment Reporting, beginning with the periods as of March 31, 2024, United operates one reportable business segment. Mortgage banking data above is presented
on a consolidated basis for all current and prior periods. |
| (2) |
As previously disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024.
|
| (3) |
Includes allowances for loan losses and lending-related commitments. |
15
Fourth Quarter & Fiscal Year 2024
Earnings Review United Bankshares, Inc. (UBSI) January 24, 2025 EXHIBIT 99.2
This presentation and statements made
by United Bankshares, Inc. (“UBSI”) and its management contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking
statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about
(i) the benefits of the merger between Piedmont Bancorp, Inc. (“Piedmont”) and UBSI (the “Merger”), including future financial and operating results, cost savings enhancements to revenue and accretion to reported earnings
that may be realized from the Merger; (ii) UBSI’s and Piedmont’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (iii) other statements identified by
words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” “will,” or
words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective managements of UBSI and Piedmont and are inherently subject to
significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of UBSI and Piedmont. In addition, these forward-looking statements are subject to assumptions with respect to future business
strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could
cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of UBSI and Piedmont may not be combined successfully, or such combination may take longer,
be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the Merger may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating
costs, customer losses and business disruption following the Merger, including adverse effects on relationships with employees, may be greater than expected; (4) legislative or regulatory changes, including changes in accounting standards, may
adversely affect the businesses in which UBSI and Piedmont are engaged; (5) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the transaction or the size, scope and
complexity of UBSI’s business operations following the Merger; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of UBSI’s business strategies, including market acceptance of any new products or
services; (8) disruption from the Merger making it more difficult to maintain relationships with employees, customers or other parties with whom UBSI and Piedmont have business relationships; (9) diversion of management time on Merger-related
issues; (10) risks relating to the potential dilutive effect of the shares of UBSI common stock to be issued in the Merger; (11) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to
the transaction; (12) general competitive, economic, political and market conditions and other factors that may affect future results of UBSI and Piedmont, including changes in asset quality and credit risk; the inability to sustain revenue and
earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of
the Federal Reserve Board and legislative and regulatory actions and reforms; (13) uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; (14) volatility and disruptions in global capital
and credit markets; and (15) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations. Additional factors, that could cause actual results to differ materially from those
expressed in the forward-looking statements are discussed in UBSI’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available on the SEC’s Internet site
(http://www.sec.gov). UBSI cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning the acquisition of Piedmont or other matters attributable to UBSI or Piedmont or any
person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. UBSI does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date
the forward-looking statements are made. FORWARD LOOKING STATEMENTS
Achieved Net Income of $373.0 million
and Diluted Earnings Per Share of $2.75 Generated Return on Average Assets of 1.26%, Return on Average Equity of 7.61%, and Return on Average Tangible Equity* of 12.43% Increased dividends to shareholders for the 51st consecutive year (current
dividend yield of ~3.9% based upon recent prices) Piedmont Bancorp, Inc. merger – announced the signing of a definitive merger agreement and received shareholder approval and regulatory approvals during 2024. Closing occurred on January 10,
2025 Net Interest Margin (FTE) remained solid at 3.49% Achieved full-year period-end deposit growth of $1.1 billion. Excluding the decline in brokered deposits, full-year period-end deposits grew $1.4 billion Consistently ranked as one of the most
trustworthy banks in America by Newsweek (#1 in 2023, #2 in 2022, #4 in 2024) Achieved the #1 deposit market share position in the state of West Virginia based on the FDIC’s annual Summary of Deposits for 2024 Asset quality remains sound and
Non-Performing Assets remained low at 0.25% of Total Assets Strong expense control with an efficiency ratio of 52.67% Capital position remains robust and liquidity remains sound 2024 HIGHLIGHTS *Non-GAAP measure. Refer to appendix.
Continuation of UBSI’s proven
M&A strategy | UBSI’s 34th acquisition Entrance into Greater Atlanta Area markets with robust economic growth opportunities Enhances UBSI’s position as one of the premier regional banking companies in the Southeast and Mid-Atlantic
Piedmont Overview Advancing Strategy Transaction Details Headquarters: Peachtree Corners, GA Financial Data as of January 10, 2025: Total Assets: ~$2.4 billion Total Loans: ~$2.1 billion Total Deposits: ~$2.1 billion Total Shareholders’
Equity: ~$202 million Consistently well-run and highly profitable franchise with sound asset quality Key senior management and executives retained including Monty Watson, CEO, who became Regional President for United Bank Consideration Mix: 100%
stock Fixed Exchange Ratio: 0.300x Shares Issued: 7.86 million UBSI Maintains “Well-Capitalized” regulatory capital ratios Systems Conversion: anticipated to occur in March 2025 PIEDMONT MERGER- COMPLETED JANUARY 10, 2025
Linked-Quarter (LQ) Net Income was
$94.4 million in 4Q24 compared to $95.3 million in 3Q24, with diluted EPS of $0.69 in 4Q24 compared to $0.70 in 3Q24. Net Interest Income increased $2.4 million mainly due to a lower average rate paid on deposits and an increase in average earning
assets that was largely funded by deposit growth, partially offset by a lower yield on average net loans and loans held for sale. Provision Expense was $6.7 million in 4Q24 compared to $6.9 million in 3Q24. Noninterest Income decreased $2.6 million
compared to 3Q24 driven by decreases in mortgage loan servicing income of $7.4 million and income from mortgage banking activities of $2.2 million partially offset by lower net losses on investment securities of $6.0 million. During 3Q24, United
sold its remaining mortgage servicing rights (“MSRs”) with an aggregate unpaid principal balance of $1.1 billion at a gain of $7.1 million and sold $196.7 million of AFS investment securities at a loss of $6.9 million. During 4Q24, $2.4
million of losses on sales of $170.9 million of AFS investment securities were partially offset by net unrealized fair value gains on equity securities of $1.7 million. Noninterest Expense decreased $1.2 million compared to 3Q24 driven by decreases
in several categories of noninterest expense, none of which were significant. These decreases were partially offset by an increase of $0.9 million in merger-related expenses related to the Piedmont acquisition. The effective tax rate increased from
20.6% to 22.0% due to the impact of provision to return adjustments in 4Q24. EARNINGS SUMMARY
*Non-GAAP measure. Refer to appendix.
Strong profitability and expense control FY 2020 was impacted by COVID-19, CECL ACL build, pre-tax merger-related expenses of $54.2 million, and breakage fees of $10.4 million on three FHLB advance payoffs, largely offset by strong mortgage banking
income. FY 2021 was impacted by pre-tax merger-related expenses of $21.4 million, offset by CECL ACL releases. FY 2023 was impacted by a $12.0 million expense related to the FDIC’s special assessment levied on banking organizations to recover
losses to the Deposit Insurance Fund and a $7.2 million loss on the sale of AFS investment securities, offset by a $8.1 million gain on sale of mortgage servicing rights. PERFORMANCE RATIOS
Reported Net Interest Margin decreased
from 3.52% to 3.49% LQ. Linked-quarter Net Interest Income (FTE) increased $2.3 million mainly due to a lower average rate paid on deposits and an increase in average earning assets that was largely funded by deposit growth, partially offset by a
lower yield on average net loans and loans held for sale. Approximately ~55% of the loan portfolio is fixed rate and ~45% is adjustable rate, while ~31% of the total portfolio is projected to reprice within the next 3 months. ~20% of the securities
portfolio is floating rate. Securities balances of approximately ~$515 million with an average yield of ~4.0% are projected to roll off during FY 2025. During 4Q24, approximately ~$171 million of securities were sold at a loss of $2.4 million. HTM
securities are immaterial at $1.0 million, or 0.0% of total securities. The duration of the AFS portfolio is 4.4 years. Time deposits have an average maturity of ~6 months. Approximately ~12% of total deposits have interest rates tied to a floating
rate index. Scheduled purchase accounting loan accretion is estimated at $5.7 million for FY 2025 and $4.2 million for FY 2026 (not including the impact from the Piedmont acquisition). NET INTEREST INCOME AND MARGIN
Linked-Quarter loan balances increased
$49 million primarily driven by Construction & Land Development and Residential Real Estate loans. YTD loan growth was led by the North Carolina & South Carolina markets, up 12.5% in 2024, and the Central Virginia markets, up 11.2% in 2024.
Non Owner Occupied CRE to Total Risk Based Capital was ~269% at 4Q24. CRE portfolio remains diversified among underlying collateral types. Non Owner Occupied Office loans total ~$1.0 billion (~4% of total loans). The Top 40 Office loans make up ~68%
of total Non Owner Occupied Office balances. The weighted average LTV based on current loan balances and appraised values at origination for the Top 40 was ~56% at 12/31/24. The weighted average LTV at origination for the Top 40 was ~63%. United has
been disciplined in its approach to underwriting Office loans. The stringent underwriting process focuses on the underlying tenants, lease terms, sponsor support, location, property class, amenities, etc. Weighted average FICO of all
consumer-related loan sectors is ~758. Total purchase accounting-related fair value discount on loans was $26 million as of 12/31/24. $ in millions LOAN SUMMARY (EXCLUDES LOANS HELD FOR SALE)
End of Period Balances (000s) 9/30/24
12/31/24 Non-Accrual Loans $52,446 $56,460 90-Day Past Due Loans $12,794 $16,940 Total Non-performing Loans $65,240 $73,400 Other Real Estate Owned $169 $327 Total Non-performing Assets $65,409 $73,727 Non-performing Loans / Loans 0.30% 0.34%
Non-performing Assets / Total Assets 0.22% 0.25% Annualized Net Charge-offs / Average Loans 0.07% 0.10% Allowance for Loan & Lease Losses (ALLL) $270,767 $271,844 ALLL / Loans, net of unearned income 1.25% 1.25% Allowance for Credit Losses
(ACL)* $308,740 $306,755 ACL / Loans, net of unearned income 1.43% 1.42% NPAs were $73.7 million at 12/31/24 compared to $65.4 million at 9/30/24 with the ratio of NPAs to Total Assets increasing from 0.22% to 0.25%. 30-89 Day Past Due loans were
0.39% of total loans at 12/31/24 compared to 0.44% at 9/30/24 and 0.39% at 12/31/23. ALLL increased $1.1 million LQ and remained at 1.25% of Total Loans. *ACL is comprised of ALLL and the reserve for lending-related commitments CREDIT
QUALITY
Strong core deposit base with 26%
of deposits in Non Interest Bearing accounts. LQ deposits increased $134 million driven by Non Interest Bearing, Time Deposits, and Interest Bearing Transaction accounts. Brokered deposits remained at 0.0% of total deposits as of 12/31/24. Enviable
deposit franchise with an attractive mix of both high growth MSAs and stable, rural markets with a dominant market share position. $ in millions Source: S&P Global Market Intelligence *Excludes Piedmont branches DEPOSIT SUMMARY Top 10 Deposit
Markets by MSA* (as of 6/30/24) MSA Total Deposits In Market ($000) Number of Branches Rank Washington, DC 10,071,646 58 7 Charleston, WV 1,589,675 5 2 Morgantown, WV 1,141,970 6 2 Richmond, VA 762,351 12 9 Parkersburg, WV 713,929 4 1 Hagerstown, MD
656,854 6 2 Myrtle Beach, SC 631,752 7 9 Charlotte, NC 585,589 7 17 Wheeling, WV 537,803 6 2 Charleston, SC 524,432 8 11
Deposit Account Details ($ in
millions) End of Period Ratios / Values 12/31/24 % of Total Deposits Estimated Uninsured Deposits (less affiliate and collateralized deposits) $7,642 32% Estimated Insured/Collateralized Deposits $16,320 68% Total Deposits $23,962 100% *Does not
include other sources of liquidity such as Fed Funds Lines, additional Reciprocal Deposit capacity, etc. Available Liquidity ($ in millions) 12/31/24 Cash & Cash Equivalents $2,292 Unpledged AFS Securities $921 Available FHLB Borrowing Capacity
$4,244 Available FRB Discount Window Borrowing Capacity $4,826 Subtotal $12,283 Additional FHLB Capacity (with delivery of collateral) $3,901 Additional Brokered Deposit Capacity (based on internal policy) $4,792 Total Liquidity* $20,976 Liquidity
remains strong with a granular deposit base and geographic diversification. Average deposit account size is ~$36 thousand with >650 thousand total deposit accounts. Estimated uninsured/uncollateralized deposits were 28% at 12/31/23 and 37% at
12/31/22. LIQUIDITY POSITION & ADDITIONAL DEPOSIT DETAIL
West Virginia #1 in the state with
$6.3 billion in deposits. United ranks #1 or #2 in deposit market share within its top 5 largest markets in the state. United continues to build franchise value with an attractive mix of both high growth MSAs and stable, rural markets with a strong
deposit base. Further growth opportunities exist to expand our presence in some of the most desirable banking markets in the nation. These dynamics uniquely position our franchise and contribute to making United one of the most valuable banking
companies in the Southeast and Mid-Atlantic. Washington D.C. MSA #1 regional bank (#7 overall) with $10.1 billion in deposits. United has increased deposit market share in the D.C. MSA from #15 in 2013 to #7 in 2024, with total deposits increasing
from $2.1 billion to $10.1 billion. Virginia- #7 in the state with $9.1 billion (including VA deposits within the D.C. MSA). North Carolina #17 in the state with $2.3 billion. Select MSAs: #17 in Charlotte #26 in Raleigh #9 in Wilmington #10 in
Greenville #1 in Washington #8 in Rocky Mount #7 in Fayetteville South Carolina #11 in the state with $1.8 billion. Select MSAs: #11 in Charleston #9 in Myrtle Beach #13 in Greenville #15 in Columbia Source: S&P Global Market Intelligence;
Deposit data as of 6/30/24; Includes Piedmont branches acquired 1/10/25 ATTRACTIVE DEPOSIT MARKET SHARE POSITION Georgia #20 in the state with $1.9 billion in deposits. #19 in the Atlanta MSA with $1.3 billion in deposits.
End of Period Ratios / Values
9/30/24 12/31/24** Common Equity Tier 1 Ratio 13.8% 14.2% Tier 1 Capital Ratio 13.8% 14.2% Total Risk Based Capital Ratio 16.2% 16.5% Leverage Ratio 11.7% 11.7% Total Equity to Total Assets 16.6% 16.6% *Tangible Equity to Tangible Assets (non-GAAP)
11.0% 11.0% Book Value Per Share $36.74 $36.89 *Tangible Book Value Per Share (non-GAAP) $22.70 $22.87 Capital ratios remain significantly above regulatory “Well Capitalized” levels and exceed all internal capital targets. United did not
repurchase any common shares during 3Q24 or 4Q24. As of 12/31/24, there were 4,371,239 shares available to be repurchased under the approved plan. *Non-GAAP measure. Refer to appendix. **Regulatory ratios are estimates as of the earnings release
date. CAPITAL RATIOS AND PER SHARE DATA
Select guidance is being provided
for 2025. Our outlook may change if the expectations for these items vary from current expectations. Balance Sheet: Expect loan and deposit growth to be in the mid single digits for 2025 (not including balances acquired in the Piedmont merger). Loan
pipelines continue to be relatively strong and increased compared to 3Q24. Expect investment portfolio balances to be relatively flat (market dependent). Net Interest Income: Net interest income (non-FTE) expected to be in the range of $1.02 billion
to $1.05 billion (assumes one additional 25 bps rate cut in 2025). Net interest income estimate is inclusive of purchase accounting accretion (currently estimated at ~$20 million for the Piedmont acquisition). Provision Expense: Asset quality
remains sound. Provision expense will be dependent on the future economic outlook, future credit trends within United’s portfolio, and loan growth. Expect credit environment to continue to normalize. Expect our credit performance to outperform
the industry. Current planning assumption for provision expense is $33 million for FY 2025 (not including Day 2 CECL provision expense). Day 2 CECL provision is estimated at ~$27 million. Non Interest Income: Expect non interest income to be in the
range of $125 million to $135 million for 2025. Mortgage banking revenue will be subject to industry trends. Non Interest Expense: Expect non interest expense to be in the range of $600 million to $620 million (not including merger related
expenses). Merger-related expenses are estimated at approximately ~$15 million (recorded on United’s books). Effective Tax Rate: Estimated at approximately ~20.5%. Capital: Stock buyback will be market dependent. United’s capital
position remains robust. 2025 OUTLOOK
Premier Mid-Atlantic and Southeast
franchise with an attractive mix of high growth MSAs and smaller stable markets with a strong deposit base Consistently high-performing company with a culture of disciplined risk management and expense control 51 consecutive years of dividend
increases evidences United’s strong profitability, solid asset quality, and sound capital management over a very long period of time Experienced management team with a proven track record of execution Committed to our mission of excellence in
service to our employees, our customers, our shareholders and our communities Attractive valuation with a current Price-to-Earnings Ratio of ~13.7x (based upon median 2025 street consensus estimate of $2.80 per Bloomberg) INVESTMENT
THESIS
Source: S&P Capital IQ Pro 227
Locations Expanded to 16 Locations 243 Locations PIEDMONT MERGER- EXPANDED FRANCHISE
Source: S&P Capital IQ Pro;
City of Atlanta; Metro Atlanta Chamber; Georgia USA Companies Headquartered in Atlanta Demographics #6 Largest MSA by Population in the United States Ranks #1 in UBSI’s Pro Forma Footprint Home to 18 Fortune 500 Companies #1 US Housing Market
with most growth potential in 2023 #1 Busiest Airport in the World #1 City to Start a Business Atlanta Market Overview Expansion into Southeast markets in Greater Atlanta Area positions UBSI for continued long-term growth Demographically attractive
markets contain compelling mix of rural and urban economies Greater Atlanta Area poised for continued expansion with some of the highest projected growth in median household income and population over the next five years Entrance into Greater
Atlanta Region ATLANTA: THE SOUTH’S BUSINESS HUB
GAAP Metrics Excl. Rate Marks +
AOCI(1) Earnings Impact 7.6% 2025 EPS(2) Accretion 8.3% 2026 EPS Accretion 4.0% 2025 EPS(2) Accretion 4.7% 2026 EPS Accretion Tangible Book Value Impact (3.5)% TBV Dilution 2.8 Years TBV Earnback(3) (1.7)% TBV Dilution 2.5 Years TBV Earnback(3)
Note: Projections based on assumptions at time of deal announcement (1) Removes the impact of purchase accounting interest rate marks including AOCI to illustrate the financial impact excluding timing related accounting adjustments // (2) Assumes
fully phased-in cost savings // (3) The tangible book value earnback is calculated using the crossover method PIEDMONT MERGER- COMPELLING FINANCIAL IMPACT
(1) Estimated total pro forma
assets at transaction close based on assumptions at time of deal announcement Source: S&P Capital IQ Pro; Company filings (1) DEMONSTRATED HISTORY OF SUCCESSFUL ACQUISITIONS
APPENDIX
RECONCILIATION OF NON-GAAP ITEMS
(dollars in thousands) 2020 2021 2022 2023 2024 (1) Return on Average Tangible Equity Net Income (GAAP) $289,023 $367,738 $379,627 $366,313 $372,996 Average Total Shareholders' Equity (GAAP) $3,956,969 $4,430,688 $4,601,440 $4,654,103 $4,901,069
Less: Average Total Intangibles (1,716,738) (1,837,609) (1,910,377) (1,905,390) (1,899,704) Average Tangible Equity (non-GAAP) $2,240,231 $2,593,079 $2,691,063 $2,748,713 $3,001,365 Formula: Net Income/Average Tangible Equity Return on
Average Tangible Equity (non-GAAP) 12.90% 9.58% 14.18% 14.11% 13.33% 12.43%
(dollars in thousands)
9/30/2024 12/31/2024 (2) Tangible Equity to Tangible Assets Total Assets (GAAP) $ 29,863,262 $ 30,023,545 Less: Total Intangibles (GAAP) (1,898,665) (1,897,755) Tangible Assets (non-GAAP) $ 27,964,597
$ 28,125,790 Total Shareholders' Equity (GAAP) $ 4,967,820 $ 4,993,223 Less: Total Intangibles (GAAP) (1,898,665) (1,897,755) Tangible Equity (non-GAAP) $ 3,069,155 $ 3,095,468
Tangible Equity to Tangible Assets (non-GAAP) 11.0% 11.0% (3) Tangible Book Value Per Share: Total Shareholders' Equity (GAAP) $ 4,967,820 $ 4,993,223 Less: Total Intangibles (GAAP)
(1,898,665) (1,897,755) Tangible Equity (non-GAAP) $ 3,069,155 $ 3,095,468 ÷ EOP Shares Outstanding (Net of Treasury Stock) 135,220,770 135,346,628 Tangible Book Value Per Share (non-GAAP) $22.70 $22.87
RECONCILIATION OF NON-GAAP ITEMS (CONT.)
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