WASHINGTON & CHARLESTON, W. Va--(BUSINESS WIRE)--
United Bankshares, Inc. (NASDAQ: UBSI)
(“United”), today announced record earnings for the first quarter of
2018. Earnings for the first quarter of 2018 were a record $61.7 million
as compared to earnings of $38.8 million for the first quarter of 2017.
Diluted earnings per share were $0.59 for the first quarter of 2018 as
compared to diluted earnings per share of $0.48 for the first quarter of
2017.
United’s first quarter of 2018 results produced an annualized return on
average assets of 1.35% and an annualized return on average equity of
7.65%. United’s annualized returns on average assets and average equity
were 1.09% and 6.98%, respectively, for the first quarter of 2017.
“United’s earnings continue to be strong as we achieved record net
income of $61.7 million for the first quarter of 2018,” stated Richard
M. Adams, United’s Chairman and Chief Executive Officer. “For the first
quarter of 2018, we increased before tax earnings to $79.6 million from
$59.0 million for last year’s first quarter and our return on average
assets of 1.35% for the quarter was up significantly from 1.09% for the
first quarter of 2017.”
On April 21, 2017, United completed its acquisition of Cardinal
Financial Corporation (“Cardinal”) of Tysons, Virginia. The results of
operations of Cardinal are included in the consolidated results of
operations from the date of acquisition. As a result of the Cardinal
acquisition, the first quarter of 2018 was impacted by increased levels
of average balances, income, and expense as compared to the first
quarter of 2017. In addition, the first quarter of 2017 included
merger-related expenses of $1.2 million related to the Cardinal
acquisition.
Net interest income for the first quarter of 2018 was $144.0 million,
which was an increase of $36.4 million or 34% from the first quarter of
2017. The $36.4 million increase in net interest income occurred because
total interest income increased $46.4 million while total interest
expense only increased $10.0 million from the first quarter of 2017.
Tax-equivalent net interest income, which adjusts for the tax-favored
status of income from certain loans and investments, for the first
quarter of 2018 was $145.5 million, an increase of $36.4 million or 33%
from the first quarter of 2017 due mainly to an increase in average
earning assets from the Cardinal acquisition. Average earning assets for
the first quarter of 2018 increased $3.4 billion or 26% from the first
quarter of 2017 due mainly to a $2.9 billion or 28% increase in average
net loans. Average investment securities increased $810.5 million or 59%
while average short-term investments decreased $267.9 million or 21%.
The first quarter of 2018 average yield on earning assets increased 34
basis points from the first quarter of 2017 due to additional loan
accretion of $6.5 million on acquired loans and higher market interest
rates.
Partially offsetting the increases to tax-equivalent net interest income
for the first quarter of 2018 was an increase of 26 basis points in the
average cost of funds as compared to the first quarter of 2017 due to
the higher market interest rates. The net interest margin of 3.61% for
the first quarter of 2018 was an increase of 18 basis points from the
net interest margin of 3.43% for the first quarter of 2017.
On a linked-quarter basis, net interest income for the first quarter of
2018 decreased $10.8 million or 7% from the fourth quarter of 2017. The
$10.8 million decrease in net interest income occurred because total
interest income decreased $9.3 million while total interest expense
increased $1.5 million from the fourth quarter of 2017. United’s
tax-equivalent net interest income for the first quarter of 2018
decreased $11.6 million or 7% from the fourth quarter of 2017 due mainly
to a decrease in the average yield on earning assets. The yield on
average earning assets for the first quarter of 2018 decreased 10 basis
points from the fourth quarter of 2017 due mainly to a lower yield on
loans as a result of the loan accretion on acquired loans declining $6.0
million. In addition, the average cost of funds increased 8 basis points
from the fourth quarter of 2017 due to higher market interest rates.
Average earning assets for the first quarter of 2018 decreased $307.2
million or 2% as compared to the fourth quarter of 2017 as average
short-term investments declined $391.2 million or 29% and average net
loans decreased $132.6 million or 1% for the linked-quarter. Average
investment securities increased $216.5 million or 11%. The net interest
margin of 3.61% for the first quarter of 2018 decreased 16 basis points
from the net interest margin of 3.77% for the fourth quarter of 2017.
For the quarters ended March 31, 2018 and 2017, the provision for loan
losses was $5.2 million and $5.9 million, respectively. Net charge-offs
were $5.2 million for the first quarter of 2018 as compared to net
charge-offs of $5.8 million for the first quarter of 2017. Annualized
net charge-offs as a percentage of average loans were 0.16% for the
first quarter of 2018 as compared to 0.24% for United’s Federal Reserve
peer group (bank holding companies with total assets over $10 billion)
for the year of 2017. On a linked-quarter basis, the provision for loans
losses decreased $1.8 million while net charge-offs decreased $124
thousand from the fourth quarter of 2017.
Noninterest income for the first quarter of 2018 was $31.2 million,
which was an increase of $11.0 million or 55% from the first quarter of
2017. The increase was due mainly to an increase of $13.9 million in
income from mortgage banking activities due to increased production and
sales of mortgage loans in the secondary market. As part of the Cardinal
acquisition, United acquired Cardinal’s mortgage banking subsidiary,
George Mason Mortgage, LLC (George Mason). Partially offsetting this
increase was a net gain of $3.8 million on the redemption of an
investment security included in the results for the first quarter of
2017. Otherwise, fees from deposit services increased $524 thousand
mainly due to higher income from overdraft, debit card and automated
teller machine (ATM) fees.
On a linked-quarter basis, noninterest income for the first quarter of
2018 decreased $1.6 million or 5% from the fourth quarter of 2017 due
mainly to a net loss of $485 thousand on investment securities
transactions as compared to a net gain of $430 thousand for the fourth
quarter of 2017. In addition, income from mortgage banking activities
declined $740 thousand due to decreased production and sales of mortgage
loans in the secondary market and fees from deposit services declined
$414 thousand because of a decrease in overdraft fees, due to
seasonality. Partially offsetting these decreases was an increase of
$467 thousand in income from trust and brokerage services due to
increased volume.
Noninterest expense for the first quarter of 2018 was $90.5 million, an
increase of $27.6 million or 44% from the first quarter of 2017 due
mainly to the additional employees and branch offices from the Cardinal
acquisition as most major categories of noninterest expense showed
increases. In particular, employee compensation increased $16.8 million,
employee benefits increased $2.7 million, net occupancy expenses
increased $2.6 million, and data processing expense increased $1.8
million. In addition, within other expense, amortization of core deposit
intangibles increased $962 thousand and business franchise taxes
increased $649 thousand while merger-related expenses decreased $1.2
million.
On a linked-quarter basis, noninterest expense decreased $5.3 million or
6% from the fourth quarter of 2017 due mainly to decreases of $1.5
million each in merger-related expenses and business franchise taxes
within other expense. In addition, employee compensation decreased $612
thousand due mainly to a decrease in commissions expense related to the
decrease in production and sales of mortgage loans in the secondary
market. Other real estate owned (OREO) expense decreased $406 thousand
due to a decline in net losses on the sales of OREO properties.
Partially offsetting these decreases was an increase in net occupancy
expense of $421 thousand due mainly to increased building maintenance
costs.
For the first quarter of 2018, income tax expense was $17.9 million, a
decrease of $2.3 million from the first quarter of 2017 mainly due to a
decline in the effective tax rate as a result of the Tax Cuts and Jobs
Act of 2017 (the Tax Act). On a linked-quarter basis, income tax expense
decreased $49.0 million mainly due to a decline in the effective tax
rate and additional income tax expense of $37.7 million related to the
estimated impact of the Tax Act recorded in the fourth quarter of 2017
due to a revaluation of United’s deferred tax assets and liabilities
using a lower enacted corporate tax rate. United’s effective tax rate
was approximately 22.5% for the first quarter of 2018 and 34.3% and
78.8% for the first and fourth quarters of 2017, respectively. The
higher effective tax rate for the fourth quarter of 2017 was due to the
impact of the Tax Act.
United’s asset quality continues to be sound. At March 31, 2018,
nonperforming loans were $157.6 million, or 1.21% of loans, net of
unearned income, down from nonperforming loans of $168.7 million, or
1.30% of loans, net of unearned income, at December 31, 2017. As of
March 31, 2018, the allowance for loan losses was $76.7 million or 0.59%
of loans, net of unearned income, as compared to $76.6 million or 0.59%
of loans, net of unearned income, at December 31, 2017. Total
nonperforming assets of $180.4 million, including OREO of $22.8 million
at March 31, 2018, represented 0.97% of total assets as compared to
nonperforming assets of $193.1 million or 1.01% at December 31, 2017.
United continues to be well-capitalized based upon regulatory
guidelines. United’s estimated risk-based capital ratio is 14.6% at
March 31, 2018 while its estimated Common Equity Tier 1 capital, Tier 1
capital and leverage ratios are 12.4%, 12.4% and 10.5%, respectively.
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%.
As of March 31, 2018, United had consolidated assets of approximately
$18.6 billion with full service offices in West Virginia, Virginia,
Maryland, Ohio, Pennsylvania and Washington, D.C.United Bankshares
stock is traded on the NASDAQ Global Select Market under the quotation
symbol "UBSI".
Cautionary Statements
The Company is required under generally accepted accounting
principles to evaluate subsequent events through the filing of its March
31, 2018 consolidated financial statements on Form 10-Q. As a result,
the Company will continue to evaluate the impact of any subsequent
events on critical accounting assumptions and estimates made as of March
31, 2018 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, the allowance for loan losses as a percentage of non-acquired
loans, 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 35%.
In accordance with accounting rules, United is unable to carry-over
an acquired banking company’s previously established allowance for loan
losses because acquired loans are recorded at fair value. Therefore, due
to this acquisition accounting impact on the allowance for loans losses
as well as loans, net of unearned income, management believes that
excluding acquired loans in the calculation of the allowance for loan
losses as a percentage of loans, net of unearned income reflects the
difference in the accounting rules for acquired loans and originated
loans as well as provides for improved comparability to prior periods
and to other financial institutions without acquired loans.
Tangible common equity is calculated as GAAP total shareholders’
equity minus total intangible
assets. Tangible common equity can thus be considered the
most conservative valuation of the company. Tangible common equity is
also presented on a per common share basis. 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 common equity are presented.These
two measures, along with others, are used by management to analyze
capital adequacy.
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
This press release contains certain forward-looking statements,
including certain plans, expectations, goals and projections, which are
subject to numerous assumptions, risks and uncertainties.Actual
results could differ materially from those contained in or implied by
such statements for a variety of factors including: changes in economic
conditions; movements in interest rates; competitive pressures on
product pricing and services; success and timing of business strategies;
the nature and extent of governmental actions and reforms; and rapidly
changing technology and evolving banking industry standards.
|
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In Thousands Except for Per Share Data) |
|
|
| |
| | | Three Months Ended |
| | | March 31
2018 |
|
| March 31
2017 |
|
| December 31
2017 |
| EARNINGS SUMMARY: | | | | | | | | | |
|
Interest income
| | |
$
|
167,185
| | |
$
|
120,758
| | |
$
|
176,518
|
|
Interest expense
| | |
|
23,142
| | |
|
13,138
| | |
|
21,662
|
|
Net interest income
| | | |
144,043
| | | |
107,620
| | | |
154,856
|
|
Provision for loan losses
| | | |
5,178
| | | |
5,899
| | | |
6,977
|
|
Noninterest income
| | | |
31,192
| | | |
20,146
| | | |
32,764
|
|
Noninterest expense
| | |
|
90,452
| | |
|
62,842
| | |
|
95,778
|
|
Income before income taxes
| | | |
79,605
| | | |
59,025
| | | |
84,865
|
|
Income taxes
| | |
|
17,899
| | |
|
20,216
| | |
|
66,890
|
|
Net income
| | |
$
|
61,706
| | |
$
|
38,809
| | |
$
|
17,975
|
| | | | | | | | |
|
| PER COMMON SHARE: | | | | | | | | | |
|
Net income:
| | | | | | | | | |
|
Basic
| | |
$
|
0.59
| | |
$
|
0.48
| | |
$
|
0.17
|
|
Diluted
| | | |
0.59
| | | |
0.48
| | | |
0.17
|
|
Cash dividends
| | | |
0.34
| | | |
0.33
| | | |
0.34
|
|
Book value
| | | |
30.92
| | | |
27.76
| | | |
30.85
|
|
Closing market price
| | |
$
|
35.25
| | |
$
|
42.25
| | |
$
|
34.75
|
|
Common shares outstanding:
| | | | | | | | | |
|
Actual at period end, net of treasury shares
| | | |
105,141,170
| | | |
81,151,257
| | | |
105,040,648
|
|
Weighted average- basic
| | | |
104,859,427
| | | |
80,902,368
| | | |
104,808,260
|
|
Weighted average- diluted
| | | |
105,162,858
| | | |
81,306,540
| | | |
105,125,326
|
| | | | | | | | |
|
| FINANCIAL RATIOS: | | | | | | | | | |
|
Return on average assets
| | | |
1.35%
| | | |
1.09%
| | | |
0.38%
|
|
Return on average shareholders’ equity
| | | |
7.65%
| | | |
6.98%
| | | |
2.17%
|
|
Average equity to average assets
| | | |
17.65%
| | | |
15.66%
| | | |
17.40%
|
|
Net interest margin
| | | |
3.61%
| | | |
3.43%
| | | |
3.77%
|
| | | | | | | | |
|
| | | March 31
2018 | | | March 31
2017 | | | December 31
2017 |
| PERIOD END BALANCES: | | | | | | | | | |
|
Assets
| | |
$
|
18,619,702
| | |
$
|
14,762,315
| | |
$
|
19,058,959
|
|
Earning assets
| | | |
16,331,741
| | | |
13,195,916
| | | |
16,741,819
|
|
Loans, net of unearned income
| | | |
12,984,417
| | | |
10,409,041
| | | |
13,011,421
|
|
Loans held for sale
| | | |
193,915
| | | |
3,581
| | | |
265,955
|
|
Investment securities
| | | |
2,268,963
| | | |
1,373,411
| | | |
2,071,645
|
|
Total deposits
| | | |
13,646,168
| | | |
11,062,329
| | | |
13,830,591
|
|
Shareholders’ equity
| | | |
3,251,313
| | | |
2,252,859
| | | |
3,240,530
|
| | | | | | | | |
|
|
|
| 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 |
| | | March | | | March | | | December |
| | | 2018 | | | 2017 | | | 2017 |
| | | | | | | | |
|
| Interest & Loan Fees Income (GAAP) | | |
$
|
167,185
| | |
$
|
120,758
| | |
$
|
176,518
|
|
Tax equivalent adjustment
| | |
|
1,503
| | |
|
1,564
| | |
|
2,261
|
|
Interest & Fees Income (FTE) (non-GAAP)
| | | |
168,688
| | | |
122,322
| | | |
178,779
|
| Interest Expense | | |
|
23,142
| | |
|
13,138
| | |
|
21,662
|
|
Net Interest Income (FTE) (non-GAAP)
| | | |
145,546
| | | |
109,184
| | | |
157,117
|
| | | | | | | | |
|
| Provision for Loan Losses | | | |
5,178
| | | |
5,899
| | | |
6,977
|
| | | | | | | | |
|
| Non-Interest Income: | | | | | | | | | |
|
Fees from trust & brokerage services
| | | |
5,315
| | | |
4,886
| | | |
4,848
|
|
Fees from deposit services
| | | |
8,230
| | | |
7,706
| | | |
8,644
|
|
Bankcard fees and merchant discounts
| | | |
1,356
| | | |
884
| | | |
1,363
|
|
Other charges, commissions, and fees
| | | |
509
| | | |
477
| | | |
524
|
|
Income from bank owned life insurance
| | | |
1,254
| | | |
1,217
| | | |
1,232
|
|
Mortgage banking income
| | | |
14,570
| | | |
675
| | | |
15,310
|
|
Net (losses) gains on investment securities
| | | |
(485)
| | | |
3,940
| | | |
430
|
|
Other non-interest revenue
| | |
|
443
| | |
|
361
| | |
|
413
|
|
Total Non-Interest Income
| | |
|
31,192
| | |
|
20,146
| | |
|
32,764
|
| | | | | | | | |
|
| Non-Interest Expense: | | | | | | | | | |
|
Employee compensation
| | | |
40,836
| | | |
24,033
| | | |
41,448
|
|
Employee benefits
| | | |
9,571
| | | |
6,903
| | | |
9,330
|
|
Net occupancy
| | | |
9,427
| | | |
6,784
| | | |
9,006
|
|
Data processing
| | | |
5,850
| | | |
4,043
| | | |
6,048
|
|
Amortization of intangibles
| | | |
2,010
| | | |
1,048
| | | |
2,391
|
|
OREO expense
| | | |
946
| | | |
1,414
| | | |
1,352
|
| FDIC expense
| | | |
1,848
| | | |
1,751
| | | |
1,989
|
|
Other expenses
| | |
|
19,964
| | |
|
16,866
| | |
|
24,214
|
|
Total Non-Interest Expense
| | |
|
90,452
| | |
|
62,842
| | |
|
95,778
|
| | | | | | | | |
|
| Income Before Income Taxes (FTE) (non-GAAP) | | | |
81,108
| | | |
60,589
| | | |
87,126
|
| | | | | | | | |
|
|
Tax equivalent adjustment
| | |
|
1,503
| | |
|
1,564
| | |
|
2,261
|
| | | | | | | | |
|
| Income Before Income Taxes (GAAP) | | | |
79,605
| | | |
59,025
| | | |
84,865
|
| | | | | | | | |
|
|
Taxes
| | |
|
17,899
| | |
|
20,216
| | |
|
66,890
|
| | | | | | | | |
|
| Net Income | | |
$
|
61,706
| | |
$
|
38,809
| | |
$
|
17,975
|
| | | | | | | | |
|
| MEMO: Effective Tax Rate | | | |
22.48%
| | | |
34.25%
| | | |
78.82%
|
| | | | | | | | |
|
|
|
UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|
|
| |
|
| |
|
| |
|
| |
| Consolidated Balance Sheets | | | | | | | | | | | | |
| | | March 31 | | | March 31 | | | | | | |
| | | 2018 | | | 2017 | | | March 31 | | | December 31 |
| | | Q-T-D Average | | | Q-T-D Average | | | 2018 | | | 2017 |
| | | | | | | | | | | |
|
|
Cash & Cash Equivalents
| | |
$
|
1,163,657
| | |
$
|
1,409,452
| | |
$
|
1,139,170
| | |
$
|
1,666,167
|
| | | | | | | | | | | |
|
|
Securities Available for Sale
| | | |
1,995,919
| | | |
1,226,460
| | | |
2,085,111
| | | |
1,888,756
|
|
Securities Held to Maturity
| | | |
20,421
| | | |
30,739
| | | |
20,405
| | | |
20,428
|
| Equity Securities | | | |
8,862
| | | |
0
| | | |
11,160
| | | |
0
|
|
Other Investment Securities | | |
|
154,137
| | |
|
111,657
| | |
|
152,287
| | |
|
162,461
|
| Total Securities | | |
|
2,179,339
| | |
|
1,368,856
| | |
|
2,268,963
| | |
|
2,071,645
|
| Total Cash and Securities | | |
|
3,342,996
| | |
|
2,778,308
| | |
|
3,408,133
| | |
|
3,737,812
|
| | | | | | | | | | | |
|
|
Loans Held for Sale
| | | |
177,351
| | | |
4,255
| | | |
193,915
| | | |
265,955
|
| | | | | | | | | | | |
|
|
Commercial Loans
| | | |
9,757,064
| | | |
7,739,095
| | | |
9,669,873
| | | |
9,822,027
|
|
Mortgage Loans
| | | |
2,471,903
| | | |
1,929,533
| | | |
2,533,072
| | | |
2,443,780
|
|
Consumer Loans
| | |
|
782,828
| | |
|
664,504
| | |
|
795,490
| | |
|
761,530
|
| | | | | | | | | | | |
|
|
Gross Loans
| | | |
13,011,795
| | | |
10,333,132
| | | |
12,998,435
| | | |
13,027,337
|
| | | | | | | | | | | |
|
|
Unearned Income
| | |
|
(15,490)
| | |
|
(15,772)
| | |
|
(14,018)
| | |
|
(15,916)
|
| | | | | | | | | | | |
|
|
Loans, Net of Unearned Income
| | | |
12,996,305
| | | |
10,317,360
| | | |
12,984,417
| | | |
13,011,421
|
| | | | | | | | | | | |
|
|
Allowance for Loan Losses
| | | |
(76,575)
| | | |
(72,843)
| | | |
(76,653)
| | | |
(76,627)
|
| | | | | | | | | | | |
|
| Goodwill | | | |
1,478,385
| | | |
863,763
| | | |
1,478,580
| | | |
1,478,380
|
|
Other Intangibles
| | |
|
44,022
| | |
|
22,468
| | |
|
42,976
| | |
|
44,986
|
|
Total Intangibles
| | | |
1,522,407
| | | |
886,231
| | | |
1,521,556
| | | |
1,523,366
|
| | | | | | | | | | | |
|
|
Real Estate Owned
| | | |
24,581
| | | |
31,407
| | | |
22,778
| | | |
24,348
|
|
Other Assets
| | |
|
556,732
| | |
|
461,015
| | |
|
565,556
| | |
|
572,684
|
| Total Assets | | |
$
|
18,543,797
| | |
$
|
14,405,733
| | |
$
|
18,619,702
| | |
$
|
19,058,959
|
| | | | | | | | | | | |
|
| MEMO: Earning Assets | | |
$
|
16,256,086
| | |
$
|
12,865,148
| | |
$
|
16,331,741
| | |
$
|
16,741,819
|
| | | | | | | | | | | |
|
|
Interest-bearing Deposits
| | |
$
|
9,353,479
| | |
$
|
7,596,533
| | |
$
|
9,301,965
| | |
$
|
9,535,904
|
|
Noninterest-bearing Deposits
| | |
|
4,174,169
| | |
|
3,090,248
| | |
|
4,344,203
| | |
|
4,294,687
|
|
Total Deposits
| | | |
13,527,648
| | | |
10,686,781
| | | |
13,646,168
| | | |
13,830,591
|
| | | | | | | | | | | |
|
|
Short-term Borrowings
| | | |
286,350
| | | |
226,718
| | | |
218,386
| | | |
477,587
|
|
Long-term Borrowings
| | |
|
1,352,280
| | |
|
1,164,119
| | |
|
1,344,909
| | |
|
1,363,977
|
|
Total Borrowings
| | | |
1,638,630
| | | |
1,390,837
| | | |
1,563,295
| | | |
1,841,564
|
| | | | | | | | | | | |
|
|
Other Liabilities
| | |
|
104,486
| | |
|
71,632
| | |
|
158,926
| | |
|
146,274
|
| Total Liabilities | | |
|
15,270,764
| | |
|
12,149,250
| | |
|
15,368,389
| | |
|
15,818,429
|
| | | | | | | | | | | |
|
|
Preferred Equity
| | | |
---
| | | |
---
| | | |
---
| | | |
---
|
|
Common Equity
| | |
|
3,273,033
| | |
|
2,256,483
| | |
|
3,251,313
| | |
|
3,240,530
|
| Total Shareholders' Equity | | |
|
3,273,033
| | |
|
2,256,483
| | |
|
3,251,313
| | |
|
3,240,530
|
| | | | | | | | | | | |
|
| Total Liabilities & Equity | | |
$
|
18,543,797
| | |
$
|
14,405,733
| | |
$
|
18,619,702
| | |
$
|
19,058,959
|
| | | | | | | | | | | |
|
| MEMO: Interest-bearing Liabilities | | |
$
|
10,992,109
| | |
$
|
8,987,370
| | |
$
|
10,865,260
| | |
$
|
11,377,468
|
| | | | | | | | | | | |
|
|
|
| UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|
|
| |
|
| |
|
| |
| | | Three Months Ended |
| | | March | | | March | | | December |
| Quarterly Share Data: | | | 2018 | | | 2017 | | | 2017 |
| | | | | | | | |
|
| Earnings Per Share: | | | | | | | | | |
|
Basic
| | |
$
|
0.59
| | |
$
|
0.48
| | |
$
|
0.17
|
|
Diluted
| | |
$
|
0.59
| | |
$
|
0.48
| | |
$
|
0.17
|
| | | | | | | | |
|
| Common Dividend Declared Per Share | | |
$
|
0.34
| | |
$
|
0.33
| | |
$
|
0.34
|
| | | | | | | | |
|
|
High Common Stock Price
| | |
$
|
38.55
| | |
$
|
47.30
| | |
$
|
38.45
|
|
Low Common Stock Price
| | |
$
|
33.60
| | |
$
|
39.45
| | |
$
|
33.60
|
| | | | | | | | |
|
| Average Shares Outstanding (Net of Treasury Stock): | | | | | | | | | |
|
Basic
| | | |
104,859,427
| | | |
80,902,368
| | | |
104,808,260
|
|
Diluted
| | | |
105,162,858
| | | |
81,306,540
| | | |
105,125,326
|
| | | | | | | | |
|
| Memorandum Items: | | | | | | | | | |
| | | | | | | | |
|
|
Common Dividends
| | |
$
|
35,748
| | |
$
|
26,777
| | |
$
|
35,715
|
| | | | | | | | |
|
|
Dividend Payout Ratio
| | | |
57.93%
| | | |
69.00%
| | | |
198.69%
|
| | | | | | | | |
|
| | | March | | | March | | | December |
| EOP Share Data: | | | 2018 | | | 2017 | | | 2017 |
| | | | | | | | |
|
|
Book Value Per Share
| | |
$
|
30.92
| | |
$
|
27.76
| | |
$
|
30.85
|
|
Tangible Book Value Per Share (1) | | |
$
|
16.45
| | |
$
|
16.85
| | |
$
|
16.35
|
| | | | | | | | |
|
|
52-week High Common Stock Price
| | |
$
|
42.60
| | |
$
|
49.35
| | |
$
|
47.30
|
|
Date
| | | | 04/03/17 | | | | 12/12/16 | | | | 01/03/17 |
|
52-week Low Common Stock Price
| | |
$
|
31.70
| | |
$
|
34.50
| | |
$
|
31.70
|
|
Date
| | | | 09/07/17 | | | | 06/27/16 | | | | 09/07/17 |
| | | | | | | | |
|
| EOP Shares Outstanding (Net of Treasury Stock): | | | |
105,141,170
| | | |
81,151,257
| | | |
105,040,648
|
| | | | | | | | |
|
| Memorandum Items: | | | | | | | | | |
| | | | | | | | |
|
|
EOP Employees (full-time equivalent)
| | | |
2,341
| | | |
1,718
| | | |
2,381
|
| | | | | | | | |
|
Note: | | | | | | | | | |
|
(1) Tangible Book Value Per Share:
| | | | | | | | | |
|
Total Shareholders' Equity (GAAP)
| | |
$
|
3,251,313
| | |
$
|
2,252,859
| | |
$
|
3,240,530
|
|
Less: Total Intangibles
| | |
|
(1,521,556)
| | |
|
(885,674)
| | |
|
(1,523,366)
|
|
Tangible Equity (non-GAAP)
| | |
$
|
1,729,757
| | |
$
|
1,367,185
| | |
$
|
1,717,164
|
|
÷ EOP Shares Outstanding (Net of Treasury Stock)
| | | |
105,141,170
| | | |
81,151,257
| | | |
105,040,648
|
|
Tangible Book Value Per Share (non-GAAP)
| | |
$
|
16.45
| | |
$
|
16.85
| | |
$
|
16.35
|
| | | | | | | | |
|
|
|
| UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|
|
| | |
|
| | |
|
| | |
| | | Three Months Ended | |
| | | March | | | | March | | | | December | |
| | | 2018 | | | | 2017 | | | | 2017 | |
| Selected Yields and Net Interest Margin: | | | | | | | | | | | | |
|
Net Loans
| | |
4.63%
| | | |
4.34%
| | | |
4.84%
| |
| Investment Securities | | |
2.59%
| | | |
2.84%
| | | |
2.60%
| |
|
Money Market Investments/FFS
| | |
2.04%
| | | |
0.87%
| | | |
1.36%
| |
|
Average Earning Assets Yield
| | |
4.19%
| | | |
3.85%
| | | |
4.29%
| |
|
Interest-bearing Deposits
| | |
0.68%
| | | |
0.45%
| | | |
0.60%
| |
|
Short-term Borrowings
| | |
0.60%
| | | |
0.54%
| | | |
0.50%
| |
|
Long-term Borrowings
| | |
2.12%
| | | |
1.52%
| | | |
1.97%
| |
|
Average Liability Costs
| | |
0.85%
| | | |
0.59%
| | | |
0.77%
| |
|
Net Interest Spread
| | |
3.34%
| | | |
3.26%
| | | |
3.52%
| |
|
Net Interest Margin
| | |
3.61%
| | | |
3.43%
| | | |
3.77%
| |
| | | | | | | | | | | |
|
| Selected Financial Ratios: | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
Return on Average Common Equity
| | |
7.65%
| | | |
6.98%
| | | |
2.17%
| |
|
Return on Average Assets
| | |
1.35%
| | | |
1.09%
| | | |
0.38%
| |
|
Loan / Deposit Ratio
| | |
95.15%
| | | |
94.09%
| | | |
94.08%
| |
|
Allowance for Loan Losses/ Loans, net of unearned income
| | |
0.59%
| | | |
0.70%
| | | |
0.59%
| |
|
Allowance for Credit Losses (1)/ Loans, net of unearned
income
| | |
0.60%
| | | |
0.71%
| | | |
0.59%
| |
|
Nonaccrual Loans / Loans, net of unearned income
| | |
0.77%
| | | |
0.87%
| | | |
0.84%
| |
|
90-Day Past Due Loans/ Loans, net of unearned income
| | |
0.07%
| | | |
0.06%
| | | |
0.08%
| |
|
Non-performing Loans/ Loans, net of unearned income
| | |
1.21%
| | | |
1.17%
| | | |
1.30%
| |
|
Non-performing Assets/ Total Assets
| | |
0.97%
| | | |
1.02%
| | | |
1.01%
| |
|
Primary Capital Ratio
| | |
17.80%
| | | |
15.68%
| | | |
17.34%
| |
|
Shareholders' Equity Ratio
| | |
17.46%
| | | |
15.26%
| | | |
17.00%
| |
|
Price / Book Ratio
| | |
1.14
|
x
| | |
1.52
|
x
| | |
1.13
|
x
|
|
Price / Earnings Ratio
| | |
15.02
|
x
| | |
22.13
|
x
| | |
22.59
|
x
|
|
Efficiency Ratio
| | |
51.62%
| | | |
49.19%
| | | |
51.05%
| |
| | | | | | | | | | | |
|
Notes: | | | | | | | | | | | | |
(1)Includes allowances for loan losses and
lending-related commitments. |
|
|
|
|
| UNITED BANKSHARES, INC. AND SUBSIDIARIES Washington, D.C. and Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) |
|
|
|
|
| |
|
| Three Months Ended |
| | | | | | March |
|
| December |
Mortgage Banking Data – George Mason: | | | | | | 2018 | | | 2017 |
Applications
| | | | | |
$
|
1,149,000
| | |
$
|
906,000
|
Loans originated
| | | | | | |
573,732
| | | |
688,952
|
Loans sold
| | | | | |
$
|
616,951
| | |
$
|
753,005
|
Purchase money % of loans closed
| | | | | | |
75%
| | | |
77%
|
Realized gain on sales and fees as a % of loans sold
| | | | | | |
2.62%
| | | |
2.72%
|
Net interest income
| | | | | |
$
|
376
| | |
$
|
(123)
|
Other income
| | | | | | |
14,883
| | | |
16,203
|
Other expense
| | | | | | |
18,384
| | | |
19,328
|
Income taxes
| | | | | | |
(703)
| | | |
(862)
|
Net income
| | | | | |
$
|
(2,422)
| | |
$
|
(2,386)
|
| | | |
| | | | | | March | | | December |
Period End Mortgage Banking Data – George Mason: | | | | | | 2018 | | | 2017 |
Locked pipeline
| | | | | |
$
|
206,883
| | |
$
|
157,130
|
| | |
|
| | | March | | | March | | | December |
| Asset Quality Data: | | | 2018 | | | 2017 | | | 2017 |
|
EOP Non-Accrual Loans
| | |
$
|
100,172
| | |
$
|
90,596
| | |
$
|
108,803
|
|
EOP 90-Day Past Due Loans
| | | |
9,165
| | | |
6,714
| | | |
9,803
|
|
EOP Restructured Loans (1) | | |
|
48,271
| | |
|
24,028
| | |
|
50,129
|
|
Total EOP Non-performing Loans
| | |
$
|
157,608
| | |
$
|
121,338
| | |
$
|
168,735
|
| | | | | | | | |
|
| EOP Other Real Estate & Assets Owned | | |
|
22,778
| | |
|
29,902
| | |
|
24,348
|
|
Total EOP Non-performing Assets
| | |
$
|
180,386
| | |
$
|
151,240
| | |
$
|
193,083
|
| | | | | | | | |
|
| | | Three Months Ended |
| | | March | | | March | | | December |
| Allowance for Loan Losses: | | | 2018 | | | 2017 | | | 2017 |
|
Beginning Balance
| | |
$
|
76,627
| | |
$
|
72,771
| | |
$
|
74,926
|
|
Provision for Loan Losses
| | |
|
5,178
| | |
|
5,899
| | |
|
6,977
|
| | | |
81,805
| | | |
78,670
| | | |
81,903
|
|
Gross Charge-offs
| | | |
(5,858)
| | | |
(7,285)
| | | |
(9,299)
|
|
Recoveries
| | |
|
706
| | |
|
1,490
| | |
|
4,023
|
|
Net Charge-offs
| | |
|
(5,152)
| | |
|
(5,795)
| | |
|
(5,276)
|
|
Ending Balance
| | |
$
|
76,653
| | |
$
|
72,875
| | |
$
|
76,627
|
|
Reserve for lending-related commitments
| | |
|
755
| | |
|
902
| | |
|
679
|
|
Allowance for Credit Losses (2) | | |
$
|
77,408
| | |
$
|
73,777
| | |
$
|
77,306
|
| | | | | | | | |
|
Notes: |
| (1) |
| Restructured loans with an aggregate balance of $33,592,
$11,522 and $30,868 at March 31, 2018, March 31, 2017 and December
31, 2017, respectively, were on nonaccrual status, but are not
included in the “EOP Non-Accrual Loans.” |
| | (2) | | Includes allowances for loan losses and lending-related
commitments. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426005248/en/
United Bankshares, Inc.
W. Mark Tatterson, 800-445-1347 ext. 8716
Chief
Financial Officer
Source: United Bankshares, Inc.