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United Bankshares, Inc. Announces Record Earnings for the Year 2021

United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the fourth quarter and the year of 2021. Earnings for the fourth quarter of 2021 were $73.9 million, or $0.56 per diluted share, as compared to earnings of $92.4 million, or $0.71 per diluted share, for the fourth quarter of 2020. Earnings for the year of 2021 were a record $367.7 million as compared to earnings of $289.0 million for the year of 2020. Earnings per diluted share for the year of 2021 were a record $2.83 as compared to earnings per diluted share of $2.40 for the year of 2020.

Fourth quarter 2021 results produced annualized returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.04%, 6.44% and 10.87%, respectively, compared to annualized returns on average assets, average equity, and average tangible equity of 1.41%, 8.51% and 14.72%, respectively, for the fourth quarter of 2020. For the year of 2021, United’s returns on average assets, average equity and average tangible equity were 1.35%, 8.30% and 14.18%, respectively, compared to returns on average assets, average equity, and average tangible equity of 1.20%, 7.30% and 12.90%, respectively, for the year of 2020.

“2021 was one of the most successful years in our Company’s history,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “We achieved record pre-tax earnings of $463 million, increased earnings per diluted share 18%, and outperformed peer profitability. We increased our dividend for the 48th consecutive year and successfully completed the acquisition of Community Bankers Trust Corporation, the 33rd acquisition of the current administration.”

On December 3, 2021, United completed its acquisition of Community Bankers Trust Corporation (“Community Bankers Trust”). The results of operations for Community Bankers Trust are included in the consolidated results of operations from the date of acquisition. As a result of the acquisition, the fourth quarter and year of 2021 were impacted by approximately one month of increased levels of average balances, income, and expense as compared to the fourth quarter and year of 2020 and as compared to the third quarter of 2021.

As a result of the acquisition of Carolina Financial Corporation (“Carolina Financial”) on May 1, 2020, the year of 2021 reflected higher average balances, income, and expense as compared to the year of 2020.

The fourth quarter and year of 2021 included merger-related expenses associated with the Community Bankers Trust acquisition of $20.4 million and $21.4 million, respectively, compared to $558 thousand and $54.2 million of merger-related expenses associated with the Carolina Financial acquisition for the fourth quarter and year of 2020.

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2021 was $183.7 million, which was a decrease of $8.3 million, or 4%, from the fourth quarter of 2020. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the fourth quarter of 2021 also decreased $8.3 million, or 4%, from the fourth quarter of 2020 to $184.7 million. The decrease in net interest income and tax-equivalent net interest income was primarily due to lower accretion on acquired loans and lower fee income from Paycheck Protection Program (“PPP”) loans. A decrease in interest income due to lower acquired loan accretion income and PPP loan fee income as well as due to a change in the mix of interest earning assets was partially offset by lower interest expense on deposits and borrowings driven by rate repricing. The net interest spread for the fourth quarter of 2021 decreased 32 basis points from the fourth quarter of 2020 due to a 49 basis point decrease in the average yield on earning assets partially offset by a 17 basis point decrease in the average cost of funds. Loan accretion on acquired loans was $6.2 million and $10.9 million for the fourth quarter of 2021 and 2020, respectively, a decrease of $4.7 million. Net PPP loan fee income of $5.0 million was recognized in the fourth quarter of 2021 driven primarily by loan forgiveness, as compared to $7.0 million for the fourth quarter of 2020. Average earning assets for the fourth quarter of 2021 increased $1.8 billion, or 8%, from the fourth quarter of 2020 due to a $1.8 billion increase in average short-term investments and a $833.6 million increase in average investment securities, partially offset by a $862.0 million decrease in average net loans and loans held for sale mainly driven by a decline in PPP loan balances. The net interest margin of 2.94% for the fourth quarter of 2021 was a decrease of 39 basis points from the net interest margin of 3.33% for the fourth quarter of 2020.

Net interest income for the year of 2021 was $742.7 million, which was an increase of $53.0 million, or 8%, from the year of 2020. Tax-equivalent net interest income for the year of 2021 was $747.0 million, an increase of $53.3 million, or 8%, from the year of 2020. The increase in net interest income and tax-equivalent net interest income was primarily due to lower interest expense on deposits and borrowings as well as due to an increase in average earning assets from the Carolina Financial acquisition and PPP loan fee income, partially offset by lower acquired loan accretion income. The net interest spread for the year of 2021 decreased 2 basis points from the year of 2020 due to a 45 basis point decrease in the average yield on earning assets partially offset by a 43 basis point decrease in the average cost of funds. Average earning assets for the year of 2021 increased $2.8 billion, or 13%, from the year of 2020 due to a $1.7 billion increase in average short-term investments, a $628.0 million increase in average investment securities and a $523.9 million increase in average net loans and loans held for sale. Net PPP loan fee income of $33.2 million was recognized in the year of 2021 driven primarily by loan forgiveness, as compared to $16.3 million for the year of 2020. Loan accretion on acquired loans was $33.9 million and $41.8 million for the year of 2021 and 2020, respectively, a decrease of $7.9 million. The net interest margin of 3.09% for the year of 2021 was a decrease of 15 basis points from the net interest margin of 3.24% for the year of 2020.

On a linked-quarter basis, net interest income for the fourth quarter of 2021 increased $2.1 million, or 1%, from the third quarter of 2021. Tax-equivalent net interest income for the fourth quarter of 2021 also increased $2.1 million, or 1%, from the third quarter of 2021. The increase in net interest income and tax-equivalent net interest income was primarily due to an increase in average earning assets due to organic growth and the Community Bankers Trust acquisition as well as lower interest expense on deposits and borrowings partially offset by lower acquired loan accretion and PPP loan fee income. Average earning assets increased approximately $573.2 million, or 2%, from the third quarter of 2021 due to increases in average net loans and loans held for sale of $456.0 million and average securities of $333.4 million partially offset by a decrease in average short-term investments of $216.2 million. The net interest spread for the fourth quarter of 2021 of 2.82% decreased 1 basis point from the third quarter of 2021 due to a 5 basis point decrease in the average yield on earning assets partially offset by a 4 basis point decrease in the average cost of funds. Net PPP loan fee income for the fourth quarter of 2021 decreased $2.8 million from the third quarter of 2021 to $5.0 million. Loan accretion on acquired loans decreased $1.9 million from the third quarter of 2021 to $6.2 million for the fourth quarter of 2021. The net interest margin of 2.94% for the fourth quarter of 2021 was a decrease of 4 basis points from the net interest margin of 2.98% for the third quarter of 2021.

Credit Quality

United’s asset quality continues to be sound. At December 31, 2021, nonperforming loans were $90.8 million, or 0.50% of loans & leases, net of unearned income, down from $132.2 million, or 0.75% of loans & leases, net of unearned income, at December 31, 2020. Total nonperforming assets of $105.6 million, including other real estate owned (“OREO”) of $14.8 million at December 31, 2021, represented 0.36% of total assets as compared to nonperforming assets of $154.8 million, including OREO of $22.6 million, or 0.59% of total assets at December 31, 2020.

The provision for credit losses was a net benefit of $7.4 million and $24.0 million for the fourth quarter and year of 2021, respectively, while the provision for credit losses was an expense of $16.8 million and $106.6 million, respectively, for the fourth quarter and year of 2020. The quarter and year of 2021 included a provision for loan losses of $12.3 million recorded on purchased non-credit deteriorated (“non-PCD”) loans from Community Bankers Trust. The year of 2020 included a provision for loan losses of $29.0 million recorded on non-PCD loans from Carolina Financial. The decrease in the provision in relation to the prior year quarter and year of 2020 was also driven by the impact of better performance trends within the loan portfolio and improvements in the reasonable and supportable forecasts of future macroeconomic conditions on the estimate of expected credit losses under CECL. On a linked-quarter basis, the provision for credit losses for the fourth quarter of 2021 was a net benefit of $7.4 million compared to a net benefit of $7.8 million for the third quarter of 2021.

As of December 31, 2021, the allowance for loan losses was $216.0 million, or 1.20% of loans & leases, net of unearned income, as compared to $235.8 million, or 1.34% of loans & leases, net of unearned income, at December 31, 2020. Net charge-offs were $125 thousand for the fourth quarter of 2021 compared to net charge-offs of $6.9 million for the fourth quarter of 2020. Net charge-offs were $8.7 million for the year of 2021 compared to net charge-offs of $23.6 million for the year of 2020. Annualized net charge-offs as a percentage of average loans & leases, net of unearned income were 0.003% and 0.05% for the fourth quarter and year of 2021, respectively, compared to annualized net charge-offs of 0.16% and 0.14% for the fourth quarter and year of 2020. Net recoveries were $1.2 million for the third quarter of 2021.

Noninterest Income

Noninterest income for the fourth quarter of 2021 was $54.0 million, which was a decrease of $40.0 million, or 43%, from the fourth quarter of 2020 primarily driven by a $43.5 million decrease in income from mortgage banking activities due primarily to lower mortgage loan origination and sale volume and a lower margin on loans sold in the secondary market. Partially offsetting the decreases in noninterest income were increases in fees from deposit services of $1.0 million, fees from trust services of $742 thousand and fees from brokerage services of $574 thousand.

Noninterest income for the year of 2021 was $278.1 million, which was a decrease of $76.7 million, or 22%, from the year of 2020. The decrease was driven primarily by a $94.4 million decrease in income from mortgage banking activities due primarily to a lower loan pipeline valuation and a lower margin on loans sold in the secondary market. The year of 2021 included fees from deposit services of $38.7 million, an increase of $3.9 million from the year of 2020, fees from trust services of $16.6 million, an increase of $2.6 million from the year of 2020 and fees from brokerage services of $15.6 million, an increase of $3.8 million from the year of 2020. Mortgage loan servicing income was $9.6 million for the year of 2021 compared to $6.2 million for the year of 2020, an increase of $3.4 million due to the Carolina Financial acquisition. The year of 2020 also included a gain on the sale of a bank premises of $2.2 million.

On a linked-quarter basis, noninterest income for the fourth quarter of 2021 decreased $14.6 million, or 21%, from the third quarter of 2021 primarily due to a decrease of $14.7 million in income from mortgage banking activities due primarily to lower mortgage loan origination and sale volume and a lower loan pipeline valuation.

Noninterest Expense

Noninterest expense for the fourth quarter of 2021 was $151.8 million, a decrease of $4.3 million, or 3%, from the fourth quarter of 2020. Employee compensation decreased $5.5 million due to lower employee commissions, incentives and overtime related to mortgage banking production partially offset by $2.5 million of merger-related expenses from the Community Bankers Trust acquisition as well as additional employees from the acquisition. OREO expense decreased $2.1 million due to a decrease in net losses on the sale of OREO properties and fewer declines in the fair value of OREO properties. Partially offsetting the decreases in noninterest expense were increases in data processing expense of $3.6 million primarily due to $3.5 million of merger-related expenses associated with the Community Bankers Trust acquisition. Other expense increased $1.9 million driven by an increase in the reserve for unfunded loan commitments of $2.8 million, including $844 thousand related to loan commitments acquired from Community Bankers Trust.

Noninterest expense for the year of 2021 was $581.9 million, an increase of $3.7 million, or less than 1%, from the year of 2020. Employee compensation increased $5.3 million from the year of 2020 primarily due to the Carolina Financial and Community Bankers Trust acquisitions partially offset by lower employee compensation expense related to mortgage banking production. Additionally, noninterest expense increased slightly from the year of 2020 due to increases of $5.1 million in equipment expense, $5.0 million in employee benefits and $2.8 million in mortgage loan servicing expense and impairment. The increases in equipment expense, employee benefits and mortgage loan servicing expense and impairment were mainly from the Carolina Financial acquisition. Offsetting the increases in noninterest expense was a decrease in data processing expense of $4.0 million, due to a penalty of $9.7 million to terminate Carolina Financial’s data processing contract incurred in the second quarter of 2020, partially offset by $3.5 million of merger-related termination and conversion expenses associated with the Community Bankers Trust acquisition in the fourth quarter of 2021. The year of 2020 also included $10.4 million in prepayment penalties on the early payoff of FHLB advances compared to $15 thousand for the year of 2021.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2021 increased $9.5 million, or 7%, from the third quarter of 2021 primarily due to an increase of $4.1 million in employee compensation, $4.2 million in data processing and $3.3 million in other expense. The increases in employee compensation and data processing expense were primarily due to the Community Bankers Trust acquisition. Within other expense, the largest driver of the increase was an increase in the reserve for unfunded loan commitments of $1.8 million, including $844 thousand related to loan commitments acquired from Community Bankers Trust. Partially offsetting the increases in noninterest expense were decreases in employee benefits of $2.3 million and mortgage loan servicing expense and impairment of $1.0 million.

Income Tax Expense

For the fourth quarter of 2021, income tax expense was $19.5 million as compared to $20.8 million for the fourth quarter of 2020 primarily due to lower earnings partially offset by a higher effective tax rate. For the year of 2021, income tax expense was $95.1 million as compared to $70.7 million for the year of 2020 primarily due to higher earnings and a slightly higher effective tax rate. On a linked-quarter basis, income tax expense decreased $4.1 million primarily due to lower earnings. United’s effective tax rate was 20.9% for the fourth quarter of 2021, 18.4% for the fourth quarter of 2020 and 20.4% for the third quarter of 2021. For the year of 2021 and 2020, United’s effective tax rate was 20.6% and 19.7%, respectively.

Regulatory Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 15.4% at December 31, 2021, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.4%, 13.4% and 11.0%, respectively. The December 31, 2021 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%.

About United Bankshares, Inc.

As of December 31, 2021, United had consolidated assets of approximately $29.3 billion. United is the parent company of United Bank which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United’s 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 December 31, 2021 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, 2021 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, tangible equity, return on 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: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic, on United, its colleagues, the communities United serves, and the domestic and global economy; 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, reform of LIBOR; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the OCC, 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 Community Bankers Trust, including the successful integration of operations of Community Bankers Trust, the expected growth opportunities and costs savings from the merger, and deposit attrition, operating costs, customer losses and business disruption following the merger; competition; and changes in legislation or regulatory requirements. 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, 2020, 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.

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

EARNINGS SUMMARY:

 

December

2021

 

December

2020

 

December

2021

 

December

2020

Interest income

 

$

195,194

 

 

$

208,914

 

 

$

795,117

 

 

$

798,382

 

Interest expense

 

 

11,516

 

 

 

16,925

 

 

 

52,383

 

 

 

108,609

 

Net interest income

 

 

183,678

 

 

 

191,989

 

 

 

742,734

 

 

 

689,773

 

Provision for credit losses

 

 

(7,405

)

 

 

16,751

 

 

 

(23,970

)

 

 

106,562

 

Noninterest income

 

 

54,049

 

 

 

94,082

 

 

 

278,092

 

 

 

354,746

 

Noninterest expense

 

 

151,789

 

 

 

156,117

 

 

 

581,943

 

 

 

578,217

 

Income before income taxes

 

 

93,343

 

 

 

113,203

 

 

 

462,853

 

 

 

359,740

 

Income taxes

 

 

19,491

 

 

 

20,833

 

 

 

95,115

 

 

 

70,717

 

Net income

 

$

73,852

 

 

$

92,370

 

 

$

367,738

 

 

$

289,023

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

Basic

 

$

0.56

 

 

$

0.71

 

 

$

2.84

 

 

$

2.40

 

Diluted

 

 

0.56

 

 

 

0.71

 

 

 

2.83

 

 

 

2.40

 

Cash dividends

 

$

0.36

 

 

$

0.35

 

 

 

1.41

 

 

 

1.40

 

Book value

 

 

 

 

 

 

34.60

 

 

 

33.27

 

Closing market price

 

 

 

 

 

$

36.28

 

 

$

32.40

 

Common shares outstanding:

 

 

 

 

 

 

 

 

Actual at period end, net of treasury shares

 

 

 

 

 

 

136,392,758

 

 

 

129,188,507

 

Weighted average-basic

 

 

130,939,640

 

 

 

129,371,600

 

 

 

129,276,452

 

 

 

120,017,247

 

Weighted average-diluted

 

 

131,295,816

 

 

 

129,479,390

 

 

 

129,512,853

 

 

 

120,090,232

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS:

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.04

%

 

 

1.41

%

 

 

1.35

%

 

 

1.20

%

Return on average shareholders’ equity

 

 

6.44

%

 

 

8.51

%

 

 

8.30

%

 

 

7.30

%

Return on average tangible equity (non-GAAP)(1)

 

 

10.87

%

 

 

14.72

%

 

 

14.18

%

 

 

12.90

%

Average equity to average assets

 

 

16.22

%

 

 

16.54

%

 

 

16.26

%

 

 

16.39

%

Net interest margin

 

 

2.94

%

 

 

3.33

%

 

 

3.09

%

 

 

3.24

%

 

 

 

 

 

 

 

 

 

PERIOD END BALANCES:

 

December 31

2021

 

December 31

2020

 

December 31

2019

 

September 30

2021

Assets

 

$

29,328,902

 

 

$

26,184,247

 

 

$

19,662,324

 

 

$

27,507,517

 

Earning assets

 

 

26,083,089

 

 

 

23,172,403

 

 

 

17,344,638

 

 

 

24,415,973

 

Loans & leases, net of unearned income

 

 

18,023,648

 

 

 

17,591,413

 

 

 

13,712,129

 

 

 

16,743,629

 

Loans held for sale

 

 

504,416

 

 

 

718,937

 

 

 

387,514

 

 

 

493,299

 

Investment securities

 

 

4,295,749

 

 

 

3,186,184

 

 

 

2,669,797

 

 

 

3,646,065

 

Total deposits

 

 

23,350,263

 

 

 

20,585,160

 

 

 

13,852,421

 

 

 

21,822,609

 

Shareholders’ equity

 

 

4,718,628

 

 

 

4,297,620

 

 

 

3,363,833

 

 

 

4,430,766

 

 

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.

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

 

 

 

December

 

December

 

September

 

June

 

March

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Interest & Loan Fees Income (GAAP)

 

 

$

195,194

 

 

$

208,914

 

 

$

194,080

 

 

$

200,186

 

 

$

205,657

 

Tax equivalent adjustment

 

 

 

1,037

 

 

 

1,042

 

 

 

1,059

 

 

 

1,075

 

 

 

1,047

 

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

 

 

 

196,231

 

 

 

209,956

 

 

 

195,139

 

 

 

201,261

 

 

 

206,704

 

Interest Expense

 

 

 

11,516

 

 

 

16,925

 

 

 

12,501

 

 

 

13,669

 

 

 

14,697

 

Net Interest Income (FTE) (non-GAAP)

 

 

 

184,715

 

 

 

193,031

 

 

 

182,638

 

 

 

187,592

 

 

 

192,007

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Credit Losses

 

 

 

(7,405

)

 

 

16,751

 

 

 

(7,829

)

 

 

(8,879

)

 

 

143

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

 

 

Fees from trust services

 

 

 

4,327

 

 

 

3,585

 

 

 

4,269

 

 

 

4,193

 

 

 

3,763

 

Fees from brokerage services

 

 

 

3,699

 

 

 

3,125

 

 

 

3,883

 

 

 

3,654

 

 

 

4,323

 

Fees from deposit services

 

 

 

10,509

 

 

 

9,501

 

 

 

9,888

 

 

 

9,396

 

 

 

8,896

 

Bankcard fees and merchant discounts

 

 

 

1,580

 

 

 

1,129

 

 

 

1,473

 

 

 

1,368

 

 

 

1,064

 

Other charges, commissions, and fees

 

 

 

753

 

 

 

753

 

 

 

703

 

 

 

775

 

 

 

759

 

Income from bank-owned life insurance

 

 

 

1,223

 

 

 

1,479

 

 

 

2,556

 

 

 

1,658

 

 

 

1,403

 

Income from mortgage banking activities

 

 

 

27,342

 

 

 

70,793

 

 

 

42,012

 

 

 

36,943

 

 

 

65,395

 

Mortgage loan servicing income

 

 

 

2,435

 

 

 

2,334

 

 

 

2,429

 

 

 

2,386

 

 

 

2,355

 

Net gain on the sale of bank premises

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Net (losses) gains on investment securities

 

 

 

(39

)

 

 

589

 

 

 

82

 

 

 

24

 

 

 

2,609

 

Other noninterest income

 

 

 

2,220

 

 

 

794

 

 

 

1,329

 

 

 

2,449

 

 

 

2,006

 

Total Noninterest Income

 

 

 

54,049

 

 

 

94,082

 

 

 

68,624

 

 

 

62,846

 

 

 

92,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

 

 

 

 

 

Employee compensation

 

 

 

71,542

 

 

 

77,001

 

 

 

67,459

 

 

 

68,557

 

 

 

72,412

 

Employee benefits

 

 

 

10,819

 

 

 

12,103

 

 

 

13,132

 

 

 

14,470

 

 

 

15,450

 

Net occupancy

 

 

 

10,653

 

 

 

10,979

 

 

 

10,339

 

 

 

10,101

 

 

 

10,941

 

Data processing

 

 

 

10,852

 

 

 

7,280

 

 

 

6,612

 

 

 

6,956

 

 

 

7,026

 

Amortization of intangibles

 

 

 

1,509

 

 

 

1,691

 

 

 

1,466

 

 

 

1,467

 

 

 

1,466

 

OREO expense

 

 

 

1,004

 

 

 

3,069

 

 

 

387

 

 

 

372

 

 

 

3,625

 

Equipment expense

 

 

 

6,819

 

 

 

6,396

 

 

 

7,286

 

 

 

5,830

 

 

 

6,044

 

FDIC insurance expense

 

 

 

2,626

 

 

 

2,250

 

 

 

1,920

 

 

 

1,800

 

 

 

2,000

 

Mortgage loan servicing expense and impairment

 

 

 

2,217

 

 

 

3,482

 

 

 

3,253

 

 

 

3,599

 

 

 

3,177

 

Prepayment penalties on FHLB borrowings

 

 

 

15

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Other noninterest expense

 

 

 

33,733

 

 

 

31,866

 

 

 

30,422

 

 

 

25,799

 

 

 

26,786

 

Total Noninterest Expense

 

 

 

151,789

 

 

 

156,117

 

 

 

142,276

 

 

 

138,951

 

 

 

148,927

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

94,380

 

 

 

114,245

 

 

 

116,815

 

 

 

120,366

 

 

 

135,510

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

1,037

 

 

 

1,042

 

 

 

1,059

 

 

 

1,075

 

 

 

1,047

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (GAAP)

 

 

 

93,343

 

 

 

113,203

 

 

 

115,756

 

 

 

119,291

 

 

 

134,463

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes

 

 

 

19,491

 

 

 

20,833

 

 

 

23,604

 

 

 

24,455

 

 

 

27,565

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

$

73,852

 

 

$

92,370

 

 

$

92,152

 

 

$

94,836

 

 

$

106,898

 

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Effective Tax Rate

 

 

 

20.88

%

 

 

18.40

%

 

 

20.39

%

 

 

20.50

%

 

 

20.50

%

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

 

 

 

 

 

 

 

 

Year Ended

 

December

 

December

 

December

 

December

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

Interest & Loan Fees Income (GAAP)

$

795,117

 

 

$

798,382

 

 

$

762,562

 

 

$

717,715

 

Tax equivalent adjustment

 

4,218

 

 

 

3,888

 

 

 

3,735

 

 

 

4,328

 

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

 

799,335

 

 

 

802,270

 

 

 

766,297

 

 

 

722,043

 

Interest Expense

 

52,383

 

 

 

108,609

 

 

 

184,640

 

 

 

129,070

 

Net Interest Income (FTE) (non-GAAP)

 

746,952

 

 

 

693,661

 

 

 

581,657

 

 

 

592,973

 

 

 

 

 

 

 

 

 

Provision for Credit Losses

 

(23,970

)

 

 

106,562

 

 

 

21,313

 

 

 

22,013

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

Fees from trust services

 

16,552

 

 

 

13,903

 

 

 

13,873

 

 

 

12,930

 

Fees from brokerage services

 

15,559

 

 

 

11,758

 

 

 

10,136

 

 

 

9,347

 

Fees from deposit services

 

38,689

 

 

 

34,833

 

 

 

33,768

 

 

 

33,973

 

Bankcard fees and merchant discounts

 

5,485

 

 

 

4,066

 

 

 

4,674

 

 

 

5,168

 

Other charges, commissions, and fees

 

2,990

 

 

 

2,596

 

 

 

2,241

 

 

 

2,228

 

Income from bank-owned life insurance

 

6,840

 

 

 

7,217

 

 

 

7,339

 

 

 

5,045

 

Income from mortgage banking activities

 

171,692

 

 

 

266,094

 

 

 

76,951

 

 

 

58,109

 

Mortgage loan servicing income

 

9,605

 

 

 

6,213

 

 

 

0

 

 

 

0

 

Net gain on the sale of bank premises

 

0

 

 

 

2,229

 

 

 

0

 

 

 

2,763

 

Net gains (losses) on investment securities

 

2,676

 

 

 

3,155

 

 

 

175

 

 

 

(2,618

)

Other noninterest income

 

8,004

 

 

 

2,682

 

 

 

1,327

 

 

 

1,767

 

Total Noninterest Income

 

278,092

 

 

 

354,746

 

 

 

150,484

 

 

 

128,712

 

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

 

Employee compensation

 

279,970

 

 

 

274,661

 

 

 

173,962

 

 

 

164,468

 

Employee benefits

 

53,871

 

 

 

48,870

 

 

 

35,745

 

 

 

36,172

 

Net occupancy

 

42,034

 

 

 

41,303

 

 

 

34,850

 

 

 

36,462

 

Data processing

 

31,446

 

 

 

35,420

 

 

 

22,232

 

 

 

23,800

 

Amortization of intangibles

 

5,908

 

 

 

6,605

 

 

 

7,016

 

 

 

8,039

 

OREO expense

 

5,388

 

 

 

5,748

 

 

 

5,336

 

 

 

3,444

 

Equipment expense

 

25,979

 

 

 

20,861

 

 

 

14,210

 

 

 

13,846

 

FDIC insurance expense

 

8,346

 

 

 

10,132

 

 

 

8,070

 

 

 

11,464

 

Mortgage loan servicing expense and impairment

 

12,246

 

 

 

9,431

 

 

 

423

 

 

 

271

 

Prepayment penalties on FHLB borrowings

 

15

 

 

 

10,385

 

 

 

5,105

 

 

 

0

 

Other noninterest expense

 

116,740

 

 

 

114,801

 

 

 

75,705

 

 

 

70,213

 

Total Noninterest Expense

 

581,943

 

 

 

578,217

 

 

 

382,654

 

 

 

368,179

 

 

 

 

 

 

 

 

 

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

 

467,071

 

 

 

363,628

 

 

 

328,174

 

 

 

331,493

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

4,218

 

 

 

3,888

 

 

 

3,735

 

 

 

4,328

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (GAAP)

 

462,853

 

 

 

359,740

 

 

 

324,439

 

 

 

327,165

 

 

 

 

 

 

 

 

 

Taxes

 

95,115

 

 

 

70,717

 

 

 

64,340

 

 

 

70,823

 

 

 

 

 

 

 

 

 

Net Income

$

367,738

 

 

$

289,023

 

 

$

260,099

 

 

$

256,342

 

 

 

 

 

 

 

 

 

MEMO: Effective Tax Rate

 

20.55

%

 

 

19.66

%

 

 

19.83

%

 

 

21.65

%

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 2021

 

December 2020

 

December 31

 

December 31

 

December 31

 

 

 

Q-T-D Average

 

Q-T-D Average

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash & Cash Equivalents

 

 

$

3,913,480

 

 

$

2,048,915

 

 

$

3,758,170

 

 

$

2,209,068

 

 

$

837,493

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

3,669,387

 

 

 

2,849,102

 

 

 

4,042,699

 

 

 

2,953,359

 

 

 

2,437,296

 

Less: Allowance for credit losses

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Net available for sale securities

 

 

 

3,669,387

 

 

 

2,849,102

 

 

 

4,042,699

 

 

 

2,953,359

 

 

 

2,437,296

 

Securities Held to Maturity

 

 

 

1,020

 

 

 

1,235

 

 

 

1,020

 

 

 

1,235

 

 

 

1,446

 

Less: Allowance for credit losses

 

 

 

(27

)

 

 

(21

)

 

 

(19

)

 

 

(23

)

 

 

0

 

Net held to maturity securities

 

 

 

993

 

 

 

1,214

 

 

 

1,001

 

 

 

1,212

 

 

 

1,446

 

Equity Securities

 

 

 

12,161

 

 

 

10,399

 

 

 

12,404

 

 

 

10,718

 

 

 

8,894

 

Other Investment Securities

 

 

 

230,535

 

 

 

218,741

 

 

 

239,645

 

 

 

220,895

 

 

 

222,161

 

Total Securities

 

 

 

3,913,076

 

 

 

3,079,456

 

 

 

4,295,749

 

 

 

3,186,184

 

 

 

2,669,797

 

Total Cash and Securities

 

 

 

7,826,556

 

 

 

5,128,371

 

 

 

8,053,919

 

 

 

5,395,252

 

 

 

3,507,290

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

 

482,387

 

 

 

720,896

 

 

 

504,416

 

 

 

718,937

 

 

 

387,514

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Loans & Leases

 

 

 

13,028,313

 

 

 

13,296,380

 

 

 

13,809,735

 

 

 

13,165,497

 

 

 

9,399,170

 

Mortgage Loans

 

 

 

2,908,187

 

 

 

3,269,073

 

 

 

3,008,410

 

 

 

3,197,274

 

 

 

3,107,721

 

Consumer Loans

 

 

 

1,240,676

 

 

 

1,253,421

 

 

 

1,233,162

 

 

 

1,259,812

 

 

 

1,206,657

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Loans

 

 

 

17,177,176

 

 

 

17,818,874

 

 

 

18,051,307

 

 

 

17,622,583

 

 

 

13,713,548

 

Unearned income

 

 

 

(27,666

)

 

 

(38,502

)

 

 

(27,659

)

 

 

(31,170

)

 

 

(1,419

)

Loans & Leases, net of unearned income

 

 

 

17,149,510

 

 

 

17,780,372

 

 

 

18,023,648

 

 

 

17,591,413

 

 

 

13,712,129

 

Allowance for Loan & Leases Losses

 

 

 

(218,550

)

 

 

(225,918

)

 

 

(216,016

)

 

 

(235,830

)

 

 

(77,057

)

Net Loans

 

 

 

16,930,960

 

 

 

17,554,454

 

 

 

17,807,632

 

 

 

17,355,583

 

 

 

13,635,072

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Servicing Rights

 

 

 

22,851

 

 

 

20,766

 

 

 

23,144

 

 

 

20,955

 

 

 

0

 

Goodwill

 

 

 

1,833,187

 

 

 

1,794,997

 

 

 

1,886,494

 

 

 

1,796,848

 

 

 

1,478,014

 

Other Intangibles

 

 

 

22,954

 

 

 

27,580

 

 

 

24,413

 

 

 

26,923

 

 

 

29,931

 

Operating Lease Right-of-Use Asset

 

 

 

75,254

 

 

 

72,090

 

 

 

81,942

 

 

 

69,520

 

 

 

57,783

 

Other Real Estate Owned

 

 

 

15,451

 

 

 

26,316

 

 

 

14,823

 

 

 

22,595

 

 

 

15,515

 

Other Assets

 

 

 

857,680

 

 

 

771,233

 

 

 

932,119

 

 

 

777,634

 

 

 

551,205

 

Total Assets

 

 

$

28,067,280

 

 

$

26,116,703

 

 

$

29,328,902

 

 

$

26,184,247

 

 

$

19,662,324

 

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Interest-earning Assets

 

 

$

24,935,489

 

 

$

23,122,784

 

 

$

26,083,089

 

 

$

23,172,403

 

 

$

17,344,638

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing Deposits

 

 

$

13,653,822

 

 

$

13,018,640

 

 

$

14,369,716

 

 

$

13,179,900

 

 

$

9,231,059

 

Noninterest-bearing Deposits

 

 

 

8,678,093

 

 

 

7,495,594

 

 

 

8,980,547

 

 

 

7,405,260

 

 

 

4,621,362

 

Total Deposits

 

 

 

22,331,915

 

 

 

20,514,234

 

 

 

23,350,263

 

 

 

20,585,160

 

 

 

13,852,421

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Borrowings

 

 

 

127,731

 

 

 

144,177

 

 

 

128,844

 

 

 

142,300

 

 

 

374,654

 

Long-term Borrowings

 

 

 

816,518

 

 

 

901,655

 

 

 

817,394

 

 

 

864,369

 

 

 

1,838,029

 

Total Borrowings

 

 

 

944,249

 

 

 

1,045,832

 

 

 

946,238

 

 

 

1,006,669

 

 

 

2,212,683

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease Liability

 

 

 

80,118

 

 

 

75,805

 

 

 

86,703

 

 

 

73,213

 

 

 

61,342

 

Other Liabilities

 

 

 

159,364

 

 

 

161,580

 

 

 

227,070

 

 

 

221,585

 

 

 

172,045

 

Total Liabilities

 

 

 

23,515,646

 

 

 

21,797,451

 

 

 

24,610,274

 

 

 

21,886,627

 

 

 

16,298,491

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Common Equity

 

 

 

4,551,634

 

 

 

4,319,252

 

 

 

4,718,628

 

 

 

4,297,620

 

 

 

3,363,833

 

Total Shareholders' Equity

 

 

 

4,551,634

 

 

 

4,319,252

 

 

 

4,718,628

 

 

 

4,297,620

 

 

 

3,363,833

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities & Equity

 

 

$

28,067,280

 

 

$

26,116,703

 

 

$

29,328,902

 

 

$

26,184,247

 

 

$

19,662,324

 

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Interest-bearing Liabilities

 

 

$

14,598,071

 

 

$

14,064,472

 

 

$

15,315,954

 

 

$

14,186,569

 

 

$

11,443,742

 

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

 

December

 

September

 

June

 

March

Quarterly Share Data:

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.56

 

 

$

0.71

 

 

$

0.71

 

 

$

0.73

 

 

$

0.83

 

Diluted

 

 

$

0.56

 

 

$

0.71

 

 

$

0.71

 

 

$

0.73

 

 

$

0.83

 

Common Dividend Declared Per Share

 

 

$

0.36

 

 

$

0.35

 

 

$

0.35

 

 

$

0.35

 

 

$

0.35

 

High Common Stock Price

 

 

$

39.41

 

 

$

32.86

 

 

$

37.12

 

 

$

42.50

 

 

$

41.61

 

Low Common Stock Price

 

 

$

33.34

 

 

$

21.19

 

 

$

31.74

 

 

$

36.19

 

 

$

31.57

 

Average Shares Outstanding (Net of Treasury Stock):

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

130,939,640

 

 

 

129,371,600

 

 

 

128,762,815

 

 

 

128,750,851

 

 

 

128,635,740

 

Diluted

 

 

 

131,295,816

 

 

 

129,479,390

 

 

 

128,960,220

 

 

 

129,033,988

 

 

 

128,890,861

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Dividends

 

 

$

46,564

 

 

$

45,442

 

 

$

45,271

 

 

$

45,268

 

 

$

45,254

 

Dividend Payout Ratio

 

 

 

63.05

%

 

 

49.20

%

 

 

49.13

%

 

 

47.73

%

 

 

42.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

December

 

December

 

December

 

December

Year-to-Date Share Data:

 

 

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

$

2.84

 

 

$

2.40

 

 

$

2.55

 

 

$

2.46

 

Diluted

 

 

 

 

$

2.83

 

 

$

2.40

 

 

$

2.55

 

 

$

2.45

 

Common Dividend Declared Per Share

 

 

 

 

$

1.41

 

 

$

1.40

 

 

$

1.37

 

 

$

1.36

 

Average Shares Outstanding (Net of Treasury Stock):

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

129,276,452

 

 

 

120,017,247

 

 

 

101,585,599

 

 

 

104,015,976

 

Diluted

 

 

 

 

 

129,512,853

 

 

 

120,090,232

 

 

 

101,852,577

 

 

 

104,298,825

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Dividends

 

 

 

 

$

182,357

 

 

$

171,876

 

 

$

139,508

 

 

$

141,610

 

Dividend Payout Ratio

 

 

 

 

 

49.59

%

 

 

59.47

%

 

 

53.64

%

 

 

55.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

 

December 31

 

September 30

 

June 30

 

March 31

EOP Share Data:

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Book Value Per Share

 

 

$

34.60

 

 

$

33.27

 

 

$

34.29

 

 

$

34.01

 

 

$

33.54

 

Tangible Book Value Per Share (non-GAAP) (1)

 

 

$

20.59

 

 

$

19.15

 

 

$

20.11

 

 

$

19.81

 

 

$

19.38

 

52-week High Common Stock Price

 

 

$

42.50

 

 

$

39.07

 

 

$

42.50

 

 

$

42.50

 

 

$

41.61

 

Date

 

 

05/18/21

 

01/02/20

 

05/18/21

 

05/18/21

 

03/18/21

52-week Low Common Stock Price

 

 

$

31.57

 

 

$

19.67

 

 

$

21.19

 

 

$

20.57

 

 

$

20.57

 

Date

 

 

1/29/21

 

03/23/20

 

10/01/20

 

09/25/20

 

09/25/20

 

 

 

 

 

 

 

 

 

 

 

 

EOP Shares Outstanding (Net of Treasury Stock):

 

 

 

136,392,758

 

 

 

129,188,507

 

 

 

129,203,774

 

 

 

129,203,593

 

 

 

129,175,800

 

 

 

 

 

 

 

 

 

 

 

 

 

Memorandum Items:

 

 

 

 

 

 

 

 

 

 

 

EOP Employees (full-time equivalent)

 

 

 

3,143

 

 

 

3,051

 

 

 

2,986

 

 

 

3,012

 

 

 

3,033

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

 

 

(1) Tangible Book Value Per Share:

 

 

 

 

 

 

 

 

 

 

 

Total Shareholders' Equity (GAAP)

 

 

$

4,718,628

 

 

$

4,297,620

 

 

$

4,430,766

 

 

$

4,393,713

 

 

$

4,332,698

 

Less: Total Intangibles

 

 

 

(1,910,907

)

 

 

(1,823,771

)

 

 

(1,832,564

)

 

 

(1,834,030

)

 

 

(1,829,495

)

Tangible Equity (non-GAAP)

 

 

$

2,807,721

 

 

$

2,473,849

 

 

$

2,598,202

 

 

$

2,559,683

 

 

$

2,503,203

 

÷ EOP Shares Outstanding (Net of Treasury Stock)

 

 

 

136,392,758

 

 

 

129,188,507

 

 

 

129,203,774

 

 

 

129,203,593

 

 

 

129,175,800

 

Tangible Book Value Per Share (non-GAAP)

 

 

$

20.59

 

 

$

19.15

 

 

$

20.11

 

 

$

19.81

 

 

$

19.38

 

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

 

December

 

September

 

June

 

March

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Selected Yields and Net Interest Margin:

 

 

 

 

 

 

 

 

 

 

Net Loans and Loans held for sale

 

 

4.04

%

 

 

4.18

%

 

 

4.15

%

 

 

4.18

%

 

 

4.26

%

Investment Securities

 

 

1.72

%

 

 

2.08

%

 

 

1.71

%

 

 

1.87

%

 

 

1.93

%

Money Market Investments/FFS

 

 

0.28

%

 

 

0.42

%

 

 

0.26

%

 

 

0.24

%

 

 

0.34

%

Average Earning Assets Yield

 

 

3.13

%

 

 

3.62

%

 

 

3.18

%

 

 

3.37

%

 

 

3.56

%

Interest-bearing Deposits

 

 

0.26

%

 

 

0.43

%

 

 

0.29

%

 

 

0.33

%

 

 

0.37

%

Short-term Borrowings

 

 

0.52

%

 

 

0.55

%

 

 

0.54

%

 

 

0.54

%

 

 

0.51

%

Long-term Borrowings

 

 

1.23

%

 

 

1.15

%

 

 

1.23

%

 

 

1.22

%

 

 

1.23

%

Average Liability Costs

 

 

0.31

%

 

 

0.48

%

 

 

0.35

%

 

 

0.39

%

 

 

0.42

%

Net Interest Spread

 

 

2.82

%

 

 

3.14

%

 

 

2.83

%

 

 

2.98

%

 

 

3.14

%

Net Interest Margin

 

 

2.94

%

 

 

3.33

%

 

 

2.98

%

 

 

3.14

%

 

 

3.30

%

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios:

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

1.04

%

 

 

1.41

%

 

 

1.33

%

 

 

1.41

%

 

 

1.64

%

Return on Average Shareholders’ Equity

 

 

6.44

%

 

 

8.51

%

 

 

8.23

%

 

 

8.69

%

 

 

9.97

%

Return on Average Tangible Equity (non-GAAP) (1)

 

 

10.87

%

 

 

14.72

%

 

 

14.03

%

 

 

14.95

%

 

 

17.20

%

Efficiency Ratio

 

 

63.85

%

 

 

54.57

%

 

 

56.86

%

 

 

55.72

%

 

 

52.53

%

 

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

 

(1) Return on Average Tangible Equity:

 

 

 

 

 

 

 

 

 

 

(a) Net Income (GAAP)

 

$

73,852

 

 

$

92,370

 

 

$

92,152

 

 

$

94,836

 

 

$

106,898

 

(b) Number of Days

 

 

92

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

Average Total Shareholders' Equity (GAAP)

 

$

4,551,634

 

 

$

4,319,252

 

 

$

4,440,107

 

 

$

4,378,898

 

 

$

4,346,750

 

Less: Average Total Intangibles

 

 

(1,856,141

)

 

 

(1,822,577

)

 

 

(1,833,449

)

 

 

(1,834,920

)

 

 

(1,825,639

)

(c) Average Tangible Equity (non-GAAP)

 

$

2,695,493

 

 

$

2,496,675

 

 

$

2,606,658

 

 

$

2,543,978

 

 

$

2,521,111

 

Return on Average Tangible Equity (non-GAAP) [(a) / (b)]

x 365 or 366 / (c)

 

 

10.87

%

 

 

14.72

%

 

 

14.03

%

 

 

14.95

%

 

 

17.20

%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

December

 

December

 

December

 

December

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

 

Selected Yields and Net Interest Margin:

 

 

 

 

 

 

 

 

Net Loans and Loans held for sale

 

4.16

%

 

 

4.27

%

 

 

4.85

%

 

 

4.77

%

 

Investment Securities

 

1.80

%

 

 

2.33

%

 

 

2.86

%

 

 

2.73

%

 

Money Market Investments/FFS

 

0.28

%

 

 

0.65

%

 

 

2.91

%

 

 

2.29

%

 

Average Earning Assets Yield

 

3.30

%

 

 

3.75

%

 

 

4.47

%

 

 

4.36

%

 

Interest-bearing Deposits

 

0.31

%

 

 

0.67

%

 

 

1.41

%

 

 

0.97

%

 

Short-term Borrowings

 

0.52

%

 

 

0.70

%

 

 

1.67

%

 

 

1.00

%

 

Long-term Borrowings

 

1.23

%

 

 

1.76

%

 

 

2.56

%

 

 

2.34

%

 

Average Liability Costs

 

0.37

%

 

 

0.80

%

 

 

1.60

%

 

 

1.15

%

 

Net Interest Spread

 

2.93

%

 

 

2.95

%

 

 

2.87

%

 

 

3.21

%

 

Net Interest Margin

 

3.09

%

 

 

3.24

%

 

 

3.39

%

 

 

3.58

%

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios:

 

 

 

 

 

 

 

 

Return on Average Assets

 

1.35

%

 

 

1.20

%

 

 

1.34

%

 

 

1.36

%

 

Return on Average Shareholders’ Equity

 

8.30

%

 

 

7.30

%

 

 

7.80

%

 

 

7.84

%

 

Return on Average Tangible Equity (non-GAAP) (1)

 

14.18

%

 

 

12.90

%

 

 

14.26

%

 

 

14.65

%

 

Efficiency Ratio

 

57.01

%

 

 

55.36

%

 

 

52.53

%

 

 

51.32

%

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

(1) Return on Average Tangible Equity:

 

 

 

 

 

 

 

 

(a) Net Income (GAAP)

$

367,738

 

 

$

289,023

 

 

$

260,099

 

 

$

256,342

 

 

Average Total Shareholders' Equity (GAAP)

 

4,430,688

 

 

 

3,956,969

 

 

 

3,336,075

 

 

 

3,268,944

 

 

Less: Average Total Intangibles

 

(1,837,609

)

 

 

(1,716,738

)

 

 

(1,511,501

)

 

 

(1,519,174

)

 

(b) Average Tangible Equity (non-GAAP)

$

2,593,079

 

 

$

2,240,231

 

 

$

1,824,574

 

 

$

1,749,770

 

 

Return on Average Tangible Equity (non-GAAP) [(a) / (b)]

 

14.18

%

 

 

12.90

%

 

 

14.26

%

 

 

14.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

 

December 31

 

December 31

 

December 31

 

Selected Financial Ratios:

2021

2020

2019

2018

Loans & Leases, net of unearned income / Deposit Ratio

 

77.19

%

 

 

85.46

%

 

 

98.99

%

 

 

95.91

%

 

Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income

 

1.20

%

 

 

1.34

%

 

 

0.56

%

 

 

0.57

%

 

Allowance for Credit Losses (2)/ Loans & Leases, net of unearned income

 

1.37

%

 

 

1.45

%

 

 

0.57

%

 

 

0.58

%

 

Nonaccrual Loans / Loans & Leases, net of unearned income

 

0.20

%

 

 

0.36

%

 

 

0.46

%

 

 

0.51

%

 

90-Day Past Due Loans/ Loans & Leases, net of unearned income

 

0.10

%

 

 

0.08

%

 

 

0.07

%

 

 

0.11

%

 

Non-performing Loans/ Loans & Leases, net of unearned income

 

0.50

%

 

 

0.75

%

 

 

0.96

%

 

 

1.06

%

 

Non-performing Assets/ Total Assets

 

0.36

%

 

 

0.59

%

 

 

0.75

%

 

 

0.83

%

 

Primary Capital Ratio

 

16.79

%

 

 

17.22

%

 

 

17.44

%

 

 

17.23

%

 

Shareholders' Equity Ratio

 

16.09

%

 

 

16.41

%

 

 

17.11

%

 

 

16.89

%

 

Price / Book Ratio

 

1.05

 

x

 

0.97

 

x

 

1.17

 

x

 

0.98

 

x

Price / Earnings Ratio

 

12.82

 

x

 

13.50

 

x

 

15.14

 

x

 

12.71

 

x

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

(2) 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

 

December

December

September

June

March

Mortgage Banking Segment Data:

 

2021

 

 

2020

 

 

2021

 

 

2021

 

 

2021

 

Applications

$

1,534,311

 

$

2,284,532

 

$

1,893,870

 

$

2,029,846

 

$

2,630,426

 

Loans originated

 

1,287,629

 

 

1,979,284

 

 

1,385,871

 

 

1,658,128

 

 

1,910,619

 

Loans sold

$

1,273,014

 

$

2,065,400

 

$

1,470,928

 

$

1,877,772

 

$

1,817,884

 

Purchase money % of loans closed

 

69

%

 

49

%

 

69

%

 

69

%

 

43

%

Realized gain on sales and fees as a % of loans sold

 

3.02

%

 

4.10

%

 

3.00

%

 

2.90

%

 

4.16

%

Net interest income

$

2,609

 

$

2,918

 

$

2,367

 

$

2,871

 

$

2,650

 

Other income

 

30,921

 

 

73,082

 

 

45,023

 

 

39,765

 

 

67,507

 

Other expense

 

29,147

 

 

41,193

 

 

31,787

 

 

36,391

 

 

41,183

 

Income taxes

 

876

 

 

5,656

 

 

3,179

 

 

1,280

 

 

5,940

 

Net income

$

3,507

 

$

29,151

 

$

12,424

 

$

4,965

 

$

23,034

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December

December

December

December

Mortgage Banking Segment Data:

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Applications

 

$

8,088,453

 

$

9,988,227

 

$

4,330,000

 

$

3,912,000

 

Loans originated

 

 

6,242,246

 

 

6,648,247

 

 

2,941,722

 

 

2,619,454

 

Loans sold

 

$

6,439,598

 

$

6,393,394

 

$

2,804,451

 

$

2,608,242

 

Purchase money % of loans closed

 

 

61

%

 

47

%

 

72

%

 

83

%

Realized gain on sales and fees as a % of loans sold

 

 

3.31

%

 

3.63

%

 

2.86

%

 

2.72

%

Net interest income

 

$

10,497

 

$

8,853

 

$

916

 

$

1,315

 

Other income

 

 

183,216

 

 

276,185

 

 

83,884

 

 

68,555

 

Other expense

 

 

138,508

 

 

140,628

 

 

72,288

 

 

72,632

 

Income taxes

 

 

11,275

 

 

27,698

 

 

2,355

 

 

(505

)

Net income (loss)

 

$

43,930

 

$

116,712

 

$

10,157

 

$

(2,257

)

 

 

 

 

 

 

 

December 31

 

December 31

 

September 30

 

June 30

 

March 31

Period End Mortgage Banking Segment Data:

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Locked pipeline

$

448,889

 

$

989,640

 

$

648,706

 

$

660,258

 

$

979,842

 

Balance of loans serviced

$

3,698,998

 

$

3,587,953

 

$

3,723,206

 

$

3,674,023

 

$

3,585,890

 

Number of loans serviced

 

25,198

 

 

25,614

 

 

25,583

 

 

25,526

 

 

25,443

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

December 31

September 30

June 30

March 31

Asset Quality Data:

 

2021

 

 

2020

 

 

2021

 

 

2021

 

 

2021

 

EOP Non-Accrual Loans

$

36,028

 

$

62,718

 

$

37,689

 

$

41,182

 

$

48,985

 

EOP 90-Day Past Due Loans

 

18,879

 

 

13,832

 

 

14,827

 

 

14,135

 

 

15,719

 

EOP Restructured Loans (1)

 

35,856

 

 

55,657

 

 

37,752

 

 

47,271

 

 

51,529

 

Total EOP Non-performing Loans

$

90,763

 

$

132,207

 

$

90,268

 

$

102,588

 

$

116,233

 

EOP Other Real Estate Owned

 

14,823

 

 

22,595

 

 

16,696

 

 

18,474

 

 

18,690

 

Total EOP Non-performing Assets

$

105,586

 

$

154,802

 

$

106,964

 

$

121,062

 

$

134,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

December

December

September

June

March

Allowance for Loan Losses:

 

2021

 

 

2020

 

 

2021

 

 

2021

 

 

2021

 

Beginning Balance

$

210,891

 

$

225,812

 

$

217,545

 

$

231,582

 

$

235,830

 

Cumulative Effect Adjustment for CECL

 

0

 

 

0

 

 

0

 

 

0

 

 

0

 

 

 

210,891

 

 

225,812

 

 

217,545

 

 

231,582

 

 

235,830

 

Initial allowance for acquired PCD loans

 

12,629

 

 

0

 

 

0

 

 

0

 

 

0

 

Gross Charge-offs

 

(4,205

)

 

(10,120

)

 

(2,004

)

 

(6,131

)

 

(6,957

)

Recoveries

 

4,080

 

 

3,203

 

 

3,173

 

 

910

 

 

2,415

 

Net (Charge-offs) Recoveries

 

(125

)

 

(6,917

)

 

1,169

 

 

(5,221

)

 

(4,542

)

Provision for Loan & Lease Losses

 

(7,379

)

 

16,935

 

 

(7,823

)

 

(8,816

)

 

294

 

Ending Balance

 

216,016

 

 

235,830

 

 

210,891

 

 

217,545

 

 

231,582

 

Reserve for lending-related commitments

 

31,442

 

 

19,250

 

 

25,191

 

 

20,897

 

 

20,024

 

Allowance for Credit Losses (2)

$

247,458

 

$

255,080

 

$

236,082

 

$

238,442

 

$

251,606

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December

December

December

December

Allowance for Loan Losses:

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Beginning Balance

 

$

235,830

 

$

77,057

 

$

76,703

 

$

76,627

 

Cumulative Effect Adjustment for CECL

 

 

0

 

 

57,442

 

 

0

 

 

0

 

 

 

 

235,830

 

 

134,499

 

 

76,703

 

 

76,627

 

Initial allowance for acquired PCD loans

 

 

12,629

 

 

18,635

 

 

0

 

 

0

 

Gross Charge-offs

 

 

(19,297

)

 

(32,983

)

 

(29,110

)

 

(28,606

)

Recoveries

 

 

10,578

 

 

9,386

 

 

8,151

 

 

6,669

 

Net (Charge-offs)

 

 

(8,719

)

 

(23,597

)

 

(20,959

)

 

(21,937

)

Provision for Loan & Lease Losses

 

 

(23,724

)

 

106,293

 

 

21,313

 

 

22,013

 

Ending Balance

 

 

216,016

 

 

235,830

 

 

77,057

 

 

76,703

 

Reserve for lending-related commitments

 

 

31,442

 

 

19,250

 

 

1,733

 

 

1,389

 

Allowance for Credit Losses (2)

 

$

247,458

 

$

255,080

 

$

78,790

 

$

78,092

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

(1) Restructured loans with an aggregate balance of $22,421, $41,185, $24,662, $32,471, and $38,023 at December 31, 2021, December 31, 2020, September 30, 2021,

June 30, 2021 and March 31, 2021, respectively, were on nonaccrual status, but are not included in “EOP Non-Accrual Loans” above. Restructured loans with an

aggregate balance of $102 thousand and $46 thousand at December 31, 2021 and June 30, 2021, respectively, were 90 days past due, but not included in

“EOP Non-Accrual Loans” above.

(2) Includes allowances for loan losses and lending-related commitments.

 

 

 

Contacts

W. Mark Tatterson

Chief Financial Officer

(800) 445-1347 ext. 8716

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