QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
500 Virginia Street , East |
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(Address of principal executive offices) |
Zip Code |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
2
(Dollars in thousands, except par value) |
September 30 |
December 31 |
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2023 |
2022 |
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Assets |
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Cash and due from banks |
$ | $ | ||||||
Interest-bearing deposits with other banks |
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Federal funds sold |
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Total cash and cash equivalents |
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Securities available for sale at estimated fair value (amortized cost-$ |
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Securities held to maturity, net of allowance for credit losses of $ |
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Equity securities at estimated fair value |
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Other investment securities |
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Loans held for sale measured using fair value option |
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Loans and leases |
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Less: Unearned income |
( |
) | ( |
) | ||||
Loans and leases, net of unearned income |
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Less: Allowance for loan and lease losses |
( |
) | ( |
) | ||||
Net loans and leases |
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Bank premises and equipment |
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Operating lease right-of-use |
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Goodwill |
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Mortgage servicing rights |
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Bank-owned life insurance (“BOLI”) |
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Accrued interest receivable |
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Other assets |
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TOTAL ASSETS |
$ | $ | ||||||
Liabilities |
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Deposits: |
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Noninterest-bearing |
$ | $ | ||||||
Interest-bearing |
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Total deposits |
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Borrowings: |
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Securities sold under agreements to repurchase |
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Federal Home Loan Bank (“FHLB”) borrowings |
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Other long-term borrowings |
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Reserve for lending-related commitments |
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Operating lease liabilities |
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Accrued expenses and other liabilities |
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TOTAL LIABILITIES |
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Shareholders’ Equity |
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Preferred stock, $ Authorized- shares, |
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Common stock, $ Authorized- shares; issued- and |
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Surplus |
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Retained earnings |
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Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Treasury stock, at cost |
( |
) | ( |
) | ||||
TOTAL SHAREHOLDERS’ EQUITY |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | $ | ||||||
(Dollars in thousands, except per share data) |
Three Months Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2023 |
2022 |
2023 |
2022 |
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Interest income |
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Interest and fees on loans |
$ | $ | $ | $ | ||||||||||||
Interest on federal funds sold and other short-term investments |
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Interest and dividends on securities: |
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Taxable |
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Tax-exempt |
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Total interest income |
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Interest expense |
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Interest on deposits |
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Interest on short-term borrowings |
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Interest on long-term borrowings |
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Total interest expense |
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Net interest income |
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Provision for credit losses |
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Net interest income after provision for credit losses |
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Other income |
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Fees from trust services |
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Fees from brokerage services |
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Fees from deposit services |
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Bankcard fees and merchant discounts |
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Other service charges, commissions, and fees |
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Income from bank-owned life insurance |
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Income from mortgage banking activities |
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Mortgage loan servicing income |
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Net investment securities (losses) gains |
( |
) | ( |
) | ( |
) | ||||||||||
Other income |
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Total other income |
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Other expense |
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Employee compensation |
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Employee benefits |
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Net occupancy expense |
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Other real estate owned (“OREO”) expense |
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Net losses (gains) on the sales of OREO properties |
( |
) | ||||||||||||||
Equipment expense |
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Data processing expense |
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Mortgage loan servicing expense and impairment |
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Bankcard processing expense |
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FDIC insurance expense |
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Other expense |
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Total other expense |
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Income before income taxes |
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Income taxes |
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Net income |
$ | $ | $ | $ | ||||||||||||
(Dollars in thousands, except per share data) |
Three Months Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2023 |
2022 |
2023 |
2022 |
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Earnings per common share: |
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Basic |
$ | $ | $ | $ | ||||||||||||
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Diluted |
$ | $ | $ | $ | ||||||||||||
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Average outstanding shares: |
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Basic |
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Diluted |
(Dollars in thousands) |
Three Months Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2023 |
2022 |
2023 |
2022 |
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Net income |
$ | $ | $ | $ | ||||||||||||
Change in net unrealized loss on available-for-sale |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized gain (loss) on cash flow hedge, net of tax |
( |
) | ||||||||||||||
Change in pension plan assets, net of tax |
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Comprehensive income (loss), net of tax |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
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(Dollars in thousands, except per share data) |
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Nine Months Ended September 30, 2023 |
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Common Stock |
Accumulated Other |
Total |
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Shares |
Par Value |
Surplus |
Retained Earnings |
Comprehensive Loss |
Treasury Stock |
Shareholders’ Equity |
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Balance at January 1, 2023 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Comprehensive income: |
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Net income |
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Other comprehensive income, net of tax |
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Total comprehensive income, net of tax |
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Stock based compensation expense |
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Stock grant forfeiture ( |
( |
) | ||||||||||||||||||||||||||
Purchase of treasury stock ( |
( |
) | ( |
) | ||||||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Net issuance of common stock under stock-based compensation plans ( |
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Balance at March 31, 2023 |
( |
) | ( |
) | ||||||||||||||||||||||||
Comprehensive income: |
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Net income |
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Other comprehensive loss, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Total comprehensive income, net of tax |
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Stock based compensation expense |
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Purchase of treasury stock ( |
( |
) | ( |
) | ||||||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock grant forfeiture ( |
( |
) | ||||||||||||||||||||||||||
Net issuance of common stock under stock-based compensation plans ( |
( |
) | ( |
) | ||||||||||||||||||||||||
Balance at June 30, 2023 |
( |
) | ( |
) | ||||||||||||||||||||||||
Comprehensive income: |
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Net income |
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Other comprehensive loss, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Total comprehensive income, net of tax |
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Stock based compensation expense |
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Purchase of treasury stock ( |
( |
) | ( |
) | ||||||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock grant forfeiture ( |