10-Q 1 d503043d10q.htm 10-Q 10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
Commission File Number:
002-86947
 
 
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
West Virginia
 
55-0641179
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
300 United Center
500 Virginia Street
, East
Charleston, West Virginia
 
25301
(Address of principal executive offices)
 
Zip Code
Registrant’s telephone number, including area code: (304)
424-8716
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Common Stock, par value $2.50 per share
  
UBSI
  
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes  
    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes
  
    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company  
     Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Act).    Yes  ☐    
No
  
As of
October
 31, 2023
, the registrant had
134,933,015
shares of common stock, $2.50 par value per share, outstanding.
 
 
 


Table of Contents

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

 

     Page  

PART I. FINANCIAL INFORMATION

  

Item 1. Financial Statements

  

Consolidated Balance Sheets (Unaudited) September 30, 2023 and December 31, 2022

     4  

Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022

     5  

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022

     7  

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022

     8  

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2023 and 2022

     10  

Notes to Consolidated Financial Statements

     11  

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     57  

Item 3. Quantitative and Qualitative Disclosures about Market Risk

     79  

Item 4. Controls and Procedures

     81  

PART II. OTHER INFORMATION

  

Item 1. Legal Proceedings

     83  

Item 1A. Risk Factors

     83  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

     83  

Item 3. Defaults Upon Senior Securities

     84  

Item 4. Mine Safety Disclosures

     84  

Item 5. Other Information

     84  

Item 6. Exhibits

     84  

Signatures

     86  

 

2


Table of Contents
http://fasb.org/us-gaap/2023#InterestIncomeExpenseAfterProvisionForLoanLosshttp://fasb.org/us-gaap/2023#InterestIncomeExpenseAfterProvisionForLoanLoss
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS (UNAUDITED)
The September 30, 2023 and December 31, 2022, consolidated balance sheets of United Bankshares, Inc. and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2023 and 2022, the related consolidated statement of changes in shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, the related condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022, and the notes to consolidated financial statements appear on the following pages.
 
3

CONSOLIDATED BALANCE SHEETS
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except par value)
  
September 30
   
December 31
 
    
2023
   
2022
 
Assets
    
Cash and due from banks
   $ 269,502     $ 294,155  
Interest-bearing deposits with other banks
     913,397       881,418  
Federal funds sold
     1,155       1,079  
  
 
 
   
 
 
 
Total cash and cash equivalents
     1,184,054       1,176,652  
Securities available for sale at estimated fair value (amortized cost-$4,241,930 at September 30, 2023 and $5,011,729 at December 31, 2022, allowance for credit losses of $0 at September 30, 2023 and December 31, 2022)
     3,749,357       4,541,925  
Securities held to maturity, net of allowance for credit losses of $18 at September 30, 2023 and December 31, 2022 (estimated fair value-$1,020 at September 30, 2023 and December 31, 2022)
     1,002       1,002  
Equity securities at estimated fair value
     8,548       7,629  
Other investment securities
     307,392       322,048  
Loans held for sale measured using fair value option
     59,614       56,879  
Loans and leases
     21,114,975       20,580,163  
Less: Unearned income
     (17,092     (21,997
  
 
 
   
 
 
 
Loans and leases, net of unearned income
     21,097,883       20,558,166  
Less: Allowance for loan and lease losses
     (254,886     (234,746
  
 
 
   
 
 
 
Net loans and leases
     20,842,997       20,323,420  
Bank premises and equipment
     191,661       199,161  
Operating lease
right-of-use
assets
     80,259       71,144  
Goodwill
     1,888,889       1,888,889  
Mortgage servicing rights
     4,616       21,022  
Bank-owned life insurance (“BOLI”)
     485,386       480,184  
Accrued interest receivable
     106,771       94,890  
Other assets
     314,248       304,535  
  
 
 
   
 
 
 
TOTAL ASSETS
   $ 29,224,794     $ 29,489,380  
  
 
 
   
 
 
 
Liabilities
    
Deposits:
    
Noninterest-bearing
   $ 6,253,343     $ 7,199,678  
Interest-bearing
     16,423,511       15,103,488  
  
 
 
   
 
 
 
Total deposits
     22,676,854       22,303,166  
Borrowings:
    
Securities sold under agreements to repurchase
     188,274       160,698  
Federal Home Loan Bank (“FHLB”) borrowings
     1,110,559       1,910,775  
Other long-term borrowings
     278,211       286,881  
Reserve for lending-related commitments
     43,766       46,189  
Operating lease liabilities
     84,569       75,749  
Accrued expenses and other liabilities
     193,683       189,729  
  
 
 
   
 
 
 
TOTAL LIABILITIES
     24,575,916       24,973,187  
Shareholders’ Equity
    
Preferred stock, $1.00 par value;
Authorized-50,000,000
shares, none issued
     0       0  
Common stock, $2.50 par value;
Authorized-200,000,000
shares;
issued-142,241,408
and 142,011,560 at September 30, 2023 and December 31, 2022, respectively, including 7,308,393 and 7,266,438 shares in treasury at September 30, 2023 and December 31, 2022, respectively
     355,604       355,029  
Surplus
     3,178,533       3,168,874  
Retained earnings
     1,716,295       1,575,426  
Accumulated other comprehensive loss
     (349,456     (332,732
Treasury stock, at cost
     (252,098     (250,404
  
 
 
   
 
 
 
TOTAL SHAREHOLDERS’ EQUITY
     4,648,878       4,516,193  
  
 
 
   
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   $ 29,224,794     $ 29,489,380  
  
 
 
   
 
 
 
See notes to consolidated unaudited financial statements.
 
4

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except per share data)
  
Three Months Ended
   
Nine Months Ended
 
    
September 30
   
September 30
 
    
2023
   
2022
   
2023
   
2022
 
Interest income
        
Interest and fees on loans
   $ 308,199     $ 225,501     $ 882,453     $ 602,503  
Interest on federal funds sold and other short-term investments
     11,810       6,834       35,499       14,004  
Interest and dividends on securities:
        
Taxable
     35,730       29,149       108,710       71,212  
Tax-exempt
     1,171       2,199       5,483       6,530  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total interest income
     356,910       263,683       1,032,145       694,249  
Interest expense
        
Interest on deposits
     108,793       17,660       268,962       35,972  
Interest on short-term borrowings
     1,805       493       4,451       911  
Interest on long-term borrowings
     17,859       4,908       68,498       10,339  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total interest expense
     128,457       23,061       341,911       47,222  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net interest income
     228,453       240,622       690,234       647,027  
Provision for credit losses
     5,948       7,671       24,278       2,454  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net interest income after provision for credit losses
     222,505       232,951       665,956       644,573  
Other income
        
Fees from trust services
     4,514       4,384       13,810       12,805  
Fees from brokerage services
     4,433       4,016       12,551       12,683  
Fees from deposit services
     9,282       10,069       27,969       31,047  
Bankcard fees and merchant discounts
     1,676       1,857       5,090       4,907  
Other service charges, commissions, and fees
     850       918       2,937       2,462  
Income from bank-owned life insurance
     2,562       1,472       6,475       7,786  
Income from mortgage banking activities
     7,556       6,422       21,847       38,070  
Mortgage loan servicing income
     846       2,302       12,963       7,017  
Net investment securities (losses) gains
     (181     (206     (7,922     725  
Other income
     2,123       1,515       5,863       4,880  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total other income
     33,661       32,749       101,583       122,382  
Other expense
        
Employee compensation
     59,064       59,618       172,980       184,871  
Employee benefits
     12,926       10,750       38,597       35,648  
Net occupancy expense
     11,494       11,281       34,736       33,674  
Other real estate owned (“OREO”) expense
     185       1,708       1,167       1,936  
Net losses (gains) on the sales of OREO properties
     93       125       66       (362
Equipment expense
     7,170       7,807       22,192       22,452  
Data processing expense
     7,405       7,614       22,134       22,534  
Mortgage loan servicing expense and impairment
     1,051       1,847       4,634       5,273  
Bankcard processing expense
     559       509       1,617       1,421  
FDIC insurance expense
     4,598       3,063       13,755       8,740  
Other expense
     30,685       32,874       96,059       101,358  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total other expense
     135,230       137,196       407,937       417,545  
  
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
     120,936       128,504       359,602       349,410  
Income taxes
     24,779       25,919       72,679       69,548  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net income
   $ 96,157     $ 102,585     $ 286,923     $ 279,862  
  
 
 
   
 
 
   
 
 
   
 
 
 
 
5
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - continued
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except per share data)
  
Three Months Ended
    
Nine Months Ended
 
    
September 30
    
September 30
 
    
2023
    
2022
    
2023
    
2022
 
Earnings per common share:
           
Basic
   $ 0.71      $ 0.76      $ 2.13      $ 2.07  
  
 
 
    
 
 
    
 
 
    
 
 
 
Diluted
   $ 0.71      $ 0.76      $ 2.12      $ 2.06  
  
 
 
    
 
 
    
 
 
    
 
 
 
Average outstanding shares:
           
Basic
     134,685,041        134,182,248        134,493,059        134,947,674  
Diluted
     134,887,776        134,553,565        134,733,055        135,251,299  
See notes to consolidated unaudited financial statements
 
6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands)
  
Three Months Ended
   
Nine Months Ended
 
    
September 30
   
September 30
 
    
2023
   
2022
   
2023
   
2022
 
Net income
   $ 96,157     $ 102,585     $ 286,923     $ 279,862  
Change in net unrealized loss on
available-for-sale
(“AFS”) securities, net of tax
     (42,026     (117,950     (17,464     (387,770
Change in net unrealized gain (loss) on cash flow hedge, net of tax
     2,645       12,287       (1,068     38,357  
Change in pension plan assets, net of tax
     603       716       1,808       1,997  
  
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income (loss), net of tax
   $ 57,379     $ (2,362   $ 270,199     $ (67,554
  
 
 
   
 
 
   
 
 
   
 
 
 
See notes to consolidated unaudited financial statements
 
7

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except per share data)
                                       
    
Nine Months Ended September 30, 2023
 
    
Common Stock
                
Accumulated
Other
         
Total
 
    
Shares
    
Par
Value
    
Surplus
   
Retained
Earnings
   
Comprehensive
Loss
   
Treasury
Stock
   
Shareholders’
Equity
 
Balance at January 1, 2023
     142,011,560      $ 355,029      $ 3,168,874     $ 1,575,426     $ (332,732   $ (250,404   $ 4,516,193  
Comprehensive income:
                
Net income
     0        0        0       98,307       0       0       98,307  
Other comprehensive income, net of tax
     0        0        0       0       38,602       0       38,602  
                
 
 
 
Total comprehensive income, net of tax
                   136,909  
Stock based compensation expense
     0        0        2,713       0       0       0       2,713  
Stock grant forfeiture (1,506 shares)
     0        0        58       0       0       (58     0  
Purchase of treasury stock (33,551 shares)
     0        0        0       0       0       (1,374     (1,374
Cash dividends ($0.36 per share)
     0        0        0       (48,720     0       0       (48,720
Net issuance of common stock under stock-based compensation plans (226,486 shares)
     226,486        566        250       0       0       0       816  
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at March 31, 2023
     142,238,046        355,595        3,171,895       1,625,013       (294,130     (251,836     4,606,537  
Comprehensive income:
                
Net income
     0        0        0       92,459       0       0       92,459  
Other comprehensive loss, net of tax
     0        0        0       0       (16,548     0       (16,548
                
 
 
 
Total comprehensive income, net of tax
                   75,911  
Stock based compensation expense
     0        0        3,295       0       0       0       3,295  
Purchase of treasury stock (60 shares)
     0        0        0       0       0       (1     (1
Cash dividends ($0.36 per share)
     0        0        0       (48,628     0       0       (48,628
Stock grant forfeiture (4,445 shares)
     0        0        172       0       0       (172     0  
Net issuance of common stock under stock-based compensation plans (2,812 shares)
     2,812        7        (78     0       0       0       (71
  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at June 30, 2023
     142,240,858        355,602        3,175,284       1,668,844       (310,678     (252,009     4,637,043  
Comprehensive income:
                
Net income
     0        0        0       96,157       0       0       96,157  
Other comprehensive loss, net of tax
     0        0        0       0       (38,778     0       (38,778
                
 
 
 
Total comprehensive income, net of tax
                   57,379  
Stock based compensation expense
     0        0        3,148       0       0       0       3,148  
Purchase of treasury stock (232 shares)
     0        0        0       0       0       (7     (7
Cash dividends ($0.36 per share)
     0        0        0       (48,706     0       0       (48,706
Stock grant forfeiture (