United Bankshares, Inc. Announces Increased Earnings
United Bankshares, Inc. Announces Increased Earnings
Business Wire
WASHINGTON, D.C. & CHARLESTON, W.Va. -- January 29, 2013
United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings
for the fourth quarter and the year of 2012 as compared to the fourth quarter
and year of 2011. Earnings for the fourth quarter of 2012 were $21.2 million
or $0.42 per diluted share, up 5% from earnings of $20.3 million or $0.40 per
diluted share for the fourth quarter of 2011. Earnings for the year of 2012
were $82.6 million or $1.64 per diluted share, an increase of 9% from earnings
of $75.6 million or $1.61 per diluted share for the year of 2011.
“The year 2012 was another successful year for United,” stated Richard M.
Adams, United’s Chairman of the Board and Chief Executive Officer. “Earnings
rose from 2011 while the dividend to shareholders was increased for the 39th
consecutive year. Only one other major banking company in the USA has achieved
such a dividend record.”
Fourth quarter of 2012 results produced a return on average assets of 1.01%
and a return on average equity of 8.44%. For the year of 2012, United’s return
on average assets was 0.98% while the return on average equity was 8.35%.
United’s annualized returns on average assets and average equity were 0.94%
and 8.17%, respectively, for the fourth quarter of 2011 while the returns on
average assets and average equity was 0.97% and 8.50%, respectively, for the
year of 2011.
The results for the fourth quarter and year of 2012 included noncash,
before-tax, other-than-temporary impairment charges of $2.0 million and $7.4
million, respectively, on certain investment securities. In comparison, the
results for the fourth quarter and year of 2011 included noncash, before-tax,
other-than-temporary impairment charges of $6.3 million and $20.4 million,
respectively, on certain investment securities. Also included in the results
for the year of 2012 was an accrual of $3.3 million with respect to a
settlement of claims asserted in class actions against United Bank, Inc. of
West Virginia. In addition, United completed its acquisition of Centra
Financial Holdings, Inc. (Centra) during the third quarter of 2011. As a
result, comparisons for the year of 2012 to the year of 2011 are impacted by
increased levels of average balances, income, and expense due to the
acquisition. At consummation, Centra had assets of approximately $1.3 billion,
loans of $1.0 billion, deposits of $1.1 billion and shareholders' equity of
$131 million.
United’s asset quality continues to outperform its peers. United’s percentage
of nonperforming loans to loans, net of unearned income of 1.43% at December
31, 2012 compares favorably to the most recently reported percentage of 2.86%
at September 30, 2012 for United’s Federal Reserve peer group. At December 31,
2012, nonperforming loans were $92.8 million, up from nonperforming loans of
$79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011.
During the third quarter of 2012, loans totaling $20.5 million to two
commercial customers were placed on nonaccrual status. The loss potential on
these loans has been properly evaluated and allocated within the company’s
allowance for loan losses. As of December 31, 2012, the allowance for loan
losses was $73.9 million or 1.13% of loans, net of unearned income, which was
comparable to $73.9 million or 1.19% of loans, net of unearned income, at
December 31, 2011. Total nonperforming assets of $142.3 million, including
OREO of $49.5 million at December 31, 2012, represented 1.69% of total assets
which also compares favorably to the most recently reported percentage of
2.21% at September 30, 2012 for United’s Federal Reserve peer group.
United continues to be well-capitalized based on all regulatory guidelines.
United’s estimated risk-based capital ratio is 13.7% at December 31, 2012
while its Tier I capital and leverage ratios are 12.4% and 10.6%,
respectively. The regulatory requirements for a well-capitalized financial
institution are a risk-based capital ratio of 10%, a Tier I capital ratio of
6% and a leverage ratio of 5%.
Tax-equivalent net interest income for the fourth quarter of 2012 was $71.3
million, a decrease of $2.4 million or 3% from the fourth quarter of 2011 due
mainly to a decrease in the average yield on earning assets. The fourth
quarter of 2012 average yield on earning assets decreased 22 basis points from
the fourth quarter of 2011. In addition, average earning assets decreased
$142.9 million or 2% from the fourth quarter of 2011 as average short-term
investments and average investment securities declined $270.3 million and
$83.8 million, respectively. Average net loans did increase $211.2 million or
3% for the fourth quarter of 2012 from the fourth quarter of 2011 partially
offsetting the decreases in average short-term investments and investment
securities. Partially offsetting the decreases to tax-equivalent net interest
income for the fourth quarter of 2012 was a decline of 20 basis points in the
average cost of funds as compared to the fourth quarter of 2011. The net
interest margin for the fourth quarter of 2012 was 3.83%, which was a decrease
of 5 basis points from a net interest margin of 3.88% for the fourth quarter
of 2011.
Tax-equivalent net interest income for the year of 2012 was $284.1 million, an
increase of $16.8 million or 6% from the year of 2011. This increase in
tax-equivalent net interest income was primarily attributable to an increase
in average earning assets from the Centra acquisition. Average earning assets
increased $553.6 million or 8% from the year of 2011. Average net loans
increased $600.9 million or 11% for the year of 2012. In addition, the average
cost of funds declined 22 basis points from the year of 2011. Partially
offsetting the increases to tax-equivalent net interest income for the year of
2012 was a decline of 25 basis points in the average yield on earning assets
as compared to the year of 2011. The net interest margin for the year of 2012
was 3.81%, which was a decrease of 6 basis points from a net interest margin
of 3.87% for the year of 2011.
On a linked-quarter basis, United’s tax-equivalent net interest income for the
fourth quarter of 2012 was flat from the third quarter of 2012, decreasing
$262 thousand or less than 1% due mainly to a decrease in the average yield on
earning assets. The fourth quarter of 2012 average yield on earning assets
decreased 11 basis points while the average cost of funds decreased 9 basis
points from the third quarter of 2012. Average earning assets were flat during
the quarter as average net loans grew $101.4 million while average short-term
investments and average investment securities decreased $54.5 million and $8.0
million, respectively. The net interest margin of 3.83% for the fourth quarter
of 2012 was a decrease of 4 basis points from the net interest margin of 3.87%
for the third quarter of 2012.
For the quarters ended December 31, 2012 and 2011, the provision for loan
losses was $5.9 million and $4.3 million, respectively, while the provision
for the year of 2012 was $17.9 million as compared to $17.1 million for the
year of 2011. Net charge-offs were $5.8 million and $17.8 million for the
fourth quarter and year of 2012, respectively, as compared to $3.9 million and
$16.3 million for the same time periods in 2011. Annualized net charge-offs as
a percentage of average loans were 0.36% and 0.28% for the fourth quarter and
year of 2012, respectively. United’s most recently reported Federal Reserve
peer group’s net charge-offs to average loans percentage was 0.64% for the
third quarter of 2012.
Noninterest income for the fourth quarter of 2012 was $16.7 million, which was
an increase of $4.9 million from the fourth quarter of 2011. Included in
noninterest income for the fourth quarter of 2012 were noncash, before-tax,
other-than-temporary impairment charges of $2.0 million on certain investment
securities as compared to noncash, before-tax other-than-temporary impairment
charges of $6.3 million on certain investment securities for the fourth
quarter of 2011. Excluding the results of the noncash, other-than-temporary
impairment charges as well as net gains and losses from sales and calls of
investment securities, noninterest income for the fourth quarter of 2012 would
have increased $275 thousand or 2% from the fourth quarter of 2011. This
increase for the fourth quarter of 2012 was due primarily to increases of $362
thousand in income from trust and brokerage services due to increases in
volume and the value of assets under management and $469 thousand in mortgage
banking income due to increased production and sales of mortgage loans in the
secondary market. Partially offsetting these increases was a decrease of $524
thousand in fees from deposit services.
Noninterest income for the year of 2012 was $66.3 million, which was an
increase of $15.5 million from the year of 2011. Included in noninterest
income for the year of 2012 were noncash, before-tax, other-than-temporary
impairment charges of $7.4 million on certain investment securities as
compared to noncash, before-tax, other-than-temporary impairment charges of
$20.4 million on certain investment securities for the year of 2011. Excluding
the results of the noncash, other-than-temporary impairment charges as well as
net gains and losses from sales and calls of investment securities,
noninterest income for the year of 2012 would have increased $3.6 million or
5% from the year of 2011. This increase for the year of 2012 was due primarily
to increases of $2.5 million in income from trust and brokerage services due
to increases in volume and the value of assets under management and $1.5
million in mortgage banking income due to increased production and sales of
mortgage loans in the secondary market.
On a linked-quarter basis, noninterest income for the fourth quarter of 2012
was flat from the third quarter of 2012, increasing $111 thousand or less than
1%. Included in the results for the fourth quarter of 2012 and third quarter
of 2012 were noncash, before-tax, other-than-temporary impairment charges of
$2.0 million and $2.3 million, respectively. Excluding the results of the
noncash, other-than-temporary impairment charges as well as net gains and
losses from sales and calls of investment securities, noninterest income would
have decreased $337 thousand or 2% on a linked-quarter basis due primarily to
a decrease of $492 thousand in income from trust and brokerage services due to
a decrease in volume.
Noninterest expense for the fourth quarter of 2012 was $49.3 million, a
decrease of $756 thousand or 2% from the fourth quarter of 2011. Merger
expenses of $744 thousand related to the acquisition of Centra was included in
the results for the fourth quarter of 2011. In addition, equipment expense for
the fourth quarter of 2012 declined $728 thousand due to lower amounts of
maintenance and depreciation expense. Partially offsetting these amounts were
increases of $516 thousand and $404 thousand in employee compensation and
benefits expense, respectively.
Noninterest expense for the year of 2012 was $204.7 million, an increase of
$20.6 million or 11% from the year of 2011 as employee compensation increased
$6.8 million due to additional employees from the Centra merger and employee
benefits increased $3.8 million due mainly to an increase in pension costs. In
addition, the increase was partially due to the previously mentioned
litigation settlement accrual. The remainder of the increase in noninterest
expense from the year of 2011 was due mainly to the additional offices and
equipment from the Centra merger.
On a linked-quarter basis, noninterest expense for the fourth quarter of 2012
decreased $4.6 million or 9% from the third quarter of 2012. This decrease was
due primarily to the litigation settlement accrual in the third quarter. In
addition, data processing fees declined $666 thousand as United completed its
conversion to a new servicer.
During the fourth quarter of 2012, United’s Board of Directors declared a cash
dividend of $0.31 per share. The 2012 dividend of $1.24 per share represented
the 39th consecutive year of dividend increases for United shareholders.
United has consolidated assets of approximately $8.4 billion with 115 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 December 31, 2012
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, 2012 and will
adjust amounts preliminarily reported, if necessary.
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 Year Ended
December 31 December 31 December 31 December 31
2012 2011 2012 2011
EARNINGS SUMMARY:
Interest income,
taxable equivalent $ 81,300 $ 87,261 $ 330,310 $ 323,109
(non-GAAP)
Interest expense 9,996 13,537 46,190 55,794
Net interest income,
taxable equivalent 71,304 73,724 284,120 267,315
(non-GAAP)
Taxable equivalent 1,632 1,732 6,413 6,587
adjustment
Net interest income 69,672 71,992 277,707 260,728
(GAAP)
Provision for loan 5,947 4,268 17,862 17,141
losses
Noninterest income 16,745 11,874 66,292 50,837
Noninterest expenses 49,273 50,029 204,656 184,048
Income taxes 9,983 9,312 38,874 34,766
Net income $ 21,214 $ 20,257 $ 82,607 $ 75,610
PER COMMON SHARE:
Net income:
Basic $ 0.42 $ 0.40 $ 1.64 $ 1.62
Diluted 0.42 0.40 1.64 1.61
Cash dividends $ 0.31 $ 0.31 1.24 1.21
Book value 19.74 19.29
Closing market price $ 24.34 $ 28.27
Common shares
outstanding:
Actual at period end,
net of treasury 50,276,573 50,212,948
shares
Weighted average- 50,276,137 50,207,410 50,265,620 46,803,432
basic
Weighted average- 50,294,593 50,235,812 50,298,019 46,837,363
diluted
FINANCIAL RATIOS:
Return on average 1.01% 0.94% 0.98% 0.97%
assets
Return on average 8.44% 8.17% 8.35% 8.50%
shareholders’ equity
Average equity to 11.97% 11.56% 11.78% 11.44%
average assets
Net interest margin 3.83% 3.88% 3.81% 3.87%
December 31 December 31 December 31 September 30
2012 2011 2010 2012
PERIOD END BALANCES:
Assets $ 8,420,013 $ 8,451,470 $ 7,155,719 $ 8,381,378
Earning assets 7,459,217 7,492,400 6,334,914 7,426,785
Loans, net of 6,511,416 6,230,777 5,260,326 6,422,613
unearned income
Loans held for sale 17,762 3,902 6,869 12,905
Investment securities 729,402 824,219 794,715 766,713
Total deposits 6,752,986 6,819,010 5,713,534 6,753,924
Shareholders’ equity 992,251 968,844 793,012 988,429
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
2012 2011 2012 2012 2012
Interest & Loan Fees $ 79,668 $ 85,529 $ 81,336 $ 81,105 $ 81,788
Income (GAAP)
Tax equivalent 1,632 1,732 1,552 1,560 1,669
adjustment
Interest & Fees
Income (FTE) 81,300 87,261 82,888 82,665 83,457
(non-GAAP)
Interest Expense 9,996 13,537 11,322 12,050 12,822
Net Interest Income 71,304 73,724 71,566 70,615 70,635
(FTE) (non-GAAP)
Provision for Loan 5,947 4,268 4,346 3,436 4,133
Losses
Non-Interest Income:
Fees from trust & 3,678 3,316 4,170 4,013 3,984
brokerage services
Fees from deposit 10,606 11,130 10,521 10,393 10,312
services
Bankcard fees and 745 643 866 738 647
merchant discounts
Other charges,
commissions, and 539 559 513 600 577
fees
Income from bank 1,248 1,339 1,247 1,255 1,289
owned life insurance
Mortgage banking 851 382 819 483 318
income
Other non-interest 818 841 686 648 658
revenue
Net
other-than-temporary (2,002) (6,286) (2,255) (1,742) (1,377)
impairment losses
Net gains (losses)
on sales/calls of
investment 262 (50) 67 199 (82)
securities
Total Non-Interest 16,745 11,874 16,634 16,587 16,326
Income
Non-Interest
Expense:
Employee 18,272 17,756 17,258 17,965 17,907
compensation
Employee benefits 4,892 4,488 5,271 5,823 5,192
Net occupancy 5,005 5,018 5,060 5,321 5,042
Data processing 3,009 3,019 3,675 2,639 3,209
Amortization of 669 832 697 724 762
intangibles
OREO expense 1,908 1,879 2,160 2,160 2,328
FDIC expense 1,525 1,496 1,489 1,495 1,555
Other expenses 13,993 15,541 18,259 15,125 14,267
Total Non-Interest 49,273 50,029 53,869 51,252 50,262
Expense
Income Before Income
Taxes (FTE) 32,829 31,301 29,985 32,514 32,566
(non-GAAP)
Tax equivalent 1,632 1,732 1,552 1,560 1,669
adjustment
Income Before Income 31,197 29,569 28,433 30,954 30,897
Taxes (GAAP)
Taxes 9,983 9,312 9,099 9,905 9,887
Net Income $ 21,214 $ 20,257 $ 19,334 $ 21,049 $ 21,010
MEMO: Effective Tax 32.00% 31.49% 32.00% 32.00% 32.00%
Rate
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
2012 2011 2010 2009
Interest & Loan Fees Income (GAAP) $ 323,897 $316,522 $323,382 $365,845
Tax equivalent adjustment 6,413 6,587 5,906 11,199
Interest & Fees Income (FTE) 330,310 323,109 329,288 377,044
(non-GAAP)
Interest Expense 46,190 55,794 85,196 120,374
Net Interest Income (FTE) 284,120 267,315 244,092 256,670
(non-GAAP)
Provision for Loan Losses 17,862 17,141 13,773 46,065
Non-Interest Income:
Fees from trust & brokerage 15,845 13,343 13,637 13,065
services
Fees from deposit services 41,832 42,110 39,220 40,289
Bankcard fees and merchant 2,996 2,572 4,786 4,155
discounts
Other charges, commissions, and 2,229 1,849 1,918 1,906
fees
Income from bank owned life 5,039 5,286 4,673 3,416
insurance
Mortgage banking income 2,471 952 662 608
Other non-interest revenue 2,810 3,563 5,116 5,236
Net other-than-temporary impairment (7,376) (20,414) (9,815) (15,020)
losses
Net gains on sales/calls of
investment 446 1,576 2,006 315
securities
Total Non-Interest Income 66,292 50,837 62,203 53,970
Non-Interest Expense:
Employee compensation 71,402 64,611 60,564 58,901
Employee benefits 21,178 17,358 16,749 19,192
Net occupancy 20,428 18,596 17,246 17,018
Data processing 12,532 11,637 10,820 10,880
Amortization of intangibles 2,852 2,429 1,884 2,561
OREO expense 8,556 7,008 11,131 5,487
FDIC expense 6,064 8,468 9,684 9,177
Other expenses 61,644 53,941 54,134 51,911
Total Non-Interest Expense 204,656 184,048 182,212 175,127
Income Before Income Taxes (FTE) 127,894 116,963 110,310 89,448
(non-GAAP)
Tax equivalent adjustment 6,413 6,587 5,906 11,199
Income Before Income Taxes (GAAP) 121,481 110,376 104,404 78,249
Taxes 38,874 34,766 32,457 10,951
Net Income $ 82,607 $75,610 $71,947 $67,298
MEMO: Effective Tax Rate 32.00% 31.50% 31.09% 14.00%
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 December
31 31
2012 2011 December December December
31 31 31
Q-T-D Q-T-D 2012 2011 2010
Average Average
Cash & Cash $423,373 $669,533 $432,077 $636,003 $461,389
Equivalents
Securities 626,516 692,540 625,625 696,518 653,276
Available for Sale
Securities Held to 50,311 60,415 43,467 59,289 67,036
Maturity
Other Investment 61,436 69,096 60,310 68,412 74,403
Securities
Total Securities 738,263 822,051 729,402 824,219 794,715
Total Cash and 1,161,636 1,491,584 1,161,479 1,460,222 1,256,104
Securities
Loans Held for Sale 11,160 5,582 17,762 3,902 6,869
Commercial Loans 4,665,208 4,377,276 4,726,292 4,378,345 3,533,559
Mortgage Loans 1,499,636 1,565,638 1,490,306 1,556,905 1,459,286
Consumer Loans 299,598 315,022 301,182 299,030 270,506
Gross Loans 6,464,442 6,257,936 6,517,780 6,234,280 5,263,351
Unearned Income (6,011) (5,263) (6,364) (3,503) (3,025)
Loans, Net of 6,458,431 6,252,673 6,511,416 6,230,777 5,260,326
Unearned Income
Allowance for Loan (73,727) (73,562) (73,901) (73,874) (73,033)
Losses
Goodwill 375,583 372,902 375,583 375,626 311,765
Other Intangibles 10,521 11,641 10,107 12,950 2,940
Total Intangibles 386,104 384,543 385,690 388,576 314,705
Real Estate Owned 47,870 51,729 49,484 51,760 44,770
Other Assets 368,097 399,503 368,083 390,107 345,978
Total Assets $8,359,571 $8,512,052 $8,420,013 $8,451,470 $7,155,719
MEMO: Earning $7,408,771 $7,551,646 $7,459,217 $7,492,400 $6,334,914
Assets
Interest-bearing $4,936,757 $5,227,649 $4,928,575 $5,199,848 $4,510,279
Deposits
Noninterest-bearing 1,795,810 1,614,185 1,824,411 1,619,162 1,203,255
Deposits
Total Deposits 6,732,567 6,841,834 6,752,986 6,819,010 5,713,534
Short-term 293,034 285,747 314,962 254,766 193,214
Borrowings
Long-term 284,954 353,220 284,926 345,366 386,458
Borrowings
Total Borrowings 577,988 638,967 599,888 600,132 579,672
Other Liabilities 48,568 47,436 74,888 63,484 69,501
Total Liabilities 7,359,123 7,528,237 7,427,762 7,482,626 6,362,707
Preferred Equity --- --- --- --- ---
Common Equity 1,000,448 983,815 992,251 968,844 793,012
Total Shareholders' 1,000,448 983,815 992,251 968,844 793,012
Equity
Total Liabilities & $8,359,571 $8,512,052 $8,420,013 $8,451,470 $7,155,719
Equity
MEMO:
Interest-bearing $5,514,745 $5,866,616 $5,528,463 $5,799,980 $5,089,951
Liabilities
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 2012 2011 2012 2012 2012
Data:
Earnings Per
Share:
Basic $ 0.42 $ 0.40 $ 0.38 $ 0.42 $ 0.42
Diluted $ 0.42 $ 0.40 $ 0.38 $ 0.42 $ 0.42
Common Dividend
Declared Per $ 0.31 $ 0.31 $ 0.31 $ 0.31 $ 0.31
Share
High Common $ 25.80 $ 29.29 $ 26.40 $ 29.45 $ 30.91
Stock Price
Low Common $ 23.02 $ 19.06 $ 22.54 $ 23.87 $ 27.36
Stock Price
Average Shares
Outstanding
(Net of
Treasury
Stock):
Basic 50,276,137 50,207,410 50,276,074 50,274,665 50,235,374
Diluted 50,294,593 50,235,812 50,295,162 50,308,228 50,300,538
Memorandum
Items:
Tax Applicable
to Security $ 92 $ (18) $ 23 $ 70 $ (29)
Sales/Calls
Common $ 15,587 $ 15,571 $ 15,589 $ 15,605 $ 15,570
Dividends
Dividend Payout 73.48% 76.87% 80.63% 74.14% 74.11%
Ratio
Year Ended
December December December December
YTD Share Data: 2012 2011 2010 2009
Earnings Per
Share:
Basic $ 1.64 $ 1.62 $ 1.65 $ 1.55
Diluted $ 1.64 $ 1.61 $ 1.65 $ 1.55
Common Dividend
Declared Per $ 1.24 $ 1.21 $ 1.20 $ 1.17
Share
Average Shares
Outstanding
(Net of
Treasury
Stock):
Basic 50,265,620 46,803,432 43,547,965 43,410,431
Diluted 50,298,019 46,837,363 43,625,183 43,456,889
Memorandum
Items:
Tax Applicable
to Security $ 156 $ 552 $ 702 $ 110
Sales/Calls
Common $ 62,351 $ 56,827 $ 52,300 $ 50,837
Dividends
Dividend Payout 75.48% 75.16% 72.69% 75.54%
Ratio
EOP Employees
(full-time 1,529 1,619 1,451 1,477
equivalent)
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
EOP Share Data: 2012 2011 2012 2012 2012
Book Value Per $ 19.74 $19.29 $ 19.66 $ 19.52 $ 19.42
Share
Tangible Book
Value Per Share $ 12.06 $11.56 $ 11.98 $ 11.82 $ 11.71
^(1)
52-week High
Common Stock $ 30.91 $30.84 $ 30.91 $ 30.91 $ 30.91
Price
Date 03/19/12 01/19/11 03/19/12 03/19/12 03/19/12
52-week Low
Common Stock $ 22.54 $18.78 $ 19.06 $ 18.78 $ 18.78
Price
Date 08/02/12 09/22/11 10/04/11 09/22/11 09/22/11
EOP Shares
Outstanding (Net 50,276,573 50,212,948 50,275,998 50,275,869 50,274,104
of Treasury
Stock):
Note:
(1) Tangible
Book Value Per
Share:
Total
Shareholders' $ 992,251 $ 968,844 $ 988,429 $ 981,181 $ 976,303
Equity (GAAP)
Less: Total (385,690) (388,576) (386,359) (387,056) (387,766)
Intangibles
Tangible Equity $ 606,561 $ 580,268 $ 602,070 $ 594,125 $ 588,537
(non-GAAP)
÷ EOP Shares
Outstanding (Net 50,276,573 50,212,948 50,275,998 50,275,869 50,274,104
of Treasury
Stock)
Tangible Book
Value Per Share $ 12.06 $ 11.56 $ 11.98 $ 11.82 $ 11.71
(non-GAAP)
Three Months Ended
December December September June March
2012 2011 2012 2012 2012
Selected Yields
and Net Interest
Margin:
Net Loans 4.74% 5.18% 4.85% 5.01% 5.02%
Investment 2.65% 3.08% 3.28% 2.91% 3.08%
Securities
Money Market 0.39% 0.23% 0.18% 0.27% 0.26%
Investments/FFS
Average Earning 4.37% 4.59% 4.48% 4.41% 4.47%
Assets Yield
Interest-bearing 0.60% 0.69% 0.63% 0.65% 0.67%
Deposits
Short-term 0.16% 0.08% 0.08% 0.10% 0.09%
Borrowings
Long-term 3.36% 4.85% 4.73% 4.78% 4.83%
Borrowings
Average 0.72% 0.92% 0.81% 0.84% 0.89%
Liability Costs
Net Interest 3.65% 3.67% 3.67% 3.57% 3.58%
Spread
Net Interest 3.83% 3.88% 3.87% 3.76% 3.78%
Margin
Selected
Financial
Ratios:
Return on
Average Common 8.44% 8.17% 7.76% 8.58% 8.63%
Equity
Return on 1.01% 0.94% 0.92% 1.00% 1.00%
Average Assets
Efficiency Ratio 52.01% 51.47% 56.44% 54.50% 53.35%
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
2012 2011 2010 2009
Selected Yields and Net
Interest Margin:
Net Loans 4.90% 5.18% 5.30% 5.46%
Investment Securities 2.98% 3.61% 4.65% 5.08%
Money Market Investments/FFS 0.27% 0.28% 0.31% 0.18%
Average Earning Assets Yield 4.43% 4.68% 4.91% 5.27%
Interest-bearing Deposits 0.64% 0.82% 1.21% 1.75%
Short-term Borrowings 0.11% 0.06% 0.06% 0.14%
Long-term Borrowings 4.45% 4.79% 4.30% 4.24%
Average Liability Costs 0.82% 1.04% 1.53% 1.98%
Net Interest Spread 3.61% 3.64% 3.38% 3.29%
Net Interest Margin 3.81% 3.87% 3.64% 3.59%
Selected Financial Ratios:
Return on Average Common 8.35% 8.50% 9.19% 8.81%
Equity
Return on Average Assets 0.98% 0.97% 0.95% 0.85%
Loan / Deposit Ratio 96.42% 91.37% 92.07% 96.08%
Allowance for Loan Losses/ 1.13% 1.19% 1.39% 1.18%
Loans, Net of Unearned Income
Allowance for Credit Losses
^(1)/ Loans, Net of Unearned 1.16% 1.22% 1.43% 1.22%
Income
Nonaccrual Loans / Loans, Net 1.10% 0.96% 1.14% 0.89%
of Unearned Income
90-Day Past Due Loans/ Loans, 0.28% 0.26% 0.13% 0.35%
Net of Unearned Income
Non-performing Loans/ Loans, 1.43% 1.28% 1.28% 1.26%
Net of Unearned Income
Non-performing Assets/ Total 1.69% 1.56% 1.57% 1.44%
Assets
Primary Capital Ratio 12.57% 12.25% 12.00% 10.56%
Shareholders' Equity Ratio 11.78% 11.46% 11.08% 9.76%
Price / Book Ratio 1.23 x 1.47 x 1.61 x 1.14 x
Price / Earnings Ratio 14.82 x 17.51 x 17.71 x 12.90 x
Efficiency Ratio 54.08% 51.81% 53.87% 51.35%
Note: (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)
December December September June March
Asset Quality 2012 2011 2012 2012 2012
Data:
EOP Non-Accrual $ 71,559 $ 59,892 $ 81,861 $ 63,279 $ 62,037
Loans
EOP 90-Day Past 18,068 16,179 12,475 10,029 9,816
Due Loans
EOP
Restructured 3,175 3,592 4,091 4,255 4,335
Loans ^(2)
Total EOP
Non-performing $ 92,802 $ 79,663 $ 98,427 $ 77,563 $ 76,188
Loans
EOP Other Real
Estate & Assets 49,484 51,760 50,040 48,608 49,864
Owned
Total EOP
Non-performing $142,286 $131,423 $ 148,467 $ 126,171 $ 126,052
Assets
Three Months Ended Year Ended
December December December December December
Allowance for
Credit 2012 2011 2012 2011 2010
Losses:^(1)
Beginning $75,536 $75,494 $75,727 $75,039 $70,010
Balance
Provision for
Credit Losses ^ 5,815 4,136 17,665 16,988 13,773
(3)
81,351 79,630 93,392 92,027 83,783
Gross (6,180) (4,398) (20,555) (19,605) (25,762)
Charge-offs
Recoveries 386 495 2,720 3,305 17,018
Net Charge-offs (5,794) (3,903) (17,835) (16,300) (8,744)
Ending Balance $75,557 $75,727 $75,557 $75,727 $75,039
Notes:
(1) Includes allowances for loan losses and lending-related commitments.
(2) Restructured loans with an aggregate balance of $375, $1,277, $1,427 and
$2,283 at December 31, 2012, September 30, 2012, June 30, 2012 and March 31,
2012, respectively, were on nonaccrual status, but are not included in the
“EOP Non-Accrual Loans.”
(3) Includes the Provision for Loan Losses and a provision for lending-related
commitments included in Other Expenses.
Contact:
United Bankshares, Inc.
Steven E. Wilson, Chief Financial Officer
800-445-1347 ext. 8704
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