United Bankshares, Inc. Announces Increased Earnings

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

2012
  December 31

2011
December 31

2012
  December 31

2011
EARNINGS SUMMARY:
Interest income, taxable equivalent (non-GAAP) $ 81,300 $ 87,261 $ 330,310 $ 323,109
Interest expense 9,996 13,537 46,190 55,794
Net interest income, taxable equivalent (non-GAAP) 71,304 73,724 284,120 267,315
Taxable equivalent adjustment 1,632 1,732 6,413 6,587
Net interest income (GAAP) 69,672 71,992 277,707 260,728
Provision for loan losses 5,947 4,268 17,862 17,141
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 shares 50,276,573 50,212,948
Weighted average- basic 50,276,137 50,207,410 50,265,620 46,803,432
Weighted average- diluted 50,294,593 50,235,812 50,298,019 46,837,363
 
FINANCIAL RATIOS:
Return on average assets 1.01% 0.94% 0.98% 0.97%
Return on average shareholders’ equity 8.44% 8.17% 8.35% 8.50%
Average equity to average assets 11.97% 11.56% 11.78% 11.44%
Net interest margin 3.83% 3.88% 3.81% 3.87%
 
December 31

2012
December 31

2011
December 31

2010
September 30

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 unearned income 6,511,416 6,230,777 5,260,326 6,422,613
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 Income (GAAP) $ 79,668 $ 85,529 $ 81,336 $ 81,105 $ 81,788
Tax equivalent adjustment   1,632   1,732   1,552   1,560   1,669
Interest & Fees Income (FTE) (non-GAAP) 81,300 87,261 82,888 82,665 83,457
Interest Expense   9,996   13,537   11,322   12,050   12,822
Net Interest Income (FTE) (non-GAAP) 71,304 73,724 71,566 70,615 70,635
 
Provision for Loan Losses 5,947 4,268 4,346 3,436 4,133
 
Non-Interest Income:
Fees from trust & brokerage services 3,678 3,316 4,170 4,013 3,984
Fees from deposit services 10,606 11,130 10,521 10,393 10,312
Bankcard fees and merchant discounts 745 643 866 738 647
Other charges, commissions, and fees 539 559 513 600 577
Income from bank owned life insurance 1,248 1,339 1,247 1,255 1,289
Mortgage banking income 851 382 819 483 318
Other non-interest revenue 818 841 686 648 658
Net other-than-temporary impairment losses (2,002) (6,286) (2,255) (1,742) (1,377)
Net gains (losses) on sales/calls of investment

securities
 

262
 

(50)
 

67
 

199
  (82)
Total Non-Interest Income   16,745   11,874   16,634   16,587   16,326
 
Non-Interest Expense:
Employee compensation 18,272 17,756 17,258 17,965 17,907
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 intangibles 669 832 697 724 762
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 Expense   49,273   50,029   53,869   51,252   50,262
 
Income Before Income Taxes (FTE) (non-GAAP) 32,829 31,301 29,985 32,514 32,566
 
Tax equivalent adjustment   1,632   1,732   1,552   1,560   1,669
 
Income Before Income Taxes (GAAP) 31,197 29,569 28,433 30,954 30,897
 
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 Rate 32.00% 31.49% 32.00% 32.00% 32.00%
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) (non-GAAP) 330,310 323,109 329,288 377,044
Interest Expense 46,190 55,794 85,196 120,374
Net Interest Income (FTE) (non-GAAP) 284,120 267,315 244,092 256,670
 
Provision for Loan Losses 17,862 17,141 13,773 46,065
 
Non-Interest Income:
Fees from trust & brokerage services 15,845 13,343 13,637 13,065
Fees from deposit services 41,832 42,110 39,220 40,289
Bankcard fees and merchant discounts 2,996 2,572 4,786 4,155
Other charges, commissions, and fees 2,229 1,849 1,918 1,906
Income from bank owned life insurance 5,039 5,286 4,673 3,416
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 losses (7,376) (20,414) (9,815) (15,020)
Net gains on sales/calls of investment

securities

446

1,576

2,006

315
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) (non-GAAP) 127,894 116,963 110,310 89,448
 
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 31 December 31
2012 2011 December 31 December 31 December 31
Q-T-D Average Q-T-D Average 2012 2011 2010
 
Cash & Cash Equivalents $423,373 $669,533 $432,077 $636,003 $461,389
 
Securities Available for Sale 626,516 692,540 625,625 696,518 653,276
Securities Held to Maturity 50,311 60,415 43,467 59,289 67,036
Other Investment Securities 61,436 69,096 60,310 68,412 74,403
Total Securities 738,263 822,051 729,402 824,219 794,715
Total Cash and Securities 1,161,636 1,491,584 1,161,479 1,460,222 1,256,104
 
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 Unearned Income 6,458,431 6,252,673 6,511,416 6,230,777 5,260,326
 
Allowance for Loan Losses (73,727) (73,562) (73,901) (73,874) (73,033)
 
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 Assets $7,408,771 $7,551,646 $7,459,217 $7,492,400 $6,334,914
 
Interest-bearing Deposits $4,936,757 $5,227,649 $4,928,575 $5,199,848 $4,510,279
Noninterest-bearing Deposits 1,795,810 1,614,185 1,824,411 1,619,162 1,203,255
Total Deposits 6,732,567 6,841,834 6,752,986 6,819,010 5,713,534
 
Short-term Borrowings 293,034 285,747 314,962 254,766 193,214
Long-term Borrowings 284,954 353,220 284,926 345,366 386,458
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' Equity 1,000,448 983,815 992,251 968,844 793,012
 
Total Liabilities & Equity $8,359,571 $8,512,052 $8,420,013 $8,451,470 $7,155,719
 
MEMO: Interest-bearing Liabilities $5,514,745 $5,866,616 $5,528,463 $5,799,980 $5,089,951
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: 2012 2011 2012 2012 2012
 
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 Share $ 0.31 $ 0.31 $ 0.31 $ 0.31 $ 0.31
 
High Common Stock Price $ 25.80 $ 29.29 $ 26.40 $ 29.45 $ 30.91
Low Common Stock Price $ 23.02 $ 19.06 $ 22.54 $ 23.87 $ 27.36
 
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 Sales/Calls $ 92 $ (18) $ 23 $ 70 $ (29)
 
Common Dividends $ 15,587 $ 15,571 $ 15,589 $ 15,605 $ 15,570
 
Dividend Payout Ratio 73.48% 76.87% 80.63% 74.14% 74.11%
 
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 Share $ 1.24 $ 1.21 $ 1.20 $ 1.17
 
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 Sales/Calls $ 156 $ 552 $ 702 $ 110
 
Common Dividends $ 62,351 $ 56,827 $ 52,300 $ 50,837
 
Dividend Payout Ratio 75.48% 75.16% 72.69% 75.54%
 
EOP Employees (full-time equivalent) 1,529 1,619 1,451 1,477
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 Share $ 19.74 $19.29 $ 19.66 $ 19.52 $ 19.42
Tangible Book Value Per Share (1) $ 12.06 $11.56 $ 11.98 $ 11.82 $ 11.71
 
52-week High Common Stock Price $ 30.91 $30.84 $ 30.91 $ 30.91 $ 30.91
Date 03/19/12 01/19/11 03/19/12 03/19/12 03/19/12
52-week Low Common Stock Price $ 22.54 $18.78 $ 19.06 $ 18.78 $ 18.78
Date 08/02/12 09/22/11 10/04/11 09/22/11 09/22/11
 
EOP Shares Outstanding (Net of Treasury Stock): 50,276,573 50,212,948 50,275,998 50,275,869 50,274,104
 
Note:
(1) Tangible Book Value Per Share:
Total Shareholders' Equity (GAAP) $ 992,251 $ 968,844 $ 988,429 $ 981,181 $ 976,303
Less: Total Intangibles   (385,690) (388,576) (386,359)   (387,056)   (387,766)
Tangible Equity (non-GAAP) $ 606,561 $ 580,268 $ 602,070 $ 594,125 $ 588,537
÷ EOP Shares Outstanding (Net of Treasury Stock) 50,276,573 50,212,948 50,275,998 50,275,869 50,274,104
Tangible Book Value Per Share (non-GAAP) $ 12.06 $ 11.56 $ 11.98 $ 11.82 $ 11.71
 
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 Securities 2.65% 3.08% 3.28% 2.91% 3.08%
Money Market Investments/FFS 0.39% 0.23% 0.18% 0.27% 0.26%
Average Earning Assets Yield 4.37% 4.59% 4.48% 4.41% 4.47%
Interest-bearing Deposits 0.60% 0.69% 0.63% 0.65% 0.67%
Short-term Borrowings 0.16% 0.08% 0.08% 0.10% 0.09%
Long-term Borrowings 3.36% 4.85% 4.73% 4.78% 4.83%
Average Liability Costs 0.72% 0.92% 0.81% 0.84% 0.89%
Net Interest Spread 3.65% 3.67% 3.67% 3.57% 3.58%
Net Interest Margin 3.83% 3.88% 3.87% 3.76% 3.78%
 
Selected Financial Ratios:
 
Return on Average Common Equity 8.44% 8.17% 7.76% 8.58% 8.63%
Return on Average Assets 1.01% 0.94% 0.92% 1.00% 1.00%
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 Equity 8.35% 8.50% 9.19% 8.81%
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/ Loans, Net of Unearned Income 1.13% 1.19% 1.39% 1.18%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income 1.16% 1.22% 1.43% 1.22%
Nonaccrual Loans / Loans, Net of Unearned Income 1.10% 0.96% 1.14% 0.89%
90-Day Past Due Loans/ Loans, Net of Unearned Income 0.28% 0.26% 0.13% 0.35%
Non-performing Loans/ Loans, Net of Unearned Income 1.43% 1.28% 1.28% 1.26%
Non-performing Assets/ Total Assets 1.69% 1.56% 1.57% 1.44%
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 Data: 2012 2011 2012 2012 2012
 
EOP Non-Accrual Loans $ 71,559 $ 59,892 $ 81,861 $ 63,279 $ 62,037
EOP 90-Day Past Due Loans 18,068 16,179 12,475 10,029 9,816
EOP Restructured Loans (2) 3,175 3,592 4,091 4,255 4,335
Total EOP Non-performing Loans $ 92,802 $ 79,663 $ 98,427 $ 77,563 $ 76,188
 
EOP Other Real Estate & Assets Owned 49,484 51,760 50,040 48,608 49,864
Total EOP Non-performing Assets $142,286 $131,423 $ 148,467 $ 126,171 $ 126,052
 
 
Three Months Ended Year Ended
December December December December December
Allowance for Credit Losses:(1) 2012 2011 2012 2011 2010
Beginning Balance $75,536 $75,494 $75,727 $75,039 $70,010
Provision for Credit Losses (3) 5,815 4,136 17,665 16,988 13,773
81,351 79,630 93,392 92,027 83,783
Gross Charge-offs (6,180) (4,398) (20,555) (19,605) (25,762)
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.

Copyright Business Wire 2010

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