United Bankshares, Inc. Increases Earnings For The Second Quarter And First Half Of 2013

United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the second quarter and the first half of 2013. Earnings for the second quarter of 2013 were $22.2 million or $0.44 per diluted share, an increase from earnings of $21.0 million or $0.42 per diluted share for the second quarter of 2012. Earnings for the first half of 2013 were $43.8 million or $0.87 per diluted share, up from earnings of $42.1 million or $0.84 per diluted share for the first half of 2012.

Second quarter of 2013 results produced a return on average assets of 1.07% and a return on average equity of 8.81%, respectively. For the first half of 2013, United’s return on average assets was 1.06% while the return on average equity was 8.76%. United’s annualized returns on average assets and average equity were 1.00% and 8.58%, respectively, for the second quarter of 2012 while the returns on average assets and average equity was 1.00% and 8.60%, respectively, for the first half of 2012.

The results for the second quarter and first half of 2013 included noncash, before-tax, other-than-temporary impairment charges of $137 thousand and $971 thousand, respectively, on certain investment securities. The results for the second quarter and first half of 2012 included noncash, before-tax, other-than-temporary impairment charges of $1.7 million and $3.1 million, respectively, on certain investment securities.

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 June 30, 2013 compares favorably to the most recently reported percentage of 2.39% at March 31, 2013 for United’s Federal Reserve peer group. At June 30, 2013, nonperforming loans were $94.0 million, up slightly from nonperforming loans of $92.8 million or 1.43% of loans, net of unearned income, at December 31, 2012. As of June 30, 2013, the allowance for loan losses was $74.6 million or 1.14% of loans, net of unearned income, which was comparable to $73.9 million or 1.13% of loans, net of unearned income, at December 31, 2012. Total nonperforming assets of $138.4 million, including OREO of $44.4 million at June 30, 2013, represented 1.63% of total assets which also compares favorably to the most recently reported percentage of 1.87% at March 31, 2013 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 13.8% at June 30, 2013 while its Tier I capital and leverage ratios are 12.6% and 10.9%, 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 second quarter of 2013 was $67.7 million, a decrease of $2.9 million or 4% from the second quarter of 2012 due mainly to a decrease in the average yield on earning assets. The second quarter of 2013 average yield on earning assets decreased 26 basis points from the second quarter of 2012. In addition, average earning assets decreased $104.3 million or 1% from the second quarter of 2012 as average short-term investments declined $383.6 million. Average investment securities and average net loans did increase $10.9 million and $268.4 million, respectively, for the second quarter of 2013 from the second quarter of 2012 to somewhat mitigate the decrease in average short-term investments. Partially offsetting the decreases to tax-equivalent net interest income for the second quarter of 2013 was a decline of 17 basis points in the average cost of funds as compared to the second quarter of 2012. The net interest margin for the second quarter of 2013 was 3.65%, which was a decrease of 11 basis points from a net interest margin of 3.76% for the second quarter of 2012.

Tax-equivalent net interest income for the first half of 2013 was $136.1 million, a decrease of $5.2 million or 4% from the first half of 2012 due mainly to a decrease in the average yield on earning assets. The first half of 2013 average yield on earning assets decreased 23 basis points from the first half of 2012. In addition, average earning assets decreased $121.2 million or 2% from the first half of 2012 as average short-term investments and average investment securities declined $348.1 million and $33.0 million, respectively. Average net loans did increase $259.8 million or 4% for the first half of 2013 from the first half of 2012 to somewhat mitigate the decreases in average short-term investments and investment securities. Partially offsetting the decreases to tax-equivalent net interest income for the first half of 2013 was a decline of 18 basis points in the average cost of funds as compared to the first half of 2012. The net interest margin for the first half of 2013 was 3.70%, which was a decrease of 7 basis points from a net interest margin of 3.77% for the first half of 2012.

On a linked-quarter basis, United’s tax-equivalent net interest income for the second quarter of 2013 was flat from the first quarter of 2013, decreasing $634 thousand or less than 1% due mainly to a decrease in the average yield on earning assets. The second quarter of 2013 average yield on earning assets decreased 13 basis points while the average cost of funds only decreased 3 basis points from the first quarter of 2013. Average earning assets were flat, increasing $71.0 million or less than 1% during the quarter. Average net loans were flat for the quarter as well, increasing $27.5 million or less than 1%. Average short-term investments increased $14.5 million or 6% while average investments increased $29.1 million or 4% for the quarter. The net interest margin of 3.65% for the second quarter of 2013 was a decrease of 10 basis points from the net interest margin of 3.75% for the first quarter of 2013.

For the quarters ended June 30, 2013 and 2012, the provision for credit losses was $5.0 million and $3.4 million, respectively, while the provision for the first six months of 2013 was $10.1 million as compared to $7.6 million for the first six months of 2012. Net charge-offs were $4.5 million and $4.0 million for the second quarter of 2013 and 2012, respectively. Net charge-offs were $9.5 million and $8.0 million for the first half of 2013 and 2012, respectively. Annualized net charge-offs as a percentage of average loans was 0.28% and 0.29% for the second quarter and first half of 2013, respectively. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 0.31% for the first quarter of 2013.

Noninterest income for the second quarter of 2013 was $19.1 million, which was an increase of $2.5 million from the second quarter of 2012. Included in noninterest income for the second quarter of 2013 were noncash, before-tax, other-than-temporary impairment charges of $137 thousand on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $1.7 million on certain investment securities for the second quarter of 2012. 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 second quarter of 2013 increased $758 thousand or 4% from the second quarter of 2012. This increase for the second quarter of 2013 was due primarily to increases of $357 thousand in income from trust and brokerage services due to increases in the value of assets under management and $256 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 $185 thousand in fees from deposit services.

Noninterest income for the first half of 2013 was $37.4 million, which was an increase of $4.5 million from the first half of 2012. Included in noninterest income for the first half of 2013 were noncash, before-tax, other-than-temporary impairment charges of $971 thousand on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $3.1 million on certain investment securities for the first half of 2012. 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 first half of 2013 increased $2.0 million or 6% from the first half of 2012. This increase for the first half of 2013 was due primarily to increases of $1.0 million in income from bank-owned life insurance policies due to a death benefit, $903 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market and $332 thousand in income from derivatives not in hedge relationships due to a change in the fair value.

On a linked-quarter basis, noninterest income for the second quarter of 2013 increased $751 thousand from the first quarter of 2013. Included in the results for the second quarter of 2013 and first quarter of 2013 were noncash, before-tax, other-than-temporary impairment charges of $137 thousand and $834 thousand, 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 was flat on a linked-quarter basis, decreasing $154 thousand or less than 1% as a decrease of $1.2 million in income from bank-owned life insurance policies due to a death benefit in the first quarter was mostly offset by increases of $584 thousand and $540 thousand, respectively, in fees from deposit services and income from trust and brokerage services.

Noninterest expense for the second quarter of 2013 was $48.5 million, a decrease of $2.7 million or 5% from the second quarter of 2012. Employee compensation for the second quarter of 2013 declined $1.0 million due to a reduction in employees from the merger of banking subsidiaries in 2012. In addition, equipment expense decreased $702 thousand due to a decline in maintenance costs and net occupancy expense declined $500 thousand due to lower maintenance and rental expense. Also, several general operating expenses declined from the second quarter of 2012 due mainly to the merger of banking subsidiaries.

Noninterest expense for the first half of 2013 was $96.8 million, a decrease of $4.7 million or 5% from the first half of 2012. Employee compensation for the first half of 2013 declined $2.3 million due to the reduction in employees from the merger of banking subsidiaries in 2012. In addition, equipment expense decreased $939 thousand due mainly to a decline in maintenance costs and other real estate owned (OREO)expense decreased $888 thousand as reductions to fair value and losses on sales declined from the first half of 2012. Also, several general operating expenses declined from the first half of 2012, mainly as a result of the merger of banking subsidiaries. Partially offsetting these decreases was an increase of $653 thousand in employee benefits expense due mainly to higher pension costs. Also included in noninterest expense for the first half of 2013 was an increase in merger expenses of $595 thousand.

On a linked-quarter basis, noninterest expense for the second quarter of 2013 was flat from the first quarter of 2013, increasing $298 thousand or less than 1%. This slight increase was due primarily to an increase of $1.1 million in OREO expense due mainly to declines in the fair values of OREO properties. Virtually offsetting this increase were declines of $549 thousand in merger expenses, $370 thousand in net occupancy expense due to lower maintenance costs and $318 thousand in employee benefits expense due to lower unemployment taxes and pension expense.

During the second quarter of 2013, United’s Board of Directors declared a cash dividend of $0.31 per share. United has increased its dividend to shareholders for 39 consecutive years. The annualized 2013 dividend of $1.24 equates to a yield of approximately 4.3% based on recent UBSI market prices.

On January 30, 2013, United announced the signing of a definitive merger agreement with Virginia Commerce Bancorp, Inc. (“VCBI”) headquartered in Arlington, Virginia. VCBI has twenty-eight (28) banking offices, one residential mortgage origination office and one wealth management office located in the Northern Virginia suburbs of Washington, D.C. United filed with the Securities and Exchange Commission a Form S-4 related to the merger on May 29, 2013 and Amendment No. 1 to the Form S-4 on July 18, 2013. Consummation of the merger is subject to approval of the shareholders of United and VCBI, the receipt of all required regulatory approvals, as well as other customary conditions.

United has consolidated assets of approximately $8.5 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 June 30, 2013 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2013 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 Six Months Ended
June 30

2013
June 30

2012
June 30

2013
June 30

2012
EARNINGS SUMMARY:
Interest income, taxable equivalent (non-GAAP) $ 76,994 $ 82,665 $ 154,843 $ 166,122
Interest expense 9,282 12,050 18,785 24,872
Net interest income, taxable equivalent (non-GAAP) 67,712 70,615 136,058 141,250
Taxable equivalent adjustment 1,509 1,560 3,033 3,229
Net interest income (GAAP) 66,203 69,055 133,025 138,021
Provision for loan losses 4,960 3,436 10,147 7,569
Noninterest income 19,099 16,587 37,447 32,913
Noninterest expenses 48,547 51,252 96,796 101,514
Income taxes 9,576 9,905 19,731 19,792
Net income $ 22,219 $ 21,049 $ 43,798 $ 42,059
 
PER COMMON SHARE:
Net income:
Basic $ 0.44 $ 0.42 $ 0.87 $ 0.84
Diluted 0.44 0.42 0.87 0.84
Cash dividends $ 0.31 $ 0.31 0.62 0.62
Book value 19.98 19.52
Closing market price $ 26.45 $ 25.88
Common shares outstanding:
Actual at period end, net of treasury shares 50,360,373 50,275,869
Weighted average- basic 50,345,733 50,274,665 50,322,783 50,255,019
Weighted average- diluted 50,402,194 50,308,228 50,382,170 50,299,982
 
FINANCIAL RATIOS:
Return on average assets 1.07 % 1.00 % 1.06 % 1.00 %
Return on average shareholders’ equity 8.81 % 8.58 % 8.76 % 8.60 %
Average equity to average assets 12.10 % 11.64 % 12.10 % 11.62 %
Net interest margin 3.65 % 3.76 % 3.70 % 3.77 %
 
June 30

2013
June 30

2012
December 31

2012
March 31

2013
PERIOD END BALANCES:
Assets $ 8,480,268 $ 8,457,009 $ 8,420,013 $ 8,313,828
Earning assets 7,555,969 7,482,684 7,459,217 7,373,622
Loans, net of unearned income 6,567,178 6,308,983 6,511,416 6,466,762
Loans held for sale 8,364 9,279 17,762 7,041
Investment securities 813,760 722,854 729,402 750,215
Total deposits 6,577,836 6,860,441 6,752,986 6,682,712
Shareholders’ equity 1,006,058 981,181 992,251 1,000,249
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
               
Consolidated Statements of Income
Three Months Ended Six Months Ended
June June March June June
2013 2012 2013 2013 2012
 
Interest & Loan Fees Income (GAAP) $ 75,485 $ 81,105 $ 76,325 $ 151,810 $ 162,893
Tax equivalent adjustment   1,509     1,560     1,524     3,033     3,229  
Interest & Fees Income (FTE) (non-GAAP) 76,994 82,665 77,849 154,843 166,122
Interest Expense   9,282     12,050     9,503     18,785     24,872  
Net Interest Income (FTE) (non-GAAP) 67,712 70,615 68,346 136,058 141,250
 
Provision for Loan Losses 4,960 3,436 5,187 10,147 7,569
 
Non-Interest Income:
Fees from trust & brokerage services 4,370 4,013 3,830 8,200 7,997
Fees from deposit services 10,208 10,393 9,624 19,832 20,705
Bankcard fees and merchant discounts 899 738 797 1,696 1,385
Other charges, commissions, and fees 626 600 561 1,187 1,177
Income from bank-owned life insurance 1,185 1,255 2,389 3,574 2,544
Mortgage banking income 739 483 965 1,704 801
Other non-interest revenue 861 648 876 1,737 1,306
Net other-than-temporary impairment losses (137 ) (1,742 ) (834 ) (971 ) (3,119 )

Net gains on sales/calls of investment

securities
 

348
   

199
    140    

488
   

117
 
Total Non-Interest Income   19,099     16,587     18,348     37,447     32,913  
 
Non-Interest Expense:
Employee compensation 16,957 17,965 16,604 33,561 35,872
Employee benefits 5,675 5,823 5,993 11,668 11,015
Net occupancy 4,821 5,321 5,191 10,012 10,363
Data processing 2,813 2,639 2,731 5,544 5,848
FDIC expense 1,564 1,495 1,559 3,123 3,050
Amortization of intangibles 506 724 534 1,040 1,486
OREO expense 2,330 2,160 1,270 3,600 4,488
Other expenses   13,881     15,125     14,367     28,248     29,392  
Total Non-Interest Expense   48,547     51,252     48,249     96,796     101,514  
 
Income Before Income Taxes (FTE) (non-GAAP) 33,304 32,514 33,258 66,562 65,080
 
Tax equivalent adjustment   1,509     1,560     1,524     3,033     3,229  
 
Income Before Income Taxes (GAAP) 31,795 30,954 31,734 63,529 61,851
 
Taxes   9,576     9,905     10,155     19,731     19,792  
 
Net Income $ 22,219   $ 21,049   $ 21,579   $ 43,798   $ 42,059  
 
MEMO: Effective Tax Rate 30.12 % 32.00 % 32.00 % 31.06 % 32.00 %
 
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
               
Consolidated Balance Sheets
June 30 June 30
2013 2012 June 30 December 31 June 30
Q-T-D Average Q-T-D Average 2013 2012 2012
 
Cash & Cash Equivalents $ 375,189 $ 759,990 $ 379,041 $ 432,077 $ 673,208
 
Securities Available for Sale 661,711 637,180 704,202 625,625 607,144
Held to Maturity Securities 42,899 55,141 42,485 43,467 53,274
Other Investment Securities   63,111     64,526     67,073     60,310     62,436  
Total Securities   767,721     756,847     813,760     729,402     722,854  
Total Cash and Securities   1,142,910     1,516,837     1,192,801     1,161,479     1,396,062  
 
Loans held for sale 8,181 7,971 8,364 17,762 9,279
 
Commercial Loans 4,727,197 4,403,617 4,809,024 4,726,292 4,507,375
Mortgage Loans 1,472,874 1,525,191 1,463,694 1,490,306 1,510,517
Consumer Loans   299,485     306,784     302,132     301,182     302,981  
 
Gross Loans 6,499,556 6,235,592 6,574,850 6,517,780 6,320,873
 
Unearned income   (7,240 )   (12,392 )   (7,672 )   (6,364 )   (11,890 )
 
Loans, net of unearned income 6,492,316 6,223,200 6,567,178 6,511,416 6,308,983
 
Allowance for Loan Losses (74,829 ) (73,931 ) (74,574 ) (73,901 ) (73,413 )
 
Goodwill 375,583 371,656 375,583 375,583 375,583
Other Intangibles   9,301     11,915     9,066     10,107     11,472  
Total Intangibles 384,884 383,571 384,649 385,690 387,055
 
Other Real Estate Owned 47,437 48,716 44,416 49,484 48,608
Other Assets   357,369     374,359     357,434     368,083     380,435  
Total Assets $ 8,358,268   $ 8,480,723   $ 8,480,268   $ 8,420,013   $ 8,457,009  
 
MEMO: Earning Assets $ 7,431,084   $ 7,535,416   $ 7,555,969   $ 7,459,217   $ 7,482,684  
 
Interest-bearing Deposits $ 4,844,439 $ 5,166,826 $ 4,834,603 $ 4,928,575 $ 5,117,149
Noninterest-bearing Deposits   1,750,145     1,691,478     1,743,233     1,824,411     1,743,292  
Total Deposits 6,594,584 6,858,304 6,577,836 6,752,986 6,860,441
 
Short-term Borrowings 417,452 278,692 548,561 314,962 265,077
Long-term Borrowings   284,807     308,934     284,773     284,926     290,227  
Total Borrowings 702,259 587,626 833,334 599,888 555,304
 
Other Liabilities   49,697     47,600     63,040     74,888     60,083  
Total Liabilities   7,346,540     7,493,530     7,474,210     7,427,762     7,475,828  
 
Preferred Equity --- --- --- --- ---
Common Equity   1,011,728     987,193     1,006,058     992,251     981,181  
Total Shareholders' Equity   1,011,728     987,193     1,006,058     992,251     981,181  
 
Total Liabilities & Equity $ 8,358,268   $ 8,480,723   $ 8,480,268   $ 8,420,013   $ 8,457,009  
 
MEMO: Interest-bearing Liabilities $ 5,546,698   $ 5,754,452   $ 5,667,937   $ 5,528,463   $ 5,672,453  
       
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
       
Three Months Ended Six Months Ended
June June March June June
Quarterly/Year-to-Date Share Data: 2013 2012 2013 2013 2012
 
Earnings Per Share:
Basic $ 0.44 $ 0.42 $ 0.43 $ 0.87 $ 0.84
Diluted $ 0.44 $ 0.42 $ 0.43 $ 0.87 $ 0.84
 
Common Dividend Declared Per Share: $ 0.31 $ 0.31 $ 0.31 $ 0.62 $ 0.62
 
High Common Stock Price $ 26.84 $ 29.45 $ 27.24 $ 27.24 $ 30.91
Low Common Stock Price $ 24.46 $ 23.87 $ 24.80 $ 24.46 $ 23.87
 
Average Shares Outstanding (Net of Treasury Stock):
Basic 50,345,733 50,274,665 50,301,875 50,322,783 50,255,019
Diluted 50,402,194 50,308,228 50,331,503 50,382,170 50,299,982
 
Memorandum Items:
 
Tax Applicable to Security Sales/Calls $ 122 $ 70 $ 49 $ 171 $ 41
 
Common Dividends $ 15,613 $ 15,605 $ 15,605 $ 31,218 $ 31,175
 
Dividend Payout Ratio 70.27 % 74.14 % 72.32 % 71.28 % 74.12 %
 
June June March
EOP Share Data: 2013 2012 2013
 
Book Value Per Share $ 19.98 $ 19.52 $ 19.87
Tangible Book Value Per Share $ 12.34 $ 11.82 $ 12.22
 
52-week High Common Stock Price $ 27.24 $ 30.91 $ 29.45
Date 03/15/13 03/19/12 04/02/12
52-week Low Common Stock Price $ 22.54 $ 18.78 $ 22.54
Date 08/02/12 09/22/11 08/02/12
 
EOP Shares Outstanding (Net of Treasury Stock): 50,360,373 50,275,869 50,337,922
 
Memorandum Items:
 
EOP Employees (full-time equivalent) 1,546 1,626 1,527
 
Note:
(1) Tangible Book Value Per Share:
Total Shareholders' Equity (GAAP) $ 1,006,058 $ 981,181 $ 1,000,249
Less: Total Intangibles   (384,649 )   (387,055 )   (385,156 )
Tangible Equity (non-GAAP) $ 621,409 $ 594,126 $ 615,093
÷ EOP Shares Outstanding (Net of Treasury Stock) 50,360,373 50,275,869 50,337,922
Tangible Book Value Per Share (non-GAAP) $ 12.34 $ 11.82 $ 12.22
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
   
Three Months Ended Six Months Ended
June June March June June
Selected Yields and Net Interest Margin: 2013 2012 2013 2013 2012
 
Loans 4.49 % 5.01 % 4.61 % 4.55 % 5.02 %
Investment Securities 2.55 % 2.91 % 2.59 % 2.57 % 3.00 %
Money Market Investments/FFS 0.27 % 0.27 % 0.23 % 0.25 % 0.26 %
Average Earning Assets Yield 4.15 % 4.41 % 4.28 % 4.21 % 4.44 %
Interest-bearing Deposits 0.57 % 0.65 % 0.58 % 0.57 % 0.66 %
Short-term Borrowings 0.21 % 0.10 % 0.26 % 0.23 % 0.09 %
Long-term Borrowings 3.11 % 4.78 % 3.31 % 3.21 % 4.80 %
Average Liability Costs 0.67 % 0.84 % 0.70 % 0.69 % 0.87 %
Net Interest Spread 3.48 % 3.57 % 3.58 % 3.52 % 3.57 %
Net Interest Margin 3.65 % 3.76 % 3.75 % 3.70 % 3.77 %
 
Selected Financial Ratios:
 
Return on Average Common Equity 8.81 % 8.58 % 8.72 % 8.76 % 8.60 %
Return on Average Assets 1.07 % 1.00 % 1.05 % 1.06 % 1.00 %
Efficiency Ratio 52.78 % 54.50 % 53.15 % 52.97 % 53.93 %
 
June June March
2013   2012   2013  
 
Loan / Deposit Ratio 99.84 % 91.96 % 96.77 %
Allowance for Loan Losses/ Loans, net of unearned income 1.14 % 1.16 % 1.15 %
Allowance for Credit Losses (1)/ Loans, net of unearned income 1.17 % 1.20 % 1.18 %
Nonaccrual Loans / Loans, net of unearned income 1.15 % 1.00 % 1.14 %
90-Day Past Due Loans/ Loans, net of unearned income 0.16 % 0.16 % 0.13 %
Non-performing Loans/ Loans, net of unearned income 1.43 % 1.23 % 1.35 %
Non-performing Assets/ Total Assets 1.63 % 1.49 % 1.64 %
Primary Capital Ratio 12.65 % 12.38 % 12.83 %
Shareholders' Equity Ratio 11.86 % 11.60 % 12.03 %
Price / Book Ratio 1.32 x 1.33 x 1.34 x
Price / Earnings Ratio 15.00 x 15.46 x 15.52 x
 
Note: (1) Includes allowances for loan losses and lending-related commitments.
 
UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
       
June June December March
Asset Quality Data: 2013 2012 2012 2013
 
EOP Non-Accrual Loans $ 75,811 $ 63,279 $ 71,559 $ 73,811
EOP 90-Day Past Due Loans 10,280 10,029 18,068 8,301
EOP Restructured Loans (2)   7,909     4,255     3,175     5,309  
Total EOP Non-performing Loans $ 94,000 $ 77,563 $ 92,802 $ 87,421
 
EOP Other Real Estate Owned   44,416     48,608     49,484     48,850  
Total EOP Non-performing Assets $ 138,416   $ 126,171   $ 142,286   $ 136,271  
 
 
Three Months Ended Six Months Ended
June June March June June
Allowance for Credit Losses: (1) 2013 2012 2013 2013 2012
Beginning Balance $ 76,043 $ 75,747 $ 75,557 $ 75,557 $ 75,727
Provision for Credit Losses (3)   5,120     3,813     5,416     10,536     7,828  
81,163 79,560 80,973 86,093 83,555
Gross Charge-offs (5,308 ) (5,188 ) (5,184 ) (10,492 ) (9,922 )
Recoveries   764     1,153     254     1,018     1,892  
Net Charge-offs   (4,544 )   (4,035 )   (4,930 )   (9,474 )   (8,030 )
Ending Balance $ 76,619   $ 75,525   $ 76,043   $ 76,619   $ 75,525  
 
Note: (1) Includes allowances for loan losses and lending-related commitments.

(2) Restructured loans with an aggregate balance of $1,427, $375 and $375 at June 30, 2012, December 31, 2012 and

March 31, 2013, respectively, were on nonaccrual status, but are not included in “EOP Non-Accrual Loans” above.

No restructured loans were on nonaccrual status at June 30, 2013.
(3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.

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