United Bankshares, Inc. Announces Record Earnings for the Year of 2022

United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported record earnings for the year of 2022 of $379.6 million as compared to earnings of $367.7 million for the year of 2021. Earnings per diluted share for the year of 2022 were $2.80 as compared to earnings per diluted share of $2.83 for the year of 2021. Earnings for the fourth quarter of 2022 were $99.8 million, or $0.74 per diluted share, as compared to earnings of $102.6 million, or $0.76 per diluted share, for the third quarter of 2022.

“With strong performance in the fourth quarter, 2022 finishes as one of the best years in our company’s long history,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “Record earnings, record loan growth, and one of the best Total Shareholder Returns in the industry highlight the year’s results. Looking ahead to 2023, our strong profitability, robust capital, disciplined expense control, and conservative credit culture have us well-positioned for success.”

Year of 2022 results produced returns on average assets, average equity and average tangible equity, a non-GAAP measure, of 1.31%, 8.25% and 14.11%, respectively, compared to returns on average assets, average equity and average tangible equity of 1.35%, 8.30% and 14.18%, respectively, for the year of 2021. For the fourth quarter of 2022, United’s annualized returns on average assets, average equity and average tangible equity were 1.36%, 8.80% and 15.28%, respectively, compared to annualized returns on average assets, average equity and average tangible equity of 1.41%, 8.96% and 15.46%, respectively, for the third quarter of 2022.

The fourth quarter and year of 2022 were highlighted by record net interest income of $249.4 million and $896.4 million, respectively, driven by strong loan growth and net interest margin expansion achieved during the quarter and throughout the year of 2022. Annualized loan growth, excluding Paycheck Protection Program (“PPP”) loans, for the fourth quarter and year of 2022 was 18% and 16%, respectively. Fourth quarter 2022 net interest margin of 3.87% increased 9 basis points from the third quarter of 2022 and 93 basis points from the fourth quarter of 2021.

The provision for credit losses for the fourth quarter of 2022 was $16.4 million, an increase of $8.7 million from the third quarter of 2022, primarily due to loan growth and the impact of reasonable and supportable forecasts of future macroeconomic conditions. The expense for the reserve for unfunded loan commitments for the fourth quarter of 2022 was $6.5 million as compared to a net benefit of $2.9 million for the third quarter of 2022. The change was primarily due to an increase in the outstanding balance of loan commitments. The provision for credit losses was $18.8 million for the year of 2022 as compared to a net benefit of $24.0 million for the year of 2021. Current credit quality metrics remain strong. Net charge-offs remain historically low and the ratio of annualized net charge-offs as a percentage of average loans & leases, net of unearned income was 0.02% for the fourth quarter of 2022. Non-performing loans as a percentage of loans and leases, net of unearned income was a low 0.29% at December 31, 2022.

Fourth quarter of 2022 compared to the third quarter of 2022

Net interest income for the fourth quarter of 2022 increased $8.8 million, or 4%, from the third quarter of 2022. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the fourth quarter of 2022 also increased $8.8 million, or 4%, from the third quarter of 2022. The increase in net interest income and tax-equivalent net interest income was primarily due to higher interest income on earning assets driven by rising market interest rates, organic loan growth and a change in the asset mix to higher earning assets. This increase in net interest income and tax-equivalent net interest income was partially offset by higher interest expense primarily driven by deposit rate repricing and higher average balances of long-term borrowings. In addition, PPP loan fee income was lower on a linked quarter basis. The interest rate spread for the fourth quarter of 2022 was 3.40%. The average yield on earning assets increased 63 basis points to 4.77% from the third quarter of 2022. An increase in average earning assets of $304.0 million, or 1%, from the third quarter of 2022 was driven by an increase in average net loans and loans held for sale of $689.2 million partially offset by a decrease of $202.9 million in average investment securities and a decrease of $182.3 million in short-term investments. The average cost of funds increased 81 basis points to 1.37% from the third quarter of 2022. The average yield on interest-bearing deposits increased 70 basis points to 1.16% from the third quarter of 2022. Average long-term borrowings increased $633.0 million from the third quarter of 2022. Net PPP loan fee income decreased $1.3 million to $342 thousand for the fourth quarter of 2022. The net interest margin of 3.87% for the fourth quarter of 2022 was an increase of 9 basis points from the net interest margin of 3.78% for the third quarter of 2022.

The provision for credit losses was $16.4 million for the fourth quarter of 2022 as compared to $7.7 million for the third quarter of 2022. The increase in the provision for credit losses was primarily due to loan growth and the impact of reasonable and supportable forecasts of future macroeconomic conditions.

Noninterest income for the fourth quarter of 2022 decreased $1.9 million, or 6%, from the third quarter of 2022. The decrease in noninterest income was primarily due to a decrease of $1.8 million in income from mortgage banking activities. The decrease in income from mortgage banking activities was mainly due to lower mortgage loan origination and sale volume and a lower margin on loans sold in the secondary market.

Noninterest expense for the fourth quarter of 2022 of $137.5 million was flat from the third quarter of 2022, increasing $346 thousand, or less than 1%. An increase in the expense for the reserve for unfunded commitments of $9.4 million was mostly offset primarily by decreases of $5.2 million in other noninterest expense and $2.1 million in employee compensation. The increase in the expense for the reserve for unfunded loan commitments reflects an increase in the outstanding balance of loan commitments at quarter end. The decrease in other noninterest expense was primarily driven by a $3.9 million partial recovery of a third quarter accrual that related to a litigation matter with a former commercial customer which was settled during the fourth quarter as well as lower amounts of certain general operating expenses. Partially offsetting the decrease in other noninterest expense was an increase in charitable contributions of $1.8 million from the third quarter of 2022. The decrease in employee compensation was primarily due to lower employee commissions related to mortgage banking production.

For the fourth quarter of 2022, income tax expense was $26.6 million as compared to $25.9 million for the third quarter of 2022. The increase of $689 thousand was due to a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 21.1% and 20.2% for the fourth and third quarter of 2022, respectively.

Fourth quarter of 2022 compared to the fourth quarter of 2021

Earnings for the fourth quarter of 2022 were $99.8 million, or $0.74 per diluted share, as compared to earnings of $73.9 million, or $0.56 per diluted share, for the fourth quarter of 2021. United completed its acquisition of Community Bankers Trust Corporation (“Community Bankers Trust”) on December 3, 2021. The fourth quarter of 2021 included merger-related expenses associated with the Community Bankers Trust acquisition of $20.4 million.

Net interest income for the fourth quarter of 2022 increased $65.7 million, or 36%, from the fourth quarter of 2021. Tax-equivalent net interest income for the fourth quarter of 2022 increased $65.8 million, or 36%, from the fourth quarter of 2021. The increase in net interest income and tax-equivalent net interest income was primarily due to the impact of rising market interest rates on earning assets, an increase in average earning assets from the Community Bankers Trust acquisition as well as organic loan growth, and a change in the asset mix to higher earning assets. These increases were partially offset by higher interest expense primarily driven by deposit rate repricing, lower PPP loan fee income and lower acquired loan accretion income. The interest rate spread for the fourth quarter of 2022 increased 55 basis points from the fourth quarter of 2021 to 3.40% due to a 164 basis point increase in the average yield on earning assets partially offset by a 109 basis point increase in the average cost of funds. Average earning assets for the fourth quarter of 2022 increased $806.8 million, or 3%, from the fourth quarter of 2021 due to a $2.7 billion increase in average net loans and loans held for sale and a $971.9 million increase in average investment securities partially offset by a $2.9 billion decrease in average short-term investments. Net PPP loan fee income was $342 thousand and $5.0 million for the fourth quarter of 2022 and 2021, respectively, a decrease of $4.7 million. Acquired loan accretion income was $4.7 million and $6.2 million for the fourth quarter of 2022 and 2021, respectively, a decrease of $1.5 million. The net interest margin of 3.87% for the fourth quarter of 2022 was an increase of 93 basis points from the net interest margin of 2.94% for the fourth quarter of 2021.

The provision for credit losses was $16.4 million for the fourth quarter of 2022 as compared to a net benefit of $7.4 million for the fourth quarter of 2021. The increase in the provision for credit losses was primarily due to loan growth and the impact of reasonable and supportable forecasts of future macroeconomic conditions. Partially offsetting the fourth quarter of 2021 net benefit was a provision for loan losses of $12.3 million recorded on purchased non-credit deteriorated (“non-PCD”) loans from Community Bankers Trust.

Noninterest income for the fourth quarter of 2022 was $30.9 million, which was a decrease of $23.2 million, or 43%, from the fourth quarter of 2021. The decrease in noninterest income was driven by a $22.7 million decrease in income from mortgage banking activities mainly due to lower mortgage loan origination and sale volume and a lower margin on loans sold in the secondary market.

Noninterest expense for the fourth quarter of 2022 was $137.5 million, a decrease of $14.3 million, or 9%, from the fourth quarter of 2021 primarily due to decreases of $14.0 million in employee compensation and $3.4 million in data processing expense partially offset by an increase of $2.1 million in other noninterest expense. The decrease in employee compensation was primarily due to lower employee commissions and incentives related to mortgage banking production and the impact of $2.5 million of merger-related expenses recognized in the fourth quarter of 2021. Data processing expense for the fourth quarter of 2021 included $3.5 million of merger-related expenses associated with the Community Bankers Trust acquisition. The increase in other noninterest expense was primarily driven by an increase in charitable contributions of $1.8 million from the fourth quarter of 2021 and higher amounts of certain general operating expenses offset by a partial recovery of an accrual related to a prior litigation matter with a former commercial customer which was settled during the fourth quarter of 2022.

For the fourth quarter of 2022, income tax expense was $26.6 million as compared to $19.5 million for the fourth quarter of 2021. The increase of $7.1 million was primarily due to higher earnings and a slightly higher effective tax rate. United’s effective tax rate was 21.1% for the fourth quarter of 2022 and 20.9% for the fourth quarter of 2021.

Year of 2022 compared to the year of 2021

Earnings for the year of 2022 were a record $379.6 million as compared to earnings of $367.7 million for the year of 2021. Earnings per diluted share for the year of 2022 were $2.80 as compared to earnings per diluted share of $2.83 for the year of 2021.

Net interest income for the year of 2022 increased $153.7 million, or 21%, from the year of 2021. Tax-equivalent net interest income for the year of 2022 increased $153.9 million, or 21%, from the year of 2021. The increase in net interest income and tax-equivalent net interest income was primarily due to the impact of rising market interest rates on earning assets, an increase in average earning assets from the Community Bankers Trust acquisition as well as organic loan growth and a change in the asset mix to higher earning assets. These increases were partially offset by higher interest expense primarily driven by deposit rate repricing, lower PPP loan fee income and lower acquired loan accretion income. The interest rate spread for the year of 2022 increased 30 basis points from the year of 2021 due to a 61 basis point increase in the average yield on earning assets partially offset by a 31 basis point increase in the average cost of funds. Average earning assets for the year of 2022 increased $1.5 billion, or 6%, from the year of 2021 due to a $1.7 billion increase in average net loans and loans held for sale and a $1.4 billion increase in average investment securities partially offset by a $1.6 billion decrease in average short-term investments. Net PPP loan fee income was $9.6 million and $33.2 million for the year of 2022 and 2021, respectively, a decrease of $23.6 million. Acquired loan accretion income was $18.3 million and $33.9 million for the year of 2022 and 2021, respectively, a decrease of $15.6 million. The net interest margin of 3.50% for the year of 2022 was an increase of 41 basis points from the net interest margin of 3.09% for the year of 2021.

The provision for credit losses was $18.8 million for the year of 2022 as compared to a net benefit of $24.0 million for the year of 2021. The increase in the provision for credit losses was primarily due to loan growth and the impact of reasonable and supportable forecasts of future macroeconomic conditions. Partially offsetting the year of 2021 net benefit was a provision for loan losses of $12.3 million recorded on non-PCD loans from Community Bankers Trust.

Noninterest income for the year of 2022 was $153.3 million, which was a decrease of $124.9 million, or 45%, from the year of 2021. The decrease was driven by a $129.0 million decrease in income from mortgage banking activities mainly due to lower mortgage loan origination and sale volume and a lower margin on loans sold in the secondary market. BOLI income for the year of 2022 was $9.2 million, an increase of $2.3 million from the year of 2021 due to increased death benefits. Fees from deposit services for the year of 2022 were $40.6 million, an increase of $1.9 million from the year of 2021. Partially offsetting fees from deposit services was the impact of implemented changes to United’s overdraft policy during the third quarter of 2022.

Noninterest expense for the year of 2022 was $555.1 million, a decrease of $26.9 million, or 5%, from the year of 2021 driven by decreases in employee compensation of $37.6 million, employee benefits of $7.9 million and mortgage loan servicing expense and impairment of $5.1 million partially offset by an increase in other noninterest expense of $15.4 million. The decrease in employee compensation was due to lower employee commissions, incentives and overtime related to mortgage banking production and the impact of $2.5 million of merger-related expenses incurred in 2021. Employee benefits decreased primarily due to changes in deferred compensation plans resulting from market fluctuations. The decrease in mortgage loan servicing expense and impairment was primarily due to lower amortization of mortgage servicing rights (“MSR”) reflecting slower serviced loan prepayment speeds and lower serviced loan balances. The increase in other noninterest expense mainly resulted from higher amounts of certain general operating expenses primarily related to consulting and legal costs. Additionally, charitable contributions for the year of 2022 increased $1.4 million from the year of 2021.

For the year of 2022, income tax expense was $96.2 million as compared to $95.1 million for the year of 2021 due to higher earnings partially offset by a slightly lower effective tax rate. United’s effective tax rate was 20.2% for the year of 2022 and 20.6% for the year of 2021.

Credit Quality

United’s asset quality continues to be sound. At December 31, 2022, non-performing loans were $58.6 million, or 0.29% of loans & leases, net of unearned income, down from $90.8 million, or 0.50% of loans & leases, net of unearned income, at December 31, 2021. Total non-performing assets of $60.7 million, including other real estate owned (“OREO”) of $2.1 million at December 31, 2022, represented 0.21% of total assets as compared to non-performing assets of $105.6 million, including OREO of $14.8 million, or 0.36% of total assets at December 31, 2021.

As of December 31, 2022, the allowance for loan & lease losses was $234.7 million, or 1.14% of loans & leases, net of unearned income, as compared to $216.0 million, or 1.20% of loans & leases, net of unearned income, at December 31, 2021. Net charge-offs were $1.2 million for the fourth quarter of 2022 compared to net charge-offs of $125 thousand for the fourth quarter of 2021. Net charge-offs were $101 thousand for the year of 2022 compared to net charge-offs of $8.7 million for the year of 2021. Annualized net charge-offs as a percentage of average loans & leases, net of unearned income were 0.02% and 0.003% for the fourth quarter of 2022 and 2021, respectively. Net charge-offs as a percentage of average loans & leases, net of unearned income were zero and 0.05% for the for the year of 2022 and 2021, respectively.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.4% at December 31, 2022, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.3%, 12.3% and 10.8%, respectively. The December 31, 2022 ratios reflect United’s election of a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the COVID-19 pandemic, to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

During the year of 2022 and 2021, United repurchased, under a previously announced stock repurchase plan, shares of its common stock. United did not repurchase any shares of its common stock during the fourth quarter of 2022 or 2021. During the year of 2022, United repurchased approximately 2.3 million shares of its common stock at an average price per share of $34.69. During the year of 2021, United repurchased approximately 306 thousand shares of its common stock at an average price per share of $32.52.

About United Bankshares, Inc.

As of December 31, 2022, United had consolidated assets of approximately $29.5 billion. United is the parent company of United Bank which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United’s 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, 2022 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, 2022 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP"). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

Tangible equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

Forward-Looking Statements

In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic on United, its colleagues, the communities United serves, and the domestic and global economy; uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets, interest rate, securities market and monetary supply fluctuations; increasing rates of inflation and slower growth rates; reform of LIBOR; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the Federal Reserve, FDIC, and CFPB; the effect of changes in the level of checking or savings account deposits on United’s funding costs and net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; competition; and changes in legislation or regulatory requirements. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

EARNINGS SUMMARY:

 

December

2022

 

December

2021

 

September

2022

 

December

2022

 

December

2021

Interest income

 

$

307,741

 

$

195,194

 

$

263,683

 

 

$

1,001,990

 

 

$

795,117

 

Interest expense

 

 

58,337

 

 

11,516

 

 

23,061

 

 

 

105,559

 

 

 

52,383

 

Net interest income

 

 

249,404

 

 

183,678

 

 

240,622

 

 

 

896,431

 

 

 

742,734

 

Provision for credit losses

 

 

16,368

 

 

(7,405)

 

 

7,671

 

 

 

18,822

 

 

 

(23,970

)

Noninterest income

 

 

30,879

 

 

54,053

 

 

32,749

 

 

 

153,261

 

 

 

278,128

 

Noninterest expense

 

 

137,542

 

 

151,793

 

 

137,196

 

 

 

555,087

 

 

 

581,979

 

Income before income taxes

 

 

126,373

 

 

93,343

 

 

128,504

 

 

 

475,783

 

 

 

462,853

 

Income taxes

 

 

26,608

 

 

19,491

 

 

25,919

 

 

 

96,156

 

 

 

95,115

 

Net income

 

$

99,765

 

$

73,852

 

$

102,585

 

 

$

379,627

 

 

$

367,738

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.74

 

$

0.56

 

$

0.76

 

 

$

2.81

 

 

$

2.84

 

Diluted

 

 

0.74

 

 

0.56

 

 

0.76

 

 

 

2.80

 

 

 

2.83

 

Cash dividends

 

$

0.36

 

$

0.36

 

 

0.36

 

 

 

1.44

 

 

 

1.41

 

Book value

 

 

 

 

 

 

32.98

 

 

 

33.52

 

 

 

34.60

 

Closing market price

 

 

 

 

 

$

35.75

 

 

$

40.49

 

 

$

36.28

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

Actual at period end, net of treasury shares

 

 

 

 

 

 

134,631,647

 

 

 

134,745,122

 

 

 

136,392,758

 

Weighted average-basic

 

 

134,267,532

 

 

130,939,640

 

 

134,182,248

 

 

 

134,776,241

 

 

 

129,276,452

 

Weighted average-diluted

 

 

134,799,436

 

 

131,295,816

 

 

134,553,565

 

 

 

135,117,512

 

 

 

129,512,853

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.36%

 

 

1.04%

 

 

1.41

%

 

 

1.31

%

 

 

1.35

%

Return on average shareholders’ equity

 

 

8.80%

 

 

6.44%

 

 

8.96

%

 

 

8.25

%

 

 

8.30

%

Return on average tangible equity (non-GAAP)(1)

 

 

15.28%

 

 

10.87%

 

 

15.46

%

 

 

14.11

%

 

 

14.18

%

Average equity to average assets

 

 

15.45%

 

 

16.22%

 

 

15.75

%

 

 

15.83

%

 

 

16.26

%

Net interest margin

 

 

3.87%

 

 

2.94%

 

 

3.78

%

 

 

3.50

%

 

 

3.09

%

 

 

 

 

 

 

 

 

 

 

 

PERIOD END BALANCES:

 

 

 

December 31

2022

 

December 31

2021

 

December 31

2020

 

September 30

2022

Assets

 

 

 

$

29,489,380

 

$

29,328,902

 

 

$

26,184,247

 

 

$

29,048,475

 

Earning assets

 

 

 

 

26,135,400

 

 

26,083,089

 

 

 

23,172,403

 

 

 

25,648,264

 

Loans & leases, net of unearned income

 

 

 

 

20,558,166

 

 

18,023,648

 

 

 

17,591,413

 

 

 

19,700,080

 

Loans held for sale

 

 

 

 

56,879

 

 

504,416

 

 

 

718,937

 

 

 

210,075

 

Investment securities

 

 

 

 

4,872,604

 

 

4,295,749

 

 

 

3,186,184

 

 

 

4,923,694

 

Total deposits

 

 

 

 

22,303,166

 

 

23,350,263

 

 

 

20,585,160

 

 

 

22,863,377

 

Shareholders’ equity

 

 

 

 

4,516,193

 

 

4,718,628

 

 

 

4,297,620

 

 

 

4,440,086

 

   

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.

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

 

 

2022

 

2021

 

2022

 

2022

 

2022

Interest & Loan Fees Income (GAAP)

 

$

307,741

 

 

$

195,194

 

 

$

263,683

 

 

$

227,771

 

 

$

202,795

 

Tax equivalent adjustment

 

 

1,149

 

 

 

1,036

 

 

 

1,105

 

 

 

1,104

 

 

 

1,109

 

Interest & Fees Income (FTE) (non-GAAP)

 

 

308,890

 

 

 

196,230

 

 

 

264,788

 

 

 

228,875

 

 

 

203,904

 

Interest Expense

 

 

58,337

 

 

 

11,516

 

 

 

23,061

 

 

 

12,868

 

 

 

11,293

 

Net Interest Income (FTE) (non-GAAP)

 

 

250,553

 

 

 

184,714

 

 

 

241,727

 

 

 

216,007

 

 

 

192,611

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Credit Losses

 

 

16,368

 

 

 

(7,405

)

 

 

7,671

 

 

 

(1,807

)

 

 

(3,410

)

 

 

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

 

Fees from trust services

 

 

4,411

 

 

 

4,327

 

 

 

4,384

 

 

 

4,294

 

 

 

4,127

 

Fees from brokerage services

 

 

3,729

 

 

 

3,699

 

 

 

4,016

 

 

 

4,115

 

 

 

4,552

 

Fees from deposit services

 

 

9,510

 

 

 

10,509

 

 

 

10,069

 

 

 

10,830

 

 

 

10,148

 

Bankcard fees and merchant discounts

 

 

1,673

 

 

 

1,580

 

 

 

1,857

 

 

 

1,671

 

 

 

1,379

 

Other charges, commissions, and fees

 

 

805

 

 

 

753

 

 

 

918

 

 

 

785

 

 

 

759

 

Income from bank-owned life insurance

 

 

1,402

 

 

 

1,223

 

 

 

1,472

 

 

 

4,120

 

 

 

2,194

 

Income from mortgage banking activities

 

 

4,620

 

 

 

27,342

 

 

 

6,422

 

 

 

12,445

 

 

 

19,203

 

Mortgage loan servicing income

 

 

2,218

 

 

 

2,435

 

 

 

2,302

 

 

 

2,328

 

 

 

2,387

 

Net gains (losses) on investment securities

 

 

51

 

 

 

(39

)

 

 

(206

)

 

 

1,182

 

 

 

(251

)

Other noninterest income

 

 

2,460

 

 

 

2,224

 

 

 

1,515

 

 

 

1,838

 

 

 

1,527

 

Total Noninterest Income

 

 

30,879

 

 

 

54,053

 

 

 

32,749

 

 

 

43,608

 

 

 

46,025

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

 

 

 

 

Employee compensation

 

 

57,537

 

 

 

71,542

 

 

 

59,618

 

 

 

62,632

 

 

 

62,621

 

Employee benefits

 

 

10,296

 

 

 

10,819

 

 

 

10,750

 

 

 

12,047

 

 

 

12,851

 

Net occupancy

 

 

11,455

 

 

 

10,653

 

 

 

11,281

 

 

 

11,206

 

 

 

11,187

 

Data processing

 

 

7,463

 

 

 

10,852

 

 

 

7,614

 

 

 

7,549

 

 

 

7,371

 

Amortization of intangibles

 

 

1,379

 

 

 

1,509

 

 

 

1,379

 

 

 

1,379

 

 

 

1,379

 

OREO expense

 

 

202

 

 

 

887

 

 

 

1,708

 

 

 

46

 

 

 

182

 

Net losses (gains) on the sale of OREO properties

 

 

1,062

 

 

 

121

 

 

 

125

 

 

 

(454

)

 

 

(33

)

Equipment expense

 

 

6,868

 

 

 

6,819

 

 

 

7,807

 

 

 

7,310

 

 

 

7,335

 

FDIC insurance expense

 

 

3,248

 

 

 

2,626

 

 

 

3,063

 

 

 

3,004

 

 

 

2,673

 

Mortgage loan servicing expense and impairment

 

 

1,826

 

 

 

2,217

 

 

 

1,847

 

 

 

1,783

 

 

 

1,643

 

Expense for the reserve for unfunded loan commitments

 

 

6,492

 

 

 

6,094

 

 

 

(2,881

)

 

 

5,899

 

 

 

5,237

 

Prepayment penalties on FHLB borrowings

 

 

0

 

 

 

15

 

 

 

0

 

 

 

0

 

 

 

0

 

Other noninterest expense

 

 

29,714

 

 

 

27,639

 

 

 

34,885

 

 

 

28,773

 

 

 

26,729

 

Total Noninterest Expense

 

 

137,542

 

 

 

151,793

 

 

 

137,196

 

 

 

141,174

 

 

 

139,175

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (FTE) (non-GAAP)

 

 

127,522

 

 

 

94,380

 

 

 

129,609

 

 

 

120,248

 

 

 

102,871

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

1,149

 

 

 

1,036

 

 

 

1,105

 

 

 

1,104

 

 

 

1,109

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (GAAP)

 

 

126,373

 

 

 

93,343

 

 

 

128,504

 

 

 

119,144

 

 

 

101,762

 

 

 

 

 

 

 

 

 

 

 

 

Taxes

 

 

26,608

 

 

 

19,491

 

 

 

25,919

 

 

 

23,531

 

 

 

20,098

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

99,765

 

 

$

73,852

 

 

$

102,585

 

 

$

95,613

 

 

$

81,664

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Effective Tax Rate

 

 

21.06

%

 

 

20.88

%

 

 

20.17

%

 

 

19.75

%

 

 

19.75

%

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

 

 

2022

 

2021

 

2020

Interest & Loan Fees Income (GAAP)

 

$

1,001,990

 

 

$

795,117

 

 

$

798,382

 

Tax equivalent adjustment

 

 

4,467

 

 

 

4,218

 

 

 

3,888

 

Interest & Fees Income (FTE) (non-GAAP)

 

 

1,006,457

 

 

 

799,335

 

 

 

802,270

 

Interest Expense

 

 

105,559

 

 

 

52,383

 

 

 

108,609

 

Net Interest Income (FTE) (non-GAAP)

 

 

900,898

 

 

 

746,952

 

 

 

693,661

 

 

 

 

 

 

 

 

Provision for Credit Losses

 

 

18,822

 

 

 

(23,970

)

 

 

106,562

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

Fees from trust services

 

 

17,216

 

 

 

16,552

 

 

 

13,903

 

Fees from brokerage services

 

 

16,412

 

 

 

15,559

 

 

 

11,758

 

Fees from deposit services

 

 

40,557

 

 

 

38,689

 

 

 

34,833

 

Bankcard fees and merchant discounts

 

 

6,580

 

 

 

5,485

 

 

 

4,066

 

Other charges, commissions, and fees

 

 

3,267

 

 

 

2,990

 

 

 

2,596

 

Income from bank-owned life insurance

 

 

9,188

 

 

 

6,840

 

 

 

7,217

 

Income from mortgage banking activities

 

 

42,690

 

 

 

171,692

 

 

 

266,094

 

Mortgage loan servicing income

 

 

9,235

 

 

 

9,605

 

 

 

6,213

 

Net gain on the sale of bank premises

 

 

0

 

 

 

0

 

 

 

2,229

 

Net gains on investment securities

 

 

776

 

 

 

2,676

 

 

 

3,155

 

Other noninterest income

 

 

7,340

 

 

 

8,040

 

 

 

2,711

 

Total Noninterest Income

 

 

153,261

 

 

 

278,128

 

 

 

354,775

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

Employee compensation

 

 

242,408

 

 

 

279,970

 

 

 

274,661

 

Employee benefits

 

 

45,944

 

 

 

53,871

 

 

 

48,870

 

Net occupancy

 

 

45,129

 

 

 

42,034

 

 

 

41,303

 

Data processing

 

 

29,997

 

 

 

31,446

 

 

 

35,420

 

Amortization of intangibles

 

 

5,516

 

 

 

5,908

 

 

 

6,605

 

OREO expense

 

 

2,138

 

 

 

5,370

 

 

 

3,805

 

Net losses on the sale of OREO properties

 

 

700

 

 

 

54

 

 

 

1,972

 

Equipment expense

 

 

29,320

 

 

 

25,979

 

 

 

20,861

 

FDIC insurance expense

 

 

11,988

 

 

 

8,346

 

 

 

10,132

 

Mortgage loan servicing expense and impairment

 

 

7,099

 

 

 

12,246

 

 

 

9,431

 

Expense for the reserve for unfunded loan commitments

 

 

14,747

 

 

 

12,034

 

 

 

11,315

 

Prepayment penalties on FHLB borrowings

 

 

0

 

 

 

15

 

 

 

10,385

 

Other noninterest expense

 

 

120,101

 

 

 

104,706

 

 

 

103,486

 

Total Noninterest Expense

 

 

555,087

 

 

 

581,979

 

 

 

578,246

 

 

 

 

 

 

 

 

Income Before Income Taxes (FTE) (non-GAAP)

 

 

480,250

 

 

 

467,071

 

 

 

363,628

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

4,467

 

 

 

4,218

 

 

 

3,888

 

 

 

 

 

 

 

 

Income Before Income Taxes (GAAP)

 

 

475,783

 

 

 

462,853

 

 

 

359,740

 

 

 

 

 

 

 

 

Taxes

 

 

96,156

 

 

 

95,115

 

 

 

70,717

 

 

 

 

 

 

 

 

Net Income

 

$

379,627

 

 

$

367,738

 

 

$

289,023

 

 

 

 

 

 

 

 

MEMO: Effective Tax Rate

 

 

20.21

%

 

 

20.55

%

 

 

19.66

%

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 2022

 

December 2021

 

December 31

 

December 31

 

September 30

 

 

Q-T-D Average

Q-T-D Average

2022

2021

 

2022

 

 

 

 

 

 

Cash & Cash Equivalents

 

$

1,053,162

 

 

$

3,913,480

 

 

$

1,176,652

 

 

$

3,758,170

 

 

$

1,356,347

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

4,590,452

 

 

 

3,669,387

 

 

 

4,541,925

 

 

 

4,042,699

 

 

 

4,648,087

 

Less: Allowance for credit losses

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Net available for sale securities

 

 

4,590,452

 

 

 

3,669,387

 

 

 

4,541,925

 

 

 

4,042,699

 

 

 

4,648,087

 

Securities Held to Maturity

 

 

1,020

 

 

 

1,020

 

 

 

1,020

 

 

 

1,020

 

 

 

1,020

 

Less: Allowance for credit losses

 

 

(19

)

 

 

(27

)

 

 

(18

)

 

 

(19

)

 

 

(19

)

Net held to maturity securities

 

 

1,001

 

 

 

993

 

 

 

1,002

 

 

 

1,001

 

 

 

1,001

 

Equity Securities

 

 

7,305

 

 

 

12,161

 

 

 

7,629

 

 

 

12,404

 

 

 

7,314

 

Other Investment Securities

 

 

286,253

 

 

 

230,535

 

 

 

322,048

 

 

 

239,645

 

 

 

267,292

 

Total Securities

 

 

4,885,011

 

 

 

3,913,076

 

 

 

4,872,604

 

 

 

4,295,749

 

 

 

4,923,694

 

Total Cash and Securities

 

 

5,938,173

 

 

 

7,826,556

 

 

 

6,049,256

 

 

 

8,053,919

 

 

 

6,280,041

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

56,849

 

 

 

482,387

 

 

 

56,879

 

 

 

504,416

 

 

 

210,075

 

Commercial Loans & Leases

 

 

14,830,629

 

 

 

13,028,313

 

 

 

14,986,117

 

 

 

13,809,735

 

 

 

14,531,221

 

Mortgage Loans

 

 

4,045,587

 

 

 

2,908,187

 

 

 

4,158,226

 

 

 

3,008,410

 

 

 

3,756,692

 

Consumer Loans

 

 

1,430,837

 

 

 

1,240,676

 

 

 

1,435,820

 

 

 

1,233,162

 

 

 

1,434,572

 

 

 

 

 

 

 

 

 

 

 

 

Gross Loans

 

 

20,307,053

 

 

 

17,177,176

 

 

 

20,580,163

 

 

 

18,051,307

 

 

 

19,722,485

 

Unearned income

 

 

(23,110

)

 

 

(27,666

)

 

 

(21,997

)

 

 

(27,659

)

 

 

(22,405

)

Loans & Leases, net of unearned income

 

 

20,283,943

 

 

 

17,149,510

 

 

 

20,558,166

 

 

 

18,023,648

 

 

 

19,700,080

 

Allowance for Loan & Lease Losses

 

 

(219,933

)

 

 

(218,550

)

 

 

(234,746

)

 

 

(216,016

)

 

 

(219,611

)

Net Loans

 

 

20,064,010

 

 

 

16,930,960

 

 

 

20,323,420

 

 

 

17,807,632

 

 

 

19,480,469

 

Mortgage Servicing Rights

 

 

21,590

 

 

 

22,851

 

 

 

21,022

 

 

 

23,144

 

 

 

21,908

 

Goodwill

 

 

1,888,889

 

 

 

1,833,187

 

 

 

1,888,889

 

 

 

1,886,494

 

 

 

1,888,889

 

Other Intangibles

 

 

19,767

 

 

 

22,954

 

 

 

18,897

 

 

 

24,413

 

 

 

20,276

 

Operating Lease Right-of-Use Asset

 

 

72,666

 

 

 

75,254

 

 

 

71,144

 

 

 

81,942

 

 

 

74,043

 

Other Real Estate Owned

 

 

10,003

 

 

 

15,451

 

 

 

2,052

 

 

 

14,823

 

 

 

10,779

 

Bank Owned Life Insurance

 

 

478,516

 

 

 

455,545

 

 

 

480,184

 

 

 

478,067

 

 

 

478,518

 

Other Assets

 

 

558,901

 

 

 

402,135

 

 

 

577,637

 

 

 

454,052

 

 

 

583,477

 

Total Assets

 

$

29,109,364

 

 

$

28,067,280

 

 

$

29,489,380

 

 

$

29,328,902

 

 

$

29,048,475

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Interest-earning Assets

 

$

25,742,282

 

 

$

24,935,489

 

 

$

26,135,400

 

 

$

26,083,089

 

 

$

25,648,264

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing Deposits

 

$

15,166,408

 

 

$

15,183,588

 

 

$

15,103,488

 

 

$

15,853,703

 

 

$

15,244,554

 

Noninterest-bearing Deposits

 

 

7,507,329

 

 

 

7,148,327

 

 

 

7,199,678

 

 

 

7,496,560

 

 

 

7,618,823

 

Total Deposits

 

 

22,673,737

 

 

 

22,331,915

 

 

 

22,303,166

 

 

 

23,350,263

 

 

 

22,863,377

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Borrowings

 

 

154,894

 

 

 

127,731

 

 

 

160,698

 

 

 

128,844

 

 

 

142,476

 

Long-term Borrowings

 

 

1,527,904

 

 

 

816,518

 

 

 

2,197,656

 

 

 

817,394

 

 

 

1,297,308

 

Total Borrowings

 

 

1,682,798

 

 

 

944,249

 

 

 

2,358,354

 

 

 

946,238

 

 

 

1,439,784

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease Liability

 

 

77,338

 

 

 

80,118

 

 

 

75,749

 

 

 

86,703

 

 

 

78,748

 

Other Liabilities

 

 

177,113

 

 

 

159,364

 

 

 

235,918

 

 

 

227,070

 

 

 

226,480

 

Total Liabilities

 

 

24,610,986

 

 

 

23,515,646

 

 

 

24,973,187

 

 

 

24,610,274

 

 

 

24,608,389

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Common Equity

 

 

4,498,378

 

 

 

4,551,634

 

 

 

4,516,193

 

 

 

4,718,628

 

 

 

4,440,086

 

Total Shareholders' Equity

 

 

4,498,378

 

 

 

4,551,634

 

 

 

4,516,193

 

 

 

4,718,628

 

 

 

4,440,086

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities & Equity

 

$

29,109,364

 

 

$

28,067,280

 

 

$

29,489,380

 

 

$

29,328,902

 

 

$

29,048,475

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Interest-bearing Liabilities

 

$

16,849,206

 

 

$

16,127,837

 

 

$

17,461,842

 

 

$

16,799,941

 

 

$

16,684,338

 

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:

 

2022

 

2021

 

2022

 

2022

 

2022

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.74

 

$

0.56

 

$

0.76

 

$

0.71

 

$

0.60

Diluted

 

$

0.74

 

$

0.56

 

$

0.76

 

$

0.71

 

$

0.60

Common Dividend Declared Per Share

 

$

0.36

 

$

0.36

 

$

0.36

 

$

0.36

 

$

0.36

High Common Stock Price

 

$

44.15

 

$

39.41

 

$

40.85

 

$

37.81

 

$

39.80

Low Common Stock Price

 

$

35.73

 

$

33.34

 

$

33.67

 

$

33.11

 

$

33.58

Average Shares Outstanding (Net of Treasury Stock):

 

 

 

 

 

 

 

 

 

 

Basic

 

 

134,267,532

 

 

130,939,640

 

 

134,182,248

 

 

134,623,061

 

 

136,058,328

Diluted

 

 

134,799,436

 

 

131,295,816

 

 

134,553,565

 

 

134,863,650

 

 

136,435,229

 

 

 

 

 

 

 

 

 

 

 

Common Dividends

 

$

48,603

 

$

46,564

 

$

48,564

 

$

48,544

 

$

49,266

Dividend Payout Ratio

 

 

48.72%

 

 

63.05%

 

 

47.34%

 

 

50.77%

 

 

60.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

 

December

 

December

 

December

Year-to-Date Share Data:

 

 

 

 

 

2022

 

2021

 

2020

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

$

2.81

 

$

2.84

 

$

2.40

Diluted

 

 

 

 

 

$

2.80

 

$

2.83

 

$

2.40

Common Dividend Declared Per Share

 

 

 

 

 

$

1.44

 

$

1.41

 

$

1.40

High Common Stock Price

 

 

 

 

 

$

44.15

 

$

42.50

 

$

39.07

Low Common Stock Price

 

 

 

 

 

$

33.11

 

$

31.57

 

$

19.67

Average Shares Outstanding (Net of Treasury Stock):

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

134,776,241

 

 

129,276,452

 

 

120,017,247

Diluted

 

 

 

 

 

 

135,117,512

 

 

129,512,853

 

 

120,090,232

 

 

 

 

 

 

 

 

 

 

 

Common Dividends

 

 

 

 

 

$

194,977

 

$

182,357

 

$

171,876

Dividend Payout Ratio

 

 

 

 

 

 

51.36%

 

 

49.59%

 

 

59.47%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December

 

December

 

September 30

 

June 30

 

March 31

 

EOP Share Data:

 

 

2022

 

2021

 

2022

 

2022

 

2022

 

Book Value Per Share

 

 

$

33.52

 

$

34.60

 

$

32.98

 

$

33.34

 

$

33.77

 

Tangible Book Value Per Share (non-GAAP) (1)

 

 

$

19.36

 

$

20.59

 

$

18.80

 

$

19.14

 

$

19.72

 

52-week High Common Stock Price

 

 

$

44.15

 

$

42.50

 

$

40.85

 

$

39.80

 

$

42.50

 

Date

 

 

11/11/22

 

05/18/21

 

8/16/22

 

01/13/22

 

05/18/21

 

52-week Low Common Stock Price

 

 

$

33.11

 

$

31.57

 

$

33.11

 

$

31.74

 

$

31.74

 

Date

 

 

5/2/22

 

01/29/21

 

5/2/22

 

09/20/21

 

9/20/21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EOP Shares Outstanding (Net of Treasury Stock):

 

 

 

134,745,122

 

 

136,392,758

 

 

134,631,647

 

 

134,580,646

 

 

136,068,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Memorandum Items:

 

 

 

 

 

 

 

 

 

 

 

 

EOP Employees (full-time equivalent)

 

 

 

2,856

 

 

3,143

 

 

2,915

 

 

2,988

 

 

3,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

 

 

 

(1) Tangible Book Value Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Total Shareholders' Equity (GAAP)

 

 

$

4,516,193

 

$

4,718,628

 

$

4,440,086

 

$

4,487,050

 

$

4,595,140

 

Less: Total Intangibles

 

 

 

(1,907,786)

 

 

(1,910,907)

 

 

(1,909,165)

 

 

(1,910,544)

 

 

(1,912,278)

 

Tangible Equity (non-GAAP)

 

 

$

2,608,407

 

$

2,807,721

 

$

2,530,921

 

$

2,576,506

 

$

2,682,862

 

÷ EOP Shares Outstanding (Net of Treasury Stock)

 

 

 

134,745,122

 

 

136,392,758

 

 

134,631,647

 

 

134,580,646

 

 

136,068,439

 

Tangible Book Value Per Share (non-GAAP)

 

 

$

19.36

 

$

20.59

 

$

18.80

 

$

19.14

 

$

19.72

 

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 2022

 

Three Months Ended

December 2021

 

Three Months Ended

September 2022

 

Selected Average Balances and Yields:

 

Average

 

 

 

Average

 

Average

 

 

 

Average

 

Average

 

 

 

Average

 

ASSETS:

 

Balance

 

Interest(1)

 

Rate(1)

 

Balance

 

Interest(1)

 

Rate(1)

 

Balance

 

Interest(1)

 

Rate(1)

 

Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold and securities purchased under

agreements to resell and other short-term investments

 

$

736,412

 

$

8,946

 

4.82

%

 

$

3,609,066

 

$

2,536

 

0.28

%

 

$

918,691

 

$

6,834

 

2.95

%

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

4,508,813

 

 

34,568

 

3.07

%

 

 

3,514,971

 

 

14,307

 

1.63

%

 

 

4,687,528

 

 

29,149

 

2.49

%

 

Tax-exempt

 

 

376,198

 

 

2,717

 

2.89

%

 

 

398,105

 

 

2,489

 

2.50

%

 

 

400,400

 

 

2,783

 

2.78

%

 

Total securities

 

 

4,885,011

 

 

37,285

 

3.05

%

 

 

3,913,076

 

 

16,796

 

1.72

%

 

 

5,087,928

 

 

31,932

 

2.51

%

 

Loans and loans held for sale, net of unearned income (2)

 

 

20,340,792

 

 

262,659

 

5.13

%

 

 

17,631,897

 

 

176,898

 

3.99

%

 

 

19,645,486

 

 

226,022

 

4.57

%

 

Allowance for loan losses

 

 

(219,933)

 

 

 

 

 

 

(218,550)

 

 

 

 

 

 

(213,824)

 

 

 

 

 

Net loans and loans held for sale

 

 

20,120,859

 

 

 

5.18

%

 

 

17,413,347

 

 

 

4.04

%

 

 

19,431,662

 

 

 

4.62

%

 

Total earning assets

 

 

25,742,282

 

$

308,890

 

4.77

%

 

 

24,935,489

 

$

196,230

 

3.13

%

 

 

25,438,281

 

$

264,788

 

4.14

%

 

Other assets

 

 

3,367,082

 

 

 

 

 

 

3,131,791

 

 

 

 

 

 

3,396,154

 

 

 

 

 

TOTAL ASSETS

 

$

29,109,364

 

 

 

 

 

$

28,067,280

 

 

 

 

 

$

28,834,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

15,166,408

 

$

44,265

 

1.16

%

 

$

15,183,588

 

$

8,820

 

0.23

%

 

$

15,308,177

 

$

17,660

 

0.46

%

 

Short-term borrowings

 

 

154,894

 

 

874

 

2.24

%

 

 

127,731

 

 

166

 

0.52

%

 

 

137,985

 

 

493

 

1.42

%

 

Long-term borrowings

 

 

1,527,904

 

 

13,198

 

3.43

%

 

 

816,518

 

 

2,530

 

1.23

%

 

 

894,940

 

 

4,908

 

2.18

%

 

Total interest-bearing liabilities

 

 

16,849,206

 

 

58,337

 

1.37

%

 

 

16,127,837

 

 

11,516

 

0.28

%

 

 

16,341,102

 

 

23,061

 

0.56

%

 

Noninterest-bearing deposits

 

 

7,507,329

 

 

 

 

 

 

7,148,327

 

 

 

 

 

 

7,664,032

 

 

 

 

 

Accrued expenses and other liabilities

 

 

254,451

 

 

 

 

 

 

239,482

 

 

 

 

 

 

287,201

 

 

 

 

 

TOTAL LIABILITIES

 

 

24,610,986

 

 

 

 

 

 

23,515,646

 

 

 

 

 

 

24,292,335

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

4,498,378

 

 

 

 

 

 

4,551,634

 

 

 

 

 

 

4,542,100

 

 

 

 

 

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

 

$

29,109,364

 

 

 

 

 

$

28,067,280

 

 

 

 

 

$

28,834,435

 

 

 

 

 

NET INTEREST INCOME

 

 

 

$

250,553

 

 

 

 

 

$

184,714

 

 

 

 

 

$

241,727

 

 

 

INTEREST RATE SPREAD

 

 

 

 

 

3.40

%

 

 

 

 

 

2.85

%

 

 

 

 

 

3.58

%

 

NET INTEREST MARGIN

 

 

 

 

 

3.87

%

 

 

 

 

 

2.94

%

 

 

 

 

 

3.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol:  UBSI

(In Thousands Except for Per Share Data)

Year Ended

December 2022

Year Ended

December 2021

Selected Average Balances and Yields:

 

Average

 

 

 

Average

 

Average

 

 

 

Average

ASSETS:

 

Balance

 

Interest(1)

 

Rate(1)

 

Balance

 

Interest(1)

 

Rate(1)

Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold and securities purchased under

agreements to resell and other short-term investments

 

$

    1,597,108

 

 

$

    22,950

 

1.44

%

 

 $

  3,162,814

 

 

$

    8,734

 

0.28

%

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

4,532,713

 

 

 

105,780

 

2.33

%

 

 

3,193,414

 

 

 

54,678

 

1.71

%

Tax-exempt

 

 

410,037

 

 

 

10,983

 

2.68

%

 

 

352,843

 

 

 

9,129

 

2.59

%

Total securities

 

 

4,942,750

 

 

 

116,763

 

2.36

%

 

 

3,546,257

 

 

 

63,807

 

1.80

%

Loans and loans held for sale, net of unearned income (2)

 

 

19,389,485

 

 

 

866,744

 

4.47

%

 

 

17,714,288

 

 

 

726,794

 

4.10

%

Allowance for loan losses

 

 

(216,104

)

 

 

 

 

 

 

(225,740

)

 

 

 

 

 

Net loans and loans held for sale

 

 

19,173,381

 

 

 

 

4.52

%

 

 

17,488,548

 

 

 

 

4.16

%

Total earning assets

 

 

25,713,239

 

 

$

1,006,457

 

3.91

%

 

 

24,197,619

 

 

$

799,335

 

3.30

%

Other assets

 

 

3,360,609

 

 

 

 

 

 

 

3,058,476

 

 

 

 

 

 

TOTAL ASSETS

 

$

  29,073,848

 

 

 

 

 

 

$

27,256,095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

  15,466,386

 

 

$

     80,237

 

0.52

%

 

$

14,927,845

 

 

 $

  41,620

 

0.28

%

Short-term borrowings

 

 

140,773

 

 

 

1,785

 

1.27

%

 

 

132,489

 

 

 

693

 

0.52

%

Long-term borrowings

 

 

1,014,655

 

 

 

23,537

 

2.32

%

 

 

819,440

 

 

 

10,070

 

1.23

%

Total interest-bearing liabilities

 

 

16,621,814

 

 

 

105,559

 

0.64

%

 

 

15,879,774

 

 

 

52,383

 

0.33

%

Noninterest-bearing deposits

 

 

7,580,624

 

 

 

 

 

 

 

6,709,510

 

 

 

 

 

 

Accrued expenses and other liabilities

 

 

269,970

 

 

 

 

 

 

 

236,123

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

24,472,408

 

 

 

 

 

 

 

22,825,407

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

4,601,440

 

 

 

 

 

 

 

4,430,688

 

 

 

 

 

 

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

 

$

  29,073,848

 

 

 

 

 

 

$

27,256,095

 

 

 

 

 

 

NET INTEREST INCOME

 

 

 

$

  900,898

 

 

 

 

 

$

746,952

 

 

 

INTEREST RATE SPREAD

 

 

 

 

 

3.27

%

 

 

 

 

 

2.97

%

NET INTEREST MARGIN

 

 

 

 

 

3.50

%

 

 

 

 

 

3.09

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

   

(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

   

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

 

Selected Financial Ratios:

 

2022

 

2021

 

2022

 

2022

 

2022

 

Return on Average Assets

 

1.36%

 

1.04%

 

1.41%

 

1.32%

 

1.13%

 

Return on Average Shareholders’ Equity

 

8.80%

 

6.44%

 

8.96%

 

8.33%

 

6.96%

 

Return on Average Tangible Equity (non-GAAP) (1)

 

15.28%

 

10.87%

 

15.46%

 

14.23%

 

11.63%

 

Efficiency Ratio

 

49.07%

 

63.85%

 

50.19%

 

54.61%

 

58.59%

 

Price / Earnings Ratio

 

13.71

x

16.20

x

11.75

x

12.37

x

14.57

x

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

 

 

(1) Return on Average Tangible Equity:

 

 

 

 

 

 

 

 

 

 

 

(a) Net Income (GAAP)

 

$99,765

 

$73,852

 

$102,585

 

$95,613

 

$81,664

 

(b) Number of Days

 

92

 

92

 

92

 

91

 

90

 

Average Total Shareholders' Equity (GAAP)

 

$4,498,378

 

$4,551,634

 

$4,542,100

 

$4,606,186

 

$4,759,780

 

Less: Average Total Intangibles

 

(1,908,656)

 

(1,856,141)

 

(1,910,054)

 

(1,911,705)

 

(1,911,125)

 

(c) Average Tangible Equity (non-GAAP)

 

$2,589,722

 

$2,695,493

 

$2,632,046

 

$2,694,481

 

$2,848,655

 

Return on Average Tangible Equity (non-GAAP)\ [(a) / (b)] x 365 / (c)

 

15.28%

 

10.87%

 

15.46%

 

14.23%

 

11.63%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

 

 

December

 

December

 

December

 

Selected Financial Ratios:

 

 

 

 

 

2022

 

2021

 

2020

 

Return on Average Assets

 

 

 

 

 

1.31%

 

1.35%

 

1.20%

 

Return on Average Shareholders’ Equity

 

 

 

 

 

8.25%

 

8.30%

 

7.30%

 

Return on Average Tangible Equity (non-GAAP) (1)

 

 

 

 

 

14.11%

 

14.18%

 

12.90%

 

Efficiency Ratio

 

 

 

 

 

52.88%

 

57.01%

 

55.36%

 

Price / Earnings Ratio

 

 

 

 

 

14.46

x

12.82

x

13.50

x

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

 

 

(1) Return on Average Tangible Equity:

 

 

 

 

 

 

 

 

 

 

 

(a) Net Income (GAAP)

 

 

 

 

 

$379,627

 

$367,738

 

$289,023

 

Average Total Shareholders' Equity (GAAP)

 

 

 

 

 

4,601,440

 

4,430,688

 

3,956,969

 

Less: Average Total Intangibles

 

 

 

 

 

(1,910,377)

 

(1,837,609)

 

(1,716,738)

 

(b) Average Tangible Equity (non-GAAP)

 

 

 

 

 

$2,691,063

 

$2,593,079

 

$2,240,231

 

Return on Average Tangible Equity (non-GAAP) [(a) / (b)]

 

 

 

 

 

14.11%

 

14.18%

 

12.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios:

 

December 31

2022

 

December 31

2021

 

December 31

2020

 

September 30

2022

 

June 30

2022

 

Loans & Leases, net of unearned income / Deposit Ratio

 

92.18%

 

77.19%

 

85.46%

 

86.16%

 

82.38%

 

Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income

 

1.14%

 

1.20%

 

1.34%

 

1.11%

 

1.13%

 

Allowance for Credit Losses (2)/ Loans & Leases, net of unearned income

 

1.37%

 

1.37%

 

1.45%

 

1.32%

 

1.35%

 

Nonaccrual Loans / Loans & Leases, net of unearned income

 

0.12%

 

0.20%

 

0.36%

 

0.14%

 

0.15%

 

90-Day Past Due Loans/ Loans & Leases, net of unearned income

 

0.08%

 

0.10%

 

0.08%

 

0.09%

 

0.09%

 

Non-performing Loans/ Loans & Leases, net of unearned income

 

0.29%

 

0.50%

 

0.75%

 

0.35%

 

0.37%

 

Non-performing Assets/ Total Assets

 

0.21%

 

0.36%

 

0.59%

 

0.28%

 

0.29%

 

Primary Capital Ratio

 

16.11%

 

16.79%

 

17.22%

 

16.03%

 

16.34%

 

Shareholders' Equity Ratio

 

15.31%

 

16.09%

 

16.41%

 

15.29%

 

15.59%

 

Price / Book Ratio

 

1.21

x

1.05

x

0.97

x

1.08

x

1.05

x

   

Note:

(2) 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December

 

December

 

September

 

June

 

March

Mortgage Banking Segment Data:

 

2022

 

2021

 

2022

 

2022

 

2022

Applications

 

$

447,951

 

$

1,534,311

 

$

785,529

 

$

1,159,102

 

$

1,696,504

Loans originated

 

 

399,706

 

 

1,287,629

 

 

552,487

 

 

955,152

 

 

1,006,363

Loans sold

 

$

396,735

 

$

1,273,014

 

$

564,267

 

$

1,072,623

 

$

1,170,124

Purchase money % of loans closed

 

 

85%

 

 

69%

 

 

86%

 

 

86%

 

 

73%

Realized gain on sales and fees as a % of loans sold

 

 

1.82%

 

 

3.02%

 

 

2.13%

 

 

2.40%

 

 

2.98%

Net interest income

 

$

2,654

 

$

2,609

 

$

2,758

 

$

2,870

 

$

2,317

Other income

 

 

10,693

 

 

30,921

 

 

13,749

 

 

21,468

 

 

23,397

Other expense

 

 

17,097

 

 

29,147

 

 

20,662

 

 

25,776

 

 

25,448

Income taxes

 

 

(810)

 

 

876

 

 

(820)

 

 

(285)

 

 

57

Net (loss) income

 

$

(2,940)

 

$

3,507

 

$

(3,335)

 

$

(1,153)

 

$

209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

 

December

 

December

 

December

Mortgage Banking Segment Data:

 

 

 

 

 

2022

 

2021

 

2020

Applications

 

 

 

 

 

$

4,089,086

 

$

8,088,453

 

$

9,988,227

Loans originated

 

 

 

 

 

 

2,913,708

 

 

6,242,246

 

 

6,648,247

Loans sold

 

 

 

 

 

$

3,203,749

 

$

6,439,598

 

$

6,393,394

Purchase money % of loans closed

 

 

 

 

 

 

81%

 

 

61%

 

 

47%

Realized gain on sales and fees as a % of loans sold

 

 

 

 

 

 

2.40%

 

 

3.31%

 

 

3.63%

Net interest income

 

 

 

 

 

$

10,599

 

$

10,497

 

$

8,853

Other income

 

 

 

 

 

 

69,307

 

 

183,216

 

 

276,185

Other expense

 

 

 

 

 

 

88,983

 

 

138,508

 

 

140,628

Income taxes

 

 

 

 

 

 

(1,858)

 

 

11,275

 

 

27,698

Net (loss) income

 

 

 

 

 

$

(7,219)

 

$

43,930

 

$

116,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

 

December 31

 

September 30

 

June 30

 

March 31

Period End Mortgage Banking Segment Data:

 

2022

 

2021

 

2022

 

2022

 

2022

Locked pipeline

 

$

68,654

 

$

448,889

 

$

131,846

 

$

206,246

 

$

412,809

Balance of loans serviced

 

$

3,381,485

 

$

3,698,998

 

$

3,459,781

 

$

3,534,607

 

$

3,623,207

Number of loans serviced

 

 

23,510

 

 

25,198

 

 

23,859

 

 

24,226

 

 

24,677

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

 

December 31

 

September 30

 

June 30

 

March 31

Asset Quality Data:

 

2022

 

2021

 

2022

 

2022

 

2022

EOP Non-Accrual Loans

 

$

23,685

 

$

36,028

 

$

28,244

 

$

28,386

 

$

34,093

EOP 90-Day Past Due Loans

 

 

15,565

 

 

18,879

 

 

18,254

 

 

16,443

 

 

15,179

EOP Restructured Loans (1)

 

 

19,388

 

 

35,856

 

 

23,155

 

 

25,504

 

 

30,582

Total EOP Non-performing Loans

 

$

58,638

 

$

90,763

 

$

69,653

 

$

70,333

 

$

79,854

EOP Other Real Estate Owned

 

 

2,052

 

 

14,823

 

 

10,779

 

 

13,847

 

 

13,641

Total EOP Non-performing Assets

 

$

60,690

 

$

105,586

 

$

80,432

 

$

84,180

 

$

93,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December

 

December

 

September

 

June

 

March

Allowance for Loan & Lease Losses:

 

2022

 

2021

 

2022

 

2022

 

2022

Beginning Balance

 

$

219,611

 

$

210,891

 

$

213,729

 

$

214,594

 

$

216,016

Initial allowance for acquired PCD loans

 

 

0

 

 

12.629

 

 

0

 

 

0

 

 

0

Gross Charge-offs

 

 

(2,968)

 

 

(4,205)

 

 

(3,087)

 

 

(2,119)

 

 

(1,476)

Recoveries

 

 

1,734

 

 

4,080

 

 

1,299

 

 

3,060

 

 

3,456

Net (Charge-offs) Recoveries

 

 

(1,234)

 

 

(125)

 

 

(1,788)

 

 

941

 

 

1,980

Provision for Loan & Lease Losses

 

 

16,369

 

 

(7,379)

 

 

7,670

 

 

(1,806)

 

 

(3,402)

Ending Balance

 

$

234,746

 

$

216,016

 

$

219,611

 

$

213,729

 

$

214,594

Reserve for lending-related commitments

 

 

46,189

 

 

31,442

 

 

39,698

 

 

42,579

 

 

36,679

Allowance for Credit Losses (2)

 

$

280,935

 

$

247,458

 

$

259,309

 

$

256,308

 

$

251,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

 

December

 

December

 

December

Allowance for Loan & Lease Losses:

 

 

 

 

 

2022

 

2021

 

2020

Beginning Balance

 

 

 

 

 

$

216,016

 

$

235,830

 

$

77,057

Cumulative Effect Adjustment for CECL

 

 

 

 

 

 

0

 

 

0

 

 

57,442

 

 

 

 

 

 

 

216,016

 

 

235,830

 

 

134,499

Initial allowance for acquired PCD loans

 

 

 

 

 

 

0

 

 

12,629

 

 

18,635

Gross Charge-offs

 

 

 

 

 

 

(9,650)

 

 

(19,297)

 

 

(32,983)

Recoveries

 

 

 

 

 

 

9,549

 

 

10,578

 

 

9,386

Net (Charge-offs)

 

 

 

 

 

 

(101)

 

 

(8,719)

 

 

(23,597)

Provision for Loan & Lease Losses

 

 

 

 

 

 

18,831

 

 

(23,724)

 

 

106,293

Ending Balance

 

 

 

 

 

$

234,746

 

$

216,016

 

$

235,830

Reserve for lending-related commitments

 

 

 

 

 

 

46,189

 

 

31,442

 

 

19,250

Allowance for Credit Losses (2)

 

 

 

 

 

$

280,935

 

$

247,458

 

$

255,080

 

 

 

 

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

 

 

 

 

 

(1) Restructured loans with an aggregate balance of $7,186, $22,421, $10,336, $11,298 and $13,568 at December 31, 2022, December 31, 2021, September 30, 2022, June 30, 2022 and March 31, 2022 respectively, were on nonaccrual status, but are not included in “EOP Non-Accrual Loans” above. Restructured loans with an aggregate balance of $3,075, $102, $2,941 and $3,162 at December 31, 2022, December 31, 2021, September 30, 2022 and June 30, 2022, respectively, were 90 days past due, but not included in "EOP Non-Accrual Loans" above.

(2) Includes allowances for loan losses and lending-related commitments.

 

Contacts

W. Mark Tatterson

Chief Financial Officer

(800) 445-1347 ext. 8716

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