United Bankshares Inc./WV Files 2023 Annual Report on Form 10-K

TL;DR

<b>United Bankshares Inc./WV filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

UNITED BANKSHARES INC/WV (UBSI) filed a Annual Report (10-K) with the SEC on February 29, 2024. United Bankshares Inc./WV filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 300 United Center, 500 Virginia St E, Charleston, WV 25301. The company's IRS number is 550641179. United Bankshares Inc./WV is incorporated in West Virginia.

Why It Matters

For investors and stakeholders tracking UNITED BANKSHARES INC/WV, this filing contains several important signals. This 10-K filing provides a comprehensive overview of United Bankshares' financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. As a publicly traded entity, this filing is a mandatory disclosure that offers transparency into the company's financial position, regulatory compliance, and business activities, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: medium — UNITED BANKSHARES INC/WV shows moderate risk based on this filing. The company operates in the highly regulated banking sector, facing risks related to economic downturns, interest rate fluctuations, and credit quality, as evidenced by the detailed risk factors typically included in a 10-K filing for financial institutions.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures within the 10-K to understand United Bankshares' performance and potential challenges in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 0000729986 — Central Index Key (COMPANY DATA)
• 6022 — Standard Industrial Classification (COMPANY DATA)
• WV — State of Incorporation (COMPANY DATA)
• 002-86947 — SEC File Number (FILING VALUES)
• 25301 — ZIP Code (BUSINESS ADDRESS)
• 3044248800 — Business Phone (BUSINESS ADDRESS)

Key Players & Entities

• UNITED BANKSHARES INC/WV (company) — FILER
• 0000729986 (company) — CENTRAL INDEX KEY
• 6022 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• WV (company) — STATE OF INCORPORATION
• 25301 (company) — ZIP
• 3044248800 (company) — BUSINESS PHONE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240229 (date) — FILED AS OF DATE

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $2.50 — ch registered Common Stock , par value $2.50 per share UBSI NASDAQ Global Select
• $29.9 billion — ited's consolidated assets approximated $29.9 billion and total shareholders' equity approxim
• $4.8 billion — total shareholders' equity approximated $4.8 billion. United is permitted to acquire other
• $1.8 billion — nt company of Essex Bank ("Essex") with $1.8 billion in assets, headquartered in Richmond, V
• $5.0 billion — ompany of CresCom Bank ("CresCom") with $5.0 billion in assets, headquartered in Charleston,
• $800.9 million — olio, net of unearned income, increased $800.9 million or 3.90% in 2023 due mainly to loan gro
• $264.5 million — ancial and agricultural loans increased $264.5 million or 2.28%. In particular, commercial rea
• $304.7 million — commercial real estate loans increased $304.7 million or 3.80% while commercial loans (not se
• $40.1 million — (not secured by real estate) decreased $40.1 million or 1.11%. Within commercial loans (not
• $14.8 million — otection Program ("PPP") loans declined $14.8 million. Construction and land development loan
• $221.3 million — on and land development loans increased $221.3 million or 7.56%, residential real estate loans
• $608.3 million — residential real estate loans increased $608.3 million or 13.05%, and consumer loans decreased
• $301.1 million — or 13.05%, and consumer loans decreased $301.1 million or 22.05% due mainly to a decrease in i
• $526.4 million — As of December 31, 2023, approximately $526.4 million or 2.46% of United's loan portfolio wer
• $14.8 billion — and development loans, of approximately $14.8 billion as of December 31, 2023. These loans ar

Filing Documents

• d815282d10k.htm (10-K) — 5799KB
• d815282dex211.htm (EX-21.1) — 22KB
• d815282dex231.htm (EX-23.1) — 9KB
• d815282dex311.htm (EX-31.1) — 11KB
• d815282dex312.htm (EX-31.2) — 11KB
• d815282dex321.htm (EX-32.1) — 3KB
• d815282dex322.htm (EX-32.2) — 3KB
• d815282dex97.htm (EX-97) — 24KB
• g815282stamp33.jpg (GRAPHIC) — 30KB
• 0001193125-24-053462.txt (&nbsp;) — 29010KB
• ubsi-20231230.xsd (EX-101.SCH) — 140KB
• ubsi-20231230_cal.xml (EX-101.CAL) — 119KB
• ubsi-20231230_def.xml (EX-101.DEF) — 768KB
• ubsi-20231230_lab.xml (EX-101.LAB) — 1127KB
• ubsi-20231230_pre.xml (EX-101.PRE) — 1044KB
• d815282d10k_htm.xml (XML) — 7718KB

BUSINESS

BUSINESS 3 Item 1A.

RISK FACTORS

RISK FACTORS 18 Item 1B. UNRESOLVED STAFF COMMENTS 30 Item 1C. CYBERSECURITY 30 Item 2.

PROPERTIES

PROPERTIES 31 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 Item 4. MINE SAFETY DISCLOSURES 32 Part II Item 5. MARKET FOR REGISTRANT'S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 Item 6. [RESERVED] 35 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 61 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 66 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 135 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 135 Item 9B. OTHER INFORMATION 135 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 136 Part III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 137 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 137 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 137 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 137 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 138 Part IV Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 139 Item 16. FORM 10-K SUMMARY 142 2 UNITED BANKSHARES, INC. FORM 10-K, PART I Item1.

BUSINESS

BUSINESS Organizational History and Subsidiaries United Bankshares, Inc. ("United," "we," "us," "our," or the "Company") is a West Virginia corporation registered as a financial holding company pursuant to the Bank Holding Company Act of 1956, as amended. United was incorporated on March 26, 1982, organized on September 9, 1982, and began conducting business on May 1, 1984 with the acquisition of three wholly-owned subsidiaries. Since its formation in 1982, United has acquired thirty-three banking institutions. United has one banking subsidiary "doing business" under the name of United Bank, operating under the laws of Virginia. United Bank offers a full range of commercial and retail banking services and products. United also owns nonbank subsidiaries which engage in other community banking services such as asset management, real property title insurance, financial planning, mortgage banking, and brokerage services. Web Site Address United's web site address is "www.ubsi-inc.com". United makes available free of charge on its web site the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments thereto, as soon as reasonably practicable after United files such reports with the Securities and Exchange Commission ("SEC"). The reference to United's web site does not constitute incorporation by reference of the information contained in the web site and should not be considered part of this document. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. Business of United As a financial holding company, United's present businesses are community banking and mortgage banking. As of December 31, 2023, United's consolidated assets approximated $29.9 billion and total shareholders' equity approximated $4.8 billion. United is permitted to acquire other banks and bank holding companies, as w

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View this 10-K filing on SEC EDGAR