United Bankshares Inc./WV Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United Bankshares Inc./WV filed its Q1 2024 10-Q, detailing financial performance and portfolio composition.</b>

AI Summary

UNITED BANKSHARES INC/WV (UBSI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. United Bankshares Inc./WV filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial segments and asset types are detailed, including Owner-Occupied Commercial Real Estate, Non-Owner Occupied Commercial Real Estate, and Core Deposits. Information on loan and lease portfolios, such as Commercial Real Estate, Consumer, and Construction Loans, is provided. Commitments and contingencies, including commitments to extend credit and standby letters of credit, are noted.

Why It Matters

For investors and stakeholders tracking UNITED BANKSHARES INC/WV, this filing contains several important signals. This 10-Q provides a quarterly update on United Bankshares' financial health and operational status, crucial for investors and analysts tracking the bank's performance. The detailed breakdown of loan portfolios and deposit types offers insights into the bank's risk exposure and revenue streams in the current economic climate.

Risk Assessment

Risk Level: medium — UNITED BANKSHARES INC/WV shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but lacks forward-looking statements or significant event disclosures that would indicate immediate high risk.

Analyst Insight

Monitor future filings for trends in loan growth, deposit stability, and net interest margin to assess the bank's profitability and risk management.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2023-12-31 — Previous Period End Date (Financial data comparison)
• 2023-03-31 — Prior Year Period End Date (Financial data comparison)
• 0000729986 — Central Index Key (Company identifier)

Key Players & Entities

• UNITED BANKSHARES INC/WV (company) — FILER
• 0000729986 (company) — CENTRAL INDEX KEY
• 6022 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• 550641179 (company) — IRS NUMBER
• WV (company) — STATE OF INCORPORATION
• 3044248800 (dollar_amount) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-10 (date) — FILED AS OF DATE

FAQ

Industry Context

United Bankshares Inc./WV operates within the commercial banking sector, a key component of the financial services industry.

Regulatory Implications

As a publicly traded bank, United Bankshares Inc./WV is subject to regulations from the Securities and Exchange Commission (SEC) and banking authorities.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Compare key financial metrics (e.g., net interest income, loan loss provisions) with prior periods and industry peers.
3. Analyze the composition of the loan and deposit portfolios for insights into asset quality and funding stability.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial figures compared to the previous quarter (ending December 31, 2023) and the same quarter last year (ending March 31, 2023).

Key Financial Figures

• $2.50 — ch registered Common Stock , par value $2.50 per share UBSI NASDAQ Global Select

Filing Documents

• d740803d10q.htm (10-Q) — 4680KB
• d740803dex311.htm (EX-31.1) — 11KB
• d740803dex312.htm (EX-31.2) — 11KB
• d740803dex321.htm (EX-32.1) — 3KB
• d740803dex322.htm (EX-32.2) — 3KB
• 0001193125-24-135768.txt (&nbsp;) — 23843KB
• ubsi-20240331.xsd (EX-101.SCH) — 101KB
• ubsi-20240331_cal.xml (EX-101.CAL) — 79KB
• ubsi-20240331_def.xml (EX-101.DEF) — 601KB
• ubsi-20240331_lab.xml (EX-101.LAB) — 798KB
• ubsi-20240331_pre.xml (EX-101.PRE) — 762KB
• d740803d10q_htm.xml (XML) — 7049KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) March 31, 2024 and December 31, 2023 4 Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 73

Controls and Procedures

Item 4. Controls and Procedures 76

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 77

Risk Factors

Item 1A. Risk Factors 77

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 78

Exhibits

Item 6. Exhibits 79

Signatures

Signatures 80 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item1. FINANCIAL STATEMENTS (UNAUDITED) The March 31, 2024 and December 31, 2023, consolidated balance sheets of United Bankshares, Inc. and Subsidiaries ("United" or the "Company"), consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023, the related consolidated statement of changes in shareholders' equity for the three months ended March 31, 2024 and 2023, the related condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, and the notes to consolidated financial statements appear on the following pages. 3 CONSOLIDATED BALANCE SHEETS UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands, except par value) March 31 2024 December 31 2023 (Unaudited) (Note 1) Assets Cash and due from banks $ 238,148 $ 257,153 Interest-bearing deposits with other banks 1,493,312 1,340,620 Federal funds sold 1,186 1,170 Total cash and cash equivalents 1,732,646 1,598,943 Securities available for sale at estimated fair value (amortized cost-$ 3,980,612 at March 31, 2024 and $ 4,149,895 at December 31, 2023, allowance for credit losses of $ 0 at March 31, 2024 and December 31, 2023) 3,613,975 3,786,377 Securities held to maturity, net of allowance for credit losses of $ 19 at March 31, 2024 and $ 17 at December 31, 2023 (estimated fair value-$ 1,020 at March 31, 2024 and December 31, 2023) 1,001 1,003 Equity securities at estimated fair value 8,762 8,945 Other investment securities 330,781 329,429 Loans held for sale measured using fair value option 44,426 56,261 Loans and leases 21,532,568 21,373,185 Less: Unearned income ( 12,492 ) ( 14,101 ) Loans and leases, net of unearned income 21,520,076 21,359,084 Less: Allowance for loan and lease losses ( 262,905 ) ( 259,237 ) Net loans and leases 21,257,171 21,099,847 Bank premises and equipment 190,988 190,520

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudite d)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudite d) UNITED BANKSHARES, INC. AND SUBSIDIARIES 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries ("United" or "the Company") have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States ("GAAP") and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of March 31, 2024 and 2023 and for the three-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2023 has been extracted from the audited financial statements included in United's 2023 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United's 2023 Annual Report on Form 10-K, which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited

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