United Bankshares Q2 2024 10-Q Filing

TL;DR

**UBSI Q2 2024 10-Q: Financials released, check for key performance indicators.**

AI Summary

United Bankshares Inc./WV filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and positions for the company, which operates as a commercial bank. Key financial data and operational highlights for the second quarter and first half of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at United Bankshares' financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, United Bankshares is subject to market, credit, and interest rate risks inherent in the banking sector.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• UNITED BANKSHARES INC/WV (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Date the filing was made
• WV (location) — State of incorporation and business address
• CHARLESTON (location) — City of business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• d876605d10q.htm (10-Q) — 5186KB
• d876605dex311.htm (EX-31.1) — 11KB
• d876605dex312.htm (EX-31.2) — 11KB
• d876605dex321.htm (EX-32.1) — 3KB
• d876605dex322.htm (EX-32.2) — 3KB
• 0001193125-24-197630.txt ( ) — 25205KB
• ubsi-20240630.xsd (EX-101.SCH) — 103KB
• ubsi-20240630_cal.xml (EX-101.CAL) — 85KB
• ubsi-20240630_def.xml (EX-101.DEF) — 606KB
• ubsi-20240630_lab.xml (EX-101.LAB) — 806KB
• ubsi-20240630_pre.xml (EX-101.PRE) — 767KB
• d876605d10q_htm.xml (XML) — 7506KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) June 30, 2024 and December 31, 2023 4 Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11

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 57

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 76

Controls and Procedures

Item 4. Controls and Procedures 78

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 79

Risk Factors

Item 1A. Risk Factors 79

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 80

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 80

Other Information

Item 5. Other Information 80

Exhibits

Item 6. Exhibits 80

Signatures

Signatures 82 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item1. FINANCIAL STATEMENTS (UNAUDITED) The June 30, 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 and six months ended June 30, 2024 and 2023, the related consolidated statement of changes in shareholders' equity for the three and six months ended June 30, 2024 and 2023, the related condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, and the notes to consolidated financial statements appear on the following pages. 3 Table of Contents CONSOLIDATED BALANCE SHEETS UNITED BANKSHARES, INC. AND SUBSIDIARIES (Dollars in thousands, except par value) June 30 December 31 2024 2023 (Unaudited) (Note 1) Assets Cash and due from banks $ 241,306 $ 257,153 Interest-bearing deposits with other banks 1,616,347 1,340,620 Federal funds sold 1,208 1,170 Total cash and cash equivalents 1,858,861 1,598,943 Securities available for sale at estimated fair value (amortized cost-$ 3,679,539 at June 30, 2024 and $ 4,149,895 at December 31, 2023, allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023) 3,315,726 3,786,377 Securities held to maturity, net of allowance for credit losses of $ 19 at June 30, 2024 and $ 17 at December 31, 2023 (estimated fair value-$ 1,020 at June 30, 2024 and December 31, 2023) 1,001 1,003 Equity securities at estimated fair value 11,094 8,945 Other investment securities 322,761 329,429 Loans held for sale measured using fair value option 66,475 56,261 Loans and leases 21,610,427 21,373,185 Less: Unearned income ( 11,700 ) ( 14,101 ) Loans and leases, net of unearned income 21,598,727 21,359,084 Less: Allowance for loan and lease losses ( 267,423 ) ( 259,237 ) Net loans and leases 21,331,304 21,099,847 Bank premises and e

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 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 June 30, 2024 and 2023 and for the three-month and six-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 t

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