United Bankshares Q3 2024 10-Q Filing

TL;DR

UBSI filed its Q3 10-Q. Financials look solid.

AI Summary

United Bankshares Inc./WV filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and position for the third quarter and the year-to-date period. Key financial data and disclosures relevant to investors and regulators are presented.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 2024-11-08 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• UNITED BANKSHARES INC/WV (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 20241108 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• d857233d10q.htm (10-Q) — 4972KB
• d857233dex311.htm (EX-31.1) — 11KB
• d857233dex312.htm (EX-31.2) — 11KB
• d857233dex321.htm (EX-32.1) — 3KB
• d857233dex322.htm (EX-32.2) — 3KB
• 0001193125-24-253904.txt ( ) — 23607KB
• ubsi-20240930.xsd (EX-101.SCH) — 104KB
• ubsi-20240930_cal.xml (EX-101.CAL) — 86KB
• ubsi-20240930_def.xml (EX-101.DEF) — 604KB
• ubsi-20240930_lab.xml (EX-101.LAB) — 807KB
• ubsi-20240930_pre.xml (EX-101.PRE) — 766KB
• d857233d10q_htm.xml (XML) — 6692KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) September 30, 2024 and December 31, 2023 4 Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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 56

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 79

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 80

Risk Factors

Item 1A. Risk Factors 80

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 80

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 81

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 81

Other Information

Item 5. Other Information 81

Exhibits

Item 6. Exhibits 81

Signatures

Signatures 83 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item1. FINANCIAL STATEMENTS (UNAUDITED) The September 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 nine months ended September 30, 2024 and 2023, the related consolidated statement of changes in shareholders' equity for the three and nine months ended September 30, 2024 and 2023, the related condensed consolidated statements of cash flows for the nine months ended September 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) September 30 2024 December 31 2023 (Unaudited) (Note 1) Assets Cash and due from banks $ 277,977 $ 257,153 Interest-bearing deposits with other banks 1,629,602 1,340,620 Federal funds sold 1,253 1,170 Total cash and cash equivalents 1,908,832 1,598,943 Securities available for sale at estimated fair value (amortized cost-$ 3,509,648 at September 30, 2024 and $ 4,149,895 at December 31, 2023, allowance for credit losses of $ 0 at September 30, 2024 and December 31, 2023) 3,239,501 3,786,377 Securities held to maturity, net of allowance for credit losses of $ 19 at September 30, 2024 and $ 17 at December 31, 2023 (estimated fair value-$ 1,020 at September 30, 2024 and December 31, 2023) 1,001 1,003 Equity securities at estimated fair value 9,082 8,945 Other investment securities 288,831 329,429 Loans held for sale measured using fair value option 46,493 56,261 Loans and leases 21,631,053 21,373,185 Less: Unearned income ( 9,085 ) ( 14,101 ) Loans and leases, net of unearned income 21,621,968 21,359,084 Less: Allowance for loan and lease losses ( 270,767 ) ( 259,237 ) Net loans and leases

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 September 30, 2024 and 2023 and for the three-month and nine-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 note

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