Exhibit 99.1
News Release
| For Immediate Release | Contact: Steven E. Wilson | |
| April 25, 2013 | Chief Financial Officer | |
| (800) 445-1347 ext. 8704 |
United Bankshares, Inc. Announces Increased Earnings
WASHINGTON, D.C. and CHARLESTON, WV—United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the first quarter of 2013 as compared to the first quarter of 2012. Earnings for the first quarter of 2013 were $21.6 million or $0.43 per diluted share while earnings for the first quarter of 2012 were $21.0 million or $0.42 per diluted share.
United’s first quarter of 2013 results produced an annualized return on average assets of 1.05% and an annualized return on average equity of 8.72%. United’s annualized returns on average assets and average equity were 1.00% and 8.63%, respectively, for the first quarter of 2012.
United’s asset quality continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.35% at March 31, 2013 compares favorably to the most recently reported percentage of 2.55% at December 31, 2012 for United’s Federal Reserve peer group. At March 31, 2013, nonperforming loans were $87.4 million, down from nonperforming loans of $92.8 million or 1.43% of loans, net of unearned income, at December 31, 2012. As of March 31, 2013, the allowance for loan losses was $74.2 million or 1.15% of loans, net of unearned income, as compared to $73.9 million or 1.13% of loans, net of unearned income, at December 31, 2012. Total nonperforming assets of $136.3 million, including OREO of $48.9 million at March 31, 2013, represented 1.64% of total assets which also compares favorably to the most recently reported percentage of 1.97% at December 31, 2012 for United’s Federal Reserve peer group.
United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 13.8% at March 31, 2013 while its estimated Tier I capital and leverage ratios are 12.6% and 10.8%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.
Tax-equivalent net interest income for the first quarter of 2013 was $68.3 million, a decrease of $2.3 million or 3% from the first quarter of 2012 due mainly to a decrease in the average yield on earning assets. The first quarter of 2013 average yield on earning assets decreased 19 basis points from the first quarter of 2012. In addition, average earning assets decreased $138.5 million or 2% from the first quarter of 2012 as average short-term investments and average investment securities declined $312.6 million and $77.0 million, respectively. Average net loans did increase $251.1 million or 4% for the first quarter of 2013 from the first quarter of 2012 to somewhat mitigate the decreases in average short-term investments and investment securities. Partially offsetting the decreases to tax-equivalent net interest income for the first quarter of 2013 was a decline of 19 basis points in the average cost of funds as compared to the first quarter of 2012. The net interest margin for the first quarter of 2013 was 3.75%, which was a decrease of 3 basis points from a net interest margin of 3.78% for the first quarter of 2012.
United Bankshares, Inc. Announces…
April 25, 2013
Page Two
On a linked-quarter basis, United’s tax-equivalent net interest income for the first quarter of 2013 decreased $3.0 million or 4% from the fourth quarter of 2012 due mainly to a decrease in the average yield on earning assets. The first quarter of 2013 average yield on earning assets declined 9 basis points while the average cost of funds only decreased 2 basis points from the fourth quarter of 2012. Average earning assets were flat, decreasing $48.7 million or less than 1% during the quarter. Average net loans and average investments were flat for the quarter as well. Average net loans increased $2.3 million while average investments increased $372 thousand. Average short-term investments decreased $51.4 million or 19% for the quarter. The net interest margin of 3.75% for the first quarter of 2013 was a decrease of 8 basis points from the net interest margin of 3.83% for the fourth quarter of 2012.
For the quarters ended March 31, 2013 and 2012, the provision for loan losses was $5.2 million and $4.1 million, respectively. Net charge-offs were $4.9 million for the first quarter of 2013 as compared to $4.0 million for the first quarter of 2012. Annualized net charge-offs as a percentage of average loans were 0.31% for the first quarter of 2013 as compared to 0.64% for United’s Federal Reserve peer group for the year of 2012. On a linked-quarter basis, the provision for loans losses decreased $760 thousand while net charge-offs decreased $864 thousand from the fourth quarter of 2012.
Noninterest income for the first quarter of 2013 was $18.3 million, which was an increase of $2.0 million from the first quarter of 2012. Included in noninterest income for the first quarter of 2013 were noncash, before-tax, other-than-temporary impairment charges of $834 thousand on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $1.4 million on certain investment securities for the first quarter of 2012. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the first quarter of 2013 increased $1.3 million or 7% from the first quarter of 2012. This increase for the first quarter of 2013 was due primarily to increases of $1.1 million in income from bank-owned life insurance policies due a death benefit and $647 thousand in mortgage banking income due to increased production and sales of mortgage loans in the secondary market. Partially offsetting these increases was a decrease of $688 thousand in fees from deposit services.
On a linked-quarter basis, noninterest income for the first quarter of 2013 increased $1.6 million from the fourth quarter of 2012. Included in the results for the first quarter of 2013 and fourth quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $834 thousand and $2.0 million, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income increased $557 thousand or 3% on a linked-quarter basis due primarily to an increase of $1.1 million in income from bank-owned life insurance policies due to the previously mentioned death benefit. Partially offsetting this increase was a decrease of $982 thousand in fees from deposit services.
Noninterest expense for the first quarter of 2013 was $48.2 million, a decrease of $2.0 million or 4% from the first quarter of 2012. Employee compensation for the first quarter of 2013 declined $1.3 million due mainly to a decline in employees as a result of the merger of two banking subsidiaries last year. In addition, other real estate owned (OREO) expense decreased $1.1 million as reductions to fair value and losses on sales declined from the first quarter of 2012. Partially offsetting these decreases was an increase of $801 thousand in employee benefits expense due mainly to higher pension and health insurance costs. Also included in noninterest expense for the first quarter of 2013 was an increase in merger expenses of $763 thousand.
United Bankshares, Inc. Announces…
April 25, 2013
Page Three
On a linked-quarter basis, noninterest expense for the first quarter of 2013 decreased $1.0 million from the fourth quarter of 2012. Employee compensation expense declined $1.7 million due to lower commissions and incentives while OREO expense decreased $638 thousand as reductions to fair value and losses on sales declined. Partially offsetting these decreases was an increase of $1.1 million in employee benefits expense due mainly to higher pension costs and payroll taxes. Also, merger expenses increased $781 thousand from the fourth quarter of 2012.
During the first quarter of 2013, United’s Board of Directors declared a cash dividend of $0.31 per share. The annualized 2013 dividend of $1.24 equates to a yield of approximately 5% based on recent UBSI market prices. The year of 2012 represented the 39th consecutive year of dividend increases for United shareholders.
On January 30, 2013, United announced the signing of a definitive merger agreement with Virginia Commerce Bancorp, Inc. (“VCBI”) headquartered in Arlington, Virginia. VCBI has twenty-eight (28) banking offices, one residential mortgage origination office and one wealth management office located in the Northern Virginia suburbs of Washington, D.C. Consummation of the merger is subject to approval of the shareholders of United and VCBI, the receipt of all required regulatory approvals, as well as other customary conditions.
United has consolidated assets of approximately $8.3 billion with 115 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares 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 March 31, 2013 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2013 and will adjust amounts preliminarily reported, if necessary.
Forward-Looking Statements
This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March 31 2013 | March 31 2012 | December 31 2012 | ||||||||||
EARNINGS SUMMARY: | ||||||||||||
Interest income, taxable equivalent (non-GAAP) | $ | 77,849 | $ | 83,457 | $ | 81,300 | ||||||
Interest expense | 9,503 | 12,822 | 9,996 | |||||||||
Net interest income, taxable equivalent (non-GAAP) | 68,346 | 70,635 | 71,304 | |||||||||
Taxable equivalent adjustment | 1,524 | 1,669 | 1,632 | |||||||||
Net interest income (GAAP) | 66,822 | 68,966 | 69,672 | |||||||||
Provision for loan losses | 5,187 | 4,133 | 5,947 | |||||||||
Noninterest income | 18,348 | 16,326 | 16,745 | |||||||||
Noninterest expenses | 48,249 | 50,262 | 49,273 | |||||||||
Income taxes | 10,155 | 9,887 | 9,983 | |||||||||
Net income | $ | 21,579 | $ | 21,010 | $ | 21,214 | ||||||
PER COMMON SHARE: | ||||||||||||
Net income: | ||||||||||||
Basic | $ | 0.43 | $ | 0.42 | $ | 0.42 | ||||||
Diluted | 0.43 | 0.42 | 0.42 | |||||||||
Cash dividends | 0.31 | 0.31 | 0.31 | |||||||||
Book value | 19.87 | 19.42 | 19.74 | |||||||||
Closing market price | $ | 26.61 | $ | 28.86 | $ | 24.34 | ||||||
Common shares outstanding: | ||||||||||||
Actual at period end, net of treasury shares | 50,337,922 | 50,274,104 | 50,276,573 | |||||||||
Weighted average-basic | 50,301,875 | 50,235,374 | 50,276,137 | |||||||||
Weighted average-diluted | 50,331,503 | 50,300,538 | 50,294,593 | |||||||||
FINANCIAL RATIOS: | ||||||||||||
Return on average assets | 1.05 | % | 1.00 | % | 1.01 | % | ||||||
Return on average shareholders’ equity | 8.72 | % | 8.63 | % | 8.44 | % | ||||||
Average equity to average assets | 12.10 | % | 11.60 | % | 11.97 | % | ||||||
Net interest margin | 3.75 | % | 3.78 | % | 3.83 | % | ||||||
|
| March 31 2013 |
|
| March 31 2012 |
|
| December 31 2012 |
| ||||
PERIOD END BALANCES: | ||||||||||||
Assets | $ | 8,313,828 | $ | 8,529,469 | $ | 8,420,013 | ||||||
Earning assets | 7,373,622 | 7,573,097 | 7,459,217 | |||||||||
Loans, net of unearned income | 6,466,762 | 6,194,187 | 6,511,416 | |||||||||
Loans held for sale | 7,041 | 7,401 | 17,762 | |||||||||
Investment securities | 750,215 | 790,936 | 729,402 | |||||||||
Total deposits | 6,682,712 | 6,881,610 | 6,752,986 | |||||||||
Shareholders’ equity | 1,000,249 | 976,303 | 992,251 | |||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
| Three Months Ended | ||||||||||||
| March | March | December | ||||||||||
| 2013 | 2012 | 2012 | ||||||||||
Interest & Loan Fees Income (GAAP) | $ | 76,325 | $ | 81,788 | $ | 79,668 | ||||||
Tax equivalent adjustment | 1,524 | 1,669 | 1,632 | |||||||||
|
|
|
|
|
| |||||||
Interest & Fees Income (FTE) (non-GAAP) | 77,849 | 83,457 | 81,300 | |||||||||
Interest Expense | 9,503 | 12,822 | 9,996 | |||||||||
|
|
|
|
|
| |||||||
Net Interest Income (FTE) (non-GAAP) | 68,346 | 70,635 | 71,304 | |||||||||
Provision for Loan Losses | 5,187 | 4,133 | 5,947 | |||||||||
Non-Interest Income: | ||||||||||||
Fees from trust & brokerage services | 3,830 | 3,984 | 3,678 | |||||||||
Fees from deposit services | 9,624 | 10,312 | 10,606 | |||||||||
Bankcard fees and merchant discounts | 797 | 647 | 745 | |||||||||
Other charges, commissions, and fees | 561 | 577 | 539 | |||||||||
Income from bank owned life insurance | 2,389 | 1,289 | 1,248 | |||||||||
Mortgage banking income | 965 | 318 | 851 | |||||||||
Other non-interest revenue | 876 | 658 | 818 | |||||||||
Net other-than-temporary impairment losses | (834 | ) | (1,377 | ) | (2,002 | ) | ||||||
Net gains (losses) on sales/calls of investment securities | 140 | (82 | ) | 262 | ||||||||
|
|
|
|
|
| |||||||
Total Non-Interest Income | 18,348 | 16,326 | 16,745 | |||||||||
Non-Interest Expense: | ||||||||||||
Employee compensation | 16,604 | 17,907 | 18,272 | |||||||||
Employee benefits | 5,993 | 5,192 | 4,892 | |||||||||
Net occupancy | 5,191 | 5,042 | 5,005 | |||||||||
Data processing | 2,731 | 3,209 | 3,009 | |||||||||
Amortization of intangibles | 534 | 762 | 669 | |||||||||
OREO expense | 1,270 | 2,328 | 1,908 | |||||||||
FDIC expense | 1,559 | 1,555 | 1,525 | |||||||||
Other expenses | 14,367 | 14,267 | 13,993 | |||||||||
|
|
|
|
|
| |||||||
Total Non-Interest Expense | 48,249 | 50,262 | 49,273 | |||||||||
|
|
|
|
|
| |||||||
Income Before Income Taxes (FTE) (non-GAAP) | 33,258 | 32,566 | 32,829 | |||||||||
|
|
|
|
|
| |||||||
Tax equivalent adjustment | 1,524 | 1,669 | 1,632 | |||||||||
|
|
|
|
|
| |||||||
Income Before Income Taxes (GAAP) | 31,734 | 30,897 | 31,197 | |||||||||
Taxes | 10,155 | 9,887 | 9,983 | |||||||||
|
|
|
|
|
| |||||||
Net Income | $ | 21,579 | $ | 21,010 | $ | 21,214 | ||||||
|
|
|
|
|
| |||||||
MEMO: Effective Tax Rate | 32.00 | % | 32.00 | % | 32.00 | % | ||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| March 31 | March 31 | |||||||||||||||
| 2013 | 2012 | March 31 | December 31 | |||||||||||||
| Q-T-D Average | Q-T-D Average | 2013 | 2012 | |||||||||||||
Cash & Cash Equivalents | $ | 363,161 | $ | 664,743 | $ | 362,647 | $ | 432,077 | ||||||||
Securities Available for Sale | 636,420 | 688,880 | 650,640 | 625,625 | ||||||||||||
Securities Held to Maturity | 43,317 | 58,999 | 43,266 | 43,467 | ||||||||||||
Other Investment Securities | 58,898 | 67,813 | 56,309 | 60,310 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Securities | 738,635 | 815,692 | 750,215 | 729,402 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Cash and Securities | 1,101,796 | 1,480,435 | 1,112,862 | 1,161,479 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Loans Held for Sale | 10,830 | 4,905 | 7,041 | 17,762 | ||||||||||||
Commercial Loans | 4,689,363 | 4,375,024 | 4,696,991 | 4,726,292 | ||||||||||||
Mortgage Loans | 1,482,234 | 1,545,793 | 1,481,796 | 1,490,306 | ||||||||||||
Consumer Loans | 296,939 | 301,076 | 294,783 | 301,182 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Gross Loans | 6,468,536 | 6,221,893 | 6,473,570 | 6,517,780 | ||||||||||||
Unearned Income | (6,766 | ) | (6,574 | ) | (6,808 | ) | (6,364 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Loans, Net of Unearned Income | 6,461,770 | 6,215,319 | 6,466,762 | 6,511,416 | ||||||||||||
Allowance for Loan Losses | (74,410 | ) | (73,142 | ) | (74,158 | ) | (73,901 | ) | ||||||||
Goodwill | 375,583 | 371,638 | 375,583 | 375,583 | ||||||||||||
Other Intangibles | 9,852 | 12,726 | 9,573 | 10,107 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Intangibles | 385,435 | 384,364 | 385,156 | 385,690 | ||||||||||||
Real Estate Owned | 48,559 | 51,373 | 48,850 | 49,484 | ||||||||||||
Other Assets | 361,652 | 379,556 | 367,315 | 368,083 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 8,295,632 | $ | 8,442,810 | $ | 8,313,828 | $ | 8,420,013 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MEMO: Earning Assets | $ | 7,360,062 | $ | 7,498,574 | $ | 7,373,622 | $ | 7,459,217 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Interest-bearing Deposits | $ | 4,904,286 | $ | 5,163,834 | $ | 4,872,367 | $ | 4,928,575 | ||||||||
Noninterest-bearing Deposits | 1,731,775 | 1,637,543 | 1,810,345 | 1,824,411 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Deposits | 6,636,061 | 6,801,377 | 6,682,712 | 6,752,986 | ||||||||||||
Short-term Borrowings | 313,360 | 270,647 | 268,884 | 314,962 | ||||||||||||
Long-term Borrowings | 284,883 | 345,323 | 284,850 | 284,926 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Borrowings | 598,243 | 615,970 | 553,734 | 599,888 | ||||||||||||
Other Liabilities | 57,475 | 45,781 | 77,133 | 74,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 7,291,779 | 7,463,128 | 7,313,579 | 7,427,762 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Equity | — | — | — | — | ||||||||||||
Common Equity | 1,003,853 | 979,682 | 1,000,249 | 992,251 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Shareholders’ Equity | 1,003,853 | 979,682 | 1,000,249 | 992,251 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities & Equity | $ | 8,295,632 | $ | 8,442,810 | $ | 8,313,828 | $ | 8,420,013 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MEMO: Interest-bearing Liabilities | $ | 5,502,529 | $ | 5,779,804 | $ | 5,426,101 | $ | 5,528,463 | ||||||||
|
|
|
|
|
|
|
| |||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March | March | December | ||||||||||
| 2013 | 2012 | 2012 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.43 | $ | 0.42 | $ | 0.42 | ||||||
Diluted | $ | 0.43 | $ | 0.42 | $ | 0.42 | ||||||
Common Dividend Declared Per Share | $ | 0.31 | $ | 0.31 | $ | 0.31 | ||||||
High Common Stock Price | $ | 27.24 | $ | 30.91 | $ | 25.80 | ||||||
Low Common Stock Price | $ | 24.80 | $ | 27.36 | $ | 23.02 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 50,301,875 | 50,235,374 | 50,276,137 | |||||||||
Diluted | 50,331,503 | 50,300,538 | 50,294,593 | |||||||||
Memorandum Items: | ||||||||||||
Tax Applicable to Security Sales/Calls | $ | 49 | $ | (29 | ) | $ | 92 | |||||
Common Dividends | $ | 15,605 | $ | 15,570 | $ | 15,587 | ||||||
Dividend Payout Ratio | 72.32 | % | 74.11 | % | 73.48 | % | ||||||
| March | March | December | ||||||||||
| 2013 | 2012 | 2012 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 19.87 | $ | 19.42 | $ | 19.74 | ||||||
Tangible Book Value Per Share(1) | $ | 12.22 | $ | 11.71 | $ | 12.06 | ||||||
52-week High Common Stock Price | $ | 29.45 | $ | 30.91 | $ | 30.91 | ||||||
Date | 04/02/12 | 03/19/12 | 03/19/12 | |||||||||
52-week Low Common Stock Price | $ | 22.54 | $ | 18.78 | $ | 22.54 | ||||||
Date | 08/02/12 | 09/22/11 | 08/02/12 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 50,337,922 | 50,274,104 | 50,276,573 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,527 | 1,637 | 1,529 | |||||||||
Note:
(1) Tangible Book Value Per Share: | ||||||||||||
Total Shareholders’ Equity (GAAP) | $ | 1,000,249 | $ | 976,303 | $ | 992,251 | ||||||
Less: Total Intangibles | (385,156 | ) | (387,766 | ) | (385,690 | ) | ||||||
|
|
|
|
|
| |||||||
Tangible Equity (non-GAAP) | $ | 615,093 | $ | 588,537 | $ | 606,561 | ||||||
÷ EOP Shares Outstanding (Net of Treasury Stock) | 50,337,922 | 50,274,104 | 50,276,573 | |||||||||
Tangible Book Value Per Share (non-GAAP) | $ | 12.22 | $ | 11.71 | $ | 12.06 | ||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March | March | December | ||||||||||
| 2013 | 2012 | 2012 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Net Loans | 4.61 | % | 5.02 | % | 4.74 | % | ||||||
Investment Securities | 2.59 | % | 3.08 | % | 2.65 | % | ||||||
Money Market Investments/FFS | 0.23 | % | 0.26 | % | 0.39 | % | ||||||
Average Earning Assets Yield | 4.28 | % | 4.47 | % | 4.37 | % | ||||||
Interest-bearing Deposits | 0.58 | % | 0.67 | % | 0.60 | % | ||||||
Short-term Borrowings | 0.26 | % | 0.09 | % | 0.16 | % | ||||||
Long-term Borrowings | 3.31 | % | 4.83 | % | 3.36 | % | ||||||
Average Liability Costs | 0.70 | % | 0.89 | % | 0.72 | % | ||||||
Net Interest Spread | 3.58 | % | 3.58 | % | 3.65 | % | ||||||
Net Interest Margin | 3.75 | % | 3.78 | % | 3.83 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 8.72 | % | 8.63 | % | 8.44 | % | ||||||
Return on Average Assets | 1.05 | % | 1.00 | % | 1.01 | % | ||||||
Loan / Deposit Ratio | 96.77 | % | 90.10 | % | 96.42 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.15 | % | 1.19 | % | 1.13 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.18 | % | 1.22 | % | 1.16 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 1.14 | % | 1.00 | % | 1.10 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.13 | % | 0.16 | % | 0.28 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 1.35 | % | 1.23 | % | 1.43 | % | ||||||
Non-performing Assets/ Total Assets | 1.64 | % | 1.48 | % | 1.69 | % | ||||||
Primary Capital Ratio | 12.83 | % | 12.23 | % | 12.57 | % | ||||||
Shareholders’ Equity Ratio | 12.03 | % | 11.45 | % | 11.78 | % | ||||||
Price / Book Ratio | 1.34 | x | 1.49 | x | 1.23 | x | ||||||
Price / Earnings Ratio | 15.52 | x | 17.27 | x | 14.82 | x | ||||||
Efficiency Ratio | 53.15 | % | 53.35 | % | 52.01 | % | ||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| March | March | December | ||||||||||
| 2013 | 2012 | 2012 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 73,811 | $ | 62,037 | $ | 71,559 | ||||||
EOP 90-Day Past Due Loans | 8,301 | 9,816 | 18,068 | |||||||||
EOP Restructured Loans(2) | 5,309 | 4,335 | 3,175 | |||||||||
|
|
|
|
|
| |||||||
Total EOP Non-performing Loans | $ | 87,421 | $ | 76,188 | $ | 92,802 | ||||||
EOP Other Real Estate & Assets Owned | 48,850 | 49,864 | 49,484 | |||||||||
|
|
|
|
|
| |||||||
Total EOP Non-performing Assets | $ | 136,271 | $ | 126,052 | $ | 142,286 | ||||||
|
|
|
|
|
| |||||||
| Three Months Ended | ||||||||||||
| March | March | December | ||||||||||
| 2013 | 2012 | 2012 | ||||||||||
Allowance for Credit Losses:(1) | ||||||||||||
Beginning Balance | $ | 75,557 | $ | 75,727 | $ | 75,536 | ||||||
Provision for Credit Losses(3) | 5,416 | 4,015 | 5,815 | |||||||||
|
|
|
|
|
| |||||||
| 80,973 | 79,742 | 81,351 | ||||||||||
Gross Charge-offs | (5,184 | ) | (4,734 | ) | (6,180 | ) | ||||||
Recoveries | 254 | 739 | 386 | |||||||||
|
|
|
|
|
| |||||||
Net Charge-offs | (4,930 | ) | (3,995 | ) | (5,794 | ) | ||||||
|
|
|
|
|
| |||||||
Ending Balance | $ | 76,043 | $ | 75,747 | $ | 75,557 | ||||||
|
|
|
|
|
| |||||||
| Note: | (1) | Includes allowances for loan losses and lending-related commitments. | ||
| (2) | Restructured loans with an aggregate balance of $375, $2,283 and $375 at March 31, 2013, March 31, 2012 and December 31, 2012, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” | |||
| (3) | Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses. |