United Bankshares 8K Announces Record Earnings | UBSI 29 Jan 20

EXHIBIT 99.1

News Release

LOGO


For Immediate Release		Contact: W. Mark Tatterson
January 29, 2020		Chief Financial Officer
		(800)445-1347 ext. 8716

United Bankshares, Inc. Announces Record Earnings

for the Year of 2019

WASHINGTON, D.C. and CHARLESTON,WV-- United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the fourth quarter and year of 2019. Earnings for the fourth quarter of 2019 were $63.3 million or $0.62 per diluted share as compared to earnings of $64.0 million or $0.62 per diluted share for the fourth quarter of 2018. Earnings for the year of 2019 were a record $260.1 million or $2.55 per diluted share as compared to earnings of $256.3 million or $2.45 per diluted share for the year of 2018.

Fourth quarter of 2019 results produced an annualized return on average assets of 1.29%, an annualized return on average equity of 7.42% and an annualized return on average tangible equity of 13.38%. For the year of 2019, United’s return on average assets was 1.34% while the return on average equity was 7.80% and the return on average tangible equity was 14.26%. United’s annualized returns on average assets, average equity and average tangible equity were 1.33%, 7.77% and 14.52%, respectively, for the fourth quarter of 2018 while the returns on average assets, average equity and average tangible equity were 1.36%, 7.84% and 14.65%, respectively, for the year of 2018.

“2019 was another great year for United Bankshares,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “We earned record net income of $260 million and record diluted earnings per share of $2.55, announced the intent to acquire Carolina Financial Corporation, our 32nd acquisition of the current administration, and increased dividends to our shareholders for the 46th consecutive year, a record only one other major banking company in the USA has been able to achieve.”

Net interest income for the fourth quarter of 2019 was $141.3 million, which was a decrease of $5.4 million or 4% from the fourth quarter of 2018.Tax-equivalent net interest income, which adjusts for thetax-favored status of income from certain loans and investments, for the fourth quarter of 2019 was $142.1 million, a decrease of $5.6 million or 4% from the fourth quarter of 2018 due mainly to a decrease of 18 basis points in the average yield on earning assets and an increase of 7 basis points in the average cost of funds as compared to the fourth quarter of 2018. Partially offsetting these decreases totax-equivalent net interest income for the fourth quarter of 2019 was an increase in average earning assets as compared to the fourth quarter of 2018. Average earning assets for the fourth quarter of 2019 increased $373.0 million or 2% from the fourth quarter of 2018 due mainly to an increase of $410.8 million or 3% in average net loans. In addition, average investment securities for the fourth quarter of 2019 increased $199.1 million or 8% from the fourth quarter of 2018. Partially offsetting these increases was a decrease in average short-term investments of $236.9 million or 28%. The net interest margin of 3.29% for the fourth quarter of 2019 was a decrease of 21 basis points from the net interest margin of 3.50% for the fourth quarter of 2018.

United Bankshares, Inc. Announces...

January 29, 2020

Page Two

Net interest income for the year of 2019 was $577.9 million, which was a decrease of $10.7 million or 2% from the year of 2018.Tax-equivalent net interest income for the year of 2019 was $581.7 million, which was a decrease of $11.3 million or 2% from the year of 2018 due mainly to an increase in the average cost of funds. The average cost of funds for the year of 2019 increased 45 basis points from the year of 2018 due to higher market interest rates and a change in the mix of interest bearing liabilities. Partially offsetting the decreases totax-equivalent net interest income for the year of 2019 were increases in average earning assets and the average yield on those average earning assets. For the year of 2019, average earning assets increased $608.0 million or 4% from the year of 2018 due mainly to increases of $403.4 million or 3% in average net loans and $313.9 million or 14% in average investment securities. Average short-term investments decreased $109.2 million or 13%. The average yield on earning assets for the year of 2019 increased 11 basis points from the year of 2018 due primarily to higher market rates. Loan accretion on acquired loans was $38.8 million and $43.2 million for the year of 2019 and 2018, respectively, decreasing $4.4 million or 10%. The net interest margin of 3.39% for the year of 2019 was a decrease of 19 basis points from the net interest margin of 3.58% for the year of 2018.

On a linked-quarter basis, net interest income for the fourth quarter of 2019 was relatively flat from the third quarter of 2019, decreasing $635 thousand or less than 1%. United’stax-equivalent net interest income for the fourth quarter of 2019 was also relatively flat from the third quarter of 2019, decreasing $698 thousand or less than 1% due mainly to a decrease of 10 basis points in the average yield on earning assets. In addition, average earning assets declined $191.1 million or 1%. Specifically, average short-term investments decreased $234.6 million or 28% while average investment securities increased $34.6 million or 1%. Average net loans were relatively flat for the quarter, increasing $8.9 million or less than 1%. Virtually offsetting the decreases was a decline of 14 basis points in the average cost of funds. In addition, loan accretion on acquired loans increased $1.4 million. Loan accretion on acquired loans was $8.6 million and $7.2 million for the fourth quarter and third quarter of 2019, respectively. The net interest margin of 3.29% for the fourth quarter of 2019 increased 2 basis points from the net interest margin of 3.27% for the third quarter of 2019.

For the quarters ended December 31, 2019 and 2018, the provision for loan losses was $5.9 million and $5.8 million, respectively, while the provision for the year of 2019 was $21.3 million as compared to $22.0 million for the year of 2018. Net charge-offs were $5.9 million and $21.0 million for the fourth quarter and year of 2019, respectively, as compared to $6.1 million and $21.9 million for the same time periods in 2018. Annualized net charge-offs as a percentage of average loans were 0.17% and 0.16% for the fourth quarter and year of 2019, respectively. On a linked-quarter basis, the provision for loan losses for the fourth quarter of 2019 increased $834 thousand while net charge-offs increased $1.6 million from the third quarter of 2019.

Noninterest income for the fourth quarter of 2019 was $37.2 million, which was an increase of $7.4 million or 25% from the fourth quarter of 2018. The increase was due mainly to an increase of $6.0 million in income from mortgage banking activities due to increased production and sales of mortgage loans in the secondary market by United’s mortgage banking subsidiary, George Mason Mortgage, LLC (George Mason). In addition, United recognized a net gain of $109 thousand on investment securities’ activity in the fourth quarter of 2019 as compared to a net loss of $1.9 million in the fourth quarter of 2018. Also, income from bank-owned life insurance policies increased $1.6 million from the fourth quarter of 2018 due to the recognition of death benefits of $1.7 million in the fourth quarter of 2019. Partially offsetting these increases was a net gain of $2.8 million on the sale of bank premises United recorded in the fourth quarter of 2018.

United Bankshares, Inc. Announces...

January 29, 2020

Page Three

Noninterest income for the year of 2019 was $150.5 million, which was an increase of $21.8 million or 17% from the year of 2018. The increase was due mainly to an increase of $18.8 million in income from mortgage banking activities primarily due to increased loan originations and a higher realized gain on sale margin by George Mason. In addition, fees from trust services increased $943 thousand due to an increase in managed assets, fees from brokerage services increased $789 thousand due to increased volume and income from bank-owned life insurance increased $2.3 million due to the recognition of $2.3 million in death benefits for the year of 2019. Also, United recognized a net gain of $175 thousand on investment securities’ activity in the year of 2019 as compared to a net loss of $2.6 million for the year of 2018. Partially offsetting these increases was the previously mentioned net gain of $2.8 million on the sale of bank premises in the year of 2018.

On a linked-quarter basis, noninterest income for the fourth quarter of 2019 decreased $5.0 million or 12% from the third quarter of 2019. This decrease was due mainly to a decrease of $6.5 million in income from mortgage banking activities due to decreased production and sales of mortgage loans in the secondary market as a result of a typical seasonal slowdown. Partially offsetting this decrease was an increase of $1.6 million in income from bank-owned life insurance policies due to the previously mentioned recognition of death benefits of $1.7 million in the fourth quarter of 2019.

Noninterest expense for the fourth quarter of 2019 was $96.9 million, an increase of $5.9 million or 6% from the fourth quarter of 2018 due mainly to an increase of $5.2 million in employee compensation expense. The increase was due primarily to an increase in employee commissions expense related to the increase in production and sales of mortgage loans at George Mason. In addition, other expense increased $2.6 million due to an increase of $1.2 million in donations and merger expenses of $589 thousand related to the announced acquisition of Carolina Financial Corporation. Partially offsetting these increases was a decline of $2.2 million in Federal Deposit Insurance Corporation (FDIC) assessment fees.

Noninterest expense for the year of 2019 was $382.7 million, an increase of $14.5 million or 4% from the year of 2018. In particular, employee compensation expense increased $9.5 million due mainly to increased salaries and commissions expense primarily related to the increase in production and sales of mortgage loans at George Mason. In addition, United recognized prepayment penalties on FHLB advances of $5.1 million in the second quarter of 2019 and other expense increased $5.6 million due mainly to an increase of $2.8 million on the amortization of income tax credits and an increase of $1.1 million in donations. The amortization of tax credits lowered the effective tax rate. Partially offsetting these increases were decreases of $3.4 million in FDIC insurance expense resulting from a small bank assessment credit and lower assessment fees, $1.6 million in net occupancy expense due mainly to a decline in building rental expense and $1.6 million in data processing fees due to lower fees under a new contract.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2019 was relatively flat from the third quarter of 2019, increasing $766 thousand or less than 1%. An increase of $2.2 million in other expense due to an increase of $1.2 million in donations and the merger expenses of $589 thousand was virtually offset by a decline of $1.9 million in employee compensation due mainly to a decrease in commissions and incentives expense for George Mason.

United Bankshares, Inc. Announces...

January 29, 2020

Page Four

For the fourth quarter and year of 2019, income tax expense was $12.5 million and $64.3 million, respectively, as compared to $15.8 million and $70.8 million, respectively, in the fourth quarter and year of 2018. The decreases in 2019 were mainly due to a decline in the effective tax rate as a result of the increased benefit from income tax credits. On a linked-quarter basis, income tax expense for the fourth quarter of 2019 decreased $4.5 million from the third quarter of 2019 due to lower earnings and a lower effective tax rate. United’s effective tax rate was 16.5% for the fourth quarter of 2019, 20.5% for the third quarter of 2019 and 19.8% for the fourth quarter of 2018. For the year of 2019 and 2018, United’s effective tax rate was 19.8% and 21.7%, respectively.

United’s asset quality continues to be sound. At December 31, 2019, nonperforming loans were $131.1 million, or 0.96% of loans, net of unearned income, a decline from nonperforming loans of $142.8 million, or 1.06% of loans, net of unearned income, at December 31, 2018. As of December 31, 2019, the allowance for loan losses was $77.1 million or 0.56% of loans, net of unearned income, which was comparable to $76.7 million or 0.57% of loans, net of unearned income, at December 31, 2018. Total nonperforming assets of $146.6 million, including OREO of $15.5 million at December 31, 2019, represented 0.75% of total assets as compared to nonperforming assets of $159.7 million or 0.83% at December 31, 2018.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.7% at December 31, 2019 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.5%, 12.5% and 10.5%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

During the fourth quarter of 2019, United announced that it entered into a definitive merger agreement with Carolina Financial Corporation. Under the merger agreement, United will acquire 100% of the outstanding shares of Carolina Financial Corporation in exchange for common shares of United. The combined organization will be approximately $25 billion in assets with more than 200 locations in some of the most desirable banking markets in the nation. United recently filed a FormS-4 with the Securities and Exchange Commission regarding the proposed merger. United expects the merger to close during the second quarter of 2020.

As of December 31, 2019, United had consolidated assets of approximately $19.7 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region. United Bank which comprises 138 full-service banking offices and 15 George Mason Mortgage, LLC locations, is located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

United Bankshares, Inc. Announces...

January 29, 2020

Page Five

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its December 31, 2019 consolidated financial statements on Form10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2019 and will adjust amounts preliminarily reported, if necessary.

Use ofnon-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these“non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of thesenon-GAAP financial measures is consistent with how United’s management evaluates its performance internally and thesenon-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified astax-equivalent (FTE) net interest income, tangible equity and tangible book value per share. Management believes thesenon-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on atax-equivalent basis. Thetax-equivalent basis adjusts for thetax-favored status of income from certain loans and investments. Although this is anon-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable andtax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. Thetax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of common equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.

Wherenon-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of thesenon-GAAP financial measures might not be comparable to similarly titled measures at other companies. Thesenon-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

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				Year Ended
	December 31 2019		December 31 2018		December 31 2019		December 31 2018
EARNINGS SUMMARY:
Interest income		$ 183,869		$ 187,500		$ 762,562		$ 717,715
Interest expense		42,586		40,795		184,640		129,070
Net interest income		141,283		146,705		577,922		588,645
Provision for loan losses		5,867		5,823		21,313		22,013
Noninterest income		37,242		29,827		150,484		128,712
Noninterest expenses		96,900		91,002		382,654		368,179
Income before income taxes		75,758		79,707		324,439		327,165
Income taxes		12,473		15,757		64,340		70,823
Net income		$ 63,285		$ 63,950		$ 260,099		$ 256,342


PER COMMON SHARE:
Net income:
Basic		$ 0.62		$ 0.62		$ 2.55		$ 2.46
Diluted		0.62		0.62		2.55		2.45
Cash dividends		$ 0.35		$ 0.34		1.37		1.36
Book value						33.12		31.78
Closing market price						$ 38.66		$ 31.11
Common shares outstanding:
Actual at period end, net of treasury shares						101,553,671		102,323,488
Weighted average- basic		101,250,489		102,929,563		101,585,599		104,015,976
Weighted average- diluted		101,537,640		103,164,267		101,852,577		104,298,825

FINANCIAL RATIOS:
Return on average assets		1.29%		1.33%		1.34%		1.36%
Return on average shareholders’ equity		7.42%		7.77%		7.80%		7.84%
Return on average tangible equity(non-GAAP)⁽¹⁾		13.38%		14.52%		14.26%		14.65%
Average equity to average assets		17.39%		17.10%		17.13%		17.34%
Net interest margin		3.29%		3.50%		3.39%		3.58%

		December 31 2019		December 31 2018		December 31 2017		September 30 2019
PERIOD END BALANCES:
Assets		$ 19,662,324		$ 19,250,498		$ 19,058,959		$ 19,751,461
Earning assets		17,344,638		16,971,602		16,741,819		17,389,984
Loans, net of unearned income		13,712,129		13,422,222		13,011,421		13,633,427
Loans held for sale		387,514		249,846		265,955		412,194
Investment securities		2,669,797		2,543,727		2,071,645		2,673,312
Total deposits		13,852,421		13,994,749		13,830,591		14,095,411
Shareholders’ equity		3,363,833		3,251,624		3,240,530		3,354,342

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation ofnon-GAAP measure.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income


	Three Months Ended

	December 2019		December 2018		September 2019		June 2019		March 2019
Interest & Loan Fees Income (GAAP)	$	183,869	$	187,500	$	190,351	$	199,245	$	189,097
Tax equivalent adjustment		851		1,060		914		977		993

Interest & Fees Income (FTE)(non-GAAP)		184,720		188,560		191,265		200,222		190,090
Interest Expense		42,586		40,795		48,433		48,692		44,929

Net Interest Income (FTE)(non-GAAP)		142,134		147,765		142,832		151,530		145,161

Provision for Loan Losses		5,867		5,823		5,033		5,417		4,996

Non-Interest Income:
Fees from trust services		3,597		3,385		3,574		3,438		3,264
Fees from brokerage services		2,468		2,383		2,378		2,766		2,524
Fees from deposit services		8,549		8,650		8,702		8,464		8,053
Bankcard fees and merchant discounts		1,154		784		1,262		1,102		1,156
Other charges, commissions, and fees		576		588		568		576		521
Income from bank owned life insurance		2,906		1,269		1,280		1,326		1,827
Income from mortgage banking activities		17,547		11,570		24,019		21,704		13,681
Net gain on the sale of bank premises		0		2,763		0		0		0
Net gains (losses) on investment securities		109		(1,926)		116		109		(159)
Other income		336		361		325		310		356

TotalNon-Interest Income		37,242		29,827		42,224		39,795		31,223


Non-Interest Expense:
Employee compensation		44,399		39,200		46,313		44,301		38,949
Employee benefits		9,121		8,658		8,615		8,578		9,431
Net occupancy		8,734		8,686		8,698		8,667		8,751
Data processing		5,727		6,065		5,776		5,567		5,162
Amortization of intangibles		1,754		2,010		1,754		1,754		1,754
OREO expense		1,450		1,021		1,837		633		1,416
Equipment expense		3,522		3,518		3,698		3,675		3,315
FDIC expense		1,005		3,244		465		3,300		3,300
Prepayment penalties on FHLB borrowings		0		0		0		5,105		0
Other expense		21,188		18,600		18,978		18,615		17,347

TotalNon-Interest Expense		96,900		91,002		96,134		100,195		89,425


Income Before Income Taxes (FTE)(non-GAAP)		76,609		80,767		83,889		85,713		81,963

Tax equivalent adjustment		851		1,060		914		977		993


Income Before Income Taxes (GAAP)		75,758		79,707		82,975		84,736		80,970

Taxes		12,473		15,757		17,010		17,529		17,328


Net Income	$	63,285	$	63,950	$	65,965	$	67,207	$	63,642


MEMO: Effective Tax Rate		16.46%		19.77%		20.50%		20.69%		21.40%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income


	Year Ended
	December		December			December		December
	2019		2018			2017		2016
Interest & Loan Fees Income (GAAP)		$ 762,562		$ 717,715			$ 623,806		$ 470,341
Tax equivalent adjustment		3,735		4,328			8,429		6,121

Interest & Fees Income (FTE)(non-GAAP)		766,297		722,043			632,235		476,462
Interest Expense		184,640		129,070			74,809		45,010

Net Interest Income (FTE)(non-GAAP)		581,657		592,973			557,426		431,452

Provision for Loan Losses		21,313		22,013			28,406		24,509

Non-Interest Income:
Fees from trust services		13,873		12,930			11,801		12,025
Fees from brokerage services		10,136		9,347			7,730		7,012
Fees from deposit services		33,768		33,973			33,622		32,858
Bankcard fees and merchant discounts		4,674		5,168			4,795		5,215
Other charges, commissions, and fees		2,241		2,228			2,057		2,059
Income from bank owned life insurance		7,339		5,045			5,110		5,794
Income from mortgage banking activities		76,951		58,109			58,907		3,450
Net gain on the sale of bank premises		0		2,763			0		0
Net gains (losses) on investment securities		175		(2,618	)		5,584		280
Other income		1,327		1,767			2,039		1,339

TotalNon-Interest Income		150,484		128,712			131,645		70,032


Non-Interest Expense:
Employee compensation		173,962		164,468			166,393		95,655
Employee benefits		35,745		36,172			34,997		26,591
Net occupancy		34,850		36,462			39,067		27,529
Data processing		22,232		23,800			21,019		15,280
Amortization of intangibles		7,016		8,039			7,772		3,944
OREO expense		5,336		3,444			6,003		5,844
Equipment expense		14,210		13,846			10,528		8,622
FDIC expense		8,070		11,464			7,051		8,548
Prepayment penalties on FHLB borrowings		5,105		0			0		0
Other expense		76,128		70,484			74,579		56,183

TotalNon-Interest Expense		382,654		368,179			367,409		248,196


Income Before Income Taxes (FTE)(non-GAAP)		328,174		331,493			293,256		228,779

Tax equivalent adjustment		3,735		4,328			8,429		6,121


Income Before Income Taxes (GAAP)		324,439		327,165			284,827		222,658

Taxes		64,340		70,823			134,246		75,575


Net Income		$ 260,099		$ 256,342			$ 150,581		$ 147,083


MEMO: Effective Tax Rate		19.83%		21.65%			47.13%		33.94%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets


	December 31		December 31
	2019		2018		December 31		December 31		December 31
	Q-T-D Average		Q-T-D Average		2019		2018		2017

Cash & Cash Equivalents		$ 777,007		$ 1,025,695		$ 837,493		$ 1,020,396		$ 1,666,167

Securities Available for Sale		2,463,101		2,287,480		2,437,296		2,337,039		1,888,756
Securities Held to Maturity		1,463		20,017		1,446		19,999		20,428
Equity Securities		8,984		9,880		8,894		9,734		0
Other Investment Securities		210,855		167,953		222,161		176,955		162,461

Total Securities		2,684,403		2,485,330		2,669,797		2,543,727		2,071,645

Total Cash and Securities		3,461,410		3,511,025		3,507,290		3,564,123		3,737,812


Loans Held for Sale		368,966		226,028		387,514		249,846		265,955

Commercial Loans		9,347,641		9,433,610		9,399,170		9,447,420		9,822,027
Mortgage Loans		3,052,045		2,906,314		3,107,721		2,979,787		2,443,780
Consumer Loans		1,195,999		994,233		1,206,657		1,002,325		761,530


Gross Loans		13,595,685		13,334,157		13,713,548		13,429,532		13,027,337

Unearned Income		(2,823)		(9,290)		(1,419)		(7,310)		(15,916)


Loans, Net of Unearned Income		13,592,862		13,324,867		13,712,129		13,422,222		13,011,421

Allowance for Loan Losses		(77,073)		(76,933)		(77,057)		(76,703)		(76,627)

Goodwill		1,478,014		1,478,014		1,478,014		1,478,014		1,478,380
Other Intangibles		30,837		37,989		29,931		36,947		44,986

Total Intangibles		1,508,851		1,516,003		1,507,945		1,514,961		1,523,366

Operating LeaseRight-of-Use Asset		59,031		---		57,783		---		---
Other Real Estate Owned		18,472		18,428		15,515		16,865		24,348
Other Assets		532,561		560,230		551,205		559,184		572,684

Total Assets		$ 19,465,080		$ 19,079,648		$ 19,662,324		$ 19,250,498		$ 19,058,959


MEMO: Interest-earning Assets		$ 17,165,071		$ 16,792,108		$ 17,344,638		$ 16,971,602		$ 16,741,819


Interest-bearing Deposits		$ 9,281,403		$ 9,615,474		$ 9,231,059		$ 9,577,934		$ 9,535,904
Noninterest-bearing Deposits		4,647,907		4,418,443		4,621,362		4,416,815		4,294,687

Total Deposits		13,929,310		14,033,917		13,852,421		13,994,749		13,830,591

Short-term Borrowings		132,621		193,971		374,654		351,327		477,587
Long-term Borrowings		1,836,423		1,481,732		1,838,029		1,499,103		1,363,977

Total Borrowings		1,969,044		1,675,703		2,212,683		1,850,430		1,841,564

Operating Lease Liability		62,662		---		61,342		---		---
Other Liabilities		118,702		106,671		172,045		153,695		146,274

Total Liabilities		16,079,718		15,816,291		16,298,491		15,998,874		15,818,429


Preferred Equity		---		---		---		---		---
Common Equity		3,385,362		3,263,357		3,363,833		3,251,624		3,240,530

Total Shareholders’ Equity		3,385,362		3,263,357		3,363,833		3,251,624		3,240,530


Total Liabilities & Equity		$ 19,465,080		$ 19,079,648		$ 19,662,324		$ 19,250,498		$ 19,058,959


MEMO: Interest-bearing Liabilities		$ 11,250,447		$ 11,291,177		$ 11,443,742		$ 11,428,364		$ 11,377,468

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended
	December		December		September		June		March
Quarterly Share Data:	2019		2018		2019		2019		2019

Earnings Per Share:
Basic		$ 0.62		$ 0.62		$ 0.65		$ 0.66		$ 0.62
Diluted		$ 0.62		$ 0.62		$ 0.65		$ 0.66		$ 0.62

Common Dividend Declared Per Share		$ 0.35		$ 0.34		$ 0.34		$ 0.34		$ 0.34

High Common Stock Price		$ 40.70		$ 36.84		$ 39.98		$ 39.88		$ 39.14
Low Common Stock Price		$ 36.09		$ 29.13		$ 34.77		$ 35.42		$ 30.67

Average Shares Outstanding (Net of Treasury Stock):
Basic		101,250,489		102,929,563		101,432,243		101,773,643		101,894,786
Diluted		101,537,640		103,164,267		101,711,740		102,047,845		102,162,704

Common Dividends		$ 35,543		$ 34,975		$ 34,518		$ 34,688		$ 34,759

Dividend Payout Ratio		56.16%		54.69%		52.33%		51.61%		54.62%

			Year Ended
			December		December		December		December
YTD Share Data:			2019		2018		2017		2016

Earnings Per Share:
Basic				$ 2.55		$ 2.46		$ 1.54		$ 2.00
Diluted				$ 2.55		$ 2.45		$ 1.54		$ 1.99

Common Dividend Declared Per Share				$ 1.37		$ 1.36		$ 1.33		$ 1.32

Average Shares Outstanding (Net of Treasury Stock):
Basic				101,585,599		104,015,976		97,502,633		73,531,992
Diluted				101,852,577		104,298,825		97,890,078		73,893,127

Common Dividends				$ 139,508		$ 141,610		$ 131,755		$ 98,696

Dividend Payout Ratio				53.64%		55.24%		87.50%		67.10%

EOP Employees (full-time equivalent)				2,204		2,230		2,381		1,701

	Three Months Ended
	December		December		September		June		March
EOP Share Data:	2019		2018		2019		2019		2019
Book Value Per Share		$ 33.12		$ 31.78		$ 33.03		$ 32.70		$ 32.19
Tangible Book Value Per Share⁽¹⁾		$ 18.27		$ 16.97		$ 18.16		$ 17.87		$ 17.37

52-week High Common Stock Price		$ 40.70		$ 39.95		$ 39.98		$ 39.95		$ 39.95
Date		11/05/19		08/21/18		09/13/19		08/21/18		08/21/18
52-week Low Common Stock Price		$ 30.67		$ 29.13		$ 30.67		$ 29.13		$ 29.13
Date		01/02/19		12/27/18		01/02/19		12/27/18		12/27/18

EOP Shares Outstanding (Net of Treasury Stock):		101,553,671		102,323,488		101,555,696		101,963,030		102,118,029

Note:
(1) Tangible Book Value Per Share:
Total Shareholders’ Equity (GAAP)		$ 3,363,833		$ 3,251,624		$ 3,354,342		$ 3,333,858		$ 3,286,891
Less: Total Intangibles		(1,507,945)		(1,514,961)		(1,509,699)		(1,511,453)		(1,513,207)

Tangible Equity(non-GAAP)		$ 1,855,888		$ 1,736,663		$ 1,844,643		$ 1,822,405		$ 1,773,684
÷ EOP Shares Outstanding (Net of Treasury Stock)		101,553,671		102,323,488		101,555,696		101,963,030		102,118,029
Tangible Book Value Per Share(non-GAAP)		$ 18.27		$ 16.97		$ 18.16		$ 17.87		$ 17.37

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended
	December 2019		December 2018		September 2019		June 2019		March 2019
Selected Yields and Net Interest Margin:
Net Loans		4.65%		4.86%		4.75%		5.10%		4.91%
Investment Securities		2.74%		2.92%		2.90%		2.90%		2.93%
Money Market Investments/FFS		2.57%		2.57%		2.98%		2.81%		3.20%
Average Earning Assets Yield		4.28%		4.46%		4.38%		4.67%		4.54%
Interest-bearing Deposits		1.33%		1.25%		1.49%		1.46%		1.37%
Short-term Borrowings		1.52%		1.52%		1.78%		1.79%		1.61%
Long-term Borrowings		2.35%		2.58%		2.44%		2.70%		2.77%
Average Liability Costs		1.50%		1.43%		1.64%		1.66%		1.58%
Net Interest Spread		2.78%		3.03%		2.74%		3.01%		2.96%
Net Interest Margin		3.29%		3.50%		3.27%		3.53%		3.46%

Selected Financial Ratios:
Return on Average Common Equity		7.42%		7.77%		7.79%		8.12%		7.88%
Return on Average Assets		1.29%		1.33%		1.33%		1.38%		1.34%
Return on Average Tangible Equity (non-GAAP)⁽¹⁾		13.38%		14.52%		14.16%		14.90%		14.64%
Efficiency Ratio		54.28%		51.55%		52.21%		52.64%		50.99%

Note:

(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)		$ 63,285		$ 63,950		$ 65,965		$ 67,207		$ 63,642

(b) Number of days		92		92		92		91		90

Average Total Shareholders’ Equity (GAAP)		$3,385,362		$3,263,357		$3,359,437		$3,220,987		$3,276,822

Less: Average Total Intangibles		(1,508,851)		(1,516,003)		(1,510,653)		(1,512,400)		(1,514,168)

(c) Average Tangible Equity(non-GAAP)		$1,876,511		$1,747,354		$1,848,784		$1,808,587		$1,762,654

Return on Tangible Equity(non-GAAP) [(a) / (b)] x 365 / (c)		13.38%		14.52%		14.16%		14.90%		14.64%

			Year Ended
			December 2019		December 2018		December 2017		December 2016
Selected Yields and Net Interest Margin:
Net Loans				4.85%		4.77%		4.56%		4.38%
Investment Securities				2.86%		2.73%		2.63%		2.89%
Money Market Investments/FFS				2.91%		2.29%		1.23%		0.51%
Average Earning Assets Yield				4.47%		4.36%		4.07%		4.00%
Interest-bearing Deposits				1.41%		0.97%		0.54%		0.42%
Short-term Borrowings				1.67%		1.00%		0.51%		0.39%
Long-term Borrowings				2.56%		2.34%		1.80%		1.28%
Average Liability Costs				1.60%		1.15%		0.69%		0.53%
Net Interest Spread				2.87%		3.21%		3.38%		3.47%
Net Interest Margin				3.39%		3.58%		3.58%		3.62%

Note:

(1) Includes allowance for loan losses and reserve for lending-related commitments

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Year Ended
	December			December			December			December
	2019			2018			2017			2016

Selected Financial Ratios:
Return on Average Common Equity		7.80%			7.84%			5.09%			7.67%
Return on Average Assets		1.34%			1.36%			0.85%			1.10%
Return on Average Tangible Equity(non-GAAP)⁽¹⁾		14.26%			14.65%			9.18%			13.39%
Loan / Deposit Ratio		98.99%			95.91%			94.08%			95.78%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.56%			0.57%			0.59%			0.70%
Allowance for Credit Losses⁽²⁾/ Loans, Net of Unearned Income		0.57%			0.58%			0.59%			0.71%
Nonaccrual Loans / Loans, Net of Unearned Income		0.46%			0.51%			0.84%			0.81%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.07%			0.11%			0.08%			0.08%
Non-performing Loans/ Loans, Net of Unearned Income		0.96%			1.06%			1.30%			1.10%
Non-performing Assets/ Total Assets		0.75%			0.83%			1.01%			1.00%
Primary Capital Ratio		17.44%			17.23%			17.34%			15.84%
Shareholders’ Equity Ratio		17.11%			16.89%			17.00%			15.41%
Price / Book Ratio		1.17	x		0.98	x		1.13	x		1.68	x
Price / Earnings Ratio		15.14	x		12.71	x		22.59	x		23.24	x
Efficiency Ratio		52.53%			51.32%			53.98%			50.10%

Notes:

(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)		$ 260,099			$ 256,342			$ 150,581		$	147,083

Average Total Shareholders’ Equity (GAAP)		$3,336,075			$3,268,944			$2,959,293		$	1,918,887
Less: Average Total Intangibles		(1,511,501)			(1,519,174)			(1,319,109)			(820,558)

(b) Average Tangible Equity(non-GAAP)		$1,824,574			$1,749,770			$1,640,184		$	1,098,329

Return on Tangible Equity(non-GAAP) [(a) / (b)]		14.26%			14.65%			9.18%			13.39%
(2) Includes allowance for loan losses and reserve for lending-related commitments


	Three Months Ended
	December		December		September		June		March
	2019		2018		2019		2019		2019
Mortgage Banking Data – George Mason:
Applications	$	896,000	$	714,000	$	1,290,000	$	1,278,000	$	866,000
Loans originated		777,312		530,088		907,896		801,926		454,588
Loans sold	$	800,400	$	514,294	$	865,873	$	680,986	$	457,192
Purchase money % of loans closed		66%		86%		63%		81%		86%
Realized gain on sales and fees as a % of loans sold		2.84%		2.82%		2.74%		2.89%		3.07%
Net interest income	$	547	$	287	$	203	$	111	$	55
Other income		19,946		13,726		24,331		23,501		16,106
Other expense		18,419		15,066		20,256		18,771		14,842
Income taxes (benefit)		192		(121)		877		1,004		282
Net income (loss)	$	1,882	$	(932)	$	3,401	$	3,837	$	1,037

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Year Ended
	December			December
Mortgage Banking Data – George Mason:	2019			2018

Applications		$	4,330,000		$	3,912,000
Loans originated			2,941,722			2,619,454
Loans sold		$	2,804,451		$	2,608,242
Purchase money % of loans closed			72%			83%
Realized gain on sales and fees as a % of loans sold			2.86%			2.72%
Net interest income		$	916		$	1,315
Other income			83,884			68,555
Other expense			72,288			72,632
Income taxes (benefit)			2,355			(505)
Net income (loss)		$	10,157		$	(2,257)


Period End Mortgage Banking Data – George Mason:	December	December	September	June	March
Period End Mortgage Banking Data – George Mason:	2019	2018	2019	2019	2019
Locked pipeline	$ 143,465	$ 122,677	$ 262,313	$ 305,843	$ 223,657



	December		December		September		June		March
Asset Quality Data:	2019		2018		2019		2019		2019

EOPNon-Accrual Loans	$	63,209	$	68,544	$	69,884	$	71,123	$	63,402
EOP90-Day Past Due Loans		9,494		14,851		9,840		12,729		15,572
EOP Restructured Loans^{(1) (2)}		58,369		59,425		60,559		58,750		56,778

Total EOPNon-performing Loans	$	131,072	$	142,820	$	140,283	$	142,602	$	135,752

EOP Other Real Estate & Assets Owned		15,515		16,865		18,367		14,469		17,465

Total EOPNon-performing Assets	$	146,587	$	159,685	$	158,650	$	157,071	$	153,217

Notes:

(1)

Restructured loans with an aggregate balance of $48,387, $50,757, $48,586, $47,459 and $48,899 at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively, were on nonaccrual status, but are not included in “EOPNon-Accrual Loans” above.

(2)

Restructured loans with an aggregate balance of $265 and $690 at March 31, 2019 and December 31, 2018, respectively, were 90 days or more past due, but are not included in “EOP90-Day Past Due Loans.”

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)


	Three Months Ended				Year Ended
	December		December		December		December		December
Allowance for Loan Losses:	2019		2018		2019		2018		2017

Beginning Balance	$	77,098	$	76,941	$	76,703	$	76,627	$	72,771
Provision for Loan Losses		5,867		5,823		21,313		22,013		28,406

		82,965		82,764		98,016		98,640		101,177
Gross Charge-offs		(9,704)		(7,992)		(29,110)		(28,606)		(32,863)
Recoveries		3,796		1,931		8,151		6,669		8,313

Net Charge-offs		(5,908)		(6,061)		(20,959)		(21,937)		(24,550)

Ending Balance	$	77,057	$	76,703	$	77,057	$	76,703	$	76,627
Reserve for lending-related commitments		1,733		1,389		1,733		1,389		679

Allowance for Credit Losses⁽¹⁾	$	78,790	$	78,092	$	78,790	$	78,092	$	77,306

Note:

(1)

Includes allowance for loan losses and reserve for lending-related commitments.

United Bankshares (UBSI) 8-KUnited Bankshares, Inc. Announces Record Earnings