SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 20, 1998
United Bankshares, Inc.
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(Exact name of registrant as specified in its charter)
West Virginia 0-13322 55-0641179
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
300 United Center
500 Virginia Street, East
Charleston, West Virginia 25301
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(Address of principal executive offices) Zip Code
(304) 424-8761
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
Item 5. Other Events
After the close of business on July 20, 1998, United Bankshares, Inc.
announced earnings for the three months and six months ended June 30, 1998. A
copy of the capsule financial information is filed as Exhibit 99.1 to this
report.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Capsule financial information dated July 20, 1998, announcing
United's earnings for the three months and six months ended
June 30, 1998.
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UNITED BANKSHARES. INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Share and Per Share Data)
Three Months Ended Six Months Ended
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June 30 June 30 June 30 June 30
1998 1997 1998 1997
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EARNINGS SUMMARY
Interest income, taxable equivalent $74,931 $62,019 $145,604 $121,852
Interest expense 34,496 27,963 66,976 54,493
Net interest income, taxable equivalent 40,435 34,056 78,628 67,359
Taxable equivalent adjustment 922 799 1,929 1,604
Net interest income 39,513 33,257 76,699 65,755
Provision for loan losses 5,257 558 7,307 1,162
Noninterest income 6,144 4,958 11,919 9,631
Gain (loss) on security transactions (225) (1) 2,262 40
Income (loss) from mortgage banking operations 5,723 2,928 11,311 5,933
Noninterest expenses 38,573 22,142 66,381 44,122
Income taxes 504 6,316 7,935 12,085
Net income 6,821 12,126 20,568 23,990
Cash dividends paid 7,034 4,930 12,286 9,895
PER COMMON SHARE:
Net income:
Basic 0.17 0.31 0.53 0.62
Diluted 0.17 0.31 0.52 0.61
Cash dividends paid 0.18 0.17 0.35 0.33
Book value 9.30 8.61
Closing market price 34.125 21.250
Common shares outstanding:
Actual, net of treasury shares 39,114,951 38,533,178
Basic 39,080,717 38,517,014 39,073,837 38,485,232
Diluted 39,805,419 39,077,226 39,731,926 39,128,076
FINANCIAL RATIOS
Return on average assets 0.72% 1.51% 1.11% 1.53%
Return on average shareholders' equity 7.50% 14.84% 11.41% 14.78%
Average equity to average assets 9.54% 10.23% 9.72% 10.32%
Net interest margin 4.50% 4.54% 4.51% 4.56%
June 30 June 30 December 31 March 31
1998 1997 1997 1998
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PERIOD END BALANCES
Assets 3,867,002 3,336,076 3,726,359 3,804,958
Earning assets 3,634,870 3,245,202 3,499,014 3,594,731
Loans, net of unearned income 2,881,824 2,325,288 2,607,406 2,781,391
Investment securities 752,883 742,014 826,831 801,070
Total deposits 2,994,619 2,635,548 2,925,349 2,950,014
Shareholders' equity 363,792 331,940 355,474 363,643
[United Bankshares, Inc. Logo]
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
UNITED BANKSHARES, INC.
Date July 28, 1998 By /s/ Steven E. Wilson
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Steven E. Wilson
Its Executive Vice President,
Secretary and Chief Financial Officer
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