United Bankshares, Inc. Announces Record Earnings for the First Nine Months of 2019

WASHINGTON & CHARLESTON, W. Va.--()--United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2019. Earnings for the third quarter of 2019 were $66.0 million, up from earnings of $64.4 million for the third quarter of 2018. Diluted earnings per share were $0.65 for the third quarter of 2019 as compared to diluted earnings per share of $0.62 for the third quarter of 2018. Earnings for the first nine months of 2019 were a record $196.8 million, an increase from earnings of $192.4 million for the first nine months of 2018. Diluted earnings per share were $1.93 for the first nine months of 2019 as compared to diluted earnings per share of $1.83 for the first nine months of 2018.

Third quarter of 2019 results produced an annualized return on average assets of 1.33%, an annualized return on average equity of 7.79% and an annualized return on average tangible equity of 14.16%. For the first nine months of 2019, United’s annualized return on average assets was 1.35% while the annualized return on average equity was 7.93% and the annualized return on average tangible equity was 14.56%. United’s annualized returns on average assets, average equity and average tangible equity were 1.34%, 7.83% and 14.65%, respectively, for the third quarter of 2018 while the annualized returns on average assets, average equity and average tangible equity were 1.37%, 7.86% and 14.69%, respectively, for the first nine months of 2018.

“Our earnings continue to be strong, achieving record net income for the first nine months of 2019,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer.

Net interest income for the third quarter of 2019 was $141.9 million, which was a decrease of $6.9 million or 5% from the third quarter of 2018. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the third quarter of 2019 was $142.8 million, a decrease of $7.0 million or 5% from the third quarter of 2018 due mainly to an increase of 37 basis points in the average cost of funds as compared to the third quarter of 2018 due to higher market interest rates. In addition, the average yield on earning assets declined 4 basis points from the third quarter of 2018 due in large part to a decline in loan accretion on acquired loans of $4.4 million or 38%. Loan accretion on acquired loans was $7.2 million and $11.6 million for the third quarter of 2019 and 2018, respectively. Partially offsetting these decreases to tax-equivalent net interest income for the third quarter of 2019 was an increase in average earning assets of $609.4 million or 4%. The increase in average earning assets was due mainly to increases of $365.3 million or 16% and $325.1 million or 2% in average investment securities and average loans, respectively.

Partially offsetting these increases in average earning assets was a decrease in average short-term investments of $80.9 million or 9%. The net interest margin of 3.27% for the third quarter of 2019 was a decrease of 29 basis points from the net interest margin of 3.56% for the third quarter of 2018.

Net interest income for the first nine months of 2019 was $436.6 million, which was a decrease of $5.3 million or 1% from the first nine months of 2018. Tax-equivalent net interest income for the first nine months of 2019 was $439.5 million, which was a decrease of $5.7 million or 1% from the first nine months of 2018 due mainly to an increase in the average cost of funds. The average cost of funds for the first nine months of 2019 increased 57 basis points from the first nine months of 2018 due to higher market interest rates and a change in the mix of interest bearing liabilities. Partially offsetting these decreases to tax-equivalent net interest income for the first nine months of 2019 were increases in average earning assets and the average yield on those average earning assets. For the first nine months of 2019, average earning assets increased $687.3 million or 4% from the first nine months of 2018 due mainly to increases of $400.9 million or 3% in average net loans and $352.6 million or 16% in average investment securities. Average short-term investments decreased $66.2 million or 8%. The average yield on earning assets for the first nine months of 2019 increased 20 basis points from the first nine months of 2018 due to higher market rates. Loan accretion on acquired loans was $30.2 million and $34.4 million for the first nine months of 2019 and 2018, respectively, decreasing $4.2 million or 12%. The net interest margin of 3.42% for the first nine months of 2019 was a decrease of 19 basis points from the net interest margin of 3.61% for the first nine months of 2018.

On a linked-quarter basis, net interest income for the third quarter of 2019 decreased $8.6 million or 6% from the second quarter of 2019. United’s tax-equivalent net interest income for the third quarter of 2019 decreased $8.7 million or 6% from the second quarter of 2019 as well due to a decrease in the average yield on earning assets. The average yield on earning assets for the third quarter of 2019 decreased 29 basis points from the second quarter of 2019 due to a decrease of $7.3 million in loan accretion on acquired loans due to a large payoff in the second quarter of 2019. Loan accretion on acquired loans was $7.2 million and $14.5 million for the third quarter and second quarter of 2019, respectively. Partially offsetting the decline in the average yield on earning assets was a decrease of 2 basis points in the average cost of funds due to change in the mix of interest-bearing liabilities. Average earning assets were relatively flat for the quarter, increasing $158.2 million or less than 1% compared from the second quarter of 2019 as average net loans were also relatively flat, increasing $63.9 million or less than 1%. Average investment securities increased $34.5 million or 1% and average short-term investments increased $59.9 million or 8% for the linked quarter. The net interest margin of 3.27% for the third quarter of 2019 decreased 26 basis points from the net interest margin of 3.53% for the second quarter of 2019.

For the quarters ended September 30, 2019 and 2018, the provision for loan losses was $5.0 million and $4.8 million, respectively, while the provision for the first nine months of 2019 was $15.4 million as compared to $16.2 million for the first nine months of 2018. Net charge-offs were $4.3 million and $15.1 million for the third quarter and first nine months of 2019, respectively, as compared to $5.0 million and $15.9 million for the third quarter and first nine months of 2018, respectively. Annualized net charge-offs as a percentage of average loans were 0.13% and 0.15% for the third quarter and first nine months of 2019, respectively. On a linked-quarter basis, the provision for loan losses decreased $384 thousand while net charge-offs decreased $1.6 million from the second quarter of 2019.

Noninterest income for the third quarter of 2019 was $42.2 million, which was an increase of $10.5 million or 33% from the third quarter of 2018. The increase was due mainly to an increase of $10.7 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).

Noninterest income for the first nine months of 2019 was $113.2 million, which was an increase of $14.4 million or 15% from the first nine months of 2018. The increase was due mainly to an increase of $12.9 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 $731 thousand due to an increase in managed assets, fees from brokerage services increased $704 thousand due to increased volume and income from bank-owned life insurance increased $657 thousand due to the recognition of $600 thousand in death benefits for the first nine months of 2019. Partially offsetting these increases was a decrease of $864 thousand in bankcard income due to a decline in interchange income.

On a linked-quarter basis, noninterest income for the third quarter of 2019 increased $2.4 million or 6% from the second quarter of 2019. The increase was due mainly to an increase of $2.3 million in income from mortgage banking activities due mainly to increased production and sales of mortgage loans in the secondary market by George Mason.

Noninterest expense for the third quarter of 2019 was $96.1 million, an increase of $2.8 million or 3% from the third quarter of 2018. In particular, employee compensation increased $5.0 million due mainly to an increase in employee commissions expense related to the increase in production and sales of mortgage loans at George Mason, other real estate owned (OREO) expense increased $916 thousand due to a decline in the fair value of OREO properties while other expense increased $1.3 million due to an increase of $1.1 million on the write-off of income tax credits. Partially offsetting these increases was a decrease of $3.1 million in Federal Deposit Insurance Corporation (FDIC) insurance expense resulting from a small bank assessment credit.

Noninterest expense for the first nine months of 2019 was $285.8 million, an increase of $8.6 million or 3% from the first nine months of 2018 due mainly to prepayment penalties on FHLB advances of $5.1 million. In addition, employee compensation increased $4.3 million due mainly to higher employee incentives expense, OREO expense increased $1.5 million due to a decline in the fair values of OREO properties and other expense increased $3.1 million due to an increase of $2.5 million on the write-off of income tax credits. Partially offsetting these increases were decreases of $1.7 million in net occupancy expense due mainly to a decline in building rental expense, $1.2 million in data processing fees due to lower fees under a new contract, $1.2 million in FDIC insurance expense resulting from the small bank assessment credit, and $890 thousand in employee benefits due mainly to a decline in pension expense.

On a linked-quarter basis, noninterest expense for the third quarter of 2019 decreased $4.1 million or 4% from the second quarter of 2019 due in large part to the previously mentioned prepayment penalties on FHLB advances of $5.1 million in the second quarter. In addition, FDIC insurance expense declined $2.8 million resulting from the small bank assessment credit. Partially offsetting these decreases were increases of $2.0 million in employee compensation due mainly to an increase in employee commissions expense related to the increase in production and sales of mortgage loans at George Mason and $1.2 million in OREO expense due to declines in the values of OREO properties.

For the third quarter and first nine months of 2019, income tax expense was $17.0 million and $51.9 million, respectively, as compared to $17.9 million and $55.1 million, respectively, in the third quarter and first nine months 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 third quarter of 2019 decreased $519 thousand from the second quarter of 2019 due to a combination of lower earnings and a slightly lower effective tax rate. United’s effective tax rate was 20.5% for the third quarter of 2019, 20.7% for the second quarter of 2019 and 21.8% for the third quarter of 2018. For the first nine months of 2019 and 2018, United's effective tax rate was 20.9% and 22.3%, respectively. The lower effective tax rate for the time periods in 2019 was due primarily to the increased benefit from income tax credits.

United’s asset quality continues to be sound. At September 30, 2019, nonperforming loans were $140.3 million, or 1.03% 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 September 30, 2019, the allowance for loan losses was $77.1 million or 0.57% 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 $158.7 million, including OREO of $18.4 million at September 30, 2019, represented 0.80% 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 14.4% at September 30, 2019 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.3%, 12.3% and 10.2%, 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%.

As of September 30, 2019, United had consolidated assets of approximately $19.8 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region. United Bank which comprises 139 full-service banking offices and 16 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".

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2019 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 September 30, 2019 and will adjust amounts preliminarily reported, if necessary.

Use of non-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 these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-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 as tax-equivalent (FTE) net interest income, tangible equity and tangible book value per share. Management believes these non-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 a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-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 and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-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.

Where non-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 these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-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

 

Nine Months Ended

 

September 30

2019

September 30

2018

 

September 30

2019

September 30

2018

EARNINGS SUMMARY:

 

 

 

 

 

Interest income

$

190,351

 

$

185,030

 

 

$

578,693

 

$

530,215

 

Interest expense

 

48,433

 

 

36,255

 

 

 

142,054

 

 

88,275

 

Net interest income

 

141,918

 

 

148,775

 

 

 

436,639

 

 

441,940

 

Provision for loan losses

 

5,033

 

 

4,808

 

 

 

15,446

 

 

16,190

 

Noninterest income

 

42,224

 

 

31,686

 

 

 

113,242

 

 

98,885

 

Noninterest expenses

 

96,134

 

 

93,315

 

 

 

285,754

 

 

277,177

 

Income before income taxes

 

82,975

 

 

82,338

 

 

 

248,681

 

 

247,458

 

Income taxes

 

17,010

 

 

17,926

 

 

 

51,867

 

 

55,066

 

Net income

$

65,965

 

$

64,412

 

 

$

196,814

 

$

192,392

 

 

 

 

 

 

 

PER COMMON SHARE:

 

 

 

 

 

Net income:

 

 

 

 

 

Basic

$

0.65

 

$

0.62

 

 

$

1.93

 

$

1.84

 

Diluted

 

0.65

 

 

0.62

 

 

 

1.93

 

 

1.83

 

Cash dividends

$

0.34

 

$

0.34

 

 

 

1.02

 

 

1.02

 

Book value

 

 

 

 

33.03

 

 

31.32

 

Closing market price

 

 

 

$

37.87

 

$

36.35

 

Common shares outstanding:

 

 

 

 

 

Actual at period end, net of treasury shares

 

 

 

 

101,555,696

 

 

103,805,836

 

Weighted average - basic

 

101,432,243

 

 

103,617,590

 

 

 

101,698,530

 

 

104,382,094

 

Weighted average - diluted

 

101,711,740

 

 

103,933,959

 

 

 

101,967,135

 

 

104,679,876

 

 

 

 

 

 

 

FINANCIAL RATIOS:

 

 

 

 

 

Return on average assets

 

1.33

%

 

1.34

%

 

 

1.35

%

 

1.37

%

Return on average shareholders’ equity

 

7.79

%

 

7.83

%

 

 

7.93

%

 

7.86

%

Return on average tangible equity (non-GAAP) (1)

 

14.16

%

 

14.65

%

 

 

14.56

%

 

14.69

%

Average equity to average assets

 

17.08

%

 

17.13

%

 

 

17.04

%

 

17.43

%

Net interest margin

 

3.27

%

 

3.56

%

 

 

3.42

%

 

3.61

%

 

 

 

 

 

 

 

September 30

2019

September 30

2018

 

December 31
2018

June 30

2019

PERIOD END BALANCES:

 

 

 

 

 

Assets

$

19,751,461

 

$

19,187,643

 

 

$

19,250,498

 

$

19,882,539

 

Earning assets

 

17,389,984

 

 

16,872,384

 

 

 

16,971,602

 

 

17,548,123

 

Loans, net of unearned income

 

13,633,427

 

 

13,276,740

 

 

 

13,422,222

 

 

13,635,266

 

Loans held for sale

 

412,194

 

 

234,196

 

 

 

249,846

 

 

370,593

 

Investment securities

 

2,673,312

 

 

2,375,512

 

 

 

2,543,727

 

 

2,563,262

 

Total deposits

 

14,095,411

 

 

14,091,172

 

 

 

13,994,749

 

 

14,404,085

 

Shareholders’ equity

 

3,354,342

 

 

3,251,128

 

 

 

3,251,624

 

 

3,333,858

 

 
Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-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

 

Year to Date

 

September

 

September

 

June

 

March

 

September

 

September

 

2019

 

2018

 

2019

 

2019

 

2019

 

2018

Interest & Loan Fees Income (GAAP)

$

190,351

 

 

$

185,030

 

 

$

199,245

 

 

$

189,097

 

 

$

578,693

 

 

$

530,215

 

Tax equivalent adjustment

 

914

 

 

 

1,049

 

 

 

977

 

 

 

993

 

 

 

2,884

 

 

 

3,268

 

Interest & Fees Income (FTE) (non-GAAP)

 

191,265

 

 

 

186,079

 

 

 

200,222

 

 

 

190,090

 

 

 

581,577

 

 

 

533,483

 

Interest Expense

 

48,433

 

 

 

36,255

 

 

 

48,692

 

 

 

44,929

 

 

 

142,054

 

 

 

88,275

 

Net Interest Income (FTE) (non-GAAP)

 

142,832

 

 

 

149,824

 

 

 

151,530

 

 

 

145,161

 

 

 

439,523

 

 

 

445,208

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Loan Losses

 

5,033

 

 

 

4,808

 

 

 

5,417

 

 

 

4,996

 

 

 

15,446

 

 

 

16,190

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

Fees from trust services

 

3,574

 

 

 

3,350

 

 

 

3,438

 

 

 

3,264

 

 

 

10,276

 

 

 

9,545

 

Fees from brokerage services

 

2,378

 

 

 

2,787

 

 

 

2,766

 

 

 

2,524

 

 

 

7,668

 

 

 

6,964

 

Fees from deposit services

 

8,702

 

 

 

8,673

 

 

 

8,464

 

 

 

8,053

 

 

 

25,219

 

 

 

25,323

 

Bankcard fees and merchant discounts

 

1,262

 

 

 

1,549

 

 

 

1,102

 

 

 

1,156

 

 

 

3,520

 

 

 

4,384

 

Other charges, commissions, and fees

 

568

 

 

 

532

 

 

 

576

 

 

 

521

 

 

 

1,665

 

 

 

1,640

 

Income from bank-owned life insurance

 

1,280

 

 

 

1,251

 

 

 

1,326

 

 

 

1,827

 

 

 

4,433

 

 

 

3,776

 

Income from mortgage banking activities

 

24,019

 

 

 

13,277

 

 

 

21,704

 

 

 

13,681

 

 

 

59,404

 

 

 

46,539

 

Net gains (losses) on investment securities

 

116

 

 

 

(152

)

 

 

109

 

 

 

(159

)

 

 

66

 

 

 

(692

)

Other non-interest revenue

 

325

 

 

 

419

 

 

 

310

 

 

 

356

 

 

 

991

 

 

 

1,406

 

Total Non-Interest Income

 

42,224

 

 

 

31,686

 

 

 

39,795

 

 

 

31,223

 

 

 

113,242

 

 

 

98,885

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

Employee compensation

 

46,313

 

 

 

41,312

 

 

 

44,301

 

 

 

38,949

 

 

 

129,563

 

 

 

125,268

 

Employee benefits

 

8,615

 

 

 

8,645

 

 

 

8,578

 

 

 

9,431

 

 

 

26,624

 

 

 

27,514

 

Net occupancy

 

8,698

 

 

 

9,273

 

 

 

8,667

 

 

 

8,751

 

 

 

26,116

 

 

 

27,776

 

Data processing

 

5,776

 

 

 

6,068

 

 

 

5,567

 

 

 

5,162

 

 

 

16,505

 

 

 

17,735

 

Amortization of intangibles

 

1,754

 

 

 

2,009

 

 

 

1,754

 

 

 

1,754

 

 

 

5,262

 

 

 

6,029

 

OREO expense

 

1,837

 

 

 

921

 

 

 

633

 

 

 

1,416

 

 

 

3,886

 

 

 

2,423

 

Equipment expense

 

3,698

 

 

 

3,892

 

 

 

3,675

 

 

 

3,315

 

 

 

10,688

 

 

 

10,328

 

FDIC expense

 

465

 

 

 

3,530

 

 

 

3,300

 

 

 

3,300

 

 

 

7,065

 

 

 

8,220

 

Prepayment penalties on FHLB borrowings

 

0

 

 

 

0

 

 

 

5,105

 

 

 

0

 

 

 

5,105

 

 

 

0

 

Other expenses

 

18,978

 

 

 

17,665

 

 

 

18,615

 

 

 

17,347

 

 

 

54,940

 

 

 

51,884

 

Total Non-Interest Expense

 

96,134

 

 

 

93,315

 

 

 

100,195

 

 

 

89,425

 

 

 

285,754

 

 

 

277,177

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (FTE) (non-GAAP)

 

83,889

 

 

 

83,387

 

 

 

85,713

 

 

 

81,963

 

 

 

251,565

 

 

 

250,726

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

914

 

 

 

1,049

 

 

 

977

 

 

 

993

 

 

 

2,884

 

 

 

3,268

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (GAAP)

 

82,975

 

 

 

82,338

 

 

 

84,736

 

 

 

80,970

 

 

 

248,681

 

 

 

247,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes

 

17,010

 

 

 

17,926

 

 

 

17,529

 

 

 

17,328

 

 

 

51,867

 

 

 

55,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

65,965

 

 

$

64,412

 

 

$

67,207

 

 

$

63,642

 

 

$

196,814

 

 

$

192,392

 

 

 

 

 

 

 

 

 

 

 

 

 

MEMO: Effective Tax Rate

 

20.50

%

 

 

21.77

%

 

 

20.69

%

 

 

21.40

%

 

 

20.86

%

 

 

22.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

September 30

 

September 30

 

 

 

 

 

 

 

2019

 

2018

 

September 30

 

December 31

 

September 30

 

Q-T-D Average

Q-T-D Average

 

2019

2018

 

2018

 

 

 

 

 

Cash & Cash Equivalents

$

1,012,682

 

 

$

1,105,876

 

 

$

976,154

 

 

$

1,020,396

 

 

$

1,254,686

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

2,428,288

 

 

 

2,087,133

 

 

 

2,452,097

 

 

 

2,337,039

 

 

 

2,178,567

 

Held to Maturity Securities

 

3,911

 

 

 

20,368

 

 

 

1,471

 

 

 

19,999

 

 

 

20,351

 

Equity Securities

 

8,992

 

 

 

9,734

 

 

 

8,914

 

 

 

9,734

 

 

 

9,845

 

Other Investment Securities

 

208,632

 

 

 

167,294

 

 

 

210,830

 

 

 

176,955

 

 

 

166,749

 

Total Securities

 

2,649,823

 

 

 

2,284,529

 

 

 

2,673,312

 

 

 

2,543,727

 

 

 

2,375,512

 

Total Cash and Securities

 

3,662,505

 

 

 

3,390,405

 

 

 

3,649,466

 

 

 

3,564,123

 

 

 

3,630,198

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

358,525

 

 

 

257,008

 

 

 

412,194

 

 

 

249,846

 

 

 

234,196

 

 

 

 

 

 

 

 

 

 

 

Commercial Loans

 

9,453,569

 

 

 

9,628,904

 

 

 

9,452,464

 

 

 

9,447,420

 

 

 

9,451,496

 

Mortgage Loans

 

3,025,122

 

 

 

2,821,722

 

 

 

3,035,751

 

 

 

2,979,787

 

 

 

2,870,840

 

Consumer Loans

 

1,119,481

 

 

 

931,226

 

 

 

1,149,023

 

 

 

1,002,325

 

 

 

964,375

 

 

 

 

 

 

 

 

 

 

 

Gross Loans

 

13,598,172

 

 

 

13,381,852

 

 

 

13,637,238

 

 

 

13,429,532

 

 

 

13,286,711

 

 

 

 

 

 

 

 

 

 

 

Unearned income

 

(4,410

)

 

 

(10,928

)

 

 

(3,811

)

 

 

(7,310

)

 

 

(9,971

)

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

13,593,762

 

 

 

13,370,924

 

 

 

13,633,427

 

 

 

13,422,222

 

 

 

13,276,740

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses

 

(76,408

)

 

 

(77,103

)

 

 

(77,098

)

 

 

(76,703

)

 

 

(76,941

)

 

 

 

 

 

 

 

 

 

 

Goodwill

 

1,478,014

 

 

 

1,478,014

 

 

 

1,478,014

 

 

 

1,478,014

 

 

 

1,478,014

 

Other Intangibles

 

32,639

 

 

 

40,105

 

 

 

31,685

 

 

 

36,947

 

 

 

38,957

 

Total Intangibles

 

1,510,653

 

 

 

1,518,119

 

 

 

1,509,699

 

 

 

1,514,961

 

 

 

1,516,971

 

 

 

 

 

 

 

 

 

 

 

Operating Lease Right-of-Use Asset

 

61,740

 

 

---

 

 

 

60,318

 

 

 

---

 

 

---

 

Other Real Estate Owned

 

16,475

 

 

 

19,694

 

 

 

18,367

 

 

 

16,865

 

 

 

18,786

 

Other Assets

 

539,356

 

 

 

568,642

 

 

 

545,088

 

 

 

559,184

 

 

 

587,693

 

Total Assets

$

19,666,608

 

 

$

19,047,689

 

 

$

19,751,461

 

 

$

19,250,498

 

 

$

19,187,643

 

 

 

 

 

 

 

 

 

 

 

MEMO: Interest-earning Assets

$

17,356,204

 

 

$

16,746,772

 

 

$

17,389,984

 

 

$

16,971,602

 

 

$

16,872,384

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing Deposits

$

9,692,296

 

 

$

9,588,327

 

 

$

9,523,289

 

 

$

9,577,934

 

 

$

9,620,357

 

Noninterest-bearing Deposits

 

4,440,399

 

 

 

4,338,309

 

 

 

4,572,122

 

 

 

4,416,815

 

 

 

4,470,815

 

Total Deposits

 

14,132,695

 

 

 

13,926,636

 

 

 

14,095,411

 

 

 

13,994,749

 

 

 

14,091,172

 

 

 

 

 

 

 

 

 

 

 

Short-term Borrowings

 

120,155

 

 

 

212,566

 

 

 

329,966

 

 

 

351,327

 

 

 

379,508

 

Long-term Borrowings

 

1,870,944

 

 

 

1,543,004

 

 

 

1,708,297

 

 

 

1,499,103

 

 

 

1,319,371

 

Total Borrowings

 

1,991,099

 

 

 

1,755,570

 

 

 

2,038,263

 

 

 

1,850,430

 

 

 

1,698,879

 

 

 

 

 

 

 

 

 

 

 

Operating Lease Liability

 

65,430

 

 

---

 

 

 

63,987

 

 

---

 

 

---

 

Other Liabilities

 

117,947

 

 

 

102,534

 

 

 

199,458

 

 

 

153,695

 

 

 

146,464

 

Total Liabilities

 

16,307,171

 

 

 

15,784,740

 

 

 

16,397,119

 

 

 

15,998,874

 

 

 

15,936,515

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

---

 

 

---

 

 

---

 

 

---

 

 

---

 

Common Equity

 

3,359,437

 

 

 

3,262,949

 

 

 

3,354,342

 

 

 

3,251,624

 

 

 

3,251,128

 

Total Shareholders' Equity

 

3,359,437

 

 

 

3,262,949

 

 

 

3,354,342

 

 

 

3,251,624

 

 

 

3,251,128

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities & Equity

$

19,666,608

 

 

$

19,047,689

 

 

$

19,751,461

 

 

$

19,250,498

 

 

$

19,187,643

 

 

 

 

 

 

 

 

 

 

 

MEMO: Interest-bearing Liabilities

$

11,683,395

 

 

$

11,343,897

 

 

$

11,561,552

 

 

$

11,428,364

 

 

$

11,319,236

 

 

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 to Date

 

   

September

 

September

 

June

 

March

 

September

 

September

 

   

2019

 

2018

 

2019

 

2019

 

2019

 

2018

Quarterly/Year-to-Date Share Data:

   

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share:

   

 

 

 

 

 

 

 

 

 

 

 

Basic

   

$

0.65

 

 

$

0.62

 

 

$

0.66

 

 

$

0.62

 

 

$

1.93

 

 

$

1.84

 

Diluted

   

$

0.65

 

 

$

0.62

 

 

$

0.66

 

 

$

0.62

 

 

$

1.93

 

 

$

1.83

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Common Dividend Declared Per Share:

   

$

0.34

 

 

$

0.34

 

 

$

0.34

 

 

$

0.34

 

 

$

1.02

 

 

$

1.02

 

 

   

 

 

 

 

 

 

 

 

 

 

 

High Common Stock Price

   

$

39.98

 

 

$

39.95

 

 

$

39.88

 

 

$

39.14

 

 

$

39.98

 

 

$

39.95

 

Low Common Stock Price

   

$

34.77

 

 

$

34.75

 

 

$

35.42

 

 

$

30.67

 

 

$

30.67

 

 

$

33.40

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding (Net of Treasury Stock):

 

 

 

 

 

 

 

 

 

 

Basic

   

 

101,432,243

 

 

 

103,617,590

 

 

 

101,773,643

 

 

 

101,894,786

 

 

 

101,698,530

 

 

 

104,382,094

 

Diluted

   

 

101,711,740

 

 

 

103,933,959

 

 

 

102,047,845

 

 

 

102,162,704

 

 

 

101,967,135

 

 

 

104,679,876

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Memorandum Items:

   

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Common Dividends

   

$

34,518

 

 

$

35,303

 

 

$

34,688

 

 

$

34,759

 

 

$

103,965

 

 

$

106,635

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Dividend Payout Ratio

   

 

52.33

%

 

 

54.81

%

 

 

51.61

%

 

 

54.62

%

 

 

52.82

%

 

 

55.43

%

 

   

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

September

 

September

 

June 30

 

March 31

 

   

 

 

 

 

2019

 

2018

 

2019

 

2019

EOP Share Data:

   

 

 

 

 

 

 

 

 

 

 

 

Book Value Per Share

   

 

 

 

 

$

33.03

 

 

$

31.32

 

 

$

32.70

 

 

$

32.19

 

Tangible Book Value Per Share (non-GAAP) (1)

   

 

 

 

 

$

18.16

 

 

$

16.71

 

 

$

17.87

 

 

$

17.37

 

 

   

 

 

 

 

 

 

 

 

 

 

 

52-week High Common Stock Price

   

 

 

 

 

$

39.98

 

 

$

39.95

 

 

$

39.95

 

 

$

39.95

 

Date

   

 

 

 

 

 

09/13/19

 

 

 

08/21/18

 

 

 

08/21/18

 

 

 

08/21/18

 

52-week Low Common Stock Price

   

 

 

 

 

$

30.67

 

 

$

33.40

 

 

$

29.13

 

 

$

29.13

 

Date

   

 

 

 

 

 

01/02/19

 

 

 

05/01/18

 

 

 

12/27/18

 

 

 

12/27/18

 

 

   

 

 

 

 

 

 

 

 

 

 

 

EOP Shares Outstanding (Net of Treasury Stock):

 

 

 

 

101,555,696

 

 

 

103,805,836

 

 

 

101,963,030

 

 

 

102,118,029

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Memorandum Items:

   

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

EOP Employees (full-time equivalent)

   

 

 

 

 

 

2,231

 

 

 

2,290

 

 

 

2,212

 

 

 

2,216

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Note:

   

 

 

 

 

 

 

 

 

 

 

 

(1) Tangible Book Value Per Share:

   

 

 

 

 

 

 

 

 

 

 

 

Total Shareholders' Equity (GAAP)

   

 

 

 

 

$

3,354,342

 

 

$

3,251,128

 

 

$

3,333,858

 

 

$

3,286,891

 

Less: Total Intangibles

   

 

 

 

 

 

(1,509,699

)

 

 

(1,516,971

)

 

 

(1,511,453

)

 

 

(1,513,207

)

Tangible Equity (non-GAAP)

   

 

 

 

 

$

1,844,643

 

 

$

1,734,157

 

 

$

1,822,405

 

 

$

1,773,684

 

÷ EOP Shares Outstanding (Net of Treasury Stock)

   

 

 

 

 

 

101,555,696

 

 

 

103,805,836

 

 

 

101,963,030

 

 

 

102,118,029

 

Tangible Book Value Per Share (non-GAAP)

   

 

 

 

 

$

18.16

 

 

$

16.71

 

 

$

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

 

Year to Date

 

 

September

 

September

 

June

 

March

 

September

 

 

September

 

 

2019

 

2018

 

2019

 

2019

 

2019

 

 

2018

 

Selected Yields and Net Interest Margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loans

 

4.75

%

 

 

4.83

%

 

 

5.10

%

 

 

4.91

%

 

 

4.92

%

 

 

 

4.74

%

 

Investment Securities

 

2.90

%

 

 

2.74

%

 

 

2.90

%

 

 

2.93

%

 

 

2.91

%

 

 

 

2.66

%

 

Money Market Investments/FFS

 

2.98

%

 

 

2.39

%

 

 

2.81

%

 

 

3.20

%

 

 

2.99

%

 

 

 

2.19

%

 

Average Earning Assets Yield

 

4.38

%

 

 

4.42

%

 

 

4.67

%

 

 

4.54

%

 

 

4.53

%

 

 

 

4.33

%

 

Interest-bearing Deposits

 

1.49

%

 

 

1.09

%

 

 

1.46

%

 

 

1.37

%

 

 

1.44

%

 

 

 

0.87

%

 

Short-term Borrowings

 

1.78

%

 

 

1.15

%

 

 

1.79

%

 

 

1.61

%

 

 

1.72

%

 

 

 

0.85

%

 

Long-term Borrowings

 

2.44

%

 

 

2.38

%

 

 

2.70

%

 

 

2.77

%

 

 

2.63

%

 

 

 

2.26

%

 

Average Liability Costs

 

1.64

%

 

 

1.27

%

 

 

1.66

%

 

 

1.58

%

 

 

1.63

%

 

 

 

1.06

%

 

Net Interest Spread

 

2.74

%

 

 

3.15

%

 

 

3.01

%

 

 

2.96

%

 

 

2.90

%

 

 

 

3.27

%

 

Net Interest Margin

 

3.27

%

 

 

3.56

%

 

 

3.53

%

 

 

3.46

%

 

 

3.42

%

 

 

 

3.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Common Equity

 

7.79

%

 

 

7.83

%

 

 

8.12

%

 

 

7.88

%

 

 

7.93

%

 

 

 

7.86

%

 

Return on Average Assets

 

1.33

%

 

 

1.34

%

 

 

1.38

%

 

 

1.34

%

 

 

1.35

%

 

 

 

1.37

%

 

Return on Average Tangible Equity (non-GAAP) (1)

 

 

 

14.16

 

%

 

 

 

 

14.65

 

%

 

 

14.90

%

 

 

14.64

%

 

 

 

 

14.56

 

%

 

 

 

 

 

14.69

 

%

 

Efficiency Ratio

 

52.21

%

 

 

51.71

%

 

 

52.64

%

 

 

50.99

%

 

 

51.97

%

 

 

 

51.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Return on Average Tangible Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Net Income (GAAP)

$

65,965

 

 

$

64,412

 

 

$

67,207

 

 

$

63,642

 

 

$

196,814

 

 

 

$

192,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Number of days

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

 

 

273

 

 

 

 

273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Total Shareholders' Equity (GAAP)

$

3,359,437

 

 

$

3,262,949

 

 

$

3,220,987

 

 

$

3,276,822

 

 

$

3,319,420

 

 

 

$

3,270,789

 

 

Less: Average Total Intangibles

 

(1,510,653

)

 

 

(1,518,119

)

 

 

(1,512,400

)

 

 

(1,514,168

)

 

 

(1,512,394

)

 

 

 

(1,520,244

)

 

(c) Average Tangible Equity (non-GAAP)

$

1,848,784

 

 

$

1,744,830

 

 

$

1,808,587

 

 

$

1,762,654

 

 

$

1,807,026

 

 

 

$

1,750,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Tangible Equity (non-GAAP)
[(a) / (b)] x 365 / (c)

 

 

 

14.16

 

%

 

 

 

 

14.65

 

%

 

 

 

 

14.90

 

%

 

 

 

 

14.64

 

%

 

 

 

 

14.56

 

%

 

 

 

 

 

14.69

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September

 

September

 

December

 

June

 

 

March

 

 

 

 

2019

 

2018

 

2018

 

2019

 

 

2019

 

Selected Financial Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan / Deposit Ratio

 

 

 

96.72

%

 

 

94.22

%

 

 

95.91

%

 

 

94.66

%

 

 

 

95.86

%

 

Allowance for Loan Losses/ Loans, Net of Unearned Income

 

 

0.57

%

 

 

0.58

%

 

 

0.57

%

 

 

0.56

%

 

 

 

0.57

%

 

Allowance for Credit Losses (1)/ Loans, Net of Unearned Income

 

0.58

%

 

 

0.59

%

 

 

0.58

%

 

 

0.57

%

 

 

 

0.58

%

 

Nonaccrual Loans / Loans, Net of Unearned Income

 

 

0.51

%

 

 

0.50

%

 

 

0.51

%

 

 

0.52

%

 

 

 

0.47

%

 

90-Day Past Due Loans/ Loans, Net of Unearned Income

 

 

0.07

%

 

 

0.12

%

 

 

0.11

%

 

 

0.09

%

 

 

 

0.11

%

 

Non-performing Loans/ Loans, Net of Unearned Income

 

 

1.03

%

 

 

1.10

%

 

 

1.06

%

 

 

1.05

%

 

 

 

1.00

%

 

Non-performing Assets/ Total Assets

 

 

0.80

%

 

 

0.86

%

 

 

0.83

%

 

 

0.79

%

 

 

 

0.78

%

 

Primary Capital Ratio

 

 

17.31

%

 

 

17.28

%

 

 

17.23

%

 

 

17.09

%

 

 

 

17.06

%

 

Shareholders' Equity Ratio

 

 

16.98

%

 

 

16.94

%

 

 

16.89

%

 

 

16.77

%

 

 

 

16.73

%

 

Price / Book Ratio

 

 

1.15

x

 

1.16

x

 

0.98

x

 

1.13

x

 

 

1.13

x

Price / Earnings Ratio

 

 

14.60

x

 

14.66

x

 

12.71

x

 

14.08

x

 

 

14.54

x

 

Note:

(1) Includes allowances for loan losses and lending-related commitments.

 
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 to Date

 

 

 

September

 

September

 

June

 

March

 

 

September

 

 

September

 

 

Mortgage Banking Data – George Mason:

2019

 

2018

 

2019

 

2019

 

 

2019

 

 

2018

 

 

Applications

$

1,290,000

 

 

$

854,000

 

 

$

1,278,000

 

 

$

866,000

 

 

 

$

3,434,000

 

 

 

$

3,198,000

 

 

 

Loans originated

 

907,896

 

 

 

641,141

 

 

 

801,926

 

 

 

454,588

 

 

 

 

2,164,410

 

 

 

 

2,089,366

 

 

 

Loans sold

$

865,873

 

 

$

692,270

 

 

$

680,986

 

 

$

457,192

 

 

 

$

2,004,051

 

 

 

$

2,093,948

 

 

 

Purchase money % of loans closed

 

63

%

 

 

88

%

 

 

81

%

 

 

86

%

 

 

 

74

%

 

 

 

82

%

 

 

Realized gain on sales and fees as a % of loans sold

 

2.74

%

 

 

2.85

%

 

 

2.89

%

 

 

3.07

%

 

 

 

2.87

%

 

 

 

2.70

%

 

 

Net interest income

$

203

 

 

$

388

 

 

$

111

 

 

$

55

 

 

 

$

369

 

 

 

$

1,028

 

 

 

Other income

 

24,331

 

 

 

16,478

 

 

 

23,501

 

 

 

16,106

 

 

 

 

63,938

 

 

 

 

54,829

 

 

 

Other expense

 

20,256

 

 

 

17,957

 

 

 

18,771

 

 

 

14,842

 

 

 

 

53,869

 

 

 

 

57,566

 

 

 

Income taxes (benefit)

 

877

 

 

 

(245

)

 

 

1,004

 

 

 

282

 

 

 

 

2,163

 

 

 

 

(384

)

 

 

Net income (loss)

$

3,401

 

 

$

(846

)

 

$

3,837

 

 

$

1,037

 

 

 

$

8,275

 

 

 

$

(1,325

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September

 

September

 

December

 

 

June

 

 

March

Period End Mortgage Banking Data – George Mason:

 

 

2019

 

2018

2018

2019

 

 

2019

 

Locked pipeline

 

$

262,313

 

$

170,545

$

122,677

 

 

$

305,843

 

 

 

 

$

223,657

 

 

 

 

 

 

 September

 

September

 

December

 

June

 

March

 

Asset Quality Data:

 

 

2019

 

2018

 

2018

 

2019

 

2019

 

EOP Non-Accrual Loans

 

 

 $

69,884

 

 

$

66,554

 

 

$

68,544

 

 

$

71,123

 

 

$

63,402

 

 

EOP 90-Day Past Due Loans

 

 

 

9,840

 

 

 

15,949

 

 

 

14,851

 

 

 

12,729

 

 

 

15,572

 

 

EOP Restructured Loans (1)(2)

 

 

 

60,559

 

 

 

63,626

 

 

 

59,425

 

 

 

58,750

 

 

 

56,778

 

 

Total EOP Non-performing Loans

 

 

 $

140,283

 

 

$

146,129

 

 

$

142,820

 

 

$

142,602

 

 

$

135,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EOP Other Real Estate Owned

 

 

 

18,367

 

 

 

18,786

 

 

 

16,865

 

 

 

14,469

 

 

 

17,465

 

 

Total EOP Non-performing Assets

 

 

 $

158,650

 

 

$

164,915

 

 

$

159,685

 

 

$

157,071

 

 

$

153,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year to Date

 

 

September

 

September

 

June

 

March

 

September

 

September

 

Allowance for Loan Losses:

2019

 

2018

 

2019

 

2019

 

2019

 

2018

 

Beginning Balance

$

76,400

 

 

$

77,135

 

 

$

76,886

 

 

$

76,703

 

 

$

76,703

 

 

$

76,627

 

 

Provision for Loan Losses

 

5,033

 

 

 

4,808

 

 

 

5,417

 

 

 

4,996

 

 

 

15,446

 

 

 

16,190

 

 

 

 

81,433

 

 

 

81,943

 

 

 

82,303

 

 

 

81,699

 

 

 

92,149

 

 

 

92,817

 

 

Gross Charge-offs

 

(5,404

)

 

 

(7,044

)

 

 

(7,588

)

 

 

(6,414

)

 

 

(19,406

)

 

 

(20,614

)

 

Recoveries

 

1,069

 

 

 

2,042

 

 

 

1,685

 

 

 

1,601

 

 

 

4,355

 

 

 

4,738

 

 

Net Charge-offs

 

(4,335

)

 

 

(5,002

)

 

 

(5,903

)

 

 

(4,813

)

 

 

(15,051

)

 

 

(15,876

)

 

Ending Balance

 

77,098

 

 

 

76,941

 

 

$

76,400

 

 

$

76,886

 

 

 

77,098

 

 

 

76,941

 

 

Reserve for lending-related commitments

 

1,776

 

 

 

1,144

 

 

 

1,752

 

 

 

1,461

 

 

 

1,776

 

 

 

1,144

 

 

Allowance for Credit Losses (3)

$

78,874

 

 

$

78,085

 

 

$

78,152

 

 

$

78,347

 

 

$

78,874

 

 

$

78,085

 

Notes:

(1)

 

Restructured loans with an aggregate balance of $50,757, $50,974, $48,586, $47,459 and $48,899 at September 30, 2019, September 30, 2018, June 30, 2019, March 31, 2019 and December 31, 2018, respectively, were on nonaccrual status, but are not included in “EOP Non-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 “EOP 90-Day Past Due Loans.”

(3)

 

Includes allowances for loan losses and lending-related commitments.

 

Contacts

W. Mark Tatterson
Chief Financial Officer
(800) 445-1347 ext. 8716

Contacts

W. Mark Tatterson
Chief Financial Officer
(800) 445-1347 ext. 8716