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

United Bankshares, Inc. 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.

 

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