United Bankshares Inc. (UBSI) Financial Statements (2024 and earlier)

Company Profile

Business Address 300 UNITED CTR
CHARLESTON, WV 25301
State of Incorp. WV
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,597,7731,175,5733,757,2432,208,245836,6731,019,593
Cash and cash equivalents1,597,7731,175,5733,757,2432,208,245836,6731,019,593
Financing receivable, accrued interest, after allowance for credit loss111,42094,890  
Total current assets:1,709,1931,270,4633,757,2432,208,245836,6731,019,593
Noncurrent Assets
Operating lease, right-of-use asset86,98671,14481,94269,52057,783
Property, plant and equipment190,520199,161197,220175,82496,64495,245
Intangible assets, net (including goodwill)1,888,8891,888,8891,887,7701,798,1241,478,0141,478,014
Goodwill1,888,8891,888,8891,886,4941,796,8481,478,0141,478,014
Intangible assets, net (excluding goodwill)   1,2761,276  
Total noncurrent assets:2,166,3952,159,1942,166,9322,043,4681,632,4411,573,259
Other undisclosed assets26,050,89426,059,72323,404,72721,932,53417,193,21016,657,646
TOTAL ASSETS:29,926,48229,489,38029,328,90226,184,24719,662,32419,250,498
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt196,095160,698128,844142,300124,654176,327
Total current liabilities:196,095160,698128,844142,300124,654176,327
Noncurrent Liabilities
Long-term debt and lease obligation278,616276,989275,323269,972236,164234,905
Long-term debt, excluding current maturities278,616276,989275,323269,972236,164234,905
Total noncurrent liabilities:278,616276,989275,323269,972236,164234,905
Other undisclosed liabilities24,680,53124,535,50024,206,10721,474,35515,937,67315,587,642
Total liabilities:25,155,24224,973,18724,610,27421,886,62716,298,49115,998,874
Equity
Equity, attributable to parent4,771,2404,516,1934,718,6284,297,6203,363,8333,251,624
Common stock355,644355,029353,402334,523263,736263,098
Treasury stock, value(252,106)(250,404)(170,618)(159,139)(137,788)(101,954)
Additional paid in capital3,181,7643,168,8743,149,9552,894,4712,140,1752,134,462
Accumulated other comprehensive income (loss)(259,681)(332,732)(4,888)22,370(34,869)(57,019)
Retained earnings1,745,6191,575,4261,390,7771,205,3951,132,5791,013,037
Total equity:4,771,2404,516,1934,718,6284,297,6203,363,8333,251,624
TOTAL LIABILITIES AND EQUITY:29,926,48229,489,38029,328,90226,184,24719,662,32419,250,498

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues1,401,320311,957330,958263,249762,562717,715
Gain on disposition of assets for financial service operations  41,274161,108266,094  
Net investment income1,401,3201,001,990795,117798,382762,562717,715
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
    (106,562)(21,313)(22,013)
Gross profit:1,401,320311,957330,958156,687741,249695,702
Operating expenses(306,630)(317,534)(353,450)(351,384)(231,044) 
Other operating income, net
(Noninterest Income, Other Operating Income)
11,0567,3408,0042,6821,3271,767
Operating income (loss):1,105,7461,763(14,488)(192,015)511,532697,469
Nonoperating income8,3908,4886,8407,2177,3395,045
Bank owned life insurance income8,3309,1886,8407,2177,3395,045
Interest and debt expense(481,396)(105,559)(52,383)(108,609)(184,640)(129,070)
Income (loss) from continuing operations before equity method investments, income taxes:632,740(95,308)(60,031)(293,407)334,231573,444
Other undisclosed income (loss) from continuing operations before income taxes(168,935)571,091522,884653,147(9,792)(246,279)
Income from continuing operations before income taxes:463,805475,783462,853359,740324,439327,165
Income tax expense(97,492)(96,156)(95,115)(70,717)(64,340)(70,823)
Income from continuing operations:366,313379,627367,738289,023260,099256,342
Income before gain (loss) on sale of properties:367,738289,023260,099256,342
Net income attributable to parent:366,313379,627367,738289,023260,099256,342
Other undisclosed net loss available to common stockholders, basic(879)(1,003)(1,042)(741)(595)(464)
Net income available to common stockholders, diluted:365,434378,624366,696288,282259,504255,878

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:366,313379,627367,738289,023260,099256,342
Other comprehensive income (loss)(18,391)116,5109,582(9,418)(9,110)504
Comprehensive income:347,922496,137377,320279,605250,989256,846
Other undisclosed comprehensive income (loss), net of tax, attributable to parent91,442(444,354)(36,840)66,65731,210(9,009)
Comprehensive income, net of tax, attributable to parent:439,36451,783340,480346,262282,199247,837

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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