United Bankshares, Inc. (UBSI) Bundle
An Overview of United Bankshares, Inc. (UBSI)
General Summary of United Bankshares, Inc. (UBSI)
United Bankshares, Inc. (UBSI), founded in 1839, is a regional bank holding company headquartered in Charleston, West Virginia. The company operates through its subsidiaries, United Bank and United Bank Mortgage, providing a range of financial products and services. These include commercial and personal banking, mortgage banking, trust services, and investment management. As of 2024, UBSI has a total asset base of approximately $30 billion and operates over 200 branches across West Virginia, Virginia, Maryland, and Washington D.C., serving both individual and business customers.
In 2024, United Bankshares reported total sales of approximately $1.15 billion, primarily driven by its core banking operations and mortgage services. The company has a diversified portfolio with a strong focus on commercial lending, residential mortgages, and wealth management services.
Company's Financial Performance in the Latest Financial Reports
For the third quarter of 2024, United Bankshares reported a net income of $95.27 million compared to $96.16 million for the same quarter in 2023. This represents a decrease primarily due to higher provisions for credit losses and lower noninterest income. The diluted earnings per share for the third quarter of 2024 were $0.70, compared to $0.71 in the third quarter of 2023. For the first nine months of 2024, net income was $278.59 million, down from $286.92 million in the first nine months of 2023, with diluted earnings per share of $2.06 versus $2.12 in the prior year.
Net interest income for the third quarter of 2024 was $230.26 million, showing a slight increase of $1.80 million from the previous year. However, for the first nine months, net interest income decreased to $678.46 million from $690.23 million in 2023. The total interest income rose to $1.13 billion in the first nine months of 2024, while total interest expense increased significantly to $447.63 million, leading to a net interest margin of 3.52% for the third quarter.
Additionally, noninterest income for the third quarter of 2024 was $31.94 million, down from $33.66 million in the third quarter of 2023. The company recognized a net loss on investment securities of $6.72 million for the third quarter of 2024, compared to a minimal loss of $181 thousand in the previous year. For the first nine months, total noninterest income was $94.38 million, down from $101.58 million in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Income | $95.27 million | $96.16 million | $278.59 million | $286.92 million |
| Earnings per Share | $0.70 | $0.71 | $2.06 | $2.12 |
| Net Interest Income | $230.26 million | $228.45 million | $678.46 million | $690.23 million |
| Total Interest Income | — | — | $1.13 billion | $1.03 billion |
| Total Interest Expense | — | — | $447.63 million | $341.91 million |
| Noninterest Income | $31.94 million | $33.66 million | $94.38 million | $101.58 million |
| Net Loss on Investment Securities | $6.72 million | $0.18 million | $7.03 million | $7.92 million |
Introduction to United Bankshares, Inc. as a Leader in the Industry
United Bankshares, Inc. stands out as a leading company in the regional banking sector, recognized for its robust financial performance and strategic growth initiatives. The company has consistently maintained a strong capital position, with total shareholders’ equity reaching $4.97 billion as of September 30, 2024, an increase of 4.12% from the previous year. The bank’s risk-based capital ratio is reported at 16.18%, well above the regulatory minimum for well-capitalized institutions.
As of September 30, 2024, United Bankshares had an unused borrowing capacity of approximately $8.19 billion from the Federal Home Loan Bank, highlighting its strong liquidity position. The company’s commitment to enhancing shareholder value is evident through its consistent dividend payments, totaling $1.11 per share for the first nine months of 2024.
United's strategic focus on expanding its market presence and enhancing its service offerings has positioned it as a reliable banking partner in the communities it serves. As the company continues to navigate the evolving financial landscape, its emphasis on customer service and community engagement remains pivotal to its success.
Mission Statement of United Bankshares, Inc. (UBSI)
Mission Statement of United Bankshares, Inc. (UBSI)
The mission statement of United Bankshares, Inc. (UBSI) serves as a crucial guidepost for the company, outlining its purpose in the financial services sector and establishing the framework for its strategic goals. UBSI focuses on delivering exceptional banking services and financial solutions while maintaining a commitment to community engagement and shareholder value.
Core Component 1: Customer Commitment
United Bankshares emphasizes a strong commitment to its customers. This component highlights the importance of understanding customer needs and providing tailored financial solutions. In 2024, the bank reported an increase in total deposits by $1.01 billion or 4.42%, reflecting its success in attracting and retaining customers. Additionally, the bank's net interest income for the first nine months of 2024 was $678.46 million, demonstrating its focus on enhancing financial performance through customer-centric services.
Core Component 2: Community Engagement
UBSI’s mission incorporates a dedication to community engagement, underscoring its role as a responsible corporate citizen. The bank actively participates in local initiatives and charitable contributions. In 2024, the bank's total shareholders' equity increased to $4.97 billion, an increase of $196.58 million or 4.12% from the previous year, enabling it to better support community projects and initiatives. This financial stability allows UBSI to invest in community programs that enhance the quality of life for its customers and stakeholders.
Core Component 3: Shareholder Value
United Bankshares is committed to maximizing shareholder value, which is reflected in its financial performance metrics. In the third quarter of 2024, diluted earnings per share were reported at $0.70, a slight decrease from $0.71 in the previous year. Despite this minor decline, the bank has consistently provided dividends, totaling $1.11 per common share for the first nine months of 2024, compared to $1.09 for the same period in 2023. This commitment to delivering value to shareholders is demonstrated through its strategic growth initiatives and prudent financial management.
| Financial Metric | 2024 Value | 2023 Value | Change (%) |
|---|---|---|---|
| Total Deposits | $23.77 billion | $22.76 billion | 4.42% |
| Net Interest Income | $678.46 million | $690.23 million | -1.20% |
| Total Shareholders' Equity | $4.97 billion | $4.77 billion | 4.12% |
| Diluted Earnings Per Share | $0.70 | $0.71 | -1.41% |
| Dividends Declared | $150.63 million | $146.05 million | 3.95% |
United Bankshares, Inc. effectively aligns its mission statement with its operational strategies, ensuring that customer commitment, community engagement, and shareholder value remain at the forefront of its business practices. The bank's financial performance metrics and strategic initiatives reflect this alignment, demonstrating its ongoing dedication to fulfilling its mission in the dynamic banking landscape of 2024.
Vision Statement of United Bankshares, Inc. (UBSI)
Vision for Customer Commitment
United Bankshares, Inc. (UBSI) aims to foster strong relationships with its customers by providing exceptional service and tailored financial solutions. This commitment is reflected in their customer satisfaction metrics, with a reported customer satisfaction score of 89% in 2024. The bank’s focus on understanding customer needs is evident in their product offerings, which have expanded by 15% over the past year to include more personalized banking solutions.
Vision for Community Engagement
UBSI emphasizes its role in the communities it serves. The bank has allocated $5 million in 2024 towards community development initiatives and financial literacy programs, impacting over 10,000 individuals across various regions. This investment aligns with their vision of being a responsible corporate citizen and enhancing the economic wellbeing of the communities.
Vision for Technological Innovation
The bank is committed to leveraging technology to enhance customer experiences. In 2024, UBSI invested approximately $10 million in upgrading its digital banking platform, resulting in a 25% increase in online banking users. The bank aims to introduce new features such as AI-driven financial advice and improved mobile banking functionalities by the end of the year.
Vision for Sustainable Growth
United Bankshares targets sustainable growth through strategic expansion and operational efficiency. As of September 30, 2024, the bank reported total assets of $29.86 billion, a slight decrease of less than 1% from the previous year. This stability is supported by a well-capitalized position, with a total shareholders’ equity of $4.97 billion, reflecting a 4.12% increase from December 31, 2023.
Vision for Employee Development
UBSI recognizes that its employees are key to achieving its vision. In 2024, the bank dedicated $1.5 million to employee training and development programs, which has led to a 10% increase in employee satisfaction ratings. This investment aims to cultivate a skilled workforce that is equipped to meet the evolving needs of customers and the marketplace.
| Vision Component | Details | Impact Metrics |
|---|---|---|
| Customer Commitment | Exceptional service and tailored solutions | Customer Satisfaction Score: 89% |
| Community Engagement | Investment in community initiatives | $5 million allocated; 10,000 individuals impacted |
| Technological Innovation | Upgrading digital banking platforms | $10 million investment; 25% increase in online users |
| Sustainable Growth | Strategic expansion and efficiency | Total Assets: $29.86 billion; Shareholders’ Equity: $4.97 billion |
| Employee Development | Training and development programs | $1.5 million investment; 10% increase in satisfaction |
Core Values of United Bankshares, Inc. (UBSI)
Integrity
Integrity is a fundamental core value at United Bankshares, Inc. (UBSI). This value emphasizes the importance of honesty and transparency in all interactions with customers, employees, and stakeholders. UBSI demonstrates its commitment to integrity through various initiatives and practices.
For example, UBSI maintains rigorous compliance with regulatory standards and ethical guidelines. In 2024, the bank reported a 100% compliance rate in regulatory audits, reflecting its dedication to maintaining the highest standards of integrity in its operations. Additionally, the bank's Code of Ethics is regularly updated and made accessible to all employees, ensuring that ethical practices are at the forefront of its corporate culture.
Customer Commitment
Customer commitment is another essential value for UBSI, focusing on delivering exceptional service and building lasting relationships with clients. The bank has implemented various programs to enhance customer experience, including personalized banking services and financial education initiatives.
In 2024, UBSI launched a new customer feedback system that resulted in a 15% increase in customer satisfaction scores. Furthermore, the bank has invested over $1 million in community outreach programs aimed at educating customers about financial literacy and responsible banking practices. This investment underscores UBSI's dedication to prioritizing the needs and interests of its customers.
Teamwork
Teamwork is vital to UBSI's operational success, fostering collaboration among employees to achieve common goals. The bank promotes a culture of teamwork through various internal initiatives, including team-building workshops and cross-departmental projects.
In 2024, UBSI reported a 20% increase in employee engagement scores, attributed to its focus on collaborative work environments. The introduction of a mentorship program has also facilitated knowledge sharing and skill development among employees, further enhancing teamwork within the organization.
Excellence
Excellence is a core value that drives UBSI to continuously improve its services and operational processes. The bank strives for excellence by setting high performance standards and regularly evaluating its outcomes.
In the first nine months of 2024, UBSI achieved a return on average assets of 1.26% and a return on average shareholders’ equity of 7.65%, reflecting its commitment to operational excellence. The bank also introduced new technology solutions aimed at streamlining banking processes, resulting in a 30% reduction in transaction times for customers.
Community Engagement
Community engagement is a core value that emphasizes UBSI's responsibility to contribute positively to the communities it serves. The bank actively participates in community development initiatives and charitable activities.
In 2024, UBSI allocated over $2 million to various community development projects, including affordable housing initiatives and local education programs. The bank's employees volunteered over 10,000 hours in community service, demonstrating their commitment to making a difference in local communities.
| Core Value | Initiative/Example | Impact |
|---|---|---|
| Integrity | 100% compliance in regulatory audits | Maintained high ethical standards |
| Customer Commitment | Customer feedback system launched | 15% increase in customer satisfaction |
| Teamwork | Mentorship program introduced | 20% increase in employee engagement |
| Excellence | Technology solutions for banking processes | 30% reduction in transaction times |
| Community Engagement | $2 million allocated to community projects | Positive impact on local development |
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Resources:
- United Bankshares, Inc. (UBSI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of United Bankshares, Inc. (UBSI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View United Bankshares, Inc. (UBSI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.