SEC Company Response from UNITED BANKSHARES (UBSI) — Jun 9, 2022
UNITED BANKSHARES INC/WV (UBSI) (CIK 0000729986)
Date: June 9, 2022 · CIK: 0000729986 · Accession: 0001193125-22-170921
AI Filing Summary & Sentiment
Letter
June 9, 2022
VIA EDGAR
Mr. Jacob Luxenburg
Ms. Bonnie Baynes
Division of Corporation Finance
Office of Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: UNITED BANKSHARES INC/WV
Form 10-K for Fiscal Year Ended December 31, 2021
Filed March 1, 2022
File Number 002-86947
To those addressed:
This letter is provided on behalf of United Bankshares, Inc. (“United” or the “Company”) in response to your letter of June 3, 2022 regarding the Company’s Form 10-K for the fiscal year ended December 31, 2021. In accordance with your request, we have responded to the comment included in your letter.
Set forth below in italics is the comment contained in the staff’s letter, together with the Company’s response.
Form 10-K for Fiscal Year Ended December 31, 2021
2021 Compared to 2020
Portfolio Loans, page 45
1. We note your 2021 Community Bankers Trust Corporation acquisition and your 2020 Carolina Financial Corporation acquisition on page 39 that include $1.28 billion and $3.29 billion of loans and leases, net of unearned income, respectively. Due to these significant increases in acquired loans, please provide us proposed revised disclosure for future filings to detail the amount of loans acquired and outstanding by loan type for each period presented.
United Bankshares, Inc.
Form 10-K for Fiscal Year Ended December 31, 2021
Page 2
Response:
In future filings of United’s Form 10-K, we will include the following additional tabular disclosure to supplement our discussion of Portfolio Loans in Management’s Discussion and Analysis of Financial Condition and Results of Operations:
December 31, 20X2
December 31, 20X1
(In thousands)
Originated
Acquired
Total
Originated
Acquired
Total
Commercial, financial, and agricultural:
Owner-occupied commercial real estate
$ x,xxx,xxx
$ x,xxx,xxx
$ x,xxx,xxx
$ x,xxx,xxx
$ x,xxx,xxx
$ x,xxx,xxx
Nonowner-occupied commercial real estate
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
Other commercial loans
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
Total commercial, financial, and agricultural
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
Residential real estate
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
Construction & land development
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
Consumer:
Bankcard
x,xxx
x,xxx
x,xxx
x,xxx
x,xxx
x,xxx
Other consumer
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
x,xxx,xxx
Total gross loans
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
$ xx,xxx,xxx
If you should have any further questions regarding these filings, please do not hesitate to contact the undersigned at (304) 424-8716.
Sincerely,
/s/ W. Mark Tatterson
Show Raw Text
CORRESP 1 filename1.htm CORRESP June 9, 2022 VIA EDGAR Mr. Jacob Luxenburg Ms. Bonnie Baynes Division of Corporation Finance Office of Finance Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: UNITED BANKSHARES INC/WV Form 10-K for Fiscal Year Ended December 31, 2021 Filed March 1, 2022 File Number 002-86947 To those addressed: This letter is provided on behalf of United Bankshares, Inc. (“United” or the “Company”) in response to your letter of June 3, 2022 regarding the Company’s Form 10-K for the fiscal year ended December 31, 2021. In accordance with your request, we have responded to the comment included in your letter. Set forth below in italics is the comment contained in the staff’s letter, together with the Company’s response. Form 10-K for Fiscal Year Ended December 31, 2021 2021 Compared to 2020 Portfolio Loans, page 45 1. We note your 2021 Community Bankers Trust Corporation acquisition and your 2020 Carolina Financial Corporation acquisition on page 39 that include $1.28 billion and $3.29 billion of loans and leases, net of unearned income, respectively. Due to these significant increases in acquired loans, please provide us proposed revised disclosure for future filings to detail the amount of loans acquired and outstanding by loan type for each period presented. United Bankshares, Inc. Form 10-K for Fiscal Year Ended December 31, 2021 Page 2 Response: In future filings of United’s Form 10-K, we will include the following additional tabular disclosure to supplement our discussion of Portfolio Loans in Management’s Discussion and Analysis of Financial Condition and Results of Operations: December 31, 20X2 December 31, 20X1 (In thousands) Originated Acquired Total Originated Acquired Total Commercial, financial, and agricultural: Owner-occupied commercial real estate $ x,xxx,xxx $ x,xxx,xxx $ x,xxx,xxx $ x,xxx,xxx $ x,xxx,xxx $ x,xxx,xxx Nonowner-occupied commercial real estate x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx Other commercial loans x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx Total commercial, financial, and agricultural $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx Residential real estate x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx Construction & land development x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx Consumer: Bankcard x,xxx x,xxx x,xxx x,xxx x,xxx x,xxx Other consumer x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx x,xxx,xxx Total gross loans $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx $ xx,xxx,xxx If you should have any further questions regarding these filings, please do not hesitate to contact the undersigned at (304) 424-8716. Sincerely, /s/ W. Mark Tatterson W. Mark Tatterson Chief Financial Officer 514 Market Street, Parkersburg, WV 26102