United Bankshares (UBSI) Q4 FY2023 earnings: revenue $263 million, down 6.0% on the year

United Bankshares Inc. (UBSI) reported revenue of $263 million for Q4 FY2023, the quarter ended 31 December 2023, down 6.0% on the same quarter a year earlier. Net income was $79 million, down 20.4% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$263 milliondown 6.0%

Net income$79 milliondown 20.4%

Diluted EPS$0.59

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	263	262	n/a	n/a
Interest expense	139	128	n/a	n/a
Pre-tax income	104	121	n/a	n/a
Income tax	24.8	24.8	n/a	n/a
Effective tax rate	23.8%	20.5%	n/a
Net income	79.4	96.2	n/a	n/a
Net margin	30.1%	36.7%	n/a
Diluted EPS	$0.59	$0.71	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	163	89.6	n/a	n/a
Capital expenditure	3.2	1.8	n/a	n/a
Free cash flow	159	87.8	n/a	n/a
Cash from investing	-250	-68.0	n/a	n/a
Cash from financing	502	-530	n/a	n/a
Share-based compensation	3.3	3.1	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	48.7	48.7	n/a	n/a
Dividend per share	$0.37	$0.36	n/a	n/a
Diluted shares, weighted	135m	135m	n/a	n/a
Shares outstanding at period end	135m	135m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	4,771	4,649	n/a	n/a
Deposits	22,819	22,677	n/a	n/a
Short-term borrowings	196	188	n/a	n/a
Debt	1,789	1,111	n/a	n/a
Other liabilities	351	600	n/a	n/a
Total liabilities and equity	29,926	29,225	n/a	n/a
Fixed assets	191	192	n/a	n/a
Goodwill	1,889	1,889	n/a	n/a
Securities held for sale or to maturity	1.0	1.0	n/a	n/a
Loans	21,100	20,843	n/a	n/a
Cash and equivalents	1,599	1,184	n/a	n/a
Other assets	5,147	5,116	n/a	n/a
Total assets	29,926	29,225	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	262	263	255	256	262	262	290	306	323	318	317	324
Interest expense	128	139	147	148	152	143	144	147	151	143	n/a	n/a
Pre-tax income	121	104	108	115	120	121	107	152	164	160	156	164
Tax rate	20%	24%	20%	16%	21%	22%	21%	21%	21%	19%	20%	20%
Net income	96.2	79.4	86.8	96.5	95.3	94.4	84.3	121	131	129	124	131
Net margin	37%	30%	34%	38%	36%	36%	29%	39%	40%	40%	39%	41%
Diluted EPS	$0.71	$0.59	$0.64	$0.71	$0.70	$0.69	$0.59	$0.85	$0.92	$0.91	$0.89	$0.95
Operating cash flow	89.6	163	124	61.2	124	136	120	89.4	151	139	161	105
Capital expenditure	1.8	3.2	4.8	3.0	1.6	2.8	3.9	4.2	4.2	5.4	4.8	7.2
Free cash flow	87.8	159	120	58.2	122	133	116	85.2	146	133	156	98.0
Buybacks	0.0	0.0	1.0	0.0	0.0	0.0	20.3	32.6	26.5	47.6	70.3	66.0
Dividends paid	48.7	48.7	50.1	50.2	50.2	50.2	50.5	53.3	52.7	52.5	53.4	53.3
Shares outstanding	135m	135m	135m	135m	135m	143m	142m	142m	140m	139m	138m	136m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001193125-24-053462: the filing on EDGAR. All of United Bankshares Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install