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: |
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| 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 | ||||||||||||||||||
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| 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: |
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| 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 | ||||||||||||||||||
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| Total gross loans |
$ | xx,xxx,xxx | $ | xx,xxx,xxx | $ | xx,xxx,xxx | $ | xx,xxx,xxx | $ | xx,xxx,xxx | $ | xx,xxx,xxx | ||||||||||||
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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