UNITED BANKSHARES INC/WV Segments Disclosure
For the Year Ended December 31 |
||||||||||||
(In thousands) |
2025 |
2024 |
2023 |
|||||||||
Total Assets |
$ | 33,660,281 | $ | 30,023,545 | $ | 29,926,482 | ||||||
Net interest income |
$ | 1,102,164 | $ | 911,068 | $ | 919,924 | ||||||
Provision for credit losses |
53,866 | 25,153 | 31,153 | |||||||||
Other income |
135,154 | 123,695 | 135,258 | |||||||||
Other expense |
||||||||||||
Employee compensation |
252,054 | 234,618 | 230,809 | |||||||||
Employee benefits |
54,333 | 53,621 | 48,368 | |||||||||
Net occupancy expense |
49,794 | 46,084 | 46,426 | |||||||||
OREO expense |
892 | 576 | 1,355 | |||||||||
Net gains on the sales of OREO properties |
(148 | ) | (75 | ) | (60 | ) | ||||||
Equipment expense |
34,917 | 29,686 | 29,731 | |||||||||
Data processing expense |
32,622 | 29,646 | 29,395 | |||||||||
Mortgage loan servicing expense and impairment |
0 | 2,694 | 5,596 | |||||||||
Bankcard processing expense |
2,342 | 2,490 | 2,192 | |||||||||
FDIC insurance expense |
17,022 | 19,735 | 30,376 | |||||||||
Other segment expense (a) |
156,224 | 125,956 | 136,036 | |||||||||
Total other expense |
600,052 | 545,031 | 560,224 | |||||||||
Income before income taxes |
583,400 | 464,579 | 463,805 | |||||||||
Income taxes |
118,797 | 91,583 | 97,492 | |||||||||
Segment net income |
464,603 | 372,996 | 366,313 | |||||||||
Reconciliation of profit or loss |
||||||||||||
Adjustments and reconciling items |
0 | 0 | 0 | |||||||||
Consolidated net income |
$ | 464,603 | $ | 372,996 | $ | 366,313 | ||||||
| (a) | Other segment expense includes legal, consulting and other professional services expense, franchise and other taxes not on income, expense for reserve on lending-related commitments, ATM expenses, marketing expense, core deposits amortization, and other general operating expenses. |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.