EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2005 | ||||||||||||||||
Interest & Loan Fees Income | $ | 100,461 | $ | 82,179 | $ | 95,581 | $ | 196,042 | $ | 161,455 | ||||||||||
Tax equivalent adjustment | 3,788 | 2,968 | 3,730 | 7,518 | 5,733 | |||||||||||||||
Interest & Fees Income (FTE) | 104,249 | 85,147 | 99,311 | 203,560 | 167,188 | |||||||||||||||
Interest expense | 44,881 | 28,721 | 40,560 | 85,441 | 55,007 | |||||||||||||||
Net Interest Income (FTE) | 59,368 | 56,426 | 58,751 | 118,119 | 112,181 | |||||||||||||||
Credit Loss Provision | 348 | 504 | 250 | 598 | 1,615 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Investment securities transactions | (99 | ) | 58 | (2,838 | ) | (2,937 | ) | 982 | ||||||||||||
Fees from trust & brokerage services | 3,647 | 2,741 | 3,020 | 6,667 | 5,499 | |||||||||||||||
Fees from deposit services | 7,217 | 7,002 | 6,991 | 14,208 | 13,493 | |||||||||||||||
Other charges, commissions, and fees | 1,747 | 1,515 | 1,670 | 3,417 | 2,846 | |||||||||||||||
Income from mortgage banking operations | 150 | 227 | 229 | 379 | 353 | |||||||||||||||
Gain on termination of interest rate swap associated with prepayment of FHLB advance | — | — | 3,060 | 3,060 | — | |||||||||||||||
Other non-interest revenue | 1,763 | 1,816 | 1,530 | 3,293 | 3,105 | |||||||||||||||
Total Non-Interest Income | 14,425 | 13,359 | 13,662 | 28,087 | 26,278 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | 15,951 | 14,921 | 15,098 | 31,049 | 28,987 | |||||||||||||||
Net occupancy | 3,114 | 3,051 | 3,313 | 6,427 | 6,146 | |||||||||||||||
Other expenses | 12,552 | 11,721 | 12,940 | 25,492 | 22,419 | |||||||||||||||
Amortization of intangibles | 484 | 586 | 510 | 994 | 1,197 | |||||||||||||||
OREO expense | (82 | ) | 150 | 179 | 97 | 270 | ||||||||||||||
FDIC expense | 144 | 148 | 148 | 292 | 299 | |||||||||||||||
Total Non-Interest Expense | 32,163 | 30,577 | 32,188 | 64,351 | 59,318 | |||||||||||||||
Income Before Income Taxes (FTE) | 41,282 | 38,704 | 39,975 | 81,257 | 77,526 | |||||||||||||||
Tax equivalent adjustment | 3,788 | 2,968 | 3,730 | 7,518 | 5,733 | |||||||||||||||
Income Before Income Taxes | 37,494 | 35,736 | 36,245 | 73,739 | 71,793 | |||||||||||||||
Taxes | 12,035 | 11,222 | 11,635 | 23,670 | 22,519 | |||||||||||||||
Net Income | $ | 25,459 | $ | 24,514 | $ | 24,610 | $ | 50,069 | $ | 49,274 | ||||||||||
MEMO: Effective Tax Rate | 32.10 | % | 31.40 | % | 32.10 | % | 32.10 | % | 31.37 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
June 30 | June 30 | |||||||||||||||||||
2006 | 2005 | June 30 | December 31 | June 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2006 | 2005 | 2005 | ||||||||||||||||
Cash & Cash Equivalents | $ | 191,308 | $ | 177,547 | $ | 211,484 | $ | 207,962 | $ | 210,285 | ||||||||||
Securities Available for Sale | 1,141,816 | 1,159,649 | 1,111,841 | 1,274,621 | 1,210,780 | |||||||||||||||
Held to Maturity Securities | 215,628 | 231,789 | 215,375 | 227,345 | 231,627 | |||||||||||||||
Total Securities | 1,357,444 | 1,391,438 | 1,327,216 | 1,501,966 | 1,442,407 | |||||||||||||||
Total Cash and Securities | 1,548,752 | 1,568,985 | 1,538,700 | 1,709,928 | 1,652,692 | |||||||||||||||
Loans held for sale | 3,026 | 3,465 | 5,914 | 3,324 | 3,232 | |||||||||||||||
Commercial Loans | 2,657,706 | 2,459,952 | 2,692,517 | 2,599,781 | 2,517,940 | |||||||||||||||
Mortgage Loans | 1,742,303 | 1,589,070 | 1,747,957 | 1,668,782 | 1,612,011 | |||||||||||||||
Consumer Loans | 373,324 | 397,321 | 373,170 | 387,959 | 399,098 | |||||||||||||||
Gross Loans | 4,773,333 | 4,446,343 | 4,813,644 | 4,656,522 | 4,529,049 | |||||||||||||||
Unearned income | (6,702 | ) | (6,402 | ) | (6,666 | ) | (6,693 | ) | (6,472 | ) | ||||||||||
Loans, net of unearned income | 4,766,631 | 4,439,941 | 4,806,978 | 4,649,829 | 4,522,577 | |||||||||||||||
Allowance for Loan Losses | (44,146 | ) | (43,635 | ) | (44,180 | ) | (44,138 | ) | (43,585 | ) | ||||||||||
Goodwill | 167,459 | 166,852 | 167,421 | 167,487 | 166,852 | |||||||||||||||
Other Intangibles | 3,791 | 5,932 | 3,533 | 4,527 | 5,622 | |||||||||||||||
Total Intangibles | 171,250 | 172,784 | 170,954 | 172,014 | 172,474 | |||||||||||||||
Real Estate Owned | 2,713 | 2,657 | 2,313 | 2,941 | 2,410 | |||||||||||||||
Other Assets | 228,544 | 216,235 | 237,194 | 234,594 | 218,900 | |||||||||||||||
Total Assets | $ | 6,676,770 | $ | 6,360,432 | $ | 6,717,873 | $ | 6,728,492 | $ | 6,528,700 | ||||||||||
MEMO: Earning Assets | $ | 6,123,138 | $ | 5,823,110 | $ | 6,131,872 | $ | 6,129,969 | $ | 6,029,953 | ||||||||||
Interest-bearing Deposits | $ | 3,783,234 | $ | 3,479,012 | $ | 3,844,736 | $ | 3,657,778 | $ | 3,549,648 | ||||||||||
Noninterest-bearing Deposits | 873,594 | 892,542 | 910,744 | 959,674 | 964,293 | |||||||||||||||
Total Deposits | 4,656,828 | 4,371,554 | 4,755,480 | 4,617,452 | 4,513,941 | |||||||||||||||
Short-term Borrowings | 817,498 | 727,266 | 761,246 | 856,425 | 760,023 | |||||||||||||||
Long-term Borrowings | 495,016 | 575,413 | 493,707 | 547,731 | 556,902 | |||||||||||||||
Total Borrowings | 1,312,514 | 1,302,679 | 1,254,953 | 1,404,156 | 1,316,925 | |||||||||||||||
Other Liabilities | 62,560 | 51,986 | 72,413 | 71,679 | 61,321 | |||||||||||||||
Total Liabilities | 6,031,902 | 5,726,219 | 6,082,846 | 6,093,287 | 5,892,187 | |||||||||||||||
Common Equity | 644,868 | 634,213 | 635,027 | 635,205 | 636,513 | |||||||||||||||
Total Shareholders’ Equity | 644,868 | 634,213 | 635,027 | 635,205 | 636,513 | |||||||||||||||
Total Liabilities & Equity | $ | 6,676,770 | $ | 6,360,432 | $ | 6,717,873 | $ | 6,728,492 | $ | 6,528,700 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2005 | ||||||||||||||||
Quarterly/Year-to-Date Share Data: | ||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.57 | $ | 0.59 | $ | 1.20 | $ | 1.15 | ||||||||||
Diluted | $ | 0.60 | $ | 0.57 | $ | 0.58 | $ | 1.19 | $ | 1.14 | ||||||||||
Common Dividend Declared Per Share: | $ | 0.27 | $ | 0.26 | $ | 0.27 | $ | 0.54 | $ | 0.52 | ||||||||||
High Common Stock Price | $ | 38.41 | $ | 36.45 | $ | 38.50 | $ | 38.50 | $ | 38.62 | ||||||||||
Low Common Stock Price | $ | 34.46 | $ | 29.82 | $ | 34.46 | $ | 34.46 | $ | 29.82 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | �� | |||||||||||||||||||
Basic | 41,684,404 | 42,659,573 | 41,923,726 | 41,803,404 | 42,779,299 | |||||||||||||||
Diluted | 42,084,164 | 43,121,982 | 42,379,242 | 42,228,600 | 43,269,361 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (35 | ) | $ | 20 | $ | (993 | ) | $ | (1,028 | ) | $ | 344 | |||||||
Common Dividends | $ | 11,212 | $ | 11,072 | $ | 11,331 | $ | 22,543 | $ | 22,210 |
June | June | March | ||||||||||||||||||
2006 | 2005 | 2006 | ||||||||||||||||||
EOP Share Data: | ||||||||||||||||||||
Book Value Per Share | $ | 15.30 | $ | 14.97 | $ | 15.26 | ||||||||||||||
Tangible Book Value Per Share | $ | 11.18 | $ | 10.91 | $ | 11.16 | ||||||||||||||
52-week High Common Stock Price | $ | 38.55 | $ | 39.35 | $ | 38.55 | ||||||||||||||
Date | 12/02/05 | 12/02/04 | 12/02/05 | |||||||||||||||||
52-week Low Common Stock Price | $ | 32.34 | $ | 29.82 | $ | 29.82 | ||||||||||||||
Date | 10/12/05 | 04/29/05 | 04/29/05 | |||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 41,512,069 | 42,517,597 | 41,848,564 | |||||||||||||||||
Memorandum Items: | ||||||||||||||||||||
EOP Employees (full-time equivalent) | 1,365 | 1,302 | 1,352 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2005 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 7.14 | % | 6.20 | % | 6.96 | % | 7.05 | % | 6.11 | % | ||||||||||
Investment Securities | 5.78 | % | 4.85 | % | 5.37 | % | 5.57 | % | 4.77 | % | ||||||||||
Money Market Investments/FFS | 4.28 | % | 2.77 | % | 2.84 | % | 3.55 | % | 2.39 | % | ||||||||||
Average Earning Assets Yield | 6.82 | % | 5.86 | % | 6.55 | % | 6.69 | % | 5.77 | % | ||||||||||
Interest-bearing Deposits | 2.97 | % | 1.92 | % | 2.68 | % | 2.83 | % | 1.83 | % | ||||||||||
Short-term Borrowings | 4.12 | % | 2.21 | % | 3.65 | % | 3.88 | % | 2.04 | % | ||||||||||
Long-term Borrowings | 6.85 | % | 5.63 | % | 6.41 | % | 6.62 | % | 5.51 | % | ||||||||||
Average Liability Costs | 3.53 | % | 2.41 | % | 3.24 | % | 3.39 | % | 2.32 | % | ||||||||||
Net Interest Spread | 3.29 | % | 3.45 | % | 3.31 | % | 3.30 | % | 3.45 | % | ||||||||||
Net Interest Margin | 3.88 | % | 3.88 | % | 3.86 | % | 3.87 | % | 3.86 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 15.84 | % | 15.50 | % | 15.51 | % | 15.67 | % | 15.60 | % | ||||||||||
Return on Average Assets | 1.53 | % | 1.55 | % | 1.49 | % | 1.51 | % | 1.56 | % | ||||||||||
Efficiency Ratio | 42.98 | % | 42.80 | % | 41.86 | % | 42.42 | % | 42.08 | % |
June | June | March | ||||||||||||||||||
2006 | 2005 | 2006 | ||||||||||||||||||
Loan / Deposit Ratio | 101.08 | % | 100.19 | % | 99.79 | % | ||||||||||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.92 | % | 0.96 | % | 0.94 | % | ||||||||||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.10 | % | 1.14 | % | 1.13 | % | ||||||||||||||
Nonaccrual Loans / Loans, net of unearned income | 0.14 | % | 0.21 | % | 0.16 | % | ||||||||||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.14 | % | 0.13 | % | 0.12 | % | ||||||||||||||
Non-performing Loans/ Loans, net of unearned income | 0.28 | % | 0.34 | % | 0.27 | % | ||||||||||||||
Non-performing Assets/ Total Assets | 0.24 | % | 0.27 | % | 0.24 | % | ||||||||||||||
Primary Capital Ratio | 10.16 | % | 10.46 | % | 10.23 | % | ||||||||||||||
Shareholders’ Equity Ratio | 9.45 | % | 9.75 | % | 9.52 | % | ||||||||||||||
Price / Book Ratio | 2.39 | x | 2.38 | x | 2.51 | x | ||||||||||||||
Price / Earnings Ratio | 15.14 | x | 15.66 | x | 16.48 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
June | June | December | March | ||||||||||||
2006 | 2005 | 2005 | 2006 | ||||||||||||
Asset Quality Data: | |||||||||||||||
EOP Non-Accrual Loans | $ | 6,958 | $ | 9,510 | $ | 7,146 | $ | 7,308 | |||||||
EOP 90-Day Past Due Loans | 6,531 | 5,955 | 6,039 | 5,569 | |||||||||||
Total EOP Non-performing Loans | $ | 13,489 | $ | 15,465 | $ | 13,185 | $ | 12,877 | |||||||
EOP Other Real Estate & Assets Owned | 2,313 | 2,410 | 2,941 | 3,145 | |||||||||||
Total EOP Non-performing Assets | $ | 15,802 | $ | 17,875 | $ | 16,126 | $ | 16,022 | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2005 | ||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||
Beginning Balance | $ | 52,965 | $ | 51,424 | $ | 52,871 | $ | 52,871 | $ | 51,353 | ||||||||||
Provision Expense | 348 | 504 | 250 | 598 | 1,615 | |||||||||||||||
53,313 | 51,928 | 53,121 | 53,469 | 52,968 | ||||||||||||||||
Gross Charge-offs | (643 | ) | (1,039 | ) | (671 | ) | (1,314 | ) | (2,577 | ) | ||||||||||
Recoveries | 225 | 744 | 515 | 740 | 1,242 | |||||||||||||||
Net Charge-offs | (418 | ) | (295 | ) | (156 | ) | (574 | ) | (1,335 | ) | ||||||||||
Ending Balance | $ | 52,895 | $ | 51,633 | $ | 52,965 | $ | 52,895 | $ | 51,633 | ||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.