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 | ||||||||||||||||
2009 | 2008 | 2009 | 2009 | 2008 | ||||||||||||||||
Interest & Loan Fees Income | $ | 92,532 | $ | 106,419 | $ | 94,705 | $ | 187,237 | $ | 219,965 | ||||||||||
Tax equivalent adjustment | 2,902 | 3,638 | 2,964 | 5,866 | 7,598 | |||||||||||||||
Interest & Fees Income (FTE) | 95,434 | 110,057 | 97,669 | 193,103 | 227,563 | |||||||||||||||
Interest expense | 30,323 | 43,267 | 33,788 | 64,111 | 94,535 | |||||||||||||||
Net Interest Income (FTE) | 65,111 | 66,790 | 63,881 | 128,992 | 133,028 | |||||||||||||||
Credit Loss Provision | 23,251 | 4,351 | 8,028 | 31,279 | 6,451 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Fees from trust & brokerage services | 3,506 | 4,553 | 3,594 | 7,100 | 8,492 | |||||||||||||||
Fees from deposit services | 10,255 | 10,002 | 9,303 | 19,558 | 19,085 | |||||||||||||||
Bankcard fees and merchant discounts | 1,058 | 1,734 | 923 | 1,981 | 3,292 | |||||||||||||||
Other charges, commissions, and fees | 526 | 589 | 451 | 977 | 1,077 | |||||||||||||||
Income (loss) from bank-owned life insurance | 1,340 | 1,012 | (102 | ) | 1,238 | 2,321 | ||||||||||||||
Mortgage banking income | 167 | 156 | 137 | 304 | 249 | |||||||||||||||
Other non-interest revenue | 2,293 | 1,183 | 1,015 | 3,308 | 2,368 | |||||||||||||||
Total other-than-temporary impairment losses | (1,137 | ) | (37 | ) | (95 | ) | (1,232 | ) | (61 | ) | ||||||||||
Portion of loss recognized in other comprehensive income | — | — | — | — | — | |||||||||||||||
Net (losses) gains on sales/calls of investment securities | (158 | ) | (9 | ) | 164 | 6 | 970 | |||||||||||||
Total Non-Interest Income | 17,850 | 19,183 | 15,390 | 33,240 | 37,793 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Employee compensation | 14,751 | 15,534 | 14,947 | 29,698 | 30,978 | |||||||||||||||
Employee benefits | 4,734 | 3,407 | 4,889 | 9,623 | 6,991 | |||||||||||||||
Net occupancy | 4,154 | 3,974 | 4,552 | 8,706 | 8,271 | |||||||||||||||
Other expenses | 16,244 | 16,428 | 14,902 | 31,146 | 33,047 | |||||||||||||||
Amortization of intangibles | 662 | 940 | 704 | 1,366 | 1,958 | |||||||||||||||
OREO expense | 869 | 1,043 | 1,237 | 2,106 | 1,285 | |||||||||||||||
FDIC expense | 4,284 | 151 | 583 | 4,867 | 305 | |||||||||||||||
Total Non-Interest Expense | 45,698 | 41,477 | 41,814 | 87,512 | 82,835 | |||||||||||||||
Income Before Income Taxes (FTE) | 14,012 | 40,145 | 29,429 | 43,441 | 81,535 | |||||||||||||||
Tax equivalent adjustment | 2,902 | 3,638 | 2,964 | 5,866 | 7,598 | |||||||||||||||
Income Before Income Taxes | 11,110 | 36,507 | 26,465 | 37,575 | 73,937 | |||||||||||||||
Taxes | 2,954 | 11,360 | (3,168 | ) | (214 | ) | 23,094 | |||||||||||||
Net Income | $ | 8,156 | $ | 25,147 | $ | 29,633 | $ | 37,789 | $ | 50,843 | ||||||||||
MEMO: Effective Tax Rate | 26.59 | % | 31.12 | % | (11.97 | %) | (0.57 | %) | 31.23 | % |
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 | |||||||||||||||||||
2009 | 2008 | June 30 | December 31 | June 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2009 | 2008 | 2008 | ||||||||||||||||
Cash & Cash Equivalents | $ | 182,500 | $ | 202,676 | $ | 201,899 | $ | 213,534 | $ | 227,250 | ||||||||||
Securities Available for Sale | 1,001,965 | 1,175,727 | 958,362 | 1,097,043 | 1,174,929 | |||||||||||||||
Held to Maturity Securities | 103,138 | 143,320 | 102,168 | 116,407 | 139,805 | |||||||||||||||
Other Investment Securities | 78,478 | 80,909 | 77,695 | 78,372 | 82,154 | |||||||||||||||
Total Securities | 1,183,581 | 1,399,956 | 1,138,225 | 1,291,822 | 1,396,888 | |||||||||||||||
Total Cash and Securities | 1,366,081 | 1,602,632 | 1,340,124 | 1,505,356 | 1,624,138 | |||||||||||||||
Loans held for sale | 3,998 | 2,134 | 12,191 | 868 | 4,199 | |||||||||||||||
Commercial Loans | 3,880,602 | 3,724,885 | 3,859,404 | 3,916,768 | 3,752,540 | |||||||||||||||
Mortgage Loans | 1,711,452 | 1,742,232 | 1,682,878 | 1,754,100 | 1,746,862 | |||||||||||||||
Consumer Loans | 357,725 | 359,712 | 352,940 | 349,690 | 353,316 | |||||||||||||||
Gross Loans | 5,949,779 | 5,826,829 | 5,895,222 | 6,020,558 | 5,852,718 | |||||||||||||||
Unearned income | (5,491 | ) | (6,788 | ) | (5,066 | ) | (6,403 | ) | (6,734 | ) | ||||||||||
Loans, net of unearned income | 5,944,288 | 5,820,041 | 5,890,156 | 6,014,155 | 5,845,984 | |||||||||||||||
Allowance for Loan Losses | (62,760 | ) | (56,780 | ) | (64,222 | ) | (61,494 | ) | (57,033 | ) | ||||||||||
Goodwill | 312,192 | 312,309 | 312,140 | 312,263 | 312,371 | |||||||||||||||
Other Intangibles | 6,362 | 9,450 | 6,019 | 7,384 | 8,920 | |||||||||||||||
Total Intangibles | 318,554 | 321,759 | 318,159 | 319,647 | 321,291 | |||||||||||||||
Real Estate Owned | 35,858 | 8,906 | 42,223 | 19,817 | 9,618 | |||||||||||||||
Other Assets | 294,650 | 286,910 | 308,885 | 303,742 | 300,275 | |||||||||||||||
Total Assets | $ | 7,900,669 | $ | 7,985,602 | $ | 7,847,516 | $ | 8,102,091 | $ | 8,048,472 | ||||||||||
MEMO: Earning Assets | $ | 7,102,032 | $ | 7,208,212 | $ | 7,011,338 | $ | 7,267,990 | $ | 7,227,167 | ||||||||||
Interest-bearing Deposits | $ | 4,690,644 | $ | 4,507,731 | $ | 4,669,705 | $ | 4,741,855 | $ | 4,595,039 | ||||||||||
Noninterest-bearing Deposits | 1,025,773 | 854,850 | 1,066,205 | 906,099 | 877,940 | |||||||||||||||
Total Deposits | 5,716,417 | 5,362,581 | 5,735,910 | 5,647,954 | 5,472,979 | |||||||||||||||
Short-term Borrowings | 494,605 | 918,710 | 426,942 | 778,320 | 829,063 | |||||||||||||||
Long-term Borrowings | 860,377 | 854,010 | 852,312 | 852,685 | 903,471 | |||||||||||||||
Total Borrowings | 1,354,982 | 1,772,720 | 1,279,254 | 1,631,005 | 1,732,534 | |||||||||||||||
Other Liabilities | 63,115 | 66,521 | 75,969 | 86,420 | 70,095 | |||||||||||||||
Total Liabilities | 7,134,514 | 7,201,822 | 7,091,133 | 7,365,379 | 7,275,608 | |||||||||||||||
Preferred Equity | — | — | — | — | — | |||||||||||||||
Common Equity | 766,155 | 783,780 | 756,383 | 736,712 | 772,864 | |||||||||||||||
Total Shareholders’ Equity | 766,155 | 783,780 | 756,383 | 736,712 | 772,864 | |||||||||||||||
Total Liabilities & Equity | $ | 7,900,669 | $ | 7,985,602 | $ | 7,847,516 | $ | 8,102,091 | $ | 8,048,472 | ||||||||||
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 | ||||||||||||||||
Quarterly/Year-to-Date Share Data: | 2009 | 2008 | 2009 | 2009 | 2008 | |||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.58 | $ | 0.68 | $ | 0.87 | $ | 1.18 | ||||||||||
Diluted | $ | 0.19 | $ | 0.58 | $ | 0.68 | $ | 0.87 | $ | 1.17 | ||||||||||
Common Dividend Declared Per Share: | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.58 | $ | 0.58 | ||||||||||
High Common Stock Price | $ | 27.75 | $ | 31.33 | $ | 33.64 | $ | 33.64 | $ | 33.07 | ||||||||||
Low Common Stock Price | $ | 16.81 | $ | 22.95 | $ | 13.15 | $ | 13.15 | $ | 22.95 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,396,901 | 43,264,809 | 43,407,224 | 43,402,034 | 43,255,830 | |||||||||||||||
Diluted | 43,463,108 | 43,419,616 | 43,465,298 | 43,464,674 | 43,419,276 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Sales/Calls | $ | (55 | ) | $ | (3 | ) | $ | 57 | $ | 2 | $ | 340 | ||||||||
Common Dividends | $ | 12,599 | $ | 12,548 | $ | 12,594 | $ | 25,193 | $ | 25,090 |
June | June | March | ||||||||||
EOP Share Data: | 2009 | 2008 | 2009 | |||||||||
Book Value Per Share | $ | 17.42 | $ | 17.86 | $ | 17.44 | ||||||
Tangible Book Value Per Share | $ | 10.09 | $ | 10.44 | $ | 10.10 | ||||||
52-week High Common Stock Price | $ | 42.00 | $ | 33.61 | $ | 42.00 | ||||||
Date | 09/19/08 | 10/05/07 | 09/19/08 | |||||||||
52-week Low Common Stock Price | $ | 13.15 | $ | 22.95 | $ | 13.15 | ||||||
Date | 03/06/09 | 06/30/08 | 03/06/09 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,412,424 | 43,270,277 | 43,397,108 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,502 | 1,568 | 1,512 |
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 | ||||||||||||||||
2009 | 2008 | 2009 | 2009 | 2008 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 5.44 | % | 6.34 | % | 5.50 | % | 5.47 | % | 6.60 | % | ||||||||||
Investment Securities | 5.24 | % | 5.39 | % | 5.34 | % | 5.29 | % | 5.53 | % | ||||||||||
Money Market Investments/FFS | 0.11 | % | 2.07 | % | 0.45 | % | 0.28 | % | 2.53 | % | ||||||||||
Average Earning Assets Yield | 5.38 | % | 6.13 | % | 5.45 | % | 5.42 | % | 6.37 | % | ||||||||||
Interest-bearing Deposits | 1.79 | % | 2.69 | % | 2.08 | % | 1.94 | % | 2.92 | % | ||||||||||
Short-term Borrowings | 0.08 | % | 1.64 | % | 0.16 | % | 0.12 | % | 2.23 | % | ||||||||||
Long-term Borrowings | 4.34 | % | 4.40 | % | 4.20 | % | 4.27 | % | 4.59 | % | ||||||||||
Average Liability Costs | 2.01 | % | 2.77 | % | 2.19 | % | 2.10 | % | 3.04 | % | ||||||||||
Net Interest Spread | 3.37 | % | 3.36 | % | 3.26 | % | 3.32 | % | 3.33 | % | ||||||||||
Net Interest Margin | 3.67 | % | 3.71 | % | 3.56 | % | 3.61 | % | 3.72 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 4.27 | % | 12.90 | % | 16.25 | % | 10.07 | % | 13.12 | % | ||||||||||
Return on Average Assets | 0.41 | % | 1.27 | % | 1.50 | % | 0.96 | % | 1.29 | % | ||||||||||
Efficiency Ratio | 52.42 | % | 45.91 | % | 50.34 | % | 51.41 | % | 46.84 | % |
June | June | March | ||||||||||
2009 | 2008 | 2009 | ||||||||||
Loan / Deposit Ratio | 102.69 | % | 106.82 | % | 105.56 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.09 | % | 0.98 | % | 1.04 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.13 | % | 1.01 | % | 1.08 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.73 | % | 0.58 | % | 0.67 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.28 | % | 0.27 | % | 0.32 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 1.03 | % | 0.84 | % | 1.01 | % | ||||||
Non-performing Assets/ Total Assets | 1.31 | % | 0.73 | % | 1.16 | % | ||||||
Primary Capital Ratio | 10.40 | % | 10.26 | % | 10.21 | % | ||||||
Shareholders’ Equity Ratio | 9.64 | % | 9.60 | % | 9.48 | % | ||||||
Price / Book Ratio | 1.12 | x | 1.28 | x | 0.99 | x | ||||||
Price / Earnings Ratio | 26.03 | x | 9.91 | x | 6.32 | 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 | |||||||||||||
Asset Quality Data: | 2009 | 2008 | 2008 | 2009 | ||||||||||||
EOP Non-Accrual Loans | $ | 42,825 | $ | 33,676 | $ | 42,317 | $ | 40,248 | ||||||||
EOP 90-Day Past Due Loans | 16,532 | 15,696 | 11,881 | 19,214 | ||||||||||||
EOP Restructured Loans | 1,095 | — | — | 1,134 | ||||||||||||
Total EOP Non-performing Loans | $ | 60,452 | $ | 49,372 | $ | 54,198 | $ | 60,596 | ||||||||
EOP Other Real Estate & Assets Owned | 42,223 | 9,618 | 19,817 | 31,768 | ||||||||||||
Total EOP Non-performing Assets | $ | 102,675 | $ | 58,990 | $ | 74,015 | $ | 92,364 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
Allowance for Credit Losses:(1) | 2009 | 2008 | 2009 | 2009 | 2008 | |||||||||||||||
Beginning Balance | $ | 64,682 | $ | 59,050 | $ | 63,603 | $ | 63,603 | $ | 58,744 | ||||||||||
Provision Expense | 23,251 | 4,351 | 8,028 | 31,279 | 6,451 | |||||||||||||||
87,933 | 63,401 | 71,631 | 94,882 | 65,195 | ||||||||||||||||
Gross Charge-offs | (21,702 | ) | (4,484 | ) | (7,351 | ) | (29,053 | ) | (6,517 | ) | ||||||||||
Recoveries | 303 | 244 | 402 | 705 | 483 | |||||||||||||||
Net Charge-offs | (21,399 | ) | (4,240 | ) | (6,949 | ) | (28,348 | ) | (6,034 | ) | ||||||||||
Ending Balance | $ | 66,534 | $ | 59,161 | $ | 64,682 | $ | 66,534 | $ | 59,161 | ||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments. |