EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Three Months Ended | Year to Date | |||||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||||
2003 | 2002 | 2003 | 2003 | 2003 | 2002 | |||||||||||||||||||||
Interest & Loan Fees Income | $ | 71,981 | $ | 86,413 | $ | 74,261 | $ | 77,224 | $ | 223,466 | $ | 256,389 | ||||||||||||||
Tax Equivalent Adjustment | 2,499 | 2,725 | 2,456 | 2,566 | 7,520 | 8,306 | ||||||||||||||||||||
Interest & Fees Income (FTE) | 74,480 | 89,138 | 76,717 | 79,790 | 230,986 | 264,695 | ||||||||||||||||||||
Interest Expense | 24,459 | 32,677 | 26,567 | 29,595 | 80,621 | 100,589 | ||||||||||||||||||||
Net Interest Income (FTE) | 50,021 | 56,461 | 50,150 | 50,195 | 150,365 | 164,106 | ||||||||||||||||||||
Loan Loss Provision | 2,222 | 1,823 | 2,296 | 1,455 | 5,973 | 5,725 | ||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||
Inv. Securities Transactions | 122 | (4,368 | ) | 931 | 866 | 1,919 | (4,961 | ) | ||||||||||||||||||
Trust Revenue | 2,389 | 2,303 | 2,462 | 2,275 | 7,126 | 6,692 | ||||||||||||||||||||
Service Charges on Deposits | 8,939 | 8,299 | 8,943 | 8,121 | 26,003 | 23,287 | ||||||||||||||||||||
Income from Mortgage Banking Operations | 15,834 | 11,203 | 14,267 | 11,972 | 42,073 | 24,801 | ||||||||||||||||||||
Other Non-Interest Revenue | 1,366 | 1,292 | 1,188 | 361 | 2,915 | 2,117 | ||||||||||||||||||||
Total Non-Interest Income | 28,650 | 18,729 | 27,791 | 23,595 | 80,036 | 51,936 | ||||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||||
Staff Expense | 25,507 | 21,595 | 24,189 | 21,631 | 71,327 | 58,367 | ||||||||||||||||||||
Occupancy & Equipment | 3,039 | 3,252 | 3,264 | 3,316 | 9,619 | 9,312 | ||||||||||||||||||||
Other Expenses | 11,846 | 12,903 | 12,462 | 11,647 | 35,955 | 35,396 | ||||||||||||||||||||
Amortization of Intangibles | 412 | 562 | 424 | 434 | 1,270 | 1,396 | ||||||||||||||||||||
OREO Expense | 245 | 231 | (8 | ) | 248 | 485 | 564 | |||||||||||||||||||
FDIC Expense | 158 | 154 | 279 | 289 | 726 | 521 | ||||||||||||||||||||
Total Non-Interest Expense | 41,207 | 38,697 | 40,610 | 37,565 | 119,382 | 105,556 | ||||||||||||||||||||
Pre-Tax Earnings (FTE) | 35,242 | 34,670 | 35,035 | 34,770 | 105,046 | 104,761 | ||||||||||||||||||||
Tax Equivalent Adjustment | 2,499 | 2,725 | 2,456 | 2,566 | 7,520 | 8,306 | ||||||||||||||||||||
Reported Pre-Tax Earnings | 32,743 | 31,945 | 32,579 | 32,204 | 97,526 | 96,455 | ||||||||||||||||||||
Taxes | 9,823 | 9,592 | 9,774 | 9,661 | 29,258 | 30,075 | ||||||||||||||||||||
Net Income | $ | 22,920 | $ | 22,353 | $ | 22,805 | $ | 22,543 | $ | 68,268 | $ | 66,380 | ||||||||||||||
MEMO: Effective Tax Rate | 30.00 | % | 30.03 | % | 30.00 | % | 30.00 | % | 30.00 | % | 31.18 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 | September 30 | ||||||||||||||||||||||
2003 | 2002 | September 30 | December 31 | September 30 | |||||||||||||||||||
Q-T-D Average | Q-T-D Average | 2003 | 2002 | 2002 | |||||||||||||||||||
Cash & Cash Equivalents | $ | 189,179 | $ | 140,012 | $ | 260,943 | $ | 175,363 | $ | 207,938 | |||||||||||||
Securities Available for Sale | 1,022,807 | 1,132,555 | 1,018,309 | 1,022,314 | 1,099,589 | ||||||||||||||||||
Held to Maturity Securities | 256,483 | 273,401 | 255,656 | 263,176 | 272,819 | ||||||||||||||||||
Total Securities | 1,279,290 | 1,405,956 | 1,273,965 | 1,285,490 | 1,372,408 | ||||||||||||||||||
Total Cash and Securities | 1,468,469 | 1,545,968 | 1,534,908 | 1,460,853 | 1,580,346 | ||||||||||||||||||
Loans held for sale | 518,021 | 343,801 | 302,934 | 582,718 | 519,786 | ||||||||||||||||||
Commercial Loans | 1,851,515 | 1,923,336 | 1,946,401 | 1,885,275 | 1,927,388 | ||||||||||||||||||
Mortgage Loans | 1,312,381 | 1,285,366 | 1,329,188 | 1,335,606 | 1,281,962 | ||||||||||||||||||
Consumer Loans | 376,038 | 364,774 | 371,115 | 352,280 | 362,930 | ||||||||||||||||||
Loans & Leases, net of unearned income | 3,539,934 | 3,573,476 | 3,646,704 | 3,573,161 | 3,572,280 | ||||||||||||||||||
Reserve for loan & Lease Losses | (46,902 | ) | (47,578 | ) | (46,933 | ) | (47,387 | ) | (47,372 | ) | |||||||||||||
Goodwill | 89,595 | 91,895 | 89,574 | 90,416 | 91,575 | ||||||||||||||||||
Other Intangibles | 4,830 | 5,022 | 4,599 | 5,869 | 6,315 | ||||||||||||||||||
Total Intangibles | 94,425 | 96,917 | 94,173 | 96,285 | 97,890 | ||||||||||||||||||
Real Estate Owned | 3,364 | 4,441 | 3,225 | 4,267 | 4,368 | ||||||||||||||||||
Other Assets | 155,476 | 111,963 | 196,973 | 122,122 | 121,275 | ||||||||||||||||||
Total Assets | $ | 5,732,787 | $ | 5,628,988 | $ | 5,731,984 | $ | 5,792,019 | $ | 5,848,573 | |||||||||||||
MEMO: Earning Assets | $ | 5,326,902 | $ | 5,289,761 | $ | 5,314,800 | $ | 5,454,471 | $ | 5,480,448 | |||||||||||||
Interest-bearing Deposits | $ | 3,006,322 | $ | 3,148,543 | $ | 2,971,782 | $ | 3,161,620 | $ | 3,194,596 | |||||||||||||
Noninterest-bearing Deposits | 758,103 | 606,176 | 795,273 | 739,228 | 787,669 | ||||||||||||||||||
Total Deposits | 3,764,425 | 3,754,719 | 3,767,055 | 3,900,848 | 3,982,265 | ||||||||||||||||||
Short-term Borrowings | 558,438 | 536,403 | 548,393 | 573,549 | 589,769 | ||||||||||||||||||
Long-term Borrowings | 805,536 | 689,650 | 813,164 | 708,573 | 689,056 | ||||||||||||||||||
Total Borrowings | 1,363,974 | 1,226,053 | 1,361,557 | 1,282,122 | 1,278,825 | ||||||||||||||||||
Other Liabilities | 49,838 | 106,528 | 58,832 | 67,510 | 49,710 | ||||||||||||||||||
Total Liabilities | 5,178,237 | 5,087,300 | 5,187,444 | 5,250,480 | 5,310,800 | ||||||||||||||||||
Common Equity | 554,550 | 541,688 | 544,540 | 541,539 | 537,773 | ||||||||||||||||||
Total Shareholders’ Equity | 554,550 | 541,688 | 544,540 | 541,539 | 537,773 | ||||||||||||||||||
Total Liabilities & Equity | $ | 5,732,787 | $ | 5,628,988 | $ | 5,731,984 | $ | 5,792,019 | $ | 5,848,573 | |||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | |||||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||||
2003 | 2002 | 2003 | 2003 | 2003 | 2002 | |||||||||||||||||||||
Quarterly/Year-to-Date Share Data: | ||||||||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.53 | $ | 0.55 | $ | 0.54 | $ | 1.64 | $ | 1.56 | ||||||||||||||
Diluted | $ | 0.55 | $ | 0.52 | $ | 0.54 | $ | 0.53 | $ | 1.62 | $ | 1.53 | ||||||||||||||
Common Dividend Declared Per Share | $ | 0.25 | $ | 0.24 | $ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.70 | ||||||||||||||
High Common Stock Price | $ | 31.61 | $ | 31.65 | $ | 30.93 | $ | 30.51 | $ | 31.61 | $ | 32.25 | ||||||||||||||
Low Common Stock Price | $ | 28.37 | $ | 24.88 | $ | 27.40 | $ | 26.58 | $ | 26.58 | $ | 24.88 | ||||||||||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||||||||||||||||
Basic | 41,328,476 | 42,419,925 | 41,597,646 | 41,891,007 | 41,615,354 | 42,667,849 | ||||||||||||||||||||
Diluted | 41,823,011 | 43,103,509 | 42,067,728 | 42,355,229 | 42,091,262 | 43,348,668 | ||||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||||
Tax Applicable to Security Transactions | $ | 43 | ($1,529 | ) | $ | 326 | $ | 303 | $ | 672 | ($1,736 | ) | ||||||||||||||
Common Dividends | $ | 10,301 | $ | 10,193 | $ | 10,373 | $ | 10,426 | $ | 31,100 | $ | 29,863 | ||||||||||||||
September | September | June | March | |||||||||||||||||||||||
EOP Share Data: | 2003 | 2002 | 2003 | 2003 | ||||||||||||||||||||||
Book Value Per Share | $ | 13.22 | $ | 12.72 | $ | 13.20 | $ | 12.98 | ||||||||||||||||||
Tangible Book Value Per Share | $ | 10.93 | $ | 10.40 | $ | 10.91 | $ | 10.70 | ||||||||||||||||||
52-week High Common Stock Price | $ | 31.61 | $ | 32.25 | $ | 31.65 | $ | 32.25 | ||||||||||||||||||
Date | 09/08/03 | 05/06/02 | 08/20/02 | 05/06/02 | ||||||||||||||||||||||
52-week Low Common Stock Price | $ | 26.09 | $ | 24.88 | $ | 24.88 | $ | 24.88 | ||||||||||||||||||
Date | 10/09/02 | 07/24/02 | 07/24/02 | 07/24/02 | ||||||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 41,204,046 | 42,277,711 | 41,461,389 | 41,744,719 | ||||||||||||||||||||||
EOP Employees (full-time equivalent) | 1,545 | 1,445 | 1,509 | 1,500 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | |||||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||||
2003 | 2002 | 2003 | 2003 | 2003 | 2002 | |||||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||||
Loans | 5.94 | % | 6.89 | % | 6.26 | % | 6.39 | % | 6.19 | % | 7.10 | % | ||||||||||||||
Investment Securities | 4.47 | % | 6.23 | % | 4.85 | % | 5.30 | % | 4.90 | % | 6.21 | % | ||||||||||||||
Money Market Investments/FFS | 1.71 | % | 1.72 | % | 1.78 | % | 1.16 | % | 1.39 | % | 1.67 | % | ||||||||||||||
Average Earning Assets Yield | 5.57 | % | 6.71 | % | 5.86 | % | 6.00 | % | 5.82 | % | 6.82 | % | ||||||||||||||
Interest-bearing Deposits | 1.58 | % | 2.42 | % | 1.77 | % | 2.12 | % | 1.83 | % | 2.61 | % | ||||||||||||||
Short-term Borrowings | 1.09 | % | 2.02 | % | 1.67 | % | 1.69 | % | 1.45 | % | 2.02 | % | ||||||||||||||
Long-term Borrowings | 5.38 | % | 6.19 | % | 6.15 | % | 6.19 | % | 5.88 | % | 6.17 | % | ||||||||||||||
Average Liability Costs | 2.22 | % | 2.96 | % | 2.49 | % | 2.72 | % | 2.47 | % | 3.11 | % | ||||||||||||||
Net Interest Spread | 3.35 | % | 3.75 | % | 3.37 | % | 3.28 | % | 3.35 | % | 3.71 | % | ||||||||||||||
Net Interest Margin | 3.75 | % | 4.26 | % | 3.83 | % | 3.76 | % | 3.78 | % | 4.22 | % | ||||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||||
Return on Average Common Equity | 16.40 | % | 16.37 | % | 16.67 | % | 16.67 | % | 16.58 | % | 16.85 | % | ||||||||||||||
Return on Average Assets | 1.59 | % | 1.58 | % | 1.63 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||||
Efficiency Ratio | 51.62 | % | 47.64 | % | 52.19 | % | 50.58 | % | 51.48 | % | 46.88 | % | ||||||||||||||
September | September | June | March | |||||||||||||||||||||||
2003 | 2002 | 2003 | 2003 | |||||||||||||||||||||||
Loan / Deposit Ratio | 96.81 | % | 89.70 | % | 91.26 | % | 87.92 | % | ||||||||||||||||||
Loan Loss Reserve / Loans, net of unearned income | 1.29 | % | 1.33 | % | 1.33 | % | 1.34 | % | ||||||||||||||||||
Nonaccrual Loans / Loans, net of unearned income | 0.25 | % | 0.17 | % | 0.22 | % | 0.29 | % | ||||||||||||||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.26 | % | 0.19 | % | 0.17 | % | 0.19 | % | ||||||||||||||||||
Non-performing Loans/ Loans, net of unearned income | 0.51 | % | 0.36 | % | 0.38 | % | 0.47 | % | ||||||||||||||||||
Non-performing Assets/ Total Assets | 0.38 | % | 0.30 | % | 0.30 | % | 0.36 | % | ||||||||||||||||||
Primary Capital Ratio | 10.24 | % | 9.92 | % | 10.24 | % | 10.04 | % | ||||||||||||||||||
Shareholders’ Equity Ratio | 9.50 | % | 9.19 | % | 9.51 | % | 9.32 | % | ||||||||||||||||||
Price / Book Ratio | 2.27 | x | 2.28 | x | 2.17 | x | 2.13 | x | ||||||||||||||||||
Price / Earnings Ratio | 13.81 | x | 14.17 | x | 13.33 | x | 13.01 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
September | September | December | June | March | |||||||||||||||||
2003 | 2002 | 2002 | 2003 | 2003 | |||||||||||||||||
Credit Quality Data: | |||||||||||||||||||||
EOP Non-Accrual Loans | $ | 8,998 | $ | 6,090 | $ | 6,890 | $ | 7,595 | $ | 9,979 | |||||||||||
EOP 90-Day Past Due Loans | 9,468 | 6,835 | 8,461 | 5,817 | 6,594 | ||||||||||||||||
Total EOP Non-performing Loans | $ | 18,466 | $ | 12,925 | $ | 15,351 | $ | 13,412 | $ | 16,573 | |||||||||||
EOP Other Real Estate & Assets Owned | 3,225 | 4,368 | 4,267 | 3,834 | 4,086 | ||||||||||||||||
Total EOP Non-performing Assets | $ | 21,691 | $ | 17,293 | $ | 19,618 | $ | 17,246 | $ | 20,659 | |||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2003 | 2002 | 2003 | 2003 | 2003 | 2002 | |||||||||||||||||||
Charge-off Analysis: | ||||||||||||||||||||||||
Gross Charge-offs | ($2,600 | ) | ($2,410 | ) | ($2,737 | ) | ($2,256 | ) | ($7,593 | ) | ($7,000 | ) | ||||||||||||
Recoveries | 467 | 213 | 300 | 400 | 1,166 | 1,239 | ||||||||||||||||||
Net Charge-offs | ($2,133 | ) | ($2,197 | ) | ($2,437 | ) | ($1,856 | ) | ($6,427 | ) | ($5,761 | ) | ||||||||||||