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 | ||||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||||
2003 | 2002 | 2003 | 2003 | 2003 | ||||||||||||||||||
Interest & Loan Fees Income | $ | 74,042 | $ | 83,089 | $ | 71,981 | $ | 74,261 | $ | 77,224 | ||||||||||||
Tax Equivalent Adjustment | 2,538 | 2,670 | 2,499 | 2,456 | 2,566 | |||||||||||||||||
Interest & Fees Income (FTE) | 76,580 | 85,759 | 74,480 | 76,717 | 79,790 | |||||||||||||||||
Interest Expense | 23,530 | 31,968 | 24,459 | 26,567 | 29,595 | |||||||||||||||||
Net Interest Income (FTE) | 53,050 | 53,791 | 50,021 | 50,150 | 50,195 | |||||||||||||||||
Loan Loss Provision | 1,502 | 2,212 | 2,222 | 2,296 | 1,455 | |||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||
Investment Securities Transactions | (89 | ) | (1,305 | ) | 122 | 931 | 866 | |||||||||||||||
Fees from Trust & Brokerage Services | 2,261 | 2,200 | 2,389 | 2,462 | 2,275 | |||||||||||||||||
Service Charges, Commissions & Other Fees | 9,140 | 8,722 | 8,939 | 8,943 | 8,121 | |||||||||||||||||
Income from Mortgage Banking Operations | 9,833 | 11,341 | 15,834 | 14,267 | 11,972 | |||||||||||||||||
Other Income | 2,135 | 585 | 1,366 | 1,188 | 361 | |||||||||||||||||
Total Non-Interest Income | 23,280 | 21,543 | 28,650 | 27,791 | 23,595 | |||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||
Salaries & Employee Benefits | 21,972 | 21,632 | 25,507 | 24,189 | 21,631 | |||||||||||||||||
Net Occupancy | 3,473 | 3,733 | 3,039 | 3,264 | 3,316 | |||||||||||||||||
Other Expenses | 30,721 | 12,538 | 11,846 | 12,462 | 11,647 | |||||||||||||||||
Amortization of Intangibles | 800 | 249 | 412 | 424 | 434 | |||||||||||||||||
OREO Expense | 185 | 264 | 245 | (8 | ) | 248 | ||||||||||||||||
FDIC Expense | 145 | 158 | 158 | 279 | 289 | |||||||||||||||||
Total Non-Interest Expense | 57,296 | 38,574 | 41,207 | 40,610 | 37,565 | |||||||||||||||||
Income Before Incomes Taxes (FTE) | 17,532 | 34,548 | 35,242 | 35,035 | 34,770 | |||||||||||||||||
Tax Equivalent Adjustment | 2,538 | 2,670 | 2,499 | 2,456 | 2,566 | |||||||||||||||||
Income Before Incomes Taxes | 14,994 | 31,878 | 32,743 | 32,579 | 32,204 | |||||||||||||||||
Taxes | 4,497 | 9,325 | 9,823 | 9,774 | 9,661 | |||||||||||||||||
Net Income | $ | 10,497 | $ | 22,553 | $ | 22,920 | $ | 22,805 | $ | 22,543 | ||||||||||||
MEMO: Effective Tax Rate | 29.99 | % | 29.25 | % | 30.00 | % | 30.00 | % | 30.00 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Year-to-Date | ||||||||||||||||||
December | December | December | December | |||||||||||||||
2003 | 2002 | 2001 | 2000 | |||||||||||||||
Interest & Loan Fees Income | $ | 297,508 | $ | 339,478 | $ | 360,610 | $ | 377,847 | ||||||||||
Tax Equivalent Adjustment | 10,057 | 10,975 | 11,638 | 11,093 | ||||||||||||||
Interest & Fees Income (FTE) | 307,565 | 350,453 | 372,248 | 388,940 | ||||||||||||||
Interest Expense | 104,151 | 132,557 | 175,507 | 197,766 | ||||||||||||||
Net Interest Income (FTE) | 203,414 | 217,896 | 196,741 | 191,174 | ||||||||||||||
Loan Loss Provision | 7,475 | 7,937 | 12,833 | 15,745 | ||||||||||||||
Non-Interest Income: | ||||||||||||||||||
Investment Securities Transactions | 1,830 | (6,266 | ) | (518 | ) | (13,864 | ) | |||||||||||
Fees from Trust & Brokerage Services | 9,387 | 8,892 | 8,213 | 7,053 | ||||||||||||||
Service Charges, Commissions & Other Fees | 35,143 | 32,009 | 26,624 | 22,402 | ||||||||||||||
Income from Mortgage Banking Operations | 51,906 | 36,142 | 26,518 | 16,340 | ||||||||||||||
Other Income | 5,050 | 2,702 | 1,368 | 1,855 | ||||||||||||||
Total Non-Interest Income | 103,316 | 73,479 | 62,205 | 33,786 | ||||||||||||||
Non-Interest Expense: | ||||||||||||||||||
Salaries & Employee Benefits | 93,299 | 79,999 | 61,109 | 53,174 | ||||||||||||||
Net Occupancy | 13,092 | 13,045 | 10,514 | 11,787 | ||||||||||||||
Other Expenses | 66,676 | 47,934 | 39,219 | 41,106 | ||||||||||||||
Amortization of Intangibles | 2,070 | 1,645 | 3,288 | 3,266 | ||||||||||||||
OREO Expense | 670 | 828 | 653 | 216 | ||||||||||||||
FDIC Expense | 871 | 679 | 962 | 873 | ||||||||||||||
Total Non-Interest Expense | 176,678 | 144,130 | 115,745 | 110,422 | ||||||||||||||
Income Before Incomes Taxes (FTE) | 122,577 | 139,308 | 130,368 | 98,793 | ||||||||||||||
Tax Equivalent Adjustment | 10,057 | 10,975 | 11,638 | 11,093 | ||||||||||||||
Income Before Incomes Taxes | 112,520 | 128,333 | 118,730 | 87,700 | ||||||||||||||
Taxes | 33,755 | 39,400 | 38,739 | 28,724 | ||||||||||||||
Net Income | $ | 78,765 | $ | 88,933 | $ | 79,991 | $ | 58,976 | ||||||||||
MEMO: Effective Tax Rate | 30.00 | % | 30.70 | % | 32.63 | % | 32.75 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
December 31 | December 31 | ||||||||||||||||||||||
2003 | 2002 | December 31 | December 31 | December 31 | |||||||||||||||||||
Q-T-D Average | Q-T-D Average | 2003 | 2002 | 2001 | |||||||||||||||||||
Cash & Cash Equivalents | $ | 285,561 | $ | 145,773 | $ | 254,941 | $ | 175,363 | $ | 157,394 | |||||||||||||
Securities Available for Sale | 1,183,366 | 1,078,187 | 1,266,635 | 1,022,314 | 1,149,073 | ||||||||||||||||||
Securities Held to Maturity | 258,922 | 267,874 | 243,975 | 263,176 | 281,636 | ||||||||||||||||||
Total Securities | 1,442,288 | 1,346,061 | 1,510,610 | 1,285,490 | 1,430,709 | ||||||||||||||||||
Total Cash and Securities | 1,727,849 | 1,491,834 | 1,765,551 | 1,460,853 | 1,588,103 | ||||||||||||||||||
Loans held for sale | 136,165 | 553,334 | 181,186 | 582,718 | 368,625 | ||||||||||||||||||
Commercial Loans | 2,195,113 | 1,923,856 | 2,249,176 | 1,885,275 | 1,849,208 | ||||||||||||||||||
Mortgage Loans | 1,413,431 | 1,272,380 | 1,453,131 | 1,335,606 | 1,313,891 | ||||||||||||||||||
Consumer Loans | 390,528 | 358,688 | 393,712 | 352,280 | 339,235 | ||||||||||||||||||
Loans & Leases, net of unearned income | 3,999,072 | 3,554,924 | 4,096,019 | 3,573,161 | 3,502,334 | ||||||||||||||||||
Allowance for Loan & Lease Losses | (50,444 | ) | (47,359 | ) | (50,432 | ) | (47,387 | ) | (47,408 | ) | |||||||||||||
Goodwill | 165,993 | 90,631 | 169,655 | 90,416 | 80,848 | ||||||||||||||||||
Other Intangibles | 9,371 | 6,130 | 9,546 | 5,869 | 7,750 | ||||||||||||||||||
Total Intangibles | 175,364 | 96,761 | 179,201 | 96,285 | 88,598 | ||||||||||||||||||
Real Estate Owned | 3,082 | 4,327 | 3,203 | 4,267 | 2,763 | ||||||||||||||||||
Other Assets | 166,159 | 114,342 | 204,271 | 122,122 | 128,760 | ||||||||||||||||||
Total Assets | $ | 6,157,247 | $ | 5,768,163 | $ | 6,378,999 | $ | 5,792,019 | $ | 5,631,775 | |||||||||||||
MEMO: Earning Assets | $ | 5,629,094 | $ | 5,422,822 | $ | 5,825,527 | $ | 5,454,471 | $ | 5,301,211 | |||||||||||||
Interest-bearing Deposits | $ | 3,253,111 | $ | 3,186,069 | $ | 3,244,860 | $ | 3,161,620 | $ | 3,134,008 | |||||||||||||
Noninterest-bearing Deposits | 846,016 | 647,289 | 937,512 | 739,228 | 653,785 | ||||||||||||||||||
Total Deposits | 4,099,127 | 3,833,358 | 4,182,372 | 3,900,848 | 3,787,793 | ||||||||||||||||||
Short-term Borrowings | 619,279 | 606,887 | 661,942 | 573,549 | 527,128 | ||||||||||||||||||
Long-term Borrowings | 774,780 | 693,878 | 858,174 | 708,573 | 745,255 | ||||||||||||||||||
Total Borrowings | 1,394,059 | 1,300,765 | 1,520,116 | 1,282,122 | 1,272,383 | ||||||||||||||||||
Other Liabilities | 44,343 | 88,015 | 61,320 | 67,510 | 65,070 | ||||||||||||||||||
Total Liabilities | 5,537,529 | 5,222,138 | 5,763,808 | 5,250,480 | 5,125,246 | ||||||||||||||||||
Common Equity | 619,718 | 546,025 | 615,191 | 541,539 | 506,529 | ||||||||||||||||||
Total Shareholders’ Equity | 619,718 | 546,025 | 615,191 | 541,539 | 506,529 | ||||||||||||||||||
Total Liabilities & Equity | $ | 6,157,247 | $ | 5,768,163 | $ | 6,378,999 | $ | 5,792,019 | $ | 5,631,775 | |||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | |||||||||||||||||||||
December | December | September | June | March | |||||||||||||||||
Quarterly Share Data: | 2003 | 2002 | 2003 | 2003 | 2003 | ||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.53 | $ | 0.55 | $ | 0.55 | $ | 0.54 | |||||||||||
Diluted | $ | 0.24 | $ | 0.53 | $ | 0.55 | $ | 0.54 | $ | 0.53 | |||||||||||
Common Dividend Declared Per Share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | |||||||||||
High Common Stock Price | $ | 31.60 | $ | 31.50 | $ | 31.61 | $ | 30.93 | $ | 30.51 | |||||||||||
Low Common Stock Price | $ | 28.92 | $ | 26.09 | $ | 28.37 | $ | 27.40 | $ | 26.58 | |||||||||||
Average Shares Outstanding (Net of Treasury Stock): | |||||||||||||||||||||
Basic | 43,428,041 | 42,155,892 | 41,328,476 | 41,597,646 | 41,891,007 | ||||||||||||||||
Diluted | 44,177,850 | 42,669,955 | 41,823,011 | 42,067,728 | 42,355,229 | ||||||||||||||||
Tax Applicable to Security Transactions | ($31 | ) | ($457 | ) | $ | 43 | $ | 326 | $ | 303 | |||||||||||
Common Dividends | $ | 10,929 | $ | 10,526 | $ | 10,302 | $ | 10,372 | $ | 10,426 |
Year-to-Date | |||||||||||||||||
December | December | December | December | ||||||||||||||
YTD Share Data: | 2003 | 2002 | 2001 | 2000 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 1.87 | $ | 2.09 | $ | 1.93 | $ | 1.41 | |||||||||
Diluted | $ | 1.85 | $ | 2.06 | $ | 1.90 | $ | 1.40 | |||||||||
Common Dividend Declared Per Share | $ | 1.00 | $ | 0.95 | $ | 0.91 | $ | 0.84 | |||||||||
Average Shares Outstanding (Net of Treasury Stock): | |||||||||||||||||
Basic | 42,076,180 | 42,537,980 | 41,497,304 | 41,958,956 | |||||||||||||
Diluted | 42,620,568 | 43,113,347 | 42,064,919 | 42,260,270 | |||||||||||||
Tax Applicable to Security Transactions | $ | 641 | ($2,193 | ) | ($181 | ) | ($4,852 | ) | |||||||||
Common Dividends | $ | 42,029 | $ | 40,388 | $ | 38,096 | $ | 35,285 | |||||||||
EOP Employees (full-time equivalent) | 1,585 | 1,460 | 1,361 | 1,288 |
December | December | September | June | March | |||||||||||||||||
EOP Share Data: | 2003 | 2002 | 2003 | 2003 | 2003 | ||||||||||||||||
Book Value Per Share | $ | 14.08 | $ | 12.88 | $ | 13.22 | $ | 13.20 | $ | 12.98 | |||||||||||
Tangible Book Value Per Share | $ | 10.00 | $ | 10.59 | $ | 10.93 | $ | 10.91 | $ | 10.70 | |||||||||||
52-week High Common Stock Price | $ | 31.61 | $ | 32.25 | $ | 31.61 | $ | 31.65 | $ | 32.25 | |||||||||||
Date | 09/08/03 | 05/06/02 | 09/08/03 | 08/20/02 | 05/06/02 | ||||||||||||||||
52-week Low Common Stock Price | $ | 26.58 | $ | 24.88 | $ | 26.09 | $ | 24.88 | $ | 24.88 | |||||||||||
Date | 03/13/03 | 07/24/02 | 10/09/02 | 07/24/02 | 07/24/02 | ||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,689,334 | 42,031,968 | 41,204,046 | 41,461,389 | 41,744,719 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||||
Selected Yields and Net Interest Margin: | 2003 | 2002 | 2003 | 2003 | 2003 | |||||||||||||||||
Loans | 5.78 | % | 6.61 | % | 5.94 | % | 6.26 | % | 6.39 | % | ||||||||||||
Investment Securities | 4.64 | % | 5.35 | % | 4.47 | % | 4.85 | % | 5.30 | % | ||||||||||||
Money Market Investments/FFS | 1.17 | % | 2.63 | % | 1.71 | % | 1.78 | % | 1.16 | % | ||||||||||||
Average Earning Assets Yield | 5.42 | % | 6.30 | % | 5.57 | % | 5.86 | % | 6.00 | % | ||||||||||||
Interest-bearing Deposits | 1.42 | % | 2.28 | % | 1.58 | % | 1.77 | % | 2.12 | % | ||||||||||||
Short-term Borrowings | 0.98 | % | 1.81 | % | 1.09 | % | 1.67 | % | 1.69 | % | ||||||||||||
Long-term Borrowings | 5.32 | % | 6.23 | % | 5.38 | % | 6.15 | % | 6.19 | % | ||||||||||||
Average Liability Costs | 2.01 | % | 2.83 | % | 2.22 | % | 2.49 | % | 2.72 | % | ||||||||||||
Net Interest Spread | 3.41 | % | 3.47 | % | 3.35 | % | 3.37 | % | 3.28 | % | ||||||||||||
Net Interest Margin | 3.76 | % | 3.96 | % | 3.75 | % | 3.83 | % | 3.76 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||
Return on Average Common Equity | 6.71 | % | 16.39 | % | 16.40 | % | 16.67 | % | 16.67 | % | ||||||||||||
Return on Average Assets | 0.68 | % | 1.55 | % | 1.59 | % | 1.63 | % | 1.60 | % | ||||||||||||
Efficiency Ratio | 73.70 | % | 49.66 | % | 51.62 | % | 52.19 | % | 50.58 | % |
Year-to-Date | ||||||||||||||||||
December | December | December | December | |||||||||||||||
Selected Yields and Net Interest Margin: | 2003 | 2002 | 2001 | 2000 | ||||||||||||||
Loans | 6.09 | % | 6.97 | % | 8.27 | % | 8.98 | % | ||||||||||
Investment Securities | 4.83 | % | 6.00 | % | 6.68 | % | 6.86 | % | ||||||||||
Money Market Investments/FFS | 1.32 | % | 1.77 | % | 4.31 | % | 6.74 | % | ||||||||||
Average Earning Assets Yield | 5.71 | % | 6.68 | % | 7.80 | % | 8.34 | % | ||||||||||
Interest-bearing Deposits | 1.72 | % | 2.52 | % | 4.04 | % | 4.53 | % | ||||||||||
Short-term Borrowings | 1.32 | % | 1.96 | % | 3.46 | % | 5.37 | % | ||||||||||
Long-term Borrowings | 5.74 | % | 6.18 | % | 6.28 | % | 6.11 | % | ||||||||||
Average Liability Costs | 2.35 | % | 3.03 | % | 4.37 | % | 4.95 | % | ||||||||||
Net Interest Spread | 3.36 | % | 3.65 | % | 3.43 | % | 3.40 | % | ||||||||||
Net Interest Margin | 3.77 | % | 4.15 | % | 4.12 | % | 4.11 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||
Return on Average Common Equity | 13.86 | % | 16.73 | % | 17.51 | % | 14.41 | % | ||||||||||
Return on Average Assets | 1.36 | % | 1.59 | % | 1.59 | % | 1.19 | % | ||||||||||
Loan / Deposit Ratio | 97.94 | % | 91.60 | % | 92.46 | % | 100.14 | % | ||||||||||
Loan Loss Reserve / Loans, net of unearned income | 1.23 | % | 1.33 | % | 1.35 | % | 1.27 | % | ||||||||||
Nonaccrual Loans / Loans, net of unearned income | 0.18 | % | 0.19 | % | 0.23 | % | 0.26 | % | ||||||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.27 | % | 0.24 | % | 0.27 | % | 0.15 | % | ||||||||||
Non-performing Loans/ Loans, net of unearned income | 0.45 | % | 0.43 | % | 0.50 | % | 0.40 | % | ||||||||||
Non-performing Assets/ Total Assets | 0.34 | % | 0.34 | % | 0.54 | % | 0.30 | % | ||||||||||
Primary Capital Ratio | 10.35 | % | 10.09 | % | 9.75 | % | 9.53 | % | ||||||||||
Shareholders’ Equity Ratio | 9.65 | % | 9.35 | % | 8.99 | % | 8.79 | % | ||||||||||
Price / Book Ratio | 2.22 | x | 2.26 | x | 2.45 | x | 2.33 | x | ||||||||||
Price / Earnings Ratio | 16.88 | x | 14.09 | x | 15.18 | x | 15.23 | x | ||||||||||
Efficiency Ratio | 57.05 | % | 47.59 | % | 43.09 | % | 44.78 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
December | December | September | June | March | |||||||||||||||||
Asset Quality Data: | 2003 | 2002 | 2003 | 2003 | 2003 | ||||||||||||||||
EOP Non-Accrual Loans | $ | 7,523 | $ | 6,890 | $ | 8,998 | $ | 7,595 | $ | 9,979 | |||||||||||
EOP 90-Day Past Due Loans | 11,052 | 8,461 | 9,468 | 5,817 | 6,594 | ||||||||||||||||
Total EOP Non-performing Loans | $ | 18,575 | $ | 15,351 | $ | 18,466 | $ | 13,412 | $ | 16,573 | |||||||||||
EOP Other Real Estate & Assets Owned | 3,203 | 4,267 | 3,225 | 3,834 | 4,086 | ||||||||||||||||
Total EOP Non-performing Assets | $ | 21,778 | $ | 19,618 | $ | 21,691 | $ | 17,246 | $ | 20,659 | |||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||
December | December | December | December | December | ||||||||||||||||
2003 | 2002 | 2003 | 2002 | 2001 | ||||||||||||||||
Charge-off Analysis: | ||||||||||||||||||||
Gross Charge-offs | ($2,403 | ) | ($2,499 | ) | ($9,996 | ) | ($9,499 | ) | ($12,359 | ) | ||||||||||
Recoveries | 537 | 302 | 1,703 | 1,541 | 1,730 | |||||||||||||||
Net Charge-offs | ($1,866 | ) | ($2,197 | ) | ($8,293 | ) | ($7,958 | ) | ($10,629 | ) | ||||||||||