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 | ||||||||||||
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Interest & Loan Fees Income | $ | 74,074 | $ | 77,224 | $ | 74,042 | ||||||
Tax Equivalent Adjustment | 2,515 | 2,566 | 2,538 | |||||||||
Interest & Fees Income (FTE) | 76,589 | 79,790 | 76,580 | |||||||||
Interest Expense | 21,972 | 29,595 | 23,530 | |||||||||
Net Interest Income (FTE) | 54,617 | 50,195 | 53,050 | |||||||||
Loan Loss Provision | 1,357 | 1,455 | 1,502 | |||||||||
Non-Interest Income: | ||||||||||||
Investment Securities Gains (Losses) | 714 | 866 | (89 | ) | ||||||||
Fees from Trust & Brokerage Services | 2,570 | 2,275 | 2,261 | |||||||||
Fees from Deposit Services | 7,397 | 6,676 | 7,773 | |||||||||
Other Charges, Commissions, and Fees | 1,299 | 1,445 | 1,367 | |||||||||
Income from Mortgage Banking Operations | 6,449 | 11,972 | 9,833 | |||||||||
Other Non-Interest Revenue | 1,628 | 361 | 2,135 | |||||||||
Total Non-Interest Income | 20,057 | 23,595 | 23,280 | |||||||||
Non-Interest Expense: | ||||||||||||
Salaries and Employee Benefits | 19,936 | 21,631 | 21,972 | |||||||||
Net Occupancy Expense | 3,702 | 3,316 | 3,473 | |||||||||
Other Expenses | 12,595 | 11,647 | 30,721 | |||||||||
Amortization of Intangibles | 750 | 434 | 800 | |||||||||
OREO Expense | 84 | 248 | 185 | |||||||||
FDIC Expense | 159 | 289 | 145 | |||||||||
Total Non-Interest Expense | 37,226 | 37,565 | 57,296 | |||||||||
Income Before Income Taxes (FTE) | 36,091 | 34,770 | 17,532 | |||||||||
Tax Equivalent Adjustment | 2,515 | 2,566 | 2,538 | |||||||||
Income Before Income Taxes | 33,576 | 32,204 | 14,994 | |||||||||
Taxes | 10,072 | 9,661 | 4,497 | |||||||||
Net Income | $ | 23,504 | $ | 22,543 | $ | 10,497 | ||||||
MEMO: Effective Tax Rate | 30.00 | % | 30.00 | % | 29.99 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
March 31 | March 31 | |||||||||||||||
2004 | 2003 | |||||||||||||||
Q-T-D | Q-T-D | March 31 | December 31 | |||||||||||||
Average | Average | 2004 | 2003 | |||||||||||||
Cash & Cash Equivalents | $ | 188,359 | $ | 267,376 | $ | 184,535 | $ | 254,941 | ||||||||
Securities Available for Sale | 1,229,365 | 1,032,755 | 1,224,206 | 1,266,635 | ||||||||||||
Securities Held to Maturity | 241,020 | 262,322 | 238,150 | 243,975 | ||||||||||||
Total Securities | 1,470,385 | 1,295,077 | 1,462,356 | 1,510,610 | ||||||||||||
Total Cash and Securities | 1,658,744 | 1,562,453 | 1,646,891 | 1,765,551 | ||||||||||||
Loans held for sale | 120,036 | 428,463 | 233,659 | 181,186 | ||||||||||||
Commercial Loans | 2,258,875 | 1,878,089 | 2,325,079 | 2,249,176 | ||||||||||||
Mortgage Loans | 1,463,977 | 1,323,893 | 1,481,718 | 1,453,131 | ||||||||||||
Consumer Loans | 400,988 | 346,438 | 400,060 | 393,712 | ||||||||||||
Loans, net of unearned income | 4,123,840 | 3,548,420 | 4,206,857 | 4,096,019 | ||||||||||||
Allowance for Loan Losses | (50,423 | ) | (47,508 | ) | (50,474 | ) | (50,432 | ) | ||||||||
Goodwill | 169,079 | 90,397 | 167,583 | 169,655 | ||||||||||||
Other Intangibles | 9,204 | 5,696 | 8,795 | 9,546 | ||||||||||||
Total Intangibles | 178,283 | 96,093 | 176,378 | 179,201 | ||||||||||||
Real Estate Owned | 3,144 | 4,069 | 3,312 | 3,203 | ||||||||||||
Other Assets | 201,728 | 127,165 | 216,673 | 204,271 | ||||||||||||
Total Assets | $ | 6,235,352 | $ | 5,719,155 | $ | 6,433,296 | $ | 6,378,999 | ||||||||
MEMO: Earning Assets | $ | 5,674,612 | $ | 5,360,056 | $ | 5,916,271 | $ | 5,825,527 | ||||||||
Interest-bearing Deposits | $ | 3,209,339 | $ | 3,175,138 | $ | 3,225,653 | $ | 3,244,860 | ||||||||
Noninterest-bearing Deposits | 848,900 | 707,312 | 926,978 | 937,512 | ||||||||||||
Total Deposits | 4,058,239 | 3,882,450 | 4,152,631 | 4,182,372 | ||||||||||||
Short-term Borrowings | 657,879 | 527,628 | 705,823 | 661,942 | ||||||||||||
Long-term Borrowings | 853,195 | 708,435 | 884,691 | 858,174 | ||||||||||||
Total Borrowings | 1,511,074 | 1,236,063 | 1,590,514 | 1,520,116 | ||||||||||||
Other Liabilities | 43,606 | 52,283 | 64,410 | 61,320 | ||||||||||||
Total Liabilities | 5,612,919 | 5,170,796 | 5,807,555 | 5,763,808 | ||||||||||||
Common Equity | 622,433 | 548,359 | 625,741 | 615,191 | ||||||||||||
Total Shareholders’ Equity | 622,433 | 548,359 | 625,741 | 615,191 | ||||||||||||
Total Liabilities & Equity | $ | 6,235,352 | $ | 5,719,155 | $ | 6,433,296 | $ | 6,378,999 | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.54 | $ | 0.54 | $ | 0.24 | ||||||
Diluted | $ | 0.53 | $ | 0.53 | $ | 0.24 | ||||||
Common Dividend Declared Per Share | $ | 0.25 | $ | 0.25 | $ | 0.25 | ||||||
High Common Stock Price | $ | 31.60 | $ | 30.51 | $ | 31.60 | ||||||
Low Common Stock Price | $ | 29.36 | $ | 26.58 | $ | 28.92 | ||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||
Basic | 43,680,837 | 41,891,007 | 43,428,041 | |||||||||
Diluted | 44,258,584 | 42,355,229 | 44,177,850 | |||||||||
Memorandum Items: | ||||||||||||
Tax Applicable to Security Transactions | $ | 250 | $ | 303 | ($ | 31 | ) | |||||
Common Dividends | $ | 10,917 | $ | 10,426 | $ | 10,929 |
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 14.34 | $ | 12.98 | $ | 14.08 | ||||||
Tangible Book Value Per Share | $ | 10.30 | $ | 10.70 | $ | 10.00 | ||||||
52-week High Common Stock Price | $ | 31.61 | $ | 32.25 | $ | 31.61 | ||||||
Date | 09/08/03 | 05/06/02 | 09/08/03 | |||||||||
52-week Low Common Stock Price | $ | 27.40 | $ | 24.88 | $ | 26.58 | ||||||
Date | 04/01/03 | 07/24/02 | 03/13/03 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,627,204 | 41,744,719 | 43,689,334 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,549 | 1,500 | 1,585 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Loans | 5.75 | % | 6.39 | % | 5.78 | % | ||||||
Investment Securities | 4.50 | % | 5.30 | % | 4.64 | % | ||||||
Money Market Investments/FFS | 2.81 | % | 1.16 | % | 1.17 | % | ||||||
Average Earning Assets Yield | 5.42 | % | 6.00 | % | 5.42 | % | ||||||
Interest-bearing Deposits | 1.37 | % | 2.12 | % | 1.42 | % | ||||||
Short-term Borrowings | 0.97 | % | 1.69 | % | 0.98 | % | ||||||
Long-term Borrowings | 4.47 | % | 6.19 | % | 5.32 | % | ||||||
Average Liability Costs | 1.87 | % | 2.72 | % | 2.01 | % | ||||||
Net Interest Spread | 3.55 | % | 3.28 | % | 3.41 | % | ||||||
Net Interest Margin | 3.86 | % | 3.76 | % | 3.76 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 15.19 | % | 16.67 | % | 6.71 | % | ||||||
Return on Average Assets | 1.52 | % | 1.60 | % | 0.68 | % | ||||||
Efficiency Ratio | 49.20 | % | 50.58 | % | 73.70 | % |
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Loan / Deposit Ratio | 101.31 | % | 87.92 | % | 97.94 | % | ||||||
Loan Loss Reserve / Loans, net of unearned income | 1.20 | % | 1.34 | % | 1.23 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.15 | % | 0.29 | % | 0.18 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.18 | % | 0.19 | % | 0.27 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 0.33 | % | 0.47 | % | 0.45 | % | ||||||
Non-performing Assets/ Total Assets | 0.26 | % | 0.36 | % | 0.34 | % | ||||||
Primary Capital Ratio | 10.43 | % | 10.04 | % | 10.35 | % | ||||||
Shareholders’ Equity Ratio | 9.73 | % | 9.32 | % | 9.65 | % | ||||||
Price / Book Ratio | 2.13 x | 2.13 x | 2.22 x | |||||||||
Price / Earnings Ratio | 14.36 x | 13.01 x | 16.88 x |
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Credit Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 6,128 | $ | 9,979 | $ | 7,523 | ||||||
EOP 90-Day Past Due Loans | 7,600 | 6,594 | 11,052 | |||||||||
Total EOP Non-performing Loans | $ | 13,728 | $ | 16,573 | $ | 18,575 | ||||||
EOP Other Real Estate & Assets Owned | 3,312 | 4,086 | 3,203 | |||||||||
Total EOP Non-performing Assets | $ | 17,040 | $ | 20,659 | $ | 21,778 | ||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
March | March | December | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Charge-off Analysis: | ||||||||||||
Gross Charge-offs | ($ | 1,762 | ) | ($ | 2,256 | ) | ($ | 2,403 | ) | |||
Recoveries | 447 | 400 | 537 | |||||||||
Net Charge-offs | ($ | 1,315 | ) | ($ | 1,856 | ) | ($ | 1,866 | ) | |||