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 | |||||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | 2003 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 73,793 | $ | 64,341 | $ | 70,960 | $ | 71,151 | $ | 215,904 | $ | 201,708 | ||||||||||||
Tax Equivalent Adjustment | 2,666 | 2,498 | 3,288 | 2,515 | 8,469 | 7,520 | ||||||||||||||||||
Interest & Fees Income (FTE) | 76,459 | 66,839 | 74,248 | 73,666 | 224,373 | 209,228 | ||||||||||||||||||
Interest Expense | 21,624 | 21,589 | 21,715 | 21,400 | 64,739 | 72,655 | ||||||||||||||||||
Net Interest Income (FTE) | 54,835 | 45,250 | 52,533 | 52,266 | 159,634 | 136,573 | ||||||||||||||||||
Provision for Credit Losses | 1,296 | 2,222 | 539 | 1,357 | 3,192 | 5,973 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Inv. Securities Transactions | 275 | 122 | 106 | 714 | 1,095 | 1,919 | ||||||||||||||||||
Fees from trust & brokerage services | 2,837 | 2,389 | 2,663 | 2,570 | 8,070 | 7,126 | ||||||||||||||||||
Fees from deposit services | 7,594 | 7,260 | 7,774 | 7,397 | 22,765 | 21,152 | ||||||||||||||||||
Other charges, commissions, and fees | 1,273 | 1,152 | 1,282 | 1,086 | 3,641 | 3,201 | ||||||||||||||||||
Income from Mortgage Banking Operations | 148 | 820 | 242 | 168 | 558 | 2,315 | ||||||||||||||||||
Other Non-Interest Revenue | 1,737 | 1,366 | 1,634 | 1,628 | 4,999 | 2,915 | ||||||||||||||||||
Total Non-Interest Income | 13,864 | 13,109 | 13,701 | 13,563 | 41,128 | 38,628 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Staff Expense | 15,328 | 14,273 | 14,175 | 14,111 | 43,614 | 40,583 | ||||||||||||||||||
Occupancy & Equipment | 3,026 | 2,560 | 3,033 | 3,213 | 9,272 | 8,288 | ||||||||||||||||||
Other Expenses | 10,954 | 9,905 | 11,255 | 11,307 | 33,516 | 30,723 | ||||||||||||||||||
Prepayment penalties on FHLB advances | 16,006 | 0 | 0 | 0 | 16,006 | 0 | ||||||||||||||||||
Amortization of Intangibles | 658 | 412 | 683 | 750 | 2,091 | 1,270 | ||||||||||||||||||
OREO Expense | 128 | 245 | 165 | 84 | 377 | 485 | ||||||||||||||||||
FDIC Expense | 152 | 158 | 162 | 159 | 473 | 726 | ||||||||||||||||||
Total Non-Interest Expense | 46,252 | 27,553 | 29,473 | 29,624 | 105,349 | 82,075 | ||||||||||||||||||
Income from Continuing Operations Before Income Taxes (FTE) | 21,151 | 28,584 | 36,222 | 34,848 | 92,221 | 87,153 | ||||||||||||||||||
Tax Equivalent Adjustment | 2,666 | 2,498 | 3,288 | 2,515 | 8,469 | 7,520 | ||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 18,485 | 26,086 | 32,934 | 32,333 | 83,752 | 79,633 | ||||||||||||||||||
Taxes | 5,734 | 7,950 | 10,477 | 9,726 | 25,937 | 24,221 | ||||||||||||||||||
Income from Continuing Operations | 12,751 | 18,136 | 22,457 | 22,607 | 57,815 | 55,412 | ||||||||||||||||||
Income from Discontinued Operations Before Income Taxes | 17,092 | 6,657 | 2,445 | 1,243 | 20,780 | 17,893 | ||||||||||||||||||
Taxes | 5,299 | 1,873 | 688 | 346 | 6,333 | 5,037 | ||||||||||||||||||
Income from Discontinued Operations | 11,793 | 4,784 | 1,757 | 897 | 14,447 | 12,856 | ||||||||||||||||||
Net Income | $ | 24,544 | $ | 22,920 | $ | 24,214 | $ | 23,504 | $ | 72,262 | $ | 68,268 | ||||||||||||
MEMO: Effective Tax Rate | 31.01 | % | 30.00 | % | 31.56 | % | 30.00 | % | 30.87 | % | 30.00 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Discontinued Operations Statements of Income
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | 2003 | |||||||||||||||||||
Interest & Loan Fees Income | — | $ | 7,640 | $ | 3,927 | $ | 2,923 | $ | 6,850 | $ | 21,758 | |||||||||||||
Interest Expense | — | 2,870 | 971 | 572 | 1,543 | 7,966 | ||||||||||||||||||
Net Interest Income | — | 4,770 | 2,956 | 2,351 | 5,307 | 13,792 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Service charges, commissions, and fees | — | 526 | 351 | 214 | 565 | 1,650 | ||||||||||||||||||
Income from mortgage banking operations | 92 | 15,014 | 8,899 | 6,280 | 15,271 | 39,758 | ||||||||||||||||||
Gain on sale of discontinued operations | 17,000 | 0 | 0 | 0 | 17,000 | 0 | ||||||||||||||||||
Total Non-Interest Income | 17,092 | 15,540 | 9,250 | 6,494 | 32,836 | 41,408 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Staff Expense | — | 11,234 | 7,749 | 5,825 | 13,574 | 30,744 | ||||||||||||||||||
Occupancy & Equipment | — | 479 | 496 | 489 | 985 | 1,331 | ||||||||||||||||||
Other Expenses | — | 1,940 | 1,516 | 1,288 | 2,804 | 5,232 | ||||||||||||||||||
Total Non-Interest Expense | — | 13,653 | 9,761 | 7,602 | 17,363 | 37,307 | ||||||||||||||||||
Income from Discontinued Operations Before Income Taxes | 17,092 | 6,657 | 2,445 | 1,243 | 20,780 | 17,893 | ||||||||||||||||||
Taxes | 5,299 | 1,873 | 688 | 346 | 6,333 | 5,037 | ||||||||||||||||||
Income from Discontinued Operations | $ | 11,793 | $ | 4,784 | $ | 1,757 | $ | 897 | $ | 14,447 | $ | 12,856 | ||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 | September 30 | |||||||||||||||||||
2004 | 2003 | September 30 | December 31 | September 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2004 | 2003 | 2003 | ||||||||||||||||
Cash & Cash Equivalents | $ | 206,295 | $ | 198,343 | $ | 163,560 | $ | 249,118 | $ | 251,493 | ||||||||||
Securities Available for Sale | 1,196,746 | 1,022,807 | 1,272,347 | 1,266,635 | 1,018,309 | |||||||||||||||
Held to Maturity Securities | 233,252 | 256,483 | 233,416 | 243,975 | 255,656 | |||||||||||||||
Total Securities | 1,429,998 | 1,279,290 | 1,505,763 | 1,510,610 | 1,273,965 | |||||||||||||||
Total Cash and Securities | 1,636,293 | 1,477,633 | 1,669,323 | 1,759,728 | 1,525,458 | |||||||||||||||
Loans held for sale | 2,506 | 5,948 | 1,410 | 1,687 | 3,031 | |||||||||||||||
Commercial Loans | 2,241,393 | 1,844,410 | 2,283,854 | 2,180,482 | 1,865,462 | |||||||||||||||
Mortgage Loans | 1,540,198 | 1,244,117 | 1,571,217 | 1,381,040 | 1,265,985 | |||||||||||||||
Consumer Loans | 418,175 | 376,038 | 413,143 | 393,712 | 371,115 | |||||||||||||||
Loans, net of unearned income | 4,199,766 | 3,464,565 | 4,268,214 | 3,955,234 | 3,502,562 | |||||||||||||||
Allowance for Loan Losses | (50,414 | ) | (46,779 | ) | (45,219 | ) | (41,578 | ) | (40,666 | ) | ||||||||||
Goodwill | 167,289 | 89,595 | 166,971 | 169,655 | 89,574 | |||||||||||||||
Other Intangibles | 7,812 | 4,830 | 7,454 | 9,546 | 5,012 | |||||||||||||||
Total Intangibles | 175,101 | 94,425 | 174,425 | 179,201 | 94,586 | |||||||||||||||
Real Estate Owned | 4,033 | 3,364 | 4,234 | 3,203 | 3,834 | |||||||||||||||
Other Assets | 212,263 | 143,495 | 217,264 | 195,915 | 181,722 | |||||||||||||||
Assets Related to Discontinued Operations | 24,214 | 590,136 | — | 334,340 | 467,601 | |||||||||||||||
Total Assets | $ | 6,203,762 | $ | 5,732,787 | $ | 6,289,651 | $ | 6,387,730 | $ | 5,738,128 | ||||||||||
MEMO: Earning Assets | $ | 5,641,063 | $ | 4,739,583 | $ | 5,791,342 | $ | 5,505,243 | $ | 4,870,755 | ||||||||||
Interest-bearing Deposits | $ | 3,436,008 | $ | 3,006,322 | $ | 3,414,149 | $ | 3,244,860 | $ | 2,971,782 | ||||||||||
Noninterest-bearing Deposits | 859,238 | 716,530 | 890,911 | 893,627 | 727,513 | |||||||||||||||
Total Deposits | 4,295,246 | 3,722,852 | 4,305,060 | 4,138,487 | 3,699,295 | |||||||||||||||
Short-term Borrowings | 631,826 | 558,438 | 690,825 | 661,942 | 548,393 | |||||||||||||||
Long-term Borrowings | 585,779 | 306,333 | 601,166 | 609,663 | 459,620 | |||||||||||||||
Total Borrowings | 1,217,605 | 864,771 | 1,291,991 | 1,271,605 | 1,008,013 | |||||||||||||||
Other Liabilities | 47,448 | 35,129 | 62,028 | 61,693 | 52,789 | |||||||||||||||
Liabilities Related to Discontinued Operations | 23,661 | 555,485 | — | 300,754 | 433,491 | |||||||||||||||
Total Liabilities | 5,583,960 | 5,178,237 | 5,659,079 | 5,772,539 | 5,193,588 | |||||||||||||||
Common Equity | 619,802 | 554,550 | 630,572 | 615,191 | 544,540 | |||||||||||||||
Total Shareholders’ Equity | 619,802 | 554,550 | 630,572 | 615,191 | 544,540 | |||||||||||||||
Total Liabilities & Equity | $ | 6,203,762 | $ | 5,732,787 | $ | 6,289,651 | $ | 6,387,730 | $ | 5,738,128 | ||||||||||
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 | |||||||||||||||||||
Quarterly/Year-to-Date Share Data: | 2004 | 2003 | 2004 | 2004 | 2004 | 2003 | ||||||||||||||||||
Earnings Per Share from Continuing Operations: | ||||||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.44 | $ | 0.52 | $ | 0.52 | $ | 1.33 | $ | 1.33 | ||||||||||||
Diluted | $ | 0.29 | $ | 0.43 | $ | 0.51 | $ | 0.51 | $ | 1.31 | $ | 1.32 | ||||||||||||
Earnings Per Share from Discontinued Operations: | ||||||||||||||||||||||||
Basic | $ | 0.27 | $ | 0.12 | $ | 0.04 | $ | 0.02 | $ | 0.33 | $ | 0.31 | ||||||||||||
Diluted | $ | 0.27 | $ | 0.12 | $ | 0.04 | $ | 0.02 | $ | 0.33 | $ | 0.31 | ||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.56 | $ | 0.56 | $ | 0.56 | $ | 0.54 | $ | 1.66 | $ | 1.64 | ||||||||||||
Diluted | $ | 0.56 | $ | 0.55 | $ | 0.55 | $ | 0.53 | $ | 1.64 | $ | 1.62 | ||||||||||||
Common Dividend Declared Per Share | $ | 0.26 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.76 | $ | 0.75 | ||||||||||||
High Common Stock Price | $ | 36.09 | $ | 31.61 | $ | 33.67 | $ | 31.60 | $ | 36.09 | $ | 31.61 | ||||||||||||
Low Common Stock Price | $ | 30.35 | $ | 28.37 | $ | 29.15 | $ | 29.36 | $ | 29.15 | $ | 26.58 | ||||||||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||||||||||||||
Basic | 43,319,414 | 41,328,476 | 43,511,510 | 43,680,837 | 43,503,066 | 41,615,354 | ||||||||||||||||||
Diluted | 43,858,149 | 41,823,011 | 44,005,011 | 44,258,584 | 44,043,491 | 42,091,262 | ||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
Tax Applicable to Security Transactions | $ | 96 | $ | 43 | $ | 37 | $ | 250 | $ | 383 | $ | 672 | ||||||||||||
Common Dividends | $ | 10,892 | $ | 10,301 | $ | 10,867 | $ | 10,916 | $ | 32,675 | $ | 31,100 |
September | September | June | March | |||||||||||||
EOP Share Data: | 2004 | 2003 | 2004 | 2004 | ||||||||||||
Book Value Per Share | $ | 14.59 | $ | 13.22 | $ | 14.09 | $ | 14.34 | ||||||||
Tangible Book Value Per Share | $ | 10.55 | $ | 10.93 | $ | 10.06 | $ | 10.30 | ||||||||
52-week High Common Stock Price | $ | 36.09 | $ | 31.61 | $ | 33.67 | $ | 31.61 | ||||||||
Date | 09/17/04 | 09/08/03 | 06/24/04 | 09/08/03 | ||||||||||||
52-week Low Common Stock Price | $ | 28.92 | $ | 26.09 | $ | 28.37 | $ | 27.40 | ||||||||
Date | 10/24/03 | 10/09/02 | 07/01/03 | 04/01/03 | ||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,220,548 | 41,204,046 | 43,430,523 | 43,627,204 | ||||||||||||
Memorandum Items: | ||||||||||||||||
EOP Employees (full-time equivalent) | 1,393 | 1,545 | 1,549 | 1,509 |
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 | |||||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | 2003 | |||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||
Loans | 5.68 | % | 5.94 | % | 5.61 | % | 5.75 | % | 5.68 | % | 6.19 | % | ||||||||||||
Investment Securities | 4.68 | % | 4.47 | % | 4.58 | % | 4.50 | % | 4.59 | % | 4.90 | % | ||||||||||||
Money Market Investments/FFS | 1.13 | % | 1.71 | % | 1.12 | % | 2.81 | % | 1.29 | % | 1.39 | % | ||||||||||||
Average Earning Assets Yield | 5.38 | % | 5.57 | % | 5.32 | % | 5.42 | % | 5.38 | % | 5.82 | % | ||||||||||||
Interest-bearing Deposits | 1.43 | % | 1.58 | % | 1.38 | % | 1.37 | % | 1.39 | % | 1.83 | % | ||||||||||||
Short-term Borrowings | 0.97 | % | 1.09 | % | 0.93 | % | 0.97 | % | 0.95 | % | 1.45 | % | ||||||||||||
Long-term Borrowings | 5.13 | % | 5.38 | % | 4.54 | % | 4.47 | % | 4.67 | % | 5.88 | % | ||||||||||||
Average Liability Costs | 1.84 | % | 2.22 | % | 1.87 | % | 1.87 | % | 1.86 | % | 2.47 | % | ||||||||||||
Net Interest Spread | 3.54 | % | 3.35 | % | 3.45 | % | 3.55 | % | 3.52 | % | 3.35 | % | ||||||||||||
Net Interest Margin | 3.86 | % | 3.75 | % | 3.77 | % | 3.86 | % | 3.83 | % | 3.78 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||
Return on Average Common Equity | 15.75 | % | 16.40 | % | 15.38 | % | 15.19 | % | 15.44 | % | 16.58 | % | ||||||||||||
Return on Average Assets | 1.57 | % | 1.59 | % | 1.51 | % | 1.52 | % | 1.53 | % | 1.60 | % | ||||||||||||
Efficiency Ratio (consolidated) | 53.17 | % | 51.62 | % | 49.00 | % | 49.20 | % | 50.56 | % | 51.48 | % |
September | September | June | March | |||||||||||||
2004 | 2003 | 2004 | 2004 | |||||||||||||
Loan / Deposit Ratio | 99.14% | 94.68% | 97.76% | 100.69% | ||||||||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.06% | 1.16% | 1.03% | 1.02% | ||||||||||||
Allowance for Credit Losses (1) / Loans, net of unearned income | 1.21% | 1.37% | 1.21% | 1.23% | ||||||||||||
Nonaccrual Loans / Loans, net of unearned income | 0.15% | 0.26% | 0.17% | 0.16% | ||||||||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.13% | 0.27% | 0.24% | 0.22% | ||||||||||||
Non-performing Loans/ Loans, net of unearned income | 0.28% | 0.53% | 0.40% | 0.39% | ||||||||||||
Non-performing Assets/ Total Assets | 0.26% | 0.38% | 0.31% | 0.30% | ||||||||||||
Primary Capital Ratio | 10.67% | 10.13% | 10.08% | 10.43% | ||||||||||||
Shareholders’ Equity Ratio | 10.03% | 9.49% | 9.38% | 9.73% | ||||||||||||
Price / Book Ratio | 2.37 | x | 2.27 | x | 2.31 | x | 2.13 | x | ||||||||
Price / Earnings Ratio | 15.84 | x | 13.81 | x | 15.03 | x | 14.36 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
September | September | December | June | March | ||||||||||||||||
Credit Quality Data: | 2004 | 2003 | 2003 | 2004 | 2004 | |||||||||||||||
EOP Non-Accrual Loans | $ | 6,364 | $ | 8,998 | $ | 7,523 | $ | 6,966 | $ | 6,555 | ||||||||||
EOP 90-Day Past Due Loans | 5,447 | 9,468 | 11,052 | 9,843 | 9,167 | |||||||||||||||
Total EOP Non-performing Loans | $ | 11,811 | $ | 18,466 | $ | 18,575 | $ | 16,809 | $ | 15,722 | ||||||||||
EOP Other Real Estate & Assets Owned | 4,234 | 3,225 | 3,203 | 3,599 | 3,312 | |||||||||||||||
Total EOP Non-performing Assets | $ | 16,045 | $ | 21,691 | $ | 21,778 | $ | 20,408 | $ | 19,034 | ||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
Allowance for Credit Losses:(1) | 2004 | 2003 | 2004 | 2004 | 2004 | 2003 | ||||||||||||||||||
Beginning Balance | $ | 51,379 | $ | 47,721 | $ | 51,351 | $ | 51,309 | $ | 51,309 | $ | 48,264 | ||||||||||||
Provision | 1,296 | 2,222 | 539 | 1,357 | 3,192 | 5,973 | ||||||||||||||||||
52,675 | 49,943 | 51,890 | 52,666 | 54,501 | 54,237 | |||||||||||||||||||
Gross Charge-offs | (1,840 | ) | (2,600 | ) | (1,076 | ) | (1,762 | ) | (4,678 | ) | (7,593 | ) | ||||||||||||
Recoveries | 640 | 467 | 565 | 447 | 1,652 | 1,166 | ||||||||||||||||||
Net Charge-offs | (1,200 | ) | (2,133 | ) | (511 | ) | (1,315 | ) | (3,026 | ) | (6,427 | ) | ||||||||||||
Ending Balance | $ | 51,475 | $ | 47,810 | $ | 51,379 | $ | 51,351 | $ | 51,475 | $ | 47,810 | ||||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.