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 | ||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | ||||||||||||||||
Interest & Loan Fees Income | $ | 77,446 | $ | 70,812 | $ | 73,793 | $ | 70,960 | $ | 71,151 | ||||||||||
Tax Equivalent Adjustment | 2,717 | 2,538 | 2,666 | 3,288 | 2,515 | |||||||||||||||
Interest & Fees Income (FTE) | 80,163 | 73,350 | 76,459 | 74,248 | 73,666 | |||||||||||||||
Interest Expense | 24,175 | 22,849 | 21,624 | 21,715 | 21,400 | |||||||||||||||
Net Interest Income (FTE) | 55,988 | 50,501 | 54,835 | 52,533 | 52,266 | |||||||||||||||
Provision for credit losses | 1,328 | 1,502 | 1,296 | 539 | 1,357 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Inv. Securities Transactions | 15 | (89 | ) | 275 | 106 | 714 | ||||||||||||||
Fees from trust & brokerage services | 2,448 | 2,261 | 2,837 | 2,663 | 2,570 | |||||||||||||||
Fees from deposit services | 7,202 | 7,773 | 7,594 | 7,774 | 7,397 | |||||||||||||||
Other charges, commissions, and fees | 1,345 | 1,121 | 1,273 | 1,282 | 1,086 | |||||||||||||||
Income from Mortgage Banking Operations | 171 | 255 | 148 | 242 | 168 | |||||||||||||||
Other Non-Interest Revenue | 1,922 | 2,135 | 1,737 | 1,634 | 1,628 | |||||||||||||||
Total Non-Interest Income | 13,103 | 13,456 | 13,864 | 13,701 | 13,563 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Staff Expense | 12,912 | 14,260 | 15,328 | 14,175 | 14,111 | |||||||||||||||
Net Occupancy | 3,279 | 2,982 | 3,026 | 3,033 | 3,213 | |||||||||||||||
Other Expenses | 11,180 | 12,391 | 10,954 | 11,255 | 11,307 | |||||||||||||||
Prepayment penalties on FHLB advances | 2,969 | 16,691 | 16,006 | — | — | |||||||||||||||
Amortization of Intangibles | 635 | 799 | 658 | 683 | 750 | |||||||||||||||
OREO Expense | 579 | 195 | 128 | 165 | 84 | |||||||||||||||
FDIC Expense | 158 | 145 | 152 | 162 | 159 | |||||||||||||||
Total Non-Interest Expense | 31,712 | 47,463 | 46,252 | 29,473 | 29,624 | |||||||||||||||
Income from Continuing Operations Before Income Taxes (FTE) | 36,051 | 14,992 | 21,151 | 36,222 | 34,848 | |||||||||||||||
Tax Equivalent Adjustment | 2,717 | 2,538 | 2,666 | 3,288 | 2,515 | |||||||||||||||
Income from Continuing Operations Before Income Taxes | 33,334 | 12,454 | 18,485 | 32,934 | 32,333 | |||||||||||||||
Taxes | 7,834 | 3,789 | 5,734 | 10,477 | 9,726 | |||||||||||||||
Income from Continuing Operations | 25,500 | 8,665 | 12,751 | 22,457 | 22,607 | |||||||||||||||
Gain on sale of discontinued operations | — | — | 17,000 | — | — | |||||||||||||||
Other operating income | — | 2,540 | 92 | 2,445 | 1,243 | |||||||||||||||
Income from Discontinued Operations Before Income Taxes | — | 2,540 | 17,092 | 2,445 | 1,243 | |||||||||||||||
Taxes | — | 708 | 5,299 | 688 | 346 | |||||||||||||||
Income from Discontinued Operations | — | 1,832 | 11,793 | 1,757 | 897 | |||||||||||||||
Net Income | $ | 25,500 | $ | 10,497 | $ | 24,544 | $ | 24,214 | $ | 23,504 | ||||||||||
MEMO: Effective Tax Rate | 23.50 | % | 29.99 | % | 31.01 | % | 31.56 | % | 30.00 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2004 | 2003 | 2002 | 2001 | |||||||||||||
Interest & Loan Fees Income | $ | 293,350 | $ | 272,520 | $ | 323,483 | $ | 348,923 | ||||||||
Tax Equivalent Adjustment | 11,186 | 10,057 | 10,975 | 11,638 | ||||||||||||
Interest & Fees Income (FTE) | 304,536 | 282,577 | 334,458 | 360,561 | ||||||||||||
Interest Expense | 88,914 | 95,504 | 129,175 | 171,828 | ||||||||||||
Net Interest Income (FTE) | 215,622 | 187,073 | 205,283 | 188,733 | ||||||||||||
Provision for credit losses | 4,520 | 7,475 | 8,937 | 12,833 | ||||||||||||
Non-Interest Income: | ||||||||||||||||
Inv. securities transactions | 1,110 | 1,830 | (6,266 | ) | (518 | ) | ||||||||||
Fees from trust & brokerage services | 10,518 | 9,387 | 8,892 | 8,213 | ||||||||||||
Fees from deposit services | 29,967 | 28,924 | 26,498 | 21,975 | ||||||||||||
Other charges, commissions, and fees | 4,986 | 4,323 | 4,234 | 3,774 | ||||||||||||
Income from mortgage banking operations | 729 | 2,570 | 1,727 | 1,873 | ||||||||||||
Other Non-Interest Revenue | 6,921 | 5,050 | 2,702 | 1,368 | ||||||||||||
Total Non-Interest Income | 54,231 | 52,084 | 37,787 | 36,685 | ||||||||||||
Non-Interest Expense: | ||||||||||||||||
Salaries and employee benefits | 56,526 | 54,843 | 52,501 | 42,835 | ||||||||||||
Net Occupancy | 12,551 | 11,270 | 11,766 | 9,665 | ||||||||||||
Other Expenses | 44,696 | 43,113 | 42,309 | 35,820 | ||||||||||||
Prepayment penalties on FHLB advances | 18,975 | 16,691 | — | — | ||||||||||||
Amortization of Intangibles | 2,726 | 2,070 | 1,645 | 3,288 | ||||||||||||
OREO Expense | 956 | 680 | 828 | 653 | ||||||||||||
FDIC Expense | 631 | 871 | 679 | 962 | ||||||||||||
Total Non-Interest Expense | 137,061 | 129,538 | 109,728 | 93,223 | ||||||||||||
Income from Continuing Operations Before Income Taxes (FTE) | 128,272 | 102,144 | 124,405 | 119,362 | ||||||||||||
Tax Equivalent Adjustment | 11,186 | 10,057 | 10,975 | 11,638 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 117,086 | 92,087 | 113,430 | 107,724 | ||||||||||||
Taxes | 33,771 | 28,010 | 35,211 | 35,600 | ||||||||||||
Income from Continuing Operations | 83,315 | 64,077 | 78,219 | 72,124 | ||||||||||||
Gain on sale of discontinued operations | 17,000 | — | — | — | ||||||||||||
Other operating income | 3,780 | 20,433 | 14,903 | 11,006 | ||||||||||||
Income from Discontinued Operations Before Income Taxes | 20,780 | 20,433 | 14,903 | 11,006 | ||||||||||||
Taxes | 6,333 | 5,745 | 4,189 | 3,139 | ||||||||||||
Income from Discontinued Operations | 14,447 | 14,688 | 10,714 | 7,867 | ||||||||||||
Net Income | $ | 97,762 | $ | 78,765 | $ | 88,933 | $ | 79,991 | ||||||||
MEMO: Effective Tax Rate | 29.09 | % | 30.00 | % | 30.70 | % | 32.63 | % |
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 | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | ||||||||||||||||
Interest & Loan Fees Income | — | $ | 3,230 | — | $ | 3,927 | $ | 2,923 | ||||||||||||
Interest Expense | — | 681 | — | 971 | 572 | |||||||||||||||
Net Interest Income | — | 2,549 | — | 2,956 | 2,351 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Service charges, commissions, and fees | — | 246 | — | 351 | 214 | |||||||||||||||
Income from mortgage banking operations | — | 9,578 | $ | 92 | 8,899 | 6,280 | ||||||||||||||
Gain on sale of discontinued operations | — | — | 17,000 | — | — | |||||||||||||||
Total Non-Interest Income | — | 9,824 | 17,092 | 9,250 | 6,494 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | — | 7,712 | — | 7,749 | 5,825 | |||||||||||||||
Net Occupancy | — | 491 | — | 496 | 489 | |||||||||||||||
Other Expenses | — | 1,630 | — | 1,516 | 1,288 | |||||||||||||||
Total Non-Interest Expense | — | 9,833 | — | 9,761 | 7,602 | |||||||||||||||
Income from Discontinued Operations Before Income Taxes | — | 2,540 | 17,092 | 2,445 | 1,243 | |||||||||||||||
Taxes | — | 708 | 5,299 | 688 | 346 | |||||||||||||||
Income from Discontinued Operations | — | $ | 1,832 | $ | 11,793 | $ | 1,757 | $ | 897 | |||||||||||
Discontinued Operations Statements of Income
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2004 | 2003 | 2002 | 2001 | |||||||||||||
Interest & Loan Fees Income | $ | 6,850 | $ | 24,988 | $ | 15,995 | $ | 11,687 | ||||||||
Interest Expense | 1,543 | 8,647 | 3,382 | 3,679 | ||||||||||||
Net Interest Income | 5,307 | 16,341 | 12,613 | 8,008 | ||||||||||||
Non-Interest Income: | ||||||||||||||||
Service charges, commissions, and fees | 565 | 1,896 | 1,277 | 875 | ||||||||||||
Income from mortgage banking operations | 15,271 | 49,336 | 34,415 | 24,645 | ||||||||||||
Gain on sale of discontinued operations | 17,000 | — | — | — | ||||||||||||
Total Non-Interest Income | 32,836 | 51,232 | 35,692 | 25,520 | ||||||||||||
Non-Interest Expense: | ||||||||||||||||
Salaries and employee benefits | 13,574 | 38,456 | 27,498 | 18,274 | ||||||||||||
Net Occupancy | 985 | 1,822 | 1,279 | 849 | ||||||||||||
Other Expenses | 2,804 | 6,862 | 4,625 | 3,399 | ||||||||||||
Total Non-Interest Expense | 17,363 | 47,140 | 33,402 | 22,522 | ||||||||||||
Income from Discontinued Operations Before Income Taxes | 20,780 | 20,433 | 14,903 | 11,006 | ||||||||||||
Taxes | 6,333 | 5,745 | 4,189 | 3,139 | ||||||||||||
Income from Discontinued Operations | $ | 14,447 | $ | 14,688 | $ | 10,714 | $ | 7,867 | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
December 31 | December 31 | |||||||||||||||||||
2004 | 2003 | December 31 | December 31 | December 31 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2004 | 2003 | 2002 | ||||||||||||||||
Cash & Cash Equivalents | $ | 159,505 | $ | 291,807 | $ | 153,465 | $ | 249,118 | $ | 171,300 | ||||||||||
Securities Available for Sale | 1,282,251 | 1,183,367 | 1,277,160 | 1,266,635 | 1,022,314 | |||||||||||||||
Held to Maturity Securities | 233,407 | 258,922 | �� | 233,282 | 243,975 | 263,176 | ||||||||||||||
Total Securities | 1,515,658 | 1,442,289 | 1,510,442 | 1,510,610 | 1,285,490 | |||||||||||||||
Total Cash and Securities | 1,675,163 | 1,734,096 | 1,663,907 | 1,759,728 | 1,456,790 | |||||||||||||||
Loans held for sale | 2,185 | 1,168 | 3,981 | 1,687 | 5,151 | |||||||||||||||
Commercial Loans | 2,321,064 | 2,126,162 | 2,440,154 | 2,180,482 | 1,885,275 | |||||||||||||||
Mortgage Loans | 1,569,534 | 395,582 | 1,579,792 | 1,381,040 | 1,263,633 | |||||||||||||||
Consumer Loans | 408,427 | 1,340,957 | 398,330 | 393,712 | 352,280 | |||||||||||||||
Loans, net of unearned income | 4,299,025 | 3,862,701 | 4,418,276 | 3,955,234 | 3,501,188 | |||||||||||||||
Allowance for Loan Losses | (45,240 | ) | (50,321 | ) | (43,365 | ) | (41,578 | ) | (41,621 | ) | ||||||||||
Goodwill | 166,964 | 165,993 | 166,926 | 169,655 | 90,416 | |||||||||||||||
Other Intangibles | 7,167 | 9,371 | 6,819 | 9,546 | 5,869 | |||||||||||||||
Total Intangibles | 174,131 | 175,364 | 173,745 | 179,201 | 96,285 | |||||||||||||||
Real Estate Owned | 4,073 | 3,082 | 3,692 | 3,203 | 4,267 | |||||||||||||||
Other Assets | 213,576 | 155,770 | 215,735 | 195,915 | 109,455 | |||||||||||||||
Assets Related to Discontinued Operations | — | 275,387 | — | 334,340 | 666,147 | |||||||||||||||
Total Assets | $ | 6,322,913 | $ | 6,157,247 | $ | 6,435,971 | $ | 6,387,730 | $ | 5,797,662 | ||||||||||
MEMO: Earning Assets | $ | 5,789,003 | $ | 5,357,849 | $ | 5,953,858 | $ | 5,505,243 | $ | 4,804,931 | ||||||||||
Interest-bearing Deposits | $ | 3,433,934 | $ | 3,253,111 | $ | 3,412,224 | $ | 3,244,860 | $ | 3,161,620 | ||||||||||
Noninterest-bearing Deposits | 904,306 | 829,856 | 885,339 | 893,627 | 654,210 | |||||||||||||||
Total Deposits | 4,338,240 | 4,082,967 | 4,297,563 | 4,138,487 | 3,815,830 | |||||||||||||||
Short-term Borrowings | 733,411 | 619,279 | 906,958 | 811,942 | 573,549 | |||||||||||||||
Long-term Borrowings | 562,277 | 558,720 | 533,755 | 459,663 | 172,444 | |||||||||||||||
Total Borrowings | 1,295,688 | 1,177,999 | 1,440,713 | 1,271,605 | 745,993 | |||||||||||||||
Other Liabilities | 51,136 | 36,612 | 66,188 | 61,693 | 55,416 | |||||||||||||||
Liabilities Related to Discontinued Operations | — | 239,951 | — | 300,754 | 638,884 | |||||||||||||||
Total Liabilities | 5,685,064 | 5,537,529 | 5,804,464 | 5,772,539 | 5,256,123 | |||||||||||||||
Common Equity | 637,849 | 619,718 | 631,507 | 615,191 | 541,539 | |||||||||||||||
Total Shareholders’ Equity | 637,849 | 619,718 | 631,507 | 615,191 | 541,539 | |||||||||||||||
Total Liabilities & Equity | $ | 6,322,913 | $ | 6,157,247 | $ | 6,435,971 | $ | 6,387,730 | $ | 5,797,662 | ||||||||||
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 | ||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | ||||||||||||||||
Quarterly Share Data: | ||||||||||||||||||||
Earnings Per Share from Continuing Operations: | ||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.20 | $ | 0.29 | $ | 0.52 | $ | 0.52 | ||||||||||
Diluted | $ | 0.58 | $ | 0.20 | $ | 0.29 | $ | 0.51 | $ | 0.51 | ||||||||||
Earnings Per Share from Discontinued Operations: | ||||||||||||||||||||
Basic | — | $ | 0.04 | $ | 0.27 | $ | 0.04 | $ | 0.02 | |||||||||||
Diluted | — | $ | 0.04 | $ | 0.27 | $ | 0.04 | $ | 0.02 | |||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.24 | $ | 0.56 | $ | 0.56 | $ | 0.54 | ||||||||||
Diluted | $ | 0.58 | $ | 0.24 | $ | 0.56 | $ | 0.55 | $ | 0.53 | ||||||||||
Common Dividend Declared Per Share | $ | 0.26 | $ | 0.25 | $ | 0.26 | $ | 0.25 | $ | 0.25 | ||||||||||
High Common Stock Price | $ | 39.35 | $ | 31.60 | $ | 36.09 | $ | 33.67 | $ | 31.60 | ||||||||||
Low Common Stock Price | $ | 34.36 | $ | 28.92 | $ | 30.35 | $ | 29.15 | $ | 29.36 | ||||||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,111,287 | 43,428,041 | 43,319,414 | 43,511,510 | 43,680,837 | |||||||||||||||
Diluted | 43,742,803 | 44,177,850 | 43,858,149 | 44,005,011 | 44,258,584 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | 5 | ($ | 31 | ) | $ | 96 | $ | 37 | $ | 250 | |||||||||
Common Dividends | $ | 11,553 | $ | 10,929 | $ | 10,892 | $ | 10,867 | $ | 10,916 |
Year Ended | ||||||||||||||||||||
December | December | December | December | |||||||||||||||||
2004 | 2003 | 2002 | 2001 | |||||||||||||||||
YTD Share Data: | ||||||||||||||||||||
Earnings Per Share from Continuing Operations: | ||||||||||||||||||||
Basic | $ | 1.92 | $ | 1.52 | $ | 1.84 | $ | 1.74 | ||||||||||||
Diluted | $ | 1.89 | $ | 1.50 | $ | 1.81 | $ | 1.71 | ||||||||||||
Earnings Per Share from Discontinued Operations: | ||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.35 | $ | 0.25 | $ | 0.19 | ||||||||||||
Diluted | $ | 0.33 | $ | 0.35 | $ | 0.25 | $ | 0.19 | ||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 2.25 | $ | 1.87 | $ | 2.09 | $ | 1.93 | ||||||||||||
Diluted | $ | 2.22 | $ | 1.85 | $ | 2.06 | $ | 1.90 | ||||||||||||
Common Dividend Declared Per Share | $ | 1.02 | $ | 1.00 | $ | 0.95 | $ | 0.91 | ||||||||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,404,586 | 42,076,180 | 42,537,980 | 41,497,304 | ||||||||||||||||
Diluted | 43,978,914 | 42,620,568 | 43,113,347 | 42,064,919 | ||||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | 389 | $ | 641 | ($ | 2,193 | ) | ($ | 181 | ) | ||||||||||
Common Dividends | $ | 44,228 | $ | 42,028 | $ | 40,388 | $ | 38,096 | ||||||||||||
EOP Employees (full-time equivalent) | 1,319 | 1,585 | 1,460 | 1,361 |
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 | ||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | ||||||||||||||||
EOP Share Data: | ||||||||||||||||||||
Book Value Per Share | $ | 14.68 | $ | 14.08 | $ | 14.59 | $ | 14.09 | $ | 14.34 | ||||||||||
Tangible Book Value Per Share | $ | 10.64 | $ | 10.00 | $ | 10.55 | $ | 10.06 | $ | 10.30 | ||||||||||
52-week High Common Stock Price | $ | 39.35 | $ | 31.61 | $ | 36.09 | $ | 33.67 | $ | 31.61 | ||||||||||
Date | 12/02/04 | 09/08/03 | 09/17/04 | 06/24/04 | 09/08/03 | |||||||||||||||
52-week Low Common Stock Price | $ | 29.15 | $ | 26.58 | $ | 28.92 | $ | 28.37 | $ | 27.40 | ||||||||||
Date | 05/10/04 | 03/13/03 | 10/24/03 | 07/01/03 | 04/01/03 | |||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,008,445 | 43,689,334 | 43,220,548 | 43,430,523 | 43,627,204 |
Three Months Ended | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 5.84 | % | 5.78 | % | 5.68 | % | 5.61 | % | 5.75 | % | ||||||||||
Investment Securities | 4.66 | % | 4.64 | % | 4.68 | % | 4.58 | % | 4.50 | % | ||||||||||
Money Market Investments/FFS | 1.24 | % | 1.17 | % | 1.13 | % | 1.12 | % | 2.81 | % | ||||||||||
Average Earning Assets Yield | 5.52 | % | 5.42 | % | 5.38 | % | 5.32 | % | 5.42 | % | ||||||||||
Interest-bearing Deposits | 1.61 | % | 1.42 | % | 1.43 | % | 1.38 | % | 1.37 | % | ||||||||||
Short-term Borrowings | 1.42 | % | 0.98 | % | 0.97 | % | 0.93 | % | 0.97 | % | ||||||||||
Long-term Borrowings | 5.43 | % | 5.32 | % | 5.13 | % | 4.54 | % | 4.47 | % | ||||||||||
Average Liability Costs | 2.03 | % | 2.01 | % | 1.84 | % | 1.87 | % | 1.87 | % | ||||||||||
Net Interest Spread | 3.49 | % | 3.41 | % | 3.54 | % | 3.45 | % | 3.55 | % | ||||||||||
Net Interest Margin | 3.86 | % | 3.76 | % | 3.86 | % | 3.77 | % | 3.86 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 15.90 | % | 6.71 | % | 15.75 | % | 15.38 | % | 15.19 | % | ||||||||||
Return on Average Assets | 1.60 | % | 0.68 | % | 1.57 | % | 1.51 | % | 1.52 | % | ||||||||||
Efficiency Ratio | 44.15 | % | 73.68 | % | 53.17 | % | 49.00 | % | 49.20 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2004 | 2003 | 2002 | 2001 | |||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||
Loans | 5.72 | % | 6.09 | % | 6.97 | % | 8.27 | % | ||||||||
Investment Securities | 4.60 | % | 4.83 | % | 6.00 | % | 6.68 | % | ||||||||
Money Market Investments/FFS | 1.28 | % | 1.32 | % | 1.77 | % | 4.31 | % | ||||||||
Average Earning Assets Yield | 5.41 | % | 5.71 | % | 6.68 | % | 7.80 | % | ||||||||
Interest-bearing Deposits | 1.45 | % | 1.72 | % | 2.52 | % | 4.04 | % | ||||||||
Short-term Borrowings | 1.08 | % | 1.32 | % | 1.96 | % | 3.46 | % | ||||||||
Long-term Borrowings | 4.82 | % | 5.74 | % | 6.18 | % | 6.28 | % | ||||||||
Average Liability Costs | 1.91 | % | 2.35 | % | 3.03 | % | 4.37 | % | ||||||||
Net Interest Spread | 3.50 | % | 3.36 | % | 3.65 | % | 3.43 | % | ||||||||
Net Interest Margin | 3.84 | % | 3.77 | % | 4.15 | % | 4.12 | % | ||||||||
Selected Financial Ratios: | ||||||||||||||||
Return on Average Common Equity | 15.56 | % | 13.86 | % | 16.73 | % | 17.51 | % | ||||||||
Return on Average Assets | 1.55 | % | 1.36 | % | 1.59 | % | 1.59 | % | ||||||||
Loan / Deposit Ratio | 102.81 | % | 95.57 | % | 91.75 | % | 93.68 | % | ||||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.98 | % | 1.05 | % | 1.19 | % | 1.23 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.16 | % | 1.30 | % | 1.38 | % | 1.35 | % | ||||||||
Nonaccrual Loans / Loans, net of unearned income | 0.14 | % | 0.19 | % | 0.20 | % | 0.23 | % | ||||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.10 | % | 0.28 | % | 0.24 | % | 0.27 | % | ||||||||
Non-performing Loans/ Loans, net of unearned income | 0.24 | % | 0.47 | % | 0.44 | % | 0.50 | % | ||||||||
Non-performing Assets/ Total Assets | 0.22 | % | 0.34 | % | 0.34 | % | 0.54 | % | ||||||||
Primary Capital Ratio | 10.42 | % | 10.22 | % | 9.99 | % | 9.68 | % | ||||||||
Shareholders’ Equity Ratio | 9.81 | % | 9.63 | % | 9.34 | % | 8.99 | % | ||||||||
Price / Book Ratio | 2.60 | x | 2.22 | x | 2.26 | x | 2.45 | x | ||||||||
Price / Earnings Ratio | 17.16 | x | 16.88 | x | 14.09 | x | 15.18 | x | ||||||||
Efficiency Ratio | 49.12 | % | 57.04 | % | 47.26 | % | 43.09 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
December | December | September | June | March | ||||||||||||||||
2004 | 2003 | 2004 | 2004 | 2004 | ||||||||||||||||
Asset Quality Data: | ||||||||||||||||||||
EOP Non-Accrual Loans | $ | 6,352 | $ | 7,523 | $ | 6,364 | $ | 6,966 | $ | 6,555 | ||||||||||
EOP 90-Day Past Due Loans | 4,425 | 11,052 | 5,447 | 9,843 | 9,167 | |||||||||||||||
Total EOP Non-performing Loans | $ | 10,777 | $ | 18,575 | $ | 11,811 | $ | 16,809 | $ | 15,722 | ||||||||||
EOP Other Real Estate & Assets Owned | 3,692 | 3,203 | 4,234 | 3,599 | 3,312 | |||||||||||||||
Total EOP Non-performing Assets | $ | 14,469 | $ | 21,778 | $ | 16,045 | $ | 20,408 | $ | 19,034 | ||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December | December | December | December | December | ||||||||||||||||
2004 | 2003 | 2004 | 2003 | 2002 | ||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||
Beginning Balance | $ | 51,475 | $ | 51,673 | $ | 51,309 | $ | 48,264 | $ | 47,285 | ||||||||||
Allowance of purchased companies | — | — | — | 3,863 | — | |||||||||||||||
Provision Expense | 1,328 | 1,502 | 4,520 | 7,475 | 8,937 | |||||||||||||||
52,803 | 53,175 | 55,829 | 59,602 | 56,222 | ||||||||||||||||
Gross Charge-offs | (1,861 | ) | (2,403 | ) | (6,539 | ) | (9,996 | ) | (9,499 | ) | ||||||||||
Recoveries | 411 | 537 | 2,063 | 1,703 | 1,541 | |||||||||||||||
Net Charge-offs | (1,450 | ) | (1,866 | ) | (4,476 | ) | (8,293 | ) | (7,958 | ) | ||||||||||
Ending Balance | $ | 51,353 | $ | 51,309 | $ | 51,353 | $ | 51,309 | $ | 48,264 | ||||||||||