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 | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Interest & Loan Fees Income | $ | 79,276 | $ | 71,151 | $ | 77,446 | ||||||
Tax equivalent adjustment | 2,765 | 2,515 | 2,717 | |||||||||
Interest & Fees Income (FTE) | 82,041 | 73,666 | 80,163 | |||||||||
Interest Expense | 26,286 | 21,400 | 24,175 | |||||||||
Net Interest Income (FTE) | 55,755 | 52,266 | 55,988 | |||||||||
Provision for credit losses | 1,111 | 1,357 | 1,328 | |||||||||
Non-Interest Income: | ||||||||||||
Investment securities transactions | 924 | 714 | 15 | |||||||||
Fees from trust & brokerage services | 2,758 | 2,570 | 2,448 | |||||||||
Fees from deposit services | 6,491 | 7,397 | 7,202 | |||||||||
Other charges, commissions, and fees | 1,331 | 1,086 | 1,345 | |||||||||
Income from mortgage banking operations | 126 | 168 | 171 | |||||||||
Other non-interest revenue | 1,289 | 1,628 | 1,922 | |||||||||
Total Non-Interest Income | 12,919 | 13,563 | 13,103 | |||||||||
Non-Interest Expense: | ||||||||||||
Salaries and employee benefits | 14,066 | 14,111 | 12,912 | |||||||||
Net occupancy | 3,095 | 3,213 | 3,279 | |||||||||
Other expenses | 10,698 | 11,307 | 11,180 | |||||||||
Prepayment penalties on FHLB advances | — | — | 2,969 | |||||||||
Amortization of intangibles | 611 | 750 | 635 | |||||||||
OREO expense | 120 | 84 | 579 | |||||||||
FDIC expense | 151 | 159 | 158 | |||||||||
Total Non-Interest Expense | 28,741 | 29,624 | 31,712 | |||||||||
Income from Continuing Operations Before Income Taxes (FTE) | 38,822 | 34,848 | 36,051 | |||||||||
Tax equivalent adjustment | 2,765 | 2,515 | 2,717 | |||||||||
Income from Continuing Operations Before Income Taxes | 36,057 | 32,333 | 33,334 | |||||||||
Taxes | 11,297 | 9,726 | 7,834 | |||||||||
Income from Continuing Operations | 24,760 | 22,607 | 25,500 | |||||||||
Income from Discontinued Operations Before Income Taxes | — | 1,243 | — | |||||||||
Taxes | — | 346 | — | |||||||||
Income from Discontinued Operations | — | 897 | — | |||||||||
Net Income | $ | 24,760 | $ | 23,504 | $ | 25,500 | ||||||
MEMO: Effective Tax Rate | 31.33 | % | 30.00 | % | 23.50 | % |
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 | ||||||||||||
March | March | December | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Interest & Loan Fees Income | — | $ | 2,923 | — | ||||||||
Interest Expense | — | 572 | — | |||||||||
Net Interest Income | — | 2,351 | — | |||||||||
Non-Interest Income: | ||||||||||||
Service charges, commissions, and fees | — | 214 | — | |||||||||
Income from mortgage banking operations | — | 6,280 | — | |||||||||
Total Non-Interest Income | — | 6,494 | — | |||||||||
Non-Interest Expense: | ||||||||||||
Salaries and employee benefits | — | 5,825 | — | |||||||||
Net occupancy | — | 489 | — | |||||||||
Other expenses | — | 1,288 | — | |||||||||
Total Non-Interest Expense | — | 7,602 | — | |||||||||
Income from Discontinued Operations Before Income Taxes | — | 1,243 | — | |||||||||
Taxes | — | 346 | — | |||||||||
Income from Discontinued Operations | — | $ | 897 | — | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets | ||||||||||||||||
March 31 | March 31 | |||||||||||||||
2005 | 2004 | March 31 | December 31 | |||||||||||||
Q-T-D Average | Q-T-D Average | 2005 | 2004 | |||||||||||||
Cash & Cash Equivalents | $ | 167,617 | $ | 191,569 | $ | 174,625 | $ | 153,465 | ||||||||
Securities Available for Sale | 1,219,415 | 1,229,365 | 1,156,442 | 1,277,160 | ||||||||||||
Held to Maturity Securities | 233,100 | 241,020 | 232,710 | 233,282 | ||||||||||||
Total Securities | 1,452,515 | 1,470,385 | 1,389,152 | 1,510,442 | ||||||||||||
Total Cash and Securities | 1,620,132 | 1,661,954 | 1,563,777 | 1,663,907 | ||||||||||||
Loans held for sale | 1,913 | 1,040 | 4,488 | 3,981 | ||||||||||||
Commercial Loans | 2,421,531 | 2,197,550 | 2,426,183 | 2,440,154 | ||||||||||||
Mortgage Loans | 1,580,145 | 1,404,236 | 1,576,147 | 1,579,792 | ||||||||||||
Consumer Loans | 401,202 | 406,453 | 395,124 | 404,756 | ||||||||||||
Gross Loans | 4,402,878 | 4,008,239 | 4,397,454 | 4,424,702 | ||||||||||||
Unearned income | (6,382 | ) | (5,465 | ) | (6,361 | ) | (6,426 | ) | ||||||||
Loans, net of unearned income | 4,396,496 | 4,002,774 | 4,391,093 | 4,418,276 | ||||||||||||
Allowance for Loan Losses | (43,377 | ) | (50,300 | ) | (43,570 | ) | (43,365 | ) | ||||||||
Goodwill | 166,925 | 169,079 | 166,852 | 166,926 | ||||||||||||
Other Intangibles | 6,532 | 9,204 | 6,208 | 6,819 | ||||||||||||
Total Intangibles | 173,457 | 178,283 | 173,060 | 173,745 | ||||||||||||
Real Estate Owned | 3,273 | 3,144 | 2,974 | 3,692 | ||||||||||||
Other Assets | 211,399 | 193,892 | 219,486 | 215,735 | ||||||||||||
Assets Related to Discontinued Operations | — | 244,565 | — | — | ||||||||||||
Total Assets | $ | 6,363,293 | $ | 6,235,352 | $ | 6,311,308 | $ | 6,435,971 | ||||||||
MEMO: Earning Assets | $ | 5,833,995 | $ | 5,434,673 | $ | 5,823,572 | $ | 5,953,858 | ||||||||
Interest-bearing Deposits | $ | 3,436,365 | $ | 3,209,338 | $ | 3,469,837 | $ | 3,412,224 | ||||||||
Noninterest-bearing Deposits | 877,253 | 832,575 | 880,602 | 885,339 | ||||||||||||
Total Deposits | 4,313,618 | 4,041,913 | 4,350,439 | 4,297,563 | ||||||||||||
Short-term Borrowings | 739,645 | 657,879 | 629,613 | 906,958 | ||||||||||||
Long-term Borrowings | 615,438 | 664,591 | 631,586 | 533,755 | ||||||||||||
Total Borrowings | 1,355,083 | 1,322,470 | 1,261,199 | 1,440,713 | ||||||||||||
Other Liabilities | 55,293 | 38,868 | 72,987 | 66,188 | ||||||||||||
Liabilities Related to Discontinued Operations | — | 209,668 | — | — | ||||||||||||
Total Liabilities | 5,723,994 | 5,612,919 | 5,684,625 | 5,804,464 | ||||||||||||
Common Equity | 639,299 | 622,433 | 626,683 | 631,507 | ||||||||||||
Total Shareholders’ Equity | 639,299 | 622,433 | 626,683 | 631,507 | ||||||||||||
Total Liabilities & Equity | $ | 6,363,293 | $ | 6,235,352 | $ | 6,311,308 | $ | 6,435,971 | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share from Continuing Operations: | ||||||||||||
Basic | $ | 0.58 | $ | 0.52 | $ | 0.59 | ||||||
Diluted | $ | 0.57 | $ | 0.51 | $ | 0.58 | ||||||
Earnings Per Share from Discontinued Operations: | ||||||||||||
Basic | — | $ | 0.02 | — | ||||||||
Diluted | — | $ | 0.02 | — | ||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.58 | $ | 0.54 | $ | 0.59 | ||||||
Diluted | $ | 0.57 | $ | 0.53 | $ | 0.58 | ||||||
Common Dividend Declared Per Share | $ | 0.26 | $ | 0.25 | $ | 0.26 | ||||||
High Common Stock Price | $ | 38.62 | $ | 31.60 | $ | 39.35 | ||||||
Low Common Stock Price | $ | 32.00 | $ | 29.36 | $ | 34.36 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 42,900,416 | 43,680,837 | 43,111,287 | |||||||||
Diluted | 43,418,579 | 44,258,584 | 43,742,803 | |||||||||
Memorandum Items: | ||||||||||||
Tax Applicable to Security Transactions | $ | 323 | $ | 250 | $ | 5 | ||||||
Common Dividends | $ | 11,138 | $ | 10,916 | $ | 11,553 |
March | March | December | ||||||||||
2005 | 2004 | 2004 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 14.65 | $ | 14.34 | $ | 14.68 | ||||||
Tangible Book Value Per Share | $ | 10.60 | $ | 10.30 | $ | 10.64 | ||||||
52-week High Common Stock Price | $ | 39.35 | $ | 31.61 | $ | 39.35 | ||||||
Date | 12/02/04 | 09/08/03 | 12/02/04 | |||||||||
52-week Low Common Stock Price | $ | 29.15 | $ | 27.40 | $ | 29.15 | ||||||
Date | 05/10/04 | 04/01/03 | 05/10/04 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 42,790,954 | 43,627,204 | 43,008,445 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,319 | 1,549 | 1,319 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Loans | 6.03 | % | 5.75 | % | 5.84 | % | ||||||
Investment Securities | 4.68 | % | 4.50 | % | 4.66 | % | ||||||
Money Market Investments/FFS | 1.94 | % | 2.81 | % | 1.24 | % | ||||||
Average Earning Assets Yield | 5.67 | % | 5.42 | % | 5.52 | % | ||||||
Interest-bearing Deposits | 1.73 | % | 1.37 | % | 1.61 | % | ||||||
Short-term Borrowings | 1.87 | % | 0.97 | % | 1.42 | % | ||||||
Long-term Borrowings | 5.39 | % | 4.47 | % | 5.43 | % | ||||||
Average Liability Costs | 2.22 | % | 1.87 | % | 2.03 | % | ||||||
Net Interest Spread | 3.45 | % | 3.55 | % | 3.49 | % | ||||||
Net Interest Margin | 3.85 | % | 3.86 | % | 3.86 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 15.71 | % | 15.19 | % | 15.90 | % | ||||||
Return on Average Assets | 1.58 | % | 1.52 | % | 1.60 | % | ||||||
Loan / Deposit Ratio | 100.93 | % | 100.69 | % | 102.81 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.99 | % | 1.04 | % | 0.98 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.17 | % | 1.26 | % | 1.16 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.14 | % | 0.16 | % | 0.14 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.08 | % | 0.22 | % | 0.10 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 0.22 | % | 0.38 | % | 0.24 | % | ||||||
Non-performing Assets/ Total Assets | 0.20 | % | 0.30 | % | 0.22 | % | ||||||
Primary Capital Ratio | 10.66 | % | 10.43 | % | 10.53 | % | ||||||
Shareholders’ Equity Ratio | 9.93 | % | 9.71 | % | 9.81 | % | ||||||
Price / Book Ratio | 2.26 | x | 2.13 | x | 2.60 | x | ||||||
Price / Earnings Ratio | 14.53 | x | 14.36 | x | 16.36 | x | ||||||
Efficiency Ratio | 41.34 | % | 49.20 | % | 44.15 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
March | March | December | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 5,955 | $ | 6,555 | $ | 6,352 | ||||||
EOP 90-Day Past Due Loans | 3,565 | 9,167 | 4,425 | |||||||||
Total EOP Non-performing Loans | $ | 9,520 | $ | 15,722 | $ | 10,777 | ||||||
EOP Other Real Estate & Assets Owned | 2,974 | 3,312 | 3,692 | |||||||||
Total EOP Non-performing Assets | $ | 12,494 | $ | 19,034 | $ | 14,469 | ||||||
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Allowance for Credit Losses:(1) | ||||||||||||
Beginning Balance | $ | 51,353 | $ | 51,309 | $ | 51,475 | ||||||
Provision Expense | 1,111 | 1,357 | 1,328 | |||||||||
52,464 | 52,666 | 52,803 | ||||||||||
Gross Charge-offs | (1,538 | ) | (1,762 | ) | (1,861 | ) | ||||||
Recoveries | 498 | 447 | 411 | |||||||||
Net Charge-offs | (1,040 | ) | (1,315 | ) | (1,450 | ) | ||||||
Ending Balance | $ | 51,424 | $ | 51,351 | $ | 51,353 | ||||||
Note: (1) Includes allowances for loan losses and lending-related commitments. |