EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
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 | |||||||||||||||||||
2005 | 2004 | 2005 | 2005 | 2005 | 2004 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 89,490 | $ | 73,793 | $ | 82,179 | $ | 79,276 | $ | 250,945 | $ | 215,904 | ||||||||||||
Tax Equivalent Adjustment | 3,325 | 2,666 | 2,968 | 2,765 | 9,058 | 8,469 | ||||||||||||||||||
Interest & Fees Income (FTE) | 92,815 | 76,459 | 85,147 | 82,041 | 260,003 | 224,373 | ||||||||||||||||||
Interest Expense | 32,832 | 21,624 | 28,721 | 26,286 | 87,839 | 64,739 | ||||||||||||||||||
Net Interest Income (FTE) | 59,983 | 54,835 | 56,426 | 55,755 | 172,164 | 159,634 | ||||||||||||||||||
Credit Loss Provision | 1,945 | 1,296 | 504 | 1,111 | 3,560 | 3,192 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Investment Securities Transactions | (93 | ) | 275 | 58 | 924 | 889 | 1,095 | |||||||||||||||||
Fees from Trust & Brokerage Services | 2,813 | 2,837 | 2,741 | 2,758 | 8,312 | 8,070 | ||||||||||||||||||
Fees from Deposit Services | 7,216 | 7,594 | 7,002 | 6,491 | 20,709 | 22,765 | ||||||||||||||||||
Other Charges, Commissions, and Fees | 1,569 | 1,273 | 1,515 | 1,331 | 4,415 | 3,641 | ||||||||||||||||||
Income from Mortgage Banking Operations | 337 | 148 | 227 | 126 | 690 | 558 | ||||||||||||||||||
Other Non-Interest Revenue | 1,194 | 1,737 | 1,816 | 1,289 | 4,299 | 4,999 | ||||||||||||||||||
Total Non-Interest Income | 13,036 | 13,864 | 13,359 | 12,919 | 39,314 | 41,128 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Salaries and Employee Benefits | 15,205 | 15,328 | 14,921 | 14,066 | 44,192 | 43,614 | ||||||||||||||||||
Net Occupancy | 3,113 | 3,026 | 3,051 | 3,095 | 9,259 | 9,272 | ||||||||||||||||||
Other Expenses | 11,341 | 10,954 | 11,721 | 10,698 | 33,760 | 33,516 | ||||||||||||||||||
Prepayment Penalties on FHLB Advances | — | 16,006 | — | — | — | 16,006 | ||||||||||||||||||
Amortization of Intangibles | 560 | 658 | 586 | 611 | 1,757 | 2,091 | ||||||||||||||||||
OREO Expense | 155 | 128 | 150 | 120 | 425 | 377 | ||||||||||||||||||
FDIC Expense | 142 | 152 | 148 | 151 | 441 | 473 | ||||||||||||||||||
Total Non-Interest Expense | 30,516 | 46,252 | 30,577 | 28,741 | 89,834 | 105,349 | ||||||||||||||||||
Income from Continuing Operations Before Income Taxes (FTE) | 40,558 | 21,151 | 38,704 | 38,822 | 118,084 | 92,221 | ||||||||||||||||||
Tax Equivalent Adjustment | 3,325 | 2,666 | 2,968 | 2,765 | 9,058 | 8,469 | ||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 37,233 | 18,485 | 35,736 | 36,057 | 109,026 | 83,752 | ||||||||||||||||||
Taxes | 11,784 | 5,734 | 11,222 | 11,297 | 34,303 | 25,937 | ||||||||||||||||||
Income from Continuing Operations | 25,449 | 12,751 | 24,514 | 24,760 | 74,723 | 57,815 | ||||||||||||||||||
Gain on Sale of Discontinued Operations | — | 17,000 | — | — | — | 17,000 | ||||||||||||||||||
Other Operating Income | — | 92 | — | — | — | 3,780 | ||||||||||||||||||
Income from Discontinued Operations Before Income Taxes | — | 17,092 | — | — | — | 20,780 | ||||||||||||||||||
Taxes | — | 5,299 | — | — | — | 6,333 | ||||||||||||||||||
Income from Discontinued Operations | — | 11,793 | — | — | — | 14,447 | ||||||||||||||||||
Net Income | $ | 25,449 | $ | 24,544 | $ | 24,514 | $ | 24,760 | $ | 74,723 | $ | 72,262 | ||||||||||||
MEMO: Effective Tax Rate | 31.65 | % | 31.01 | % | 31.40 | % | 31.33 | % | 31.46 | % | 30.87 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
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 | |||||||||||||||||||
2005 | 2004 | 2005 | 2005 | 2005 | 2004 | |||||||||||||||||||
Interest & Loan Fees Income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,850 | ||||||||||||
Interest Expense | — | — | — | — | — | 1,543 | ||||||||||||||||||
Net Interest Income | — | — | — | — | — | 5,307 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Service Charges, Commissions, and Fees | — | — | — | — | — | 565 | ||||||||||||||||||
Income from Mortgage Banking Operations | — | 92 | — | — | — | 15,271 | ||||||||||||||||||
Gain on Sale of Discontinued Operations | — | 17,000 | — | — | — | 17,000 | ||||||||||||||||||
Total Non-Interest Income | — | 17,092 | — | — | — | 32,836 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Salaries and Employee Benefits | — | — | — | — | — | 13,574 | ||||||||||||||||||
Net Occupancy | — | — | — | — | — | 985 | ||||||||||||||||||
Other Expenses | — | — | — | — | — | 2,804 | ||||||||||||||||||
Total Non-Interest Expense | — | — | — | — | — | 17,363 | ||||||||||||||||||
Income from Discontinued Operations Before Income Taxes | — | 17,092 | — | — | — | 20,780 | ||||||||||||||||||
Taxes | — | 5,299 | — | — | — | 6,333 | ||||||||||||||||||
Income from Discontinued Operations | $ | — | $ | 11,793 | $ | — | $ | — | $ | — | $ | 14,447 | ||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 | September 30 | |||||||||||||||||||
2005 | 2004 | September 30 | December 31 | September 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2005 | 2004 | 2004 | ||||||||||||||||
Cash & Cash Equivalents | $ | 175,238 | $ | 206,295 | $ | 219,548 | $ | 153,465 | $ | 163,560 | ||||||||||
Securities Available for Sale | 1,233,756 | 1,196,746 | 1,219,069 | 1,277,160 | 1,272,347 | |||||||||||||||
Held to Maturity Securities | 231,130 | 233,252 | 230,709 | 233,282 | 233,416 | |||||||||||||||
Total Securities | 1,464,886 | 1,429,998 | 1,449,778 | 1,510,442 | 1,505,763 | |||||||||||||||
Total Cash and Securities | 1,640,124 | 1,636,293 | 1,669,326 | 1,663,907 | 1,669,323 | |||||||||||||||
Loans Held for Sale | 4,734 | 2,506 | 4,826 | 3,981 | 1,410 | |||||||||||||||
Commercial Loans | 2,517,134 | 2,241,393 | 2,564,755 | 2,440,154 | 2,283,854 | |||||||||||||||
Mortgage Loans | 1,623,960 | 1,540,198 | 1,645,595 | 1,579,792 | 1,571,217 | |||||||||||||||
Consumer Loans | 400,001 | 424,344 | 396,765 | 404,756 | 419,326 | |||||||||||||||
Gross Loans | 4,541,095 | 4,205,935 | 4,607,115 | 4,424,702 | 4,274,397 | |||||||||||||||
Unearned Income | (6,522 | ) | (6,169 | ) | (6,709 | ) | (6,426 | ) | (6,183 | ) | ||||||||||
Loans, Net of Unearned Income | 4,534,573 | 4,199,766 | 4,600,406 | 4,418,276 | 4,268,214 | |||||||||||||||
Allowance for Loan Losses | (43,589 | ) | (50,414 | ) | (43,617 | ) | (43,365 | ) | (45,219 | ) | ||||||||||
Goodwill | 166,916 | 167,289 | 167,487 | 166,926 | 166,971 | |||||||||||||||
Other Intangibles | 5,357 | 7,812 | 5,062 | 6,819 | 7,454 | |||||||||||||||
Total Intangibles | 172,273 | 175,101 | 172,549 | 173,745 | 174,425 | |||||||||||||||
Real Estate Owned | 2,524 | 4,033 | 2,037 | 3,692 | 4,234 | |||||||||||||||
Other Assets | 217,491 | 212,263 | 227,517 | 215,735 | 217,264 | |||||||||||||||
Assets Related to Discontinued Operations | — | 24,214 | — | — | — | |||||||||||||||
Total Assets | $ | 6,528,130 | $ | 6,203,762 | $ | 6,633,044 | $ | 6,435,971 | $ | 6,289,651 | ||||||||||
MEMO: Earning Assets | $ | 5,983,890 | $ | 5,641,063 | $ | 6,051,886 | $ | 5,910,493 | $ | 5,746,123 | ||||||||||
Interest-bearing Deposits | $ | 3,619,271 | $ | 3,436,008 | $ | 3,626,297 | $ | 3,412,224 | $ | 3,414,149 | ||||||||||
Noninterest-bearing Deposits | 935,972 | 859,238 | 983,435 | 885,339 | 890,911 | |||||||||||||||
Total Deposits | 4,555,243 | 4,295,246 | 4,609,732 | 4,297,563 | 4,305,060 | |||||||||||||||
Short-term Borrowings | 720,313 | 631,826 | 761,394 | 906,958 | 730,825 | |||||||||||||||
Long-term Borrowings | 556,798 | 585,779 | 556,533 | 533,755 | 561,166 | |||||||||||||||
Total Borrowings | 1,277,111 | 1,217,605 | 1,317,927 | 1,440,713 | 1,291,991 | |||||||||||||||
Other Liabilities | 51,700 | 47,448 | 67,818 | 66,188 | 62,028 | |||||||||||||||
Liabilities Related to Discontinued Operations | — | 23,661 | — | — | — | |||||||||||||||
Total Liabilities | 5,884,054 | 5,583,960 | 5,995,477 | 5,804,464 | 5,659,079 | |||||||||||||||
Common Equity | 644,076 | 619,802 | 637,567 | 631,507 | 630,572 | |||||||||||||||
Total Shareholders’ Equity | 644,076 | 619,802 | 637,567 | 631,507 | 630,572 | |||||||||||||||
Total Liabilities & Equity | $ | 6,528,130 | $ | 6,203,762 | $ | 6,633,044 | $ | 6,435,971 | $ | 6,289,651 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2005 | 2004 | 2005 | 2005 | 2005 | 2004 | |||||||||||||||||||
Quarterly/Year-to-Date Share Data: | ||||||||||||||||||||||||
Earnings Per Share from Continuing Operations: | ||||||||||||||||||||||||
Basic | $ | 0.60 | $ | 0.29 | $ | 0.57 | $ | 0.58 | $ | 1.75 | $ | 1.33 | ||||||||||||
Diluted | $ | 0.59 | $ | 0.29 | $ | 0.57 | $ | 0.57 | $ | 1.73 | $ | 1.31 | ||||||||||||
Earnings Per Share from Discontinued Operations: | ||||||||||||||||||||||||
Basic | $ | — | $ | 0.27 | $ | — | $ | — | $ | — | $ | 0.33 | ||||||||||||
Diluted | $ | — | $ | 0.27 | $ | — | $ | — | $ | — | $ | 0.33 | ||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.60 | $ | 0.56 | $ | 0.57 | $ | 0.58 | $ | 1.75 | $ | 1.66 | ||||||||||||
Diluted | $ | 0.59 | $ | 0.56 | $ | 0.57 | $ | 0.57 | $ | 1.73 | $ | 1.64 | ||||||||||||
Common Dividend Declared Per Share | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.78 | $ | 0.76 | ||||||||||||
High Common Stock Price | $ | 38.47 | $ | 36.09 | $ | 36.45 | $ | 38.62 | $ | 38.62 | $ | 36.09 | ||||||||||||
Low Common Stock Price | $ | 33.91 | $ | 30.35 | $ | 29.82 | $ | 32.00 | $ | 29.82 | $ | 29.15 | ||||||||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||||||||||||||
Basic | 42,383,810 | 43,319,414 | 42,659,573 | 42,900,416 | 42,648,080 | 43,503,066 | ||||||||||||||||||
Diluted | 42,918,552 | 43,858,149 | 43,121,982 | 43,418,579 | 43,153,673 | 44,043,491 | ||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (33 | ) | $ | 96 | $ | 20 | $ | 323 | $ | 311 | $ | 383 | |||||||||||
Common Dividends | $ | 11,009 | $ | 10,892 | $ | 11,072 | $ | 11,138 | $ | 33,219 | $ | 32,675 |
September | September | June | March | |||||||||||||||||||||
2005 | 2004 | 2005 | 2005 | |||||||||||||||||||||
EOP Share Data: | ||||||||||||||||||||||||
Book Value Per Share | $ | 15.09 | $ | 14.59 | $ | 14.97 | $ | 14.65 | ||||||||||||||||
Tangible Book Value Per Share | $ | 11.01 | $ | 10.55 | $ | 10.91 | $ | 10.60 | ||||||||||||||||
52-week High Common Stock Price | $ | 39.35 | $ | 36.09 | $ | 39.35 | $ | 39.35 | ||||||||||||||||
Date | 12/02/04 | 09/17/04 | 12/02/04 | 12/02/04 | ||||||||||||||||||||
52-week Low Common Stock Price | $ | 29.82 | $ | 28.92 | �� | $ | 29.82 | $ | 29.15 | |||||||||||||||
Date | 04/29/05 | 10/24/03 | 04/29/05 | 05/10/04 | ||||||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 42,246,551 | 43,220,548 | 42,517,597 | 42,790,954 | ||||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
EOP Employees (full-time equivalent) | 1,349 | 1,393 | 1,302 | 1,319 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2005 | 2004 | 2005 | 2005 | 2005 | 2004 | |||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||
Loans | 6.43 | % | 5.68 | % | 6.20 | % | 6.03 | % | 6.22 | % | 5.68 | % | ||||||||||||
Investment Securities | 5.38 | % | 4.68 | % | 4.85 | % | 4.68 | % | 5.00 | % | 4.59 | % | ||||||||||||
Money Market Investments/FFS | 3.94 | % | 1.13 | % | 2.77 | % | 1.94 | % | 2.84 | % | 1.29 | % | ||||||||||||
Average Earning Assets Yield | 6.17 | % | 5.38 | % | 5.86 | % | 5.67 | % | 5.91 | % | 5.38 | % | ||||||||||||
Interest-bearing Deposits | 2.15 | % | 1.43 | % | 1.92 | % | 1.73 | % | 1.94 | % | 1.39 | % | ||||||||||||
Short-term Borrowings | 2.56 | % | 0.97 | % | 2.21 | % | 1.87 | % | 2.22 | % | 0.95 | % | ||||||||||||
Long-term Borrowings | 6.09 | % | 5.13 | % | 5.63 | % | 5.39 | % | 5.70 | % | 4.67 | % | ||||||||||||
Average Liability Costs | 2.66 | % | 1.84 | % | 2.41 | % | 2.22 | % | 2.43 | % | 1.86 | % | ||||||||||||
Net Interest Spread | 3.51 | % | 3.54 | % | 3.45 | % | 3.45 | % | 3.48 | % | 3.52 | % | ||||||||||||
Net Interest Margin | 4.00 | % | 3.86 | % | 3.88 | % | 3.85 | % | 3.91 | % | 3.83 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||
Return on Average Common Equity | 15.68 | % | 15.75 | % | 15.50 | % | 15.71 | % | 15.63 | % | 15.44 | % | ||||||||||||
Return on Average Assets | 1.55 | % | 1.57 | % | 1.55 | % | 1.58 | % | 1.56 | % | 1.53 | % | ||||||||||||
Efficiency Ratio | 40.76 | % | 53.17 | % | 42.80 | % | 41.34 | % | 41.62 | % | 50.56 | % |
September | September | June | March | |||||||||||||
2005 | 2004 | 2005 | 2005 | |||||||||||||
Loan / Deposit Ratio | 99.80 | % | 99.14 | % | 100.19 | % | 100.93 | % | ||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 0.95 | % | 1.06 | % | 0.96 | % | 0.99 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.13 | % | 1.21 | % | 1.14 | % | 1.17 | % | ||||||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.17 | % | 0.15 | % | 0.21 | % | 0.14 | % | ||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.15 | % | 0.13 | % | 0.13 | % | 0.08 | % | ||||||||
Non-performing Loans/ Loans, Net of Unearned Income | 0.32 | % | 0.28 | % | 0.34 | % | 0.22 | % | ||||||||
Non-performing Assets/ Total Assets | 0.25 | % | 0.26 | % | 0.27 | % | 0.20 | % | ||||||||
Primary Capital Ratio | 10.32 | % | 10.76 | % | 10.46 | % | 10.66 | % | ||||||||
Shareholders’ Equity Ratio | 9.61 | % | 10.03 | % | 9.75 | % | 9.93 | % | ||||||||
Price / Book Ratio | 2.32 | x | 2.37 | x | 2.38 | x | 2.26 | x | ||||||||
Price / Earnings Ratio | 14.74 | x | 15.84 | x | 15.66 | x | 14.53 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
September | September | December | June | March | ||||||||||||||||
2005 | 2004 | 2004 | 2005 | 2005 | ||||||||||||||||
Asset Quality Data: | ||||||||||||||||||||
EOP Non-Accrual Loans | $ | 7,868 | $ | 6,364 | $ | 6,352 | $ | 9,510 | $ | 5,955 | ||||||||||
EOP 90-Day Past Due Loans | 6,831 | 5,447 | 4,425 | 5,955 | 3,565 | |||||||||||||||
Total EOP Non-performing Loans | $ | 14,699 | $ | 11,811 | $ | 10,777 | $ | 15,465 | $ | 9,520 | ||||||||||
EOP Other Real Estate & Assets Owned | 2,037 | 4,234 | 3,692 | 2,410 | 2,974 | |||||||||||||||
Total EOP Non-performing Assets | $ | 16,736 | $ | 16,045 | $ | 14,469 | $ | 17,875 | $ | 12,494 | ||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2005 | 2004 | 2005 | 2005 | 2005 | 2004 | |||||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||||||
Beginning Balance | $ | 51,633 | $ | 51,379 | $ | 51,424 | $ | 51,353 | $ | 51,353 | $ | 51,309 | ||||||||||||
Provision Expense | 1,945 | 1,296 | 504 | 1,111 | 3,560 | 3,192 | ||||||||||||||||||
53,578 | 52,675 | 51,928 | 52,464 | 54,913 | 54,501 | |||||||||||||||||||
Gross Charge-offs | (1,946 | ) | (1,840 | ) | (1,039 | ) | (1,538 | ) | (4,523 | ) | (4,678 | ) | ||||||||||||
Recoveries | 363 | 640 | 744 | 498 | 1,605 | 1,652 | ||||||||||||||||||
Net Charge-offs | (1,583 | ) | (1,200 | ) | (295 | ) | (1,040 | ) | (2,918 | ) | (3,026 | ) | ||||||||||||
Ending Balance | $ | 51,995 | $ | 51,475 | $ | 51,633 | $ | 51,424 | $ | 51,995 | $ | 51,475 | ||||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.