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 | |||||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2006 | 2005 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 102,435 | $ | 89,490 | $ | 100,461 | $ | 95,581 | $ | 298,477 | $ | 250,945 | ||||||||||||
Tax Equivalent Adjustment | 3,891 | 3,325 | 3,788 | 3,730 | 11,407 | 9,058 | ||||||||||||||||||
Interest & Fees Income (FTE) | 106,326 | 92,815 | 104,249 | 99,311 | 309,884 | 260,003 | ||||||||||||||||||
Interest Expense | 47,506 | 32,832 | 44,881 | 40,560 | 132,947 | 87,839 | ||||||||||||||||||
Net Interest Income (FTE) | 58,820 | 59,983 | 59,368 | 58,751 | 176,937 | 172,164 | ||||||||||||||||||
Credit Loss Provision | 571 | 1,945 | 348 | 250 | 1,169 | 3,560 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Investment Securities Transactions | (134 | ) | (93 | ) | (99 | ) | (2,838 | ) | (3,071 | ) | 889 | |||||||||||||
Fees from Trust & Brokerage Services | 3,190 | 2,813 | 3,647 | 3,020 | 9,857 | 8,312 | ||||||||||||||||||
Fees from Deposit Services | 7,367 | 7,216 | 7,217 | 6,991 | 21,575 | 20,709 | ||||||||||||||||||
Other Charges, Commissions, and Fees | 1,785 | 1,569 | 1,747 | 1,670 | 5,202 | 4,415 | ||||||||||||||||||
Income from Bank Owned Life Insurance | 1,181 | 1,020 | 1,061 | 1,043 | 3,285 | 3,443 | ||||||||||||||||||
Income from Mortgage Banking Operations | 236 | 337 | 150 | 229 | 615 | 690 | ||||||||||||||||||
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | (7,659 | ) | — | — | 3,060 | (4,599 | ) | — | ||||||||||||||||
Other Non-Interest Revenue | 248 | 174 | 702 | 487 | 1,437 | 856 | ||||||||||||||||||
Total Non-Interest Income | 6,214 | 13,036 | 14,425 | 13,662 | 34,301 | 39,314 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Salaries and Employee Benefits | 15,740 | 15,205 | 15,951 | 15,098 | 46,789 | 44,192 | ||||||||||||||||||
Net Occupancy | 3,031 | 3,113 | 3,114 | 3,313 | 9,458 | 9,259 | ||||||||||||||||||
Other Expense | 12,423 | 11,341 | 12,552 | 12,940 | 37,915 | 33,760 | ||||||||||||||||||
Prepayment Penalties on FHLB Advances | 8,261 | — | — | — | 8,261 | — | ||||||||||||||||||
Amortization of Intangibles | 459 | 560 | 484 | 510 | 1,453 | 1,757 | ||||||||||||||||||
OREO Expense | 155 | 155 | (82 | ) | 179 | 252 | 425 | |||||||||||||||||
FDIC Expense | 145 | 142 | 144 | 148 | 437 | 441 | ||||||||||||||||||
Total Non-Interest Expense | 40,214 | 30,516 | 32,163 | 32,188 | 104,565 | 89,834 | ||||||||||||||||||
Income Before Income Taxes (FTE) | 24,249 | 40,558 | 41,282 | 39,975 | 105,504 | 118,084 | ||||||||||||||||||
Tax Equivalent Adjustment | 3,891 | 3,325 | 3,788 | 3,730 | 11,407 | 9,058 | ||||||||||||||||||
Income Before Income Taxes | 20,358 | 37,233 | 37,494 | 36,245 | 94,097 | 109,026 | ||||||||||||||||||
Taxes | 6,193 | 11,784 | 12,035 | 11,635 | 29,863 | 34,303 | ||||||||||||||||||
Net Income | $ | 14,165 | $ | 25,449 | $ | 25,459 | $ | 24,610 | $ | 64,234 | $ | 74,723 | ||||||||||||
MEMO: Effective Tax Rate | 30.42 | % | 31.65 | % | 32.10 | % | 32.10 | % | 31.74 | % | 31.46 | % |
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 | |||||||||||||||||||
2006 | 2005 | September 30 | December 31 | September 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2006 | 2005 | 2005 | ||||||||||||||||
Cash & Cash Equivalents | $ | 189,966 | $ | 175,238 | $ | 172,536 | $ | 207,962 | $ | 219,548 | ||||||||||
Securities Available for Sale | 1,088,371 | 1,233,756 | 1,073,772 | 1,274,621 | 1,219,069 | |||||||||||||||
Held to Maturity Securities | 214,566 | 231,130 | 214,237 | 227,345 | 230,709 | |||||||||||||||
Total Securities | 1,302,937 | 1,464,886 | 1,288,009 | 1,501,966 | 1,449,778 | |||||||||||||||
Total Cash and Securities | 1,492,903 | 1,640,124 | 1,460,545 | 1,709,928 | 1,669,326 | |||||||||||||||
Loans Held for Sale | 4,066 | 4,734 | 3,510 | 3,324 | 4,826 | |||||||||||||||
Commercial Loans | 2,678,541 | 2,517,134 | 2,678,020 | 2,599,781 | 2,564,755 | |||||||||||||||
Mortgage Loans | 1,728,433 | 1,623,960 | 1,718,778 | 1,668,782 | 1,645,595 | |||||||||||||||
Consumer Loans | 364,429 | 400,001 | 359,875 | 387,959 | 396,765 | |||||||||||||||
Gross Loans | 4,771,403 | 4,541,095 | 4,756,673 | 4,656,522 | 4,607,115 | |||||||||||||||
Unearned Income | (6,634 | ) | (6,522 | ) | (6,469 | ) | (6,693 | ) | (6,709 | ) | ||||||||||
Loans, Net of Unearned Income | 4,764,769 | 4,534,573 | 4,750,204 | 4,649,829 | 4,600,406 | |||||||||||||||
Allowance for Loan Losses | (44,087 | ) | (43,589 | ) | (43,801 | ) | (44,138 | ) | (43,617 | ) | ||||||||||
Goodwill | 167,421 | 166,916 | 167,421 | 167,487 | 167,487 | |||||||||||||||
Other Intangibles | 3,317 | 5,357 | 3,074 | 4,527 | 5,062 | |||||||||||||||
Total Intangibles | 170,738 | 172,273 | 170,495 | 172,014 | 172,549 | |||||||||||||||
Real Estate Owned | 2,601 | 2,524 | 2,517 | 2,941 | 2,037 | |||||||||||||||
Other Assets | 235,058 | 217,491 | 250,056 | 234,594 | 227,517 | |||||||||||||||
Total Assets | $ | 6,626,048 | $ | 6,528,130 | $ | 6,593,526 | $ | 6,728,492 | $ | 6,633,044 | ||||||||||
MEMO: Earning Assets | $ | 6,065,547 | $ | 5,983,890 | $ | 6,028,100 | $ | 6,129,969 | $ | 6,051,886 | ||||||||||
Interest-bearing Deposits | $ | 3,897,572 | $ | 3,619,271 | $ | 3,930,774 | $ | 3,657,778 | $ | 3,626,297 | ||||||||||
Noninterest-bearing Deposits | 852,850 | 935,972 | 819,781 | 959,674 | 983,435 | |||||||||||||||
Total Deposits | 4,750,422 | 4,555,243 | 4,750,555 | 4,617,452 | 4,609,732 | |||||||||||||||
Short-term Borrowings | 680,201 | 720,313 | 642,249 | 856,425 | 761,394 | |||||||||||||||
Long-term Borrowings | 497,516 | 556,798 | 502,498 | 547,731 | 555,031 | |||||||||||||||
Total Borrowings | 1,177,717 | 1,277,111 | 1,144,747 | 1,404,156 | 1,316,425 | |||||||||||||||
Other Liabilities | 61,216 | 51,700 | 62,891 | 71,679 | 68,344 | |||||||||||||||
Total Liabilities | 5,989,355 | 5,884,054 | 5,958,193 | 6,093,287 | 5,994,501 | |||||||||||||||
Common Equity | 636,693 | 644,076 | 635,333 | 635,205 | 638,543 | |||||||||||||||
Total Shareholders’ Equity | 636,693 | 644,076 | 635,333 | 635,205 | 638,543 | |||||||||||||||
Total Liabilities & Equity | $ | 6,626,048 | $ | 6,528,130 | $ | 6,593,526 | $ | 6,728,492 | $ | 6,633,044 | ||||||||||
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 | |||||||||||||||||||
Quarterly/Year-to-Date Share Data: | 2006 | 2005 | 2006 | 2006 | 2006 | 2005 | ||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.60 | $ | 0.61 | $ | 0.59 | $ | 1.54 | $ | 1.75 | ||||||||||||
Diluted | $ | 0.34 | $ | 0.59 | $ | 0.60 | $ | 0.58 | $ | 1.53 | $ | 1.73 | ||||||||||||
Common Dividend Declared Per Share: | $ | 0.27 | $ | 0.26 | $ | 0.27 | $ | 0.27 | $ | 0.81 | $ | 0.78 | ||||||||||||
High Common Stock Price | $ | 38.28 | $ | 38.47 | $ | 38.41 | $ | 38.50 | $ | 38.50 | $ | 38.62 | ||||||||||||
Low Common Stock Price | $ | 34.21 | $ | 33.91 | $ | 34.46 | $ | 34.46 | $ | 34.21 | $ | 29.82 | ||||||||||||
Average Shares Outstanding: (Net of Treasury Stock): | ||||||||||||||||||||||||
Basic | 41,373,945 | 42,383,810 | 41,684,404 | 41,923,726 | 41,658,678 | 42,648,080 | ||||||||||||||||||
Diluted | 41,775,111 | 42,918,552 | 42,084,164 | 42,379,242 | 42,075,862 | 43,153,673 | ||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (47 | ) | $ | (33 | ) | $ | (35 | ) | $ | (993 | ) | $ | (1,075 | ) | $ | 311 | |||||||
Common Dividends | $ | 11,158 | $ | 11,009 | $ | 11,212 | $ | 11,331 | $ | 33,701 | $ | 33,219 |
September | September | June | March | |||||||||||||
EOP Share Data: | 2006 | 2005 | 2006 | 2006 | ||||||||||||
Book Value Per Share | $ | 15.40 | $ | 15.09 | $ | 15.30 | $ | 15.26 | ||||||||
Tangible Book Value Per Share | $ | 11.27 | $ | 11.01 | $ | 11.18 | $ | 11.16 | ||||||||
52-week High Common Stock Price | $ | 38.55 | $ | 39.35 | $ | 38.55 | $ | 38.55 | ||||||||
Date | 12/02/05 | 12/02/04 | 12/02/05 | 12/02/05 | ||||||||||||
52-week Low Common Stock Price | $ | 32.34 | $ | 29.82 | $ | 32.34 | $ | 29.82 | ||||||||
Date | 10/12/05 | 04/29/05 | 10/12/05 | 04/29/05 | ||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 41,248,706 | 42,246,551 | 41,512,069 | 41,848,564 | ||||||||||||
Memorandum Items: | ||||||||||||||||
EOP Employees (full-time equivalent) | 1,375 | 1,349 | 1,365 | 1,352 |
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 | |||||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2006 | 2005 | |||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||
Loans | 7.31 | % | 6.43 | % | 7.14 | % | 6.96 | % | 7.14 | % | 6.22 | % | ||||||||||||
Investment Securities | 5.79 | % | 5.38 | % | 5.78 | % | 5.37 | % | 5.64 | % | 5.00 | % | ||||||||||||
Money Market Investments/FFS | 5.41 | % | 3.94 | % | 4.28 | % | 2.84 | % | 4.14 | % | 2.84 | % | ||||||||||||
Average Earning Assets Yield | 6.97 | % | 6.17 | % | 6.82 | % | 6.55 | % | 6.79 | % | 5.91 | % | ||||||||||||
Interest-bearing Deposits | 3.29 | % | 2.15 | % | 2.97 | % | 2.68 | % | 2.99 | % | 1.94 | % | ||||||||||||
Short-term Borrowings | 4.17 | % | 2.56 | % | 4.12 | % | 3.65 | % | 3.96 | % | 2.22 | % | ||||||||||||
Long-term Borrowings | 6.42 | % | 6.09 | % | 6.85 | % | 6.41 | % | 6.55 | % | 5.70 | % | ||||||||||||
Average Liability Costs | 3.71 | % | 2.66 | % | 3.53 | % | 3.24 | % | 3.50 | % | 2.43 | % | ||||||||||||
Net Interest Spread | 3.26 | % | 3.51 | % | 3.29 | % | 3.31 | % | 3.29 | % | 3.48 | % | ||||||||||||
Net Interest Margin | 3.87 | % | 4.00 | % | 3.88 | % | 3.86 | % | 3.87 | % | 3.91 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||
Return on Average Common Equity | 8.83 | % | 15.68 | % | 15.84 | % | 15.51 | % | 13.38 | % | 15.63 | % | ||||||||||||
Return on Average Assets | 0.85 | % | 1.55 | % | 1.53 | % | 1.49 | % | 1.29 | % | 1.56 | % | ||||||||||||
Efficiency Ratio | 60.77 | % | 40.76 | % | 42.98 | % | 41.86 | % | 48.00 | % | 41.62 | % |
September | September | June | March | |||||||||||||
2006 | 2005 | 2006 | 2006 | |||||||||||||
Loan / Deposit Ratio | 99.99 | % | 99.80 | % | 101.08 | % | 99.79 | % | ||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 0.92 | % | 0.95 | % | 0.92 | % | 0.94 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.11 | % | 1.13 | % | 1.10 | % | 1.13 | % | ||||||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.13 | % | 0.17 | % | 0.14 | % | 0.16 | % | ||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.15 | % | 0.15 | % | 0.14 | % | 0.12 | % | ||||||||
Non-performing Loans/ Loans, Net of Unearned Income | 0.29 | % | 0.32 | % | 0.28 | % | 0.27 | % | ||||||||
Non-performing Assets/ Total Assets | 0.24 | % | 0.25 | % | 0.24 | % | 0.24 | % | ||||||||
Primary Capital Ratio | 10.35 | % | 10.32 | % | 10.16 | % | 10.23 | % | ||||||||
Shareholders’ Equity Ratio | 9.64 | % | 9.63 | % | 9.45 | % | 9.52 | % | ||||||||
Price / Book Ratio | 2.42x | 2.32x | 2.39x | 2.51x | ||||||||||||
Price / Earnings Ratio | 27.44x | 14.74x | 15.14x | 16.48x |
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 | ||||||||||||||||
Asset Quality Data: | 2006 | 2005 | 2005 | 2006 | 2006 | |||||||||||||||
EOP Non-Accrual Loans | $ | 6,357 | $ | 7,868 | $ | 7,146 | $ | 6,958 | $ | 7,308 | ||||||||||
EOP 90-Day Past Due Loans | 7,272 | 6,831 | 6,039 | 6,531 | 5,569 | |||||||||||||||
Total EOP Non-performing Loans | $ | 13,629 | $ | 14,699 | $ | 13,185 | $ | 13,489 | $ | 12,877 | ||||||||||
EOP Other Real Estate & Assets Owned | 2,517 | 2,037 | 2,941 | 2,313 | 3,145 | |||||||||||||||
Total EOP Non-performing Assets | $ | 16,146 | $ | 16,736 | $ | 16,126 | $ | 15,802 | $ | 16,022 | ||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
Allowance for Credit Losses:(1) | 2006 | 2005 | 2006 | 2006 | 2006 | 2005 | ||||||||||||||||||
Beginning Balance | $ | 52,895 | $ | 51,633 | $ | 52,965 | $ | 52,871 | $ | 52,871 | $ | 51,353 | ||||||||||||
Provision Expense | 571 | 1,945 | 348 | 250 | 1,169 | 3,560 | ||||||||||||||||||
53,466 | 53,578 | 53,313 | 53,121 | 54,040 | 54,913 | |||||||||||||||||||
Gross Charge-offs | (1,168 | ) | (1,946 | ) | (643 | ) | (671 | ) | (2,482 | ) | (4,523 | ) | ||||||||||||
Recoveries | 238 | 363 | 225 | 515 | 978 | 1,605 | ||||||||||||||||||
Net Charge-offs | (930 | ) | (1,583 | ) | (418 | ) | (156 | ) | (1,504 | ) | (2,918 | ) | ||||||||||||
Ending Balance | $ | 52,536 | $ | 51,995 | $ | 52,895 | $ | 52,965 | $ | 52,536 | $ | 51,995 | ||||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments. |