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 | ||||||||||||
March | March | December | ||||||||||
2007 | 2006 | 2006 | ||||||||||
Interest & Loan Fees Income | $ | 100,622 | $ | 95,581 | $ | 102,206 | ||||||
Tax Equivalent Adjustment | 4,011 | 3,730 | 4,043 | |||||||||
Interest & Fees Income (FTE) | 104,633 | 99,311 | 106,249 | |||||||||
Interest Expense | 47,960 | 40,560 | 48,143 | |||||||||
Net Interest Income (FTE) | 56,673 | 58,751 | 58,106 | |||||||||
Provision for Credit Losses | 350 | 250 | 268 | |||||||||
Non-Interest Income: | ||||||||||||
Investment securities transactions | 157 | (2,838 | ) | (105 | ) | |||||||
Fees from trust & brokerage services | 3,546 | 3,020 | 3,091 | |||||||||
Fees from deposit services | 7,178 | 6,991 | 7,502 | |||||||||
Other charges, commissions, and fees | 1,693 | 1,670 | 1,698 | |||||||||
Income from bank-owned life insurance | 1,459 | 1,043 | 1,137 | |||||||||
Mortgage banking income | 161 | 229 | 240 | |||||||||
Gain on termination of interest rate swap associated with prepayment of FHLB advance | — | 3,060 | — | |||||||||
Other non-interest revenue | 722 | 487 | 1,169 | |||||||||
Total Non-Interest Income | 14,916 | 13,662 | 14,732 | |||||||||
Non-Interest Expense: | ||||||||||||
Salaries and employee benefits | 14,745 | 15,098 | 15,542 | |||||||||
Net occupancy | 3,456 | 3,313 | 3,089 | |||||||||
Other expenses | 12,580 | 12,940 | 13,171 | |||||||||
Amortization of intangibles | 407 | 510 | 433 | |||||||||
OREO expense | 164 | 179 | 230 | |||||||||
FDIC expense | 143 | 148 | 143 | |||||||||
Total Non-Interest Expense | 31,495 | 32,188 | 32,608 | |||||||||
Income Before Income Taxes (FTE) | 39,744 | 39,975 | 39,962 | |||||||||
Tax Equivalent Adjustment | 4,011 | 3,730 | 4,043 | |||||||||
Income Before Income Taxes | 35,733 | 36,245 | 35,919 | |||||||||
Taxes | 11,326 | 11,635 | 10,904 | |||||||||
Net Income | $ | 24,407 | $ | 24,610 | $ | 25,015 | ||||||
MEMO: Effective Tax Rate | 31.70 | % | 32.10 | % | 30.36 | % |
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
March 31 | March 31 | |||||||||||||||
2007 | 2006 | March 31 | December 31 | |||||||||||||
Q-T-D Average | Q-T-D Average | 2007 | 2006 | |||||||||||||
Cash & Cash Equivalents | $ | 178,434 | $ | 155,963 | $ | 220,177 | $ | 259,013 | ||||||||
Securities Available for Sale | 1,007,953 | 1,209,828 | 1,000,395 | 1,010,252 | ||||||||||||
Held to Maturity Securities | 209,316 | 223,003 | 205,000 | 212,296 | ||||||||||||
Other Investment Securities | 54,763 | 53,478 | 53,589 | 52,922 | ||||||||||||
Total Securities | 1,272,032 | 1,486,309 | 1,258,984 | 1,275,470 | ||||||||||||
Total Cash and Securities | 1,450,466 | 1,642,272 | 1,479,161 | 1,534,483 | ||||||||||||
Loans held for sale | 1,980 | 2,350 | 2,231 | 2,041 | ||||||||||||
Commercial Loans | 2,701,907 | 2,578,117 | 2,696,266 | 2,757,957 | ||||||||||||
Mortgage Loans | 1,685,748 | 1,683,337 | 1,670,738 | 1,694,922 | ||||||||||||
Consumer Loans | 359,577 | 379,868 | 356,100 | 360,829 | ||||||||||||
Gross Loans | 4,747,232 | 4,641,322 | 4,723,104 | 4,813,708 | ||||||||||||
Unearned income | (6,869 | ) | (6,715 | ) | (6,807 | ) | (6,961 | ) | ||||||||
Loans, net of unearned income | 4,740,363 | 4,634,607 | 4,716,297 | 4,806,747 | ||||||||||||
Allowance for Loan Losses | (43,603 | ) | (44,229 | ) | (44,058 | ) | (43,629 | ) | ||||||||
Goodwill | 167,420 | 167,487 | 167,337 | 167,421 | ||||||||||||
Other Intangibles | 2,459 | 4,282 | 2,233 | 2,640 | ||||||||||||
Total Intangibles | 169,879 | 171,769 | 169,570 | 170,061 | ||||||||||||
Real Estate Owned | 3,988 | 3,092 | 3,991 | 4,231 | ||||||||||||
Other Assets | 238,257 | 270,553 | 244,569 | 243,664 | ||||||||||||
Total Assets | $ | 6,561,330 | $ | 6,680,414 | $ | 6,571,761 | $ | 6,717,598 | ||||||||
MEMO: Earning Assets | $ | 6,007,205 | $ | 6,120,599 | $ | 5,997,305 | $ | 6,082,080 | ||||||||
Interest-bearing Deposits | $ | 3,855,911 | $ | 3,695,782 | $ | 3,908,963 | $ | 3,924,985 | ||||||||
Noninterest-bearing Deposits | 811,765 | 900,751 | 832,609 | 903,207 | ||||||||||||
Total Deposits | 4,667,676 | 4,596,533 | 4,741,572 | 4,828,192 | ||||||||||||
Short-term Borrowings | 678,696 | 834,310 | 579,459 | 682,266 | ||||||||||||
Long-term Borrowings | 506,497 | 544,930 | 523,832 | 499,200 | ||||||||||||
Total Borrowings | 1,185,193 | 1,379,240 | 1,103,291 | 1,181,466 | ||||||||||||
Other Liabilities | 67,523 | 61,227 | 88,149 | 73,848 | ||||||||||||
Total Liabilities | 5,920,392 | 6,037,000 | 5,933,012 | 6,083,506 | ||||||||||||
Common Equity | 640,938 | 643,414 | 638,749 | 634,092 | ||||||||||||
Total Shareholders’ Equity | 640,938 | 643,414 | 638,749 | 634,092 | ||||||||||||
Total Liabilities & Equity | $ | 6,561,330 | $ | 6,680,414 | $ | 6,571,761 | $ | 6,717,598 | ||||||||
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 | ||||||||||||
March | March | December | ||||||||||
2007 | 2006 | 2006 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.60 | $ | 0.59 | $ | 0.61 | ||||||
Diluted | $ | 0.59 | $ | 0.58 | $ | 0.60 | ||||||
Common Dividend Declared Per Share | $ | 0.28 | $ | 0.27 | $ | 0.28 | ||||||
High Common Stock Price | $ | 39.50 | $ | 38.50 | $ | 39.71 | ||||||
Low Common Stock Price | $ | 33.60 | $ | 34.46 | $ | 36.51 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 40,946,236 | 41,923,726 | 41,156,578 | |||||||||
Diluted | 41,272,213 | 42,379,242 | 41,557,831 | |||||||||
Memorandum Items: | ||||||||||||
Income Tax Expense (Benefit) Applicable to Security Transactions | $ | 55 | ($993 | ) | ($37 | ) | ||||||
Common Dividends | $ | 11,452 | $ | 11,331 | $ | 11,518 |
March | March | December | ||||||||||
2007 | 2006 | 2006 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 15.65 | $ | 15.26 | $ | 15.44 | ||||||
Tangible Book Value Per Share | $ | 11.49 | $ | 11.16 | $ | 11.30 | ||||||
52-week High Common Stock Price | $ | 39.71 | $ | 38.55 | $ | 39.71 | ||||||
Date | 12/28/06 | 12/02/05 | 12/28/06 | |||||||||
52-week Low Common Stock Price | $ | 33.60 | $ | 29.82 | $ | 34.21 | ||||||
Date | 03/14/07 | 04/29/05 | 07/17/06 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 40,823,168 | 41,848,564 | 41,058,901 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,327 | 1,352 | 1,367 |
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 | ||||||||||||
March | March | December | ||||||||||
2007 | 2006 | 2006 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Loans | 7.41 | % | 6.96 | % | 7.38 | % | ||||||
Investment Securities | 5.65 | % | 5.37 | % | 5.78 | % | ||||||
Money Market Investments/FFS | 5.62 | % | 2.84 | % | 4.89 | % | ||||||
Average Earning Assets Yield | 7.03 | % | 6.55 | % | 7.02 | % | ||||||
Interest-bearing Deposits | 3.49 | % | 2.68 | % | 3.43 | % | ||||||
Short-term Borrowings | 4.48 | % | 3.65 | % | 4.31 | % | ||||||
Long-term Borrowings | 5.84 | % | 6.41 | % | 5.86 | % | ||||||
Average Liability Costs | 3.86 | % | 3.24 | % | 3.78 | % | ||||||
Net Interest Spread | 3.17 | % | 3.31 | % | 3.24 | % | ||||||
Net Interest Margin | 3.79 | % | 3.86 | % | 3.85 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 15.44 | % | 15.51 | % | 15.44 | % | ||||||
Return on Average Assets | 1.51 | % | 1.49 | % | 1.51 | % | ||||||
Loan / Deposit Ratio | 99.47 | % | 99.79 | % | 99.56 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.93 | % | 0.94 | % | 0.91 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.11 | % | 1.13 | % | 1.09 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.13 | % | 0.16 | % | 0.12 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.11 | % | 0.12 | % | 0.18 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 0.24 | % | 0.27 | % | 0.30 | % | ||||||
Non-performing Assets/ Total Assets | 0.24 | % | 0.24 | % | 0.27 | % | ||||||
Primary Capital Ratio | 10.43 | % | 10.23 | % | 10.14 | % | ||||||
Shareholders’ Equity Ratio | 9.72 | % | 9.52 | % | 9.44 | % | ||||||
Price / Book Ratio | 2.24 | x | 2.51 | x | 2.50 | x | ||||||
Price / Earnings Ratio | 14.81 | x | 16.48 | x | 18.15 | x | ||||||
Efficiency Ratio | 43.20 | % | 41.86 | % | 43.79 | % |
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)
March | March | December | ||||||||||
2007 | 2006 | 2006 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 6,068 | $ | 7,308 | $ | 5,755 | ||||||
EOP 90-Day Past Due Loans | 5,416 | 5,569 | 8,432 | |||||||||
Total EOP Non-performing Loans | $ | 11,484 | $ | 12,877 | $ | 14,187 | ||||||
EOP Other Real Estate & Assets Owned | 3,991 | 3,145 | 4,231 | |||||||||
Total EOP Non-performing Assets | $ | 15,475 | $ | 16,022 | $ | 18,418 | ||||||
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2007 | 2006 | 2006 | ||||||||||
Allowance for Credit Losses:(1) | ||||||||||||
Beginning Balance | $ | 52,371 | $ | 52,871 | $ | 52,536 | ||||||
Provision Expense | 350 | 250 | 268 | |||||||||
52,721 | 53,121 | 52,804 | ||||||||||
Gross Charge-offs | (617 | ) | (671 | ) | (746 | ) | ||||||
Recoveries | 281 | 515 | 313 | |||||||||
Net Charge-offs | (336 | ) | (156 | ) | (433 | ) | ||||||
Ending Balance | $ | 52,385 | $ | 52,965 | $ | 52,371 | ||||||
Note: (1) Includes allowances for loan losses and lending-related commitments. |