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 | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2006 | ||||||||||||||||
Interest & Loan Fees Income | $ | 101,702 | $ | 100,461 | $ | 100,622 | $ | 202,324 | $ | 196,042 | ||||||||||
Tax equivalent adjustment | 4,086 | 3,788 | 4,011 | 8,097 | 7,518 | |||||||||||||||
Interest & Fees Income (FTE) | 105,788 | 104,249 | 104,633 | 210,421 | 203,560 | |||||||||||||||
Interest expense | 48,882 | 44,881 | 47,960 | 96,842 | 85,441 | |||||||||||||||
Net Interest Income (FTE) | 56,906 | 59,368 | 56,673 | 113,579 | 118,119 | |||||||||||||||
Credit Loss Provision | 850 | 348 | 350 | 1,200 | 598 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Investment securities transactions | 165 | (99 | ) | 157 | 322 | (2,937 | ) | |||||||||||||
Fees from trust & brokerage services | 3,763 | 3,647 | 3,546 | 7,309 | 6,667 | |||||||||||||||
Fees from deposit services | 7,869 | 7,217 | 7,178 | 15,047 | 14,208 | |||||||||||||||
Other charges, commissions, and fees | 1,791 | 1,747 | 1,693 | 3,484 | 3,417 | |||||||||||||||
Income from bank-owned life insurance | 1,327 | 1,061 | 1,459 | 2,786 | 2,104 | |||||||||||||||
Mortgage banking income | 162 | 150 | 161 | 323 | 379 | |||||||||||||||
Gain on termination of interest rate swap associated with prepayment of FHLB advances | 787 | — | — | 787 | 3,060 | |||||||||||||||
Other non-interest revenue | 661 | 702 | 722 | 1,383 | 1,189 | |||||||||||||||
Total Non-Interest Income | 16,525 | 14,425 | 14,916 | 31,441 | 28,087 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | 14,633 | 15,951 | 14,745 | 29,378 | 31,049 | |||||||||||||||
Net occupancy | 3,114 | 3,114 | 3,456 | 6,570 | 6,427 | |||||||||||||||
Other expenses | 13,197 | 12,552 | 12,580 | 25,777 | 25,492 | |||||||||||||||
Prepayment penalties on FHLB advances | 786 | — | — | 786 | — | |||||||||||||||
Amortization of intangibles | 383 | 484 | 407 | 790 | 994 | |||||||||||||||
OREO expense | 238 | (82 | ) | 164 | 402 | 97 | ||||||||||||||
FDIC expense | 145 | 144 | 143 | 288 | 292 | |||||||||||||||
Total Non-Interest Expense | 32,496 | 32,163 | 31,495 | 63,991 | 64,351 | |||||||||||||||
Income Before Income Taxes (FTE) | 40,085 | 41,282 | 39,744 | 79,829 | 81,257 | |||||||||||||||
Tax equivalent adjustment | 4,086 | 3,788 | 4,011 | 8,097 | 7,518 | |||||||||||||||
Income Before Income Taxes | 35,999 | 37,494 | 35,733 | 71,732 | 73,739 | |||||||||||||||
Taxes | 11,487 | 12,035 | 11,326 | 22,813 | 23,670 | |||||||||||||||
Net Income | $ | 24,512 | $ | 25,459 | $ | 24,407 | $ | 48,919 | $ | 50,069 | ||||||||||
MEMO: Effective Tax Rate | 31.91 | % | 32.10 | % | 31.70 | % | 31.80 | % | 32.10 | % |
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
June 30 | June 30 | |||||||||||||||||||
2007 | 2006 | June 30 | December 31 | June 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2007 | 2006 | 2006 | ||||||||||||||||
Cash & Cash Equivalents | $ | 189,045 | $ | 191,308 | $ | 219,079 | $ | 259,013 | $ | 211,484 | ||||||||||
Securities Available for Sale | 997,675 | 1,079,980 | 1,003,874 | 1,010,252 | 1,052,121 | |||||||||||||||
Held to Maturity Securities | 191,621 | 215,628 | 166,627 | 212,296 | 215,375 | |||||||||||||||
Other Investment Securities | 50,312 | 61,836 | 49,335 | 52,922 | 59,720 | |||||||||||||||
Total Securities | 1,239,608 | 1,357,444 | 1,219,836 | 1,275,470 | 1,327,216 | |||||||||||||||
Total Cash and Securities | 1,428,653 | 1,548,752 | 1,438,915 | 1,534,483 | 1,538,700 | |||||||||||||||
Loans held for sale | 2,702 | 3,026 | 2,701 | 2,041 | 5,914 | |||||||||||||||
Commercial Loans | 2,740,403 | 2,657,706 | 2,805,863 | 2,757,957 | 2,692,517 | |||||||||||||||
Mortgage Loans | 1,665,707 | 1,742,303 | 1,657,580 | 1,694,922 | 1,747,957 | |||||||||||||||
Consumer Loans | 357,633 | 373,324 | 356,074 | 360,829 | 373,170 | |||||||||||||||
Gross Loans | 4,763,743 | 4,773,333 | 4,819,517 | 4,813,708 | 4,813,644 | |||||||||||||||
Unearned income | (6,735 | ) | (6,702 | ) | (6,686 | ) | (6,961 | ) | (6,666 | ) | ||||||||||
Loans, net of unearned income | 4,757,008 | 4,766,631 | 4,812,831 | 4,806,747 | 4,806,978 | |||||||||||||||
Allowance for Loan Losses | (43,928 | ) | (44,146 | ) | (43,372 | ) | (43,629 | ) | (44,180 | ) | ||||||||||
Goodwill | 167,336 | 167,459 | 167,255 | 167,421 | 167,421 | |||||||||||||||
Other Intangibles | 2,058 | 3,791 | 1,850 | 2,640 | 3,533 | |||||||||||||||
Total Intangibles | 169,394 | 171,250 | 169,105 | 170,061 | 170,954 | |||||||||||||||
Real Estate Owned | 4,351 | 2,713 | 4,074 | 4,231 | 2,313 | |||||||||||||||
Other Assets | 239,537 | 228,544 | 247,857 | 243,664 | 237,194 | |||||||||||||||
Total Assets | $ | 6,557,717 | $ | 6,676,770 | $ | 6,632,111 | $ | 6,717,598 | $ | 6,717,873 | ||||||||||
MEMO: Earning Assets | $ | 6,000,950 | $ | 6,123,138 | $ | 6,034,859 | $ | 6,082,080 | $ | 6,131,872 | ||||||||||
Interest-bearing Deposits | $ | 3,868,096 | $ | 3,783,234 | $ | 3,878,614 | $ | 3,924,985 | $ | 3,844,736 | ||||||||||
Noninterest-bearing Deposits | 806,711 | 873,594 | 828,377 | 903,207 | 910,744 | |||||||||||||||
Total Deposits | 4,674,807 | 4,656,828 | 4,706,991 | 4,828,192 | 4,755,480 | |||||||||||||||
Short-term Borrowings | 645,705 | 817,498 | 693,586 | 682,266 | 761,246 | |||||||||||||||
Long-term Borrowings | 523,878 | 495,016 | 523,788 | 499,200 | 493,707 | |||||||||||||||
Total Borrowings | 1,169,583 | 1,312,514 | 1,217,374 | 1,181,466 | 1,254,953 | |||||||||||||||
Other Liabilities | 67,522 | 62,560 | 68,581 | 73,848 | 72,413 | |||||||||||||||
Total Liabilities | 5,911,912 | 6,031,902 | 5,992,946 | 6,083,506 | 6,082,846 | |||||||||||||||
Common Equity | 645,805 | 644,868 | 639,165 | 634,092 | 635,027 | |||||||||||||||
Total Shareholders’ Equity | 645,805 | 644,868 | 639,165 | 634,092 | 635,027 | |||||||||||||||
Total Liabilities & Equity | $ | 6,557,717 | $ | 6,676,770 | $ | 6,632,111 | $ | 6,717,598 | $ | 6,717,873 | ||||||||||
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 | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
Quarterly/Year-to-Date Share Data: | 2007 | 2006 | 2007 | 2007 | 2006 | |||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.60 | $ | 0.61 | $ | 0.60 | $ | 1.20 | $ | 1.20 | ||||||||||
Diluted | $ | 0.60 | $ | 0.60 | $ | 0.59 | $ | 1.19 | $ | 1.19 | ||||||||||
Common Dividend Declared Per Share: | $ | 0.28 | $ | 0.27 | $ | 0.28 | $ | 0.56 | $ | 0.54 | ||||||||||
High Common Stock Price | $ | 35.37 | $ | 38.41 | $ | 39.50 | $ | 39.50 | $ | 38.50 | ||||||||||
Low Common Stock Price | $ | 30.88 | $ | 34.46 | $ | 33.60 | $ | 30.88 | $ | 34.46 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 40,677,396 | 41,684,404 | 40,946,236 | 40,811,074 | 41,803,404 | |||||||||||||||
Diluted | 40,935,684 | 42,084,164 | 41,272,213 | 41,103,158 | 42,228,600 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | 58 | $ | (35 | ) | $ | 55 | $ | 113 | $ | (1,028 | ) | ||||||||
Common Dividends | $ | 11,368 | $ | 11,212 | $ | 11,452 | $ | 22,820 | $ | 22,543 |
June | June | March | ||||||||||
EOP Share Data: | 2007 | 2006 | 2007 | |||||||||
Book Value Per Share | $ | 15.77 | $ | 15.30 | $ | 15.65 | ||||||
Tangible Book Value Per Share | $ | 11.60 | $ | 11.18 | $ | 11.49 | ||||||
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 | $ | 30.88 | $ | 32.34 | $ | 33.60 | ||||||
Date | 06/26/07 | 10/12/05 | 03/14/07 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 40,523,267 | 41,512,069 | 40,823,168 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,310 | 1,365 | 1,327 |
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 | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2006 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 7.44 | % | 7.14 | % | 7.41 | % | 7.42 | % | 7.05 | % | ||||||||||
Investment Securities | 5.72 | % | 5.78 | % | 5.65 | % | 5.69 | % | 5.57 | % | ||||||||||
Money Market Investments/FFS | 5.27 | % | 4.28 | % | 5.62 | % | 5.43 | % | 3.55 | % | ||||||||||
Average Earning Assets Yield | 7.06 | % | 6.82 | % | 7.03 | % | 7.05 | % | 6.69 | % | ||||||||||
Interest-bearing Deposits | 3.55 | % | 2.97 | % | 3.49 | % | 3.52 | % | 2.83 | % | ||||||||||
Short-term Borrowings | 4.43 | % | 4.12 | % | 4.48 | % | 4.45 | % | 3.88 | % | ||||||||||
Long-term Borrowings | 5.77 | % | 6.85 | % | 5.84 | % | 5.80 | % | 6.62 | % | ||||||||||
Average Liability Costs | 3.89 | % | 3.53 | % | 3.86 | % | 3.88 | % | 3.39 | % | ||||||||||
Net Interest Spread | 3.17 | % | 3.29 | % | 3.17 | % | 3.17 | % | 3.30 | % | ||||||||||
Net Interest Margin | 3.80 | % | 3.88 | % | 3.79 | % | 3.79 | % | 3.87 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 15.22 | % | 15.84 | % | 15.44 | % | 15.33 | % | 15.67 | % | ||||||||||
Return on Average Assets | 1.50 | % | 1.53 | % | 1.51 | % | 1.50 | % | 1.51 | % | ||||||||||
Efficiency Ratio | 43.51 | % | 42.98 | % | 43.20 | % | 43.40 | % | 42.42 | % |
June | June | March | ||||||||||
2007 | 2006 | 2007 | ||||||||||
Loan / Deposit Ratio | 102.25 | % | 101.08 | % | 99.47 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.90 | % | 0.92 | % | 0.93 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.06 | % | 1.10 | % | 1.11 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.16 | % | 0.14 | % | 0.13 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.21 | % | 0.14 | % | 0.11 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 0.37 | % | 0.28 | % | 0.24 | % | ||||||
Non-performing Assets/ Total Assets | 0.33 | % | 0.24 | % | 0.24 | % | ||||||
Primary Capital Ratio | 10.33 | % | 10.16 | % | 10.43 | % | ||||||
Shareholders’ Equity Ratio | 9.64 | % | 9.45 | % | 9.72 | % | ||||||
Price / Book Ratio | 2.02 | x | 2.39 | x | 2.24 | x | ||||||
Price / Earnings Ratio | 13.28 | x | 15.14 | x | 14.81 | 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)
June | June | December | March | |||||||||||||
Asset Quality Data: | 2007 | 2006 | 2006 | 2007 | ||||||||||||
EOP Non-Accrual Loans | $ | 7,842 | $ | 6,958 | $ | 5,755 | $ | 6,068 | ||||||||
EOP 90-Day Past Due Loans | 9,869 | 6,531 | 8,432 | 5,416 | ||||||||||||
Total EOP Non-performing Loans | $ | 17,711 | $ | 13,489 | $ | 14,187 | $ | 11,484 | ||||||||
EOP Other Real Estate & Assets Owned | 4,074 | 2,313 | 4,231 | 3,991 | ||||||||||||
Total EOP Non-performing Assets | $ | 21,785 | $ | 15,802 | $ | 18,418 | $ | 15,475 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
Allowance for Credit Losses:(1) | 2007 | 2006 | 2007 | 2007 | 2006 | |||||||||||||||
Beginning Balance | $ | 52,385 | $ | 52,965 | $ | 52,371 | $ | 52,371 | $ | 52,871 | ||||||||||
Provision Expense | 850 | 348 | 350 | 1,200 | 598 | |||||||||||||||
53,235 | 53,313 | 52,721 | 53,571 | 53,469 | ||||||||||||||||
Gross Charge-offs | (2,231 | ) | (643 | ) | (617 | ) | (2,848 | ) | (1,314 | ) | ||||||||||
Recoveries | 216 | 225 | 281 | 497 | 740 | |||||||||||||||
Net Charge-offs | (2,015 | ) | (418 | ) | (336 | ) | (2,351 | ) | (574 | ) | ||||||||||
Ending Balance | $ | 51,220 | $ | 52,895 | $ | 52,385 | $ | 51,220 | $ | 52,895 | ||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.