EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and 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 | |||||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2007 | 2006 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 117,309 | $ | 102,435 | $ | 101,702 | $ | 100,622 | $ | 319,633 | $ | 298,477 | ||||||||||||
Tax Equivalent Adjustment | 4,210 | 3,891 | 4,086 | 4,011 | 12,307 | 11,407 | ||||||||||||||||||
Interest & Fees Income (FTE) | 121,519 | 106,326 | 105,788 | 104,633 | 331,940 | 309,884 | ||||||||||||||||||
Interest Expense | 58,197 | 47,506 | 48,882 | 47,960 | 155,039 | 132,947 | ||||||||||||||||||
Net Interest Income (FTE) | 63,322 | 58,820 | 56,906 | 56,673 | 176,901 | 176,937 | ||||||||||||||||||
Credit Loss Provision | 1,550 | 571 | 850 | 350 | 2,750 | 1,169 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Investment Securities Transactions | 172 | (134 | ) | 165 | 157 | 494 | (3,071 | ) | ||||||||||||||||
Fees from Trust & Brokerage Services | 3,788 | 3,190 | 3,763 | 3,546 | 11,097 | 9,857 | ||||||||||||||||||
Fees from Deposit Services | 9,087 | 7,367 | 7,869 | 7,178 | 24,134 | 21,575 | ||||||||||||||||||
Other Charges, Commissions, and Fees | 2,285 | 1,785 | 1,791 | 1,693 | 5,769 | 5,202 | ||||||||||||||||||
Income from Bank Owned Life Insurance | 1,179 | 1,181 | 1,327 | 1,459 | 3,965 | 3,285 | ||||||||||||||||||
Income from Mortgage Banking | 124 | 236 | 162 | 161 | 447 | 615 | ||||||||||||||||||
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | — | (7,659 | ) | 787 | — | 787 | (4,599 | ) | ||||||||||||||||
Other Non-Interest Revenue | 691 | 248 | 661 | 722 | 2,074 | 1,437 | ||||||||||||||||||
Total Non-Interest Income | 17,326 | 6,214 | 16,525 | 14,916 | 48,767 | 34,301 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Salaries and Employee Benefits | 17,452 | 15,740 | 14,633 | 14,745 | 46,830 | 46,789 | ||||||||||||||||||
Net Occupancy | 3,823 | 3,031 | 3,114 | 3,456 | 10,393 | 9,458 | ||||||||||||||||||
Other Expense | 16,399 | 12,423 | 13,197 | 12,580 | 42,176 | 37,915 | ||||||||||||||||||
Prepayment Penalties on FHLB Advances | — | 8,261 | 786 | — | 786 | 8,261 | ||||||||||||||||||
Amortization of Intangibles | 1,000 | 459 | 383 | 407 | 1,790 | 1,453 | ||||||||||||||||||
OREO Expense | 202 | 155 | 238 | 164 | 604 | 252 | ||||||||||||||||||
FDIC Expense | 146 | 145 | 145 | 143 | 434 | 437 | ||||||||||||||||||
Total Non-Interest Expense | 39,022 | 40,214 | 32,496 | 31,495 | 103,013 | 104,565 | ||||||||||||||||||
Income Before Income Taxes (FTE) | 40,076 | 24,249 | 40,085 | 39,744 | 119,905 | 105,504 | ||||||||||||||||||
Tax Equivalent Adjustment | 4,210 | 3,891 | 4,086 | 4,011 | 12,307 | 11,407 | ||||||||||||||||||
Income Before Income Taxes | 35,866 | 20,358 | 35,999 | 35,733 | 107,598 | 94,097 | ||||||||||||||||||
Taxes | 10,063 | 6,193 | 11,487 | 11,326 | 32,876 | 29,863 | ||||||||||||||||||
Net Income | $ | 25,803 | $ | 14,165 | $ | 24,512 | $ | 24,407 | $ | 74,722 | $ | 64,234 | ||||||||||||
MEMO: Effective Tax Rate | 28.06 | % | 30.42 | % | 31.91 | % | 31.70 | % | 30.55 | % | 31.74 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 | September 30 | |||||||||||||||||||
2007 | 2006 | September 30 | December 31 | September 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2007 | 2006 | 2006 | ||||||||||||||||
Cash & Cash Equivalents | $ | 243,752 | $ | 189,966 | $ | 204,461 | $ | 259,013 | $ | 172,536 | ||||||||||
Securities Available for Sale | 1,054,112 | 1,032,776 | 1,098,548 | 1,010,252 | 1,022,032 | |||||||||||||||
Held to Maturity Securities | 161,971 | 214,566 | 158,252 | 212,296 | 214,237 | |||||||||||||||
Other Investment Securities | 60,723 | 55,595 | 66,469 | 52,922 | 51,740 | |||||||||||||||
Total Securities | 1,276,806 | 1,302,937 | 1,323,269 | 1,275,470 | 1,288,009 | |||||||||||||||
Total Cash and Securities | 1,520,558 | 1,492,903 | 1,527,730 | 1,534,483 | 1,460,545 | |||||||||||||||
Loans Held for Sale | 1,659 | 4,066 | 954 | 2,041 | 3,510 | |||||||||||||||
Commercial Loans | 3,241,440 | 2,678,541 | 3,423,202 | 2,757,957 | 2,678,020 | |||||||||||||||
Mortgage Loans | 1,817,068 | 1,728,433 | 1,783,319 | 1,694,922 | 1,718,778 | |||||||||||||||
Consumer Loans | 383,813 | 364,429 | 386,724 | 360,829 | 359,875 | |||||||||||||||
Gross Loans | 5,442,321 | 4,771,403 | 5,593,245 | 4,813,708 | 4,756,673 | |||||||||||||||
Unearned Income | (7,065 | ) | (6,634 | ) | (6,919 | ) | (6,961 | ) | (6,469 | ) | ||||||||||
�� | ||||||||||||||||||||
Loans, Net of Unearned Income | 5,435,256 | 4,764,769 | 5,586,326 | 4,806,747 | 4,750,204 | |||||||||||||||
Allowance for Loan Losses | (49,088 | ) | (44,087 | ) | (50,353 | ) | (43,629 | ) | (43,801 | ) | ||||||||||
Goodwill | 292,076 | 167,421 | 312,857 | 167,421 | 167,421 | |||||||||||||||
Other Intangibles | 16,702 | 3,317 | 11,955 | 2,640 | 3,074 | |||||||||||||||
Total Intangibles | 308,778 | 170,738 | 324,812 | 170,061 | 170,495 | |||||||||||||||
Real Estate Owned | 4,519 | 2,601 | 5,338 | 4,231 | 2,517 | |||||||||||||||
Other Assets | 275,283 | 235,058 | 290,881 | 243,664 | 250,056 | |||||||||||||||
Total Assets | $ | 7,496,965 | $ | 6,626,048 | $ | 7,685,688 | $ | 6,717,598 | $ | 6,593,526 | ||||||||||
MEMO: Earning Assets | $ | 6,737,658 | $ | 6,065,547 | $ | 6,897,429 | $ | 6,082,080 | $ | 6,028,100 | ||||||||||
Interest-bearing Deposits | $ | 4,391,017 | $ | 3,897,572 | $ | 4,471,530 | $ | 3,924,985 | $ | 3,930,774 | ||||||||||
Noninterest-bearing Deposits | 876,034 | 852,850 | 874,696 | 903,207 | 819,781 | |||||||||||||||
Total Deposits | 5,267,051 | 4,750,422 | 5,346,226 | 4,828,192 | 4,750,555 | |||||||||||||||
Short-term Borrowings | 712,609 | 680,201 | 730,618 | 682,266 | 642,249 | |||||||||||||||
Long-term Borrowings | 714,870 | 497,516 | 775,131 | 499,200 | 502,498 | |||||||||||||||
Total Borrowings | 1,427,479 | 1,177,717 | 1,505,749 | 1,181,466 | 1,144,747 | |||||||||||||||
Other Liabilities | 66,534 | 61,216 | 78,444 | 73,848 | 62,891 | |||||||||||||||
Total Liabilities | 6,761,064 | 5,989,355 | 6,930,419 | 6,083,506 | 5,958,193 | |||||||||||||||
Common Equity | 735,901 | 636,693 | 755,269 | 634,092 | 635,333 | |||||||||||||||
Total Shareholders’ Equity | 735,901 | 636,693 | 755,269 | 634,092 | 635,333 | |||||||||||||||
Total Liabilities & Equity | $ | 7,496,965 | $ | 6,626,048 | $ | 7,685,688 | $ | 6,717,598 | $ | 6,593,526 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and 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: | 2007 | 2006 | 2007 | 2007 | 2007 | 2006 | ||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.60 | $ | 0.34 | $ | 0.60 | $ | 0.60 | $ | 1.80 | $ | 1.54 | ||||||||||||
Diluted | $ | 0.60 | $ | 0.34 | $ | 0.60 | $ | 0.59 | $ | 1.79 | $ | 1.53 | ||||||||||||
Common Dividend Declared Per Share: | $ | 0.28 | $ | 0.27 | $ | 0.28 | $ | 0.28 | $ | 0.84 | $ | 0.81 | ||||||||||||
High Common Stock Price | $ | 32.98 | $ | 38.28 | $ | 35.37 | $ | 39.50 | $ | 39.50 | $ | 38.50 | ||||||||||||
Low Common Stock Price | $ | 25.70 | $ | 34.21 | $ | 30.88 | $ | 33.60 | $ | 25.70 | $ | 34.21 | ||||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||||||
Basic | 42,731,909 | 41,373,945 | 40,677,396 | 40,946,236 | 41,458,388 | 41,658,678 | ||||||||||||||||||
Diluted | 42,998,484 | 41,775,111 | 40,935,684 | 41,272,213 | 41,811,493 | 42,075,862 | ||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
Tax Applicable to Security Transactions | $ | 60 | $ | (47 | ) | $ | 58 | $ | 55 | $ | 173 | $ | (1,075 | ) | ||||||||||
Common Dividends | $ | 12,089 | $ | 11,158 | $ | 11,368 | $ | 11,452 | $ | 34,909 | $ | 33,701 |
September | September | June | March | |||||||||||||
EOP Share Data: | 2007 | 2006 | 2007 | 2007 | ||||||||||||
Book Value Per Share | $ | 17.49 | $ | 15.40 | $ | 15.77 | $ | 15.65 | ||||||||
Tangible Book Value Per Share | $ | 9.97 | $ | 11.27 | $ | 11.60 | $ | 11.49 | ||||||||
52-week High Common Stock Price | $ | 39.71 | $ | 38.55 | $ | 39.71 | $ | 39.71 | ||||||||
Date | 12/28/06 | 12/02/05 | 12/28/06 | 12/28/06 | ||||||||||||
52-week Low Common Stock Price | $ | 25.70 | $ | 32.34 | $ | 30.88 | $ | 33.60 | ||||||||
Date | 08/06/07 | 10/12/05 | 06/26/07 | 03/14/07 | ||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,182,328 | 41,248,706 | 40,523,267 | 40,823,168 | ||||||||||||
Memorandum Items: | ||||||||||||||||
EOP Employees (full-time equivalent) | 1,543 | 1,375 | 1,310 | 1,327 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2007 | 2006 | |||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||
Loans | 7.54 | % | 7.31 | % | 7.44 | % | 7.41 | % | 7.47 | % | 7.14 | % | ||||||||||||
Investment Securities | 5.76 | % | 5.79 | % | 5.72 | % | 5.65 | % | 5.71 | % | 5.64 | % | ||||||||||||
Money Market Investments/FFS | 4.76 | % | 5.41 | % | 5.27 | % | 5.62 | % | 5.11 | % | 4.14 | % | ||||||||||||
Average Earning Assets Yield | 7.17 | % | 6.97 | % | 7.06 | % | 7.03 | % | 7.10 | % | 6.79 | % | ||||||||||||
Interest-bearing Deposits | 3.63 | % | 3.29 | % | 3.55 | % | 3.49 | % | 3.56 | % | 2.99 | % | ||||||||||||
Short-term Borrowings | 4.58 | % | 4.17 | % | 4.43 | % | 4.48 | % | 4.50 | % | 3.96 | % | ||||||||||||
Long-term Borrowings | 5.44 | % | 6.42 | % | 5.77 | % | 5.84 | % | 5.65 | % | 6.55 | % | ||||||||||||
Average Liability Costs | 3.97 | % | 3.71 | % | 3.89 | % | 3.86 | % | 3.91 | % | 3.50 | % | ||||||||||||
Net Interest Spread | 3.20 | % | 3.26 | % | 3.17 | % | 3.17 | % | 3.19 | % | 3.29 | % | ||||||||||||
Net Interest Margin | 3.75 | % | 3.87 | % | 3.80 | % | 3.79 | % | 3.78 | % | 3.87 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||
Return on Average Common Equity | 13.91 | % | 8.83 | % | 15.22 | % | 15.44 | % | 14.81 | % | 13.38 | % | ||||||||||||
Return on Average Assets | 1.37 | % | 0.85 | % | 1.50 | % | 1.51 | % | 1.45 | % | 1.29 | % | ||||||||||||
Efficiency Ratio | 47.00 | % | 60.77 | % | 43.51 | % | 43.20 | % | 44.68 | % | 48.00 | % |
September | September | June | March | |||||||||||||
2007 | 2006 | 2007 | 2007 | |||||||||||||
Loan / Deposit Ratio | 104.49 | % | 99.99 | % | 102.25 | % | 99.47 | % | ||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 0.90 | % | 0.92 | % | 0.90 | % | 0.93 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.05 | % | 1.11 | % | 1.06 | % | 1.11 | % | ||||||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.16 | % | 0.13 | % | 0.16 | % | 0.13 | % | ||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.25 | % | 0.15 | % | 0.21 | % | 0.11 | % | ||||||||
Non-performing Loans/ Loans, Net of Unearned Income | 0.41 | % | 0.29 | % | 0.37 | % | 0.24 | % | ||||||||
Non-performing Assets/ Total Assets | 0.37 | % | 0.24 | % | 0.33 | % | 0.24 | % | ||||||||
Primary Capital Ratio | 10.51 | % | 10.35 | % | 10.33 | % | 10.43 | % | ||||||||
Shareholders’ Equity Ratio | 9.83 | % | 9.64 | % | 9.64 | % | 9.72 | % | ||||||||
Price / Book Ratio | 1.74 | x | 2.42 | x | 2.02 | x | 2.24 | x | ||||||||
Price / Earnings Ratio | 12.68 | x | 27.44 | x | 13.28 | x | 14.81 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
September | September | December | June | March | ||||||||||||||||
Asset Quality Data: | 2007 | 2006 | 2006 | 2007 | 2007 | |||||||||||||||
EOP Non-Accrual Loans | $ | 8,958 | $ | 6,357 | $ | 5,755 | $ | 7,842 | $ | 6,068 | ||||||||||
EOP 90-Day Past Due Loans | 13,827 | 7,272 | 8,432 | 9,869 | 5,416 | |||||||||||||||
Total EOP Non-performing Loans | $ | 22,785 | $ | 13,629 | $ | 14,187 | $ | 17,711 | $ | 11,484 | ||||||||||
EOP Other Real Estate & Assets Owned | 5,338 | 2,517 | 4,231 | 4,074 | 3,991 | |||||||||||||||
Total EOP Non-performing Assets | $ | 28,123 | $ | 16,146 | $ | 18,418 | $ | 21,785 | $ | 15,475 | ||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
Allowance for Credit Losses:(1) | 2007 | 2006 | 2007 | 2007 | 2007 | 2006 | ||||||||||||||||||
Beginning Balance | $ | 51,220 | $ | 52,895 | $ | 52,385 | $ | 52,371 | $ | 52,371 | $ | 52,871 | ||||||||||||
Allowance for Acquired Loans | 7,648 | — | — | — | 7,648 | — | ||||||||||||||||||
Provision Expense | 1,550 | 571 | 850 | 350 | 2,750 | 1,169 | ||||||||||||||||||
60,418 | 53,466 | 53,235 | 52,721 | 62,769 | 54,040 | |||||||||||||||||||
Gross Charge-offs | (2,104 | ) | (1,168 | ) | (2,231 | ) | (617 | ) | (4,952 | ) | (2,482 | ) | ||||||||||||
Recoveries | 303 | 238 | 216 | 281 | 800 | 978 | ||||||||||||||||||
Net Charge-offs | (1,801 | ) | (930 | ) | (2,015 | ) | (336 | ) | (4,152 | ) | (1,504 | ) | ||||||||||||
Ending Balance | $ | 58,617 | $ | 52,536 | $ | 51,220 | $ | 52,385 | $ | 58,617 | $ | 52,536 | ||||||||||||
Note: | (1) Includes allowances for loan losses and lending-related commitments. |