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 | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2007 | ||||||||||||||||
Interest & Loan Fees Income | $ | 119,096 | $ | 102,206 | $ | 117,309 | $ | 101,702 | $ | 100,622 | ||||||||||
Tax Equivalent Adjustment | 4,165 | 4,043 | 4,210 | 4,086 | 4,011 | |||||||||||||||
Interest & Fees Income (FTE) | 123,261 | 106,249 | 121,519 | 105,788 | 104,633 | |||||||||||||||
Interest Expense | 58,271 | 48,143 | 58,197 | 48,882 | 47,960 | |||||||||||||||
Net Interest Income (FTE) | 64,990 | 58,106 | 63,322 | 56,906 | 56,673 | |||||||||||||||
Provision for Credit Losses | 2,580 | 268 | 1,550 | 850 | 350 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Investment Securities Transactions | (562 | ) | (105 | ) | 172 | 165 | 157 | |||||||||||||
Fees from Trust & Brokerage Services | 4,317 | 3,091 | 3,788 | 3,763 | 3,546 | |||||||||||||||
Fees from Deposit Services | 9,701 | 7,502 | 9,087 | 7,869 | 7,178 | |||||||||||||||
Other Charges, Commissions, and Fees | 1,998 | 1,698 | 2,285 | 1,791 | 1,693 | |||||||||||||||
Income from Bank Owned Life Insurance | 1,424 | 1,137 | 1,179 | 1,327 | 1,459 | |||||||||||||||
Mortgage Banking Income | 80 | 240 | 124 | 162 | 161 | |||||||||||||||
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | (8,900 | ) | — | — | 787 | — | ||||||||||||||
Other Non-Interest Revenue | 924 | 1,169 | 691 | 661 | 722 | |||||||||||||||
Total Non-Interest Income | 8,982 | 14,732 | 17,326 | 16,525 | 14,916 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and Employees Benefits | 17,965 | 15,542 | 17,452 | 14,633 | 14,745 | |||||||||||||||
Net Occupancy | 4,028 | 3,089 | 3,823 | 3,114 | 3,456 | |||||||||||||||
Other Expenses | 16,816 | 13,171 | 16,399 | 13,197 | 12,580 | |||||||||||||||
Prepayment Penalties on FHLB Advances | 4,331 | — | — | 786 | — | |||||||||||||||
Amortization of Intangibles | 1,078 | 433 | 1,000 | 383 | 407 | |||||||||||||||
OREO Expense | 563 | 230 | 202 | 238 | 164 | |||||||||||||||
FDIC Expense | 135 | 143 | 146 | 145 | 143 | |||||||||||||||
Total Non-Interest Expense | 44,916 | 32,608 | 39,022 | 32,496 | 31,495 | |||||||||||||||
Income Before Income Taxes (FTE) | 26,476 | 39,962 | 40,076 | 40,085 | 39,744 | |||||||||||||||
Tax Equivalent Adjustment | 4,165 | 4,043 | 4,210 | 4,086 | 4,011 | |||||||||||||||
Income Before Income Taxes | 22,311 | 35,919 | 35,866 | 35,999 | 35,733 | |||||||||||||||
Income Taxes | 6,359 | 10,904 | 10,063 | 11,487 | 11,326 | |||||||||||||||
Net Income | $ | 15,952 | $ | 25,015 | $ | 25,803 | $ | 24,512 | $ | 24,407 | ||||||||||
MEMO: Effective Tax Rate | 28.50 | % | 30.36 | % | 28.06 | % | 31.91 | % | 31.70 | % |
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
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2007 | 2006 | 2005 | 2004 | |||||||||||||
Interest & Loan Fees Income | $ | 438,729 | $ | 400,683 | $ | 345,278 | $ | 293,350 | ||||||||
Tax Equivalent Adjustment | 16,472 | 15,452 | 12,590 | 11,186 | ||||||||||||
Interest & Fees Income (FTE) | 455,201 | 416,135 | 357,868 | 304,536 | ||||||||||||
Interest Expense | 213,310 | 181,090 | 124,451 | 88,914 | ||||||||||||
Net Interest Income (FTE) | 241,891 | 235,045 | 233,417 | 215,622 | ||||||||||||
Credit Loss Provision | 5,330 | 1,437 | 5,618 | 4,520 | ||||||||||||
Non-Interest Income: | ||||||||||||||||
Investment Securities Transactions | (68 | ) | (3,176 | ) | 695 | 1,110 | ||||||||||
Fees from Trust & Brokerage Services | 15,414 | 12,948 | 11,083 | 10,518 | ||||||||||||
Fees from Deposit Services | 33,835 | 29,077 | 27,749 | 29,967 | ||||||||||||
Other Charges, Commissions, and Fees | 7,767 | 6,900 | 6,013 | 4,986 | ||||||||||||
Income from Bank Owned Life Insurance | 5,389 | 4,422 | 4,753 | 4,282 | ||||||||||||
Mortgage Banking Income | 527 | 855 | 1,055 | 729 | ||||||||||||
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | (8,113 | ) | (4,599 | ) | — | — | ||||||||||
Other Non-Interest Revenue | 2,998 | 2,606 | 1,277 | 2,639 | ||||||||||||
Total Non-Interest Income | 57,749 | 49,033 | 52,625 | 54,231 | ||||||||||||
Non-Interest Expense: | ||||||||||||||||
Salaries and Employee Benefits | 64,795 | 62,331 | 59,197 | 56,526 | ||||||||||||
Net Occupancy | 14,421 | 12,547 | 12,201 | 12,551 | ||||||||||||
Other Expenses | 58,992 | 51,086 | 45,883 | 44,696 | ||||||||||||
Prepayment Penalties on FHLB Advances | 5,117 | 8,261 | 406 | 18,975 | ||||||||||||
Amortization of Intangibles | 2,868 | 1,886 | 2,292 | 2,726 | ||||||||||||
OREO Expense | 1,167 | 482 | 594 | 956 | ||||||||||||
FDIC Expense | 569 | 580 | 587 | 631 | ||||||||||||
Total Non-Interest Expense | 147,929 | 137,173 | 121,160 | 137,061 | ||||||||||||
Income from Continuing Operations Before Income Taxes (FTE) | 146,381 | 145,468 | 159,264 | 128,272 | ||||||||||||
Tax Equivalent Adjustment | 16,472 | 15,452 | 12,590 | 11,186 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 129,909 | 130,016 | 146,674 | 117,086 | ||||||||||||
Taxes | 39,235 | 40,767 | 46,265 | 33,771 | ||||||||||||
Income from Continuing Operations | 90,674 | 89,249 | 100,409 | 83,315 | ||||||||||||
Gain on Sale of Discontinued Operations | — | — | — | 17,000 | ||||||||||||
Other Operating Income | — | — | — | 3,780 | ||||||||||||
Income from Discontinued Operations Before Income Taxes | — | — | — | 20,780 | ||||||||||||
Taxes | — | — | — | 6,333 | ||||||||||||
Income from Discontinued Operations | — | — | — | 14,447 | ||||||||||||
Net Income | $ | 90,674 | $ | 89,249 | $ | 100,409 | $ | 97,762 | ||||||||
MEMO: Effective Tax Rate | 30.20 | % | 31.36 | % | 31.54 | % | 29.09 | % |
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)
Discontinued Operations Statements of Income
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2007 | 2006 | 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 | — | — | — | 15,271 | ||||||||||||
Gain on Sale of Discontinued Operations | — | — | — | 17,000 | ||||||||||||
Total Non-Interest Income | — | — | — | 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 | — | — | — | 20,780 | ||||||||||||
Taxes | — | — | — | 6,333 | ||||||||||||
Income from Discontinued Operations | — | — | — | $ | 14,447 | |||||||||||
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
December 31 | December 31 | |||||||||||||||||||
2007 | 2006 | December 31 | December 31 | December 31 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2007 | 2006 | 2005 | ||||||||||||||||
Cash & Cash Equivalents | $ | 210,148 | $ | 188,829 | $ | 230,651 | $ | 259,013 | $ | 207,962 | ||||||||||
Securities Available for Sale | 1,111,068 | 1,011,222 | 1,156,561 | 1,010,252 | 1,213,606 | |||||||||||||||
Held to Maturity Securities | 157,785 | 213,489 | 157,228 | 212,296 | 227,345 | |||||||||||||||
Other Investment Securities | 70,395 | 52,196 | 80,975 | 52,922 | 61,015 | |||||||||||||||
Total Securities | 1,339,248 | 1,276,907 | 1,394,764 | 1,275,470 | 1,501,966 | |||||||||||||||
Total Cash and Securities | 1,549,396 | 1,465,736 | 1,625,415 | 1,534,483 | 1,709,928 | |||||||||||||||
Loans Held for Sale | 960 | 2,749 | 1,270 | 2,041 | 3,324 | |||||||||||||||
Commercial Loans | 3,497,159 | 2,678,655 | 3,648,999 | 2,757,957 | 2,599,781 | |||||||||||||||
Mortgage Loans | 1,776,940 | 1,706,980 | 1,772,441 | 1,694,922 | 1,668,782 | |||||||||||||||
Consumer Loans | 384,894 | 360,362 | 379,121 | 360,829 | 387,959 | |||||||||||||||
Gross Loans | 5,658,993 | 4,745,997 | 5,800,561 | 4,813,708 | 4,656,522 | |||||||||||||||
Unearned Income | (7,060 | ) | (6,541 | ) | (7,077 | ) | (6,961 | ) | (6,693 | ) | ||||||||||
Loans, Net of Unearned Income | 5,651,933 | 4,739,456 | 5,793,484 | 4,806,747 | 4,649,829 | |||||||||||||||
Allowance for Loan Losses | (50,345 | ) | (43,897 | ) | (50,456 | ) | (43,629 | ) | (44,138 | ) | ||||||||||
Goodwill | 312,784 | 167,421 | 312,111 | 167,421 | 167,487 | |||||||||||||||
Other Intangibles | 11,431 | 2,881 | 10,878 | 2,640 | 4,527 | |||||||||||||||
Total Intangibles | 324,215 | 170,302 | 322,989 | 170,061 | 172,014 | |||||||||||||||
Real Estate Owned | 5,980 | 2,977 | 6,365 | 4,231 | 2,941 | |||||||||||||||
Other Assets | 287,462 | 244,999 | 295,672 | 243,664 | 234,594 | |||||||||||||||
Total Assets | $ | 7,769,601 | $ | 6,582,322 | $ | 7,994,739 | $ | 6,717,598 | $ | 6,728,492 | ||||||||||
MEMO: Earning Assets | $ | 6,981,493 | $ | 6,021,372 | $ | 7,158,532 | $ | 6,082,080 | $ | 6,129,969 | ||||||||||
Interest-bearing Deposits | $ | 4,459,350 | $ | 3,899,599 | $ | 4,436,323 | $ | 3,924,985 | $ | 3,657,778 | ||||||||||
Noninterest-bearing Deposits | 867,133 | 834,064 | 913,427 | 903,207 | 959,674 | |||||||||||||||
Total Deposits | 5,326,483 | 4,733,663 | 5,349,750 | 4,828,192 | 4,617,452 | |||||||||||||||
Short-term Borrowings | 817,027 | 646,979 | 1,036,063 | 682,266 | 856,425 | |||||||||||||||
Long-term Borrowings | 792,642 | 501,494 | 774,162 | 499,200 | 547,731 | |||||||||||||||
Total Borrowings | 1,609,669 | 1,148,473 | 1,810,225 | 1,181,466 | 1,404,156 | |||||||||||||||
Other Liabilities | 66,650 | 57,314 | 73,565 | 73,848 | 71,679 | |||||||||||||||
Total Liabilities | 7,002,802 | 5,939,450 | 7,233,540 | 6,083,506 | 6,093,287 | |||||||||||||||
Common Equity | 766,799 | 642,872 | 761,199 | 634,092 | 635,205 | |||||||||||||||
Total Shareholders’ Equity | 766,799 | 642,872 | 761,199 | 634,092 | 635,205 | |||||||||||||||
Total Liabilities & Equity | $ | 7,769,601 | $ | 6,582,322 | $ | 7,994,739 | $ | 6,717,598 | $ | 6,728,492 | ||||||||||
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 | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
Quarterly Share Data: | 2007 | 2006 | 2007 | 2007 | 2007 | |||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.61 | $ | 0.60 | $ | 0.60 | $ | 0.60 | ||||||||||
Diluted | $ | 0.37 | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 0.59 | ||||||||||
Common Dividend Declared Per Share | $ | 0.29 | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 | ||||||||||
High Common Stock Price | $ | 33.61 | $ | 39.71 | $ | 32.98 | $ | 35.37 | $ | 39.50 | ||||||||||
Low Common Stock Price | $ | 25.54 | $ | 36.51 | $ | 25.70 | $ | 30.88 | $ | 33.60 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,216,077 | 41,156,578 | 42,731,909 | 40,677,396 | 40,946,236 | |||||||||||||||
Diluted | 43,438,997 | 41,557,831 | 42,998,484 | 40,935,684 | 41,272,213 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (197 | ) | $ | (37 | ) | $ | 60 | $ | 58 | $ | 55 | ||||||||
Common Dividends | $ | 12,537 | $ | 11,518 | $ | 12,089 | $ | 11,368 | $ | 11,452 |
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
YTD Share Data: | 2007 | 2006 | 2005 | 2004 | ||||||||||||
Earnings Per Share from Continuing Operations: | ||||||||||||||||
Basic | $ | 2.16 | $ | 2.15 | $ | 2.36 | $ | 1.92 | ||||||||
Diluted | $ | 2.15 | $ | 2.13 | $ | 2.33 | $ | 1.89 | ||||||||
Earnings Per Share from Discontinued Operations: | ||||||||||||||||
Basic | — | — | — | $ | 0.33 | |||||||||||
Diluted | — | — | — | $ | 0.33 | |||||||||||
Earnings Per Share: | ||||||||||||||||
Basic | $ | 2.16 | $ | 2.15 | $ | 2.36 | $ | 2.25 | ||||||||
Diluted | $ | 2.15 | $ | 2.13 | $ | 2.33 | $ | 2.22 | ||||||||
Common Dividend Declared Per Share | $ | 1.13 | $ | 1.09 | $ | 1.05 | $ | 1.02 | ||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||
Basic | 41,901,422 | 41,532,121 | 42,514,445 | 43,404,586 | ||||||||||||
Diluted | 42,222,899 | 41,942,889 | 43,024,861 | 43,978,914 | ||||||||||||
Memorandum Items: | ||||||||||||||||
Tax Applicable to Security Transactions | $ | (24 | ) | $ | (1,112 | ) | $ | 243 | $ | 389 | ||||||
Common Dividends | $ | 47,446 | $ | 45,219 | $ | 44,575 | $ | 44,228 | ||||||||
EOP Employees (full-time equivalent) | 1,537 | 1,367 | 1,374 | 1,319 |
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 | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
EOP Share Data: | 2007 | 2006 | 2007 | 2007 | 2007 | |||||||||||||||
Book Value Per Share | $ | 17.61 | $ | 15.44 | $ | 17.49 | $ | 15.77 | $ | 15.65 | ||||||||||
Tangible Book Value Per Share | $ | 10.14 | $ | 11.30 | $ | 9.97 | $ | 11.60 | $ | 11.49 | ||||||||||
52-week High Common Stock Price | $ | 39.50 | $ | 39.71 | $ | 39.71 | $ | 39.71 | $ | 39.71 | ||||||||||
Date | 01/03/07 | 12/28/06 | 12/28/06 | 12/28/06 | 12/28/06 | |||||||||||||||
52-week Low Common Stock Price | $ | 25.54 | $ | 34.21 | $ | 25.70 | $ | 30.88 | $ | 33.60 | ||||||||||
Date | 11/08/07 | 07/17/06 | 08/06/07 | 06/26/07 | 03/14/07 | |||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,234,726 | 41,058,901 | 43,182,328 | 40,523,267 | 40,823,168 |
Three Months Ended | ||||||||||||||||||||
December | December | September | June | March | ||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2007 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 7.36 | % | 7.38 | % | 7.54 | % | 7.44 | % | 7.41 | % | ||||||||||
Investment Securities | 5.66 | % | 5.78 | % | 5.76 | % | 5.72 | % | 5.65 | % | ||||||||||
Money Market Investments/FFS | 5.24 | % | 4.89 | % | 4.76 | % | 5.27 | % | 5.62 | % | ||||||||||
Average Earning Assets Yield | 7.02 | % | 7.02 | % | 7.17 | % | 7.06 | % | 7.03 | % | ||||||||||
Interest-bearing Deposits | 3.50 | % | 3.43 | % | 3.63 | % | 3.55 | % | 3.49 | % | ||||||||||
Short-term Borrowings | 3.84 | % | 4.31 | % | 4.58 | % | 4.43 | % | 4.48 | % | ||||||||||
Long-term Borrowings | 5.52 | % | 5.86 | % | 5.44 | % | 5.77 | % | 5.84 | % | ||||||||||
Average Liability Costs | 3.81 | % | 3.78 | % | 3.97 | % | 3.89 | % | 3.86 | % | ||||||||||
Net Interest Spread | 3.21 | % | 3.24 | % | 3.20 | % | 3.17 | % | 3.17 | % | ||||||||||
Net Interest Margin | 3.71 | % | 3.85 | % | 3.75 | % | 3.80 | % | 3.79 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 8.25 | % | 15.44 | % | 13.91 | % | 15.22 | % | 15.44 | % | ||||||||||
Return on Average Assets | 0.81 | % | 1.51 | % | 1.37 | % | 1.50 | % | 1.51 | % | ||||||||||
Efficiency Ratio | 58.06 | % | 43.79 | % | 47.00 | % | 43.51 | % | 43.20 | % |
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)
Year Ended | ||||||||||||||||
December | December | December | December | |||||||||||||
2007 | 2006 | 2005 | 2004 | |||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||
Loans | 7.44 | % | 7.20 | % | 6.36 | % | 5.72 | % | ||||||||
Investment Securities | 5.70 | % | 5.67 | % | 5.11 | % | 4.60 | % | ||||||||
Money Market Investments/FFS | 5.14 | % | 4.35 | % | 3.09 | % | 1.28 | % | ||||||||
Average Earning Assets Yield | 7.07 | % | 6.84 | % | 6.04 | % | 5.41 | % | ||||||||
Interest-bearing Deposits | 3.54 | % | 3.10 | % | 2.06 | % | 1.45 | % | ||||||||
Short-term Borrowings | 4.31 | % | 4.04 | % | 2.43 | % | 1.08 | % | ||||||||
Long-term Borrowings | 5.61 | % | 6.38 | % | 5.82 | % | 4.82 | % | ||||||||
Average Liability Costs | 3.88 | % | 3.57 | % | 2.56 | % | 1.91 | % | ||||||||
Net Interest Spread | 3.19 | % | 3.27 | % | 3.48 | % | 3.50 | % | ||||||||
Net Interest Margin | 3.76 | % | 3.86 | % | 3.94 | % | 3.84 | % | ||||||||
Selected Financial Ratios: | ||||||||||||||||
Return on Average Common Equity | 12.99 | % | 13.90 | % | 15.66 | % | 15.56 | % | ||||||||
Return on Average Assets | 1.28 | % | 1.34 | % | 1.55 | % | 1.55 | % | ||||||||
Loan / Deposit Ratio | 108.29 | % | 99.56 | % | 100.70 | % | 102.81 | % | ||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 0.87 | % | 0.91 | % | 0.95 | % | 0.98 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.01 | % | 1.09 | % | 1.14 | % | 1.16 | % | ||||||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.24 | % | 0.12 | % | 0.15 | % | 0.14 | % | ||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.25 | % | 0.18 | % | 0.13 | % | 0.10 | % | ||||||||
Non-performing Loans/ Loans, Net of Unearned Income | 0.49 | % | 0.30 | % | 0.28 | % | 0.24 | % | ||||||||
Non-performing Assets/ Total Assets | 0.43 | % | 0.27 | % | 0.24 | % | 0.22 | % | ||||||||
Primary Capital Ratio | 10.18 | % | 10.14 | % | 10.15 | % | 10.53 | % | ||||||||
Shareholders’ Equity Ratio | 9.52 | % | 9.44 | % | 9.44 | % | 9.81 | % | ||||||||
Price / Book Ratio | 1.59 | x | 2.50 | x | 2.33 | x | 2.60 | x | ||||||||
Price / Earnings Ratio | 13.05 | x | 18.16 | x | 15.10 | x | 17.16 | x | ||||||||
Efficiency Ratio | 48.01 | % | 46.93 | % | 41.45 | % | 49.12 | % |
Note: | (1) Includes allowances for loan losses and lending-related commitments. |
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)
December | December | September | June | March | ||||||||||||||||
Asset Quality Data: | 2007 | 2006 | 2007 | 2007 | 2007 | |||||||||||||||
EOP Non-Accrual Loans | $ | 14,115 | $ | 5,755 | $ | 8,958 | $ | 7,842 | $ | 6,068 | ||||||||||
EOP 90-Day Past Due Loans | 14,210 | 8,432 | 13,827 | 9,869 | 5,416 | |||||||||||||||
Total EOP Non-performing Loans | $ | 28,325 | $ | 14,187 | $ | 22,785 | $ | 17,711 | $ | 11,484 | ||||||||||
EOP Other Real Estate & Assets Owned | 6,365 | 4,231 | 5,338 | 4,074 | 3,991 | |||||||||||||||
Total EOP Non-performing Assets | $ | 34,690 | $ | 18,418 | $ | 28,123 | $ | 21,785 | $ | 15,475 | ||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December | December | December | December | December | ||||||||||||||||
Allowance for Credit Losses(1) | 2007 | 2006 | 2007 | 2006 | 2005 | |||||||||||||||
Beginning Balance | $ | 58,617 | $ | 52,536 | $ | 52,371 | $ | 52,871 | $ | 51,353 | ||||||||||
Allowance of Purchased Companies | — | — | 7,648 | — | — | |||||||||||||||
Provision Expense | 2,580 | 268 | 5,330 | 1,437 | 5,618 | |||||||||||||||
61,197 | 52,804 | 65,349 | 54,308 | 56,971 | ||||||||||||||||
Gross Charge-offs | (2,786 | ) | (746 | ) | (7,738 | ) | (3,228 | ) | (6,016 | ) | ||||||||||
Recoveries | 333 | 313 | 1,133 | 1,291 | 1,916 | |||||||||||||||
Net Charge-offs | (2,453 | ) | (433 | ) | (6,605 | ) | (1,937 | ) | (4,100 | ) | ||||||||||
Ending Balance | $ | 58,744 | $ | 52,371 | $ | 58,744 | $ | 52,371 | $ | 52,871 | ||||||||||
Note: | (1) Includes allowances for loan losses and lending-related commitments. |