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 | ||||||||||
2008 | 2007 | 2007 | ||||||||||
Interest & Loan Fees Income | $ | 113,546 | $ | 100,622 | $ | 119,096 | ||||||
Tax Equivalent Adjustment | 3,960 | 4,011 | 4,165 | |||||||||
Interest & Fees Income (FTE) | 117,506 | 104,633 | 123,261 | |||||||||
Interest Expense | 51,268 | 47,960 | 58,271 | |||||||||
Net Interest Income (FTE) | 66,238 | 56,673 | 64,990 | |||||||||
Provision for Credit Losses | 2,100 | 350 | 2,580 | |||||||||
Non-Interest Income: | ||||||||||||
Investment securities transactions | 955 | 157 | (562 | ) | ||||||||
Fees from trust & brokerage services | 3,939 | 3,546 | 4,317 | |||||||||
Fees from deposit services | 9,083 | 7,178 | 9,701 | |||||||||
Other charges, commissions, and fees | 2,046 | 1,693 | 1,998 | |||||||||
Income from bank-owned life insurance | 1,309 | 1,459 | 1,424 | |||||||||
Mortgage banking income | 93 | 161 | 80 | |||||||||
Loss on termination of interest rate swap associated with prepayment of FHLB advance | — | — | (8,900 | ) | ||||||||
Other non-interest revenue | 1,185 | 722 | 924 | |||||||||
Total Non-Interest Income | 18,610 | 14,916 | 8,982 | |||||||||
Non-Interest Expense: | ||||||||||||
Salaries and employee benefits | 19,028 | 14,854 | 18,033 | |||||||||
Net occupancy | 4,297 | 3,456 | 4,028 | |||||||||
Other expenses | 16,619 | 12,471 | 16,748 | |||||||||
Prepayment penalties on FHLB Advances | — | — | 4,331 | |||||||||
Amortization of intangibles | 1,018 | 407 | 1,078 | |||||||||
OREO expense | 242 | 164 | 563 | |||||||||
FDIC expense | 154 | 143 | 135 | |||||||||
Total Non-Interest Expense | 41,358 | 31,495 | 44,916 | |||||||||
Income Before Income Taxes (FTE) | 41,390 | 39,744 | 26,476 | |||||||||
Tax Equivalent Adjustment | 3,960 | 4,011 | 4,165 | |||||||||
Income Before Income Taxes | 37,430 | 35,733 | 22,311 | |||||||||
Taxes | 11,734 | 11,326 | 6,359 | |||||||||
Net Income | $ | 25,696 | $ | 24,407 | $ | 15,952 | ||||||
MEMO: Effective Tax Rate | 31.35 | % | 31.70 | % | 28.50 | % |
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 | |||||||||||||||
2008 | 2007 | March 31 | December 31 | |||||||||||||
Q-T-D Average | Q-T-D Average | 2008 | 2007 | |||||||||||||
Cash & Cash Equivalents | $ | 203,878 | $ | 178,434 | $ | 228,890 | $ | 230,651 | ||||||||
Securities Available for Sale | 1,143,936 | 1,007,953 | 1,152,757 | 1,156,561 | ||||||||||||
Held to Maturity Securities | 153,799 | 209,316 | 151,040 | 157,228 | ||||||||||||
Other Investment Securities | 80,284 | 54,763 | 77,285 | 80,975 | ||||||||||||
Total Securities | 1,378,019 | 1,272,032 | 1,381,082 | 1,394,764 | ||||||||||||
Total Cash and Securities | 1,581,897 | 1,450,466 | 1,609,972 | 1,625,415 | ||||||||||||
Loans held for sale | 2,194 | 1,980 | 1,851 | 1,270 | ||||||||||||
Commercial Loans | 3,650,874 | 2,701,907 | 3,703,954 | 3,648,999 | ||||||||||||
Mortgage Loans | 1,757,105 | 1,685,748 | 1,744,925 | 1,772,441 | ||||||||||||
Consumer Loans | 371,407 | 359,577 | 363,613 | 379,121 | ||||||||||||
Gross Loans | 5,779,386 | 4,747,232 | 5,812,492 | 5,800,561 | ||||||||||||
Unearned income | (7,035 | ) | (6,869 | ) | (7,080 | ) | (7,077 | ) | ||||||||
Loans, net of unearned income | 5,772,351 | 4,740,363 | 5,805,412 | 5,793,484 | ||||||||||||
Allowance for Loan Losses | (50,629 | ) | (43,603 | ) | (56,811 | ) | (50,456 | ) | ||||||||
Goodwill | 312,141 | 167,420 | 311,978 | 312,111 | ||||||||||||
Other Intangibles | 10,429 | 2,459 | 9,860 | 10,878 | ||||||||||||
Total Intangibles | 322,570 | 169,879 | 321,838 | 322,989 | ||||||||||||
Real Estate Owned | 6,831 | 3,988 | 7,043 | 6,365 | ||||||||||||
Other Assets | 287,360 | 238,257 | 297,669 | 295,672 | ||||||||||||
Total Assets | $ | 7,922,574 | $ | 6,561,330 | $ | 7,986,974 | $ | 7,994,739 | ||||||||
MEMO: Earning Assets | $ | 7,137,160 | $ | 6,007,205 | $ | 7,169,323 | $ | 7,167,127 | ||||||||
Interest-bearing Deposits | $ | 4,474,910 | $ | 3,855,911 | $ | 4,538,376 | $ | 4,436,323 | ||||||||
Noninterest-bearing Deposits | 840,443 | 811,765 | 881,135 | 913,427 | ||||||||||||
Total Deposits | 5,315,353 | 4,667,676 | 5,419,511 | 5,349,750 | ||||||||||||
Short-term Borrowings | 991,345 | 678,696 | 945,974 | 1,036,063 | ||||||||||||
Long-term Borrowings | 779,881 | 506,497 | 763,662 | 774,162 | ||||||||||||
Total Borrowings | 1,771,226 | 1,185,193 | 1,709,636 | 1,810,225 | ||||||||||||
Other Liabilities | 61,581 | 67,523 | 86,674 | 73,565 | ||||||||||||
Total Liabilities | 7,148,160 | 5,920,392 | 7,215,821 | 7,233,540 | ||||||||||||
Common Equity | 774,414 | 640,938 | 771,153 | 761,199 | ||||||||||||
Total Shareholders’ Equity | 774,414 | 640,938 | 771,153 | 761,199 | ||||||||||||
Total Liabilities & Equity | $ | 7,922,574 | $ | 6,561,330 | $ | 7,986,974 | $ | 7,994,739 | ||||||||
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 | ||||||||||
Quarterly Share Data: | 2008 | 2007 | 2007 | |||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.59 | $ | 0.60 | $ | 0.37 | ||||||
Diluted | $ | 0.59 | $ | 0.59 | $ | 0.37 | ||||||
Common Dividend Declared Per Share | $ | 0.29 | $ | 0.28 | $ | 0.29 | ||||||
High Common Stock Price | $ | 33.07 | $ | 39.50 | $ | 33.61 | ||||||
Low Common Stock Price | $ | 24.00 | $ | 33.60 | $ | 25.54 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 43,246,852 | 40,946,236 | 43,216,077 | |||||||||
Diluted | 43,418,571 | 41,272,213 | 43,438,997 | |||||||||
Memorandum Items: | ||||||||||||
Income Tax Expense (Benefit) Applicable to Security Transactions | $ | 334 | $ | 55 | $ | (197 | ) | |||||
Common Dividends | $ | 12,542 | $ | 11,452 | $ | 12,537 |
March | March | December | ||||||||||
EOP Share Data: | 2008 | 2007 | 2007 | |||||||||
Book Value Per Share | $ | 17.83 | $ | 15.65 | $ | 17.61 | ||||||
Tangible Book Value Per Share | $ | 10.39 | $ | 11.49 | $ | 10.14 | ||||||
52-week High Common Stock Price | $ | 35.37 | $ | 39.71 | $ | 39.50 | ||||||
Date | 04/03/07 | 12/28/06 | 01/03/07 | |||||||||
52-week Low Common Stock Price | $ | 24.00 | $ | 33.60 | $ | 25.54 | ||||||
Date | 01/18/08 | 03/14/07 | 11/08/07 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,260,951 | 40,823,168 | 43,234,726 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,558 | 1,327 | 1,537 |
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 | ||||||||||
2008 | 2007 | 2007 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Loans | 6.86 | % | 7.41 | % | 7.36 | % | ||||||
Investment Securities | 5.68 | % | 5.65 | % | 5.66 | % | ||||||
Money Market Investments/FFS | 3.10 | % | 5.62 | % | 5.24 | % | ||||||
Average Earning Assets Yield | 6.61 | % | 7.03 | % | 7.02 | % | ||||||
Interest-bearing Deposits | 3.16 | % | 3.49 | % | 3.50 | % | ||||||
Short-term Borrowings | 2.77 | % | 4.48 | % | 3.84 | % | ||||||
Long-term Borrowings | 4.80 | % | 5.84 | % | 5.52 | % | ||||||
Average Liability Costs | 3.30 | % | 3.86 | % | 3.81 | % | ||||||
Net Interest Spread | 3.31 | % | 3.17 | % | 3.21 | % | ||||||
Net Interest Margin | 3.72 | % | 3.79 | % | 3.71 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 13.35 | % | 15.44 | % | 8.25 | % | ||||||
Return on Average Assets | 1.30 | % | 1.51 | % | 0.81 | % | ||||||
Loan / Deposit Ratio | 107.12 | % | 99.47 | % | 108.29 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.98 | % | 0.93 | % | 0.87 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.02 | % | 1.11 | % | 1.01 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.43 | % | 0.13 | % | 0.24 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.21 | % | 0.11 | % | 0.25 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 0.65 | % | 0.24 | % | 0.49 | % | ||||||
Non-performing Assets/ Total Assets | 0.56 | % | 0.24 | % | 0.43 | % | ||||||
Primary Capital Ratio | 10.32 | % | 10.43 | % | 10.18 | % | ||||||
Shareholders’ Equity Ratio | 9.66 | % | 9.72 | % | 9.52 | % | ||||||
Price / Book Ratio | 1.50 | x | 2.24 | x | 1.59 | x | ||||||
Price / Earnings Ratio | 11.26 | x | 14.81 | x | 13.05 | x | ||||||
Efficiency Ratio | 47.80 | % | 43.20 | % | 58.06 | % |
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 | ||||||||||
Asset Quality Data: | 2008 | 2007 | 2007 | |||||||||
EOP Non-Accrual Loans | $ | 25,103 | $ | 6,068 | $ | 14,115 | ||||||
EOP 90-Day Past Due Loans | 12,375 | 5,416 | 14,210 | |||||||||
Total EOP Non-performing Loans | $ | 37,478 | $ | 11,484 | $ | 28,325 | ||||||
EOP Other Real Estate & Assets Owned | 7,043 | 3,991 | 6,365 | |||||||||
Total EOP Non-performing Assets | $ | 44,521 | $ | 15,475 | $ | 34,690 | ||||||
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
Allowance for Credit Losses:(1) | 2008 | 2007 | 2007 | |||||||||
Beginning Balance | $ | 58,744 | $ | 52,371 | $ | 58,617 | ||||||
Provision Expense | 2,100 | 350 | 2,580 | |||||||||
60,844 | 52,721 | 61,197 | ||||||||||
Gross Charge-offs | (2,033 | ) | (617 | ) | (2,786 | ) | ||||||
Recoveries | 239 | 281 | 333 | |||||||||
Net Charge-offs | (1,794 | ) | (336 | ) | (2,453 | ) | ||||||
Ending Balance | $ | 59,050 | $ | 52,385 | $ | 58,744 | ||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.