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 | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2007 | ||||||||||||||||
Interest & Loan Fees Income | $ | 106,419 | $ | 101,702 | $ | 113,546 | $ | 219,965 | $ | 202,324 | ||||||||||
Tax equivalent adjustment | 3,638 | 4,086 | 3,960 | 7,598 | 8,097 | |||||||||||||||
Interest & Fees Income (FTE) | 110,057 | 105,788 | 117,506 | 227,563 | 210,421 | |||||||||||||||
Interest expense | 43,267 | 48,882 | 51,268 | 94,535 | 96,842 | |||||||||||||||
Net Interest Income (FTE) | 66,790 | 56,906 | 66,238 | 133,028 | 113,579 | |||||||||||||||
Credit Loss Provision | 4,351 | 850 | 2,100 | 6,451 | 1,200 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Investment securities transactions | (46 | ) | 165 | 955 | 909 | 322 | ||||||||||||||
Fees from trust & brokerage services | 4,553 | 3,763 | 3,939 | 8,492 | 7,309 | |||||||||||||||
Fees from deposit services | 10,002 | 7,869 | 9,083 | 19,085 | 15,047 | |||||||||||||||
Bankcard fees and merchant discounts | 1,734 | 1,444 | 1,558 | 3,292 | 2,806 | |||||||||||||||
Other charges, commissions, and fees | 589 | 347 | 488 | 1,077 | 678 | |||||||||||||||
Income from bank-owned life insurance | 1,012 | 1,327 | 1,309 | 2,321 | 2,786 | |||||||||||||||
Mortgage banking income | 156 | 162 | 93 | 249 | 323 | |||||||||||||||
Gain on termination of interest rate swap associated with prepayment of FHLB advances | — | 787 | — | — | 787 | |||||||||||||||
Other non-interest revenue | 1,183 | 661 | 1,185 | 2,368 | 1,383 | |||||||||||||||
Total Non-Interest Income | 19,183 | 16,525 | 18,610 | 37,793 | 31,441 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | 18,941 | 14,633 | 19,028 | 37,969 | 29,378 | |||||||||||||||
Net occupancy | 3,974 | 3,114 | 4,297 | 8,271 | 6,570 | |||||||||||||||
Other expenses | 16,428 | 13,197 | 16,619 | 33,047 | 25,777 | |||||||||||||||
Prepayment penalties on FHLB advances | — | 786 | — | — | 786 | |||||||||||||||
Amortization of intangibles | 940 | 383 | 1,018 | 1,958 | 790 | |||||||||||||||
OREO expense | 1,043 | 238 | 242 | 1,285 | 402 | |||||||||||||||
FDIC expense | 151 | 145 | 154 | 305 | 288 | |||||||||||||||
Total Non-Interest Expense | 41,477 | 32,496 | 41,358 | 82,835 | 63,991 | |||||||||||||||
Income Before Income Taxes (FTE) | 40,145 | 40,085 | 41,390 | 81,535 | 79,829 | |||||||||||||||
Tax equivalent adjustment | 3,638 | 4,086 | 3,960 | 7,598 | 8,097 | |||||||||||||||
Income Before Income Taxes | 36,507 | 35,999 | 37,430 | 73,937 | 71,732 | |||||||||||||||
Taxes | 11,360 | 11,487 | 11,734 | 23,094 | 22,813 | |||||||||||||||
Net Income | $ | 25,147 | $ | 24,512 | $ | 25,696 | $ | 50,843 | $ | 48,919 | ||||||||||
MEMO: Effective Tax Rate | 31.12 | % | 31.91 | % | 31.35 | % | 31.23 | % | 31.80 | % |
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 | |||||||||||||||||||
2008 | 2007 | June 30 | December 31 | June 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2008 | 2007 | 2007 | ||||||||||||||||
Cash & Cash Equivalents | $ | 202,676 | $ | 189,045 | $ | 227,250 | $ | 230,651 | $ | 219,079 | ||||||||||
Securities Available for Sale | 1,175,727 | 997,675 | 1,174,929 | 1,156,561 | 1,003,874 | |||||||||||||||
Held to Maturity Securities | 143,320 | 191,621 | 139,805 | 157,228 | 166,627 | |||||||||||||||
Other Investment Securities | 80,909 | 50,312 | 82,154 | 80,975 | 49,335 | |||||||||||||||
Total Securities | 1,399,956 | 1,239,608 | 1,396,888 | 1,394,764 | 1,219,836 | |||||||||||||||
Total Cash and Securities | 1,602,632 | 1,428,653 | 1,624,138 | 1,625,415 | 1,438,915 | |||||||||||||||
Loans held for sale | 2,134 | 2,702 | 4,199 | 1,270 | 2,701 | |||||||||||||||
Commercial Loans | 3,724,885 | 2,740,403 | 3,752,540 | 3,648,999 | 2,805,863 | |||||||||||||||
Mortgage Loans | 1,742,232 | 1,665,707 | 1,746,862 | 1,772,441 | 1,657,580 | |||||||||||||||
Consumer Loans | 359,712 | 357,633 | 353,316 | 379,121 | 356,074 | |||||||||||||||
Gross Loans | 5,826,829 | 4,763,743 | 5,852,718 | 5,800,561 | 4,819,517 | |||||||||||||||
Unearned income | (6,788 | ) | (6,735 | ) | (6,734 | ) | (7,077 | ) | (6,686 | ) | ||||||||||
Loans, net of unearned income | 5,820,041 | 4,757,008 | 5,845,984 | 5,793,484 | 4,812,831 | |||||||||||||||
Allowance for Loan Losses | (56,780 | ) | (43,928 | ) | (57,033 | ) | (50,456 | ) | (43,372 | ) | ||||||||||
Goodwill | 312,309 | 167,336 | 312,371 | 312,111 | 167,255 | |||||||||||||||
Other Intangibles | 9,450 | 2,058 | 8,920 | 10,878 | 1,850 | |||||||||||||||
Total Intangibles | 321,759 | 169,394 | 321,291 | 322,989 | 169,105 | |||||||||||||||
Real Estate Owned | 8,906 | 4,351 | 9,618 | 6,365 | 4,074 | |||||||||||||||
Other Assets | 286,910 | 239,537 | 300,275 | 295,672 | 247,857 | |||||||||||||||
Total Assets | $ | 7,985,602 | $ | 6,557,717 | $ | 8,048,472 | $ | 7,994,739 | $ | 6,632,111 | ||||||||||
MEMO: Earning Assets | $ | 7,208,212 | $ | 6,000,950 | $ | 7,227,167 | $ | 7,167,127 | $ | 6,034,859 | ||||||||||
Interest-bearing Deposits | $ | 4,507,731 | $ | 3,868,096 | $ | 4,595,039 | $ | 4,436,323 | $ | 3,878,614 | ||||||||||
Noninterest-bearing Deposits | 854,850 | 806,711 | 877,940 | 913,427 | 828,377 | |||||||||||||||
Total Deposits | 5,362,581 | 4,674,807 | 5,472,979 | 5,349,750 | 4,706,991 | |||||||||||||||
Short-term Borrowings | 918,710 | 645,705 | 829,063 | 1,036,063 | 693,586 | |||||||||||||||
Long-term Borrowings | 854,010 | 523,878 | 903,471 | 774,162 | 523,788 | |||||||||||||||
Total Borrowings | 1,772,720 | 1,169,583 | 1,732,534 | 1,810,225 | 1,217,374 | |||||||||||||||
Other Liabilities | 66,521 | 67,522 | 70,095 | 73,565 | 68,581 | |||||||||||||||
Total Liabilities | 7,201,822 | 5,911,912 | 7,275,608 | 7,233,540 | 5,992,946 | |||||||||||||||
Common Equity | 783,780 | 645,805 | 772,864 | 761,199 | 639,165 | |||||||||||||||
Total Shareholders’ Equity | 783,780 | 645,805 | 772,864 | 761,199 | 639,165 | |||||||||||||||
Total Liabilities & Equity | $ | 7,985,602 | $ | 6,557,717 | $ | 8,048,472 | $ | 7,994,739 | $ | 6,632,111 | ||||||||||
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 | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2007 | ||||||||||||||||
Quarterly/Year-to-Date Share Data: | ||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.58 | $ | 0.60 | $ | 0.59 | $ | 1.18 | $ | 1.20 | ||||||||||
Diluted | $ | 0.58 | $ | 0.60 | $ | 0.59 | $ | 1.17 | $ | 1.19 | ||||||||||
Common Dividend Declared Per Share: | $ | 0.29 | $ | 0.28 | $ | 0.29 | $ | 0.58 | $ | 0.56 | ||||||||||
High Common Stock Price | $ | 31.33 | $ | 35.37 | $ | 33.07 | $ | 33.07 | $ | 39.50 | ||||||||||
Low Common Stock Price | $ | 22.95 | $ | 30.88 | $ | 24.00 | $ | 22.95 | $ | 30.88 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,264,809 | 40,677,396 | 43,246,852 | 43,255,830 | 40,811,074 | |||||||||||||||
Diluted | 43,419,616 | 40,935,684 | 43,418,571 | 43,419,276 | 41,103,158 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (16 | ) | $ | 58 | $ | 334 | $ | 318 | $ | 113 | |||||||||
Common Dividends | $ | 12,548 | $ | 11,368 | $ | 12,542 | $ | 25,090 | $ | 22,820 |
June | June | March | ||||||||||
2008 | 2007 | 2008 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 17.86 | $ | 15.77 | $ | 17.83 | ||||||
Tangible Book Value Per Share | $ | 10.44 | $ | 11.60 | $ | 10.39 | ||||||
52-week High Common Stock Price | $ | 33.61 | $ | 39.71 | $ | 35.37 | ||||||
Date | 10/05/07 | 12/28/06 | 04/03/07 | |||||||||
52-week Low Common Stock Price | $ | 22.95 | $ | 30.88 | $ | 24.00 | ||||||
Date | 06/30/08 | 06/26/07 | 01/18/08 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,270,277 | 40,523,267 | 43,260,951 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,568 | 1,310 | 1,558 |
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 | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2007 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 6.34 | % | 7.44 | % | 6.86 | % | 6.60 | % | 7.42 | % | ||||||||||
Investment Securities | 5.39 | % | 5.72 | % | 5.68 | % | 5.53 | % | 5.69 | % | ||||||||||
Money Market Investments/FFS | 2.07 | % | 5.27 | % | 3.10 | % | 2.53 | % | 5.43 | % | ||||||||||
Average Earning Assets Yield | 6.13 | % | 7.06 | % | 6.61 | % | 6.37 | % | 7.05 | % | ||||||||||
Interest-bearing Deposits | 2.69 | % | 3.55 | % | 3.16 | % | 2.92 | % | 3.52 | % | ||||||||||
Short-term Borrowings | 1.64 | % | 4.43 | % | 2.77 | % | 2.23 | % | 4.45 | % | ||||||||||
Long-term Borrowings | 4.40 | % | 5.77 | % | 4.80 | % | 4.59 | % | 5.80 | % | ||||||||||
Average Liability Costs | 2.77 | % | 3.89 | % | 3.30 | % | 3.04 | % | 3.88 | % | ||||||||||
Net Interest Spread | 3.36 | % | 3.17 | % | 3.31 | % | 3.33 | % | 3.17 | % | ||||||||||
Net Interest Margin | 3.71 | % | 3.80 | % | 3.72 | % | 3.72 | % | 3.79 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 12.90 | % | 15.22 | % | 13.35 | % | 13.12 | % | 15.33 | % | ||||||||||
Return on Average Assets | 1.27 | % | 1.50 | % | 1.30 | % | 1.29 | % | 1.50 | % | ||||||||||
Efficiency Ratio | 45.91 | % | 43.51 | % | 47.80 | % | 46.84 | % | 43.40 | % |
June | June | March | ||||||||||
2008 | 2007 | 2008 | ||||||||||
Loan / Deposit Ratio | 106.82 | % | 102.25 | % | 107.12 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 0.98 | % | 0.90 | % | 0.98 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.01 | % | 1.06 | % | 1.02 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.58 | % | 0.16 | % | 0.43 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.27 | % | 0.21 | % | 0.21 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 0.84 | % | 0.37 | % | 0.65 | % | ||||||
Non-performing Assets/ Total Assets | 0.73 | % | 0.33 | % | 0.56 | % | ||||||
Primary Capital Ratio | 10.26 | % | 10.33 | % | 10.32 | % | ||||||
Shareholders’ Equity Ratio | 9.60 | % | 9.64 | % | 9.66 | % | ||||||
Price / Book Ratio | 1.28 | x | 2.02 | x | 1.50 | x | ||||||
Price / Earnings Ratio | 9.91 | x | 13.28 | x | 11.26 | 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 | |||||||||||||
2008 | 2007 | 2007 | 2008 | |||||||||||||
Asset Quality Data: | ||||||||||||||||
EOP Non-Accrual Loans | $ | 33,676 | $ | 7,842 | $ | 14,115 | $ | 25,103 | ||||||||
EOP 90-Day Past Due Loans | 15,696 | 9,869 | 14,210 | 12,375 | ||||||||||||
Total EOP Non-performing Loans | $ | 49,372 | $ | 17,711 | $ | 28,325 | $ | 37,478 | ||||||||
EOP Other Real Estate & Assets Owned | 9,618 | 4,074 | 6,365 | 7,043 | ||||||||||||
Total EOP Non-performing Assets | $ | 58,990 | $ | 21,785 | $ | 34,690 | $ | 44,521 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2007 | ||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||
Beginning Balance | $ | 59,050 | $ | 52,385 | $ | 58,744 | $ | 58,744 | $ | 52,371 | ||||||||||
Provision Expense | 4,351 | 850 | 2,100 | 6,451 | 1,200 | |||||||||||||||
63,401 | 53,235 | 60,844 | 65,195 | 53,571 | ||||||||||||||||
Gross Charge-offs | (4,484 | ) | (2,231 | ) | (2,033 | ) | (6,517 | ) | (2,848 | ) | ||||||||||
Recoveries | 244 | 216 | 239 | 483 | 497 | |||||||||||||||
Net Charge-offs | (4,240 | ) | (2,015 | ) | (1,794 | ) | (6,034 | ) | (2,351 | ) | ||||||||||
Ending Balance | $ | 59,161 | $ | 51,220 | $ | 59,050 | $ | 59,161 | $ | 51,220 | ||||||||||
Note: (1) | Includes allowances for loan losses and lending-related commitments. |