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 | |||||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | 2007 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 106,760 | $ | 117,309 | $ | 106,419 | $ | 113,546 | $ | 326,725 | $ | 319,633 | ||||||||||||
Tax Equivalent Adjustment | 3,451 | 4,210 | 3,638 | 3,960 | 11,048 | 12,307 | ||||||||||||||||||
Interest & Fees Income (FTE) | 110,211 | 121,519 | 110,057 | 117,506 | 337,773 | 331,940 | ||||||||||||||||||
Interest Expense | 42,623 | 58,197 | 43,267 | 51,268 | 137,158 | 155,039 | ||||||||||||||||||
Net Interest Income (FTE) | 67,588 | 63,322 | 66,790 | 66,238 | 200,615 | 176,901 | ||||||||||||||||||
Credit Loss Provision | 6,497 | 1,550 | 4,351 | 2,100 | 12,948 | 2,750 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Investment Securities Transactions | (9,167 | ) | 172 | (46 | ) | 955 | (8,258 | ) | 494 | |||||||||||||||
Fees from Trust & Brokerage Services | 4,522 | 3,788 | 4,553 | 3,939 | 13,014 | 11,097 | ||||||||||||||||||
Fees from Deposit Services | 10,251 | 9,087 | 10,002 | 9,083 | 29,336 | 24,134 | ||||||||||||||||||
Bankcard Fees and Merchant Discounts | 1,543 | 1,716 | 1,734 | 1,558 | 4,835 | 4,522 | ||||||||||||||||||
Other Charges, Commissions, and Fees | 450 | 569 | 589 | 488 | 1,527 | 1,247 | ||||||||||||||||||
Income from Bank Owned Life Insurance | 1,622 | 1,179 | 1,012 | 1,309 | 3,943 | 3,965 | ||||||||||||||||||
Income from Mortgage Banking | 93 | 124 | 156 | 93 | 342 | 447 | ||||||||||||||||||
Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances | — | — | — | — | — | 787 | ||||||||||||||||||
Other Non-Interest Revenue | 1,016 | 691 | 1,183 | 1,185 | 3,384 | 2,074 | ||||||||||||||||||
Total Non-Interest Income | 10,330 | 17,326 | 19,183 | 18,610 | 48,123 | 48,767 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Salaries and Employee Benefits | 18,766 | 17,559 | 18,941 | 19,028 | 56,735 | 47,207 | ||||||||||||||||||
Net Occupancy | 4,163 | 3,823 | 3,974 | 4,297 | 12,434 | 10,393 | ||||||||||||||||||
Other Expense | 17,361 | 16,292 | 16,428 | 16,619 | 50,408 | 41,799 | ||||||||||||||||||
Prepayment Penalties on FHLB Advances | — | — | — | — | — | 786 | ||||||||||||||||||
Amortization of Intangibles | 789 | 1,000 | 940 | 1,018 | 2,747 | 1,790 | ||||||||||||||||||
OREO Expense | 271 | 202 | 1,043 | 242 | 1,556 | 604 | ||||||||||||||||||
FDIC Expense | 288 | 146 | 151 | 154 | 593 | 434 | ||||||||||||||||||
Total Non-Interest Expense | 41,638 | 39,022 | 41,477 | 41,358 | 124,473 | 103,013 | ||||||||||||||||||
Income Before Income Taxes (FTE) | 29,783 | 40,076 | 40,145 | 41,390 | 111,317 | 119,905 | ||||||||||||||||||
Tax Equivalent Adjustment | 3,451 | 4,210 | 3,638 | 3,960 | 11,048 | 12,307 | ||||||||||||||||||
Income Before Income Taxes | 26,332 | 35,866 | 36,507 | 37,430 | 100,269 | 107,598 | ||||||||||||||||||
Taxes | 6,740 | 10,063 | 11,360 | 11,734 | 29,834 | 32,876 | ||||||||||||||||||
Net Income | $ | 19,592 | $ | 25,803 | $ | 25,147 | $ | 25,696 | $ | 70,435 | $ | 74,722 | ||||||||||||
MEMO: Effective Tax Rate | 25.60 | % | 28.06 | % | 31.12 | % | 31.35 | % | 29.75 | % | 30.55 | % |
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 | |||||||||||||||||||
2008 | 2007 | September 30 | December 31 | September 30 | ||||||||||||||||
Q-T-D Average | Q-T-D Average | 2008 | 2007 | 2007 | ||||||||||||||||
Cash & Cash Equivalents | $ | 191,535 | $ | 243,752 | $ | 224,478 | $ | 230,651 | $ | 204,461 | ||||||||||
Securities Available for Sale | 1,161,361 | 1,054,112 | 1,169,998 | 1,156,561 | 1,098,548 | |||||||||||||||
Held to Maturity Securities | 137,450 | 161,971 | 127,123 | 157,228 | 158,252 | |||||||||||||||
Other Investment Securities | 81,773 | 60,723 | 80,556 | 80,975 | 66,469 | |||||||||||||||
Total Securities | 1,380,584 | 1,276,806 | 1,377,677 | 1,394,764 | 1,323,269 | |||||||||||||||
Total Cash and Securities | 1,572,119 | 1,520,558 | 1,602,155 | 1,625,415 | 1,527,730 | |||||||||||||||
Loans Held for Sale | 1,750 | 1,659 | 718 | 1,270 | 954 | |||||||||||||||
Commercial Loans | 3,808,538 | 3,241,440 | 3,813,651 | 3,648,999 | 3,423,202 | |||||||||||||||
Mortgage Loans | 1,751,651 | 1,817,068 | 1,752,523 | 1,772,441 | 1,783,319 | |||||||||||||||
Consumer Loans | 353,644 | 383,813 | 352,088 | 379,121 | 386,724 | |||||||||||||||
Gross Loans | 5,913,833 | 5,442,321 | 5,918,262 | 5,800,561 | 5,593,245 | |||||||||||||||
Unearned Income | (6,773 | ) | (7,065 | ) | (6,644 | ) | (7,077 | ) | (6,919 | ) | ||||||||||
Loans, Net of Unearned Income | 5,907,060 | 5,435,256 | 5,911,618 | 5,793,484 | 5,586,326 | |||||||||||||||
Allowance for Loan Losses | (57,041 | ) | (49,088 | ) | (57,556 | ) | (50,456 | ) | (50,353 | ) | ||||||||||
Goodwill | 312,371 | 292,076 | 312,371 | 312,111 | 312,857 | |||||||||||||||
Other Intangibles | 8,559 | 16,702 | 8,131 | 10,878 | 11,955 | |||||||||||||||
Total Intangibles | 320,930 | 308,778 | 320,502 | 322,989 | 324,812 | |||||||||||||||
Real Estate Owned | 10,605 | 4,519 | 13,340 | 6,365 | 5,338 | |||||||||||||||
Other Assets | 288,051 | 275,283 | 304,776 | 295,672 | 290,881 | |||||||||||||||
Total Assets | $ | 8,043,474 | $ | 7,496,965 | $ | 8,095,553 | $ | 7,994,739 | $ | 7,685,688 | ||||||||||
MEMO: Earning Assets | $ | 7,261,479 | $ | 6,737,658 | $ | 7,261,723 | $ | 7,167,127 | $ | 6,897,429 | ||||||||||
Interest-bearing Deposits | $ | 4,571,745 | $ | 4,391,017 | $ | 4,581,987 | $ | 4,436,323 | $ | 4,471,530 | ||||||||||
Noninterest-bearing Deposits | 880,569 | 876,034 | 922,484 | 913,427 | 874,696 | |||||||||||||||
Total Deposits | 5,452,314 | 5,267,051 | 5,504,471 | 5,349,750 | 5,346,226 | |||||||||||||||
Short-term Borrowings | 830,170 | 712,609 | 819,227 | 1,036,063 | 730,618 | |||||||||||||||
Long-term Borrowings | 921,568 | 714,870 | 927,870 | 774,162 | 775,131 | |||||||||||||||
Total Borrowings | 1,751,738 | 1,427,479 | 1,747,097 | 1,810,225 | 1,505,749 | |||||||||||||||
Other Liabilities | 55,569 | 66,534 | 70,876 | 73,565 | 78,444 | |||||||||||||||
Total Liabilities | 7,259,621 | 6,761,064 | 7,322,444 | 7,233,540 | 6,930,419 | |||||||||||||||
Common Equity | 783,853 | 735,901 | 773,109 | 761,199 | 755,269 | |||||||||||||||
Total Shareholders’ Equity | 783,853 | 735,901 | 773,109 | 761,199 | 755,269 | |||||||||||||||
Total Liabilities & Equity | $ | 8,043,474 | $ | 7,496,965 | $ | 8,095,553 | $ | 7,994,739 | $ | 7,685,688 | ||||||||||
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 | |||||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | 2007 | |||||||||||||||||||
Quarterly/Year-to-Date Share Data: | ||||||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.45 | $ | 0.60 | $ | 0.58 | $ | 0.59 | $ | 1.63 | $ | 1.80 | ||||||||||||
Diluted | $ | 0.45 | $ | 0.60 | $ | 0.58 | $ | 0.59 | $ | 1.62 | $ | 1.79 | ||||||||||||
Common Dividend Declared Per Share: | $ | 0.29 | $ | 0.28 | $ | 0.29 | $ | 0.29 | $ | 0.87 | $ | 0.84 | ||||||||||||
High Common Stock Price | $ | 42.00 | $ | 32.98 | $ | 31.33 | $ | 33.07 | $ | 42.00 | $ | 39.50 | ||||||||||||
Low Common Stock Price | $ | 18.52 | $ | 25.70 | $ | 22.95 | $ | 24.00 | $ | 18.52 | $ | 25.70 | ||||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||||||
Basic | 43,276,962 | 42,731,909 | 43,264,809 | 43,246,852 | 43,262,926 | 41,458,388 | ||||||||||||||||||
Diluted | 43,421,333 | 42,998,484 | 43,419,616 | 43,418,571 | 43,418,755 | 41,811,493 | ||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
Tax Applicable to Security Transactions | $ | (3,208 | ) | $ | 60 | $ | (16 | ) | $ | 334 | $ | (2,890 | ) | $ | 173 | |||||||||
Common Dividends | $ | 12,552 | $ | 12,089 | $ | 12,548 | $ | 12,542 | $ | 37,642 | $ | 34,909 |
September | September | June | March | |||||||||||||||||||||
2008 | 2007 | 2008 | 2008 | |||||||||||||||||||||
EOP Share Data: | ||||||||||||||||||||||||
Book Value Per Share | $ | 17.86 | $ | 17.49 | $ | 17.86 | $ | 17.83 | ||||||||||||||||
Tangible Book Value Per Share | $ | 10.46 | $ | 9.97 | $ | 10.44 | $ | 10.39 | ||||||||||||||||
52-week High Common Stock Price | $ | 42.00 | $ | 39.71 | $ | 33.61 | $ | 35.37 | ||||||||||||||||
Date | 09/19/08 | 12/28/06 | 10/05/07 | 04/03/07 | ||||||||||||||||||||
52-week Low Common Stock Price | $ | 18.52 | $ | 25.70 | $ | 22.95 | $ | 24.00 | ||||||||||||||||
Date | 07/15/08 | 08/06/07 | 06/30/08 | 01/18/08 | ||||||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,283,927 | 43,182,328 | 43,270,277 | 43,260,951 | ||||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
EOP Employees (full-time equivalent) | 1,544 | 1,543 | 1,568 | 1,558 |
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 | |||||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | 2007 | |||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||
Loans | 6.21 | % | 7.54 | % | 6.34 | % | 6.86 | % | 6.47 | % | 7.47 | % | ||||||||||||
Investment Securities | 5.45 | % | 5.76 | % | 5.39 | % | 5.68 | % | 5.51 | % | 5.71 | % | ||||||||||||
Money Market Investments/FFS | 1.91 | % | 4.76 | % | 2.07 | % | 3.10 | % | 2.36 | % | 5.11 | % | ||||||||||||
Average Earning Assets Yield | 6.05 | % | 7.17 | % | 6.13 | % | 6.61 | % | 6.26 | % | 7.10 | % | ||||||||||||
Interest-bearing Deposits | 2.57 | % | 3.63 | % | 2.69 | % | 3.16 | % | 2.80 | % | 3.56 | % | ||||||||||||
Short-term Borrowings | 1.54 | % | 4.58 | % | 1.64 | % | 2.77 | % | 2.02 | % | 4.50 | % | ||||||||||||
Long-term Borrowings | 4.26 | % | 5.44 | % | 4.40 | % | 4.80 | % | 4.47 | % | 5.65 | % | ||||||||||||
Average Liability Costs | 2.68 | % | 3.97 | % | 2.77 | % | 3.30 | % | 2.92 | % | 3.91 | % | ||||||||||||
Net Interest Spread | 3.37 | % | 3.20 | % | 3.36 | % | 3.31 | % | 3.34 | % | 3.19 | % | ||||||||||||
Net Interest Margin | 3.71 | % | 3.75 | % | 3.71 | % | 3.72 | % | 3.72 | % | 3.78 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||
Return on Average Common Equity | 9.94 | % | 13.91 | % | 12.90 | % | 13.35 | % | 12.05 | % | 14.81 | % | ||||||||||||
Return on Average Assets | 0.97 | % | 1.37 | % | 1.27 | % | 1.30 | % | 1.18 | % | 1.45 | % | ||||||||||||
Efficiency Ratio | 46.60 | % | 47.00 | % | 45.91 | % | 47.80 | % | 46.76 | % | 44.68 | % |
September | September | June | March | |||||||||||||
2008 | 2007 | 2008 | 2008 | |||||||||||||
Loan / Deposit Ratio | 107.40 | % | 104.49 | % | 106.82 | % | 107.12 | % | ||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 0.97 | % | 0.90 | % | 0.98 | % | 0.98 | % | ||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.00 | % | 1.05 | % | 1.01 | % | 1.02 | % | ||||||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.61 | % | 0.16 | % | 0.58 | % | 0.43 | % | ||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.22 | % | 0.25 | % | 0.27 | % | 0.21 | % | ||||||||
Non-performing Loans/ Loans, Net of Unearned Income | 0.83 | % | 0.41 | % | 0.84 | % | 0.65 | % | ||||||||
Non-performing Assets/ Total Assets | 0.77 | % | 0.37 | % | 0.73 | % | 0.56 | % | ||||||||
Primary Capital Ratio | 10.21 | % | 10.51 | % | 10.26 | % | 10.32 | % | ||||||||
Shareholders’ Equity Ratio | 9.55 | % | 9.83 | % | 9.60 | % | 9.66 | % | ||||||||
Price / Book Ratio | 1.96 | x | 1.74 | x | 1.28 | x | 1.50 | x | ||||||||
Price / Earnings Ratio | 19.39 | x | 12.68 | x | 9.91 | x | 11.26 | 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 | ||||||||||||||||
2008 | 2007 | 2007 | 2008 | 2008 | ||||||||||||||||
Asset Quality Data: | ||||||||||||||||||||
EOP Non-Accrual Loans | $ | 36,065 | $ | 8,958 | $ | 14,115 | $ | 33,676 | $ | 25,103 | ||||||||||
EOP 90-Day Past Due Loans | 12,963 | 13,827 | 14,210 | 15,696 | 12,375 | |||||||||||||||
Total EOP Non-performing Loans | $ | 49,028 | $ | 22,785 | $ | 28,325 | $ | 49,372 | $ | 37,478 | ||||||||||
EOP Other Real Estate & Assets Owned | 13,340 | 5,338 | 6,365 | 9,618 | 7,043 | |||||||||||||||
Total EOP Non-performing Assets | $ | 62,368 | $ | 28,123 | $ | 34,690 | $ | 58,990 | $ | 44,521 | ||||||||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
September | September | June | March | September | September | |||||||||||||||||||
2008 | 2007 | 2008 | 2008 | 2008 | 2007 | |||||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||||||
Beginning Balance | $ | 59,161 | $ | 51,220 | $ | 59,050 | $ | 58,744 | $ | 58,744 | $ | 52,371 | ||||||||||||
Allowance for Acquired Loans | — | 7,648 | — | — | — | 7,648 | ||||||||||||||||||
Provision Expense | 6,497 | 1,550 | 4,351 | 2,100 | 12,948 | 2,750 | ||||||||||||||||||
65,658 | 60,418 | 63,401 | 60,844 | 71,692 | 62,769 | |||||||||||||||||||
Gross Charge-offs | (6,529 | ) | (2,104 | ) | (4,484 | ) | (2,033 | ) | (13,046 | ) | (4,952 | ) | ||||||||||||
Recoveries | 259 | 303 | 244 | 239 | 742 | 800 | ||||||||||||||||||
Net Charge-offs | (6,270 | ) | (1,801 | ) | (4,240 | ) | (1,794 | ) | (12,304 | ) | (4,152 | ) | ||||||||||||
Ending Balance | $ | 59,388 | $ | 58,617 | $ | 59,161 | $ | 59,050 | $ | 59,388 | $ | 58,617 | ||||||||||||
Note: (1) | Includes allowances for loan losses and lending-related commitments. |