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 | ||||||||||
2009 | 2008 | 2008 | ||||||||||
Interest & Loan Fees Income | $ | 94,705 | $ | 113,546 | $ | 103,186 | ||||||
Tax Equivalent Adjustment | 2,964 | 3,960 | 3,180 | |||||||||
Interest & Fees Income (FTE) | 97,669 | 117,506 | 106,366 | |||||||||
Interest Expense | 33,788 | 51,268 | 39,961 | |||||||||
Net Interest Income (FTE) | 63,881 | 66,238 | 66,405 | |||||||||
Provision for Credit Losses | 8,028 | 2,100 | 12,207 | |||||||||
Non-Interest Income: | ||||||||||||
Investment securities transactions | 69 | 955 | (1,160 | ) | ||||||||
Fees from trust & brokerage services | 3,594 | 3,939 | 3,568 | |||||||||
Fees from deposit services | 9,303 | 9,083 | 9,853 | |||||||||
Bankcard Fees and Merchant Discounts | 923 | 1,558 | 980 | |||||||||
Other charges, commissions, and fees | 451 | 488 | 405 | |||||||||
(Loss) Income from bank-owned life insurance | (102 | ) | 1,309 | 150 | ||||||||
Mortgage banking income | 137 | 93 | 43 | |||||||||
Other non-interest revenue | 1,015 | 1,185 | 5,341 | |||||||||
Total Non-Interest Income | 15,390 | 18,610 | 19,180 | |||||||||
Non-Interest Expense: | ||||||||||||
Salaries and employee benefits | 19,836 | 19,028 | 18,292 | |||||||||
Net occupancy | 4,552 | 4,297 | 4,248 | |||||||||
Other expenses | 14,902 | 16,619 | 21,831 | |||||||||
Amortization of intangibles | 704 | 1,018 | 747 | |||||||||
OREO expense | 1,237 | 242 | 928 | |||||||||
FDIC expense | 583 | 154 | 554 | |||||||||
Total Non-Interest Expense | 41,814 | 41,358 | 46,600 | |||||||||
Income Before Income Taxes (FTE) | 29,429 | 41,390 | 26,778 | |||||||||
Tax Equivalent Adjustment | 2,964 | 3,960 | 3,180 | |||||||||
Income Before Income Taxes | 26,465 | 37,430 | 23,598 | |||||||||
Taxes | (3,168 | ) | 11,734 | 7,079 | ||||||||
Net Income | $ | 29,633 | $ | 25,696 | $ | 16,519 | ||||||
MEMO: Effective Income Tax Rate | (11.97 | %) | 31.35 | % | 30.00 | % |
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 | |||||||||||||||
2009 | 2008 | March 31 | December 31 | |||||||||||||
Q-T-D Average | Q-T-D Average | 2009 | 2008 | |||||||||||||
Cash & Cash Equivalents | $ | 181,028 | $ | 203,878 | $ | 183,054 | $ | 213,534 | ||||||||
Securities Available for Sale | 1,085,853 | 1,143,936 | 1,041,099 | 1,097,043 | ||||||||||||
Held to Maturity Securities | 108,071 | 153,799 | 105,180 | 116,407 | ||||||||||||
Other Investment Securities | 78,358 | 80,284 | 78,502 | 78,372 | ||||||||||||
Total Securities | 1,272,282 | 1,378,019 | 1,224,781 | 1,291,822 | ||||||||||||
Total Cash and Securities | 1,453,310 | 1,581,897 | 1,407,835 | 1,505,356 | ||||||||||||
Loans held for sale | 1,761 | 2,194 | 1,417 | 868 | ||||||||||||
Commercial Loans | 3,889,432 | 3,650,874 | 3,895,446 | 3,916,768 | ||||||||||||
Mortgage Loans | 1,746,564 | 1,757,105 | 1,734,119 | 1,754,100 | ||||||||||||
Consumer Loans | 354,143 | 371,407 | 353,785 | 349,690 | ||||||||||||
Gross Loans | 5,990,139 | 5,779,386 | 5,983,350 | 6,020,558 | ||||||||||||
Unearned income | (6,110 | ) | (7,035 | ) | (5,754 | ) | (6,403 | ) | ||||||||
Loans, net of unearned income | 5,984,029 | 5,772,351 | 5,977,596 | 6,014,155 | ||||||||||||
Allowance for Loan Losses | (61,312 | ) | (50,629 | ) | (62,422 | ) | (61,494 | ) | ||||||||
Goodwill | 312,262 | 312,141 | 312,193 | 312,263 | ||||||||||||
Other Intangibles | 7,066 | 10,429 | 6,680 | 7,384 | ||||||||||||
Total Intangibles | 319,328 | 322,570 | 318,873 | 319,647 | ||||||||||||
Real Estate Owned | 23,160 | 6,831 | 31,768 | 19,817 | ||||||||||||
Other Assets | 284,567 | 287,360 | 309,650 | 303,742 | ||||||||||||
Total Assets | $ | 8,004,843 | $ | 7,922,574 | $ | 7,984,717 | $ | 8,102,091 | ||||||||
MEMO: Earning Assets | $ | 7,230,125 | $ | 7,137,160 | $ | 7,170,052 | $ | 7,267,990 | ||||||||
Interest-bearing Deposits | $ | 4,721,829 | $ | 4,474,910 | $ | 4,668,693 | $ | 4,741,855 | ||||||||
Noninterest-bearing Deposits | 935,026 | 840,443 | 993,987 | 906,099 | ||||||||||||
Total Deposits | 5,656,855 | 5,315,353 | 5,662,680 | 5,647,954 | ||||||||||||
Short-term Borrowings | 638,807 | 991,345 | 547,155 | 778,320 | ||||||||||||
Long-term Borrowings | 898,709 | 779,881 | 927,499 | 852,685 | ||||||||||||
Total Borrowings | 1,537,516 | 1,771,226 | 1,474,654 | 1,631,005 | ||||||||||||
Other Liabilities | 70,845 | 61,581 | 90,397 | 86,420 | ||||||||||||
Total Liabilities | 7,265,216 | 7,148,160 | 7,227,731 | 7,365,379 | ||||||||||||
Preferred Equity | — | — | — | — | ||||||||||||
Common Equity | 739,627 | 774,414 | 756,986 | 736,712 | ||||||||||||
Total Shareholders’ Equity | 739,627 | 774,414 | 756,986 | 736,712 | ||||||||||||
Total Liabilities & Equity | $ | 8,004,843 | $ | 7,922,574 | $ | 7,984,717 | $ | 8,102,091 | ||||||||
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 | ||||||||||
2009 | 2008 | 2008 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.68 | $ | 0.59 | $ | 0.38 | ||||||
Diluted | $ | 0.68 | $ | 0.59 | $ | 0.38 | ||||||
Common Dividend Declared Per Share | $ | 0.29 | $ | 0.29 | $ | 0.29 | ||||||
High Common Stock Price | $ | 33.64 | $ | 33.07 | $ | 35.00 | ||||||
Low Common Stock Price | $ | 13.15 | $ | 24.00 | $ | 21.05 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 43,407,224 | 43,246,852 | 43,358,278 | |||||||||
Diluted | 43,465,298 | 43,418,571 | 43,546,679 | |||||||||
Memorandum Items: | ||||||||||||
Income Tax Expense (Benefit) Applicable to Security Transactions | $ | 24 | $ | 334 | $ | (406 | ) | |||||
Common Dividends | $ | 12,594 | $ | 12,542 | $ | 12,589 | ||||||
March | March | December | ||||||||||
2009 | 2008 | 2008 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 17.44 | $ | 17.83 | $ | 16.97 | ||||||
Tangible Book Value Per Share | $ | 10.10 | $ | 10.39 | $ | 9.61 | ||||||
52-week High Common Stock Price | $ | 42.00 | $ | 35.37 | $ | 42.00 | ||||||
Date | 09/19/08 | 04/03/07 | 09/19/08 | |||||||||
52-week Low Common Stock Price | $ | 13.15 | $ | 24.00 | $ | 18.52 | ||||||
Date | 03/06/09 | 01/18/08 | 07/15/08 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,397,108 | 43,260,951 | 43,403,891 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,512 | 1,558 | 1,531 |
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 | ||||||||||
2009 | 2008 | 2008 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Loans | 5.50 | % | 6.86 | % | 5.97 | % | ||||||
Investment Securities | 5.34 | % | 5.68 | % | 5.30 | % | ||||||
Money Market Investments/FFS | 0.45 | % | 3.10 | % | 0.83 | % | ||||||
Average Earning Assets Yield | 5.45 | % | 6.61 | % | 5.82 | % | ||||||
Interest-bearing Deposits | 2.08 | % | 3.16 | % | 2.46 | % | ||||||
Short-term Borrowings | 0.16 | % | 2.77 | % | 0.54 | % | ||||||
Long-term Borrowings | 4.20 | % | 4.80 | % | 4.54 | % | ||||||
Average Liability Costs | 2.19 | % | 3.30 | % | 2.51 | % | ||||||
Net Interest Spread | 3.26 | % | 3.31 | % | 3.31 | % | ||||||
Net Interest Margin | 3.56 | % | 3.72 | % | 3.63 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 16.25 | % | 13.35 | % | 8.37 | % | ||||||
Return on Average Assets | 1.50 | % | 1.30 | % | 0.81 | % | ||||||
Loan / Deposit Ratio | 105.56 | % | 107.12 | % | 106.48 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.04 | % | 0.98 | % | 1.02 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.08 | % | 1.02 | % | 1.06 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 0.67 | % | 0.43 | % | 0.70 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.32 | % | 0.21 | % | 0.20 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 1.01 | % | 0.65 | % | 0.90 | % | ||||||
Non-performing Assets/ Total Assets | 1.16 | % | 0.56 | % | 0.91 | % | ||||||
Primary Capital Ratio | 10.21 | % | 10.32 | % | 9.80 | % | ||||||
Shareholders’ Equity Ratio | 9.48 | % | 9.66 | % | 9.09 | % | ||||||
Price / Book Ratio | 0.99 | x | 1.50 | x | 1.96 | x | ||||||
Price / Earnings Ratio | 6.32 | x | 11.26 | x | 16.59 | x | ||||||
Efficiency Ratio | 50.34 | % | 47.80 | % | 51.79 | % |
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 | ||||||||||
2009 | 2008 | 2008 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 40,248 | $ | 25,103 | $ | 42,317 | ||||||
EOP 90-Day Past Due Loans | 19,214 | 12,375 | 11,881 | |||||||||
EOP Restructured Loans | 1,134 | — | — | |||||||||
Total EOP Non-performing Loans | $ | 60,596 | $ | 37,478 | $ | 54,198 | ||||||
EOP Other Real Estate & Assets Owned | 31,768 | 7,043 | 19,817 | |||||||||
Total EOP Non-performing Assets | $ | 92,364 | $ | 44,521 | $ | 74,015 | ||||||
Three Months Ended | ||||||||||||
March | March | December | ||||||||||
2009 | 2008 | 2008 | ||||||||||
Allowance for Credit Losses:(1) | ||||||||||||
Beginning Balance | $ | 63,603 | $ | 58,744 | $ | 59,388 | ||||||
Provision Expense | 8,028 | 2,100 | 12,207 | |||||||||
71,631 | 60,844 | 71,595 | ||||||||||
Gross Charge-offs | (7,351 | ) | (2,033 | ) | (8,152 | ) | ||||||
Recoveries | 402 | 239 | 160 | |||||||||
Net Charge-offs | (6,949 | ) | (1,794 | ) | (7,992 | ) | ||||||
Ending Balance | $ | 64,682 | $ | 59,050 | $ | 63,603 | ||||||
Note: (1) | Includes allowances for loan losses and lending-related commitments. |