Exhibit 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
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 2009 | September 2008 | June 2009 | March 2009 | September 2009 | September 2008 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 90,897 | $ | 106,760 | $ | 92,532 | $ | 94,705 | $ | 278,134 | $ | 326,725 | ||||||||||||
Tax equivalent adjustment | 2,701 | 3,451 | 2,902 | 2,964 | 8,567 | 11,048 | ||||||||||||||||||
Interest & Fees Income (FTE) | 93,598 | 110,211 | 95,434 | 97,669 | 286,701 | 337,773 | ||||||||||||||||||
Interest Expense | 29,104 | 42,623 | 30,323 | 33,788 | 93,215 | 137,158 | ||||||||||||||||||
Net Interest Income (FTE) | 64,494 | 67,588 | 65,111 | 63,881 | 193,486 | 200,615 | ||||||||||||||||||
Credit Loss Provision | 8,067 | 6,497 | 23,251 | 8,028 | 39,346 | 12,948 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Fees from trust & brokerage services | 3,142 | 4,522 | 3,506 | 3,594 | 10,242 | 13,014 | ||||||||||||||||||
Fees from deposit services | 10,566 | 10,251 | 10,255 | 9,303 | 30,124 | 29,336 | ||||||||||||||||||
Bankcard fees and merchant discounts | 1,104 | 1,543 | 1,058 | 923 | 3,085 | 4,835 | ||||||||||||||||||
Other charges, commissions, and fees | 470 | 450 | 526 | 451 | 1,447 | 1,527 | ||||||||||||||||||
Income (loss) from bank owned life insurance | 1,051 | 1,622 | 1,340 | (102 | ) | 2,289 | 3,943 | |||||||||||||||||
Mortgage banking income | 172 | 93 | 167 | 137 | 476 | 342 | ||||||||||||||||||
Other non-interest revenue | 896 | 1,016 | 2,293 | 1,015 | 4,204 | 3,384 | ||||||||||||||||||
Total other-than-temporary impairment losses | (7,903 | ) | (9,189 | ) | (1,137 | ) | (95 | ) | (9,135 | ) | (9,310 | ) | ||||||||||||
Portion of loss recognized in other comprehensive income | 4,943 | — | — | — | 4,943 | — | ||||||||||||||||||
Net gains (losses) on sales/calls of investment securities | 82 | 22 | (158 | ) | 164 | 88 | 1,052 | |||||||||||||||||
Total Non-Interest Income | 14,523 | 10,330 | 17,850 | 15,390 | 47,763 | 48,123 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Employee compensation | 14,735 | 15,152 | 14,751 | 14,947 | 44,433 | 46,130 | ||||||||||||||||||
Employee benefits | 4,818 | 3,614 | 4,734 | 4,889 | 14,441 | 10,605 | ||||||||||||||||||
Net occupancy | 4,124 | 4,163 | 4,154 | 4,552 | 12,830 | 12,434 | ||||||||||||||||||
Other expenses | 15,799 | 17,361 | 16,244 | 14,902 | 46,945 | 50,408 | ||||||||||||||||||
Amortization of intangibles | 618 | 789 | 662 | 704 | 1,984 | 2,747 | ||||||||||||||||||
OREO expense | 1,576 | 271 | 869 | 1,237 | 3,682 | 1,556 | ||||||||||||||||||
FDIC expense | 2,004 | 288 | 4,284 | 583 | 6,871 | 593 | ||||||||||||||||||
Total Non-Interest Expense | 43,674 | 41,638 | 45,698 | 41,814 | 131,186 | 124,473 | ||||||||||||||||||
Income Before Income Taxes (FTE) | 27,276 | 29,783 | 14,012 | 29,429 | 70,717 | 111,317 | ||||||||||||||||||
Tax equivalent adjustment | 2,701 | 3,451 | 2,902 | 2,964 | 8,567 | 11,048 | ||||||||||||||||||
Income Before Income Taxes | 24,575 | 26,332 | 11,110 | 26,465 | 62,150 | 100,269 | ||||||||||||||||||
Taxes | 7,174 | 6,740 | 2,954 | (3,168 | ) | 6,960 | 29,834 | |||||||||||||||||
Net Income | $ | 17,401 | $ | 19,592 | $ | 8,156 | $ | 29,633 | $ | 55,190 | $ | 70,435 | ||||||||||||
MEMO: Effective Tax Rate | 29.19 | % | 25.60 | % | 26.59 | % | (11.97 | )% | 11.20 | % | 29.75 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 2009 Q-T-D Average | September 30 2008 Q-T-D Average | September 30 2009 | December 31 2008 | September 30 2008 | ||||||||||||||||
Cash & Cash Equivalents | $ | 307,780 | $ | 191,535 | $ | 577,707 | $ | 213,534 | $ | 224,478 | ||||||||||
Securities Available for Sale | 936,373 | 1,161,361 | 932,690 | 1,097,043 | 1,169,998 | |||||||||||||||
Held to Maturity Securities | 101,735 | 137,450 | 101,246 | 116,407 | 127,123 | |||||||||||||||
Other Investment Securities | 77,709 | 81,773 | 77,709 | 78,372 | 80,556 | |||||||||||||||
Total Securities | 1,115,817 | 1,380,584 | 1,111,645 | 1,291,822 | 1,377,677 | |||||||||||||||
Total Cash and Securities | 1,423,597 | 1,572,119 | 1,689,352 | 1,505,356 | 1,602,155 | |||||||||||||||
Loans Held for Sale | 8,768 | 1,750 | 4,969 | 868 | 718 | |||||||||||||||
Commercial Loans | 3,833,221 | 3,808,538 | 3,802,531 | 3,916,768 | 3,813,651 | |||||||||||||||
Mortgage Loans | 1,656,791 | 1,751,651 | 1,639,152 | 1,754,100 | 1,752,523 | |||||||||||||||
Consumer Loans | 354,222 | 353,644 | 352,248 | 349,690 | 352,088 | |||||||||||||||
Gross Loans | 5,844,234 | 5,913,833 | 5,793,931 | 6,020,558 | 5,918,262 | |||||||||||||||
Unearned Income | (4,864 | ) | (6,773 | ) | (4,486 | ) | (6,403 | ) | (6,644 | ) | ||||||||||
Loans, Net of Unearned Income | 5,839,370 | 5,907,060 | 5,789,445 | 6,014,155 | 5,911,618 | |||||||||||||||
Allowance for Loan Losses | (64,375 | ) | (57,041 | ) | (68,082 | ) | (61,494 | ) | (57,556 | ) | ||||||||||
Goodwill | 312,140 | 312,371 | 312,140 | 312,263 | 312,371 | |||||||||||||||
Other Intangibles | 5,742 | 8,559 | 5,400 | 7,384 | 8,131 | |||||||||||||||
Total Intangibles | 317,882 | 320,930 | 317,540 | 319,647 | 320,502 | |||||||||||||||
Real Estate Owned | 43,104 | 10,605 | 44,758 | 19,817 | 13,340 | |||||||||||||||
Other Assets | 296,128 | 288,051 | 313,296 | 303,742 | 304,776 | |||||||||||||||
Total Assets | $ | 7,864,474 | $ | 8,043,474 | $ | 8,091,278 | $ | 8,102,091 | $ | 8,095,553 | ||||||||||
MEMO: Earning Assets | $ | 7,079,625 | $ | 7,261,479 | $ | 7,296,613 | $ | 7,267,990 | $ | 7,261,723 | ||||||||||
Interest-bearing Deposits | $ | 4,793,764 | $ | 4,571,745 | $ | 4,953,285 | $ | 4,741,855 | $ | 4,581,987 | ||||||||||
Noninterest-bearing Deposits | 1,045,448 | 880,569 | 1,069,381 | 906,099 | 922,484 | |||||||||||||||
Total Deposits | 5,839,212 | 5,452,314 | 6,022,666 | 5,647,954 | 5,504,471 | |||||||||||||||
Short-term Borrowings | 348,539 | 830,170 | 367,477 | 778,320 | 819,227 | |||||||||||||||
Long-term Borrowings | 852,223 | 921,568 | 852,125 | 852,685 | 927,870 | |||||||||||||||
Total Borrowings | 1,200,762 | 1,751,738 | 1,219,602 | 1,631,005 | 1,747,097 | |||||||||||||||
Other Liabilities | 58,137 | 55,569 | 77,128 | 86,420 | 70,876 | |||||||||||||||
Total Liabilities | 7,098,111 | 7,259,621 | 7,319,396 | 7,365,379 | 7,322,444 | |||||||||||||||
Preferred Equity | — | — | — | — | — | |||||||||||||||
Common Equity | 766,363 | 783,853 | 771,882 | 736,712 | 773,109 | |||||||||||||||
Total Shareholders’ Equity | 766,363 | 783,853 | 771,882 | 736,712 | 773,109 | |||||||||||||||
Total Liabilities & Equity | $ | 7,864,474 | $ | 8,043,474 | $ | 8,091,278 | $ | 8,102,091 | $ | 8,095,553 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | ||||||||||||||||||
Quarterly/Year-to-Date Share Data: | September 2009 | September 2008 | June 2009 | March 2009 | September 2009 | September 2008 | |||||||||||||
Earnings Per Share: | |||||||||||||||||||
Basic | $ | 0.40 | $ | 0.45 | $ | 0.19 | $ | 0.68 | $ | 1.27 | $ | 1.63 | |||||||
Diluted | $ | 0.40 | $ | 0.45 | $ | 0.19 | $ | 0.68 | $ | 1.27 | $ | 1.62 | |||||||
Common Dividend Declared Per Share: | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.87 | $ | 0.87 | |||||||
High Common Stock Price | $ | 23.56 | $ | 42.00 | $ | 27.75 | $ | 33.64 | $ | 33.64 | $ | 42.00 | |||||||
Low Common Stock Price | $ | 16.68 | $ | 18.52 | $ | 16.81 | $ | 13.15 | $ | 13.15 | $ | 18.52 | |||||||
Average Shares Outstanding (Net of Treasury Stock): | |||||||||||||||||||
Basic | 43,410,532 | 43,276,962 | 43,396,901 | 43,407,224 | 43,404,920 | 43,262,926 | |||||||||||||
Diluted | 43,455,723 | 43,421,333 | 43,463,108 | 43,465,298 | 43,457,258 | 43,418,755 | |||||||||||||
Memorandum Items: | |||||||||||||||||||
Tax Applicable to Security Sales/Calls | $ | 10 | $ | 8 | $ | (55 | ) | $ | 57 | $ | 12 | $ | 368 | ||||||
Common Dividends | $ | 12,600 | $ | 12,552 | $ | 12,599 | $ | 12,594 | $ | 37,793 | $ | 37,642 |
EOP Share Data: | September 2009 | September 2008 | June 2009 | March 2009 | ||||||||
Book Value Per Share | $ | 17.78 | $ | 17.86 | $ | 17.42 | $ | 17.44 | ||||
Tangible Book Value Per Share | $ | 10.47 | $ | 10.46 | $ | 10.09 | $ | 10.10 | ||||
52-week High Common Stock Price | $ | 35.00 | $ | 42.00 | $ | 42.00 | $ | 42.00 | ||||
Date | 10/02/08 | 09/19/08 | 09/19/08 | 09/19/08 | ||||||||
52-week Low Common Stock Price | $ | 13.15 | $ | 18.52 | $ | 13.15 | $ | 13.15 | ||||
Date | 03/06/09 | 07/15/08 | 03/06/09 | 03/06/09 | ||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,406,545 | 43,283,927 | 43,412,424 | 43,397,108 | ||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,497 | 1,544 | 1,502 | 1,512 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Year to Date | |||||||||||||||||
September 2009 | September 2008 | June 2009 | March 2009 | September 2009 | September 2008 | |||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||
Loans | 5.45 | % | 6.21 | % | 5.44 | % | 5.50 | % | 5.47 | % | 6.47 | % | ||||||
Investment Securities | 5.08 | % | 5.45 | % | 5.24 | % | 5.34 | % | 5.23 | % | 5.51 | % | ||||||
Money Market Investments/FFS | 0.13 | % | 1.91 | % | 0.11 | % | 0.45 | % | 0.13 | % | 2.36 | % | ||||||
Average Earning Assets Yield | 5.26 | % | 6.05 | % | 5.38 | % | 5.45 | % | 5.35 | % | 6.26 | % | ||||||
Interest-bearing Deposits | 1.64 | % | 2.57 | % | 1.79 | % | 2.08 | % | 1.84 | % | 2.80 | % | ||||||
Short-term Borrowings | 0.05 | % | 1.54 | % | 0.16 | % | 0.22 | % | 0.16 | % | 2.02 | % | ||||||
Long-term Borrowings | 4.29 | % | 4.26 | % | 4.29 | % | 4.15 | % | 4.24 | % | 4.47 | % | ||||||
Average Liability Costs | 1.93 | % | 2.68 | % | 2.01 | % | 2.19 | % | 2.04 | % | 2.92 | % | ||||||
Net Interest Spread | 3.33 | % | 3.37 | % | 3.37 | % | 3.26 | % | 3.31 | % | 3.34 | % | ||||||
Net Interest Margin | 3.63 | % | 3.71 | % | 3.67 | % | 3.56 | % | 3.61 | % | 3.72 | % | ||||||
Selected Financial Ratios: | ||||||||||||||||||
Return on Average Common Equity | 9.01 | % | 9.94 | % | 4.27 | % | 16.25 | % | 9.71 | % | 12.05 | % | ||||||
Return on Average Assets | 0.88 | % | 0.97 | % | 0.41 | % | 1.50 | % | 0.93 | % | 1.18 | % | ||||||
Efficiency Ratio | 50.65 | % | 46.60 | % | 52.42 | % | 50.34 | % | 51.16 | % | 46.76 | % |
September 2009 | September 2008 | June 2009 | March 2009 | |||||||||
Loan / Deposit Ratio | 96.13 | % | 107.40 | % | 102.69 | % | 105.56 | % | ||||
Allowance for Loan Losses/ Loans, Net of Unearned Income | 1.18 | % | 0.97 | % | 1.09 | % | 1.04 | % | ||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income | 1.20 | % | 1.00 | % | 1.13 | % | 1.08 | % | ||||
Nonaccrual Loans / Loans, Net of Unearned Income | 0.83 | % | 0.61 | % | 0.73 | % | 0.67 | % | ||||
90-Day Past Due Loans/ Loans, Net of Unearned Income | 0.41 | % | 0.22 | % | 0.28 | % | 0.32 | % | ||||
Non-performing Loans/ Loans, Net of Unearned Income | 1.26 | % | 0.83 | % | 1.03 | % | 1.01 | % | ||||
Non-performing Assets/ Total Assets | 1.45 | % | 0.77 | % | 1.31 | % | 1.16 | % | ||||
Primary Capital Ratio | 10.31 | % | 10.21 | % | 10.40 | % | 10.21 | % | ||||
Shareholders’ Equity Ratio | 9.54 | % | 9.55 | % | 9.64 | % | 9.48 | % | ||||
Price / Book Ratio | 1.10 | x | 1.96 | x | 1.12 | x | 0.99 | x | ||||
Price / Earnings Ratio | 12.23 | x | 19.39 | x | 26.03 | x | 6.32 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Asset Quality Data: | September 2009 | September 2008 | December 2008 | June 2009 | March 2009 | ||||||||||
EOP Non-Accrual Loans | $ | 47,933 | $ | 36,065 | $ | 42,317 | $ | 42,825 | $ | 40,248 | |||||
EOP 90-Day Past Due Loans | 23,854 | 12,963 | 11,881 | 16,532 | 19,214 | ||||||||||
EOP Restructured Loans | 1,091 | — | — | 1,095 | 1,134 | ||||||||||
Total EOP Non-performing Loans | $ | 72,878 | $ | 49,028 | $ | 54,198 | $ | 60,452 | $ | 60,596 | |||||
EOP Other Real Estate & Assets Owned | 44,758 | 13,340 | 19,817 | 42,223 | 31,768 | ||||||||||
Total EOP Non-performing Assets | $ | 117,636 | $ | 62,368 | $ | 74,015 | $ | 102,675 | $ | 92,364 | |||||
Three Months Ended | Year to Date | |||||||||||||||||||||||
Allowance for Credit Losses:(1) | September 2009 | September 2008 | June 2009 | March 2009 | September 2009 | September 2008 | ||||||||||||||||||
Beginning Balance | $ | 66,534 | $ | 59,161 | $ | 64,682 | $ | 63,603 | $ | 63,603 | $ | 58,744 | ||||||||||||
Provision Expense | 8,067 | 6,497 | 23,251 | 8,028 | 39,346 | 12,948 | ||||||||||||||||||
74,601 | 65,658 | 87,933 | 71,631 | 102,949 | 71,692 | |||||||||||||||||||
Gross Charge-offs | (5,315 | ) | (6,529 | ) | (21,702 | ) | (7,351 | ) | (34,368 | ) | (13,046 | ) | ||||||||||||
Recoveries | 452 | 259 | 303 | 402 | 1,157 | 742 | ||||||||||||||||||
Net Charge-offs | (4,863 | ) | (6,270 | ) | (21,399 | ) | (6,949 | ) | (33,211 | ) | (12,304 | ) | ||||||||||||
Ending Balance | $ | 69,738 | $ | 59,388 | $ | 66,534 | $ | 64,682 | $ | 69,738 | $ | 59,388 | ||||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.