Exhibit 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Three Months Ended | ||||||||||||
March 2010 | March 2009 | December 2009 | ||||||||||
Interest & Loan Fees Income | $ | 84,096 | $ | 94,705 | $ | 88,181 | ||||||
Tax equivalent adjustment | 1,557 | 2,964 | 2,632 | |||||||||
Interest & Fees Income (FTE) | 85,653 | 97,669 | 90,813 | |||||||||
Interest Expense | 23,617 | 33,788 | 27,159 | |||||||||
Net Interest Income (FTE) | 62,036 | 63,881 | 63,654 | |||||||||
Credit Loss Provision | 6,868 | 8,028 | 6,719 | |||||||||
Non-Interest Income: | ||||||||||||
Fees from trust & brokerage services | 3,272 | 3,594 | 2,823 | |||||||||
Fees from deposit services | 9,224 | 9,303 | 10,165 | |||||||||
Bankcard fees and merchant discounts | 1,042 | 923 | 1,070 | |||||||||
Other charges, commissions, and fees | 358 | 451 | 459 | |||||||||
Income (loss) from bank owned life insurance | 1,028 | (102 | ) | 1,127 | ||||||||
Mortgage banking income | 112 | 137 | 132 | |||||||||
Other non-interest revenue | 915 | 1,015 | 1,032 | |||||||||
Net other-than-temporary impairment losses | (1,486 | ) | (95 | ) | (2,828 | ) | ||||||
Net gains on sales/calls of investment securities | 1,108 | 164 | 227 | |||||||||
Total Non-Interest Income | 15,573 | 15,390 | 14,207 | |||||||||
Non-Interest Expense: | ||||||||||||
Employee compensation | 14,901 | 14,947 | 14,468 | |||||||||
Employee benefits | 4,494 | 4,889 | 4,751 | |||||||||
Net occupancy | 4,671 | 4,552 | 4,188 | |||||||||
Other expenses | 15,140 | 14,902 | 15,846 | |||||||||
Amortization of intangibles | 534 | 704 | 577 | |||||||||
OREO expense | 1,620 | 1,237 | 1,805 | |||||||||
FDIC expense | 2,391 | 583 | 2,306 | |||||||||
Total Non-Interest Expense | 43,751 | 41,814 | 43,941 | |||||||||
Income Before Income Taxes (FTE) | 26,990 | 29,429 | 27,201 | |||||||||
Tax equivalent adjustment | 1,557 | 2,964 | 2,632 | |||||||||
Income Before Income Taxes | 25,433 | 26,465 | 24,569 | |||||||||
Income taxes | 8,011 | (3,168 | ) | 7,125 | ||||||||
Net Income | $ | 17,422 | $ | 29,633 | $ | 17,444 | ||||||
MEMO: Effective Tax Rate | 31.50 | % | (11.97 | )% | 29.00 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
March 31 2010 Q-T-D Average | March 31 2009 Q-T-D Average | March 31 2010 | December 31 2009 | |||||||||||||
Cash & Cash Equivalents | $ | 436,514 | $ | 181,028 | $ | 456,361 | $ | 449,767 | ||||||||
Securities Available for Sale | 790,026 | 1,085,853 | 762,811 | 811,777 | ||||||||||||
Securities Held to Maturity | 74,160 | 108,071 | 71,403 | 77,421 | ||||||||||||
Other Investment Securities | 79,161 | 78,358 | 79,787 | 77,722 | ||||||||||||
Total Securities | 943,347 | 1,272,282 | 914,001 | 966,920 | ||||||||||||
Total Cash and Securities | 1,379,861 | 1,453,310 | 1,370,362 | 1,416,687 | ||||||||||||
Loans Held for Sale | 3,872 | 1,761 | 1,953 | 5,284 | ||||||||||||
Commercial Loans | 3,751,314 | 3,889,432 | 3,724,353 | 3,801,254 | ||||||||||||
Mortgage Loans | 1,592,216 | 1,746,564 | 1,572,405 | 1,606,560 | ||||||||||||
Consumer Loans | 321,136 | 354,143 | 308,784 | 332,964 | ||||||||||||
Gross Loans | 5,664,666 | 5,990,139 | 5,605,542 | 5,740,778 | ||||||||||||
Unearned Income | (3,897 | ) | (6,110 | ) | (3,779 | ) | (3,969 | ) | ||||||||
Loans, Net of Unearned Income | 5,660,769 | 5,984,029 | 5,601,763 | 5,736,809 | ||||||||||||
Allowance for Loan Losses | (67,900 | ) | (61,312 | ) | (68,143 | ) | (67,853 | ) | ||||||||
Goodwill | 312,069 | 312,262 | 312,054 | 312,069 | ||||||||||||
Other Intangibles | 4,586 | 7,066 | 4,290 | 4,823 | ||||||||||||
Total Intangibles | 316,655 | 319,328 | 316,344 | 316,892 | ||||||||||||
Real Estate Owned | 40,167 | 23,160 | 41,179 | 40,058 | ||||||||||||
Other Assets | 341,998 | 284,567 | 351,785 | 357,224 | ||||||||||||
Total Assets | $ | 7,675,422 | $ | 8,004,843 | $ | 7,615,243 | $ | 7,805,101 | ||||||||
MEMO: Earning Assets | $ | 6,852,056 | $ | 7,230,125 | $ | 6,786,218 | $ | 6,956,322 | ||||||||
Interest-bearing Deposits | $ | 4,791,431 | $ | 4,721,829 | $ | 4,739,212 | $ | 4,862,943 | ||||||||
Noninterest-bearing Deposits | 1,078,209 | 935,026 | 1,052,691 | 1,108,157 | ||||||||||||
Total Deposits | 5,869,640 | 5,656,855 | 5,791,903 | 5,971,100 | ||||||||||||
Short-term Borrowings | 257,585 | 638,807 | 276,220 | 222,944 | ||||||||||||
Long-term Borrowings | 717,678 | 898,709 | 696,744 | 771,935 | ||||||||||||
Total Borrowings | 975,263 | 1,537,516 | 972,964 | 994,879 | ||||||||||||
Other Liabilities | 59,758 | 70,845 | 81,326 | 77,572 | ||||||||||||
Total Liabilities | 6,904,661 | 7,265,216 | 6,846,193 | 7,043,551 | ||||||||||||
Preferred Equity | — | — | — | — | ||||||||||||
Common Equity | 770,761 | 739,627 | 769,050 | 761,550 | ||||||||||||
Total Shareholders’ Equity | 770,761 | 739,627 | 769,050 | 761,550 | ||||||||||||
Total Liabilities & Equity | $ | 7,675,422 | $ | 8,004,843 | $ | 7,615,243 | $ | 7,805,101 | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | |||||||||
March 2010 | March 2009 | December 2009 | |||||||
Quarterly Share Data: | |||||||||
Earnings Per Share: | |||||||||
Basic | $ | 0.40 | $ | 0.68 | $ | 0.40 | |||
Diluted | $ | 0.40 | $ | 0.68 | $ | 0.40 | |||
Common Dividend Declared Per Share | $ | 0.30 | $ | 0.29 | $ | 0.30 | |||
High Common Stock Price | $ | 28.00 | $ | 33.64 | $ | 20.81 | |||
Low Common Stock Price | $ | 20.15 | $ | 13.15 | $ | 16.39 | |||
Average Shares Outstanding (Net of Treasury Stock): | |||||||||
Basic | 43,455,296 | 43,407,224 | 43,426,784 | ||||||
Diluted | 43,534,435 | 43,465,298 | 43,460,382 | ||||||
Memorandum Items: | |||||||||
Income Tax Expense Applicable to Security Sales/Calls | $ | 388 | $ | 57 | $ | 79 | |||
Common Dividends | $ | 13,051 | $ | 12,594 | $ | 13,044 | |||
March 2010 | March 2009 | December 2009 | |||||||
EOP Share Data: | |||||||||
Book Value Per Share | $ | 17.68 | $ | 17.44 | $ | 17.53 | |||
Tangible Book Value Per Share | $ | 10.41 | $ | 10.10 | $ | 10.24 | |||
52-week High Common Stock Price | $ | 28.00 | $ | 42.00 | $ | 33.64 | |||
Date | 03/23/10 | 09/19/08 | 01/02/09 | ||||||
52-week Low Common Stock Price | $ | 16.39 | $ | 13.15 | $ | 13.15 | |||
Date | 11/20/09 | 03/06/09 | 03/06/09 | ||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,498,754 | 43,397,108 | 43,437,738 | ||||||
Memorandum Items: | |||||||||
EOP Employees (full-time equivalent) | 1,465 | 1,512 | 1,477 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | |||||||||
March 2010 | March 2009 | December 2009 | |||||||
Selected Yields and Net Interest Margin: | |||||||||
Loans | 5.32 | % | 5.50 | % | 5.43 | % | |||
Investment Securities | 4.97 | % | 5.34 | % | 4.76 | % | |||
Money Market Investments/FFS | 0.38 | % | 0.45 | % | 0.22 | % | |||
Average Earning Assets Yield | 5.05 | % | 5.45 | % | 5.06 | % | |||
Interest-bearing Deposits | 1.35 | % | 2.08 | % | 1.50 | % | |||
Short-term Borrowings | 0.05 | % | 0.22 | % | 0.06 | % | |||
Long-term Borrowings | 4.32 | % | 4.15 | % | 4.25 | % | |||
Average Liability Costs | 1.66 | % | 2.19 | % | 1.79 | % | |||
Net Interest Spread | 3.39 | % | 3.26 | % | 3.27 | % | |||
Net Interest Margin | 3.65 | % | 3.56 | % | 3.55 | % | |||
Selected Financial Ratios: | |||||||||
Return on Average Common Equity | 9.17 | % | 16.25 | % | 8.92 | % | |||
Return on Average Assets | 0.92 | % | 1.50 | % | 0.87 | % | |||
Loan / Deposit Ratio | 96.72 | % | 105.56 | % | 96.08 | % | |||
Allowance for Loan Losses/ Loans, net of unearned income | 1.22 | % | 1.04 | % | 1.18 | % | |||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.26 | % | 1.08 | % | 1.22 | % | |||
Nonaccrual Loans / Loans, net of unearned income | 1.11 | % | 0.67 | % | 0.89 | % | |||
90-Day Past Due Loans/ Loans, net of unearned income | 0.18 | % | 0.32 | % | 0.35 | % | |||
Non-performing Loans/ Loans, net of unearned income | 1.29 | % | 1.01 | % | 1.26 | % | |||
Non-performing Assets/ Total Assets | 1.49 | % | 1.16 | % | 1.44 | % | |||
Primary Capital Ratio | 10.92 | % | 10.21 | % | 10.56 | % | |||
Shareholders’ Equity Ratio | 10.10 | % | 9.48 | % | 9.76 | % | |||
Price / Book Ratio | 1.48 | x | 0.99 | x | 1.14 | x | |||
Price / Earnings Ratio | 16.38 | x | 6.32 | x | 12.90 | x | |||
Efficiency Ratio | 53.34 | % | 50.34 | % | 51.65 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
March 2010 | March 2009 | December 2009 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 62,449 | $ | 40,248 | $ | 50,856 | ||||||
EOP 90-Day Past Due Loans | 9,959 | 19,214 | 20,314 | |||||||||
EOP Restructured Loans | — | 1,134 | 1,087 | |||||||||
Total EOP Non-performing Loans | $ | 72,408 | $ | 60,596 | $ | 72,257 | ||||||
EOP Other Real Estate & Assets Owned | 41,179 | 31,768 | 40,058 | |||||||||
Total EOP Non-performing Assets | $ | 113,587 | $ | 92,364 | $ | 112,315 | ||||||
Three Months Ended | ||||||||||||
March 2010 | March 2009 | December 2009 | ||||||||||
Allowance for Credit Losses:(1) | ||||||||||||
Beginning Balance | $ | 70,010 | $ | 63,603 | $ | 69,738 | ||||||
Provision Expense | 6,868 | 8,028 | 6,719 | |||||||||
76,878 | 71,631 | 76,457 | ||||||||||
Gross Charge-offs | (6,935 | ) | (7,351 | ) | (6,709 | ) | ||||||
Recoveries | 423 | 402 | 262 | |||||||||
Net Charge-offs | (6,512 | ) | (6,949 | ) | (6,447 | ) | ||||||
Ending Balance | $ | 70,366 | $ | 64,682 | $ | 70,010 | ||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.