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 | Six Months Ended | |||||||||||||||||||
June 2010 | June 2009 | March 2010 | June 2010 | June 2009 | ||||||||||||||||
Interest & Loan Fees Income | $ | 82,189 | $ | 92,532 | $ | 84,096 | $ | 166,285 | $ | 187,237 | ||||||||||
Tax equivalent adjustment | 1,490 | 2,902 | 1,557 | 3,047 | 5,866 | |||||||||||||||
Interest & Fees Income (FTE) | 83,679 | 95,434 | 85,653 | 169,332 | 193,103 | |||||||||||||||
Interest expense | 22,025 | 30,323 | 23,617 | 45,642 | 64,111 | |||||||||||||||
Net Interest Income (FTE) | 61,654 | 65,111 | 62,036 | 123,690 | 128,992 | |||||||||||||||
Credit Loss Provision | 6,400 | 23,251 | 6,868 | 13,268 | 31,279 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Fees from trust & brokerage services | 3,461 | 3,506 | 3,272 | 6,733 | 7,100 | |||||||||||||||
Fees from deposit services | 10,117 | 10,255 | 9,224 | 19,341 | 19,558 | |||||||||||||||
Bankcard fees and merchant discounts | 1,078 | 1,058 | 1,042 | 2,120 | 1,981 | |||||||||||||||
Other charges, commissions, and fees | 490 | 526 | 358 | 848 | 977 | |||||||||||||||
Income from bank-owned life insurance | 1,185 | 1,340 | 1,028 | 2,213 | 1,238 | |||||||||||||||
Mortgage banking income | 129 | 167 | 112 | 241 | 304 | |||||||||||||||
Other non-interest revenue | 1,424 | 2,293 | 915 | 2,339 | 3,308 | |||||||||||||||
Net other-than-temporary impairment losses | (1,096 | ) | (1,137 | ) | (1,486 | ) | (2,582 | ) | (1,232 | ) | ||||||||||
Net gains (losses) on sales/calls of investment securities | 796 | (158 | ) | 1,108 | 1,904 | 6 | ||||||||||||||
Total Non-Interest Income | 17,584 | 17,850 | 15,573 | 33,157 | 33,240 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Employee compensation | 14,848 | 14,751 | 14,901 | 29,749 | 29,698 | |||||||||||||||
Employee benefits | 4,332 | 4,734 | 4,494 | 8,826 | 9,623 | |||||||||||||||
Net occupancy | 4,274 | 4,154 | 4,671 | 8,945 | 8,706 | |||||||||||||||
Other expenses | 16,138 | 16,244 | 15,140 | 31,278 | 31,146 | |||||||||||||||
Amortization of intangibles | 491 | 662 | 534 | 1,025 | 1,366 | |||||||||||||||
OREO expense | 2,648 | 869 | 1,620 | 4,268 | 2,106 | |||||||||||||||
FDIC expense | 2,457 | 4,284 | 2,391 | 4,848 | 4,867 | |||||||||||||||
Total Non-Interest Expense | 45,188 | 45,698 | 43,751 | 88,939 | 87,512 | |||||||||||||||
Income Before Income Taxes (FTE) | 27,650 | 14,012 | 26,990 | 54,640 | 43,441 | |||||||||||||||
Tax equivalent adjustment | 1,490 | 2,902 | 1,557 | 3,047 | 5,866 | |||||||||||||||
Income Before Income Taxes | 26,160 | 11,110 | 25,433 | 51,593 | 37,575 | |||||||||||||||
Taxes | 8,241 | 2,954 | 8,011 | 16,252 | (214 | ) | ||||||||||||||
Net Income | $ | 17,919 | $ | 8,156 | $ | 17,422 | $ | 35,341 | $ | 37,789 | ||||||||||
MEMO: Effective Tax Rate | 31.50 | % | 26.59 | % | 31.50 | % | 31.50 | % | (0.57 | %) |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
June 30 2010 Q-T-D Average | June 30 2009 Q-T-D Average | June 30 2010 | December 31 2009 | June 30 2009 | ||||||||||||||||
Cash & Cash Equivalents | $ | 456,010 | $ | 182,500 | $ | 450,309 | $ | 449,767 | $ | 201,899 | ||||||||||
Securities Available for Sale | 766,278 | 1,001,965 | 769,594 | 811,777 | 958,362 | |||||||||||||||
Held to Maturity Securities | 70,691 | 103,138 | 68,704 | 77,421 | 102,168 | |||||||||||||||
Other Investment Securities | 79,815 | 78,478 | 79,793 | 77,722 | 77,695 | |||||||||||||||
Total Securities | 916,784 | 1,183,581 | 918,091 | 966,920 | 1,138,225 | |||||||||||||||
Total Cash and Securities | 1,372,794 | 1,366,081 | 1,368,400 | 1,416,687 | 1,340,124 | |||||||||||||||
Loans held for sale | 1,827 | 3,998 | 879 | 5,284 | 12,191 | |||||||||||||||
Commercial Loans | 3,668,802 | 3,880,602 | 3,638,669 | 3,801,254 | 3,859,404 | |||||||||||||||
Mortgage Loans | 1,552,455 | 1,711,452 | 1,538,432 | 1,606,560 | 1,682,878 | |||||||||||||||
Consumer Loans | 300,091 | 357,725 | 289,857 | 332,964 | 352,940 | |||||||||||||||
Gross Loans | 5,521,348 | 5,949,779 | 5,466,958 | 5,740,778 | 5,895,222 | |||||||||||||||
Unearned income | (3,661 | ) | (5,491 | ) | (3,411 | ) | (3,969 | ) | (5,066 | ) | ||||||||||
Loans, net of unearned income | 5,517,687 | 5,944,288 | 5,463,547 | 5,736,809 | 5,890,156 | |||||||||||||||
Allowance for Loan Losses | (68,273 | ) | (62,760 | ) | (69,153 | ) | (67,853 | ) | (64,222 | ) | ||||||||||
Goodwill | 312,051 | 312,192 | 311,878 | 312,069 | 312,140 | |||||||||||||||
Other Intangibles | 4,054 | 6,362 | 3,799 | 4,823 | 6,019 | |||||||||||||||
Total Intangibles | 316,105 | 318,554 | 315,677 | 316,892 | 318,159 | |||||||||||||||
Real Estate Owned | 40,611 | 35,858 | 36,019 | 40,058 | 42,223 | |||||||||||||||
Other Assets | 338,630 | 294,650 | 347,991 | 357,224 | 308,885 | |||||||||||||||
Total Assets | $ | 7,519,381 | $ | 7,900,669 | $ | 7,463,360 | $ | 7,805,101 | $ | 7,847,516 | ||||||||||
MEMO: Earning Assets | $ | 6,695,924 | $ | 7,102,032 | $ | 6,635,280 | $ | 6,956,322 | $ | 7,011,338 | ||||||||||
Interest-bearing Deposits | $ | 4,614,184 | $ | 4,690,644 | $ | 4,479,030 | $ | 4,862,943 | $ | 4,669,705 | ||||||||||
Noninterest-bearing Deposits | 1,081,171 | 1,025,773 | 1,135,114 | 1,108,157 | 1,066,205 | |||||||||||||||
Total Deposits | 5,695,355 | 5,716,417 | 5,614,144 | 5,971,100 | 5,735,910 | |||||||||||||||
Short-term Borrowings | 291,646 | 494,605 | 306,427 | 222,944 | 426,942 | |||||||||||||||
Long-term Borrowings | 696,652 | 860,377 | 696,551 | 771,935 | 852,312 | |||||||||||||||
Total Borrowings | 988,298 | 1,354,982 | 1,002,978 | 994,879 | 1,279,254 | |||||||||||||||
Other Liabilities | 56,842 | 63,115 | 68,663 | 77,572 | 75,969 | |||||||||||||||
Total Liabilities | 6,740,495 | 7,134,514 | 6,685,785 | 7,043,551 | 7,091,133 | |||||||||||||||
Preferred Equity | — | — | — | — | — | |||||||||||||||
Common Equity | 778,886 | 766,155 | 777,575 | 761,550 | 756,383 | |||||||||||||||
Total Shareholders’ Equity | 778,886 | 766,155 | 777,575 | 761,550 | 756,383 | |||||||||||||||
Total Liabilities & Equity | $ | 7,519,381 | $ | 7,900,669 | $ | 7,463,360 | $ | 7,805,101 | $ | 7,847,516 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||
Quarterly/Year-to-Date Share Data: | June 2010 | June 2009 | March 2010 | June 2010 | June 2009 | |||||||||||
Earnings Per Share: | ||||||||||||||||
Basic | $ | 0.41 | $ | 0.19 | $ | 0.40 | $ | 0.81 | $ | 0.87 | ||||||
Diluted | $ | 0.41 | $ | 0.19 | $ | 0.40 | $ | 0.81 | $ | 0.87 | ||||||
Common Dividend Declared Per Share: | $ | 0.30 | $ | 0.29 | $ | 0.30 | $ | 0.60 | $ | 0.58 | ||||||
High Common Stock Price | $ | 31.99 | $ | 27.75 | $ | 28.00 | $ | 31.99 | $ | 33.64 | ||||||
Low Common Stock Price | $ | 23.82 | $ | 16.81 | $ | 20.15 | $ | 20.15 | $ | 13.15 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||
Basic | 43,539,531 | 43,396,901 | 43,455,296 | 43,497,809 | 43,402,034 | |||||||||||
Diluted | 43,640,805 | 43,463,108 | 43,534,435 | 43,587,686 | 43,464,674 | |||||||||||
Memorandum Items: | ||||||||||||||||
Tax Applicable to Security Sales/Calls | $ | 279 | $ | (55 | ) | $ | 388 | $ | 666 | $ | 2 | |||||
Common Dividends | $ | 13,078 | $ | 12,599 | $ | 13,051 | $ | 26,129 | $ | 25,193 | ||||||
EOP Share Data: | June 2010 | June 2009 | March 2010 | |||||||||||||
Book Value Per Share | $ | 17.84 | $ | 17.42 | $ | 17.68 | ||||||||||
Tangible Book Value Per Share | $ | 10.60 | $ | 10.09 | $ | 10.41 | ||||||||||
52-week High Common Stock Price | $ | 31.99 | $ | 42.00 | $ | 28.00 | ||||||||||
Date | 04/23/10 | 09/19/08 | 03/23/10 | |||||||||||||
52-week Low Common Stock Price | $ | 16.39 | $ | 13.15 | $ | 16.39 | ||||||||||
Date | 11/20/09 | 03/06/09 | 11/20/09 | |||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,581,834 | 43,412,424 | 43,498,754 | |||||||||||||
Memorandum Items: | ||||||||||||||||
EOP Employees (full-time equivalent) | 1,470 | 1,502 | 1,465 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Six Months Ended | ||||||||||||||
Selected Yields and Net Interest Margin: | June 2010 | June 2009 | March 2010 | June 2010 | June 2009 | ||||||||||
Loans | 5.33 | % | 5.44 | % | 5.32 | % | 5.33 | % | 5.47 | % | |||||
Investment Securities | 4.75 | % | 5.24 | % | 4.97 | % | 4.86 | % | 5.29 | % | |||||
Money Market Investments/FFS | 0.33 | % | 0.11 | % | 0.38 | % | 0.35 | % | 0.28 | % | |||||
Average Earning Assets Yield | 5.01 | % | 5.38 | % | 5.05 | % | 5.03 | % | 5.42 | % | |||||
Interest-bearing Deposits | 1.26 | % | 1.79 | % | 1.35 | % | 1.30 | % | 1.94 | % | |||||
Short-term Borrowings | 0.06 | % | 0.16 | % | 0.05 | % | 0.06 | % | 0.20 | % | |||||
Long-term Borrowings | 4.32 | % | 4.29 | % | 4.32 | % | 4.32 | % | 4.22 | % | |||||
Average Liability Costs | 1.58 | % | 2.01 | % | 1.66 | % | 1.62 | % | 2.10 | % | |||||
Net Interest Spread | 3.43 | % | 3.37 | % | 3.39 | % | 3.41 | % | 3.32 | % | |||||
Net Interest Margin | 3.69 | % | 3.67 | % | 3.65 | % | 3.67 | % | 3.61 | % | |||||
Selected Financial Ratios: | |||||||||||||||
Return on Average Common Equity | 9.23 | % | 4.27 | % | 9.17 | % | 9.20 | % | 10.07 | % | |||||
Return on Average Assets | 0.96 | % | 0.41 | % | 0.92 | % | 0.94 | % | 0.96 | % | |||||
Efficiency Ratio | 52.87 | % | 52.42 | % | 53.34 | % | 53.10 | % | 51.41 | % |
June 2010 | June 2009 | March 2010 | |||||||
Loan / Deposit Ratio | 97.32 | % | 102.69 | % | 96.72 | % | |||
Allowance for Loan Losses/ Loans, net of unearned income | 1.27 | % | 1.09 | % | 1.22 | % | |||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.31 | % | 1.13 | % | 1.26 | % | |||
Nonaccrual Loans / Loans, net of unearned income | 1.19 | % | 0.73 | % | 1.11 | % | |||
90-Day Past Due Loans/ Loans, net of unearned income | 0.17 | % | 0.28 | % | 0.18 | % | |||
Non-performing Loans/ Loans, net of unearned income | 1.35 | % | 1.03 | % | 1.29 | % | |||
Non-performing Assets/ Total Assets | 1.47 | % | 1.31 | % | 1.49 | % | |||
Primary Capital Ratio | 11.27 | % | 10.40 | % | 10.92 | % | |||
Shareholders’ Equity Ratio | 10.42 | % | 9.64 | % | 10.10 | % | |||
Price / Book Ratio | 1.34 | x | 1.12 | x | 1.48 | x | |||
Price / Earnings Ratio | 14.53 | x | 26.03 | x | 16.38 | x |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Asset Quality Data: | June 2010 | June 2009 | December 2009 | March 2010 | ||||||||||||||||
EOP Non-Accrual Loans | $ | 64,831 | $ | 42,825 | $ | 50,856 | $ | 62,449 | ||||||||||||
EOP 90-Day Past Due Loans | 9,055 | 16,532 | 20,314 | 9,959 | ||||||||||||||||
EOP Restructured Loans | — | 1,095 | 1,087 | — | ||||||||||||||||
Total EOP Non-performing Loans | $ | 73,886 | $ | 60,452 | $ | 72,257 | $ | 72,408 | ||||||||||||
EOP Other Real Estate & Assets Owned | 36,019 | 42,223 | 40,058 | 41,179 | ||||||||||||||||
Total EOP Non-performing Assets | $ | 109,905 | $ | 102,675 | $ | 112,315 | $ | 113,587 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Allowance for Credit Losses:(1) | June 2010 | June 2009 | March 2010 | June 2010 | June 2009 | |||||||||||||||
Beginning Balance | $ | 70,366 | $ | 64,682 | $ | 70,010 | $ | 70,010 | $ | 63,603 | ||||||||||
Provision Expense | 6,400 | 23,251 | 6,868 | 13,268 | 31,279 | |||||||||||||||
76,766 | 87,933 | 76,878 | 83,278 | 94,882 | ||||||||||||||||
Gross Charge-offs | (5,985 | ) | (21,702 | ) | (6,935 | ) | (12,920 | ) | (29,053 | ) | ||||||||||
Recoveries | 580 | 303 | 423 | 1,003 | 705 | |||||||||||||||
Net Charge-offs | (5,405 | ) | (21,399 | ) | (6,512 | ) | (11,917 | ) | (28,348 | ) | ||||||||||
Ending Balance | $ | 71,361 | $ | 66,534 | $ | 70,366 | $ | 71,361 | $ | 66,534 | ||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.