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 2011 | March 2010 | December 2010 | ||||||||||
Interest & Loan Fees Income | $ | 73,857 | $ | 84,096 | $ | 77,208 | ||||||
Tax equivalent adjustment | 1,453 | 1,557 | 1,415 | |||||||||
Interest & Fees Income (FTE) | 75,310 | 85,653 | 78,623 | |||||||||
Interest Expense | 14,494 | 23,617 | 18,647 | |||||||||
Net Interest Income (FTE) | 60,816 | 62,036 | 59,976 | |||||||||
Provision for Loan Losses | 4,436 | 6,868 | (5,618 | ) | ||||||||
Non-Interest Income: | ||||||||||||
Fees from trust & brokerage services | 3,310 | 3,272 | 3,689 | |||||||||
Fees from deposit services | 9,631 | 9,224 | 9,781 | |||||||||
Bankcard fees and merchant discounts | 555 | 1,042 | 1,573 | |||||||||
Other charges, commissions, and fees | 454 | 358 | 562 | |||||||||
Income from bank owned life insurance | 1,175 | 1,028 | 1,178 | |||||||||
Mortgage banking income | 234 | 112 | 303 | |||||||||
Other non-interest revenue | 851 | 915 | 1,669 | |||||||||
Net other-than-temporary impairment losses | (2,110 | ) | (1,486 | ) | (5,369 | ) | ||||||
Net gains (losses) on sales/calls of investment securities | 551 | 1,108 | (30 | ) | ||||||||
Total Non-Interest Income | 14,651 | 15,573 | 13,356 | |||||||||
Non-Interest Expense: | ||||||||||||
Employee compensation | 14,870 | 14,901 | 16,202 | |||||||||
Employee benefits | 4,378 | 4,494 | 3,795 | |||||||||
Net occupancy | 4,387 | 4,671 | 4,114 | |||||||||
Other expenses | 15,347 | 15,140 | 17,611 | |||||||||
Amortization of intangibles | 383 | 534 | 411 | |||||||||
OREO expense | 1,767 | 1,620 | 4,862 | |||||||||
FDIC expense | 2,337 | 2,391 | 2,380 | |||||||||
Total Non-Interest Expense | 43,469 | 43,751 | 49,375 | |||||||||
Income Before Income Taxes (FTE) | 27,562 | 26,990 | 29,575 | |||||||||
Tax equivalent adjustment | 1,453 | 1,557 | 1,415 | |||||||||
Income Before Income Taxes | 26,109 | 25,433 | 28,160 | |||||||||
Income taxes | 8,224 | 8,011 | 8,870 | |||||||||
Net Income | $ | 17,885 | $ | 17,422 | $ | 19,290 | ||||||
MEMO: Effective Tax Rate | 31.50 | % | 31.50 | % | 31.50 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
March 31 2011 Q-T-D Average | March 31 2010 Q-T-D Average | March 31 2011 | December 31 2010 | |||||||||||||
Cash & Cash Equivalents | $ | 443,625 | $ | 436,514 | $ | 530,771 | $ | 461,389 | ||||||||
Securities Available for Sale | 650,757 | 790,026 | 669,342 | 653,276 | ||||||||||||
Securities Held to Maturity | 64,741 | 74,160 | 64,477 | 67,036 | ||||||||||||
Other Investment Securities | 73,669 | 79,161 | 72,663 | 74,403 | ||||||||||||
Total Securities | 789,167 | 943,347 | 806,482 | 794,715 | ||||||||||||
Total Cash and Securities | 1,232,792 | 1,379,861 | 1,337,253 | 1,256,104 | ||||||||||||
Loans Held for Sale | 2,715 | 3,872 | 890 | 6,869 | ||||||||||||
Commercial Loans | 3,518,647 | 3,751,314 | 3,541,507 | 3,533,559 | ||||||||||||
Mortgage Loans | 1,442,937 | 1,592,216 | 1,423,725 | 1,459,286 | ||||||||||||
Consumer Loans | 263,980 | 321,136 | 260,994 | 270,506 | ||||||||||||
Gross Loans | 5,225,564 | 5,664,666 | 5,226,226 | 5,263,351 | ||||||||||||
Unearned Income | (3,082 | ) | (3,897 | ) | (3,267 | ) | (3,025 | ) | ||||||||
Loans, Net of Unearned Income | 5,222,482 | 5,660,769 | 5,222,959 | 5,260,326 | ||||||||||||
Allowance for Loan Losses | (72,941 | ) | (67,900 | ) | (72,975 | ) | (73,033 | ) | ||||||||
Goodwill | 311,763 | 312,069 | 311,641 | 311,765 | ||||||||||||
Other Intangibles | 2,756 | 4,586 | 2,557 | 2,940 | ||||||||||||
Total Intangibles | 314,519 | 316,655 | 314,198 | 314,705 | ||||||||||||
Real Estate Owned | 44,922 | 40,167 | 44,362 | 44,770 | ||||||||||||
Other Assets | 334,850 | 341,998 | 344,649 | 345,978 | ||||||||||||
Total Assets | $ | 7,079,339 | $ | 7,675,422 | $ | 7,191,336 | $ | 7,155,719 | ||||||||
MEMO: Earning Assets | $ | 6,257,807 | $ | 6,852,056 | $ | 6,344,359 | $ | 6,334,914 | ||||||||
Interest-bearing Deposits | $ | 4,322,396 | $ | 4,791,431 | $ | 4,354,849 | $ | 4,510,279 | ||||||||
Noninterest-bearing Deposits | 1,320,246 | 1,078,209 | 1,357,074 | 1,203,255 | ||||||||||||
Total Deposits | 5,642,642 | 5,869,640 | 5,711,923 | 5,713,534 | ||||||||||||
Short-term Borrowings | 243,653 | 257,585 | 271,309 | 193,214 | ||||||||||||
Long-term Borrowings | 337,467 | 717,678 | 336,240 | 386,458 | ||||||||||||
Total Borrowings | 581,120 | 975,263 | 607,549 | 579,672 | ||||||||||||
Other Liabilities | 53,390 | 59,758 | 72,401 | 69,501 | ||||||||||||
Total Liabilities | 6,277,152 | 6,904,661 | 6,391,873 | 6,362,707 | ||||||||||||
Preferred Equity | — | — | — | — | ||||||||||||
Common Equity | 802,187 | 770,761 | 799,463 | 793,012 | ||||||||||||
Total Shareholders’ Equity | 802,187 | 770,761 | 799,463 | 793,012 | ||||||||||||
Total Liabilities & Equity | $ | 7,079,339 | $ | 7,675,422 | $ | 7,191,336 | $ | 7,155,719 | ||||||||
MEMO: Interest-bearing Liabilities | $ | 4,903,516 | $ | 5,766,694 | $ | 4,962,398 | $ | 5,089,951 | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March 2011 | March 2010 | December 2010 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.41 | $ | 0.40 | $ | 0.44 | ||||||
Diluted | $ | 0.41 | $ | 0.40 | $ | 0.44 | ||||||
Common Dividend Declared Per Share | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||
High Common Stock Price | $ | 30.84 | $ | 28.00 | $ | 30.25 | ||||||
Low Common Stock Price | $ | 25.66 | $ | 20.15 | $ | 24.15 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 43,629,364 | 43,455,296 | 43,606,591 | |||||||||
Diluted | 43,700,436 | 43,534,435 | 43,677,279 | |||||||||
Memorandum Items: | ||||||||||||
Tax Applicable to Security Sales/Calls | $ | 193 | $ | 388 | $ | (11 | ) | |||||
Common Dividends | $ | 13,095 | $ | 13,051 | $ | 13,087 | ||||||
March 2011 | March 2010 | December 2010 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 18.32 | $ | 17.68 | $ | 18.18 | ||||||
Tangible Book Value Per Share | $ | 11.12 | $ | 10.41 | $ | 10.96 | ||||||
52-week High Common Stock Price | $ | 31.99 | $ | 28.00 | $ | 31.99 | ||||||
Date | 04/23/10 | 03/23/10 | 04/23/10 | |||||||||
52-week Low Common Stock Price | $ | 22.09 | $ | 16.39 | $ | 20.15 | ||||||
Date | 08/24/10 | 11/20/09 | 01/06/10 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,645,650 | 43,498,754 | 43,621,635 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,426 | 1,465 | 1,451 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March 2011 | March 2010 | December 2010 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Net Loans | 5.24 | % | 5.32 | % | 5.24 | % | ||||||
Investment Securities | 4.19 | % | 4.97 | % | 4.33 | % | ||||||
Money Market Investments/FFS | 0.37 | % | 0.38 | % | 0.28 | % | ||||||
Average Earning Assets Yield | 4.86 | % | 5.05 | % | 4.74 | % | ||||||
Interest-bearing Deposits | 0.99 | % | 1.35 | % | 1.06 | % | ||||||
Short-term Borrowings | 0.04 | % | 0.05 | % | 0.04 | % | ||||||
Long-term Borrowings | 4.75 | % | 4.32 | % | 4.24 | % | ||||||
Average Liability Costs | 1.20 | % | 1.66 | % | 1.37 | % | ||||||
Net Interest Spread | 3.66 | % | 3.39 | % | 3.37 | % | ||||||
Net Interest Margin | 3.92 | % | 3.65 | % | 3.62 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 9.04 | % | 9.17 | % | 9.64 | % | ||||||
Return on Average Assets | 1.02 | % | 0.92 | % | 1.03 | % | ||||||
Loan / Deposit Ratio | 91.44 | % | 96.72 | % | 92.07 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.40 | % | 1.22 | % | 1.39 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.44 | % | 1.26 | % | 1.43 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 1.20 | % | 1.11 | % | 1.14 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.13 | % | 0.18 | % | 0.13 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 1.40 | % | 1.29 | % | 1.28 | % | ||||||
Non-performing Assets/ Total Assets | 1.63 | % | 1.49 | % | 1.57 | % | ||||||
Primary Capital Ratio | 12.04 | % | 10.92 | % | 12.00 | % | ||||||
Shareholders’ Equity Ratio | 11.12 | % | 10.10 | % | 11.08 | % | ||||||
Price / Book Ratio | 1.45 | x | 1.48 | x | 1.61 | x | ||||||
Price / Earnings Ratio | 16.20 | x | 16.38 | x | 17.71 | x | ||||||
Efficiency Ratio | 53.44 | % | 53.34 | % | 56.02 | % |
Note: (1) Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
March 2011 | March 2010 | December 2010 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 62,703 | $ | 62,449 | $ | 59,996 | ||||||
EOP 90-Day Past Due Loans | 6,539 | 9,959 | 6,798 | |||||||||
EOP Restructured Loans(2) | 3,716 | — | 437 | |||||||||
Total EOP Non-performing Loans | $ | 72,958 | $ | 72,408 | $ | 67,231 | ||||||
EOP Other Real Estate & Assets Owned | 44,362 | 41,179 | 44,770 | |||||||||
Total EOP Non-performing Assets | $ | 117,320 | $ | 113,587 | $ | 112,001 | ||||||
Three Months Ended | ||||||||||||
March 2011 | March 2010 | December 2010 | ||||||||||
Allowance for Credit Losses:(1) | ||||||||||||
Beginning Balance | $ | 75,039 | $ | 70,010 | $ | 72,806 | ||||||
Provision for Credit Losses(3) | 4,590 | 6,868 | (5,618 | ) | ||||||||
79,629 | 76,878 | 67,188 | ||||||||||
Gross Charge-offs | (4,741 | ) | (6,935 | ) | (7,422 | ) | ||||||
Recoveries | 247 | 423 | 15,273 | |||||||||
Net Charge-offs | (4,494 | ) | (6,512 | ) | 7,851 | |||||||
Ending Balance | $ | 75,135 | $ | 70,366 | $ | 75,039 | ||||||
Note: | (1) | Includes allowances for loan losses and lending-related commitments. | ||
(2) | Restructured loans with an aggregate balance of $1,067 at March 31, 2011 are on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” A restructured loan with a balance of $437 thousand at December 31, 2010 was past due 90 days or more, but was not included in the “EOP 90-Day Past due Loans” category. | |||
(3) | Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses. |