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 | June | March | June | June | ||||||||||||||||
2011 | 2010 | 2011 | 2011 | 2010 | ||||||||||||||||
Interest & Loan Fees Income | $ | 72,435 | $ | 82,189 | $ | 73,857 | $ | 146,292 | $ | 166,285 | ||||||||||
Tax equivalent adjustment | 1,637 | 1,490 | 1,453 | 3,090 | 3,047 | |||||||||||||||
Interest & Fees Income (FTE) | 74,072 | 83,679 | 75,310 | 149,382 | 169,332 | |||||||||||||||
Interest expense | 13,814 | 22,025 | 14,494 | 28,308 | 45,642 | |||||||||||||||
Net Interest Income (FTE) | 60,258 | 61,654 | 60,816 | 121,074 | 123,690 | |||||||||||||||
Provision for Loan Losses | 4,800 | 6,400 | 4,436 | 9,236 | 13,268 | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Fees from trust & brokerage services | 3,437 | 3,461 | 3,310 | 6,747 | 6,733 | |||||||||||||||
Fees from deposit services | 10,341 | 10,117 | 9,631 | 19,972 | 19,341 | |||||||||||||||
Bankcard fees and merchant discounts | 683 | 1,078 | 555 | 1,238 | 2,120 | |||||||||||||||
Other charges, commissions, and fees | 381 | 490 | 454 | 835 | 848 | |||||||||||||||
Income from bank-owned life insurance | 1,228 | 1,185 | 1,175 | 2,403 | 2,213 | |||||||||||||||
Mortgage banking income | 131 | 129 | 234 | 365 | 241 | |||||||||||||||
Other non-interest revenue | 599 | 1,424 | 851 | 1,450 | 2,339 | |||||||||||||||
Net other-than-temporary impairment losses | (4,096 | ) | (1,096 | ) | (2,110 | ) | (6,206 | ) | (2,582 | ) | ||||||||||
Net gains on sales/calls of investment securities | 630 | 796 | 551 | 1,181 | 1,904 | |||||||||||||||
Total Non-Interest Income | 13,334 | 17,584 | 14,651 | 27,985 | 33,157 | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Employee compensation | 15,015 | 14,848 | 14,870 | 29,885 | 29,749 | |||||||||||||||
Employee benefits | 4,131 | 4,332 | 4,378 | 8,509 | 8,826 | |||||||||||||||
Net occupancy | 4,140 | 4,274 | 4,387 | 8,527 | 8,945 | |||||||||||||||
Other expenses | 14,477 | 16,138 | 15,347 | 29,824 | 31,278 | |||||||||||||||
Amortization of intangibles | 354 | 491 | 383 | 737 | 1,025 | |||||||||||||||
OREO expense | 1,233 | 2,648 | 1,767 | 3,000 | 4,268 | |||||||||||||||
FDIC expense | 2,327 | 2,457 | 2,337 | 4,664 | 4,848 | |||||||||||||||
Total Non-Interest Expense | 41,677 | 45,188 | 43,469 | 85,146 | 88,939 | |||||||||||||||
Income Before Income Taxes (FTE) | 27,115 | 27,650 | 27,562 | 54,677 | 54,640 | |||||||||||||||
Tax equivalent adjustment | 1,637 | 1,490 | 1,453 | 3,090 | 3,047 | |||||||||||||||
Income Before Income Taxes | 25,478 | 26,160 | 26,109 | 51,587 | 51,593 | |||||||||||||||
Taxes | 8,026 | 8,241 | 8,224 | 16,250 | 16,252 | |||||||||||||||
Net Income | $ | 17,452 | $ | 17,919 | $ | 17,885 | $ | 35,337 | $ | 35,341 | ||||||||||
MEMO: Effective Tax Rate | 31.50 | % | 31.50 | % | 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 | ||||||||||||||||||||
June 30 2011 Q-T-D Average | June 30 2010 Q-T-D Average | June 30 2011 | December 31 2010 | June 30 2010 | ||||||||||||||||
Cash & Cash Equivalents | $ | 501,535 | $ | 456,010 | $ | 508,069 | $ | 461,389 | $ | 450,309 | ||||||||||
Securities Available for Sale | 653,490 | 766,278 | 608,334 | 653,276 | 769,594 | |||||||||||||||
Held to Maturity Securities | 64,142 | 70,691 | 63,699 | 67,036 | 68,704 | |||||||||||||||
Other Investment Securities | 70,874 | 79,815 | 69,812 | 74,403 | 79,793 | |||||||||||||||
Total Securities | 788,506 | 916,784 | 741,845 | 794,715 | 918,091 | |||||||||||||||
Total Cash and Securities | 1,290,041 | 1,372,794 | 1,249,914 | 1,256,104 | 1,368,400 | |||||||||||||||
Loans held for sale | 1,464 | 1,827 | 1,057 | 6,869 | 879 | |||||||||||||||
Commercial Loans | 3,533,509 | 3,668,802 | 3,570,556 | 3,533,559 | 3,638,669 | |||||||||||||||
Mortgage Loans | 1,416,138 | 1,552,455 | 1,410,321 | 1,459,286 | 1,538,432 | |||||||||||||||
Consumer Loans | 269,733 | 300,091 | 274,911 | 270,506 | 289,857 | |||||||||||||||
Gross Loans | 5,219,380 | 5,521,348 | 5,255,788 | 5,263,351 | 5,466,958 | |||||||||||||||
Unearned income | (3,341 | ) | (3,661 | ) | (3,692 | ) | (3,025 | ) | (3,411 | ) | ||||||||||
Loans, net of unearned income | 5,216,039 | 5,517,687 | 5,252,096 | 5,260,326 | 5,463,547 | |||||||||||||||
Allowance for Loan Losses | (72,909 | ) | (68,273 | ) | (73,132 | ) | (73,033 | ) | (69,153 | ) | ||||||||||
Goodwill | 311,641 | 312,051 | 311,641 | 311,765 | 311,878 | |||||||||||||||
Other Intangibles | 2,391 | 4,054 | 2,202 | 2,940 | 3,799 | |||||||||||||||
Total Intangibles | 314,032 | 316,105 | 313,843 | 314,705 | 315,677 | |||||||||||||||
Other Real Estate Owned | 43,271 | 40,611 | 45,671 | 44,770 | 36,019 | |||||||||||||||
Other Assets | 334,537 | 338,630 | 344,534 | 345,978 | 347,991 | |||||||||||||||
Total Assets | $ | 7,126,475 | $ | 7,519,381 | $ | 7,133,983 | $ | 7,155,719 | $ | 7,463,360 | ||||||||||
MEMO: Earning Assets | $ | 6,308,764 | $ | 6,695,924 | $ | 6,307,773 | $ | 6,334,914 | $ | 6,635,280 | ||||||||||
Interest-bearing Deposits | $ | 4,308,770 | $ | 4,614,184 | $ | 4,292,987 | $ | 4,510,279 | $ | 4,479,030 | ||||||||||
Noninterest-bearing Deposits | 1,375,842 | 1,081,171 | 1,435,549 | 1,203,255 | 1,135,114 | |||||||||||||||
Total Deposits | 5,684,612 | 5,695,355 | 5,728,536 | 5,713,534 | 5,614,144 | |||||||||||||||
Short-term Borrowings | 247,706 | 291,646 | 201,438 | 193,214 | 306,427 | |||||||||||||||
Long-term Borrowings | 336,139 | 696,652 | 336,063 | 386,458 | 696,551 | |||||||||||||||
Total Borrowings | 583,845 | 988,298 | 537,501 | 579,672 | 1,002,978 | |||||||||||||||
Other Liabilities | 49,367 | 56,842 | 63,705 | 69,501 | 68,663 | |||||||||||||||
Total Liabilities | 6,317,824 | 6,740,495 | 6,329,742 | 6,362,707 | 6,685,785 | |||||||||||||||
Preferred Equity | — | — | — | — | — | |||||||||||||||
Common Equity | 808,651 | 778,886 | 804,241 | 793,012 | 777,575 | |||||||||||||||
Total Shareholders’ Equity | 808,651 | 778,886 | 804,241 | 793,012 | 777,575 | |||||||||||||||
Total Liabilities & Equity | $ | 7,126,475 | $ | 7,519,381 | $ | 7,133,983 | $ | 7,155,719 | $ | 7,463,360 | ||||||||||
MEMO: Interest-bearing Liabilities | $ | 4,892,615 | $ | 5,602,482 | $ | 4,830,488 | $ | 5,089,951 | $ | 5,482,008 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June | June | March | June | June | ||||||||||||||||
Quarterly/Year-to-Date Share Data: | 2011 | 2010 | 2011 | 2011 | 2010 | |||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic | $ | 0.40 | $ | 0.41 | $ | 0.41 | $ | 0.81 | $ | 0.81 | ||||||||||
Diluted | $ | 0.40 | $ | 0.41 | $ | 0.41 | $ | 0.81 | $ | 0.81 | ||||||||||
Common Dividend Declared Per Share: | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.60 | $ | 0.60 | ||||||||||
High Common Stock Price | $ | 27.46 | $ | 31.99 | $ | 30.84 | $ | 30.84 | $ | 31.99 | ||||||||||
Low Common Stock Price | $ | 22.36 | $ | 23.82 | $ | 25.66 | $ | 22.36 | $ | 20.15 | ||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||
Basic | 43,645,541 | 43,539,531 | 43,629,364 | 43,637,497 | 43,497,809 | |||||||||||||||
Diluted | 43,676,407 | 43,640,805 | 43,700,436 | 43,686,203 | 43,587,686 | |||||||||||||||
Memorandum Items: | ||||||||||||||||||||
Tax Applicable to Security Sales/Calls | $ | 220 | $ | 279 | $ | 193 | $ | 413 | $ | 666 | ||||||||||
Common Dividends | $ | 13,099 | $ | 13,078 | $ | 13,095 | $ | 26,194 | $ | 26,129 | ||||||||||
June 2011 | June 2010 | March 2011 | ||||||||||||||||||
EOP Share Data: | ||||||||||||||||||||
Book Value Per Share | $ | 18.43 | $ | 17.84 | $ | 18.32 | ||||||||||||||
Tangible Book Value Per Share | $ | 11.24 | $ | 10.60 | $ | 11.12 | ||||||||||||||
52-week High Common Stock Price | $ | 30.84 | $ | 31.99 | $ | 31.99 | ||||||||||||||
Date | 01/19/11 | 04/23/10 | 04/23/10 | |||||||||||||||||
52-week Low Common Stock Price | $ | 22.09 | $ | 16.39 | $ | 22.09 | ||||||||||||||
Date | 08/24/10 | 11/20/09 | 08/24/10 | |||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 43,645,485 | 43,581,834 | 43,645,650 | |||||||||||||||||
Memorandum Items: | ||||||||||||||||||||
EOP Employees (full-time equivalent) | 1,438 | 1,470 | 1,426 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 2011 | June 2010 | March 2011 | June 2011 | June 2010 | ||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||
Loans | 5.18 | % | 5.33 | % | 5.24 | % | 5.21 | % | 5.33 | % | ||||||||||
Investment Securities | 3.73 | % | 4.75 | % | 4.19 | % | 3.96 | % | 4.86 | % | ||||||||||
Money Market Investments/FFS | 0.30 | % | 0.33 | % | 0.37 | % | 0.34 | % | 0.35 | % | ||||||||||
Average Earning Assets Yield | 4.71 | % | 5.01 | % | 4.86 | % | 4.78 | % | 5.03 | % | ||||||||||
Interest-bearing Deposits | 0.91 | % | 1.26 | % | 0.99 | % | 0.95 | % | 1.30 | % | ||||||||||
Short-term Borrowings | 0.04 | % | 0.06 | % | 0.04 | % | 0.04 | % | 0.06 | % | ||||||||||
Long-term Borrowings | 4.83 | % | 4.32 | % | 4.75 | % | 4.79 | % | 4.32 | % | ||||||||||
Average Liability Costs | 1.13 | % | 1.58 | % | 1.20 | % | 1.17 | % | 1.62 | % | ||||||||||
Net Interest Spread | 3.58 | % | 3.43 | % | 3.66 | % | 3.61 | % | 3.41 | % | ||||||||||
Net Interest Margin | 3.83 | % | 3.69 | % | 3.92 | % | 3.88 | % | 3.67 | % | ||||||||||
Selected Financial Ratios: | ||||||||||||||||||||
Return on Average Common Equity | 8.66 | % | 9.23 | % | 9.04 | % | 8.85 | % | 9.20 | % | ||||||||||
Return on Average Assets | 0.98 | % | 0.96 | % | 1.02 | % | 1.00 | % | 0.94 | % | ||||||||||
Efficiency Ratio | 52.03 | % | 52.87 | % | 53.64 | % | 52.83 | % | 53.10 | % | ||||||||||
June 2011 | June 2010 | March 2011 | ||||||||||||||||||
Loan / Deposit Ratio | 91.68 | % | 97.32 | % | 91.44 | % | ||||||||||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.39 | % | 1.27 | % | 1.40 | % | ||||||||||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.43 | % | 1.31 | % | 1.44 | % | ||||||||||||||
Nonaccrual Loans / Loans, net of unearned income | 0.98 | % | 1.19 | % | 1.20 | % | ||||||||||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.17 | % | 0.17 | % | 0.13 | % | ||||||||||||||
Non-performing Loans/ Loans, net of unearned income | 1.22 | % | 1.35 | % | 1.40 | % | ||||||||||||||
Non-performing Assets/ Total Assets | 1.54 | % | 1.47 | % | 1.63 | % | ||||||||||||||
Primary Capital Ratio | 12.20 | % | 11.27 | % | 12.04 | % | ||||||||||||||
Shareholders’ Equity Ratio | 11.27 | % | 10.42 | % | 11.12 | % | ||||||||||||||
Price / Book Ratio | 1.33 | x | 1.34 | x | 1.45 | x | ||||||||||||||
Price / Earnings Ratio | 15.32 | x | 14.53 | x | 16.20 | x |
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)
Asset Quality Data: | June 2011 | June 2010 | December 2010 | March 2011 | ||||||||||||
EOP Non-Accrual Loans | $ | 51,237 | $ | 64,831 | $ | 59,996 | $ | 62,703 | ||||||||
EOP 90-Day Past Due Loans | 8,865 | 9,055 | 6,798 | 6,539 | ||||||||||||
EOP Restructured Loans(2) | 3,886 | — | 437 | 3,716 | ||||||||||||
Total EOP Non-performing Loans | $ | 63,988 | $ | 73,886 | $ | 67,231 | $ | 72,958 | ||||||||
EOP Other Real Estate Owned | 45,671 | 36,019 | 44,770 | 44,362 | ||||||||||||
Total EOP Non-performing Assets | $ | 109,659 | $ | 109,905 | $ | 112,001 | $ | 117,320 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Allowance for Credit Losses:(1) | June 2011 | June 2010 | March 2011 | June 2011 | June 2010 | |||||||||||||||
Beginning Balance | $ | 75,135 | $ | 70,366 | $ | 75,039 | $ | 75,039 | $ | 70,010 | ||||||||||
Provision for Credit Losses(3) | 4,689 | 6,400 | 4,590 | 9,279 | 13,268 | |||||||||||||||
79,824 | 76,766 | 79,629 | 84,318 | 83,278 | ||||||||||||||||
Gross Charge-offs | (5,599 | ) | (5,985 | ) | (4,741 | ) | (10,340 | ) | (12,920 | ) | ||||||||||
Recoveries | 956 | 580 | 247 | 1,203 | 1,003 | |||||||||||||||
Net Charge-offs | (4,643 | ) | (5,405 | ) | (4,494 | ) | (9,137 | ) | (11,917 | ) | ||||||||||
Ending Balance | $ | 75,181 | $ | 71,361 | $ | 75,135 | $ | 75,181 | $ | 71,361 | ||||||||||
Note: | (1) | Includes allowances for loan losses and lending-related commitments. | ||
(2) | Restructured loans with an aggregate balance of $3,886 and $1,067 at June 30, 2011 and March 31, 2011, respectively, were 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. |