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 2011 | September 2010 | June 2011 | March 2011 | September 2011 | September 2010 | |||||||||||||||||||
Interest & Loan Fees Income | $ | 84,701 | $ | 79,889 | $ | 72,435 | $ | 73,857 | $ | 230,993 | $ | 246,174 | ||||||||||||
Tax equivalent adjustment | 1,765 | 1,444 | 1,637 | 1,453 | 4,855 | 4,491 | ||||||||||||||||||
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Interest & Fees Income (FTE) | 86,466 | 81,333 | 74,072 | 75,310 | 235,848 | 250,665 | ||||||||||||||||||
Interest Expense | 13,949 | 20,907 | 13,814 | 14,494 | 42,257 | 66,549 | ||||||||||||||||||
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Net Interest Income (FTE) | 72,517 | 60,426 | 60,258 | 60,816 | 193,591 | 184,116 | ||||||||||||||||||
Provision for Loan Losses | 3,637 | 6,123 | 4,800 | 4,436 | 12,873 | 19,391 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Fees from trust & brokerage services | 3,280 | 3,215 | 3,437 | 3,310 | 10,027 | 9,948 | ||||||||||||||||||
Fees from deposit services | 10,462 | 10,098 | 10,341 | 9,631 | 30,434 | 29,439 | ||||||||||||||||||
Bankcard fees and merchant discounts | 1,237 | 1,093 | 683 | 555 | 2,475 | 3,213 | ||||||||||||||||||
Other charges, commissions, and fees | 455 | 508 | 381 | 454 | 1,290 | 1,356 | ||||||||||||||||||
Income from bank owned life insurance | 1,544 | 1,282 | 1,228 | 1,175 | 3,947 | 3,495 | ||||||||||||||||||
Mortgage banking income | 205 | 118 | 131 | 234 | 570 | 359 | ||||||||||||||||||
Other non-interest revenue | 1,272 | 1,108 | 599 | 851 | 2,722 | 3,447 | ||||||||||||||||||
Net other-than-temporary impairment losses | (7,922 | ) | (1,864 | ) | (4,096 | ) | (2,110 | ) | (14,128 | ) | (4,446 | ) | ||||||||||||
Net gains on sales/calls of investment securities | 445 | 132 | 630 | 551 | 1,626 | 2,036 | ||||||||||||||||||
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Total Non-Interest Income | 10,978 | 15,690 | 13,334 | 14,651 | 38,963 | 48,847 | ||||||||||||||||||
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Non-Interest Expense: | ||||||||||||||||||||||||
Employee compensation | 16,970 | 14,613 | 15,015 | 14,870 | 46,855 | 44,362 | ||||||||||||||||||
Employee benefits | 4,361 | 4,128 | 4,131 | 4,378 | 12,870 | 12,954 | ||||||||||||||||||
Net occupancy | 5,051 | 4,187 | 4,140 | 4,387 | 13,578 | 13,132 | ||||||||||||||||||
Other expenses | 17,194 | 16,065 | 14,477 | 15,347 | 47,018 | 47,343 | ||||||||||||||||||
Amortization of intangibles | 860 | 448 | 354 | 383 | 1,597 | 1,473 | ||||||||||||||||||
OREO expense | 2,129 | 2,001 | 1,233 | 1,767 | 5,129 | 6,269 | ||||||||||||||||||
FDIC expense | 2,308 | 2,456 | 2,327 | 2,337 | 6,972 | 7,304 | ||||||||||||||||||
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Total Non-Interest Expense | 48,873 | 43,898 | 41,677 | 43,469 | 134,019 | 132,837 | ||||||||||||||||||
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Income Before Income Taxes (FTE) | 30,985 | 26,095 | 27,115 | 27,562 | 85,662 | 80,735 | ||||||||||||||||||
Tax equivalent adjustment | 1,765 | 1,444 | 1,637 | 1,453 | 4,855 | 4,491 | ||||||||||||||||||
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Income Before Income Taxes | 29,220 | 24,651 | 25,478 | 26,109 | 80,807 | 76,244 | ||||||||||||||||||
Taxes | 9,204 | 7,335 | 8,026 | 8,224 | 25,454 | 23,587 | ||||||||||||||||||
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Net Income | $ | 20,016 | $ | 17,316 | $ | 17,452 | $ | 17,885 | $ | 55,353 | $ | 52,657 | ||||||||||||
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MEMO: Effective Tax Rate | 31.50 | % | 29.76 | % | 31.50 | % | 31.50 | % | 31.50 | % | 30.94 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 2011 Q-T-D Average | September 30 2010 Q-T-D Average | September 30 2011 | December 31 2010 | September 30 2010 | ||||||||||||||||
Cash & Cash Equivalents | $ | 652,478 | $ | 614,853 | $ | 668,524 | $ | 461,389 | $ | 712,562 | ||||||||||
Securities Available for Sale | 699,449 | 739,992 | 738,226 | 653,276 | 745,079 | |||||||||||||||
Held to Maturity Securities | 62,572 | 67,767 | 62,114 | 67,036 | 67,496 | |||||||||||||||
Other Investment Securities | 72,172 | 78,906 | 71,558 | 74,403 | 78,413 | |||||||||||||||
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Total Securities | 834,193 | 886,665 | 871,898 | 794,715 | 890,988 | |||||||||||||||
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Total Cash and Securities | 1,486,671 | 1,501,518 | 1,540,422 | 1,256,104 | 1,603,550 | |||||||||||||||
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Loans held for sale | 3,859 | 1,304 | 7,378 | 6,869 | 1,788 | |||||||||||||||
Commercial Loans | 4,275,255 | 3,587,518 | 4,370,792 | 3,533,559 | 3,543,273 | |||||||||||||||
Mortgage Loans | 1,563,506 | 1,521,663 | 1,559,311 | 1,459,286 | 1,508,536 | |||||||||||||||
Consumer Loans | 333,342 | 282,883 | 334,391 | 270,506 | 275,406 | |||||||||||||||
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Gross Loans | 6,172,103 | 5,392,064 | 6,264,494 | 5,263,351 | 5,327,215 | |||||||||||||||
Unearned income | (4,988 | ) | (3,290 | ) | (5,266 | ) | (3,025 | ) | (3,197 | ) | ||||||||||
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Loans, net of unearned income | 6,167,115 | 5,388,774 | 6,259,228 | 5,260,326 | 5,324,018 | |||||||||||||||
Allowance for Loan Losses | (73,504 | ) | (69,588 | ) | (73,509 | ) | (73,033 | ) | (70,923 | ) | ||||||||||
Goodwill | 361,995 | 311,877 | 372,979 | 311,765 | 311,834 | |||||||||||||||
Other Intangibles | 1,762 | 3,591 | 11,787 | 2,940 | 3,350 | |||||||||||||||
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Total Intangibles | 363,757 | 315,468 | 384,766 | 314,705 | 315,184 | |||||||||||||||
Real Estate Owned | 51,430 | 39,793 | 52,657 | 44,770 | 50,567 | |||||||||||||||
Other Assets | 383,244 | 338,064 | 406,944 | 345,978 | 348,836 | |||||||||||||||
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Total Assets | $ | 8,382,572 | $ | 7,515,333 | $ | 8,577,886 | $ | 7,155,719 | $ | 7,573,020 | ||||||||||
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MEMO: Earning Assets | $ | 7,460,381 | $ | 6,689,520 | $ | 7,607,225 | $ | 6,334,914 | $ | 6,733,138 | ||||||||||
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Interest-bearing Deposits | $ | 5,217,555 | $ | 4,513,180 | $ | 5,314,303 | $ | 4,510,279 | $ | 4,542,216 | ||||||||||
Noninterest-bearing Deposits | 1,557,654 | 1,150,999 | 1,613,672 | 1,203,255 | 1,156,167 | |||||||||||||||
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Total Deposits | 6,775,209 | 5,664,179 | 6,927,975 | 5,713,534 | 5,698,383 | |||||||||||||||
Short-term Borrowings | 248,829 | 316,066 | 260,320 | 193,214 | 329,535 | |||||||||||||||
Long-term Borrowings | 354,482 | 696,459 | 355,433 | 386,458 | 696,358 | |||||||||||||||
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Total Borrowings | 603,311 | 1,012,525 | 615,753 | 579,672 | 1,025,893 | |||||||||||||||
Other Liabilities | 42,340 | 52,054 | 61,405 | 69,501 | 64,117 | |||||||||||||||
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Total Liabilities | 7,420,860 | 6,728,758 | 7,605,133 | 6,362,707 | 6,788,393 | |||||||||||||||
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Preferred Equity | — | — | — | — | — | |||||||||||||||
Common Equity | 961,712 | 786,575 | 972,753 | 793,012 | 784,627 | |||||||||||||||
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Total Shareholders’ Equity | 961,712 | 786,575 | 972,753 | 793,012 | 784,627 | |||||||||||||||
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Total Liabilities & Equity | $ | 8,382,572 | $ | 7,515,333 | $ | 8,577,886 | $ | 7,155,719 | $ | 7,573,020 | ||||||||||
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MEMO: Interest-bearing Liabilities | $ | 5,820,866 | $ | 5,525,705 | $ | 5,930,056 | $ | 5,089,951 | $ | 5,568,109 | ||||||||||
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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 2011 | September 2010 | June 2011 | March 2011 | September 2011 | September 2010 | |||||||||||||||||||
Quarterly/Year-to-Date Share Data: | ||||||||||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 1.21 | $ | 1.21 | ||||||||||||
Diluted | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 1.21 | $ | 1.21 | ||||||||||||
Common Dividend Declared Per Share: | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.90 | $ | 0.90 | ||||||||||||
High Common Stock Price | $ | 25.21 | $ | 27.25 | $ | 27.46 | $ | 30.84 | $ | 30.84 | $ | 31.99 | ||||||||||||
Low Common Stock Price | $ | 18.78 | $ | 22.09 | $ | 22.36 | $ | 25.66 | $ | 18.78 | $ | 20.15 | ||||||||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||||||||||||||
Basic | 49,628,087 | 43,588,021 | 43,645,541 | 43,629,364 | 45,656,304 | 43,528,210 | ||||||||||||||||||
Diluted | 49,636,382 | 43,645,653 | 43,676,407 | 43,700,436 | 45,692,106 | 43,607,091 | ||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
Tax Applicable to Security Sales/Calls | $ | 156 | $ | 46 | $ | 220 | $ | 193 | $ | 569 | $ | 713 | ||||||||||||
Common Dividends | $ | 15,062 | $ | 13,084 | $ | 13,099 | $ | 13,095 | $ | 41,256 | $ | 39,213 | ||||||||||||
September 2011 | September 2010 | June 2011 | March 2011 | |||||||||||||||||||||
EOP Share Data: | ||||||||||||||||||||||||
Book Value Per Share | $ | 19.38 | $ | 18.00 | $ | 18.43 | $ | 18.32 | ||||||||||||||||
Tangible Book Value Per Share | $ | 11.71 | $ | 10.77 | $ | 11.24 | $ | 11.12 | ||||||||||||||||
52-week High Common Stock Price | $ | 30.84 | $ | 31.99 | $ | 30.84 | $ | 31.99 | ||||||||||||||||
Date | 01/19/11 | 04/23/10 | 01/19/11 | 04/23/10 | ||||||||||||||||||||
52-week Low Common Stock Price | $ | 18.78 | $ | 16.39 | $ | 22.09 | $ | 22.09 | ||||||||||||||||
Date | 09/22/11 | 11/20/09 | 08/24/10 | 08/24/10 | ||||||||||||||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 50,205,691 | 43,597,507 | 43,645,485 | 43,645,650 | ||||||||||||||||||||
Memorandum Items: | ||||||||||||||||||||||||
EOP Employees (full-time equivalent) | 1,632 | 1,479 | 1,438 | 1,426 |
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 2011 | September 2010 | June 2011 | March 2011 | September 2011 | September 2010 | |||||||||||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||||||||||||||
Loans | 5.14 | % | 5.30 | % | 5.18 | % | 5.24 | % | 5.18 | % | 5.32 | % | ||||||||||||
Investment Securities | 3.48 | % | 4.52 | % | 3.73 | % | 4.19 | % | 3.79 | % | 4.75 | % | ||||||||||||
Money Market Investments/FFS | 0.27 | % | 0.28 | % | 0.30 | % | 0.37 | % | 0.31 | % | 0.32 | % | ||||||||||||
Average Earning Assets Yield | 4.61 | % | 4.84 | % | 4.71 | % | 4.86 | % | 4.72 | % | 4.97 | % | ||||||||||||
Interest-bearing Deposits | 0.74 | % | 1.17 | % | 0.91 | % | 0.99 | % | 0.87 | % | 1.26 | % | ||||||||||||
Short-term Borrowings | 0.08 | % | 0.07 | % | 0.04 | % | 0.04 | % | 0.06 | % | 0.06 | % | ||||||||||||
Long-term Borrowings | 4.73 | % | 4.33 | % | 4.83 | % | 4.75 | % | 4.77 | % | 4.32 | % | ||||||||||||
Average Liability Costs | 0.95 | % | 1.50 | % | 1.13 | % | 1.20 | % | 1.08 | % | 1.58 | % | ||||||||||||
Net Interest Spread | 3.66 | % | 3.34 | % | 3.58 | % | 3.66 | % | 3.64 | % | 3.39 | % | ||||||||||||
Net Interest Margin | 3.87 | % | 3.60 | % | 3.83 | % | 3.92 | % | 3.87 | % | 3.65 | % | ||||||||||||
Selected Financial Ratios: | ||||||||||||||||||||||||
Return on Average Common Equity | 8.26 | % | 8.73 | % | 8.66 | % | 9.04 | % | 8.62 | % | 9.04 | % | ||||||||||||
Return on Average Assets | 0.95 | % | 0.91 | % | 0.98 | % | 1.02 | % | 0.98 | % | 0.93 | % | ||||||||||||
Efficiency Ratio | 50.44 | % | 53.24 | % | 52.03 | % | 53.64 | % | 51.94 | % | 53.15 | % | ||||||||||||
September 2011 | September 2010 | June 2011 | March 2011 | |||||||||||||||||||||
Loan / Deposit Ratio | 90.35 | % | 93.43 | % | 91.68 | % | 91.44 | % | ||||||||||||||||
Allowance for Loan Losses/ Loans, Net of Unearned Income |
| 1.17 | % | 1.33 | % | 1.39 | % | 1.40 | % | |||||||||||||||
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income |
| 1.21 | % | 1.37 | % | 1.43 | % | 1.44 | % | |||||||||||||||
Nonaccrual Loans / Loans, Net of Unearned Income |
| 0.86 | % | 1.10 | % | 0.98 | % | 1.20 | % | |||||||||||||||
90-Day Past Due Loans/ Loans, Net of Unearned Income |
| 0.26 | % | 0.24 | % | 0.17 | % | 0.13 | % | |||||||||||||||
Non-performing Loans/ Loans, Net of Unearned Income |
| 1.18 | % | 1.34 | % | 1.22 | % | 1.40 | % | |||||||||||||||
Non-performing Assets/ Total Assets | 1.47 | % | 1.61 | % | 1.54 | % | 1.63 | % | ||||||||||||||||
Primary Capital Ratio | 12.11 | % | 11.21 | % | 12.20 | % | 12.04 | % | ||||||||||||||||
Shareholders’ Equity Ratio | 11.34 | % | 10.36 | % | 11.27 | % | 11.12 | % | ||||||||||||||||
Price / Book Ratio | 1.04x | 1.38x | 1.33x | 1.45x | ||||||||||||||||||||
Price / Earnings Ratio | 12.45x | 15.68x | 15.32x | 16.20x |
Note: (1) Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
September 2011 | September 2010 | December 2010 | June 2011 | March 2011 | ||||||||||||||||
Asset Quality Data: | ||||||||||||||||||||
EOP Non-Accrual Loans | $ | 53,759 | $ | 58,302 | $ | 59,996 | $ | 51,237 | $ | 62,703 | ||||||||||
EOP 90-Day Past Due Loans | 16,340 | 12,644 | 6,798 | 8,865 | 6,539 | |||||||||||||||
EOP Restructured Loans | 3,624 | 438 | 437 | 3,886 | 3,716 | |||||||||||||||
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Total EOP Non-performing Loans | $ | 73,723 | $ | 71,384 | $ | 67,231 | $ | 63,988 | $ | 72,958 | ||||||||||
EOP Other Real Estate Owned | 52,657 | 50,567 | 44,770 | 45,671 | 44,362 | |||||||||||||||
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Total EOP Non-performing Assets | $ | 126,380 | $ | 121,951 | $ | 112,001 | $ | 109,659 | $ | 117,320 | ||||||||||
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Three Months Ended | Year to Date | |||||||||||||||||||||||
September 2011 | September 2010 | June 2011 | March 2011 | September 2011 | September 2010 | |||||||||||||||||||
Allowance for Credit Losses:(1) | ||||||||||||||||||||||||
Beginning Balance | $ | 75,181 | $ | 71,361 | $ | 75,135 | $ | 75,039 | $ | 75,039 | $ | 70,010 | ||||||||||||
Provision for Credit Losses (3) | 3,573 | 6,123 | 4,689 | 4,590 | 12,852 | 19,391 | ||||||||||||||||||
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78,754 | 77,484 | 79,824 | 79,629 | 87,891 | 89,401 | |||||||||||||||||||
Gross Charge-offs | (4,867 | ) | (5,420 | ) | (5,599 | ) | (4,741 | ) | (15,207 | ) | (18,340 | ) | ||||||||||||
Recoveries | 1,607 | 742 | 956 | 247 | 2,810 | 1,745 | ||||||||||||||||||
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Net Charge-offs | (3,260 | ) | (4,678 | ) | (4,643 | ) | (4,494 | ) | (12,397 | ) | (16,595 | ) | ||||||||||||
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Ending Balance | $ | 75,494 | $ | 72,806 | $ | 75,181 | $ | 75,135 | $ | 75,494 | $ | 72,806 | ||||||||||||
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Notes:
(1) | Includes allowances for loan losses and lending-related commitments. |
(2) | Restructured loans with an aggregate balance of $1,550, $3,886 and $1,067 at September 30, 2011, 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. |