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 2012 | March 2011 | December 2011 | ||||||||||
Interest & Loan Fees Income | $ | 81,788 | $ | 73,857 | $ | 85,529 | ||||||
Tax equivalent adjustment | 1,669 | 1,453 | 1,732 | |||||||||
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Interest & Fees Income (FTE) | 83,457 | 75,310 | 87,261 | |||||||||
Interest Expense | 12,822 | 14,494 | 13,537 | |||||||||
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Net Interest Income (FTE) | 70,635 | 60,816 | 73,724 | |||||||||
Provision for Loan Losses | 4,133 | 4,436 | 4,268 | |||||||||
Non-Interest Income: | ||||||||||||
Fees from trust & brokerage services | 3,984 | 3,310 | 3,316 | |||||||||
Fees from deposit services | 10,312 | 9,631 | 11,131 | |||||||||
Bankcard fees and merchant discounts | 646 | 555 | 642 | |||||||||
Other charges, commissions, and fees | 577 | 454 | 559 | |||||||||
Income from bank owned life insurance | 1,289 | 1,175 | 1,339 | |||||||||
Mortgage banking income | 318 | 234 | 382 | |||||||||
Other non-interest revenue | 658 | 851 | 841 | |||||||||
Net other-than-temporary impairment losses | (1,377 | ) | (2,110 | ) | (6,286 | ) | ||||||
Net (losses) gains on sales/calls of investment securities | (82 | ) | 551 | (50 | ) | |||||||
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Total Non-Interest Income | 16,326 | 14,651 | 11,874 | |||||||||
Non-Interest Expense: | ||||||||||||
Employee compensation | 17,907 | 14,870 | 17,756 | |||||||||
Employee benefits | 5,192 | 4,378 | 4,488 | |||||||||
Net occupancy | 5,042 | 4,387 | 5,018 | |||||||||
Other expenses | 17,476 | 15,347 | 18,560 | |||||||||
Amortization of intangibles | 762 | 383 | 832 | |||||||||
OREO expense | 2,328 | 1,767 | 1,879 | |||||||||
FDIC expense | 1,555 | 2,337 | 1,496 | |||||||||
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Total Non-Interest Expense | 50,262 | 43,469 | 50,029 | |||||||||
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Income Before Income Taxes (FTE) | 32,566 | 27,562 | 31,301 | |||||||||
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Tax equivalent adjustment | 1,669 | 1,453 | 1,732 | |||||||||
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Income Before Income Taxes | 30,897 | 26,109 | 29,569 | |||||||||
Income taxes | 9,887 | 8,224 | 9,312 | |||||||||
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Net Income | $ | 21,010 | $ | 17,885 | $ | 20,257 | ||||||
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MEMO: Effective Tax Rate | 32.00 | % | 31.50 | % | 31.49 | % |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
March 31 2012 Q-T-D Average | March 31 2011 Q-T-D Average | March 31 2012 | December 31 2011 | |||||||||||||
Cash & Cash Equivalents | $ | 664,743 | $ | 443,625 | $ | 789,831 | $ | 636,003 | ||||||||
Securities Available for Sale | 688,880 | 650,757 | 665,286 | 696,518 | ||||||||||||
Securities Held to Maturity | 58,999 | 64,741 | 58,686 | 59,289 | ||||||||||||
Other Investment Securities | 67,813 | 73,669 | 66,964 | 68,412 | ||||||||||||
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Total Securities | 815,692 | 789,167 | 790,936 | 824,219 | ||||||||||||
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Total Cash and Securities | 1,480,435 | 1,232,792 | 1,580,767 | 1,460,222 | ||||||||||||
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Loans Held for Sale | 4,905 | 2,715 | 7,401 | 3,902 | ||||||||||||
Commercial Loans | 4,375,024 | 3,518,647 | 4,383,712 | 4,378,345 | ||||||||||||
Mortgage Loans | 1,545,793 | 1,442,937 | 1,528,542 | 1,562,838 | ||||||||||||
Consumer Loans | 301,076 | 263,980 | 300,492 | 299,030 | ||||||||||||
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Gross Loans | 6,221,893 | 5,225,564 | 6,212,746 | 6,240,213 | ||||||||||||
Unearned Income | (6,574 | ) | (3,082 | ) | (12,626 | ) | (3,503 | ) | ||||||||
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Loans, Net of Unearned Income | 6,215,319 | 5,222,482 | 6,200,120 | 6,236,710 | ||||||||||||
Allowance for Loan Losses | (73,142 | ) | (72,941 | ) | (74,012 | ) | (73,874 | ) | ||||||||
Goodwill | 371,638 | 311,763 | 371,656 | 371,693 | ||||||||||||
Other Intangibles | 12,726 | 2,756 | 12,197 | 12,950 | ||||||||||||
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Total Intangibles | 384,364 | 314,519 | 383,853 | 384,643 | ||||||||||||
Real Estate Owned | 51,373 | 44,922 | 49,864 | 51,760 | ||||||||||||
Other Assets | 379,556 | 334,850 | 381,476 | 388,107 | ||||||||||||
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Total Assets | $ | 8,442,810 | $ | 7,079,339 | $ | 8,529,469 | $ | 8,451,470 | ||||||||
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MEMO: Earning Assets | $ | 7,498,574 | $ | 6,257,807 | $ | 7,579,030 | $ | 7,498,333 | ||||||||
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Interest-bearing Deposits | $ | 5,163,834 | $ | 4,322,396 | $ | 5,192,522 | $ | 5,199,848 | ||||||||
Noninterest-bearing Deposits | 1,637,543 | 1,320,246 | 1,689,088 | 1,619,162 | ||||||||||||
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Total Deposits | 6,801,377 | 5,642,642 | 6,881,610 | 6,819,010 | ||||||||||||
Short-term Borrowings | 270,647 | 243,653 | 263,333 | 254,766 | ||||||||||||
Long-term Borrowings | 345,323 | 337,467 | 345,298 | 345,366 | ||||||||||||
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Total Borrowings | 615,970 | 581,120 | 608,631 | 600,132 | ||||||||||||
Other Liabilities | 45,781 | 53,390 | 62,925 | 63,484 | ||||||||||||
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Total Liabilities | 7,463,128 | 6,277,152 | 7,553,166 | 7,482,626 | ||||||||||||
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Preferred Equity | — | — | — | — | ||||||||||||
Common Equity | 979,682 | 802,187 | 976,303 | 968,844 | ||||||||||||
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Total Shareholders’ Equity | 979,682 | 802,187 | 976,303 | 968,844 | ||||||||||||
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Total Liabilities & Equity | $ | 8,442,810 | $ | 7,079,339 | $ | 8,529,469 | $ | 8,451,470 | ||||||||
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MEMO: Interest-bearing Liabilities | $ | 5,779,804 | $ | 4,903,516 | $ | 5,801,153 | $ | 5,799,980 | ||||||||
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March 2012 | March 2011 | December 2011 | ||||||||||
Quarterly Share Data: | ||||||||||||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.42 | $ | 0.41 | $ | 0.40 | ||||||
Diluted | $ | 0.42 | $ | 0.41 | $ | 0.40 | ||||||
Common Dividend Declared Per Share | $ | 0.31 | $ | 0.30 | $ | 0.31 | ||||||
High Common Stock Price | $ | 30.91 | $ | 30.84 | $ | 29.29 | ||||||
Low Common Stock Price | $ | 27.36 | $ | 25.66 | $ | 19.06 | ||||||
Average Shares Outstanding (Net of Treasury Stock): | ||||||||||||
Basic | 50,235,374 | 43,629,364 | 50,207,410 | |||||||||
Diluted | 50,300,538 | 43,700,436 | 50,235,812 | |||||||||
Memorandum Items: | ||||||||||||
Tax Applicable to Security Sales/Calls | $ | (29 | ) | $ | 193 | $ | (18 | ) | ||||
Common Dividends | $ | 15,570 | $ | 13,095 | $ | 15,571 | ||||||
Dividend Payout Ratio | 74.11 | % | 73.22 | % | 76.87 | % | ||||||
March 2012 | March 2011 | December 2011 | ||||||||||
EOP Share Data: | ||||||||||||
Book Value Per Share | $ | 19.42 | $ | 18.32 | $ | 19.29 | ||||||
Tangible Book Value Per Share | $ | 11.78 | $ | 11.12 | $ | 11.63 | ||||||
52-week High Common Stock Price | $ | 30.91 | $ | 31.99 | $ | 30.84 | ||||||
Date | 03/19/12 | 04/23/10 | 01/19/11 | |||||||||
52-week Low Common Stock Price | $ | 18.78 | $ | 22.09 | $ | 18.78 | ||||||
Date | 09/22/11 | 08/24/10 | 09/22/11 | |||||||||
EOP Shares Outstanding (Net of Treasury Stock): | 50,274,104 | 43,645,650 | 50,212,948 | |||||||||
Memorandum Items: | ||||||||||||
EOP Employees (full-time equivalent) | 1,637 | 1,426 | 1,619 |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended | ||||||||||||
March 2012 | March 2011 | December 2011 | ||||||||||
Selected Yields and Net Interest Margin: | ||||||||||||
Net Loans | 5.02 | % | 5.24 | % | 5.18 | % | ||||||
Investment Securities | 3.08 | % | 4.19 | % | 3.08 | % | ||||||
Money Market Investments/FFS | 0.26 | % | 0.37 | % | 0.23 | % | ||||||
Average Earning Assets Yield | 4.47 | % | 4.86 | % | 4.59 | % | ||||||
Interest-bearing Deposits | 0.67 | % | 0.99 | % | 0.69 | % | ||||||
Short-term Borrowings | 0.09 | % | 0.04 | % | 0.08 | % | ||||||
Long-term Borrowings | 4.83 | % | 4.75 | % | 4.85 | % | ||||||
Average Liability Costs | 0.89 | % | 1.20 | % | 0.92 | % | ||||||
Net Interest Spread | 3.58 | % | 3.66 | % | 3.67 | % | ||||||
Net Interest Margin | 3.78 | % | 3.92 | % | 3.88 | % | ||||||
Selected Financial Ratios: | ||||||||||||
Return on Average Common Equity | 8.63 | % | 9.04 | % | 8.17 | % | ||||||
Return on Average Assets | 1.00 | % | 1.02 | % | 0.94 | % | ||||||
Loan / Deposit Ratio | 90.10 | % | 91.44 | % | 91.46 | % | ||||||
Allowance for Loan Losses/ Loans, net of unearned income | 1.19 | % | 1.40 | % | 1.18 | % | ||||||
Allowance for Credit Losses(1)/ Loans, net of unearned income | 1.22 | % | 1.44 | % | 1.21 | % | ||||||
Nonaccrual Loans / Loans, net of unearned income | 1.00 | % | 1.20 | % | 0.96 | % | ||||||
90-Day Past Due Loans/ Loans, net of unearned income | 0.16 | % | 0.13 | % | 0.26 | % | ||||||
Non-performing Loans/ Loans, net of unearned income | 1.23 | % | 1.40 | % | 1.28 | % | ||||||
Non-performing Assets/ Total Assets | 1.48 | % | 1.63 | % | 1.56 | % | ||||||
Primary Capital Ratio | 12.23 | % | 12.04 | % | 12.25 | % | ||||||
Shareholders’ Equity Ratio | 11.45 | % | 11.12 | % | 11.46 | % | ||||||
Price / Book Ratio | 1.49 | x | 1.45 | x | 1.47 | x | ||||||
Price / Earnings Ratio | 17.27 | x | 16.20 | x | 17.51 | x | ||||||
Efficiency Ratio | 53.35 | % | 53.64 | % | 51.47 | % |
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 2012 | March 2011 | December 2011 | ||||||||||
Asset Quality Data: | ||||||||||||
EOP Non-Accrual Loans | $ | 62,037 | $ | 62,703 | $ | 59,892 | ||||||
EOP 90-Day Past Due Loans | 9,816 | 6,539 | 16,179 | |||||||||
EOP Restructured Loans(2) | 4,335 | 3,716 | 3,592 | |||||||||
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Total EOP Non-performing Loans | $ | 76,188 | $ | 72,958 | $ | 79,663 | ||||||
EOP Other Real Estate & Assets Owned | 49,864 | 44,362 | 51,760 | |||||||||
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Total EOP Non-performing Assets | $ | 126,052 | $ | 117,320 | $ | 131,423 | ||||||
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Three Months Ended | ||||||||||||
March 2012 | March 2011 | December 2011 | ||||||||||
Allowance for Credit Losses: (1) | ||||||||||||
Beginning Balance | $ | 75,727 | $ | 75,039 | $ | 75,494 | ||||||
Provision for Credit Losses(3) | 4,015 | 4,590 | 4,136 | |||||||||
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79,742 | 79,629 | 79,630 | ||||||||||
Gross Charge-offs | (4,734 | ) | (4,741 | ) | (4,398 | ) | ||||||
Recoveries | 739 | 247 | 495 | |||||||||
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Net Charge-offs | (3,995 | ) | (4,494 | ) | (3,903 | ) | ||||||
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Ending Balance | $ | 75,747 | $ | 75,135 | $ | 75,727 | ||||||
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Note: | (1) Includes allowances for loan losses and lending-related commitments. | |
(2) Restructured loans with an aggregate balance of $2,283, $1,067 and $1,528 at March 31, 2012, March 31,2011 and December 31, 2011, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” | ||
(3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses. |