EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
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March March December
Consolidated Statements of Income 2001 2000 2000
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Interest Income and Expense
Interest and Loan Fees Income $91,997 $93,268 $ 95,218
Tax Equivalent Adjustment 2,868 2,875 2,843
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Interest and Fees Income (FTE) 94,865 96,143 98,061
Interest Expense 47,777 46,542 51,427
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Net Interest Income (FTE) 47,088 49,601 46,634
Loan Loss Provision 2,499 2,547 4,908
Non-Interest Income:
Inv. Securities Transactions 142 318 (15,011)
Trust Revenue 2,015 1,692 1,859
Service Charges on Deposits 6,017 5,093 6,014
Income from Mortgage Banking Operations 5,225 3,383 3,784
Gain/(loss) on Sale of Assets 0 0 0
Other Non-Interest Revenue 546 315 551
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Total Non-Interest Income 13,945 10,801 (2,803)
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Non-Interest Expense:
Staff Expense 14,483 13,739 13,698
Occupancy & Equipment 2,658 3,161 2,895
Other Expenses 8,622 10,151 11,883
Amortization of Intangibles 792 820 808
OREO Expense 119 97 100
FDIC Expense 322 175 326
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Total Non-Interest Expense 26,996 28,143 29,710
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Pre-Tax Earnings (FTE) 31,538 29,712 9,213
Tax Equivalent Adjustment 2,868 2,875 2,843
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Reported Pre-Tax Earnings 28,670 26,837 6,370
Taxes 9,318 8,849 2,066
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Net Income before Extra Items 19,352 17,988 4,304
Extraordinary Items (Net of Tax)
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Net Income $19,352 $17,988 $ 4,304
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MEMO: Effective Tax Rate 32.50% 32.97% 32.43%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets March 31 March 31
2001 2000
Q-T-D Q-T-D March 31 December 31
Average Average 2001 2000
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Cash & Cash Equivalents $ 130,817 $ 111,670 $ 155,576 $ 144,810
Trading Account Securities
Securities Available for Sale 903,282 1,023,967 1,014,729 865,266
Held to Maturity Securities 345,035 407,241 288,884 380,068
Other Securities
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Total Securities 1,248,317 1,431,208 1,303,613 1,245,334
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Total Cash and Securities 1,379,134 1,542,878 1,459,189 1,390,144
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Loans held for sale 174,010 100,757 239,148 203,831
Commercial Loans 1,536,740 1,473,522 1,543,672 1,527,008
Mortgage Loans 1,347,506 1,358,583 1,326,735 1,359,044
Consumer Loans 301,469 355,360 301,439 306,442
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Loans & Leases, net of unearned income 3,359,725 3,288,222 3,410,994 3,396,325
Reserve for loan & Lease Losses (40,901) (39,609) (41,191) (40,532)
Goodwill 34,832 37,300 34,449 35,102
Mortgage Servicing Rights 13
Purchase Credit Card Intangibles
Other Intangibles 4,048 4,772 3,946 4,122
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Total Intangibles 38,880 42,085 38,395 39,224
Real Estate Owned 2,426 3,815 2,395 2,109
Other Assets 110,922 137,361 115,023 117,277
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Total Assets $4,850,186 $4,974,752 $4,984,804 $4,904,547
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MEMO: Earning Assets $4,583,319 $4,686,817 $4,762,807 $4,643,668
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Interest-bearing Deposits $2,865,822 $2,770,075 $2,921,075 $2,852,034
Noninterest-bearing Deposits 479,797 462,542 541,626 539,415
Foreign Deposits
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Total Deposits 3,345,619 3,232,617 3,462,701 3,391,449
Short-term Borrowings 319,938 322,221 337,751 333,716
Intermediate & Long-term Borrowings 686,763 960,393 681,446 706,512
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Total Borrowings 1,006,701 1,282,614 1,019,197 1,040,228
Other Liabilities 58,736 58,664 57,822 42,000
Minority Interest
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Total Liabilities 4,411,056 4,573,895 4,539,720 4,473,677
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Common Equity 439,130 400,857 445,084 430,870
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Total Shareholders' Equity 439,130 400,857 445,084 430,870
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Total Liabilities & Equity $4,850,186 $4,974,752 $4,984,804 $4,904,547
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
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March March December
Share Data: 2001 2000 2000
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Earnings Per Share:
Net Income before Extraordinary Items:
Basic $0.46 $0.43 $0.11
Diluted $0.46 $0.42 $0.11
Diluted - Cash Basis $0.47 $0.44 $0.12
Net Income after Extraordinary Items:
Basic $0.46 $0.43 $0.11
Diluted $0.46 $0.42 $0.11
Diluted - Cash Basis $0.47 $0.44 $0.12
Common Dividend Declared Per Share $0.22 $0.21 $0.21
High Common Stock Price $23.25 $24.44 $22.13
Low Common Stock Price $19.44 $17.00 $17.25
Book Value Per Share $10.70 $9.37 $10.32
Tangible Book Value Per Share $9.78 $8.38 $9.38
52-week High Common Stock Price $23.25 $27.38 $24.44
Date 03/01/01 04/22/99 01/03/00
52-week Low Common Stock Price $16.38 $17.00 $16.38
Date 06/27/00 03/08/00 06/27/00
EOP Shares Outstanding (Net of Treasury Stock): 41,587,229 42,018,879 41,765,271
Average Shares Outstanding: (Net of Treasury
Stock):
Basic 41,703,350 42,272,860 41,775,776
Diluted 42,020,236 42,657,425 42,072,051
Memorandum Items:
Tax Applicable to Security Transactions $50 $111 ($5,254)
Common Dividends $9,175 $8,879 $8,782
EOP Employees (full-time equivalent) 1,277 1,367 1,288
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
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March March December
Selected Yields and Net Interest Margin: 2001 2000 2000
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Loans 8.87% 8.80% 9.05%
Investment Securities 7.03% 6.84% 6.92%
Money Market Investments/FFS 6.19% 6.46% 6.79%
Average Earning Assets Yield 8.33% 8.22% 8.45%
Interest-bearing Deposits 4.69% 4.22% 4.84%
Short-term Borrowings 4.84% 4.85% 5.55%
Long-term Borrowings 6.38% 5.70% 6.40%
Average Liability Costs 5.00% 4.62% 5.20%
Net Interest Spread 3.32% 3.60% 3.25%
Net Interest Margin 4.10% 4.23% 4.03%
Selected Financial Ratios:
Return on Average Common Equity 17.87% 18.05% 4.03%
Return on Average Assets 1.62% 1.45% 0.35%
Loan / Deposit Ratio 98.51% 101.77% 100.14%
Loan Loss Reserve / Net Loans 1.30% 1.22% 1.27%
Nonaccrual / Net Loans 0.23% 0.41% 0.24%
OREO / Net Loans 0.07% 0.12% 0.06%
Non-performing / Net Loans 0.44% 0.78% 0.45%
Delinquency Ratio 0.36% 0.66% 0.38%
Primary Capital Ratio 9.68% 8.63% 9.53%
Shareholders' Equity Ratio 8.93% 7.91% 8.79%
Price / Book Ratio 2.07% 2.35% 2.33%
Price / Earnings Ratio 12.01% 13.07% 15.23%
Efficiency Ratio 42.84% 45.31% 48.95%
March March December
Credit Quality Data: 2001 2000 2000
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EOP Non-Accrual Loans $ 7,588 $ 13,110 $ 8,131
EOP 90-Day Past Due Loans 4,698 7,951 4,717
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Total EOP Non-performing Loans $ 12,286 $ 21,061 $ 12,848
EOP Other Real Estate & Assets Owned 2,395 3,764 2,109
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Total EOP Non-performing Assets $ 14,681 $ 24,825 $ 14,957
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Three Months Ended
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March March December
2001 2000 2000
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Charge-off Analysis:
Gross Charge-offs ($2,672) ($2,859) ($4,054)
Recoveries 832 203 246
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Net Charge-offs ($1,840) ($2,656) ($3,808)
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