UNITED BANKSHARES. INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
One Month Ended Ten Months Ended
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October 31 October 31 October 31 October 31
1998 1997 1998 1997
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EARNINGS SUMMARY
Interest income $ 28,084 $ 25,101 $ 268,953 $ 230,295
Interest expense 13,565 11,939 128,523 107,631
Net interest income 14,519 13,162 140,430 122,664
Provision for loan losses 256 273 10,904 2,540
Noninterest income 2,038 1,946 20,324 17,655
Gain on security transactions 2 2,766 72
Income from mortgage banking operations 2,406 1,685 20,677 13,229
Noninterest expenses 16,159 9,432 117,264 85,155
Income taxes 718 2,466 15,890 22,412
Net income 1,830 4,624 40,139 43,513
PER COMMON SHARE:
Net income:
Basic 0.04 0.11 0.94 1.04
Diluted 0.04 0.11 0.92 1.02
Book value 9.86 9.20
Closing market price 26.750 22.438
Common shares outstanding:
Actual, net of treasury shares 43,015,233 42,321,953
Basic 42,980,669 42,690,887 42,690,887 42,003,338
Diluted 43,781,076 43,543,829 43,543,829 42,701,057
October 31 October 31 December 31
1998 1997 1997
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PERIOD END BALANCES
Assets 4,379,225 3,916,576 4,094,836
Earning assets 4,139,109 3,694,094 3,853,391
Loans, net of unearned income 3,245,717 2,665,355 2,775,024
Investment securities 892,292 995,319 1,005,842
Total deposits 3,380,490 3,062,461 3,185,963
Shareholders' equity 424,127 389,183 396,056