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
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December December September June March
2002 2001 2002 2002 2002
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Interest & Loan Fees Income $83,089 $86,621 $86,413 $84,738 $85,238
Tax Equivalent Adjustment 2,670 2,954 2,725 2,779 2,803
-------------- -------------- -------------- -------------- --------------
Interest & Fees Income (FTE) 85,759 89,575 89,138 87,517 88,041
Interest Expense 31,968 38,542 32,677 33,322 34,590
-------------- -------------- -------------- -------------- --------------
Net Interest Income (FTE) 53,791 51,033 56,461 54,195 53,451
Loan Loss Provision 2,212 4,046 1,823 1,675 2,227
Non-Interest Income:
Inv. Securities Transactions (1,305) 705 (4,368) (289) (304)
Trust Revenue 2,200 1,922 2,303 2,115 2,274
Service Charges on Deposits 8,722 7,196 8,299 7,833 7,155
Income from Mortgage Banking Operations 11,341 7,481 11,203 7,148 6,450
Other Non-Interest Revenue 585 304 1,292 463 362
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Total Non-Interest Income 21,543 17,608 18,729 17,270 15,937
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Non-Interest Expense:
Staff Expense 21,632 15,530 21,595 19,158 17,614
Occupancy & Equipment 3,733 2,608 3,252 3,421 2,639
Other Expenses 12,538 11,059 12,903 11,667 10,826
Amortization of Intangibles 249 902 562 249 585
OREO Expense 264 157 231 168 165
FDIC Expense 158 158 154 166 201
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Total Non-Interest Expense 38,574 30,414 38,697 34,829 32,030
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Pre-Tax Earnings (FTE) 34,548 34,181 34,670 34,961 35,131
Tax Equivalent Adjustment 2,670 2,954 2,725 2,779 2,803
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Reported Pre-Tax Earnings 31,878 31,227 31,945 32,182 32,328
Taxes 9,325 10,152 9,592 9,976 10,507
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Net Income $22,553 $21,075 $22,353 $22,206 $21,821
============== ============== ============== ============== ==============
MEMO: Effective Tax Rate 29.25% 32.51% 30.03% 31.00% 32.50%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Year-to-Date
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December December December December
2002 2001 2000 1999
-------------- -------------- -------------- --------------
Interest & Loan Fees Income $339,478 $360,610 $377,847 $354,665
Tax Equivalent Adjustment 10,975 11,638 11,093 8,273
-------------- -------------- -------------- --------------
Interest & Fees Income (FTE) 350,453 372,248 388,940 362,938
Interest Expense 132,557 175,507 197,766 174,402
-------------- -------------- -------------- --------------
Net Interest Income (FTE) 217,896 196,741 191,174 188,536
Loan Loss Provision 7,937 12,833 15,745 8,800
Non-Interest Income:
Inv. Securities Transactions (6,266) (518) (13,864) 677
Trust Revenue 8,892 8,213 7,053 6,020
Service Charges on Deposits 32,009 26,624 22,402 19,863
Income/(loss) from Mortgage Banking Operations 36,142 26,518 16,340 22,392
Other Non-Interest Revenue 2,702 1,368 1,855 2,126
-------------- -------------- -------------- --------------
Total Non-Interest Income 73,479 62,205 33,786 51,078
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Non-Interest Expense:
Staff Expense 79,999 61,109 53,174 60,111
Occupancy & Equipment 13,045 10,514 11,787 12,206
Other Expenses 47,934 39,219 41,106 40,693
Amortization of Intangibles 1,645 3,288 3,266 3,279
OREO Expense 828 653 216 508
FDIC Expense 679 962 873 722
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Total Non-Interest Expense 144,130 115,745 110,422 117,519
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Pre-Tax Earnings (FTE) 139,308 130,368 98,793 113,295
Tax Equivalent Adjustment 10,975 11,638 11,093 8,273
-------------- -------------- -------------- --------------
Reported Pre-Tax Earnings 128,333 118,730 87,700 105,022
Taxes 39,400 38,739 28,724 34,774
-------------- -------------- -------------- --------------
Net Income $88,933 $79,991 $58,976 $70,248
============== ============== ============== ==============
MEMO: Effective Tax Rate 30.70% 32.63% 32.75% 33.11%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
December 31 December 31
2002 2001
Q-T-D Q-T-D December 31 December 31 December 31
Average Average 2002 2001 2000
----------- ----------- ----------- ----------- -----------
Cash & Cash Equivalents $ 145,773 $ 126,502 $ 175,363 $ 157,394 $ 144,810
Securities Available for Sale 1,078,187 1,212,454 1,022,314 1,149,073 865,266
Held to Maturity Securities 267,874 280,476 263,176 281,636 380,068
----------- ----------- ----------- ----------- -----------
Total Securities 1,346,061 1,492,930 1,285,490 1,430,709 1,245,334
----------- ----------- ----------- ----------- -----------
Total Cash and Securities 1,491,834 1,619,432 1,460,853 1,588,103 1,390,144
----------- ----------- ----------- ----------- -----------
Loans held for sale 553,334 338,377 582,718 368,625 203,831
Commercial Loans 1,923,856 1,697,468 1,885,275 1,849,208 1,527,008
Mortgage Loans 1,272,380 1,206,077 1,335,606 1,313,891 1,359,044
Consumer Loans 358,688 311,399 352,280 339,235 306,442
----------- ----------- ----------- ----------- -----------
Loans & Leases, net of unearned income 3,554,924 3,214,944 3,573,161 3,502,334 3,192,494
Reserve for loan & Lease Losses (47,359) (43,818) (47,387) (47,408) (40,532)
Goodwill 90,631 45,393 90,416 80,848 35,102
Other Intangibles 6,130 4,675 5,869 7,750 4,122
----------- ----------- ----------- ----------- -----------
Total Intangibles 96,761 50,068 96,285 88,598 39,224
Real Estate Owned 4,327 5,555 4,267 2,763 2,109
Other Assets 114,342 103,807 122,122 128,760 117,277
----------- ----------- ----------- ----------- -----------
Total Assets $ 5,768,163 $ 5,288,365 $ 5,792,019 $ 5,631,775 $ 4,904,547
=========== =========== =========== =========== ===========
MEMO: Earning Assets $ 5,422,822 $ 5,010,886 $ 5,454,471 $ 5,301,211 $ 4,643,668
=========== =========== =========== =========== ===========
Interest-bearing Deposits $ 3,186,069 $ 2,959,481 $ 3,161,620 $ 3,134,008 $ 2,852,034
Noninterest-bearing Deposits 647,289 537,600 739,228 653,785 539,415
----------- ----------- ----------- ----------- -----------
Total Deposits 3,833,358 3,497,081 3,900,848 3,787,793 3,391,449
Short-term Borrowings 606,887 531,878 573,549 527,128 333,716
Long-term Borrowings 693,878 698,492 708,573 745,255 706,512
----------- ----------- ----------- ----------- -----------
Total Borrowings 1,300,765 1,230,370 1,282,122 1,272,383 1,040,228
Other Liabilities 88,015 79,270 67,510 65,070 42,000
----------- ----------- ----------- ----------- -----------
Total Liabilities 5,222,138 4,806,721 5,250,480 5,125,246 4,473,677
----------- ----------- ----------- ----------- -----------
Common Equity 546,025 481,644 541,539 506,529 430,870
----------- ----------- ----------- ----------- -----------
Total Shareholders' Equity 546,025 481,644 541,539 506,529 430,870
----------- ----------- ----------- ----------- -----------
Total Liabilities & Equity $ 5,768,163 $ 5,288,365 $ 5,792,019 $ 5,631,775 $ 4,904,547
=========== =========== =========== =========== ===========
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
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December December September June March
Quarterly Share Data: 2002 2001 2002 2002 2002
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Earnings Per Share:
Basic $ 0.53 $ 0.51 $ 0.53 $ 0.52 $ 0.51
Diluted $ 0.53 $ 0.49 $ 0.52 $ 0.51 $ 0.50
Common Dividend Declared Per Share $ 0.25 $ 0.23 $ 0.24 $ 0.23 $ 0.23
High Common Stock Price $ 31.50 $ 29.50 $ 31.65 $ 32.25 $ 29.97
Low Common Stock Price $ 26.09 $ 26.25 $ 24.88 $ 27.18 $ 27.56
Average Shares Outstanding: (Net of Treasury Stock):
Basic 42,155,892 41,559,161 42,419,925 42,691,886 42,899,060
Diluted 42,669,955 42,217,513 43,103,509 43,391,049 43,548,650
Memorandum Items:
Tax Applicable to Security Transactions ($457) $ 247 ($1,529) ($101) ($106)
Common Dividends $ 10,526 $ 9,892 $ 10,192 $ 9,801 $ 9,869
Year-to-Date
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December December December December
YTD Share Data: 2002 2001 2000 1999
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Earnings Per Share:
Basic $ 2.09 $ 1.93 $ 1.41 $ 1.63
Diluted $ 2.06 $ 1.90 $ 1.40 $ 1.61
Common Dividend Declared Per Share $ 0.95 $ 0.91 $ 0.84 $ 0.82
Average Shares Outstanding: (Net of Treasury Stock):
Basic 42,537,980 41,497,304 41,958,956 43,100,977
Diluted 43,113,347 42,064,919 42,260,270 43,722,081
Memorandum Items:
Tax Applicable to Security Transactions ($2,193) ($181) ($4,852) $ 237
Common Dividends $ 40,388 $ 38,096 $ 35,285 $ 35,367
EOP Employees (full-time equivalent) 1,460 1,361 1,288 1,387
December December September June March
EOP Share Data: 2002 2001 2002 2002 2002
------------ ------------ ------------ ------------ ------------
Book Value Per Share $ 12.88 $ 11.80 $ 12.72 $ 12.53 $ 11.81
Tangible Book Value Per Share $ 10.59 $ 9.73 $ 10.40 $ 10.21 $ 9.74
52-week High Common Stock Price $ 32.25 $ 29.50 $ 32.25 $ 32.25 $ 29.97
Date 05/06/02 12/31/01 05/06/02 05/06/02 03/28/02
52-week Low Common Stock Price $ 24.88 $ 19.44 $ 24.88 $ 23.20 $ 21.55
Date 07/24/02 03/22/01 07/24/02 09/21/01 04/17/01
EOP Shares Outstanding (Net of Treasury Stock): 42,031,968 42,926,511 42,277,711 42,560,428 42,812,217
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
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December December September June March
2002 2001 2002 2002 2002
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Selected Yields and Net Interest Margin:
Loans 6.61% 7.55% 6.89% 7.14% 7.27%
Investment Securities 5.35% 6.10% 6.23% 6.09% 6.23%
Money Market Investments/FFS 2.63% 1.88% 1.72% 1.27% 1.78%
Average Earning Assets Yield 6.30% 7.12% 6.71% 6.81% 6.89%
Interest-bearing Deposits 2.28% 3.29% 2.42% 2.60% 2.81%
Short-term Borrowings 1.81% 2.39% 2.02% 2.02% 2.03%
Long-term Borrowings 6.23% 6.12% 6.19% 6.19% 6.12%
Average Liability Costs 2.83% 3.65% 2.96% 3.11% 3.25%
Net Interest Spread 3.47% 3.47% 3.75% 3.71% 3.64%
Net Interest Margin 3.96% 4.07% 4.26% 4.22% 4.16%
Selected Financial Ratios:
Return on Average Common Equity 16.39% 17.36% 16.37% 17.02% 17.19%
Return on Average Assets 1.55% 1.58% 1.58% 1.62% 1.61%
Efficiency Ratio 49.66% 43.21% 47.64% 47.96% 44.88%
Year-to-Date
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December December December December
2002 2001 2000 1999
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Selected Yields and Net Interest Margin:
Loans 6.97% 8.27% 8.98% 8.55%
Investment Securities 6.00% 6.68% 6.86% 6.66%
Money Market Investments/FFS 1.77% 4.31% 6.74% 6.22%
Average Earning Assets Yield 6.68% 7.80% 8.34% 7.93%
Interest-bearing Deposits 2.52% 4.04% 4.53% 4.24%
Short-term Borrowings 1.96% 3.46% 5.37% 4.66%
Long-term Borrowings 6.18% 6.28% 6.11% 5.30%
Average Liability Costs 3.03% 4.37% 4.95% 4.46%
Net Interest Spread 3.65% 3.43% 3.40% 3.47%
Net Interest Margin 4.15% 4.12% 4.11% 4.12%
Selected Financial Ratios:
Return on Average Common Equity 16.73% 17.51% 14.41% 16.73%
Return on Average Assets 1.59% 1.59% 1.19% 1.44%
Loan / Deposit Ratio 91.60% 92.46% 100.14% 97.21%
Loan Loss Reserve / Loans, net of unearned income 1.33% 1.35% 1.27% 1.25%
Nonaccrual Loans / Loans, net of unearned income 0.19% 0.23% 0.26% 0.39%
90-Day Past Due Loans/ Loans, net of unearned income 0.24% 0.27% 0.15% 0.27%
Non-performing Loans/ Loans, net of unearned income 0.43% 0.50% 0.40% 0.66%
Non-performing Assets/ Total Assets 0.34% 0.54% 0.30% 0.48%
Primary Capital Ratio 10.09% 9.75% 9.53% 8.53%
Shareholders' Equity Ratio 9.35% 8.99% 8.79% 7.81%
Price / Book Ratio 2.26x 2.45x 2.33x 2.82x
Price / Earnings Ratio 14.09x 15.18x 15.23x 14.86x
Efficiency Ratio 47.59% 43.09% 44.78% 49.16%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
December December September June March
Asset Quality Data: 2002 2001 2002 2002 2002
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EOP Non-Accrual Loans $ 6,890 $ 8,068 $ 6,090 $ 7,384 $ 7,824
EOP 90-Day Past Due Loans 8,461 9,522 6,835 7,604 6,540
-------- -------- --------- ------- -------
Total EOP Non-performing Loans $ 15,351 $ 17,590 $ 12,925 $14,988 $14,364
EOP Non-performing Securities 10,000 10,000 $10,000
EOP Other Real Estate & Assets Owned 4,267 2,763 4,368 4,116 4,099
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Total EOP Non-performing Assets $ 19,618 $ 30,353 $ 17,293 $29,104 $28,463
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Three Months Ended Year to Date
------------------ --------------------------------
December December December December December
2002 2001 2002 2001 2000
-------- -------- --------- --------- ---------
Charge-off Analysis:
Gross Charge-offs ($ 2,499) ($ 4,092) ($ 9,499) ($12,359) ($15,845)
Recoveries 302 229 1,541 1,730 1,033
-------- -------- --------- --------- ---------
Net Charge-offs ($ 2,197) ($ 3,863) ($ 7,958) ($10,629) ($14,812)
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