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 SIX MONTHS ENDED
------------------------------------- ------------------------
JUNE JUNE MARCH JUNE JUNE
2004 2003 2004 2004 2003
------- ------- ------- -------- --------
INTEREST & LOAN FEES INCOME $70,960 $65,656 $71,151 $142,111 $137,367
Tax Equivalent Adjustment 3,287 2,456 2,515 5,802 5,022
------- ------- ------- -------- --------
Interest & Fees Income (FTE) 74,247 68,112 73,666 147,913 142,389
Interest Expense 21,715 22,627 21,400 43,115 51,066
------- ------- ------- -------- --------
Net Interest Income (FTE) 52,532 45,485 52,266 104,798 91,323
LOAN LOSS PROVISION 539 2,296 1,357 1,896 3,751
NON-INTEREST INCOME:
Inv. Securities Transactions 106 931 714 820 1,797
Fees from trust & brokerage services 2,663 2,462 2,570 5,233 4,737
Fees from deposit services 7,774 7,215 7,397 15,171 13,892
Other charges, commissions, and fees 1,282 1,076 1,086 2,368 2,049
Income from Mortgage Banking Operations 242 723 168 410 1,495
Other Non-Interest Revenue 1,634 1,188 1,628 3,262 1,549
------- ------- ------- -------- --------
Total Non-Interest Income 13,701 13,595 13,563 27,264 25,519
------- ------- ------- -------- --------
NON-INTEREST EXPENSE:
Staff Expense 14,562 13,468 14,111 28,673 26,310
Occupancy & Equipment 3,033 2,840 3,213 6,246 5,728
Other Expenses 10,868 10,634 11,307 22,175 20,818
Amortization of Intangibles 683 424 750 1,433 858
OREO Expense 165 (8) 84 249 240
FDIC Expense 162 279 159 321 568
------- ------- ------- -------- --------
Total Non-Interest Expense 29,473 27,637 29,624 59,097 54,522
------- ------- ------- -------- --------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (FTE) 36,221 29,147 34,848 71,069 58,569
Tax Equivalent Adjustment 3,287 2,456 2,515 5,802 5,022
------- ------- ------- -------- --------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 32,934 26,691 32,333 65,267 53,547
Taxes 10,477 8,114 9,726 20,203 16,271
------- ------- ------- -------- --------
INCOME FROM CONTINUING OPERATIONS 22,457 18,577 22,607 45,064 37,276
INCOME FROM DISCONTINUED OPERATIONS
BEFORE INCOME TAXES 2,445 5,889 1,243 3,688 11,236
Taxes 688 1,661 346 1,034 3,164
------- ------- ------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS 1,757 4,228 897 2,654 8,072
------- ------- ------- -------- --------
NET INCOME $24,214 $22,805 $23,504 $ 47,718 $ 45,348
======= ======= ======= ======== ========
MEMO: EFFECTIVE TAX RATE 31.56% 30.00% 30.00% 30.80% 30.00%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
CHARLESTON, WV
STOCK SYMBOL: UBSI
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
STATEMENTS OF INCOME FOR DISCONTINUED OPERATIONS
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------------------- -----------------------
JUNE JUNE MARCH JUNE JUNE
2004 2003 2004 2004 2003
------ ------- ------ ------- -------
INTEREST & LOAN FEES INCOME $3,927 $ 8,605 $2,923 $ 6,850 $14,118
Interest Expense 971 3,940 572 1,543 5,096
------ ------- ------ ------- -------
Net Interest Income 2,956 4,665 2,351 5,307 9,022
NON-INTEREST INCOME:
Charges, commissions, and fees 351 653 214 565 1,124
Income from Mortgage Banking Operations 8,899 13,544 6,280 15,179 24,744
------ ------- ------ ------- -------
Total Non-Interest Income 9,250 14,197 6,494 15,744 25,868
------ ------- ------ ------- -------
NON-INTEREST EXPENSE:
Staff Expense 7,749 10,721 5,825 13,574 19,510
Occupancy & Equipment 496 424 489 985 852
Other Expenses 1,516 1,828 1,288 2,804 3,292
------ ------- ------ ------- -------
Total Non-Interest Expense 9,761 12,973 7,602 17,363 23,654
------ ------- ------ ------- -------
INCOME FROM DISCONTINUED OPERATIONS
BEFORE INCOME TAXES 2,445 5,889 1,243 3,688 11,236
Taxes 688 1,661 346 1,034 3,164
------ ------- ------ ------- -------
INCOME FROM DISCONTINUED OPERATIONS $1,757 $ 4,228 $ 897 $ 2,654 $ 8,072
====== ======= ====== ======= =======
UNITED BANKSHARES, INC. AND SUBSIDIARIES
CHARLESTON, WV
STOCK SYMBOL: UBSI
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
CONSOLIDATED BALANCE SHEETS
JUNE 30 JUNE 30
2004 2003 JUNE 30 DECEMBER 31 JUNE 30
Q-T-D AVERAGE Q-T-D AVERAGE 2004 2003 2003
------------- ------------- ---------- ------------ ----------
Cash & Cash Equivalents $ 188,333 $ 181,817 $ 223,606 $ 254,941 $ 176,815
Securities Available for Sale 1,220,937 1,059,398 1,172,897 1,266,635 1,055,532
Held to Maturity Securities 235,630 260,481 234,208 243,975 258,272
---------- ---------- ---------- ---------- ----------
Total Securities 1,456,567 1,319,879 1,407,105 1,510,610 1,313,804
---------- ---------- ---------- ---------- ----------
Total Cash and Securities 1,644,900 1,501,696 1,630,711 1,765,551 1,490,619
---------- ---------- ---------- ---------- ----------
Loans held for sale 206,026 437,935 217,971 181,186 548,767
Commercial Loans 2,314,437 1,830,901 2,324,328 2,249,176 1,851,345
Mortgage Loans 1,522,013 1,306,109 1,577,247 1,453,131 1,306,502
Consumer Loans 405,579 348,942 415,410 393,712 357,460
---------- ---------- ---------- ---------- ----------
Loans, net of unearned income 4,242,029 3,485,952 4,316,985 4,096,019 3,515,307
Allowance for Loan Losses (50,592) (46,591) (50,502) (50,432) (46,844)
Goodwill 167,587 89,600 167,283 169,655 89,596
Other Intangibles 8,477 5,252 8,112 9,546 5,012
---------- ---------- ---------- ---------- ----------
Total Intangibles 176,064 94,852 175,395 179,201 94,608
Real Estate Owned 3,783 4,176 3,599 3,203 3,834
Other Assets 211,865 124,848 228,643 204,271 146,715
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $6,434,075 $5,602,868 $6,522,802 $6,378,999 $5,753,006
========== ========== ========== ========== ==========
MEMO: EARNING ASSETS $5,893,706 $5,245,649 $6,009,731 $5,825,527 $5,392,191
========== ========== ========== ========== ==========
Interest-bearing Deposits $3,291,816 $3,056,808 $3,393,672 $3,244,860 $2,992,378
Noninterest-bearing Deposits 882,023 727,948 961,766 937,512 859,589
---------- ---------- ---------- ---------- ----------
Total Deposits 4,173,839 3,784,756 4,355,438 4,182,372 3,851,967
Short-term Borrowings 717,184 502,444 650,397 661,942 534,470
Long-term Borrowings 862,126 715,815 836,397 858,174 757,938
---------- ---------- ---------- ---------- ----------
Total Borrowings 1,579,310 1,218,259 1,486,794 1,520,116 1,292,408
Other Liabilities 47,684 51,001 68,469 61,320 61,537
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES 5,800,833 5,054,016 5,910,701 5,763,808 5,205,912
Common Equity 633,242 548,852 612,101 615,191 547,094
---------- ---------- ---------- ---------- ----------
TOTAL SHAREHOLDERS' EQUITY 633,242 548,852 612,101 615,191 547,094
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES & EQUITY $6,434,075 $5,602,868 $6,522,802 $6,378,999 $5,753,006
========== ========== ========== ========== ==========
UNITED BANKSHARES, INC. AND SUBSIDIARIES
CHARLESTON, WV
STOCK SYMBOL: UBSI
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
---------------------------------------- -------------------------
JUNE JUNE MARCH JUNE JUNE
QUARTERLY/YEAR-TO-DATE SHARE DATA: 2004 2003 2004 2004 2003
---------- ---------- ---------- ---------- ----------
EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
Basic $0.52 $0.45 $0.52 $1.03 $0.90
Diluted $0.51 $0.44 $0.51 $1.02 $0.88
EARNINGS PER SHARE FROM DISCONTINUED OPERATIONS:
Basic $0.04 $0.10 $0.02 $0.06 $0.19
Diluted $0.04 $0.10 $0.02 $0.06 $0.19
EARNINGS PER SHARE:
Basic $0.56 $0.55 $0.54 $1.09 $1.09
Diluted $0.55 $0.54 $0.53 $1.08 $1.07
COMMON DIVIDEND DECLARED PER SHARE $0.25 $0.25 $0.25 $0.50 $0.50
High Common Stock Price $33.67 $30.93 $31.60 $33.67 $30.93
Low Common Stock Price $29.15 $27.40 $29.36 $29.15 $26.58
AVERAGE SHARES OUTSTANDING: (NET OF TREASURY STOCK):
Basic 43,511,510 41,597,646 43,680,837 43,595,898 41,752,969
Diluted 44,005,011 42,067,728 44,258,584 44,131,285 42,220,476
MEMORANDUM ITEMS:
Tax Applicable to Security Transactions $37 $326 $250 $287 $629
Common Dividends $10,867 $10,372 $10,916 $21,783 $20,798
JUNE JUNE MARCH
EOP SHARE DATA: 2004 2003 2004
---------- ---------- ----------
Book Value Per Share $14.09 $13.20 $14.34
Tangible Book Value Per Share $10.06 $10.91 $10.30
52-week High Common Stock Price $33.67 $31.65 $31.61
Date 06/24/04 08/20/02 09/08/03
52-week Low Common Stock Price $28.37 $24.88 $27.40
Date 07/01/03 07/24/02 04/01/03
EOP SHARES OUTSTANDING (NET OF TREASURY STOCK): 43,430,523 41,461,389 43,627,204
MEMORANDUM ITEMS:
EOP Employees (full-time equivalent) 1,577 1,509 1,549
UNITED BANKSHARES, INC. AND SUBSIDIARIES
CHARLESTON, WV
STOCK SYMBOL: UBSI
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
-------------------------------------- ---------------------
JUNE JUNE MARCH JUNE JUNE
2004 2003 2004 2004 2003
----- ----- ----- ----- -----
SELECTED YIELDS AND NET INTEREST MARGIN:
Loans 5.61% 6.26% 5.75% 5.68% 6.33%
Investment Securities 4.58% 4.85% 4.50% 4.55% 5.11%
Money Market Investments/FFS 1.12% 1.78% 2.81% 1.48% 1.32%
Average Earning Assets Yield 5.32% 5.86% 5.42% 5.37% 5.93%
Interest-bearing Deposits 1.38% 1.77% 1.37% 1.37% 1.95%
Short-term Borrowings 0.93% 1.67% 0.97% 0.95% 1.68%
Long-term Borrowings 4.54% 6.15% 4.47% 4.51% 6.17%
Average Liability Costs 1.87% 2.49% 1.87% 1.87% 2.61%
Net Interest Spread 3.45% 3.37% 3.55% 3.50% 3.32%
Net Interest Margin 3.77% 3.83% 3.86% 3.82% 3.79%
SELECTED FINANCIAL RATIOS:
Return on Average Common Equity 15.38% 16.67% 15.19% 15.28% 16.67%
Return on Average Assets 1.51% 1.63% 1.52% 1.51% 1.62%
Efficiency Ratio 49.00% 52.19% 49.20% 49.10% 51.41%
JUNE JUNE MARCH
2004 2003 2004
------ ------ -------
Loan / Deposit Ratio 99.12% 91.26% 101.31%
Loan Loss Reserve / Loans, net of unearned income 1.17% 1.33% 1.20%
Nonaccrual Loans / Loans, net of unearned income 0.16% 0.22% 0.16%
90-Day Past Due Loans/ Loans, net of unearned income 0.23% 0.17% 0.22%
Non-performing Loans/ Loans, net of unearned income 0.39% 0.38% 0.38%
Non-performing Assets/ Total Assets 0.31% 0.30% 0.30%
Primary Capital Ratio 10.08% 10.24% 10.43%
Shareholders' Equity Ratio 9.38% 9.51% 9.73%
Price / Book Ratio 2.31x 2.17x 2.13x
Price / Earnings Ratio 15.03x 13.33x 14.36x
UNITED BANKSHARES, INC. AND SUBSIDIARIES
CHARLESTON, WV
STOCK SYMBOL: UBSI
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
JUNE JUNE DECEMBER MARCH
CREDIT QUALITY DATA: 2004 2003 2003 2004
------- ------- -------- -------
EOP Non-Accrual Loans $ 6,966 $ 7,595 $ 7,523 $ 6,555
EOP 90-Day Past Due Loans 9,843 5,817 11,052 9,167
------- ------- ------- -------
Total EOP Non-performing Loans $16,809 $13,412 $18,575 $15,722
EOP Other Real Estate & Assets Owned 3,599 3,834 3,203 3,312
------- ------- ------- -------
Total EOP Non-performing Assets $20,408 $17,246 $21,778 $19,034
======= ======= ======= =======
THREE MONTHS ENDED SIX MONTHS ENDED
-------------------------------------- -----------------------
JUNE JUNE MARCH JUNE JUNE
2004 2003 2004 2004 2003
------- ------- ------- ------- -------
CHARGE-OFF ANALYSIS:
Gross Charge-offs $(1,076) $(2,737) $(1,762) $(2,838) $(4,993)
Recoveries 565 300 447 1,012 699
------- ------- ------- ------- -------
Net Charge-offs $ (511) $(2,437) $(1,315) $(1,826) $(4,294)
======= ======= ======= ======= =======