EXHIBIT 99.2 UNITED BANKSHARES, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In Thousands Except for Per Share Data) Three Months Ended Nine Months Ended ----------------------------------------------------------------------- September 30 September 30 September 30 September 30 2000 1999 2000 1999 ----------------------------------------------------------------------- EARNINGS SUMMARY: Interest income, taxable equivalent $ 98,158 $ 93,751 $ 290,879 $ 268,911 Interest expense 51,165 45,822 146,339 127,770 Net interest income, taxable equivalent 46,993 47,929 144,540 141,141 Taxable equivalent adjustment 2,860 2,940 8,250 5,574 Net interest income 44,133 44,989 136,290 135,567 Provision for loan losses 4,439 2,255 10,837 4,780 Income (loss) from mortgage banking operations 5,014 5,706 12,556 16,219 Gain (loss) on security transactions 324 (70) 1,147 1 Other noninterest income 7,986 7,207 22,886 19,715 Noninterest expenses 25,463 29,377 80,712 87,268 Income taxes 8,994 8,500 26,658 26,797 Net income 18,561 17,700 54,672 52,657 Cash dividends paid 8,812 9,028 26,503 26,403 PER COMMON SHARE: Net income: Basic 0.44 0.41 1.30 1.22 Diluted 0.44 0.41 1.29 1.20 Diluted - cash basis 0.45 0.42 1.33 1.24 Cash dividends paid 0.21 0.21 0.63 0.61 Book value 10.08 9.43 Closing market price 19.625 24.313 Common shares outstanding: Actual, net of treasury shares 41,825,392 42,831,660 Average basic 41,842,460 43,124,385 42,020,696 43,239,869 Average diluted 42,147,989 43,708,483 42,337,568 43,817,913 FINANCIAL RATIOS: Return on average assets 1.50% 1.40% 1.48% 1.46% Return on average shareholders' equity 18.01% 17.49% 18.08% 16.68% Average equity to average assets 8.31% 8.01% 8.16% 8.78% Net interest margin 4.04% 3.99% 4.13% 4.16% September 30 September 30 December 31 June 30 2000 1999 1999 2000 ----------------------------------------------------------------------- PERIOD END BALANCES: Assets 4,950,442 5,081,915 5,069,160 4,991,051 Earning assets 4,717,326 4,812,774 4,789,191 4,740,443 Loans, net of unearned income 3,203,538 2,963,033 3,170,096 3,221,646 Loans held for sale 158,468 117,610 117,825 153,701 Investment securities 1,352,630 1,719,026 1,472,553 1,353,317 Total deposits 3,313,137 3,376,927 3,260,985 3,270,925 Shareholders' equity 421,622 403,956 395,930 402,135 UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Statements of Income Three Months Ended Nine Months Ended ------------------------------------------------------- -------------------------- September September June March September September 2000 1999 2000 2000 2000 1999 ---------- ---------- ---------- ---------- ---------- ---------- Interest & Loan Fees Income $95,298 $90,811 $94,063 $93,268 $282,629 $263,337 Tax Equivalent Adjustment 2,860 2,940 2,514 2,875 8,250 5,574 ------- ------- ------- ------- -------- -------- Interest & Fees Income (FTE) 98,158 93,751 96,577 96,143 290,879 268,911 Interest Expense 51,165 45,822 48,632 46,542 146,339 127,770 ------- ------- ------- ------- -------- -------- Net Interest Income (FTE) 46,993 47,929 47,945 49,601 144,540 141,141 Loan Loss Provision 4,439 2,255 3,851 2,547 10,837 4,780 Non-Interest Income: Inv. Securities Transactions 324 (70) 505 318 1,147 1 Trust Revenue 1,749 1,392 1,753 1,692 5,194 3,984 Service Charges on Deposits 5,661 5,365 5,634 5,093 16,388 14,522 Non-recurring Income/(loss) from Mortgage Banking 5,014 5,706 4,159 3,383 12,556 16,219 Operations Gain/(loss) on Sale of Assets 0 0 0 Other Non-Interest Revenue 576 450 413 315 1,304 1,209 ------- ------- ------- ------- -------- -------- Total Non-Interest Income 13,324 12,843 12,464 10,801 36,589 35,935 ------- ------- ------- ------- -------- -------- Non-Interest Expense: Staff Expense 12,127 14,878 13,610 13,739 39,476 44,932 Occupancy & Equipment 2,861 3,104 2,870 3,161 8,892 9,257 Other Expenses 9,622 10,264 9,450 10,151 29,223 29,723 Non-recurring Amortization of Intangibles 819 810 819 820 2,458 2,460 OREO Expense (172) 150 191 97 116 345 FDIC Expense 206 171 166 175 547 551 ------- ------- ------- ------- -------- -------- Total Non-Interest Expense 25,463 29,377 27,106 28,143 80,712 87,268 ------- ------- ------- ------- -------- -------- Pre-Tax Earnings (FTE) 30,415 29,140 29,452 29,712 89,580 85,028 Tax Equivalent Adjustment 2,860 2,940 2,514 2,875 8,250 5,574 ------- ------- ------- ------- -------- -------- Reported Pre-Tax Earnings 27,555 26,200 26,938 26,837 81,330 79,454 Taxes 8,994 8,500 8,815 8,849 26,658 26,797 ------- ------- ------- ------- -------- -------- Net Income before Extra Items 18,561 17,700 18,123 17,988 54,672 52,657 Extraordinary Items (Net of Tax) ------- ------- ------- ------- -------- -------- Net Income $18,561 $17,700 $18,123 $17,988 $ 54,672 $ 52,657 ======= ======= ======= ======= ======== ======== MEMO: Effective Tax Rate 32.64% 32.44% 32.72% 32.97% 32.78% 33.73% UNITED BANKSHARES, INC. AND SUBSIDAIRIES Consolidated Balance Sheets September 30 September 30 2000 1999 September 30 December 31 September 30 Q-T-D Average Q-T-D Average 2000 1999 1999 ------------- ------------- ------------ ----------- ------------ Cash & Cash Equivalents $ 119,225 $ 115,453 $ 106,887 $ 159,808 $ 135,637 Trading Account Securities Securities Available for Sale 958,583 1,443,419 967,554 1,207,363 1,445,351 Held to Maturity Securities 388,343 273,309 385,076 265,190 273,675 Other Securities ---------- ---------- ---------- ---------- ---------- Total Securities 1,346,926 1,716,728 1,352,630 1,472,553 1,719,026 ---------- ---------- ---------- ---------- ---------- Total Cash and Securities 1,466,151 1,832,181 1,459,517 1,632,361 1,854,663 ---------- ---------- ---------- ---------- ---------- Loans held for sale 156,408 115,503 158,468 117,825 117,610 Commercial Loans 1,483,121 1,395,434 1,502,658 1,446,633 1,420,895 Mortgage Loans 1,356,533 1,176,426 1,374,402 1,370,904 1,197,891 Consumer Loans 322,233 338,078 326,478 352,559 344,247 ---------- ---------- ---------- ---------- ---------- Loans & Leases, net of unearned income 3,318,295 3,025,441 3,362,006 3,287,921 3,080,643 Reserve for loan & Lease Losses (39,358) (40,433) (39,432) (39,599) (39,704) Goodwill 36,163 36,841 35,754 37,467 38,214 Mortgage Servicing Rights 4 13 0 13 13 Purchase Credit Card Intangibles Other Intangibles 4,405 4,588 4,299 4,850 5,034 ---------- ---------- ---------- ---------- ---------- Total Intangibles 40,572 41,442 40,053 42,331 43,261 Real Estate Owned 1,691 3,580 1,516 3,764 3,271 Other Assets 145,520 147,883 126,782 142,383 139,781 ---------- ---------- ---------- ---------- ---------- Total Assets $4,932,871 $5,010,094 $4,950,442 $5,069,160 $5,081,915 ========== ========== ========== ========== ========== MEMO: Earning Assets $4,656,217 $4,711,097 $4,717,326 $4,789,191 $4,812,774 ========== ========== ========== ========== ========== Interest-bearing Deposits $2,755,411 $2,878,331 $2,799,057 $2,780,218 $2,875,127 Noninterest-bearing Deposits 472,398 465,750 514,080 480,767 501,800 Foreign Deposits ---------- ---------- ---------- ---------- ---------- Total Deposits 3,227,809 3,344,081 3,313,137 3,260,985 3,376,927 Short-term Borrowings 408,705 438,637 422,315 398,247 441,629 Intermediate & Long-term Borrowings 828,107 759,047 748,310 953,347 801,851 ---------- ---------- ---------- ---------- ---------- Total Borrowings 1,236,812 1,197,684 1,170,625 1,351,594 1,243,480 Other Liabilities 58,295 66,791 45,058 60,651 57,552 Minority Interest ---------- ---------- ---------- ---------- ---------- Total Liabilities 4,522,916 4,608,556 4,528,820 4,673,230 4,677,959 ---------- ---------- ---------- ---------- ---------- Common Equity 409,955 401,538 421,622 395,930 403,956 ---------- ---------- ---------- ---------- ---------- Total Shareholders' Equity 409,955 401,538 421,622 395,930 403,956 ---------- ---------- ---------- ---------- ---------- Total Liabilities & Equity $4,932,871 $5,010,094 $4,950,442 $5,069,160 $5,081,915 ========== ========== ========== ========== ========== UNITED BANKSHARES, INC. AND SUBSIDAIRIES Three Months Ended Year to Date -------------------------------------------------- --------------------- September September June March September September Share Data: 2000 1999 2000 2000 2000 1999 --------- --------- ------ ----- --------- --------- Earnings Per Share: Net Income before Extraordinary Items: Basic $ 0.44 $ 0.41 $ 0.43 $ 0.43 $ 1.30 $1.22 Diluted $ 0.44 $ 0.41 $ 0.43 $ 0.42 $ 1.29 $1.20 Diluted - Cash Basis $ 0.45 $ 0.42 $ 0.44 $ 0.44 $ 1.33 $1.24 Net Income after Extraordinary Items: Basic $ 0.44 $ 0.41 $ 0.43 $ 0.43 $ 1.30 $1.22 Diluted $ 0.44 $ 0.41 $ 0.43 $ 0.42 $ 1.29 $1.20 Diluted - Cash Basis $ 0.45 $ 0.42 $ 0.44 $ 0.44 $ 1.33 $1.24 Common Dividend Declared Per Share $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.63 $0.61 High Common Stock Price $20.88 $27.25 $22.38 $24.44 Low Common Stock Price $18.38 $25.06 $16.38 $17.00 Book Value Per Share $10.08 $ 9.43 $ 9.60 $ 9.37 Tangible Book Value Per Share $ 9.12 $ 8.42 $ 8.62 $ 8.38 52-week High Common Stock Price $26.25 $29.88 $27.25 $27.38 Date 11/04/99 12/02/98 07/09/99 04/22/99 52-week Low Common Stock Price $16.38 $20.75 $16.38 $17.00 Date 06/27/00 10/08/98 06/27/00 03/08/00 EOP Shares Outstanding (Net of Treasury Stock): 41,910,723 42,018,879 41,825,392 42,831,660 Average Shares Outstanding: (Net of Treasury Stock): Basic 41,842,460 43,124,385 41,931,050 42,272,860 42,020,696 43,239,869 Diluted 42,147,989 43,708,483 42,264,141 42,657,425 42,337,568 43,817,913 UNITED BANKSHARES, INC. AND SUBSIDAIRIES Three Months Ended Year to Date -------------------------------------------------- --------------------- September September June March September September Memorandum Items: 2000 1999 2000 2000 2000 1999 --------- --------- ------ ----- --------- --------- Tax Applicable to Security Transactions $ 113 $(25) $ 177 $ 111 $ 401 $ 0 Common Dividends $8,812 $9,028 $8,812 $8,879 $26,503 $26,403 EOP Employees (full-time equivalent) 1,306 1,395 Selected Yields and Net Interest Margin: Loans 8.94% 8.36% 8.85% 8.75% 8.85% 8.35% Investment Securities 6.85% 7.00% 6.84% 6.84% 6.84% 6.83% Money Market Investments/FFS 7.37% 6.37% 4.50% 6.46% 6.73% 6.16% Average Earning Assets Yield 8.41% 7.93% 8.32% 8.22% 8.32% 7.92% Interest-bearing Deposits 4.65% 4.17% 4.41% 4.22% 4.43% 4.27% Short-term Borrowings 5.63% 4.80% 5.34% 4.85% 5.31% 4.54% Long-term Borrowings 6.31% 5.35% 6.11% 5.70% 6.03% 5.23% Average Liability Costs 5.10% 4.46% 4.87% 4.62% 4.86% 4.44% Net Interest Spread 3.31% 3.47% 3.45% 3.60% 3.46% 3.48% Net Interest Margin 4.04% 3.99% 4.13% 4.23% 4.13% 4.16% Selected Financial Ratios: Return on Average Common Equity 18.01% 17.49% 18.19% 18.05% 18.08% 16.68% Return on Average Assets 1.50% 1.40% 1.47% 1.45% 1.48% 1.46% Loan/Deposit Ratio 101.48% 91.23% Loan Loss Reserve/Net Loans 1.19% 1.31% Nonaccrual/Net Loans 0.30% 0.36% OREO/Net Loans 0.05% 0.11% Non-performing/Net Loans 0.55% 0.80% Delinquency Ratio 0.50% 0.69% Primary Capital Ratio 9.24% 8.66% Shareholders' Equity Ratio 8.52% 7.95% Price/Book Ratio 2.33% 3.15% Price/Earnings Ratio 11.38% 10.94% Efficiency Ratio 41.36% 46.71% 43.56% 45.31% 43.41% 47.70% UNITED BANKSHARES, INC. AND SUBSIDAIRIES September September December June March Credit Quality Data: 2000 1999 1999 2000 2000 -------- --------- -------- ------ ------ EOP Non-Accrual Loans $10,062 $11,059 $ 12,327 $11,156 $13,110 EOP 90-Day Past Due Loans 6,666 9,872 8,415 5,955 7,951 ------- ------- -------- ------- ------- Total EOP Non-performing Loans $16,728 $20,931 $ 20,742 $17,111 $21,061 EOP Other Real Estate & Assets Owned 1,516 3,271 3,764 2,754 3,764 ------- ------- -------- ------- ------- Total EOP Non-performing Assets $18,244 $24,202 $ 24,506 $19,865 $24,825 ======= ======= ======== ======= ======= Three Months Ended Year to Date ----------------------- ------------------------- September September September September 2000 1999 2000 1999 -------- --------- --------- --------- Charge-off Analysis: Gross Charge-offs $(4,544) $(3,032) $(11,792) $(4,943) Recoveries 212 10 787 678 ------- ------- -------- ------- Net Charge-offs $(4,332) $(3,022) $(11,005) $(4,265) ======= ======= ======== =======