EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Per Share Data)
Three Months Ended Year Ended
----------------------------- ----------------------------
December 31 December 31 December 31 December 31
2000 1999 2000 1999
----------------------------- ----------------------------
EARNINGS SUMMARY:
Interest income, taxable equivalent $ 98,061 $ 94,026 $ 388,940 $ 362,938
Interest expense 51,427 46,632 197,766 174,402
Net interest income, taxable equivalent 46,634 47,394 191,174 188,536
Taxable equivalent adjustment 2,843 2,698 11,903 8,273
Net interest income 43,791 44,696 180,081 180,263
Provision for loan losses 4,908 4,020 15,745 8,800
Income (loss) from mortgage banking operations 3,784 6,173 16,340 22,392
Gain (loss) on security transactions (15,011) 676 (13,864) 677
Other noninterest income 8,424 8,294 31,310 28,009
Noninterest expenses 29,710 30,251 110,422 117,519
Income taxes 2,066 7,977 28,724 34,774
Net income 4,304 17,591 58,976 70,248
Cash dividends paid 8,872 8,964 35,285 35,367
PER COMMON SHARE:
Reported net income:
Basic 0.11 0.41 1.41 1.63
Diluted 0.11 0.41 1.40 1.61
Diluted - cash basis 0.12 0.42 1.45 1.66
Operating Earnings (A):
Basic 0.43 0.41 1.73 1.63
Diluted 0.43 0.41 1.72 1.61
Diluted - cash basis 0.44 0.42 1.77 1.66
Cash dividends paid 0.21 0.21 0.84 0.82
Book value 10.32 9.32
Closing market price 21.25 23.88
Common shares outstanding:
Actual, net of treasury shares 41,765,271 42,487,108
Average basic 41,775,776 42,674,398 41,958,956 43,100,977
Average diluted 42,072,051 43,281,643 42,260,270 43,722,081
FINANCIAL RATIOS:
Reported net income:
Return on average assets 0.35% 1.38% 1.19% 1.45%
Return on average shareholders' equity 4.03% 16.89% 14.41% 16.73%
Average equity to average assets 8.69% 8.19% 8.29% 8.63%
Net interest margin 4.03% 3.93% 4.11% 4.10%
Operating Earnings (A):
Return on average assets 1.45% 1.38% 1.47% 1.45%
Return on average shareholders' equity 16.50% 16.89% 17.66% 16.73%
December 31 December 31
2000 1999
----------- -----------
PERIOD END BALANCES:
Assets 4,904,547 5,069,160
Earning assets 4,643,668 4,789,191
Loans, net of unearned income 3,192,494 3,170,096
Loans held for sale 203,831 117,825
Investment securities 1,245,334 1,472,553
Total deposits 3,391,449 3,260,985
Shareholders' equity 430,870 395,930
(A) Reported results, as adjusted, excluding the impact of restructuring and
other one-time charges net of related income taxes.
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
-------------------------------------------------------------
December December September June March
2000 1999 2000 2000 2000
-------------------------------------------------------------
Interest & Loan Fees Income $ 95,218 $91,328 $95,298 $94,063 $93,268
Tax Equivalent Adjustment 2,843 2,698 2,860 2,514 2,875
---------- --------- --------- --------- ---------
Interest & Fees Income (FTE) 98,061 94,026 98,158 96,577 96,143
Interest Expense 51,427 46,632 51,165 48,632 46,542
---------- --------- --------- --------- ---------
Net Interest Income (FTE) 46,634 47,394 46,993 47,945 49,601
Loan Loss Provision 4,908 4,020 4,439 3,851 2,547
Non-Interest Income:
Inv. Securities Transactions (15,011) 676 324 505 318
Trust Revenue 1,859 2,036 1,749 1,753 1,692
Service Charges on Deposits 6,014 5,341 5,661 5,634 5,093
Income/(loss) from Mortgage Banking Operations 3,784 6,173 5,014 4,159 3,383
Gain/(loss) on Sale of Assets 0 0 0 0
Other Non-Interest Revenue 551 917 576 413 315
---------- --------- --------- --------- ---------
Total Non-Interest Income (2,803) 15,143 13,324 12,464 10,801
---------- --------- --------- --------- ---------
Non-Interest Expense:
Staff Expense 13,698 15,179 12,127 13,610 13,739
Occupancy & Equipment 2,895 2,949 2,861 2,870 3,161
Other Expenses 11,883 10,970 9,622 9,450 10,151
Amortization of Intangibles 808 819 819 819 820
OREO Expense 100 163 (172) 191 97
FDIC Expense 326 171 206 166 175
---------- --------- --------- --------- ---------
Total Non-Interest Expense 29,710 30,251 25,463 27,106 28,143
---------- --------- --------- --------- ---------
Pre-Tax Earnings (FTE) 9,213 27,279 30,415 29,452 29,712
Tax Equivalent Adjustment 2,843 1,711 2,860 2,514 2,875
---------- --------- --------- --------- ---------
Reported Pre-Tax Earnings 6,370 25,568 27,555 26,938 26,837
Taxes 2,066 7,977 8,994 8,815 8,849
---------- --------- --------- --------- ---------
Net Income before Extra Items 4,304 17,591 18,561 18,123 17,988
Extraordinary Items (Net of Tax)
---------- --------- --------- --------- ---------
Net Income $ 4,304 $17,591 $18,561 $18,123 $17,988
========== ========= ========= ========= =========
MEMO: Effective Tax Rate 32.43% 31.20% 32.64% 32.72% 32.97%
UNITED BANKSHARES, INC. AND SUBSIDAIRIES
Consolidated Statements of Income
Year-to-Date
--------------------------------------------------
December December December December
2000 1999 1998 1997
----------- ----------- ----------- -----------
Interest & Loan Fees Income $377,847 $354,665 $325,647 $280,452
Tax Equivalent Adjustment 11,093 8,273 3,823 3,213
----------- ----------- ----------- -----------
Interest & Fees Income (FTE) 388,940 362,938 329,470 283,665
Interest Expense 197,766 174,402 155,354 131,122
----------- ----------- ----------- -----------
Net Interest Income (FTE) 191,174 188,536 174,116 152,543
Loan Loss Provision 15,745 8,800 12,156 3,280
Non-Interest Income:
Inv. Securities Transactions (13,864) 677 2,766 85
Trust Revenue 7,053 6,020 4,581 3,569
Service Charges on Deposits 22,402 19,863 19,024 16,961
Income/(loss) from Mortgage Banking Operations 16,340 22,392 14,211 15,095
Gain/(loss) on Sale of Assets
Other Non-Interest Revenue 1,855 2,126 1,170 1,358
----------- ----------- ----------- -----------
Total Non-Interest Income 33,786 51,078 41,752 37,068
----------- ----------- ----------- -----------
Non-Interest Expense:
Staff Expense 53,174 60,111 69,550 52,272
Occupancy & Equipment 11,787 12,206 12,733 11,099
Other Expenses 41,106 40,693 50,352 36,713
Amortization of Intangibles 3,266 3,279 4,395 3,063
OREO Expense 216 508 358 339
FDIC Expense 873 722 576 366
----------- ----------- ----------- -----------
Total Non-Interest Expense 110,422 117,519 137,964 103,852
----------- ----------- ----------- -----------
Pre-Tax Earnings (FTE) 98,793 112,308 65,748 82,479
Tax Equivalent Adjustment 11,093 7,286 3,823 3,213
----------- ----------- ----------- -----------
Reported Pre-Tax Earnings 87,700 105,022 61,925 79,266
Taxes 28,724 34,774 17,523 27,005
----------- ----------- ----------- -----------
Net Income before Extra Items 58,976 70,248 44,402 52,261
Extraordinary Items (Net of Tax)
----------- ----------- ----------- -----------
Net Income $58,976 $70,248 $44,402 $52,261
=========== =========== =========== ===========
MEMO: Effective Tax Rate 32.75% 33.11% 28.30% 34.07%
UNITED BANKSHARES, INC. AND SUBSIDAIRIES
Consolidated Balance Sheets
December 31 December 31
2000 1999 December 31 December 31 December 31
Q-T-D Average Q-T-D Average 2000 1999 1998
--------------- ------------- ------------- ------------- -------------
Cash & Cash Equivalents $137,838 $150,240 $144,810 $159,808 $141,298
Trading Account Securities
Securities Available for Sale 923,354 1,232,443 865,266 1,207,363 565,165
Held to Maturity Securities 383,085 270,699 380,068 265,190 362,151
Other Securities
--------------- ------------- ------------- ------------- -------------
Total Securities 1,306,439 1,503,142 1,245,334 1,472,553 927,316
--------------- ------------- ------------- ------------- -------------
Total Cash and Securities 1,444,277 1,653,382 1,390,144 1,632,361 1,068,614
--------------- ------------- ------------- ------------- -------------
Loans held for sale 200,457 116,670 203,831 117,825 720,607
Commercial Loans 1,501,735 1,432,458 1,527,008 1,446,633 1,270,619
Mortgage Loans 1,336,550 1,357,471 1,359,044 1,370,904 1,071,166
Consumer Loans 301,370 349,105 306,442 352,559 310,606
--------------- ------------- ------------- ------------- -------------
Loans & Leases, net of unearned income 3,340,112 3,255,704 3,396,325 3,287,921 3,372,998
Reserve for loan & Lease Losses (39,456) (39,759) (40,532) (39,599) (39,189)
Goodwill 35,488 36,163 35,102 37,467 40,472
Mortgage Servicing Rights 4 13 14
Purchase Credit Card Intangibles
Other Intangibles 4,223 4,405 4,122 4,850 5,591
--------------- ------------- ------------- ------------- -------------
Total Intangibles 39,711 40,572 39,224 42,331 46,077
Real Estate Owned 1,859 3,538 2,109 3,764 3,850
Other Assets 109,403 133,137 117,277 142,383 115,549
--------------- ------------- ------------- ------------- -------------
Total Assets $4,895,906 $5,046,574 $4,904,547 $5,069,160 $4,567,899
=============== ============= ============= ============= =============
MEMO: Earning Assets $4,630,959 $4,729,273 $4,643,668 $4,789,191 $4,317,021
=============== ============= ============= ============= =============
Interest-bearing Deposits $2,820,864 $2,826,704 $2,852,034 $2,780,218 $2,950,071
Noninterest-bearing Deposits 480,125 472,165 539,415 480,767 542,987
Foreign Deposits
--------------- ------------- ------------- ------------- -------------
Total Deposits 3,300,989 3,298,869 3,391,449 3,260,985 3,493,058
Short-term Borrowings 373,880 428,485 333,716 398,247 249,039
Intermediate & Long-term Borrowings 739,343 844,406 706,512 953,347 345,867
--------------- ------------- ------------- ------------- -------------
Total Borrowings 1,113,223 1,272,891 1,040,228 1,351,594 594,906
Other Liabilities 56,452 61,589 42,000 60,651 58,404
Minority Interest
--------------- ------------- ------------- ------------- -------------
Total Liabilities 4,470,664 4,633,349 4,473,677 4,673,230 4,146,368
--------------- ------------- ------------- ------------- -------------
Common Equity 425,242 413,225 430,870 395,930 421,531
--------------- ------------- ------------- ------------- -------------
Total Shareholders' Equity 425,242 413,225 430,870 395,930 421,531
--------------- ------------- ------------- ------------- -------------
Total Liabilities & Equity $4,895,906 $5,046,574 $4,904,547 $5,069,160 $4,567,899
=============== ============= ============= ============= =============
UNITED BANKSHARES, INC. AND SUBSIDAIRIES
Three Months Ended
--------------------------------------------------------------------------
December December September June March
Share Data: 2000 1999 2000 2000 2000
----------- ----------- ----------- ----------- -------------
Earnings Per Share:
Net Income before Extraordinary Items:
Basic $ 0.11 $ 0.41 $ 0.44 $ 0.43 $ 0.43
Diluted $ 0.11 $ 0.41 $ 0.44 $ 0.43 $ 0.42
Diluted - Cash Basis $ 0.12 $ 0.42 $ 0.45 $ 0.44 $ 0.44
Net Income after Extraordinary Items:
Basic $ 0.11 $ 0.41 $ 0.44 $ 0.43 $ 0.43
Diluted $ 0.11 $ 0.41 $ 0.44 $ 0.43 $ 0.42
Diluted - Cash Basis $ 0.12 $ 0.42 $ 0.45 $ 0.44 $ 0.44
Common Dividend Declared Per Share $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21
High Common Stock Price $ 22.13 $ 26.25 $ 20.88 $ 22.38 $ 24.44
Low Common Stock Price $ 17.25 $ 22.63 $ 18.38 $ 16.38 $ 17.00
Book Value Per Share $ 10.32 $ 9.32 $ 10.08 $ 9.60 $ 9.37
Tangible Book Value Per Share $ 9.38 $ 8.32 $ 9.12 $ 8.62 $ 8.38
52-week High Common Stock Price $ 24.44 $ 27.69 $ 26.25 $ 27.25 $ 27.38
Date 01/03/00 03/08/99 11/04/99 07/09/99 04/22/99
52-week Low Common Stock Price $ 16.38 $ 22.63 $ 16.38 $ 16.38 $ 17.00
Date 06/27/00 12/271999 06/27/00 06/27/00 03/08/00
EOP Shares Outstanding (Net of Treasury Stock): 41,765,271 42,487,108 41,825,392 41,910,723 42,018,879
Average Shares Outstanding: (Net of Treasury Stock):
Basic 41,775,776 42,674,398 41,842,460 41,931,050 42,272,860
Diluted 42,072,051 43,281,643 42,147,989 42,264,141 42,657,425
Memorandum Items:
Tax Applicable to Security Transactions ($5,254) $ 237 $ 113 $ 177 $ 111
Common Dividends $ 8,782 $ 8,964 $ 8,812 $ 8,812 $ 8,879
UNITED BANKSHARES, INC. AND SUBSIDAIRIES
Year-to-Date
----------------------------------------------------------------
December December December December
Share Data: 2000 1999 1998 1997
----------------------------------------------------------------
Earnings Per Share:
Net Income before Extraordinary Items:
Basic $ 1.41 $ 1.63 $ 1.04 $ 1.24
Diluted $ 1.40 $ 1.61 $ 1.02 $ 1.22
Diluted - Cash Basis $ 1.45 $ 1.66 $ 1.08 $ 1.24
Net Income after Extraordinary Items:
Basic $ 1.41 $ 1.63 $ 1.04 $ 1.24
Diluted $ 1.40 $ 1.61 $ 1.02 $ 1.22
Diluted - Cash Basis $ 1.45 $ 1.66 $ 1.08 $ 1.24
Common Dividend Declared Per Share $ 0.84 $ 0.82 $ 0.75 $ 0.68
EOP Shares Outstanding (Net of Treasury Stock): 41,765,271 42,487,108 43,256,477 42,474,084
Average Shares Outstanding: (Net of Treasury Stock):
Basic 41,958,956 43,100,977 42,757,638 42,032,566
Diluted 42,260,270 43,722,081 43,461,222 42,768,461
Memorandum Items:
Tax Applicable to Security Transactions ($4,852) $ 237 $ 968 $ 30
Common Dividends $ 35,285 $ 35,367 $ 28,317 $ 20,344
EOP Employees (full-time equivalent) 1,288 1,387 1,154 1,294
Three Months Ended
----------------------------------------------------------------------------
December December September June March
2000 1999 2000 2000 2000
------------ ------------ ------------ ------------ ------------
Selected Yields and Net Interest Margin:
Loans 9.05% 8.76% 8.94% 8.85% 8.75%
Investment Securities 6.92% 6.15% 6.85% 6.84% 6.84%
Money Market Investments/FFS 6.79% 6.35% 7.37% 6.73% 6.46%
Average Earning Assets Yield 8.45% 7.92% 8.41% 8.32% 8.22%
Interest-bearing Deposits 4.84% 4.17% 4.65% 4.43% 4.22%
Short-term Borrowings 5.55% 4.95% 5.63% 5.31% 4.85%
Long-term Borrowings 6.40% 5.45% 6.31% 6.03% 5.70%
Average Liability Costs 5.20% 4.51% 5.10% 4.86% 4.62%
Net Interest Spread 3.25% 3.41% 3.31% 3.46% 3.60%
Net Interest Margin 4.03% 4.01% 4.04% 4.13% 4.23%
Selected Financial Ratios:
Return on Average Common Equity 4.03% 16.89% 18.01% 18.19% 18.05%
Return on Average Assets 0.35% 1.38% 1.50% 1.47% 1.45%
Efficiency Ratio 48.95% 48.08% 41.36% 43.56% 45.31%
UNITED BANKSHARES, INC. AND SUBSIDAIRIES
Year-to-Date
------------------------------------------------------
December December December December
2000 1999 1998 1997
------------ ------------ ------------ ------------
Selected Yields and Net Interest Margin:
Loans 8.98% 8.55% 8.85% 8.80%
Investment Securities 6.86% 6.66% 6.45% 6.67%
Money Market Investments/FFS 6.74% 6.22% 5.21% 5.20%
Average Earning Assets Yield 8.34% 7.93% 8.26% 8.19%
Interest-bearing Deposits 4.53% 4.24% 4.62% 4.49%
Short-term Borrowings 5.37% 4.66% 4.69% 4.56%
Long-term Borrowings 6.11% 5.30% 5.53% 5.83%
Average Liability Costs 4.95% 4.46% 4.70% 4.56%
Net Interest Spread 3.40% 3.47% 3.56% 3.62%
Net Interest Margin 4.11% 4.12% 4.37% 4.40%
Selected Financial Ratios:
Return on Average Common Equity 14.41% 16.73% 10.77% 13.92%
Return on Average Assets 1.19% 1.44% 1.05% 1.42%
Loan / Deposit Ratio 100.14% 97.21% 75.93% 87.49%
Loan Loss Reserve / Net Loans 1.29% 1.26% 1.50% 1.16%
Nonaccrual / Net Loans 0.24% 0.39% 0.35% 0.21%
OREO / Net Loans 0.06% 0.12% 0.15% 0.09%
Non-performing / Net Loans 0.45% 0.66% 0.86% 0.77%
Delinquency Ratio 0.38% 0.93% 0.71% 0.68%
Primary Capital Ratio 9.53% 8.53% 10.00% 10.37%
Shareholders' Equity Ratio 8.79% 7.81% 9.23% 9.67%
Price / Book Ratio 2.33% 2.82% 2.72% 2.56%
Price / Earnings Ratio 15.23% 14.86% 25.94% 19.57%
Efficiency Ratio 44.78% 49.16% 62.82% 53.89%
December December September June March
Credit Quality Data: 2000 1999 2000 2000 2000
------------ ------------ ------------ ------------ ------------
EOP Non-Accrual Loans $ 8,131 $ 12,327 $ 10,062 $ 11,156 $ 13,110
EOP 90-Day Past Due Loans 4,717 8,415 6,666 5,955 7,951
------------ ------------ ------------ ------------ ------------
Total EOP Non-performing Loans $ 12,848 $ 20,742 $ 16,728 $ 17,111 $ 21,061
EOP Other Real Estate & Assets Owned 2,109 3,764 2,109 2,754 3,764
------------ ------------ ------------ ------------ ------------
Total EOP Non-performing Assets $ 14,957 $ 24,506 $ 18,837 $ 19,865 $ 24,825
============ ============ ============ ============ ============
Three Months Ended Year to Date
------------------------- ------------------------------------
December December December December December
2000 1999 2000 1999 1998
------------ ----------- ----------- ----------- ----------
Charge-off Analysis:
Gross Charge-offs ($4,054) ($4,293) ($15,845) ($9,236) ($6,270)
Recoveries 246 168 1,033 846 1,367
------------ ----------- ----------- ----------- ----------
Net Charge-offs ($3,808) ($4,125) ($14,812) ($8,390) ($4,903)
============ =========== =========== =========== ==========