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 Nine Months Ended
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September September June March September September
2001 2000 2001 2001 2001 2000
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Interest & Loan Fees Income $90,296 $95,298 $91,696 $91,997 $273,989 $282,629
Tax Equivalent Adjustment 2,919 2,860 2,897 2,868 8,685 8,250
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Interest & Fees Income (FTE) 93,215 98,158 94,593 94,865 282,674 290,879
Interest Expense 43,721 51,165 45,467 47,777 136,965 146,339
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Net Interest Income (FTE) 49,494 46,993 49,126 47,088 145,709 144,540
Loan Loss Provision 4,145 4,439 2,143 2,499 8,787 10,837
Non-Interest Income:
Inv. Securities Transactions (647) 324 (718) 142 (1,223) 1,147
Trust Revenue 2,082 1,749 2,194 2,015 6,291 5,194
Service Charges on Deposits 6,764 5,661 6,647 6,017 19,428 16,388
Income from Mortgage Banking Operations 7,343 5,014 6,469 5,225 19,037 12,556
Other Non-Interest Revenue 214 576 304 546 1,064 1,304
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Total Non-Interest Income 15,756 13,324 14,896 13,945 44,597 36,589
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Non-Interest Expense:
Staff Expense 15,650 12,127 15,446 14,483 45,579 39,476
Occupancy & Equipment 2,565 2,861 2,683 2,658 7,906 8,892
Other Expenses 9,525 9,622 10,013 8,622 28,160 29,223
Amortization of Intangibles 797 819 797 792 2,386 2,458
OREO Expense (Recovery) 186 (172) 191 119 496 116
FDIC Expense 159 206 323 322 804 547
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Total Non-Interest Expense 28,882 25,463 29,453 26,996 85,331 80,712
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Pre-Tax Earnings (FTE) 32,223 30,415 32,426 31,538 96,188 89,580
Tax Equivalent Adjustment 2,919 2,860 2,897 2,868 8,685 8,250
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Reported Pre-Tax Earnings 29,304 27,555 29,529 28,670 87,503 81,330
Taxes 9,524 8,994 9,745 9,318 28,587 26,658
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Net Income before Extra Items 19,780 18,561 19,784 19,352 58,916 54,672
Extraordinary Items (Net of Tax)
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Net Income $19,780 $18,561 $19,784 $19,352 $ 58,916 $ 54,672
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MEMO: Effective Tax Rate 32.50% 32.64% 33.00% 32.50% 32.67% 32.78%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
September 30 September 30
2001 2000 September 30 December 31 September 30
Q-T-D Average Q-T-D Average 2001 2000 2000
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Cash & Cash Equivalents $ 127,324 $ 119,225 $ 112,678 $ 144,810 $ 106,887
Securities Available for Sale 1,152,393 958,583 1,189,026 865,266 967,554
Held to Maturity Securities 284,257 388,343 283,673 380,068 385,076
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Total Securities 1,436,650 1,346,926 1,472,699 1,245,334 1,352,630
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Total Cash and Securities 1,563,974 1,466,151 1,585,377 1,390,144 1,459,517
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Loans held for sale 243,859 156,408 250,672 203,831 158,468
Commercial Loans 1,535,271 1,483,121 1,578,165 1,527,008 1,502,658
Mortgage Loans 1,276,683 1,356,533 1,312,352 1,359,044 1,374,402
Consumer Loans 317,080 322,233 325,939 306,442 326,478
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Loans & Leases, net of unearned income 3,129,034 3,161,887 3,216,456 3,192,494 3,203,538
Reserve for loan & Lease Losses (41,242) (39,358) (42,553) (40,532) (39,432)
Goodwill 33,514 36,163 33,132 35,102 35,754
Mortgage Servicing Rights 0 4 0 0
Other Intangibles 3,695 4,405 3,593 4,122 4,299
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Total Intangibles 37,209 40,572 36,725 39,224 40,053
Real Estate Owned 2,462 1,691 2,622 2,109 1,516
Other Assets 126,837 145,520 116,591 117,277 126,782
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Total Assets $5,062,133 $4,932,871 $5,165,890 $4,904,547 $4,950,442
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MEMO: Earning Assets $4,785,560 $4,656,217 $4,945,559 $4,643,668 $4,717,326
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Interest-bearing Deposits $2,911,041 $2,755,411 $ 585,318 $2,852,034 $2,799,057
Noninterest-bearing Deposits 494,209 472,398 2,898,826 539,415 514,080
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Total Deposits 3,405,250 3,227,809 3,484,144 3,391,449 3,313,137
Short-term Borrowings 426,878 408,705 462,556 333,716 422,315
Intermediate & Long-term Borrowings 703,754 828,107 705,278 706,512 748,310
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Total Borrowings 1,130,632 1,236,812 1,167,834 1,040,228 1,170,625
Other Liabilities 72,873 58,295 51,409 42,000 45,058
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Total Liabilities 4,608,755 4,522,916 4,703,387 4,473,677 4,528,820
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Common Equity 453,378 409,955 462,503 430,870 421,622
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Total Shareholders' Equity 453,378 409,955 462,503 430,870 421,622
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Total Liabilities & Equity $5,062,133 $4,932,871 $5,165,890 $4,904,547 $4,950,442
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Share and Per Share Data)
Three Months Ended Year to Date
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September September June March September September
Share Data: 2001 2000 2001 2001 2001 2000
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Earnings Per Share:
Net Income before Extraordinary Items:
Basic $ 0.48 $ 0.44 $ 0.48 $ 0.46 $ 1.42 $ 1.30
Diluted $ 0.48 $ 0.44 $ 0.47 $ 0.46 $ 1.41 $ 1.29
Diluted - Cash Basis $ 0.49 $ 0.45 $ 0.49 $ 0.47 $ 1.45 $ 1.33
Net Income after Extraordinary Items:
Basic $ 0.48 $ 0.44 $ 0.48 $ 0.46 $ 1.42 $ 1.30
Diluted $ 0.48 $ 0.44 $ 0.47 $ 0.46 $ 1.41 $ 1.29
Diluted - Cash Basis $ 0.49 $ 0.45 $ 0.49 $ 0.47 $ 1.45 $ 1.33
Common Dividend Declared Per Share $ 0.23 $ 0.21 $ 0.23 $ 0.22 $ 0.68 $ 0.63
High Common Stock Price $ 28.33 $ 20.88 $ 27.00 $ 23.25
Low Common Stock Price $ 23.20 $ 18.38 $ 21.55 $ 19.44
Book Value Per Share $ 11.23 $ 10.08 $ 9.60 $ 9.37
Tangible Book Value Per Share $ 10.34 $ 9.12 $ 8.62 $ 8.38
52-week High Common Stock Price $ 28.33 $ 26.25 $ 27.00 $ 23.25
Date 08/23/01 11/04/99 06/29/01 03/01/01
52-week Low Common Stock Price $ 17.25 $ 16.38 $ 17.25 $ 16.38
Date 10/18/00 06/27/00 10/18/00 06/27/00
EOP Shares Outstanding (Net of Treasury Stock): 41,308,168 41,587,229 41,179,287 41,825,392
Average Shares Outstanding: (Net of Treasury Stock):
Basic 41,264,394 41,842,460 41,466,564 41,703,350 41,476,627 42,020,696
Diluted 41,623,037 42,147,989 41,823,411 42,020,236 41,760,428 42,337,568
Memorandum Items:
Tax (Benefit) Applicable to Security
Transactions ($226) $ 113 ($251) $ 50 ($428) $ 401
Common Dividends Declared $ 9,500 $ 8,812 $ 9,530 $ 9,175 $ 28,205 $ 26,503
EOP Employees (full-time equivalent) 1,271 1,277 1,276 1,306
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended Year to Date
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September September June March September September
Selected Yields and Net Interest Margin: 2001 2000 2001 2001 2001 2000
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Loans 8.16% 8.94% 8.51% 8.87% 8.53% 8.85%
Investment Securities 6.71% 6.85% 6.98% 7.03% 6.90% 6.84%
Money Market Investments/FFS 3.21% 7.37% 4.79% 6.19% 4.69% 6.72%
Average Earning Assets Yield 7.76% 8.41% 8.05% 8.33% 8.06% 8.32%
Interest-bearing Deposits 3.94% 4.65% 4.28% 4.69% 4.30% 4.43%
Short-term Borrowings 3.37% 5.63% 3.92% 4.84% 3.97% 5.31%
Long-term Borrowings 6.28% 6.31% 6.32% 6.38% 6.33% 6.03%
Average Liability Costs 4.29% 5.10% 4.61% 5.00% 4.63% 4.86%
Net Interest Spread 3.47% 3.31% 3.45% 3.33% 3.43% 3.46%
Net Interest Margin 4.14% 4.04% 4.18% 4.10% 4.14% 4.13%
Selected Financial Ratios:
Return on Average Common Equity 17.31% 18.01% 17.54% 17.87% 17.57% 18.08%
Return on Average Assets 1.55% 1.50% 1.60% 1.62% 1.59% 1.48%
Loan / Deposit Ratio 99.51% 101.48%
Loan Loss Reserve / Loans, net of unearned income 1.32% 1.23%
Nonaccrual Loans / Loans, net of unearned income 0.26% 0.31%
90-Day Past Due Loans/ Loans, net of unearned income 0.21% 0.21%
Non-performing Loans/ Loans, net of unearned income 0.47% 0.52%
Non-performing Assets/ Total Assets 0.34% 0.34%
Primary Capital Ratio 9.70% 9.24%
Shareholders' Equity Ratio 8.95% 8.52%
Price / Book Ratio 2.96% 2.15%
Price / Earnings Ratio 14.31% 11.38%
Efficiency Ratio 42.34% 41.36% 43.97% 42.84% 43.05% 43.41%
September September December June March
Credit Quality Data: 2001 2000 2000 2001 2001
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EOP Non-Accrual Loans $ 8,386 $10,062 $ 8,131 $ 6,062 $ 7,588
EOP 90-Day Past Due Loans 6,759 6,666 4,717 5,143 4,698
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Total EOP Non-performing Loans $15,145 $16,728 $12,848 $11,205 $12,286
EOP Other Real Estate & Assets Owned 2,622 1,516 2,109 2,260 2,395
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Total EOP Non-performing Assets $17,767 $18,244 $14,957 $13,465 $14,681
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Three Months Ended Year to Date
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September September June September September
2001 2000 2001 2001 2000
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Charge-off Analysis:
Gross Charge-offs ($3,105) ($4,544) ($2,490) ($8,267) ($11,792)
Recoveries 316 212 353 1,501 787
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Net Charge-offs ($2,789) ($4,332) ($2,137) ($6,766) ($11,005)
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