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
2001 2000 2001 2001 2001
-------- -------- -------- --------- ----------
Interest & Loan Fees Income $ 86,621 $ 95,218 $ 90,296 $ 91,696 $ 91,997
Tax Equivalent Adjustment 2,954 2,843 2,919 2,897 2,868
-------- -------- -------- --------- ----------
Interest & Fees Income (FTE) 89,575 98,061 93,215 94,593 94,865
Interest Expense 38,542 51,427 43,721 45,467 47,777
-------- -------- -------- --------- ----------
Net Interest Income (FTE) 51,033 46,634 49,494 49,126 47,088
Loan Loss Provision 4,046 4,908 4,145 2,143 2,499
Non-Interest Income:
Inv. Securities Transactions 705 (15,011) (647) (718) 142
Trust Revenue 1,922 1,859 2,082 2,194 2,015
Service Charges on Deposits 7,196 6,014 6,764 6,647 6,017
Income from Mortgage Banking Operations 7,481 3,784 7,343 6,469 5,225
Other Non-Interest Revenue 304 551 214 304 546
-------- -------- -------- --------- ----------
Total Non-Interest Income 17,608 (2,803) 15,756 14,896 13,945
-------- -------- -------- --------- ----------
Non-Interest Expense:
Staff Expense 15,530 13,698 15,650 15,446 14,483
Occupancy & Equipment 2,608 2,895 2,565 2,683 2,658
Other Expenses 11,059 11,883 9,525 10,013 8,622
Amortization of Intangibles 902 808 797 797 792
OREO Expense 157 100 186 191 119
FDIC Expense 158 326 159 323 322
-------- -------- -------- --------- ----------
Total Non-Interest Expense 30,414 29,710 28,882 29,453 26,996
-------- -------- -------- --------- ----------
Pre-Tax Earnings (FTE) 34,181 9,213 32,223 32,426 31,538
Tax Equivalent Adjustment 2,954 2,843 2,919 2,897 2,868
-------- -------- -------- --------- ----------
Reported Pre-Tax Earnings 31,227 6,370 29,304 29,529 28,670
Taxes 10,152 2,066 9,524 9,745 9,318
-------- -------- -------- --------- ----------
Net Income $ 21,075 $ 4,304 $ 19,780 $ 19,784 $ 19,352
======== ======== ======== ========= ==========
MEMO: Effective Tax Rate 32.51% 32.43% 32.50% 33.00% 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
------------------------------------------------------------------------------
December December December December
2001 2000 1999 1998
------------------ ------------------ ------------------ ------------
Interest & Loan Fees Income $360,610 $377,847 $354,665 $ 325,647
Tax Equivalent Adjustment 11,638 11,093 8,273 3,823
------------------ ------------------ ------------------ ------------
Interest & Fees Income (FTE) 372,248 388,940 362,938 329,470
Interest Expense 175,507 197,766 174,402 155,354
------------------ ------------------ ------------------ -----------
Net Interest Income (FTE) 196,741 191,174 188,536 174,116
Loan Loss Provision 12,833 15,745 8,800 12,156
Non-Interest Income:
Inv. Securities Transactions (518) (13,864) 677 2,766
Trust Revenue 8,213 7,053 6,020 4,581
Service Charges on Deposits 26,624 22,402 19,863 19,024
Income from Mortgage Banking Operations 26,518 16,340 22,392 14,211
Other Non-Interest Revenue 1,368 1,855 2,126 1,170
------------------ ------------------ ------------------ -----------
Total Non-Interest Income 62,205 33,786 51,078 41,752
------------------ ------------------ ------------------ -----------
Non-Interest Expense:
Staff Expense 61,109 53,174 60,111 69,550
Occupancy & Equipment 10,514 11,787 12,206 12,733
Other Expenses 39,219 41,106 40,693 50,352
Amortization of Intangibles 3,288 3,266 3,279 4,395
OREO Expense 653 216 508 358
FDIC Expense 962 873 722 576
------------------ ------------------ ------------------ -----------
Total Non-Interest Expense 115,745 110,422 117,519 137,964
------------------ ------------------ ------------------ -----------
Pre-Tax Earnings (FTE) 130,368 98,793 112,308 65,748
Tax Equivalent Adjustment 11,638 11,093 7,286 3,823
------------------ ------------------ ------------------ -----------
Reported Pre-Tax Earnings 118,730 87,700 105,022 61,925
Taxes 38,739 28,724 34,774 17,523
------------------ ------------------ ------------------ -----------
Net Income $ 79,991 $ 58,976 $ 70,248 $ 44,402
================== ================== ================== ===========
MEMO: Effective Tax Rate 32.63% 32.75% 33.11% 28.30%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
December 31 December 31
2001 2000
Q-T-D Q-T-D December 31 December 31 December 31
Average Average 2001 2000 1999
------------ ------------ ------------ ----------- ------------
Cash & Cash Equivalents $ 126,502 $ 137,838 $ 157,394 $ 144,810 $ 159,808
Securities Available for Sale 1,212,454 923,354 1,149,073 865,266 1,207,363
Held to Maturity Securities 280,476 383,085 281,636 380,068 265,190
------------ ----------- ------------ ----------- ------------
Total Securities 1,492,930 1,306,439 1,430,709 1,245,334 1,472,553
------------ ----------- ------------ ----------- ------------
Total Cash and Securities 1,619,432 1,444,277 1,588,103 1,390,144 1,632,361
------------ ----------- ------------ ----------- ------------
Loans held for sale 338,377 200,457 368,625 203,831 117,825
Commercial Loans 1,697,468 1,501,735 1,849,208 1,527,008 1,446,633
Mortgage Loans 1,206,077 1,336,550 1,313,891 1,359,044 1,370,904
Consumer Loans 311,399 301,370 339,235 306,442 352,559
------------ ----------- ------------ ----------- ------------
Loans & Leases, net of unearned income 3,214,944 3,139,655 3,502,334 3,192,494 3,170,096
Reserve for loan & Lease Losses (43,818) (39,456) (47,408) (40,532) (39,599)
Goodwill 45,393 35,488 80,848 35,102 37,467
Mortgage Servicing Rights 13
Other Intangibles 4,675 4,223 7,750 4,122 4,850
------------ ----------- ------------ ----------- ------------
Total Intangibles 50,068 39,711 88,598 39,224 42,331
Real Estate Owned 5,555 1,859 2,763 2,109 3,764
Other Assets 103,807 109,403 128,760 117,277 142,383
------------ ----------- ------------ ----------- ------------
Total Assets $ 5,288,365 $ 4,895,906 $ 5,631,775 $ 4,904,547 $ 5,069,160
============ =========== ============ =========== ============
MEMO: Earning Assets $ 5,010,886 $ 4,630,959 $ 5,303,004 $ 4,643,668 $ 4,789,191
============ =========== ============ =========== ============
Interest-bearing Deposits $ 2,959,481 $ 2,820,864 $ 3,134,008 $ 2,852,034 $ 2,780,218
Noninterest-bearing Deposits 537,600 480,125 653,785 539,415 480,767
------------ ----------- ------------ ----------- ------------
Total Deposits 3,497,081 3,300,989 3,787,793 3,391,449 3,260,985
Short-term Borrowings 531,878 373,880 527,128 333,716 398,247
Long-term Borrowings 698,492 739,343 745,255 706,512 953,347
------------ ----------- ------------ ----------- ------------
Total Borrowings 1,230,370 1,113,223 1,272,383 1,040,228 1,351,594
Other Liabilities 79,270 56,452 65,070 42,000 60,651
------------ ----------- ------------ ----------- ------------
Total Liabilities 4,806,721 4,470,664 5,125,246 4,473,677 4,673,230
------------ ----------- ------------ ----------- ------------
Common Equity 481,644 425,242 506,529 430,870 395,930
------------ ----------- ------------ ----------- ------------
Total Shareholders' Equity 481,644 425,242 506,529 430,870 395,930
------------ ----------- ------------ ----------- ------------
Total Liabilities & Shareholders' Equity $ 5,288,365 $ 4,895,906 $ 5,631,775 $ 4,904,547 $ 5,069,160
============ =========== ============ =========== ============
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
----------------------------------------------------------------------------
December December September June March
Share Data: 2001 2000 2001 2001 2001
----------------------------------------------------------------------------
Earnings Per Share:
Net Income before Extraordinary Items:
Basic $ 0.51 $ 0.11 $ 0.48 $ 0.48 $ 0.46
Diluted $ 0.49 $ 0.11 $ 0.48 $ 0.47 $ 0.46
Diluted - Cash Basis (A) $ 0.50 $ 0.12 $ 0.49 $ 0.49 $ 0.47
Net Income after Extraordinary Items:
Basic $ 0.51 $ 0.11 $ 0.48 $ 0.48 $ 0.46
Diluted $ 0.49 $ 0.11 $ 0.48 $ 0.47 $ 0.46
Diluted - Cash Basis (A) $ 0.50 $ 0.12 $ 0.49 $ 0.49 $ 0.47
Common Dividend Declared Per Share $ 0.23 $ 0.21 $ 0.23 $ 0.23 $ 0.22
High Common Stock Price $ 29.50 $ 22.13 $ 28.33 $ 27.00 $ 23.25
Low Common Stock Price $ 26.25 $ 17.25 $ 23.20 $ 21.55 $ 19.44
Book Value Per Share $ 11.80 $ 10.32 $ 11.23 $ 9.60 $ 9.37
Tangible Book Value Per Share $ 9.73 $ 9.38 $ 10.34 $ 8.62 $ 8.38
52-week High Common Stock Price $ 29.50 $ 24.44 $ 28.33 $ 27.00 $ 23.25
Date 12/31/01 01/03/00 08/23/01 06/29/01 03/01/01
52-week Low Common Stock Price $ 19.44 $ 16.38 $ 17.25 $ 17.25 $ 16.38
Date 03/22/01 06/27/00 10/18/00 10/18/00 06/27/00
EOP Shares Outstanding
(Net of Treasury Stock): 42,926,511 41,765,271 41,179,287 41,308,168 41,587,229
Average Shares Outstanding (Net of Treasury Stock):
Basic 41,559,161 41,775,776 41,264,394 41,466,564 41,703,350
Diluted 42,217,513 42,072,051 41,623,037 41,823,411 42,020,236
Memorandum Items:
Tax Applicable to Security Transactions $ 247 ($5,254) ($226) ($251) $ 50
Common Dividends $ 9,892 $ 8,782 $ 9,500 $ 9,530 $ 9,174
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Year-to-Date
----------------------------------------------------------------
December December December December
Share Data: 2001 2000 1999 1998
----------------------------------------------------------------
Earnings Per Share:
Net Income before Extraordinary Items:
Basic $ 1.93 $ 1.41 $ 1.63 $ 1.04
Diluted $ 1.90 $ 1.40 $ 1.61 $ 1.02
Diluted - Cash Basis (A) $ 1.95 $ 1.45 $ 1.66 $ 1.08
Net Income after Extraordinary Items:
Basic $ 1.93 $ 1.41 $ 1.63 $ 1.04
Diluted $ 1.90 $ 1.40 $ 1.61 $ 1.02
Diluted - Cash Basis (A) $ 1.95 $ 1.45 $ 1.66 $ 1.08
Common Dividend Declared Per Share $ 0.91 $ 0.84 $ 0.82 $ 0.75
EOP Shares Outstanding (Net of Treasury Stock): 42,926,511 41,765,271 42,487,108 43,256,477
Average Shares Outstanding: (Net of Treasury Stock)
Basic 41,497,304 41,958,956 43,100,977 42,757,638
Diluted 42,064,919 42,260,270 43,722,081 43,461,222
Memorandum Items:
Tax Applicable to Security Transactions ($181) ($4,852) $ 237 $ 968
Common Dividends $ 38,096 $ 35,285 $ 35,367 $ 28,317
EOP Employees (full-time equivalent) 1,361 1,288 1,387 1,154
Three Months Ended
---------------------------------------------------------------------------
December December September June March
2001 2000 2001 2001 2001
---------------------------------------------------------------------------
Selected Yields and Net Interest Margin:
Loans 7.55% 9.05% 8.16% 8.51% 8.87%
Investment Securities 6.10% 6.92% 6.71% 6.98% 7.03%
Money Market Investments/FFS 1.88% 6.79% 3.21% 4.79% 6.19%
Average Earning Assets Yield 7.12% 8.45% 7.76% 8.05% 8.33%
Interest-bearing Deposits 3.29% 4.84% 3.94% 4.28% 4.69%
Short-term Borrowings 2.39% 5.55% 3.37% 3.92% 4.84%
Long-term Borrowings 6.12% 6.40% 6.28% 6.32% 6.38%
Average Liability Costs 3.65% 5.20% 4.29% 4.61% 5.00%
Net Interest Spread 3.47% 3.25% 3.47% 3.45% 3.33%
Net Interest Margin 4.07% 4.03% 4.14% 4.18% 4.10%
Selected Financial Ratios:
Return on Average Common Equity 17.36% 4.03% 17.31% 17.54% 17.87%
Return on Average Assets 1.58% 0.35% 1.55% 1.60% 1.62%
Efficiency Ratio 43.21% 48.95% 42.34% 43.97% 42.84%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Year-to-Date
------------------------------------------------------
December December December December
2001 2000 1999 1998
------------------------------------------------------
Selected Yields and Net Interest Margin:
Loans 8.27% 8.98% 8.55% 8.85%
Investment Securities 6.68% 6.86% 6.66% 6.45%
Money Market Investments/FFS 4.31% 6.74% 6.22% 5.21%
Average Earning Assets Yield 7.80% 8.34% 7.93% 8.26%
Interest-bearing Deposits 4.04% 4.53% 4.24% 4.62%
Short-term Borrowings 3.46% 5.37% 4.66% 4.69%
Long-term Borrowings 6.28% 6.11% 5.30% 5.53%
Average Liability Costs 4.37% 4.95% 4.46% 4.70%
Net Interest Spread 3.43% 3.40% 3.47% 3.56%
Net Interest Margin 4.12% 4.11% 4.12% 4.37%
Selected Financial Ratios:
Return on Average Common Equity 17.51% 14.41% 16.73% 10.77%
Return on Average Assets 1.59% 1.19% 1.44% 1.05%
Loan / Deposit Ratio 92.46% 100.14% 97.21% 75.93%
Loan Loss Reserve / Loans, net of unearned income 1.35% 1.27% 1.25% 1.48%
Nonaccrual Loans / Loans, net of unearned income 0.23% 0.26% 0.39% 0.34%
90-Day Past Due Loans/ Loans, net of unearned income 0.27% 0.15% 0.27% 0.36%
Non-performing Loans/ Loans, net of unearned income 0.50% 0.40% 0.66% 0.70%
Non-performing Assets/ Total Assets 0.54% 0.30% 0.48% 0.49%
Primary Capital Ratio 9.75% 9.53% 8.53% 10.00%
Shareholders' Equity Ratio 8.99% 8.79% 7.81% 9.23%
Price / Book Ratio 2.45% 2.33% 2.82% 2.72%
Price / Earnings Ratio 15.18% 15.23% 14.86% 25.94%
Efficiency Ratio 43.09% 44.78% 49.16% 62.82%
December December September June March
Asset Quality Data: 2001 2000 2001 2001 2001
-------- -------- --------- --------- --------
EOP Non-Accrual Loans $ 8,068 $ 8,131 $ 8,386 $ 6,062 $ 7,588
EOP 90-Day Past Due Loans 9,522 4,717 6,759 5,143 4,698
-------- -------- --------- --------- --------
Total EOP Non-performing Loans $ 17,590 $ 12,848 $ 15,145 $ 11,205 $ 12,286
EOP Non-performing Securities 10,000 0 0 0 0
EOP Other Real Estate & Assets Owned 2,763 2,109 2,622 2,260 2,395
-------- -------- --------- --------- --------
Total EOP Non-performing Assets $ 30,353 $ 14,957 $ 17,767 $ 13,465 $ 14,681
======== ======== ========= ========= ========
Three Months Ended Year to Date
--------------------- ------------------------------------
December December December December December
2001 2000 2001 2000 1999
-------- -------- --------- --------- --------
Charge-off Analysis:
Gross Charge-offs ($4,092) ($4,054) ($12,359) ($15,845) ($9,236)
Recoveries 229 246 1,730 1,033 846
-------- -------- --------- --------- --------
Net Charge-offs ($3,863) ($3,808) ($10,629) ($14,812) ($8,390)
======== ======== ========= ========= ========