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
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March March December
2002 2001 2001
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Interest & Loan Fees Income $85,238 $91,997 $86,621
Tax Equivalent Adjustment 2,803 2,868 2,954
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Interest & Fees Income (FTE) 88,041 94,865 89,575
Interest Expense 34,590 47,777 38,542
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Net Interest Income (FTE) 53,451 47,088 51,033
Loan Loss Provision 2,227 2,499 4,046
Non-Interest Income:
(Loss) gain on Security Transactions (304) 142 705
Income from Fiduciary Activities 2,274 2,015 1,922
Service Charges on Deposits 7,155 6,017 7,196
Income from Mortgage Banking Operations 6,450 5,225 7,481
Other Non-Interest Revenue 362 546 304
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Total Non-Interest Income 15,937 13,945 17,608
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Non-Interest Expense:
Staff Expense 17,614 14,483 15,530
Occupancy & Equipment 2,639 2,658 2,608
Other Expenses 10,826 8,622 11,059
Amortization of Intangibles 585 792 902
OREO Expense 165 119 157
FDIC Expense 201 322 158
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Total Non-Interest Expense 32,030 26,996 30,414
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Pre-Tax Earnings (FTE) 35,131 31,538 34,181
Tax Equivalent Adjustment 2,803 2,868 2,954
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Reported Pre-Tax Earnings 32,328 28,670 31,227
Taxes 10,507 9,318 10,152
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Net Income $21,821 $19,352 $21,075
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MEMO: Effective Tax Rate 32.50% 32.50% 32.51%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
March 31 March 31
2002 2001
Q-T-D Q-T-D March 31 December 31
Average Average 2002 2001
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Cash & Cash Equivalents $ 201,593 $ 130,817 $ 196,306 $ 157,394
Securities Available for Sale 1,155,749 903,282 1,197,491 1,147,280
Held to Maturity Securities 266,468 345,035 276,092 281,436
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Total Securities 1,422,217 1,248,317 1,473,583 1,430,709
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Total Cash and Securities 1,623,810 1,379,134 1,669,889 1,588,103
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Loans held for sale 200,622 174,010 223,388 368,625
Commercial Loans 1,854,869 1,536,740 1,877,246 1,849,208
Mortgage Loans 1,292,501 1,347,506 1,273,847 1,313,891
Consumer Loans 339,117 301,469 340,362 339,235
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Loans & Leases, net of unearned income 3,486,487 3,185,715 3,491,455 3,502,334
Reserve for loan & Lease Losses (47,599) (40,901) (47,889) (47,408)
Goodwill 81,348 34,832 81,392 80,848
Other Intangibles 7,565 4,048 7,270 7,750
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Total Intangibles 88,913 38,880 88,662 88,598
Real Estate Owned 3,681 2,426 4,099 2,763
Other Assets 123,927 110,922 127,977 130,553
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Total Assets $5,479,841 $4,850,186 $5,557,581 $5,631,775
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MEMO: Earning Assets $5,144,000 $4,583,319 $5,290,237 $5,301,211
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Interest-bearing Deposits $3,149,777 $2,865,822 $3,182,360 $3,134,008
Noninterest-bearing Deposits 582,420 479,797 636,541 653,785
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Total Deposits 3,732,197 3,345,619 3,818,901 3,787,793
Short-term Borrowings 471,483 319,938 483,054 527,128
Long-term Borrowings 690,699 686,763 690,048 745,255
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Total Borrowings 1,162,182 1,006,701 1,173,102 1,272,383
Other Liabilities 70,758 58,736 59,942 65,070
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Total Liabilities 4,965,137 4,411,056 5,051,945 5,125,246
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Common Equity 514,704 439,130 505,636 506,529
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Total Shareholders' Equity 514,704 439,130 505,636 506,529
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Total Liabilities & Equity $5,479,841 $4,850,186 $5,557,581 $5,631,775
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
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March March December
2002 2001 2001
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Share Data:
Earnings Per Share:
Basic $ 0.51 $ 0.46 $ 0.51
Diluted $ 0.50 $ 0.46 $ 0.49
Common Dividend Declared Per Share $ 0.23 $ 0.22 $ 0.23
High Common Stock Price $ 29.97 $ 23.25 $ 29.50
Low Common Stock Price $ 27.56 $ 19.44 $ 26.25
Book Value Per Share $ 11.81 $ 10.69 $ 11.80
Tangible Book Value Per Share $ 9.74 $ 9.78 $ 9.73
52-week High Common Stock Price $ 29.97 $ 23.25 $ 29.50
Date 03/28/02 03/01/01 12/31/01
52-week Low Common Stock Price $ 21.55 $ 16.38 $ 19.44
Date 04/17/01 06/27/00 03/22/01
EOP Shares Outstanding (Net of Treasury Stock): 42,812,217 41,587,229 42,926,511
Average Shares Outstanding: (Net of Treasury Stock):
Basic 42,899,060 41,703,350 41,559,161
Diluted 43,548,650 42,020,236 42,217,513
Memorandum Items:
Tax Applicable to Security Transactions $ (106) $ 50 $ 247
Common Dividends Declared $ 9,870 $ 9,174 $ 9,892
EOP Employees (full-time equivalent) 1,340 1,277 1,361
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
--------------------------------
March March December
2002 2001 2001
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Selected Yields and Net Interest Margin:
Loans 7.17% 8.76% 7.55%
Investment Securities 6.23% 7.03% 6.10%
Money Market Investments/FFS 1.78% 6.19% 1.88%
Average Earning Assets Yield 6.89% 8.33% 7.12%
Interest-bearing Deposits 2.81% 4.69% 3.29%
Short-term Borrowings 2.03% 4.84% 2.39%
Long-term Borrowings 6.12% 6.38% 6.12%
Average Liability Costs 3.25% 5.00% 3.65%
Net Interest Spread 3.64% 3.33% 3.47%
Net Interest Margin 4.16% 4.10% 4.07%
Selected Financial Ratios:
Return on Average Common Equity 17.19% 17.87% 17.36%
Return on Average Assets 1.61% 1.62% 1.58%
Loan / Deposit Ratio 91.43% 91.60% 92.46%
Loan Loss Reserve / Loans, net of unearned income 1.37% 1.30% 1.35%
Nonaccrual Loans / Loans, net of unearned income 0.22% 0.24% 0.23%
90-Day Past Due Loans/ Loans, net of unearned income 0.19% 0.08% 0.27%
Non-performing Loans/ Loans, net of unearned income 0.41% 0.47% 0.50%
Non-performing Assets/ Total Assets 0.51% 0.25% 0.54%
Primary Capital Ratio 9.87% 9.68% 9.57%
Shareholders' Equity Ratio 9.10% 8.93% 8.99%
Price / Book Ratio 2.50% 2.07% 2.45%
Price / Earnings Ratio 14.73% 12.01% 15.18%
Efficiency Ratio 44.88% 42.84% 43.21%
March March December
Credit Quality Data: 2002 2001 2001
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EOP Non-Accrual Loans $ 7,824 $ 7,588 $ 8,068
EOP 90-Day Past Due Loans 6,540 4,698 9,522
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Total EOP Non-performing Loans $ 14,364 $ 12,286 $ 17,590
EOP Non-performing Securities 10,000 10,000
EOP Other Real Estate & Assets Owned 4,099 2,395 2,763
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Total EOP Non-performing Assets $ 28,463 $ 14,681 $ 30,353
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Three Months Ended
--------------------------------
March March December
2002 2001 2001
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Charge-off Analysis:
Gross Charge-offs ($2,403) ($2,672) ($4,092)
Recoveries 657 832 229
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Net Charge-offs ($1,746) ($1,840) ($3,863)
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