EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended Nine Months Ended
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September September June March September September
Consolidated Statements of Income 2002 2001 2002 2002 2002 2001
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Interest & Loan Fees Income $ 86,413 $ 90,296 $ 84,738 $ 85,238 $ 256,389 $ 273,989
Tax Equivalent Adjustment 2,725 2,920 2,779 2,803 8,306 8,685
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Interest & Fees Income (FTE) 89,138 93,216 87,517 88,041 264,695 282,674
Interest Expense 32,677 43,721 33,322 34,590 100,589 136,965
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Net Interest Income (FTE) 56,461 49,495 54,195 53,451 164,106 145,709
Loan Loss Provision 1,823 4,145 1,675 2,227 5,725 8,787
Non-Interest Income:
Inv. Securities Transactions (4,368) (647) (289) (304) (4,961) (1,223)
Trust Revenue 2,303 2,082 2,115 2,274 6,692 6,291
Service Charges on Deposits 8,299 6,764 7,833 7,155 23,287 19,428
Income from Mortgage Banking Operations 11,203 7,343 7,148 6,450 24,801 19,037
Other Non-Interest Revenue 1,292 214 463 362 2,117 1,064
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Total Non-Interest Income 18,729 15,756 17,270 15,937 51,936 44,597
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Non-Interest Expense:
Staff Expense 21,595 15,650 19,158 17,614 58,367 45,579
Occupancy & Equipment 3,252 2,565 3,421 2,639 9,312 7,906
Other Expenses 12,903 9,525 11,667 10,826 35,396 28,160
Amortization of Intangibles 562 797 249 585 1,396 2,386
OREO Expense 231 186 168 165 564 496
FDIC Expense 154 159 166 201 521 804
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Total Non-Interest Expense 38,697 28,882 34,829 32,030 105,556 85,331
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Pre-Tax Earnings (FTE) 34,670 32,224 34,961 35,131 104,761 96,188
Tax Equivalent Adjustment 2,725 2,920 2,779 2,803 8,306 8,685
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Reported Pre-Tax Earnings 31,945 29,304 32,182 32,328 96,455 87,503
Taxes 9,592 9,524 9,976 10,507 30,075 28,587
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Net Income $ 22,353 $ 19,780 $ 22,206 $ 21,821 $ 66,380 $ 58,916
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MEMO: Effective Tax Rate 30.03% 32.50% 31.00% 32.50% 31.18% 32.67%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Share and Per Share Data)
September 30 September 30
2002 2001
Q-T-D Q-T-D September 30 December 31 September 30
Consolidated Balance Sheets Average Average 2002 2001 2001
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Cash & Cash Equivalents $ 140,012 $ 127,324 $ 207,938 $ 157,594 $ 112,678
Securities Available for Sale 1,132,555 1,152,393 1,099,589 1,147,280 1,189,026
Held to Maturity Securities 273,401 284,257 272,819 281,436 283,673
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Total Securities 1,405,956 1,436,650 1,372,408 1,428,716 1,472,699
----------- ----------- ----------- ----------- -----------
Total Cash and Securities 1,545,968 1,563,974 1,580,346 1,586,310 1,585,377
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Loans held for sale 343,801 243,859 519,786 368,625 250,672
Commercial Loans 1,923,336 1,535,271 1,927,388 1,849,208 1,578,165
Mortgage Loans 1,285,366 1,276,683 1,281,962 1,313,891 1,312,352
Consumer Loans 364,774 317,080 362,930 339,235 325,939
----------- ----------- ----------- ----------- -----------
Loans & Leases, net of unearned income 3,573,476 3,129,034 3,572,280 3,502,334 3,216,456
Reserve for loan & Lease Losses (47,578) (41,242) (47,372) (47,408) (42,553)
Goodwill 91,895 33,514 91,575 80,848 33,132
Other Intangibles 5,022 3,695 6,315 7,750 3,593
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Total Intangibles 96,917 37,209 97,890 88,598 36,725
Real Estate Owned 4,441 2,462 4,368 2,763 2,622
Other Assets 111,963 126,837 121,275 130,553 116,591
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Total Assets $ 5,628,988 $ 5,062,133 $ 5,848,573 $ 5,631,775 $ 5,165,890
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MEMO: Earning Assets $ 5,289,761 $ 4,785,560 $ 5,480,448 $ 5,301,211 $ 4,945,559
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Interest-bearing Deposits $ 3,148,543 $ 2,911,041 $ 3,194,596 $ 3,134,008 $ 2,898,826
Noninterest-bearing Deposits 606,176 494,209 787,669 653,785 585,318
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Total Deposits 3,754,719 3,405,250 3,982,265 3,787,793 3,484,144
Short-term Borrowings 536,403 426,878 589,769 527,128 462,556
Intermediate & Long-term Borrowings 689,650 703,754 689,056 745,255 705,278
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Total Borrowings 1,226,053 1,130,632 1,278,825 1,272,383 1,167,834
Other Liabilities 106,528 72,873 49,710 65,070 51,409
----------- ----------- ----------- ----------- -----------
Total Liabilities 5,087,300 4,608,755 5,310,800 5,125,246 4,703,387
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Common Equity 541,688 453,378 537,773 506,529 462,503
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Total Shareholders' Equity 541,688 453,378 537,773 506,529 462,503
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Total Liabilities & Equity $ 5,628,988 $ 5,062,133 $ 5,848,573 $ 5,631,775 $ 5,165,890
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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: 2002 2001 2002 2002 2002 2001
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Earnings Per Share:
Basic $ 0.53 $ 0.48 $ 0.52 $ 0.51 $ 1.56 $ 1.42
Diluted $ 0.52 $ 0.48 $ 0.51 $ 0.50 $ 1.53 $ 1.41
Common Dividend Declared Per Share $ 0.24 $ 0.23 $ 0.23 $ 0.23 $ 0.70 $ 0.68
High Common Stock Price $ 31.65 $ 28.33 $ 32.25 $ 29.97 $ 32.25 $ 28.33
Low Common Stock Price $ 24.88 $ 23.20 $ 27.18 $ 27.56 $ 24.88 $ 19.44
Book Value Per Share $ 12.53 $ 11.81 $ 12.72 $ 11.23
Tangible Book Value Per Share $ 10.21 $ 9.74 $ 10.40 $ 10.34
52-week High Common Stock Price $ 32.25 $ 29.97 $ 32.25 $ 28.33
Date 05/06/02 03/28/02 05/06/02 08/23/01
52-week Low Common Stock Price $ 23.20 $ 21.55 $ 24.88 $ 17.25
Date 09/21/01 04/17/01 07/24/02 10/18/00
EOP Shares Outstanding (Net of Treasury Stock): 42,560,428 42,812,217 42,277,711 41,179,287
Average Shares Outstanding: (Net of Treasury Stock):
Basic 42,419,925 41,264,394 42,691,886 42,899,060 42,667,849 41,476,627
Diluted 43,103,509 41,623,037 43,391,049 43,548,650 43,348,668 41,760,428
Memorandum Items:
Tax Applicable to Security Transactions ($1,529) ($226) ($101) ($106) ($1,736) ($428)
Common Dividends $ 10,193 $ 9,500 $ 9,801 $ 9,869 $ 29,863 $ 28,205
EOP Employees (full-time equivalent) 1,399 1,340 1,445 1,276
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
---------------------------------------------------- --------------------------
September September June March September September
Selected Yields and Net Interest Margin: 2002 2001 2002 2002 2002 2001
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Loans 6.89% 8.16% 7.14% 7.27% 7.10% 8.53%
Investment Securities 6.23% 6.71% 6.09% 6.23% 6.21% 6.90%
Money Market Investments/FFS 1.72% 3.21% 1.27% 1.78% 1.67% 4.69%
Average Earning Assets Yield 6.71% 7.76% 6.81% 6.89% 6.82% 8.06%
Interest-bearing Deposits 2.42% 3.94% 2.60% 2.81% 2.61% 4.30%
Short-term Borrowings 2.02% 3.37% 2.02% 2.03% 2.02% 3.97%
Long-term Borrowings 6.19% 6.28% 6.19% 6.12% 6.17% 6.33%
Average Liability Costs 2.96% 4.29% 3.11% 3.25% 3.11% 4.63%
Net Interest Spread 3.75% 3.47% 3.71% 3.64% 3.71% 3.43%
Net Interest Margin 4.26% 4.14% 4.22% 4.16% 4.22% 4.14%
Selected Financial Ratios:
Return on Average Common Equity 16.37% 17.31% 17.02% 17.19% 16.85% 17.57%
Return on Average Assets 1.58% 1.55% 1.62% 1.61% 1.60% 1.59%
Loan / Deposit Ratio 89.70% 92.32%
Loan Loss Reserve / Loans, net of unearned income 1.33% 1.32%
Nonaccrual Loans / Loans, net of unearned income 0.17% 0.26%
90-Day Past Due Loans/ Loans, net of unearned income 0.19% 0.21%
Non-performing Loans/ Loans, net of unearned income 0.36% 0.47%
Non-performing Assets/ Total Assets 0.30% 0.34%
Primary Capital Ratio 9.92% 9.70%
Shareholders' Equity Ratio 9.19% 8.95%
Price / Book Ratio 2.28% 2.40%
Price / Earnings Ratio 14.17% 14.31%
Efficiency Ratio 47.64% 42.34% 47.96% 44.88% 46.88% 43.05%
September September December June March
Credit Quality Data: 2002 2001 2001 2002 2002
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EOP Non-Accrual Loans $ 6,090 $ 8,386 $ 8,068 $ 7,384 $ 7,824
EOP 90-Day Past Due Loans 6,835 6,759 9,522 7,604 6,540
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Total EOP Non-performing Loans $12,925 $15,145 $17,590 $14,988 $14,364
EOP Non-performing Securities 10,000 10,000 $10,000
EOP Other Real Estate & Assets Owned 4,368 2,622 2,763 4,116 4,099
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Total EOP Non-performing Assets $17,293 $17,767 $30,353 $29,104 $28,463
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Three Months Ended Year to Date
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September September June March September September
Charge-off Analysis: 2002 2001 2002 2002 2002 2001
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Gross Charge-offs ($2,410) ($3,105) ($2,187) ($2,403) ($7,000) ($8,267)
Recoveries 213 316 369 657 1,239 1,501
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Net Charge-offs ($2,197) ($2,789) ($1,818) ($1,746) ($5,761) ($6,766)
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