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
---------------------------------
March March December
2003 2002 2002
---------------- ------- --------
Interest & Loan Fees Income $77,224 $85,238 $83,089
Tax Equivalent Adjustment 2,566 2,803 2,670
--------------- -------- --------
Interest & Fees Income (FTE) 79,790 88,041 85,759
Interest Expense 29,595 34,590 31,968
--------------- -------- --------
Net Interest Income (FTE) 50,195 53,451 53,791
Loan Loss Provision 1,455 2,227 2,212
Non-Interest Income:
Investment Securities Transactions 866 (304) (1,305)
Income from Fiduciary Activities 2,275 2,274 2,200
Service Charges on Deposits 8,121 7,155 8,722
Income from Mortgage
Banking Operations 11,972 6,450 11,341
Other Non-Interest Revenue 361 362 585
--------------- -------- --------
Total Non-Interest Income 23,595 15,937 21,543
--------------- -------- --------
Non-Interest Expense:
Staff Expense 21,631 17,614 21,632
Occupancy & Equipment 3,316 2,639 3,733
Other Expenses 11,647 10,826 12,538
Amortization of Intangibles 434 585 249
OREO Expense 248 165 264
FDIC Expense 289 201 158
--------------- -------- --------
Total Non-Interest
Expense 37,565 32,030 38,574
--------------- -------- --------
Pre-Tax Earnings (FTE) 34,770 35,131 34,548
Tax Equivalent Adjustment 2,566 2,803 2,670
--------------- -------- --------
Reported Pre-Tax Earnings 32,204 32,328 31,878
Taxes 9,661 10,507 9,325
--------------- -------- --------
Net Income $22,543 $21,821 $22,553
=============== ======== ========
MEMO: Effective Tax Rate 30.00% 32.50% 29.25%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
March 31 March 31
2003 2002
Q-T-D Q-T-D March 31 December 31
Average Average 2003 2002
----------- ----------- ----------- -----------
Cash & Cash Equivalents $267,376 $201,593 $289,477 $175,363
Securities Available
for Sale 1,032,755 1,155,749 1,088,284 1,022,314
Held to Maturity
Securities 262,322 266,468 262,002 263,176
----------- ----------- ----------- -----------
Total Securities 1,295,077 1,422,217 1,350,286 1,285,490
----------- ----------- ----------- -----------
Total Cash and
Securities 1,562,453 1,623,810 1,639,763 1,460,853
----------- ----------- ----------- -----------
Loans held for sale 428,463 200,622 478,706 582,718
Commercial Loans 1,878,089 1,854,869 1,836,969 1,885,275
Mortgage Loans 1,323,893 1,292,501 1,316,634 1,335,606
Consumer Loans 346,438 339,117 342,178 352,280
----------- ----------- ----------- -----------
Loans & Leases,
net of unearned
income 3,548,420 3,486,487 3,495,781 3,573,161
Reserve for Loan &
Lease Losses (47,508) (47,599) (46,985) (47,387)
Goodwill 90,397 81,348 89,600 90,416
Other Intangibles 5,696 7,565 5,435 5,869
----------- ----------- ----------- -----------
Total Intangibles 96,093 88,913 95,035 96,285
Real Estate Owned 4,069 3,681 4,086 4,267
Other Assets 127,165 123,927 150,153 122,122
----------- ----------- ----------- -----------
Total Assets $5,719,155 $5,479,841 $5,816,539 $5,792,019
=========== =========== =========== ===========
MEMO: Earning Assets $5,360,056 $5,144,000 $5,449,356 $5,454,471
=========== =========== =========== ===========
Interest-bearing
Deposits $3,175,138 $3,149,777 $3,139,318 $3,161,620
Noninterest-bearing
Deposits 707,312 582,420 836,636 739,228
----------- ----------- ----------- -----------
Total Deposits 3,882,450 3,732,197 3,975,954 3,900,848
Short-term Borrowings 527,628 471,483 520,627 573,549
Intermediate & Long-
term Borrowings 708,435 690,699 708,267 708,573
----------- ----------- ----------- -----------
Total Borrowings 1,236,063 1,162,182 1,228,894 1,282,122
Other Liabilities 52,283 70,758 69,818 67,510
----------- ----------- ----------- -----------
Total Liabilities 5,170,796 4,965,137 5,274,666 5,250,480
----------- ----------- ----------- -----------
Common Equity 548,359 514,704 541,873 541,539
----------- ----------- ----------- -----------
Total Shareholders'
Equity 548,359 514,704 541,873 541,539
----------- ----------- ----------- -----------
Total Liabilities &
Equity $5,719,155 $5,479,841 $5,816,539 $5,792,019
=========== =========== =========== ===========
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
--------------------------------------
March March December
Quarterly Share Data: 2003 2002 2002
-------------- ----------- -----------
Earnings Per Share:
Basic $0.54 $0.51 $0.53
Diluted $0.53 $0.50 $0.53
Common Dividend Declared Per
Share $0.25 $0.23 $0.25
High Common Stock Price $30.51 $29.97 $31.50
Low Common Stock Price $26.58 $27.56 $26.09
Average Shares Outstanding: (Net
of Treasury Stock):
Basic 41,891,007 42,899,060 42,155,892
Diluted 42,355,229 43,548,650 42,669,955
Memorandum Items:
Tax (Benefit)Applicable to
Security Transactions $303 ($106) ($457)
Common Dividends Declared $10,426 $9,869 $10,526
March March December
EOP Share Data: 2003 2002 2002
-------------- ----------- -----------
Book Value Per Share $12.98 $11.81 $12.88
Tangible Book Value Per Share $10.70 $9.74 $10.59
52-week High Common Stock Price $32.25 $29.97 $32.25
Date 05/06/02 03/28/02 05/06/02
52-week Low Common Stock Price $24.88 $21.55 $24.88
Date 07/24/02 04/17/01 07/24/02
EOP Shares Outstanding (Net of
Treasury Stock): 41,744,719 42,812,217 42,031,968
Memorandum Items:
EOP Employees (full-time
equivalent) 1,500 1,401 1,486
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
-----------------------
March March December
2003 2002 2002
------- ------ --------
Selected Yields and Net Interest
Margin:
Loans 6.39% 7.27% 6.61%
Investment Securities 5.30% 6.23% 5.35%
Money Market Investments/FFS 1.16% 1.78% 2.63%
Average Earning Assets Yield 6.00% 6.89% 6.30%
Interest-bearing Deposits 2.12% 2.81% 2.28%
Short-term Borrowings 1.69% 2.03% 1.81%
Long-term Borrowings 6.19% 6.12% 6.23%
Average Liability Costs 2.72% 3.25% 2.83%
Net Interest Spread 3.28% 3.64% 3.47%
Net Interest Margin 3.76% 4.16% 3.96%
Selected Financial Ratios:
Return on Average Common Equity 16.67% 17.19% 16.39%
Return on Average Assets 1.60% 1.61% 1.55%
Efficiency Ratio 50.58% 44.88% 49.66%
March March December
2003 2002 2002
-------- ------ --------
Loan/Deposit Ratio 87.92% 91.43% 91.60%
Loan Loss Reserve/Loans, net
of unearned income 1.34% 1.37% 1.33%
Nonaccrual Loans/Loans, net of
unearned income 0.29% 0.22% 0.19%
90-Day Past Due Loans/Loans,
net of unearned income 0.19% 0.19% 0.24%
Non-performing Loans/Loans, net
of unearned income 0.47% 0.41% 0.43%
Non-performing Assets/Total
Assets 0.36% 0.51% 0.34%
Primary Capital Ratio 10.04% 9.87% 10.09%
Shareholders' Equity/Total
Assets 9.32% 9.10% 9.35%
Price/Book Ratio 2.13x 2.50x 2.26x
Price/Earnings Ratio 13.01x 14.73x 14.09x
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
March March December
Credit Quality Data: 2003 2002 2002
-------- -------- --------
EOP Non-Accrual Loans $9,979 $7,824 $6,890
EOP 90-Day Past Due Loans 6,594 6,540 8,461
-------- -------- --------
Total EOP Non-
performing Loans $16,573 $14,364 $15,351
EOP Non-performing
Securities 0 10,000
EOP Other Real Estate &
Assets Owned 4,086 4,099 4,267
-------- -------- --------
Total EOP Non-
performing Assets $20,659 $28,463 $19,618
======== ======== ========
Year
Three Months Ended Ended
--------------------------
March March December December
2003 2002 2002 2002
-------- -------- -------- --------
Charge-off Analysis:
Gross Charge-offs ($2,256) ($2,403) ($2,499) ($9,499)
Recoveries 400 657 302 1,541
-------- -------- -------- --------
Net Charge-offs ($1,856) ($1,746) ($2,197) ($7,958)
======== ======== ======== ========
CONTACT: United Bankshares, Inc.
Steven E. Wilson, 304/424-8704