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 Six Months Ended
-------------------------------------------------------
June June March June June
2003 2002 2003 2003 2002
-------------------------------------------------------
Interest & Loan Fees
Income $74,261 $84,738 $77,224 $151,485 $169,976
Tax Equivalent
Adjustment 2,456 2,779 2,566 5,022 5,582
----------- -------- -------- --------- ---------
Interest & Fees
Income (FTE) 76,717 87,517 79,790 156,507 175,558
Interest Expense 26,567 33,322 29,595 56,162 67,912
----------- -------- -------- --------- ---------
Net Interest
Income (FTE) 50,150 54,195 50,195 100,345 107,646
Loan Loss Provision 2,296 1,675 1,455 3,751 3,902
Non-Interest Income:
Inv. Securities
Transactions 931 (289) 866 1,797 (593)
Income from
Fiduciary
Activities 2,462 2,115 2,275 4,737 4,389
Service Charges on
Deposits 8,943 7,833 8,121 17,064 14,988
Income from
Mortgage Banking
Operations 14,267 7,148 11,972 26,239 13,598
Other Non-Interest
Revenue 1,188 463 361 1,549 825
----------- -------- -------- --------- ---------
Total Non-
Interest Income 27,791 17,270 23,595 51,386 33,207
----------- -------- -------- --------- ---------
Non-Interest Expense:
Staff Expense 24,189 19,158 21,631 45,820 36,772
Occupancy &
Equipment Expense 3,264 3,421 3,316 6,580 6,060
Other Expenses 12,462 11,667 11,647 24,109 22,493
Amortization of
Intangibles 424 249 434 858 834
OREO Expense (8) 168 248 240 333
FDIC Expense 279 166 289 568 367
----------- -------- -------- --------- ---------
Total Non-
Interest
Expense 40,610 34,829 37,565 78,175 66,859
----------- -------- -------- --------- ---------
Pre-Tax Earnings
(FTE) 35,035 34,961 34,770 69,805 70,092
Tax Equivalent
Adjustment 2,456 2,779 2,566 5,022 5,582
----------- -------- -------- --------- ---------
Reported Pre-Tax
Earnings 32,579 32,182 32,204 64,783 64,510
Taxes 9,774 9,976 9,661 19,435 20,483
----------- -------- -------- --------- ---------
Net Income $22,805 $22,206 $22,543 $45,348 $44,027
=========== ======== ======== ========= =========
MEMO: Effective Tax
Rate 30.00% 31.00% 30.00% 30.00% 31.75%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance
Sheets
June 30 June 30
2003 2002
Q-T-D Q-T-D June 30
Average Average 2003
----------- ----------- -----------
Cash & Cash Equivalents $181,817 $141,466 $176,815
Securities Available
for Sale 1,059,398 1,209,025 1,055,532
Held to Maturity
Securities 260,481 227,577 258,272
----------------------- ----------- -----------
Total Securities 1,319,879 1,436,602 1,313,804
----------------------- ----------- -----------
Total Cash and
Securities 1,501,696 1,578,068 1,490,619
----------------------- ----------- -----------
Loans held for sale 437,935 201,183 548,767
Commercial Loans 1,830,901 1,897,275 1,851,345
Mortgage Loans 1,306,109 1,276,535 1,306,502
Consumer Loans 348,942 354,221 357,460
----------------------- ----------- -----------
Loans, net of
unearned income 3,485,952 3,528,031 3,515,307
Allowance for Loan
Losses (46,591) (47,920) (46,844)
Goodwill 89,600 91,752 89,596
Other Intangibles 5,252 7,074 5,012
----------------------- ----------- -----------
Total Intangibles 94,852 98,826 94,608
Other Real Estate
Owned 4,176 3,967 3,834
Other Assets 124,848 121,374 146,715
----------------------- ----------- -----------
Total Assets $5,602,868 $5,483,529 $5,753,006
======================= =========== ===========
MEMO: Earning Assets $5,245,649 $5,143,965 $5,392,191
======================= =========== ===========
Interest-bearing
Deposits $3,056,808 $3,133,439 $2,992,378
Noninterest-bearing
Deposits 727,948 585,572 859,589
----------------------- ----------- -----------
Total Deposits 3,784,756 3,719,011 3,851,967
Short-term Borrowings 502,444 477,185 534,470
Long-term Borrowings 715,815 689,795 757,938
----------------------- ----------- -----------
Total Borrowings 1,218,259 1,166,980 1,292,408
Other Liabilities 51,001 74,348 61,537
----------------------- ----------- -----------
Total Liabilities 5,054,016 4,960,339 5,205,912
----------------------- ----------- -----------
Common Equity 548,852 523,190 547,094
----------------------- ----------- -----------
Total
Shareholders'
Equity 548,852 523,190 547,094
----------------------- ----------- -----------
Total Liabilities &
Equity $5,602,868 $5,483,529 $5,753,006
======================= =========== ===========
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance
Sheets
December 31 June 30
2002 2002
------------ ----------
Cash & Cash
Equivalents $175,363 $160,025
Securities Available
for Sale 1,022,314 1,138,842
Held to Maturity
Securities 263,176 273,270
------------------------------------ -----------
Total Securities 1,285,490 1,412,112
------------------------------------ -----------
Total Cash and
Securities 1,460,853 1,572,137
------------------------------------ -----------
Loans held for sale 582,718 284,230
Commercial Loans 1,885,275 1,943,177
Mortgage Loans 1,335,606 1,283,580
Consumer Loans 352,280 363,548
------------------------------------ -----------
Loans, net of
unearned income 3,573,161 3,590,305
Allowance for Loan
Losses (47,387) (47,746)
Goodwill 90,416 91,925
Other Intangibles 5,869 6,771
------------------------------------ -----------
Total Intangibles 96,285 98,696
Other Real Estate
Owned 4,267 4,116
Other Assets 122,122 123,392
------------------------------------ -----------
Total Assets $5,792,019 $5,625,130
==================================== ===========
MEMO: Earning Assets $5,454,471 $5,294,863
==================================== ===========
Interest-bearing
Deposits $3,161,620 $3,128,082
Noninterest-bearing
Deposits 739,228 687,229
------------------------------------ -----------
Total Deposits 3,900,848 3,815,311
Short-term Borrowings 573,549 526,268
Long-term Borrowings 708,573 689,514
------------------------------------ -----------
Total Borrowings 1,282,122 1,215,782
Other Liabilities 67,510 60,854
------------------------------------ -----------
Total Liabilities 5,250,480 5,091,947
------------------------------------ -----------
Common Equity 541,539 533,183
------------------------------------ -----------
Total
Shareholders'
Equity 541,539 533,183
------------------------------------ -----------
Total Liabilities &
Equity $5,792,019 $5,625,130
==================================== ===========
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
-----------------------------------
Three Months Ended
-----------------------------------
June June March
Quarterly/Year-to-Date Share Data: 2003 2002 2003
----------- ----------- -----------
Earnings Per Share:
Basic $0.55 $0.52 $0.54
Diluted $0.54 $0.51 $0.53
Common Dividend Declared Per Share $0.25 $0.23 $0.25
High Common Stock Price $30.93 $32.25 $30.51
Low Common Stock Price $27.40 $27.18 $26.58
Average Shares Outstanding: (Net of Treasury
Stock):
Basic 41,597,646 42,691,886 41,891,007
Diluted 42,067,728 43,391,049 42,355,229
Memorandum Items:
Tax Applicable to Security
Transactions $326 ($101) $303
Common Dividends $10,373 $9,801 $10,426
-----------------------------------
Six Months Ended
-----------------------------------
June June
Quarterly/Year-to-Date Share Data: 2003 2002
----------------------- -----------
Earnings Per Share:
Basic $1.09 $1.03
Diluted $1.07 $1.01
Common Dividend Declared Per Share $0.50 $0.46
High Common Stock Price $30.93 $32.25
Low Common Stock Price $26.58 $27.18
Average Shares Outstanding: (Net of Treasury
Stock):
Basic 41,752,969 42,793,408
Diluted 42,220,476 43,466,954
Memorandum Items:
Tax Applicable to Security
Transactions $629 ($208)
Common Dividends $20,799 $19,670
June June March
EOP Share Data: 2003 2002 2003
----------- ----------- -----------
Book Value Per Share $13.20 $12.53 $12.98
Tangible Book Value Per Share $10.91 $10.21 $10.70
52-week High Common Stock Price $31.65 $32.25 $32.25
Date 08/20/02 05/06/02 05/06/02
52-week Low Common Stock Price $24.88 $23.20 $24.88
Date 07/24/02 09/21/01 07/24/02
EOP Shares Outstanding
(Net of Treasury Stock): 41,461,389 42,560,428 41,744,719
Memorandum Items:
EOP Employees (full-time
equivalent) 1,509 1,399 1,500
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended Six Months Ended
--------------------- --------------------
June June March June June
2003 2002 2003 2003 2002
------- ------- ------- ------- -------
Selected Yields and Net Interest
Margin:
Loans 6.26% 7.14% 6.39% 6.33% 7.21%
Investment Securities 4.85% 6.09% 5.30% 5.11% 6.20%
Money Market Investments/FFS 1.78% 1.27% 1.16% 1.32% 1.66%
Average Earning
Assets Yield 5.86% 6.81% 6.00% 5.93% 6.86%
Interest-bearing Deposits 1.77% 2.60% 2.12% 1.95% 2.70%
Short-term Borrowings 1.67% 2.02% 1.69% 1.68% 2.03%
Long-term Borrowings 6.15% 6.19% 6.19% 6.17% 6.16%
Average Liability Costs 2.49% 3.11% 2.72% 2.61% 3.18%
Net Interest Spread 3.37% 3.71% 3.28% 3.32% 3.68%
Net Interest Margin 3.83% 4.22% 3.76% 3.79% 4.19%
Selected Financial
Ratios:
Return on Average
Common Equity 16.67% 17.02% 16.67% 16.67% 17.10%
Return on Average
Assets 1.63% 1.62% 1.60% 1.62% 1.62%
Efficiency Ratio 52.19% 47.96% 50.58% 51.41% 46.44%
June June March
2003 2002 2003
-------- -------- --------
Loan / Deposit
Ratio 91.26% 94.10% 87.92%
Allowance for Loan Losses / Loans,
net of unearned income 1.33% 1.33% 1.34%
Nonaccrual Loans / Loans, net of
unearned income 0.22% 0.21% 0.29%
90-Day Past Due Loans/ Loans, net
of unearned income 0.17% 0.21% 0.19%
Non-performing Loans/ Loans, net of
unearned income 0.38% 0.42% 0.47%
Non-performing Assets/ Total
Assets 0.30% 0.52% 0.36%
Primary Capital Ratio 10.24% 10.24% 10.04%
Shareholders' Equity Ratio 9.51% 9.48% 9.32%
Price / Book Ratio 2.17x 2.35x 2.13x
Price / Earnings Ratio 13.33x 14.50x 13.01x
June June December March
Credit Quality 2003 2002 2002 2003
Data:
--------------- -------- -------- --------
EOP Non-Accrual
Loans $7,595 $7,384 $6,890 $9,979
EOP 90-Day Past Due
Loans 5,817 7,604 8,461 6,594
--------------- -------- -------- --------
Total EOP Non-
performing
Loans $13,412 $14,988 $15,351 $16,573
EOP Non-performing
Securities 0 10,000 0 0
EOP Other Real
Estate & Assets
Owned 3,834 4,116 4,267 4,086
--------------- -------- -------- --------
Total EOP Non-
performing
Assets $17,246 $29,104 $19,618 $20,659
=============== ======== ======== ========
Three Months Ended Year to Date
--------------------------------- -----------------
June June March June June
Charge-off 2003 2002 2003 2003 2002
Analysis:
--------------- -------- -------- -------- --------
Gross Charge-offs ($2,737) ($2,187) ($2,256) ($4,993) ($4,590)
Recoveries 300 369 399 699 1,026
--------------- -------- -------- -------- --------
Net Charge-offs ($2,437) ($1,818) ($1,857) ($4,294) ($3,564)
=============== ======== ======== ======== ========
CONTACT: United Bankshares, Inc.
Steven E. Wilson, 304-424-8704