EX-99.2 3 dex992.txt UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION EXHIBIT 99.2 UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended ---------------------------------- March March December Consolidated Statements of Income 2001 2000 2000 ------- ------- -------- Interest Income and Expense Interest and Loan Fees Income $91,997 $93,268 $ 95,218 Tax Equivalent Adjustment 2,868 2,875 2,843 ------- ------- -------- Interest and Fees Income (FTE) 94,865 96,143 98,061 Interest Expense 47,777 46,542 51,427 ------- ------- -------- Net Interest Income (FTE) 47,088 49,601 46,634 Loan Loss Provision 2,499 2,547 4,908 Non-Interest Income: Inv. Securities Transactions 142 318 (15,011) Trust Revenue 2,015 1,692 1,859 Service Charges on Deposits 6,017 5,093 6,014 Income from Mortgage Banking Operations 5,225 3,383 3,784 Gain/(loss) on Sale of Assets 0 0 0 Other Non-Interest Revenue 546 315 551 ------- ------- -------- Total Non-Interest Income 13,945 10,801 (2,803) ------- ------- -------- Non-Interest Expense: Staff Expense 14,483 13,739 13,698 Occupancy & Equipment 2,658 3,161 2,895 Other Expenses 8,622 10,151 11,883 Amortization of Intangibles 792 820 808 OREO Expense 119 97 100 FDIC Expense 322 175 326 ------- ------- -------- Total Non-Interest Expense 26,996 28,143 29,710 ------- ------- -------- Pre-Tax Earnings (FTE) 31,538 29,712 9,213 Tax Equivalent Adjustment 2,868 2,875 2,843 ------- ------- -------- Reported Pre-Tax Earnings 28,670 26,837 6,370 Taxes 9,318 8,849 2,066 ------- ------- -------- Net Income before Extra Items 19,352 17,988 4,304 Extraordinary Items (Net of Tax) ------- ------- -------- Net Income $19,352 $17,988 $ 4,304 ======= ======= ======== MEMO: Effective Tax Rate 32.50% 32.97% 32.43%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Consolidated Balance Sheets March 31 March 31 2001 2000 Q-T-D Q-T-D March 31 December 31 Average Average 2001 2000 ------- ------- -------- ----------- Cash & Cash Equivalents $ 130,817 $ 111,670 $ 155,576 $ 144,810 Trading Account Securities Securities Available for Sale 903,282 1,023,967 1,014,729 865,266 Held to Maturity Securities 345,035 407,241 288,884 380,068 Other Securities ---------- ---------- ---------- ---------- Total Securities 1,248,317 1,431,208 1,303,613 1,245,334 ---------- ---------- ---------- ---------- Total Cash and Securities 1,379,134 1,542,878 1,459,189 1,390,144 ---------- ---------- ---------- ---------- Loans held for sale 174,010 100,757 239,148 203,831 Commercial Loans 1,536,740 1,473,522 1,543,672 1,527,008 Mortgage Loans 1,347,506 1,358,583 1,326,735 1,359,044 Consumer Loans 301,469 355,360 301,439 306,442 ---------- ---------- ---------- ---------- Loans & Leases, net of unearned income 3,359,725 3,288,222 3,410,994 3,396,325 Reserve for loan & Lease Losses (40,901) (39,609) (41,191) (40,532) Goodwill 34,832 37,300 34,449 35,102 Mortgage Servicing Rights 13 Purchase Credit Card Intangibles Other Intangibles 4,048 4,772 3,946 4,122 ---------- ---------- ---------- ---------- Total Intangibles 38,880 42,085 38,395 39,224 Real Estate Owned 2,426 3,815 2,395 2,109 Other Assets 110,922 137,361 115,023 117,277 ---------- ---------- ---------- ---------- Total Assets $4,850,186 $4,974,752 $4,984,804 $4,904,547 ========== ========== ========== ========== MEMO: Earning Assets $4,583,319 $4,686,817 $4,762,807 $4,643,668 ========== ========== ========== ========== Interest-bearing Deposits $2,865,822 $2,770,075 $2,921,075 $2,852,034 Noninterest-bearing Deposits 479,797 462,542 541,626 539,415 Foreign Deposits ---------- ---------- ---------- ---------- Total Deposits 3,345,619 3,232,617 3,462,701 3,391,449 Short-term Borrowings 319,938 322,221 337,751 333,716 Intermediate & Long-term Borrowings 686,763 960,393 681,446 706,512 ---------- ---------- ---------- ---------- Total Borrowings 1,006,701 1,282,614 1,019,197 1,040,228 Other Liabilities 58,736 58,664 57,822 42,000 Minority Interest ---------- ---------- ---------- ---------- Total Liabilities 4,411,056 4,573,895 4,539,720 4,473,677 ---------- ---------- ---------- ---------- Common Equity 439,130 400,857 445,084 430,870 ---------- ---------- ---------- ---------- Total Shareholders' Equity 439,130 400,857 445,084 430,870 ---------- ---------- ---------- ---------- Total Liabilities & Equity $4,850,186 $4,974,752 $4,984,804 $4,904,547 ========== ========== ========== ==========
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended -------------------------------------------------- March March December Share Data: 2001 2000 2000 ----- ----- -------- Earnings Per Share: Net Income before Extraordinary Items: Basic $0.46 $0.43 $0.11 Diluted $0.46 $0.42 $0.11 Diluted - Cash Basis $0.47 $0.44 $0.12 Net Income after Extraordinary Items: Basic $0.46 $0.43 $0.11 Diluted $0.46 $0.42 $0.11 Diluted - Cash Basis $0.47 $0.44 $0.12 Common Dividend Declared Per Share $0.22 $0.21 $0.21 High Common Stock Price $23.25 $24.44 $22.13 Low Common Stock Price $19.44 $17.00 $17.25 Book Value Per Share $10.70 $9.37 $10.32 Tangible Book Value Per Share $9.78 $8.38 $9.38 52-week High Common Stock Price $23.25 $27.38 $24.44 Date 03/01/01 04/22/99 01/03/00 52-week Low Common Stock Price $16.38 $17.00 $16.38 Date 06/27/00 03/08/00 06/27/00 EOP Shares Outstanding (Net of Treasury Stock): 41,587,229 42,018,879 41,765,271 Average Shares Outstanding: (Net of Treasury Stock): Basic 41,703,350 42,272,860 41,775,776 Diluted 42,020,236 42,657,425 42,072,051 Memorandum Items: Tax Applicable to Security Transactions $50 $111 ($5,254) Common Dividends $9,175 $8,879 $8,782 EOP Employees (full-time equivalent) 1,277 1,367 1,288
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended --------------------------------------------------------- March March December Selected Yields and Net Interest Margin: 2001 2000 2000 -------- -------- -------- Loans 8.87% 8.80% 9.05% Investment Securities 7.03% 6.84% 6.92% Money Market Investments/FFS 6.19% 6.46% 6.79% Average Earning Assets Yield 8.33% 8.22% 8.45% Interest-bearing Deposits 4.69% 4.22% 4.84% Short-term Borrowings 4.84% 4.85% 5.55% Long-term Borrowings 6.38% 5.70% 6.40% Average Liability Costs 5.00% 4.62% 5.20% Net Interest Spread 3.32% 3.60% 3.25% Net Interest Margin 4.10% 4.23% 4.03% Selected Financial Ratios: Return on Average Common Equity 17.87% 18.05% 4.03% Return on Average Assets 1.62% 1.45% 0.35% Loan / Deposit Ratio 98.51% 101.77% 100.14% Loan Loss Reserve / Net Loans 1.30% 1.22% 1.27% Nonaccrual / Net Loans 0.23% 0.41% 0.24% OREO / Net Loans 0.07% 0.12% 0.06% Non-performing / Net Loans 0.44% 0.78% 0.45% Delinquency Ratio 0.36% 0.66% 0.38% Primary Capital Ratio 9.68% 8.63% 9.53% Shareholders' Equity Ratio 8.93% 7.91% 8.79% Price / Book Ratio 2.07% 2.35% 2.33% Price / Earnings Ratio 12.01% 13.07% 15.23% Efficiency Ratio 42.84% 45.31% 48.95% March March December Credit Quality Data: 2001 2000 2000 -------- -------- -------- EOP Non-Accrual Loans $ 7,588 $ 13,110 $ 8,131 EOP 90-Day Past Due Loans 4,698 7,951 4,717 -------- -------- -------- Total EOP Non-performing Loans $ 12,286 $ 21,061 $ 12,848 EOP Other Real Estate & Assets Owned 2,395 3,764 2,109 -------- -------- -------- Total EOP Non-performing Assets $ 14,681 $ 24,825 $ 14,957 ======== ======== ======== Three Months Ended --------------------------------------------------------- March March December 2001 2000 2000 -------- -------- -------- Charge-off Analysis: Gross Charge-offs ($2,672) ($2,859) ($4,054) Recoveries 832 203 246 -------- -------- -------- Net Charge-offs ($1,840) ($2,656) ($3,808) ======== ======== ========