EX-99.1 2 l24191aexv99w1.htm EX-99.1 EX-99.1
 

EXHIBIT 99.1
News Release
(UNITED BANKSHARES, INC. LOGO)
     
For Immediate Release   Contact: Steven E. Wilson
January 25, 2007   Chief Financial Officer
    (304) 424-8704
     
United Bankshares, Inc. Announces Earnings
for the Fourth Quarter and Year of 2006
     WASHINGTON, DC and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), announced today earnings for the fourth quarter and year of 2006. Fourth quarter earnings were $25.0 million or 60¢ per diluted share while earnings for the year of 2006 were $89.2 million or $2.13 per diluted share. The results for the year of 2006 included significant charges to prepay certain long-term debt in the third quarter. United earned $25.7 million or 60¢ per diluted share and $100.4 million or $2.33 per diluted share for the fourth quarter and year of 2005, respectively.
     Tax-equivalent net interest income for the fourth quarter of 2006 was $58.1 million, a decrease of $3.2 million or 5% from the fourth quarter of 2005. The average yield on earning assets increased 59 basis points from the fourth quarter of 2005; however, the average cost of funds increased 85 basis points due to higher interest rates. Average earning assets were relatively flat from the fourth quarter of 2005 as average loan growth of $138.8 million or 3% was more than offset by a decline in average investment securities of $193.9 million or 13%. In addition, interest income from United’s subordinated interest in a prior asset securitization decreased $810 thousand for the fourth quarter of 2006 as compared to the fourth quarter of 2005. The net interest margin for the fourth quarter of 2006 was 3.85%, down 18 basis points from a net interest margin of 4.03% for the fourth quarter of 2005.
     Tax-equivalent net interest income for the year of 2006 was $235.0 million, an increase of $1.6 million or less than 1% from the prior year due mainly to average loan growth of $232.5 million or 5%. For the year of 2006, interest income from United’s asset securitization increased $580 thousand from the year of 2005. In addition, the average yield on earning assets for the year of 2006 increased 80 basis points from the year of 2005; however, the average cost of funds increased by 101 basis points due to higher interest rates. As a result, the net interest margin for the year of 2006 was 3.86%, down 8 basis points from a net interest margin of 3.94% for last year.
     On a linked-quarter basis, United’s tax-equivalent net interest income for the fourth quarter of 2006 declined $714 thousand or 1% from the third quarter of 2006. The slight decrease was due primarily to a $44.2 million or less than 1% decrease in average earning assets and a 7 basis point increase in the cost of funds for the quarter. Average loans and investments declined $26.4 million or less than 1% and $ 26.0 million or 2% for the quarter, respectively. However, period-end net loans at December 31, 2006 grew $56.7 million for the quarter or 5% annualized as commercial loans increased $79.9 million or 12% annualized from September 30, 2006. Interest income from United’s subordinated interest in a prior asset securitization declined $378 thousand in the fourth quarter of 2006 as compared to the third quarter of 2006. Partially offsetting these decreases to net

 

 

United Bankshares, Inc. Announces...
January 25, 2007
Page Two
interest income for the fourth quarter of 2006 was a 5 basis point increase in the average yield on earning assets. The net interest margin of 3.85% for the fourth quarter of 2006 was down 2 basis points from a net interest margin of 3.87% for the third quarter of 2006.
     Noninterest income for the fourth quarter of 2006 was $14.7 million, an increase of $1.4 million or 11% from the fourth quarter of 2005. The rise in noninterest income from the previous year’s fourth quarter was primarily due to an increase of $462 thousand in fees from deposit services mainly as a result of United’s High Performance Checking program, which was introduced during the first quarter of 2006. During the fourth quarter of 2006, United received additional residual income of $450 thousand from prior third party asset securitizations as compared to last year’s fourth quarter. Revenue from trust and brokerage services increased $320 thousand or 12% for the fourth quarter of 2006 due to increased volume and a larger customer base.
     Noninterest income for the year of 2006 was $49.0 million, a decrease of $3.6 million from the year of 2005. Included in total noninterest income for the year of 2006 was a net before-tax loss of $4.6 million on the termination of interest rate swaps associated with the prepayment of FHLB advances in the first and third quarters of 2006. In addition, United’s income from investment security transactions declined $3.9 million for the year of 2006 as compared to last year as United incurred a net loss on security transactions of $2.9 million in the first quarter of 2006 due to an other than temporary impairment on approximately $86 million of low-yielding fixed rate investment securities which United sold as part of a balance sheet repositioning. Excluding the results of investment security transactions and interest rate swap terminations, noninterest income for the year of 2006 would have increased $4.9 million or 9% from the year of 2005. Leading the way was an increase in revenue from trust and brokerage services of $1.9 million or 17% for the year of 2006 as compared to the year of 2005. In addition, fees from deposit services rose $1.3 million or 5% for the year of 2006 due mainly to United’s High Performance Checking program. Other income also increased $1.3 million for the year as United received additional residual income of $519 thousand from prior third party asset securitizations and income of $816 thousand from the outsourcing of its official checks processing which United initiated in 2006.
     On a linked-quarter basis, noninterest income for the fourth quarter of 2006 increased $8.5 million from the third quarter of 2006 due to a before-tax loss of approximately $7.7 million on a termination of an interest rate swap associated with the prepayment of a FHLB advance in the third quarter. Excluding the loss on the termination of the interest rate swap and losses associated with security transactions, noninterest income for the fourth quarter of 2006 would have increased $830 thousand or 6% from the third quarter of 2006. This increase was primarily due to additional residual income of $500 thousand from prior third party asset securitizations. In addition, fees from deposit services increased $135 thousand for the fourth quarter of 2006 as compared to the third quarter of 2006.
     Noninterest expense for the fourth quarter of 2006 was $32.6 million, an increase of $1.3 million or 4% from the fourth quarter of 2005. This rise in noninterest expense was primarily due to marketing and related costs of approximately $562 thousand to promote its High Performance Checking program. In addition, salaries and benefits expense increased $537 thousand or 4% due to higher base salaries, pension and health insurance costs.

 

 

United Bankshares, Inc. Announces...
January 25, 2007
Page Three
     Noninterest expense for the year of 2006 was $137.2 million, an increase of $16.0 million from the year of 2005 due mainly to an increase of $7.9 million in before-tax penalties to prepay FHLB advances. Excluding these penalties, noninterest expense for the year of 2006 would have increased $8.2 million or 7% from the year of 2005. The increase in noninterest expense was primarily due to an increase of $3.1 million or 5% in salaries and benefits expense. Salaries expense increased $1.9 million or 4% as a result of the higher salaries and commissions while pension and health care coverage costs increased $411 thousand or 18% and $379 thousand or 9%, respectively. In addition, United incurred marketing and related costs of approximately $2.7 million during the year of 2006 to launch and to promote its High Performance Checking program. Consulting and bankcard processing fees increased $920 thousand and $905 thousand, respectively.
     On a linked-quarter basis, noninterest expense for the fourth quarter of 2006 decreased $7.6 million from the third quarter of 2006 due mainly to before-tax penalties of approximately $8.2 million to prepay $200 million of FHLB advances during the third quarter. Otherwise, noninterest expense for the fourth quarter of 2006 increased $655 thousand or 2% from the third quarter of 2006 due mainly to increases in several general operating expenses, none of which was individually significant.
     At December 31, 2006, nonperforming loans were $14.2 million or 0.30% of loans, net of unearned income as compared to nonperforming loans of $13.6 million or 0.29% of loans, net of unearned income at September 30, 2006 and $13.2 million or 0.28% of loans, net of unearned income at December 31, 2005, respectively. Net charge-offs were $433 thousand for the fourth quarter of 2006 as compared to $1.2 million for the fourth quarter of 2005. Net charge-offs were $1.9 million for the year of 2006 as compared to net charge-offs of $4.1 million for the year of 2005. For the quarters ended December 31, 2006 and 2005, the provision for credit losses was $268 thousand and $2.1 million, respectively, while the provision for the year was $1.4 million for 2006 as compared to $5.6 million for 2005. As of December 31, 2006, the allowances for loan losses and lending-related commitments totaled $52.4 million or 1.09% of loans, net of unearned income, as compared to $52.9 million or 1.14% of loans, net of unearned income at December 31, 2005.
     During the fourth quarter, United’s Board of Directors declared a cash dividend of 28¢ per share, which represented a 4% increase over the 27¢ per share dividend paid for the fourth quarter of 2005. Dividends per share of $1.09 for the year of 2006 also represented a 4% increase over the $1.05 per share paid for the year of 2005. The year of 2006 represented the thirty-third consecutive year of dividend increases for United shareholders.
     United Bankshares, with $6.7 billion in assets, presently has 90 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.”
This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Per Share Data)
                                 
    Three Months Ended   Year Ended
    December 31   December 31   December 31   December 31
    2006   2005   2006   2005
EARNINGS SUMMARY:
                                
Interest income, taxable equivalent
   $ 106,249     $ 97,866     $ 416,135     $ 357,868  
Interest expense
     48,143       36,612       181,090       124,451  
Net interest income, taxable equivalent
     58,106       61,254       235,045       233,417  
Taxable equivalent adjustment
     4,043       3,533       15,452       12,590  
Net interest income
     54,063       57,721       219,593       220,827  
Provision for credit losses
     268       2,058       1,437       5,618  
Noninterest income
     14,732       13,311       49,033       52,625  
Noninterest expense
     32,608       31,326       137,173       121,160  
Income taxes
     10,904       11,962       40,767       46,265  
Net income
     25,015       25,686       89,249       100,409  
 
                                
PER COMMON SHARE:
                                
Net income:
                                
Basic
     0.61       0.61       2.15       2.36  
Diluted
     0.60       0.60       2.13       2.33  
Cash dividends
   $ 0.28     $ 0.27       1.09       1.05  
Book value
                     15.44       15.12  
Closing market price
                   $ 38.65     $ 35.24  
Common shares outstanding:
                                
Actual at period end, net of treasury shares
                     41,058,901       42,008,179  
Weighted average-basic
     41,156,578       42,117,900       41,532,121       42,514,445  
Weighted average-diluted
     41,557,831       42,638,687       41,942,889       43,024,861  
 
                                
FINANCIAL RATIOS:
                                
Return on average assets
     1.51 %     1.54 %     1.34 %     1.55 %
Return on average shareholders’ equity
     15.44 %     15.76 %     13.90 %     15.66 %
Average equity to average assets
     9.77 %     9.79 %     9.67 %     9.92 %
Net interest margin
     3.85 %     4.03 %     3.86 %     3.94 %
                                 
    December 31   December 31   December 31   September 30
    2006   2005   2004   2006
PERIOD END BALANCES:
                                
Assets
   $ 6,717,598     $ 6,728,492     $ 6,435,971     $ 6,593,526  
Earning assets
     6,082,080       6,129,969       5,910,493       6,028,100  
Loans, net of unearned income
     4,806,747       4,649,829       4,418,276       4,750,204  
Loans held for sale
     2,041       3,324       3,981       3,510  
Investment securities
     1,275,470       1,501,966       1,510,442       1,288,009  
Total deposits
     4,828,192       4,617,452       4,297,563       4,750,555  
Shareholders’ equity
     634,092       635,205       631,507       635,333  

 

 

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  
    December     December     September     June     March  
    2006     2005     2006     2006     2006  
Interest & Loan Fees Income
   $ 102,206     $ 94,333     $ 102,435     $ 100,461     $ 95,581  
Tax Equivalent Adjustment
     4,043       3,533       3,891       3,788       3,730  
 
                              
Interest & Fees Income (FTE)
     106,249       97,866       106,326       104,249       99,311  
Interest Expense
     48,143       36,612       47,506       44,881       40,560  
 
                              
Net Interest Income (FTE)
     58,106       61,254       58,820       59,368       58,751  
 
                                        
Provision for Credit Losses
     268       2,058       571       348       250  
 
                                        
Non-Interest Income:
                                        
Investment Securities Transactions
     (105 )     (194 )     (134 )     (99 )     (2,838 )
Fees from Trust & Brokerage Services
     3,091       2,771       3,190       3,647       3,020  
Fees from Deposit Services
     7,502       7,040       7,367       7,217       6,991  
Other Charges, Commissions, and Fees
     1,698       1,598       1,785       1,747       1,670  
Income from Bank Owned Life Insurance
     1,137       1,310       1,181       1,061       1,043  
Mortgage Banking Income
     240       365       236       150       229  
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances
     —       —       (7,659 )     —       3,060  
Other Non-Interest Revenue
     1,169       421       248       702       487  
 
                              
Total Non-Interest Income
     14,732       13,311       6,214       14,425       13,662  
 
                              
 
                                        
Non-Interest Expense:
                                        
Salaries and Employees Benefits
     15,542       15,005       15,740       15,951       15,098  
Net Occupancy
     3,089       2,942       3,031       3,114       3,313  
Other Expenses
     13,171       12,123       12,423       12,552       12,940  
Prepayment Penalties on FHLB Advances
     —       406       8,261       —       —  
Amortization of Intangibles
     433       535       459       484       510  
OREO Expense
     230       169       155       (82 )     179  
FDIC Expense
     143       146       145       144       148  
 
                              
Total Non-Interest Expense
     32,608       31,326       40,214       32,163       32,188  
 
                              
 
                                        
Income Before Income Taxes (FTE)
     39,962       41,181       24,249       41,282       39,975  
 
                                        
Tax Equivalent Adjustment
     4,043       3,533       3,891       3,788       3,730  
 
                              
 
                                        
Income Before Income Taxes
     35,919       37,648       20,358       37,494       36,245  
 
                                        
Income Taxes
     10,904       11,962       6,193       12,035       11,635  
 
                              
 
                                        
Net Income
   $ 25,015     $ 25,686     $ 14,165     $ 25,459     $ 24,610  
 
                              
 
                                        
MEMO: Effective Tax Rate
     30.36 %     31.77 %     30.42 %     32.10 %     32.10 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
                                 
    Year Ended  
    December     December     December     December  
    2006     2005     2004     2003  
Interest & Loan Fees Income
   $ 400,683     $ 345,278     $ 293,350     $ 272,520  
Tax Equivalent Adjustment
     15,452       12,590       11,186       10,057  
 
                        
Interest & Fees Income (FTE)
     416,135       357,868       304,536       282,577  
Interest Expense
     181,090       124,451       88,914       95,504  
 
                        
Net Interest Income (FTE)
     235,045       233,417       215,622       187,073  
 
                                
Credit Loss Provision
     1,437       5,618       4,520       7,475  
 
                                
Non-Interest Income:
                                
Investment Securities Transactions
     (3,176 )     695       1,110       1,830  
Fees from Trust & Brokerage Services
     12,948       11,083       10,518       9,387  
Fees from Deposit Services
     29,077       27,749       29,967       28,924  
Other Charges, Commissions, and Fees
     6,900       6,013       4,986       4,323  
Income from Bank Owned Life Insurance
     4,422       4,753       4,282       2,160  
Mortgage Banking Income
     855       1,055       729       2,570  
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances
     (4,599 )     —       —       —  
Other Non-Interest Revenue
     2,606       1,277       2,639       2,890  
 
                        
Total Non-Interest Income
     49,033       52,625       54,231       52,084  
 
                        
 
                                
Non-Interest Expense:
                                
Salaries and employee benefits
     62,331       59,197       56,526       54,843  
Net Occupancy
     12,547       12,201       12,551       11,270  
Other Expenses
     51,086       45,883       44,696       43,113  
Prepayment Penalties on FHLB Advances
     8,261       406       18,975       16,691  
Amortization of Intangibles
     1,886       2,292       2,726       2,070  
OREO Expense
     482       594       956       680  
FDIC Expense
     580       587       631       871  
 
                        
Total Non-Interest Expense
     137,173       121,160       137,061       129,538  
 
                        
 
                                
Income from Continuing Operations Before Income Taxes (FTE)
     145,468       159,264       128,272       102,144  
 
                                
Tax Equivalent Adjustment
     15,452       12,590       11,186       10,057  
 
                        
 
                                
Income from Continuing Operations Before Income Taxes
     130,016       146,674       117,086       92,087  
 
                                
Taxes
     40,767       46,265       33,771       28,010  
 
                        
 
                                
Income from Continuing Operations
     89,249       100,409       83,315       64,077  
 
                                
Gain on Sale of Discontinued Operations
     —       —       17,000       —  
Other Operating Income
     —       —       3,780       20,433  
 
                        
 
                                
Income from Discontinued Operations Before Income Taxes
     —       —       20,780       20,433  
 
                                
Taxes
     —       —       6,333       5,745  
 
                        
 
                                
Income from Discontinued Operations
     —       —       14,447       14,688  
 
                        
 
                                
Net Income
   $ 89,249     $ 100,409     $ 97,762     $ 78,765  
 
                        
 
                                
MEMO: Effective Tax Rate
     31.36 %     31.54 %     29.09 %     30.00 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Discontinued Operations Statements of Income
                                 
    Year Ended  
    December     December     December     December  
    2006     2005     2004     2003  
Interest & Loan Fees Income
     —       —     $ 6,850     $ 24,988  
Interest Expense
     —       —       1,543       8,647  
 
                        
Net Interest Income
     —       —       5,307       16,341  
 
                                
Non-Interest Income:
                                
Service Charges, Commissions, and Fees
     —       —       565       1,896  
Income from Mortgage Banking Operations
     —       —       15,271       49,336  
Gain on Sale of Discontinued Operations
     —       —       17,000       —  
 
                        
Total Non-Interest Income
     —       —       32,836       51,232  
 
                        
 
                                
Non-Interest Expense:
                                
Salaries and Employee Benefits
     —       —       13,574       38,456  
Net Occupancy
     —       —       985       1,822  
Other Expenses
     —       —       2,804       6,862  
 
                        
Total Non-Interest Expense
     —       —       17,363       47,140  
 
                        
 
                                
Income from Discontinued Operations Before Income Taxes
     —       —       20,780       20,433  
 
                                
Taxes
     —       —       6,333       5,745  
 
                        
 
                                
Income from Discontinued Operations
     —       —     $ 14,447     $ 14,688  
 
                        

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
                                         
    December 31     December 31                    
    2006     2005     December 31     December 31     December 31  
    Q-T-D Average     Q-T-D Average     2006     2005     2004  
Cash & Cash Equivalents
   $ 188,829     $ 177,591     $ 259,013     $ 207,962     $ 153,465  
 
                                        
Securities Available for Sale
     1,063,418       1,241,066       1,063,174       1,274,621       1,277,160  
Held to Maturity Securities
     213,489       229,723       212,296       227,345       233,282  
 
                              
Total Securities
     1,276,907       1,470,789       1,275,470       1,501,966       1,510,442  
 
                              
Total Cash and Securities
     1,465,736       1,648,380       1,534,483       1,709,928       1,663,907  
 
                              
 
                                        
Loans held for sale
     2,749       3,663       2,041       3,324       3,981  
 
                                        
Commercial Loans
     2,678,655       2,558,875       2,757,957       2,599,781       2,440,154  
Mortgage Loans
     1,706,980       1,654,199       1,694,922       1,668,782       1,579,792  
Consumer Loans
     360,362       393,262       360,829       387,959       404,756  
 
                              
 
                                        
Gross Loans
     4,745,997       4,606,336       4,813,708       4,656,522       4,424,702  
 
                                        
Unearned Income
     (6,541 )     (6,742 )     (6,961 )     (6,693 )     (6,426 )
 
                              
 
                                        
Loans, net of unearned income
     4,739,456       4,599,594       4,806,747       4,649,829       4,418,276  
 
                                        
Allowance for Loan Losses
     (43,897 )     (43,750 )     (43,629 )     (44,138 )     (43,365 )
 
                                        
Goodwill
     167,421       167,487       167,421       167,487       166,926  
Other Intangibles
     2,881       4,816       2,640       4,527       6,819  
 
                              
Total Intangibles
     170,302       172,303       170,061       172,014       173,745  
 
                                        
Real Estate Owned
     2,977       2,718       4,231       2,941       3,692  
Other Assets
     244,999       224,710       243,664       234,594       215,735  
 
                              
Total Assets
   $ 6,582,322     $ 6,607,618     $ 6,717,598     $ 6,728,492     $ 6,435,971  
 
                              
 
                                        
MEMO: Earning Assets
   $ 6,021,372     $ 6,058,609     $ 6,082,080     $ 6,129,969     $ 5,910,493  
 
                              
 
                                        
Interest-bearing Deposits
   $ 3,899,599     $ 3,649,884     $ 3,924,985     $ 3,657,778     $ 3,412,224  
Noninterest-bearing Deposits
     834,064       947,730       903,207       959,674       885,339  
 
                              
Total Deposits
     4,733,663       4,597,614       4,828,192       4,617,452       4,297,563  
 
                                        
Short-term Borrowings
     646,979       749,729       682,266       856,425       906,958  
Long-term Borrowings
     501,494       554,640       499,200       547,731       533,755  
 
                              
Total Borrowings
     1,148,473       1,304,369       1,181,466       1,404,156       1,440,713  
 
                                        
Other Liabilities
     57,314       59,063       73,848       71,679       66,188  
 
                              
Total Liabilities
     5,939,450       5,961,046       6,083,506       6,093,287       5,804,464  
 
                              
 
                                        
Common Equity
     642,872       646,572       634,092       635,205       631,507  
 
                              
Total Shareholders’ Equity
     642,872       646,572       634,092       635,205       631,507  
 
                              
 
                                        
Total Liabilities & Equity
   $ 6,582,322     $ 6,607,618     $ 6,717,598     $ 6,728,492     $ 6,435,971  
 
                              

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                                         
    Three Months Ended
    December   December   September   June   March
    2006   2005   2006   2006   2006
Quarterly Share Data:
                                        
 
                                        
Earnings Per Share:
                                        
Basic
   $ 0.61     $ 0.61     $ 0.34     $ 0.61     $ 0.59  
Diluted
   $ 0.60     $ 0.60     $ 0.34     $ 0.60     $ 0.58  
 
                                        
Common Dividend Declared Per Share
   $ 0.28     $ 0.27     $ 0.27     $ 0.27     $ 0.27  
 
                                        
High Common Stock Price
   $ 39.71     $ 38.55     $ 38.28     $ 38.41     $ 38.50  
Low Common Stock Price
   $ 36.51     $ 32.34     $ 34.21     $ 34.46     $ 34.46  
 
                                        
Average Shares Outstanding (Net of Treasury Stock):
                                        
Basic
     41,156,578       42,117,900       41,373,945       41,684,404       41,923,726  
Diluted
     41,557,831       42,638,687       41,775,111       42,084,164       42,379,242  
 
                                        
Memorandum Items:
                                        
Tax Applicable to Security Transactions
   ($ 37 )   ($ 67 )   ($ 47 )   ($ 35 )   ($ 993 )
 
                                        
Common Dividends
   $ 11,518     $ 11,356     $ 11,158     $ 11,212     $ 11,331  
                                 
    Year Ended
    December   December   December   December
    2006   2005   2004   2003
YTD Share Data:
                                
 
                                
Earnings Per Share from Continuing Operations:
                                
Basic
   $ 2.15     $ 2.36     $ 1.92     $ 1.52  
Diluted
   $ 2.13     $ 2.33     $ 1.89     $ 1.50  
 
                                
Earnings Per Share from Discontinued Operations:
                                
Basic
     —       —     $ 0.33     $ 0.35  
Diluted
     —       —     $ 0.33     $ 0.35  
 
                                
Earnings Per Share:
                                
Basic
   $ 2.15     $ 2.36     $ 2.25     $ 1.87  
Diluted
   $ 2.13     $ 2.33     $ 2.22     $ 1.85  
 
                                
Common Dividend Declared Per Share
   $ 1.09     $ 1.05     $ 1.02     $ 1.00  
 
                                
Average Shares Outstanding (Net of Treasury Stock):
                                
Basic
     41,532,121       42,514,445       43,404,586       42,076,180  
Diluted
     41,942,889       43,024,861       43,978,914       42,620,568  
 
                                
Memorandum Items:
                                
 
                                
Tax Applicable to Security Transactions
   ($ 1,112 )   $ 243     $ 389     $ 641  
 
                                
Common Dividends
   $ 45,219     $ 44,575     $ 44,228     $ 42,028  
 
                                
EOP Employees (full-time equivalent)
     1,367       1,374       1,319       1,585  

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                                         
    Three Months Ended
    December   December   September   June   March
    2006   2005   2006   2006   2006
EOP Share Data:
                                        
 
                                        
Book Value Per Share
   $ 15.44     $ 15.12     $ 15.40     $ 15.30     $ 15.26  
Tangible Book Value Per Share
   $ 11.30     $ 11.03     $ 11.27     $ 11.18     $ 11.16  
 
                                        
52-week High Common Stock Price
   $ 39.71     $ 38.62     $ 38.55     $ 38.55     $ 38.55  
Date
     12/28/06       01/03/05       12/02/05       12/02/05       12/02/05  
52-week Low Common Stock Price
   $ 34.21     $ 29.82     $ 32.34     $ 32.34     $ 29.82  
Date
     07/17/06       04/29/05       10/12/05       10/12/05       04/29/05  
 
                                        
EOP Shares Outstanding (Net of Treasury Stock):
     41,058,901       42,008,179       41,248,706       41,512,069       41,848,564  
                                         
    Three Months Ended
    December   December   September   June   March
    2006   2005   2006   2006   2006
Selected Yields and Net Interest Margin:
                                        
 
                                        
Loans
     7.38 %     6.76 %     7.31 %     7.14 %     6.96 %
Investment Securities
     5.78 %     5.45 %     5.79 %     5.78 %     5.37 %
Money Market Investments/FFS
     4.89 %     3.80 %     5.41 %     4.28 %     2.84 %
Average Earning Assets Yield
     7.02 %     6.43 %     6.97 %     6.82 %     6.55 %
Interest-bearing Deposits
     3.43 %     2.41 %     3.29 %     2.97 %     2.68 %
Short-term Borrowings
     4.31 %     3.03 %     4.17 %     4.12 %     3.65 %
Long-term Borrowings
     5.86 %     6.21 %     6.42 %     6.85 %     6.41 %
Average Liability Costs
     3.78 %     2.93 %     3.71 %     3.53 %     3.24 %
Net Interest Spread
     3.24 %     3.50 %     3.26 %     3.29 %     3.31 %
Net Interest Margin
     3.85 %     4.03 %     3.87 %     3.88 %     3.86 %
 
                                        
Selected Financial Ratios:
                                        
 
                                        
Return on Average Common Equity
     15.44 %     15.76 %     8.83 %     15.84 %     15.51 %
Return on Average Assets
     1.51 %     1.54 %     0.85 %     1.53 %     1.49 %
Efficiency Ratio (consolidated)
     43.79 %     40.96 %     60.77 %     42.98 %     41.86 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                                 
    Year Ended
    December   December   December   December
    2006   2005   2004   2003
Selected Yields and Net Interest Margin:
                                
Loans
     7.20 %     6.36 %     5.72 %     6.09 %
Investment Securities
     5.67 %     5.11 %     4.60 %     4.83 %
Money Market Investments/FFS
     4.35 %     3.09 %     1.28 %     1.32 %
Average Earning Assets Yield
     6.84 %     6.04 %     5.41 %     5.71 %
Interest-bearing Deposits
     3.10 %     2.06 %     1.45 %     1.72 %
Short-term Borrowings
     4.04 %     2.43 %     1.08 %     1.32 %
Long-term Borrowings
     6.38 %     5.82 %     4.82 %     5.74 %
Average Liability Costs
     3.57 %     2.56 %     1.91 %     2.35 %
Net Interest Spread
     3.27 %     3.48 %     3.50 %     3.36 %
Net Interest Margin
     3.86 %     3.94 %     3.84 %     3.77 %
 
                                
Selected Financial Ratios:
                                
Return on Average Common Equity
     13.90 %     15.66 %     15.56 %     13.86 %
Return on Average Assets
     1.34 %     1.55 %     1.55 %     1.36 %
Loan / Deposit Ratio
     99.56 %     100.70 %     102.81 %     95.57 %
Allowance for Loan Losses/ Loans, Net of Unearned Income
     0.91 %     0.95 %     0.98 %     1.05 %
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income
     1.09 %     1.14 %     1.16 %     1.30 %
Nonaccrual Loans / Loans, Net of Unearned Income
     0.12 %     0.15 %     0.14 %     0.19 %
90-Day Past Due Loans/ Loans, Net of Unearned Income
     0.18 %     0.13 %     0.10 %     0.28 %
Non-performing Loans/ Loans, Net of Unearned Income
     0.30 %     0.28 %     0.24 %     0.47 %
Non-performing Assets/ Total Assets
     0.27 %     0.24 %     0.22 %     0.34 %
Primary Capital Ratio
     10.14 %     10.15 %     10.53 %     10.35 %
Shareholders’ Equity Ratio
     9.44 %     9.44 %     9.81 %     9.63 %
Price / Book Ratio
     2.50 x     2.33 x     2.60 x     2.22 x
Price / Earnings Ratio
     18.16 x     15.10 x     17.16 x     16.88 x
Efficiency Ratio (consolidated)
     46.93 %     41.45 %     49.12 %     57.04 %
 
Note: (1) Includes allowances for loan losses and lending-related commitments.

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                                         
    December     December     September     June     March  
    2006     2005     2006     2006     2006  
Asset Quality Data:
                                        
 
                                        
EOP Non-Accrual Loans
   $ 5,755     $ 7,146     $ 6,357     $ 6,958     $ 7,308  
EOP 90-Day Past Due Loans
     8,432       6,039       7,272       6,531       5,569  
 
                              
Total EOP Non-performing Loans
   $ 14,187     $ 13,185     $ 13,629     $ 13,489     $ 12,877  
 
                                        
EOP Other Real Estate & Assets Owned
     4,231       2,941       2,517       2,313       3,145  
 
                              
Total EOP Non-performing Assets
   $ 18,418     $ 16,126     $ 16,146     $ 15,802     $ 16,022  
 
                              
                                         
    Three Months Ended     Year Ended  
    December     December     December     December     December  
    2006     2005     2006     2005     2004  
Allowance for Credit Losses:(1)
                                        
Beginning Balance
   $ 52,536     $ 51,995     $ 52,871     $ 51,353     $ 51,309  
Provision Expense
     268       2,058       1,437       5,618       4,520  
 
                              
 
     52,804       54,053       54,308       56,971       55,829  
Gross Charge-offs
     (746 )     (1,493 )     (3,228 )     (6,016 )     (6,539 )
Recoveries
     313       311       1,291       1,916       2,063  
 
                              
Net Charge-offs
     (433 )     (1,182 )     (1,937 )     (4,100 )     (4,476 )
 
                              
Ending Balance
   $ 52,371     $ 52,871     $ 52,371     $ 52,871     $ 51,353  
 
                              
 
Note: (1) Includes allowances for loan losses and lending-related commitments.