EX-99.2 3 j1350401exv99w2.htm EXHIBIT 99.2 EX-99.2
 

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  
    2005     2004     2004  
Interest & Loan Fees Income
   $ 79,276     $ 71,151     $ 77,446  
Tax equivalent adjustment
     2,765       2,515       2,717  
 
                  
Interest & Fees Income (FTE)
     82,041       73,666       80,163  
Interest Expense
     26,286       21,400       24,175  
 
                  
Net Interest Income (FTE)
     55,755       52,266       55,988  
 
                        
Provision for credit losses
     1,111       1,357       1,328  
 
                        
Non-Interest Income:
                        
Investment securities transactions
     924       714       15  
Fees from trust & brokerage services
     2,758       2,570       2,448  
Fees from deposit services
     6,491       7,397       7,202  
Other charges, commissions, and fees
     1,331       1,086       1,345  
Income from mortgage banking operations
     126       168       171  
Other non-interest revenue
     1,289       1,628       1,922  
 
                  
Total Non-Interest Income
     12,919       13,563       13,103  
 
                  
 
                        
Non-Interest Expense:
                        
Salaries and employee benefits
     14,066       14,111       12,912  
Net occupancy
     3,095       3,213       3,279  
Other expenses
     10,698       11,307       11,180  
Prepayment penalties on FHLB advances
     —       —       2,969  
Amortization of intangibles
     611       750       635  
OREO expense
     120       84       579  
FDIC expense
     151       159       158  
 
                  
Total Non-Interest Expense
     28,741       29,624       31,712  
 
                  
 
                        
Income from Continuing Operations Before Income Taxes (FTE)
     38,822       34,848       36,051  
 
                        
Tax equivalent adjustment
     2,765       2,515       2,717  
 
                  
 
                        
Income from Continuing Operations Before Income Taxes
     36,057       32,333       33,334  
 
                        
Taxes
     11,297       9,726       7,834  
 
                  
 
                        
Income from Continuing Operations
     24,760       22,607       25,500  
 
                        
Income from Discontinued Operations Before Income Taxes
     —       1,243       —  
 
                        
Taxes
     —       346       —  
 
                  
 
                        
Income from Discontinued Operations
     —       897       —  
 
 
                  
Net Income
   $ 24,760     $ 23,504     $ 25,500  
 
                  
 
                        
MEMO: Effective Tax Rate
     31.33 %     30.00 %     23.50 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

                         
Discontinued Operations Statements of Income      
    Three Months Ended  
    March     March     December  
    2005     2004     2004  
Interest & Loan Fees Income
     —     $ 2,923       —  
Interest Expense
     —       572       —  
 
                  
Net Interest Income
     —       2,351       —  
 
                        
Non-Interest Income:
                        
Service charges, commissions, and fees
     —       214       —  
Income from mortgage banking operations
     —       6,280       —  
 
                  
Total Non-Interest Income
     —       6,494       —  
 
                  
 
                        
Non-Interest Expense:
                        
Salaries and employee benefits
     —       5,825       —  
Net occupancy
     —       489       —  
Other expenses
     —       1,288       —  
 
                  
Total Non-Interest Expense
     —       7,602       —  
 
                  
 
                        
Income from Discontinued Operations Before Income Taxes
     —       1,243       —  
 
                        
Taxes
     —       346       —  
 
                  
 
                        
Income from Discontinued Operations
     —     $ 897       —  
 
                  

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

                                 
Consolidated Balance Sheets                        
    March 31     March 31              
    2005     2004     March 31     December 31  
    Q-T-D Average     Q-T-D Average     2005     2004  
Cash & Cash Equivalents
   $ 167,617     $ 191,569     $ 174,625     $ 153,465  
 
                                
Securities Available for Sale
     1,219,415       1,229,365       1,156,442       1,277,160  
Held to Maturity Securities
     233,100       241,020       232,710       233,282  
 
                        
Total Securities
     1,452,515       1,470,385       1,389,152       1,510,442  
 
                        
Total Cash and Securities
     1,620,132       1,661,954       1,563,777       1,663,907  
 
                        
 
                                
Loans held for sale
     1,913       1,040       4,488       3,981  
 
                                
Commercial Loans
     2,421,531       2,197,550       2,426,183       2,440,154  
Mortgage Loans
     1,580,145       1,404,236       1,576,147       1,579,792  
Consumer Loans
     401,202       406,453       395,124       404,756  
 
                        
 
                                
Gross Loans
     4,402,878       4,008,239       4,397,454       4,424,702  
 
                                
Unearned income
     (6,382 )     (5,465 )     (6,361 )     (6,426 )
 
                        
 
                                
Loans, net of unearned income
     4,396,496       4,002,774       4,391,093       4,418,276  
 
                                
Allowance for Loan Losses
     (43,377 )     (50,300 )     (43,570 )     (43,365 )
 
                                
Goodwill
     166,925       169,079       166,852       166,926  
Other Intangibles
     6,532       9,204       6,208       6,819  
 
                        
Total Intangibles
     173,457       178,283       173,060       173,745  
 
                                
Real Estate Owned
     3,273       3,144       2,974       3,692  
Other Assets
     211,399       193,892       219,486       215,735  
Assets Related to Discontinued Operations
     —       244,565       —       —  
 
                        
Total Assets
   $ 6,363,293     $ 6,235,352     $ 6,311,308     $ 6,435,971  
 
                        
 
                                
MEMO: Earning Assets
   $ 5,833,995     $ 5,434,673     $ 5,823,572     $ 5,953,858  
 
                        
 
                                
Interest-bearing Deposits
   $ 3,436,365     $ 3,209,338     $ 3,469,837     $ 3,412,224  
Noninterest-bearing Deposits
     877,253       832,575       880,602       885,339  
 
                        
Total Deposits
     4,313,618       4,041,913       4,350,439       4,297,563  
 
                                
Short-term Borrowings
     739,645       657,879       629,613       906,958  
Long-term Borrowings
     615,438       664,591       631,586       533,755  
 
                        
Total Borrowings
     1,355,083       1,322,470       1,261,199       1,440,713  
 
                                
Other Liabilities
     55,293       38,868       72,987       66,188  
Liabilities Related to Discontinued Operations
     —       209,668       —       —  
 
                        
 
                                
Total Liabilities
     5,723,994       5,612,919       5,684,625       5,804,464  
 
                        
 
                                
Common Equity
     639,299       622,433       626,683       631,507  
 
                        
Total Shareholders’ Equity
     639,299       622,433       626,683       631,507  
 
                        
 
                                
Total Liabilities & Equity
   $ 6,363,293     $ 6,235,352     $ 6,311,308     $ 6,435,971  
 
                        

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

                         
    Three Months Ended  
    March     March     December  
    2005     2004     2004  
Quarterly Share Data:
                        
Earnings Per Share from Continuing Operations:
                        
Basic
   $ 0.58     $ 0.52     $ 0.59  
Diluted
   $ 0.57     $ 0.51     $ 0.58  
 
                        
Earnings Per Share from Discontinued Operations:
                        
Basic
     —     $ 0.02       —  
Diluted
     —     $ 0.02       —  
 
                        
Earnings Per Share:
                        
Basic
   $ 0.58     $ 0.54     $ 0.59  
Diluted
   $ 0.57     $ 0.53     $ 0.58  
 
                        
Common Dividend Declared Per Share
   $ 0.26     $ 0.25     $ 0.26  
 
High Common Stock Price
   $ 38.62     $ 31.60     $ 39.35  
Low Common Stock Price
   $ 32.00     $ 29.36     $ 34.36  
 
                        
Average Shares Outstanding (Net of Treasury Stock):
                        
Basic
     42,900,416       43,680,837       43,111,287  
Diluted
     43,418,579       44,258,584       43,742,803  
 
                        
Memorandum Items:
                        
 
                        
Tax Applicable to Security Transactions
   $ 323     $ 250     $ 5  
 
                        
Common Dividends
   $ 11,138     $ 10,916     $ 11,553  
                         
    March     March     December  
    2005     2004     2004  
EOP Share Data:
                        
Book Value Per Share
   $ 14.65     $ 14.34     $ 14.68  
Tangible Book Value Per Share
   $ 10.60     $ 10.30     $ 10.64  
 
                        
52-week High Common Stock Price
   $ 39.35     $ 31.61     $ 39.35  
Date
     12/02/04       09/08/03       12/02/04  
52-week Low Common Stock Price
   $ 29.15     $ 27.40     $ 29.15  
Date
     05/10/04       04/01/03       05/10/04  
 
                        
EOP Shares Outstanding (Net of Treasury Stock):
     42,790,954       43,627,204       43,008,445  
 
                        
Memorandum Items:
                        
 
                        
EOP Employees (full-time equivalent)
     1,319       1,549       1,319  

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

                         
    Three Months Ended  
    March     March     December  
    2005     2004     2004  
Selected Yields and Net Interest Margin:
                        
Loans
     6.03 %     5.75 %     5.84 %
Investment Securities
     4.68 %     4.50 %     4.66 %
Money Market Investments/FFS
     1.94 %     2.81 %     1.24 %
Average Earning Assets Yield
     5.67 %     5.42 %     5.52 %
Interest-bearing Deposits
     1.73 %     1.37 %     1.61 %
Short-term Borrowings
     1.87 %     0.97 %     1.42 %
Long-term Borrowings
     5.39 %     4.47 %     5.43 %
Average Liability Costs
     2.22 %     1.87 %     2.03 %
Net Interest Spread
     3.45 %     3.55 %     3.49 %
Net Interest Margin
     3.85 %     3.86 %     3.86 %
 
                        
Selected Financial Ratios:
                        
 
                        
Return on Average Common Equity
     15.71 %     15.19 %     15.90 %
Return on Average Assets
     1.58 %     1.52 %     1.60 %
Loan / Deposit Ratio
     100.93 %     100.69 %     102.81 %
Allowance for Loan Losses/ Loans, net of unearned income
     0.99 %     1.04 %     0.98 %
Allowance for Credit Losses (1)/ Loans, net of unearned income
     1.17 %     1.26 %     1.16 %
Nonaccrual Loans / Loans, net of unearned income
     0.14 %     0.16 %     0.14 %
90-Day Past Due Loans/ Loans, net of unearned income
     0.08 %     0.22 %     0.10 %
Non-performing Loans/ Loans, net of unearned income
     0.22 %     0.38 %     0.24 %
Non-performing Assets/ Total Assets
     0.20 %     0.30 %     0.22 %
Primary Capital Ratio
     10.66 %     10.43 %     10.53 %
Shareholders’ Equity Ratio
     9.93 %     9.71 %     9.81 %
Price / Book Ratio
     2.26 x     2.13 x     2.60 x
Price / Earnings Ratio
     14.53 x     14.36 x     16.36 x
Efficiency Ratio
     41.34 %     49.20 %     44.15 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

                         
    March     March     December  
    2005     2004     2004  
Asset Quality Data:
                        
EOP Non-Accrual Loans
   $ 5,955     $ 6,555     $ 6,352  
EOP 90-Day Past Due Loans
     3,565       9,167       4,425  
 
                  
Total EOP Non-performing Loans
   $ 9,520     $ 15,722     $ 10,777  
 
                        
EOP Other Real Estate & Assets Owned
     2,974       3,312       3,692  
 
                  
Total EOP Non-performing Assets
   $ 12,494     $ 19,034     $ 14,469  
 
                  
                         
    Three Months Ended  
    March     March     December  
  2005     2004     2004  
Allowance for Credit Losses:(1)
                        
Beginning Balance
   $ 51,353     $ 51,309     $ 51,475  
Provision Expense
     1,111       1,357       1,328  
 
                  
 
     52,464       52,666       52,803  
Gross Charge-offs
     (1,538 )     (1,762 )     (1,861 )
Recoveries
     498       447       411  
 
                  
Net Charge-offs
     (1,040 )     (1,315 )     (1,450 )
 
                  
Ending Balance
   $ 51,424     $ 51,351     $ 51,353  
 
                  

Note: (1) Includes allowances for loan losses and lending-related commitments.