EX-99.2 3 l25900aexv99w2.htm EX-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  
    2007     2006     2006  
Interest & Loan Fees Income
   $ 100,622     $ 95,581     $ 102,206  
Tax Equivalent Adjustment
     4,011       3,730       4,043  
 
                  
Interest & Fees Income (FTE)
     104,633       99,311       106,249  
Interest Expense
     47,960       40,560       48,143  
 
                  
Net Interest Income (FTE)
     56,673       58,751       58,106  
 
                        
Provision for Credit Losses
     350       250       268  
 
                        
Non-Interest Income:
                        
Investment securities transactions
     157       (2,838 )     (105 )
Fees from trust & brokerage services
     3,546       3,020       3,091  
Fees from deposit services
     7,178       6,991       7,502  
Other charges, commissions, and fees
     1,693       1,670       1,698  
Income from bank-owned life insurance
     1,459       1,043       1,137  
Mortgage banking income
     161       229       240  
Gain on termination of interest rate swap associated with prepayment of FHLB advance
     —       3,060       —  
Other non-interest revenue
     722       487       1,169  
 
                  
Total Non-Interest Income
     14,916       13,662       14,732  
 
                  
 
                        
Non-Interest Expense:
                        
Salaries and employee benefits
     14,745       15,098       15,542  
Net occupancy
     3,456       3,313       3,089  
Other expenses
     12,580       12,940       13,171  
Amortization of intangibles
     407       510       433  
OREO expense
     164       179       230  
FDIC expense
     143       148       143  
 
                  
Total Non-Interest Expense
     31,495       32,188       32,608  
 
                  
 
                        
Income Before Income Taxes (FTE)
     39,744       39,975       39,962  
 
                        
Tax Equivalent Adjustment
     4,011       3,730       4,043  
 
                  
 
                        
Income Before Income Taxes
     35,733       36,245       35,919  
 
                        
Taxes
     11,326       11,635       10,904  
 
                  
 
                        
Net Income
   $ 24,407     $ 24,610     $ 25,015  
 
                  
 
                        
MEMO: Effective Tax Rate
     31.70 %     32.10 %     30.36 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
                                 
    March 31     March 31              
    2007     2006     March 31     December 31  
    Q-T-D Average     Q-T-D Average     2007     2006  
Cash & Cash Equivalents
   $ 178,434     $ 155,963     $ 220,177     $ 259,013  
 
                                
Securities Available for Sale
     1,007,953       1,209,828       1,000,395       1,010,252  
Held to Maturity Securities
     209,316       223,003       205,000       212,296  
Other Investment Securities
     54,763       53,478       53,589       52,922  
 
                        
Total Securities
     1,272,032       1,486,309       1,258,984       1,275,470  
 
                        
Total Cash and Securities
     1,450,466       1,642,272       1,479,161       1,534,483  
 
                        
 
                                
Loans held for sale
     1,980       2,350       2,231       2,041  
 
                                
Commercial Loans
     2,701,907       2,578,117       2,696,266       2,757,957  
Mortgage Loans
     1,685,748       1,683,337       1,670,738       1,694,922  
Consumer Loans
     359,577       379,868       356,100       360,829  
 
                        
 
                                
Gross Loans
     4,747,232       4,641,322       4,723,104       4,813,708  
 
                                
Unearned income
     (6,869 )     (6,715 )     (6,807 )     (6,961 )
 
                        
 
                                
Loans, net of unearned income
     4,740,363       4,634,607       4,716,297       4,806,747  
 
                                
Allowance for Loan Losses
     (43,603 )     (44,229 )     (44,058 )     (43,629 )
 
                                
Goodwill
     167,420       167,487       167,337       167,421  
Other Intangibles
     2,459       4,282       2,233       2,640  
 
                        
Total Intangibles
     169,879       171,769       169,570       170,061  
 
                                
Real Estate Owned
     3,988       3,092       3,991       4,231  
Other Assets
     238,257       270,553       244,569       243,664  
 
                        
Total Assets
   $ 6,561,330     $ 6,680,414     $ 6,571,761     $ 6,717,598  
 
                        
 
                                
MEMO: Earning Assets
   $ 6,007,205     $ 6,120,599     $ 5,997,305     $ 6,082,080  
 
                        
 
                                
Interest-bearing Deposits
   $ 3,855,911     $ 3,695,782     $ 3,908,963     $ 3,924,985  
Noninterest-bearing Deposits
     811,765       900,751       832,609       903,207  
 
                        
Total Deposits
     4,667,676       4,596,533       4,741,572       4,828,192  
 
                                
Short-term Borrowings
     678,696       834,310       579,459       682,266  
Long-term Borrowings
     506,497       544,930       523,832       499,200  
 
                        
Total Borrowings
     1,185,193       1,379,240       1,103,291       1,181,466  
 
                                
Other Liabilities
     67,523       61,227       88,149       73,848  
 
                        
Total Liabilities
     5,920,392       6,037,000       5,933,012       6,083,506  
 
                        
 
                                
Common Equity
     640,938       643,414       638,749       634,092  
 
                        
Total Shareholders’ Equity
     640,938       643,414       638,749       634,092  
 
                        
 
                                
Total Liabilities & Equity
   $ 6,561,330     $ 6,680,414     $ 6,571,761     $ 6,717,598  
 
                        

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                         
    Three Months Ended
    March   March   December
    2007   2006   2006
Quarterly Share Data:
                        
 
                        
Earnings Per Share:
                        
Basic
   $ 0.60     $ 0.59     $ 0.61  
Diluted
   $ 0.59     $ 0.58     $ 0.60  
 
                        
Common Dividend Declared Per Share
   $ 0.28     $ 0.27     $ 0.28  
 
                        
High Common Stock Price
   $ 39.50     $ 38.50     $ 39.71  
Low Common Stock Price
   $ 33.60     $ 34.46     $ 36.51  
 
                        
Average Shares Outstanding (Net of Treasury Stock):
                        
Basic
     40,946,236       41,923,726       41,156,578  
Diluted
     41,272,213       42,379,242       41,557,831  
 
                        
Memorandum Items:
                        
 
                        
Income Tax Expense (Benefit) Applicable to Security Transactions
   $ 55       ($993 )     ($37 )
 
                        
Common Dividends
   $ 11,452     $ 11,331     $ 11,518  
                         
    March   March   December
    2007   2006   2006
EOP Share Data:
                        
 
                        
Book Value Per Share
   $ 15.65     $ 15.26     $ 15.44  
Tangible Book Value Per Share
   $ 11.49     $ 11.16     $ 11.30  
 
                        
52-week High Common Stock Price
   $ 39.71     $ 38.55     $ 39.71  
Date
     12/28/06       12/02/05       12/28/06  
52-week Low Common Stock Price
   $ 33.60     $ 29.82     $ 34.21  
Date
     03/14/07       04/29/05       07/17/06  
 
                        
EOP Shares Outstanding (Net of Treasury Stock):
     40,823,168       41,848,564       41,058,901  
 
                        
Memorandum Items:
                        
 
                        
EOP Employees (full-time equivalent)
     1,327       1,352       1,367  

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                         
    Three Months Ended
    March   March   December
    2007   2006   2006
Selected Yields and Net Interest Margin:
                        
Loans
     7.41 %     6.96 %     7.38 %
Investment Securities
     5.65 %     5.37 %     5.78 %
Money Market Investments/FFS
     5.62 %     2.84 %     4.89 %
Average Earning Assets Yield
     7.03 %     6.55 %     7.02 %
Interest-bearing Deposits
     3.49 %     2.68 %     3.43 %
Short-term Borrowings
     4.48 %     3.65 %     4.31 %
Long-term Borrowings
     5.84 %     6.41 %     5.86 %
Average Liability Costs
     3.86 %     3.24 %     3.78 %
Net Interest Spread
     3.17 %     3.31 %     3.24 %
Net Interest Margin
     3.79 %     3.86 %     3.85 %
 
                        
Selected Financial Ratios:
                        
 
                        
Return on Average Common Equity
     15.44 %     15.51 %     15.44 %
Return on Average Assets
     1.51 %     1.49 %     1.51 %
Loan / Deposit Ratio
     99.47 %     99.79 %     99.56 %
Allowance for Loan Losses/ Loans, net of unearned income
     0.93 %     0.94 %     0.91 %
Allowance for Credit Losses (1)/ Loans, net of unearned income
     1.11 %     1.13 %     1.09 %
Nonaccrual Loans / Loans, net of unearned income
     0.13 %     0.16 %     0.12 %
90-Day Past Due Loans/ Loans, net of unearned income
     0.11 %     0.12 %     0.18 %
Non-performing Loans/ Loans, net of unearned income
     0.24 %     0.27 %     0.30 %
Non-performing Assets/ Total Assets
     0.24 %     0.24 %     0.27 %
Primary Capital Ratio
     10.43 %     10.23 %     10.14 %
Shareholders’ Equity Ratio
     9.72 %     9.52 %     9.44 %
Price / Book Ratio
     2.24 x     2.51 x     2.50 x
Price / Earnings Ratio
     14.81 x     16.48 x     18.15 x
Efficiency Ratio
     43.20 %     41.86 %     43.79 %

 

 

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
                         
    March     March     December  
    2007     2006     2006  
Asset Quality Data:
                        
 
                        
EOP Non-Accrual Loans
   $ 6,068     $ 7,308     $ 5,755  
EOP 90-Day Past Due Loans
     5,416       5,569       8,432  
 
                  
Total EOP Non-performing Loans
   $ 11,484     $ 12,877     $ 14,187  
 
                        
EOP Other Real Estate & Assets Owned
     3,991       3,145       4,231  
 
                  
Total EOP Non-performing Assets
   $ 15,475     $ 16,022     $ 18,418  
 
                  
                         
    Three Months Ended  
    March     March     December  
    2007     2006     2006  
Allowance for Credit Losses:(1)
                        
Beginning Balance
   $ 52,371     $ 52,871     $ 52,536  
Provision Expense
     350       250       268  
 
                  
 
     52,721       53,121       52,804  
Gross Charge-offs
     (617 )     (671 )     (746 )
Recoveries
     281       515       313  
 
                  
Net Charge-offs
     (336 )     (156 )     (433 )
 
                  
Ending Balance
   $ 52,385     $ 52,965     $ 52,371  
 
                  
 
    Note: (1) Includes allowances for loan losses and lending-related commitments.