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)
Consolidated Statements of Income Three Months Ended Six Months Ended --------------------------------- --------------------- June June March June June 2001 2000 2001 2001 2000 --------- ------- ------- -------- -------- Interest & Loan Fees Income $91,696 $94,063 $91,997 $183,693 $187,331 Tax Equivalent Adjustment 2,897 2,514 2,868 5,765 5,390 --------- ------- ------- -------- -------- Interest & Fees Income (FTE) 94,593 96,577 94,865 189,458 192,721 Interest Expense 45,467 48,632 47,777 93,244 95,174 --------- ------- ------- -------- -------- Net Interest Income (FTE) 49,126 47,945 47,088 96,214 97,547 Loan Loss Provision 2,143 3,851 2,499 4,642 6,398 Non-Interest Income: Inv. Securities Transactions (718) 505 142 (576) 823 Trust Revenue 2,194 1,753 2,015 4,209 3,445 Service Charges on Deposits 6,647 5,634 6,017 12,664 10,727 Income from Mortgage Banking Operations 6,469 4,159 5,225 11,694 7,542 Gain/(loss) on Sale of Assets 0 0 0 0 0 Other Non-Interest Revenue 304 413 546 850 728 --------- ------- ------- -------- -------- Total Non-Interest Income 14,896 12,464 13,945 28,841 23,265 --------- ------- ------- -------- -------- Non-Interest Expense: Staff Expense 15,446 13,610 14,483 29,929 27,349 Occupancy & Equipment 2,683 2,870 2,658 5,341 6,031 Other Expenses 10,013 9,450 8,622 18,635 19,601 Amortization of Intangibles 797 819 792 1,589 1,639 OREO Expense 191 191 119 310 288 FDIC Expense 323 166 322 645 341 --------- ------- ------- -------- -------- Total Non-Interest Expense 29,453 27,106 26,996 56,449 55,249 --------- ------- ------- -------- -------- Pre-Tax Earnings (FTE) 32,426 29,452 31,538 63,964 59,165 Tax Equivalent Adjustment 2,897 2,514 2,868 5,765 5,390 --------- ------- ------- -------- -------- Reported Pre-Tax Earnings 29,529 26,938 28,670 58,199 53,775 Taxes 9,745 8,815 9,318 19,063 17,664 --------- ------- ------- -------- -------- Net Income before Extra Items 19,784 18,123 19,352 39,136 36,111 Extraordinary Items (Net of Tax) --------- ------- ------- -------- -------- Net Income $19,784 $18,123 $19,352 $ 39,136 $ 36,111 ========= ======= ======= ======== ======== MEMO: Effective Tax Rate 33.00% 32.72% 32.50% 32.75% 32.85%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Consolidated Balance Sheets June 30 June 30 2001 2000 Q-T-D Q-T-D June 30 December 31 June 30 Average Average 2001 2000 2000 ------------ ------------ ------------ ------------- ------------ Cash & Cash Equivalents $ 126,979 $ 106,890 $ 121,350 $ 144,810 $ 124,399 Trading Account Securities Securities Available for Sale 1,056,788 1,132,185 1,165,930 865,266 962,999 Held to Maturity Securities 285,895 235,103 284,987 380,068 390,318 Other Securities ------------- ------------ ------------ ------------ ------------ Total Securities 1,342,683 1,367,288 1,450,917 1,245,334 1,353,317 ------------- ------------ ------------ ------------ ------------ Total Cash and Securities 1,469,662 1,474,178 1,572,267 1,390,144 1,477,716 ------------- ------------ ------------ ------------ ------------ Loans held for sale 197,286 151,792 198,591 203,831 153,701 Commercial Loans 1,558,943 1,469,954 1,573,379 1,527,008 1,488,438 Mortgage Loans 1,317,481 1,365,267 1,316,001 1,359,044 1,382,435 Consumer Loans 308,558 346,417 314,783 306,442 350,773 ------------- ------------ ------------ ------------ ------------ Loans & Leases, net of unearned income 3,184,982 3,181,638 3,204,163 3,192,494 3,221,646 Reserve for loan & Lease Losses (41,172) (39,326) (41,197) (40,532) (39,324) Goodwill 34,175 36,841 33,789 35,102 36,447 Mortgage Servicing Rights 0 13 0 13 Purchase Credit Card Intangibles Other Intangibles 3,871 4,588 3,770 4,122 4,483 ------------- ------------ ------------ ------------ ------------ Total Intangibles 38,047 41,442 37,559 39,224 40,943 Real Estate Owned 2,378 2,822 2,260 2,109 2,754 Other Assets 110,011 130,625 120,964 117,277 133,615 ------------- ------------ ------------ ------------ ------------ Total Assets $4,961,193 $4,943,171 $5,094,607 $4,904,547 $4,991,051 ============= ============ ============ ============ ============ MEMO: Earning Assets $4,704,505 $4,669,411 $4,858,310 $4,643,668 $4,740,443 ============= ============ ============ ============ ============ Interest-bearing Deposits $2,901,303 $2,757,133 $2,914,652 $2,852,034 $2,739,418 Noninterest-bearing Deposits 479,983 477,688 536,287 539,415 531,507 Foreign Deposits ------------- ------------ ------------ ------------ ------------ Total Deposits 3,381,286 3,234,821 3,450,939 3,391,449 3,270,925 Short-term Borrowings 360,921 377,458 390,931 333,716 377,344 Intermediate & Long-term Borrowings 696,163 879,589 750,427 706,512 884,445 ------------- ------------ ------------ ------------ ------------ Total Borrowings 1,057,084 1,257,047 1,141,358 1,040,228 1,261,789 Other Liabilities 70,498 50,528 57,343 42,000 56,202 Minority Interest ------------- ------------ ------------ ------------ ------------ Total Liabilities 4,508,868 4,542,396 4,649,640 4,473,677 4,588,916 ------------- ------------ ------------ ------------ ------------ Common Equity 452,325 400,775 444,967 430,870 402,135 ------------- ------------ ------------ ------------ ------------ Total Shareholders' Equity 452,325 400,775 444,967 430,870 402,135 ------------- ------------ ------------ ------------ ------------ Total Liabilities & Equity $4,961,193 $4,943,171 $5,094,607 $4,904,547 $4,991,051 ============= ============ ============ ============ ============
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 Share Data: 2001 2000 2001 2001 2000 ----------- ----------- ------------ ----------- ----------- Earnings Per Share: Net Income before Extraordinary Items: Basic $ 0.48 $ 0.43 $ 0.46 $ 0.94 $ 0.86 Diluted $ 0.47 $ 0.43 $ 0.46 $ 0.93 $ 0.85 Diluted - Cash Basis $ 0.49 $ 0.44 $ 0.47 $ 0.96 $ 0.88 Net Income after Extraordinary Items: Basic $ 0.48 $ 0.43 $ 0.46 $ 0.94 $ 0.86 Diluted $ 0.47 $ 0.43 $ 0.46 $ 0.93 $ 0.85 Diluted - Cash Basis $ 0.49 $ 0.44 $ 0.47 $ 0.96 $ 0.88 Common Dividend Declared Per Share $ 0.23 $ 0.21 $ 0.22 $ 0.45 $ 0.42 High Common Stock Price $27.00 $22.38 $23.25 $ 27.00 $ 22.38 Low Common Stock Price $21.55 $16.38 $19.44 $ 19.44 $ 16.38 Book Value Per Share $10.69 $ 10.77 $ 9.60 Tangible Book Value Per Share $ 9.78 $ 9.86 $ 8.62 52-week High Common Stock Price $23.25 $27.00 $ 27.25 Date 03/01/01 06/29/01 07/09/99 52-week Low Common Stock Price $16.38 $ 17.25 $ 16.38 Date 06/27/00 10/18/00 06/27/00 EOP Shares Outstanding (Net of Treasury Stock): 41,587,229 41,308,168 41,910,723 Average Shares Outstanding: (Net of Treasury Stock): Basic 41,466,564 41,931,050 41,703,350 41,584,502 42,110,730 Diluted 41,823,411 42,264,141 42,020,236 41,914,814 42,449,089 Memorandum Items: Tax Applicable to Security Transactions ($251) $177 $50 ($202) $288 Common Dividends $9,530 $8,812 $9,175 $18,705 $17,691 EOP Employees (full-time equivalent) 1,277 1,271 1,340
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 2001 2000 2001 2001 2000 ------------ ------------ ---------- ---------- --------- Selected Yields and Net Interest Margin: Loans 8.51% 8.95% 8.87% 8.69% 8.90% Investment Securities 6.98% 6.84% 7.03% 7.00% 6.84% Money Market Investments/FFS 4.79% 4.50% 6.19% 5.40% 5.41% Average Earning Assets Yield 8.05% 8.32% 8.33% 8.19% 8.27% Interest-bearing Deposits 4.28% 4.41% 4.69% 4.48% 4.32% Short-term Borrowings 3.92% 5.34% 4.84% 4.35% 5.11% Long-term Borrowings 6.32% 6.11% 6.38% 6.35% 5.90% Average Liability Costs 4.61% 4.87% 5.00% 4.80% 4.75% Net Interest Spread 3.45% 3.45% 3.32% 3.39% 3.52% Net Interest Margin 4.18% 4.13% 4.10% 4.14% 4.18% Selected Financial Ratios: Return on Average Common Equity 17.54% 18.19% 17.87% 17.70% 18.12% Return on Average Assets 1.60% 1.47% 1.62% 1.61% 1.46% Loan / Deposit Ratio 98.51% 98.60% 103.19% Loan Loss Reserve / Net Loans 1.30% 1.29% 1.24% Nonaccrual Loans / Loans, net of unearned income 0.23% 0.19% 0.35% 90-Day Past Due Loans/Loans, net of unearned income 0.15% 0.16% 0.18% Non-performing Loans / Loans, net of unearned income 0.39% 0.35% 0.53% Non-performing Assets/Total Assets 0.29% 0.26% 0.40% Primary Capital Ratio 9.68% 9.47% 8.78% Shareholders' Equity Ratio 8.93% 8.73% 8.06% Price / Book Ratio 2.07% 2.49% 2.23% Price / Earnings Ratio 12.01% 14.37% 10.63% Efficiency Ratio 43.97% 43.56% 42.84% 43.42% 44.44%
June June December March Credit Quality Data: 2001 2000 2000 2001 -------- --------- ---------- -------- EOP Non-Accrual Loans $ 6,062 $ 11,156 $ 8,131 $ 7,588 EOP 90-Day Past Due Loans 5,143 5,955 4,717 4,698 -------- --------- --------- -------- Total EOP Non-performing Loans $ 11,205 $ 17,111 $ 12,848 $ 12,286 EOP Other Real Estate & Assets Owned 2,260 2,754 2,109 2,395 -------- --------- --------- -------- Total EOP Non-performing Assets $ 13,465 $ 19,865 $ 14,957 $ 14,681 ======== ========= ========= ======== Three Months Ended Year to Date ------------------- -------------------- June June June June 2001 2000 2001 2000 --------- --------- --------- -------- Charge-off Analysis: Gross Charge-offs ($2,490) ($4,389) ($5,162) ($7,248) Recoveries 354 372 1,186 575 --------- --------- --------- -------- Net Charge-offs ($2,136) ($4,017) ($3,976) ($6,673) ========= ========= ========= ========