-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U4ZkofKdJf6+uQHonar04edQ7ruikMIOJtejFuCD/z/jK8JEAOX6Rzt9o2veOMNv z68m8ogsBpkS8d9obg8a8Q== 0001021408-02-000676.txt : 20020413 0001021408-02-000676.hdr.sgml : 20020413 ACCESSION NUMBER: 0001021408-02-000676 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020122 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED BANKSHARES INC/WV CENTRAL INDEX KEY: 0000729986 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 550641179 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13322 FILM NUMBER: 02513475 BUSINESS ADDRESS: STREET 1: 300 UNITED CTR STREET 2: 500 VIRGINIA ST E CITY: CHARLESTON STATE: WV ZIP: 25301 BUSINESS PHONE: 3044248761 MAIL ADDRESS: STREET 1: 300 UNITED CT STREET 2: 500 VIRGINIA SUITE CITY: CHARLESTON STATE: WV ZIP: 25301 8-K 1 d8k.txt EARNINGS FOR 4TH QUARTER AND YEAR OF 2001 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 22, 2002 ---------------- United Bankshares, Inc. ----------------------- (Exact name of registrant as specified in its charter) West Virginia No. 0-13322 55-0641179 ------------------------------- ------------------------ ------------------- (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation or organization) Identification No.) 300 United Center 500 Virginia Street, East Charleston, West Virginia 25301 ------------------------------- (Address of Principal Executive Offices) (304) 424-8800 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or address, if changed since last report) Item 5. Other Events - --------------------- On January 22, 2002 United Bankshares, Inc. ("United") announced its earnings for the fourth quarter and year of 2001. A copy of the press release is attached as Exhibit 99.1 to this report. Additionally, United provided supplemental financial information for analysts and other interested investors which is attached as Exhibit 99.2 to this report. Item 7. Financial Statements and Exhibits - ------------------------------------------ (c) Exhibits 99.1 Press Release, dated January 22, 2002, issued by United Bankshares, Inc. 99.2 Unaudited Supplemental Financial Information SIGNATURES ---------- Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED BANKSHARES, INC. Date: January 22, 2002 By: /s/ Steven E. Wilson --------------------------- ---------------------------------- Steven E. Wilson, Executive Vice President, Treasurer, Secretary and Chief Financial Officer EX-99.1 3 dex991.txt PRESS RELEASE EXHIBIT 99.1 News Release - -------------------------------------------------------------------------------- [LOGO] UNITED BANKSHARES, INC. For Immediate Release Contact: Steven E. Wilson January 22, 2002 Chief Financial Officer (304) 424-8704 United Bankshares, Inc. Announces Record Earnings For the Year 2001 United Bankshares, Inc. (NASDAQ: UBSI), today reported record earnings for the year 2001. Fourth quarter earnings were $21.1 million or 49c per share while earnings for the year 2001 were $80.0 million or $1.90 per share. Fourth quarter 2001 earnings per share of 49c increased 14% over operating earnings per share of 43c for the fourth quarter of 2000. Earnings per share for the year 2001 increased 10% from operating earnings per share of $1.72 for the year 2000. On an as reported basis, United earned $4.3 million or 11c per share and $59.0 million or $1.40 per share for the fourth quarter and year of 2000, respectively. United's fourth quarter 2000 earnings included significant restructuring and other one-time charges. Excluding these charges, United's operating earnings were $17.8 million or 43c per share and $72.5 million or $1.72 per share for the fourth quarter and year of 2000, respectively. "2001 was the best earnings year in our company's history," said Richard M. Adams, Chairman and CEO, "accomplished in a year in which our country was suffering through an economic recession and the tragic events of September 11." The 2001 results represented a return on average assets of 1.59% and a return on shareholders' equity of 17.51%. These key financial performance indicators are reflective of United's earnings strength as United continues to be one of the best performing regional banking companies in the nation. Tax-equivalent net interest income for the fourth quarter of 2001 was $51.0 million, an increase of $4.4 million and $1.5 million from the fourth quarter of 2000 and third quarter of 2001, respectively. The net interest margin for the fourth quarter of 2001 was 4.07%, which represented a 4 basis points increase over the fourth quarter of 2000's net interest margin of 4.03%. United's tax- equivalent net interest margin for the year of 2001 was 4.12% compared to 4.11% for the year of 2000. Although weakening economic conditions caused an increase in nonperforming loans during the fourth quarter and the year of 2001, United's credit quality continues to compare favorably with peer and industry averages. Nonperforming loans were $17.6 million or 0.50% of loans, net of unearned income at December 31, 2001 compared to $12.8 million or 0.40% of loans, net of unearned income at December 31, 2000. Net charge-offs also increased during the fourth quarter of 2001, but for the year of 2001 remained below the prior year level. Net charge- offs were $3.9 million for the fourth quarter of 2001, compared to $3.8 million for the fourth quarter of 2000. Net charge-offs were $10.6 million for the year of 2001, down $4.2 million from net charge-offs of $14.8 million for the year of 2000. For the quarters ended December 31, 2001 and 2000, the provision for loan losses was $4.0 million and $4.9 million, respectively, while the provision for the year was $12.8 million for 2001 as compared to $15.7 million for 2000. As of December 31, 2001, the allowance for loan losses was $47.4 million or 1.35% of loans, net of unearned income, compared to 1.29% at December 31, 2000. United Bankshares, Inc. Announces... January 22, 2002 Page Two Noninterest income, excluding security transactions, for the fourth quarter of 2001 rose 38.5% from the fourth quarter of 2000 and 3.0% over the third quarter of 2001. Income from mortgage banking operations and deposit services increased 97.7% and 19.7%, respectively for the fourth quarter of 2001 as compared to the fourth quarter of 2000. On a linked-quarter basis, deposit services income increased by 6.4%. Noninterest income, excluding security transactions, for the year of 2001 was up 31.6% from the year of 2000 due mainly to a 62.3% increase in mortgage banking income. Noninterest expense, on an operating basis, increased 18.2% for the quarter compared to the prior year's fourth quarter and was up 8.8% for the year due mainly to higher sales activity in the mortgage banking segment as compensation and incentives for its personnel are significantly tied to activity levels. On a linked-quarter basis, noninterest expense increased 5.3% due mainly to expenses related to the Century Bancshares merger and planning initiatives. The efficiency ratio was still a low 43.21% and 43.09% for the fourth quarter and year of 2001, respectively compared to 48.95% and 44.78% for the fourth quarter and year of 2000. This ratio compares very favorably to regional and national peer group banking companies. At the close of business on December 7, 2001, United acquired 100% of the outstanding common stock of Century Bancshares, Inc., Washington, D.C. in a transaction valued at approximately $63.8 million. At consummation, Century had assets of approximately $414 million, loans of $295 million, deposits of $330 million and shareholders' equity of $20 million. Century added 11 full service offices to United's existing presence in northern Virginia, Washington, D.C., and Montgomery County, Maryland. Including the acquisition of Century, United's total assets as of December 31, 2001 increased $727.2 million or 14.8% from year-end 2000. Total loans, including loans held for sale, increased $474.6 million or 13.98% while total deposits increased $396.3 million or 11.69% during the year. Shareholders' equity increased $75.7 million or 17.6% from December 31, 2000 translating into a book value per share of $11.80. United is categorized as well capitalized based on the regulatory risk-based capital ratio, considerably exceeding the regulatory minimum requirement. These measures are additional evidence of United's financial strength. United's stock price closed the year at $28.86 per share, up 35.82% for the year of 2001 while the Dow Jones Industrial, NASDAQ Composite, and S&P 500 Indexes closed down 7.11%, 21.06%, and 13.05%, respectively, for the year. During the fourth quarter of 2001, United's Board of Directors declared a cash dividend of 23c per share, a 10% increase over the 21c per share declared in the fourth quarter of 2000. The 2001 dividend of 91c per share represents the twenty-eighth consecutive year of dividend increases for United shareholders. United Bankshares, with $5.6 billion in assets, has 86 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System 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 2001 2000 2001 2000 -------------------------------------- ------------------------------------- EARNINGS SUMMARY: Interest income, taxable equivalent $ 89,575 $ 98,061 $ 372,248 $ 388,940 Interest expense 38,542 51,427 175,507 197,766 Net interest income, taxable equivalent 51,033 46,634 196,741 191,174 Taxable equivalent adjustment 2,954 2,843 11,638 11,903 Net interest income 48,079 43,791 185,103 180,081 Provision for loan losses 4,046 4,908 12,833 15,745 Income from mortgage banking operations 7,481 3,784 26,518 16,340 Gain (loss) on security transactions 705 (15,011) (518) (13,864) Other noninterest income 9,422 8,424 36,205 31,310 Noninterest expenses 30,414 29,710 115,745 110,422 Income taxes 10,152 2,066 38,739 28,724 Net income 21,075 4,304 79,991 58,976 Cash dividends paid 9,892 8,872 38,096 35,285 PER COMMON SHARE: Net income: Basic 0.51 0.11 1.93 1.41 Diluted 0.49 0.11 1.90 1.40 Diluted - cash basis (A) 0.50 0.12 1.95 1.45 Cash dividends paid 0.23 0.21 0.91 0.84 Book value 11.80 10.32 Closing market price 28.86 21.25 Common shares outstanding: Actual, net of treasury shares 42,926,511 41,765,271 Average basic 41,559,161 41,775,776 41,497,304 41,958,956 Average diluted 42,217,513 42,072,051 42,064,919 42,260,270 FINANCIAL RATIOS: Return on average assets 1.58% 0.35% 1.59% 1.19% Return on average shareholders' equity 17.36% 4.03% 17.51% 14.41% Average equity to average assets 9.11% 8.69% 9.06% 8.29% Net interest margin 4.07% 4.03% 4.12% 4.11% December 31 December 31 2001 2000 ------------------- ------------------- PERIOD END BALANCES: Assets $ 5,631,775 $ 4,904,547 Earning assets 5,303,004 4,643,668 Loans, net of unearned income 3,502,334 3,192,494 Loans held for sale 368,625 203,831 Investment securities 1,430,709 1,245,334 Total deposits 3,787,793 3,391,449 Shareholders' equity 506,529 430,870
(A) Excludes the amortization of goodwill and other intangible assets. EX-99.2 4 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 ----------------------------------------------------------- December December September June March 2001 2000 2001 2001 2001 -------- -------- -------- --------- ---------- Interest & Loan Fees Income $ 86,621 $ 95,218 $ 90,296 $ 91,696 $ 91,997 Tax Equivalent Adjustment 2,954 2,843 2,919 2,897 2,868 -------- -------- -------- --------- ---------- Interest & Fees Income (FTE) 89,575 98,061 93,215 94,593 94,865 Interest Expense 38,542 51,427 43,721 45,467 47,777 -------- -------- -------- --------- ---------- Net Interest Income (FTE) 51,033 46,634 49,494 49,126 47,088 Loan Loss Provision 4,046 4,908 4,145 2,143 2,499 Non-Interest Income: Inv. Securities Transactions 705 (15,011) (647) (718) 142 Trust Revenue 1,922 1,859 2,082 2,194 2,015 Service Charges on Deposits 7,196 6,014 6,764 6,647 6,017 Income from Mortgage Banking Operations 7,481 3,784 7,343 6,469 5,225 Other Non-Interest Revenue 304 551 214 304 546 -------- -------- -------- --------- ---------- Total Non-Interest Income 17,608 (2,803) 15,756 14,896 13,945 -------- -------- -------- --------- ---------- Non-Interest Expense: Staff Expense 15,530 13,698 15,650 15,446 14,483 Occupancy & Equipment 2,608 2,895 2,565 2,683 2,658 Other Expenses 11,059 11,883 9,525 10,013 8,622 Amortization of Intangibles 902 808 797 797 792 OREO Expense 157 100 186 191 119 FDIC Expense 158 326 159 323 322 -------- -------- -------- --------- ---------- Total Non-Interest Expense 30,414 29,710 28,882 29,453 26,996 -------- -------- -------- --------- ---------- Pre-Tax Earnings (FTE) 34,181 9,213 32,223 32,426 31,538 Tax Equivalent Adjustment 2,954 2,843 2,919 2,897 2,868 -------- -------- -------- --------- ---------- Reported Pre-Tax Earnings 31,227 6,370 29,304 29,529 28,670 Taxes 10,152 2,066 9,524 9,745 9,318 -------- -------- -------- --------- ---------- Net Income $ 21,075 $ 4,304 $ 19,780 $ 19,784 $ 19,352 ======== ======== ======== ========= ========== MEMO: Effective Tax Rate 32.51% 32.43% 32.50% 33.00% 32.50%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Consolidated Statements of Income Year-to-Date ------------------------------------------------------------------------------ December December December December 2001 2000 1999 1998 ------------------ ------------------ ------------------ ------------ Interest & Loan Fees Income $360,610 $377,847 $354,665 $ 325,647 Tax Equivalent Adjustment 11,638 11,093 8,273 3,823 ------------------ ------------------ ------------------ ------------ Interest & Fees Income (FTE) 372,248 388,940 362,938 329,470 Interest Expense 175,507 197,766 174,402 155,354 ------------------ ------------------ ------------------ ----------- Net Interest Income (FTE) 196,741 191,174 188,536 174,116 Loan Loss Provision 12,833 15,745 8,800 12,156 Non-Interest Income: Inv. Securities Transactions (518) (13,864) 677 2,766 Trust Revenue 8,213 7,053 6,020 4,581 Service Charges on Deposits 26,624 22,402 19,863 19,024 Income from Mortgage Banking Operations 26,518 16,340 22,392 14,211 Other Non-Interest Revenue 1,368 1,855 2,126 1,170 ------------------ ------------------ ------------------ ----------- Total Non-Interest Income 62,205 33,786 51,078 41,752 ------------------ ------------------ ------------------ ----------- Non-Interest Expense: Staff Expense 61,109 53,174 60,111 69,550 Occupancy & Equipment 10,514 11,787 12,206 12,733 Other Expenses 39,219 41,106 40,693 50,352 Amortization of Intangibles 3,288 3,266 3,279 4,395 OREO Expense 653 216 508 358 FDIC Expense 962 873 722 576 ------------------ ------------------ ------------------ ----------- Total Non-Interest Expense 115,745 110,422 117,519 137,964 ------------------ ------------------ ------------------ ----------- Pre-Tax Earnings (FTE) 130,368 98,793 112,308 65,748 Tax Equivalent Adjustment 11,638 11,093 7,286 3,823 ------------------ ------------------ ------------------ ----------- Reported Pre-Tax Earnings 118,730 87,700 105,022 61,925 Taxes 38,739 28,724 34,774 17,523 ------------------ ------------------ ------------------ ----------- Net Income $ 79,991 $ 58,976 $ 70,248 $ 44,402 ================== ================== ================== =========== MEMO: Effective Tax Rate 32.63% 32.75% 33.11% 28.30%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Balance Sheets
December 31 December 31 2001 2000 Q-T-D Q-T-D December 31 December 31 December 31 Average Average 2001 2000 1999 ------------ ------------ ------------ ----------- ------------ Cash & Cash Equivalents $ 126,502 $ 137,838 $ 157,394 $ 144,810 $ 159,808 Securities Available for Sale 1,212,454 923,354 1,149,073 865,266 1,207,363 Held to Maturity Securities 280,476 383,085 281,636 380,068 265,190 ------------ ----------- ------------ ----------- ------------ Total Securities 1,492,930 1,306,439 1,430,709 1,245,334 1,472,553 ------------ ----------- ------------ ----------- ------------ Total Cash and Securities 1,619,432 1,444,277 1,588,103 1,390,144 1,632,361 ------------ ----------- ------------ ----------- ------------ Loans held for sale 338,377 200,457 368,625 203,831 117,825 Commercial Loans 1,697,468 1,501,735 1,849,208 1,527,008 1,446,633 Mortgage Loans 1,206,077 1,336,550 1,313,891 1,359,044 1,370,904 Consumer Loans 311,399 301,370 339,235 306,442 352,559 ------------ ----------- ------------ ----------- ------------ Loans & Leases, net of unearned income 3,214,944 3,139,655 3,502,334 3,192,494 3,170,096 Reserve for loan & Lease Losses (43,818) (39,456) (47,408) (40,532) (39,599) Goodwill 45,393 35,488 80,848 35,102 37,467 Mortgage Servicing Rights 13 Other Intangibles 4,675 4,223 7,750 4,122 4,850 ------------ ----------- ------------ ----------- ------------ Total Intangibles 50,068 39,711 88,598 39,224 42,331 Real Estate Owned 5,555 1,859 2,763 2,109 3,764 Other Assets 103,807 109,403 128,760 117,277 142,383 ------------ ----------- ------------ ----------- ------------ Total Assets $ 5,288,365 $ 4,895,906 $ 5,631,775 $ 4,904,547 $ 5,069,160 ============ =========== ============ =========== ============ MEMO: Earning Assets $ 5,010,886 $ 4,630,959 $ 5,303,004 $ 4,643,668 $ 4,789,191 ============ =========== ============ =========== ============ Interest-bearing Deposits $ 2,959,481 $ 2,820,864 $ 3,134,008 $ 2,852,034 $ 2,780,218 Noninterest-bearing Deposits 537,600 480,125 653,785 539,415 480,767 ------------ ----------- ------------ ----------- ------------ Total Deposits 3,497,081 3,300,989 3,787,793 3,391,449 3,260,985 Short-term Borrowings 531,878 373,880 527,128 333,716 398,247 Long-term Borrowings 698,492 739,343 745,255 706,512 953,347 ------------ ----------- ------------ ----------- ------------ Total Borrowings 1,230,370 1,113,223 1,272,383 1,040,228 1,351,594 Other Liabilities 79,270 56,452 65,070 42,000 60,651 ------------ ----------- ------------ ----------- ------------ Total Liabilities 4,806,721 4,470,664 5,125,246 4,473,677 4,673,230 ------------ ----------- ------------ ----------- ------------ Common Equity 481,644 425,242 506,529 430,870 395,930 ------------ ----------- ------------ ----------- ------------ Total Shareholders' Equity 481,644 425,242 506,529 430,870 395,930 ------------ ----------- ------------ ----------- ------------ Total Liabilities & Shareholders' Equity $ 5,288,365 $ 4,895,906 $ 5,631,775 $ 4,904,547 $ 5,069,160 ============ =========== ============ =========== ============
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 Share Data: 2001 2000 2001 2001 2001 ---------------------------------------------------------------------------- Earnings Per Share: Net Income before Extraordinary Items: Basic $ 0.51 $ 0.11 $ 0.48 $ 0.48 $ 0.46 Diluted $ 0.49 $ 0.11 $ 0.48 $ 0.47 $ 0.46 Diluted - Cash Basis (A) $ 0.50 $ 0.12 $ 0.49 $ 0.49 $ 0.47 Net Income after Extraordinary Items: Basic $ 0.51 $ 0.11 $ 0.48 $ 0.48 $ 0.46 Diluted $ 0.49 $ 0.11 $ 0.48 $ 0.47 $ 0.46 Diluted - Cash Basis (A) $ 0.50 $ 0.12 $ 0.49 $ 0.49 $ 0.47 Common Dividend Declared Per Share $ 0.23 $ 0.21 $ 0.23 $ 0.23 $ 0.22 High Common Stock Price $ 29.50 $ 22.13 $ 28.33 $ 27.00 $ 23.25 Low Common Stock Price $ 26.25 $ 17.25 $ 23.20 $ 21.55 $ 19.44 Book Value Per Share $ 11.80 $ 10.32 $ 11.23 $ 9.60 $ 9.37 Tangible Book Value Per Share $ 9.73 $ 9.38 $ 10.34 $ 8.62 $ 8.38 52-week High Common Stock Price $ 29.50 $ 24.44 $ 28.33 $ 27.00 $ 23.25 Date 12/31/01 01/03/00 08/23/01 06/29/01 03/01/01 52-week Low Common Stock Price $ 19.44 $ 16.38 $ 17.25 $ 17.25 $ 16.38 Date 03/22/01 06/27/00 10/18/00 10/18/00 06/27/00 EOP Shares Outstanding (Net of Treasury Stock): 42,926,511 41,765,271 41,179,287 41,308,168 41,587,229 Average Shares Outstanding (Net of Treasury Stock): Basic 41,559,161 41,775,776 41,264,394 41,466,564 41,703,350 Diluted 42,217,513 42,072,051 41,623,037 41,823,411 42,020,236 Memorandum Items: Tax Applicable to Security Transactions $ 247 ($5,254) ($226) ($251) $ 50 Common Dividends $ 9,892 $ 8,782 $ 9,500 $ 9,530 $ 9,174
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Year-to-Date ---------------------------------------------------------------- December December December December Share Data: 2001 2000 1999 1998 ---------------------------------------------------------------- Earnings Per Share: Net Income before Extraordinary Items: Basic $ 1.93 $ 1.41 $ 1.63 $ 1.04 Diluted $ 1.90 $ 1.40 $ 1.61 $ 1.02 Diluted - Cash Basis (A) $ 1.95 $ 1.45 $ 1.66 $ 1.08 Net Income after Extraordinary Items: Basic $ 1.93 $ 1.41 $ 1.63 $ 1.04 Diluted $ 1.90 $ 1.40 $ 1.61 $ 1.02 Diluted - Cash Basis (A) $ 1.95 $ 1.45 $ 1.66 $ 1.08 Common Dividend Declared Per Share $ 0.91 $ 0.84 $ 0.82 $ 0.75 EOP Shares Outstanding (Net of Treasury Stock): 42,926,511 41,765,271 42,487,108 43,256,477 Average Shares Outstanding: (Net of Treasury Stock) Basic 41,497,304 41,958,956 43,100,977 42,757,638 Diluted 42,064,919 42,260,270 43,722,081 43,461,222 Memorandum Items: Tax Applicable to Security Transactions ($181) ($4,852) $ 237 $ 968 Common Dividends $ 38,096 $ 35,285 $ 35,367 $ 28,317 EOP Employees (full-time equivalent) 1,361 1,288 1,387 1,154 Three Months Ended --------------------------------------------------------------------------- December December September June March 2001 2000 2001 2001 2001 --------------------------------------------------------------------------- Selected Yields and Net Interest Margin: Loans 7.55% 9.05% 8.16% 8.51% 8.87% Investment Securities 6.10% 6.92% 6.71% 6.98% 7.03% Money Market Investments/FFS 1.88% 6.79% 3.21% 4.79% 6.19% Average Earning Assets Yield 7.12% 8.45% 7.76% 8.05% 8.33% Interest-bearing Deposits 3.29% 4.84% 3.94% 4.28% 4.69% Short-term Borrowings 2.39% 5.55% 3.37% 3.92% 4.84% Long-term Borrowings 6.12% 6.40% 6.28% 6.32% 6.38% Average Liability Costs 3.65% 5.20% 4.29% 4.61% 5.00% Net Interest Spread 3.47% 3.25% 3.47% 3.45% 3.33% Net Interest Margin 4.07% 4.03% 4.14% 4.18% 4.10% Selected Financial Ratios: Return on Average Common Equity 17.36% 4.03% 17.31% 17.54% 17.87% Return on Average Assets 1.58% 0.35% 1.55% 1.60% 1.62% Efficiency Ratio 43.21% 48.95% 42.34% 43.97% 42.84%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Year-to-Date ------------------------------------------------------ December December December December 2001 2000 1999 1998 ------------------------------------------------------ Selected Yields and Net Interest Margin: Loans 8.27% 8.98% 8.55% 8.85% Investment Securities 6.68% 6.86% 6.66% 6.45% Money Market Investments/FFS 4.31% 6.74% 6.22% 5.21% Average Earning Assets Yield 7.80% 8.34% 7.93% 8.26% Interest-bearing Deposits 4.04% 4.53% 4.24% 4.62% Short-term Borrowings 3.46% 5.37% 4.66% 4.69% Long-term Borrowings 6.28% 6.11% 5.30% 5.53% Average Liability Costs 4.37% 4.95% 4.46% 4.70% Net Interest Spread 3.43% 3.40% 3.47% 3.56% Net Interest Margin 4.12% 4.11% 4.12% 4.37% Selected Financial Ratios: Return on Average Common Equity 17.51% 14.41% 16.73% 10.77% Return on Average Assets 1.59% 1.19% 1.44% 1.05% Loan / Deposit Ratio 92.46% 100.14% 97.21% 75.93% Loan Loss Reserve / Loans, net of unearned income 1.35% 1.27% 1.25% 1.48% Nonaccrual Loans / Loans, net of unearned income 0.23% 0.26% 0.39% 0.34% 90-Day Past Due Loans/ Loans, net of unearned income 0.27% 0.15% 0.27% 0.36% Non-performing Loans/ Loans, net of unearned income 0.50% 0.40% 0.66% 0.70% Non-performing Assets/ Total Assets 0.54% 0.30% 0.48% 0.49% Primary Capital Ratio 9.75% 9.53% 8.53% 10.00% Shareholders' Equity Ratio 8.99% 8.79% 7.81% 9.23% Price / Book Ratio 2.45% 2.33% 2.82% 2.72% Price / Earnings Ratio 15.18% 15.23% 14.86% 25.94% Efficiency Ratio 43.09% 44.78% 49.16% 62.82% December December September June March Asset Quality Data: 2001 2000 2001 2001 2001 -------- -------- --------- --------- -------- EOP Non-Accrual Loans $ 8,068 $ 8,131 $ 8,386 $ 6,062 $ 7,588 EOP 90-Day Past Due Loans 9,522 4,717 6,759 5,143 4,698 -------- -------- --------- --------- -------- Total EOP Non-performing Loans $ 17,590 $ 12,848 $ 15,145 $ 11,205 $ 12,286 EOP Non-performing Securities 10,000 0 0 0 0 EOP Other Real Estate & Assets Owned 2,763 2,109 2,622 2,260 2,395 -------- -------- --------- --------- -------- Total EOP Non-performing Assets $ 30,353 $ 14,957 $ 17,767 $ 13,465 $ 14,681 ======== ======== ========= ========= ======== Three Months Ended Year to Date --------------------- ------------------------------------ December December December December December 2001 2000 2001 2000 1999 -------- -------- --------- --------- -------- Charge-off Analysis: Gross Charge-offs ($4,092) ($4,054) ($12,359) ($15,845) ($9,236) Recoveries 229 246 1,730 1,033 846 -------- -------- --------- --------- -------- Net Charge-offs ($3,863) ($3,808) ($10,629) ($14,812) ($8,390) ======== ======== ========= ========= ========
-----END PRIVACY-ENHANCED MESSAGE-----