Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANKSHARES INC/WV | d8k.htm |
| EX-99.1 - PRESS RELEASE - UNITED BANKSHARES INC/WV | dex991.htm |
Exhibit 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
| Three Months Ended | Year to Date | |||||||||||||||||||||||
| September 2010 |
September 2009 |
June 2010 |
March 2010 |
September 2010 |
September 2009 |
|||||||||||||||||||
| Interest & Loan Fees Income |
$ | 79,889 | $ | 90,427 | $ | 82,189 | $ | 84,096 | $ | 246,174 | $ | 277,664 | ||||||||||||
| Tax equivalent adjustment |
1,444 | 2,701 | 1,490 | 1,557 | 4,491 | 8,567 | ||||||||||||||||||
| Interest & Fees Income (FTE) |
81,333 | 93,128 | 83,679 | 85,653 | 250,665 | 286,231 | ||||||||||||||||||
| Interest Expense |
20,907 | 29,104 | 22,025 | 23,617 | 66,549 | 93,215 | ||||||||||||||||||
| Net Interest Income (FTE) |
60,426 | 64,024 | 61,654 | 62,036 | 184,116 | 193,016 | ||||||||||||||||||
| Credit Loss Provision |
6,123 | 8,067 | 6,400 | 6,868 | 19,391 | 39,346 | ||||||||||||||||||
| Non-Interest Income: |
||||||||||||||||||||||||
| Fees from trust & brokerage services |
3,215 | 3,142 | 3,461 | 3,272 | 9,948 | 10,242 | ||||||||||||||||||
| Fees from deposit services |
10,098 | 10,566 | 10,117 | 9,224 | 29,439 | 30,124 | ||||||||||||||||||
| Bankcard fees and merchant discounts |
1,093 | 1,104 | 1,078 | 1,042 | 3,213 | 3,085 | ||||||||||||||||||
| Other charges, commissions, and fees |
508 | 470 | 490 | 358 | 1,356 | 1,447 | ||||||||||||||||||
| Income from bank owned life insurance |
1,282 | 1,051 | 1,185 | 1,028 | 3,495 | 2,289 | ||||||||||||||||||
| Mortgage banking income |
118 | 172 | 129 | 112 | 359 | 476 | ||||||||||||||||||
| Other non-interest revenue |
1,108 | 896 | 1,424 | 915 | 3,447 | 4,204 | ||||||||||||||||||
| Net other-than-temporary impairment losses |
(1,864 | ) | (10,960 | ) | (1,096 | ) | (1,486 | ) | (4,446 | ) | (12,192 | ) | ||||||||||||
| Net gains on sales/calls of investment securities |
132 | 82 | 796 | 1,108 | 2,036 | 88 | ||||||||||||||||||
| Total Non-Interest Income |
15,690 | 6,523 | 17,584 | 15,573 | 48,847 | 39,763 | ||||||||||||||||||
| Non-Interest Expense: |
||||||||||||||||||||||||
| Employee compensation |
14,613 | 14,735 | 14,848 | 14,901 | 44,362 | 44,433 | ||||||||||||||||||
| Employee benefits |
4,128 | 4,818 | 4,332 | 4,494 | 12,954 | 14,441 | ||||||||||||||||||
| Net occupancy |
4,187 | 4,124 | 4,274 | 4,671 | 13,132 | 12,830 | ||||||||||||||||||
| Other expenses |
16,065 | 15,799 | 16,138 | 15,140 | 47,343 | 46,945 | ||||||||||||||||||
| Amortization of intangibles |
448 | 618 | 491 | 534 | 1,473 | 1,984 | ||||||||||||||||||
| OREO expense |
2,001 | 1,576 | 2,648 | 1,620 | 6,269 | 3,682 | ||||||||||||||||||
| FDIC expense |
2,456 | 2,004 | 2,457 | 2,391 | 7,304 | 6,871 | ||||||||||||||||||
| Total Non-Interest Expense |
43,898 | 43,674 | 45,188 | 43,751 | 132,837 | 131,186 | ||||||||||||||||||
| Income Before Income Taxes (FTE) |
26,095 | 18,806 | 27,650 | 26,990 | 80,735 | 62,247 | ||||||||||||||||||
| Tax equivalent adjustment |
1,444 | 2,701 | 1,490 | 1,557 | 4,491 | 8,567 | ||||||||||||||||||
| Income Before Income Taxes |
24,651 | 16,105 | 26,160 | 25,433 | 76,244 | 53,680 | ||||||||||||||||||
| Taxes |
7,335 | 4,040 | 8,241 | 8,011 | 23,587 | 3,826 | ||||||||||||||||||
| Net Income |
$ | 17,316 | $ | 12,065 | $ | 17,919 | $ | 17,422 | $ | 52,657 | $ | 49,854 | ||||||||||||
| MEMO: Effective Tax Rate |
29.76 | % | 25.09 | % | 31.50 | % | 31.50 | % | 30.94 | % | 7.13 | % | ||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| September
30 2010 Q-T-D Average |
September
30 2009 Q-T-D Average |
September 30 2010 |
December 31 2009 |
September 30 2009 |
||||||||||||||||
| Cash & Cash Equivalents |
$ | 614,853 | $ | 307,780 | $ | 712,562 | $ | 449,767 | $ | 577,707 | ||||||||||
| Securities Available for Sale |
739,992 | 936,373 | 745,079 | 811,777 | 932,690 | |||||||||||||||
| Held to Maturity Securities |
67,767 | 101,648 | 67,496 | 77,421 | 93,246 | |||||||||||||||
| Other Investment Securities |
78,906 | 77,709 | 78,413 | 77,722 | 77,709 | |||||||||||||||
| Total Securities |
886,665 | 1,115,730 | 890,988 | 966,920 | 1,103,645 | |||||||||||||||
| Total Cash and Securities |
1,501,518 | 1,423,510 | 1,603,550 | 1,416,687 | 1,681,352 | |||||||||||||||
| Loans held for sale |
1,304 | 8,768 | 1,788 | 5,284 | 4,969 | |||||||||||||||
| Commercial Loans |
3,587,518 | 3,833,221 | 3,543,273 | 3,801,254 | 3,802,531 | |||||||||||||||
| Mortgage Loans |
1,521,663 | 1,656,791 | 1,508,536 | 1,606,560 | 1,639,152 | |||||||||||||||
| Consumer Loans |
282,883 | 354,222 | 275,406 | 332,964 | 352,248 | |||||||||||||||
| Gross Loans |
5,392,064 | 5,844,234 | 5,327,215 | 5,740,778 | 5,793,931 | |||||||||||||||
| Unearned income |
(3,290 | ) | (4,864 | ) | (3,197 | ) | (3,969 | ) | (4,486 | ) | ||||||||||
| Loans, net of unearned income |
5,388,774 | 5,839,370 | 5,324,018 | 5,736,809 | 5,789,445 | |||||||||||||||
| Allowance for Loan Losses |
(69,588 | ) | (64,375 | ) | (70,923 | ) | (67,853 | ) | (68,082 | ) | ||||||||||
| Goodwill |
311,877 | 312,140 | 311,834 | 312,069 | 312,140 | |||||||||||||||
| Other Intangibles |
3,591 | 5,742 | 3,350 | 4,823 | 5,400 | |||||||||||||||
| Total Intangibles |
315,468 | 317,882 | 315,184 | 316,892 | 317,540 | |||||||||||||||
| Real Estate Owned |
39,793 | 43,104 | 50,567 | 40,058 | 44,758 | |||||||||||||||
| Other Assets |
338,064 | 295,311 | 348,836 | 357,224 | 312,826 | |||||||||||||||
| Total Assets |
$ | 7,515,333 | $ | 7,863,570 | $ | 7,573,020 | $ | 7,805,101 | $ | 8,082,808 | ||||||||||
| MEMO: Earning Assets |
$ | 6,689,520 | $ | 7,079,538 | $ | 6,733,138 | $ | 6,956,322 | $ | 7,285,613 | ||||||||||
| Interest-bearing Deposits |
$ | 4,513,180 | $ | 4,793,764 | $ | 4,542,216 | $ | 4,862,943 | $ | 4,953,285 | ||||||||||
| Noninterest-bearing Deposits |
1,150,999 | 1,045,448 | 1,156,167 | 1,108,157 | 1,069,381 | |||||||||||||||
| Total Deposits |
5,664,179 | 5,839,212 | 5,698,383 | 5,971,100 | 6,022,666 | |||||||||||||||
| Short-term Borrowings |
316,066 | 348,539 | 329,535 | 222,944 | 367,477 | |||||||||||||||
| Long-term Borrowings |
696,459 | 852,223 | 696,358 | 771,935 | 852,125 | |||||||||||||||
| Total Borrowings |
1,012,525 | 1,200,762 | 1,025,893 | 994,879 | 1,219,602 | |||||||||||||||
| Other Liabilities |
52,054 | 58,103 | 64,117 | 77,572 | 73,994 | |||||||||||||||
| Total Liabilities |
6,728,758 | 7,098,077 | 6,788,393 | 7,043,551 | 7,316,262 | |||||||||||||||
| Preferred Equity |
— | — | — | — | — | |||||||||||||||
| Common Equity |
786,575 | 765,493 | 784,627 | 761,550 | 766,546 | |||||||||||||||
| Total Shareholders’ Equity |
786,575 | 765,493 | 784,627 | 761,550 | 766,546 | |||||||||||||||
| Total Liabilities & Equity |
$ | 7,515,333 | $ | 7,863,570 | $ | 7,573,020 | $ | 7,805,101 | $ | 8,082,808 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Year to Date | |||||||||||||||||||||||
| September 2010 |
September 2009 |
June 2010 |
March 2010 |
September 2010 |
September 2009 |
|||||||||||||||||||
| Quarterly/Year-to-Date Share Data: |
||||||||||||||||||||||||
| Earnings Per Share: |
||||||||||||||||||||||||
| Basic |
$ | 0.40 | $ | 0.28 | $ | 0.41 | $ | 0.40 | $ | 1.21 | $ | 1.15 | ||||||||||||
| Diluted |
$ | 0.40 | $ | 0.28 | $ | 0.41 | $ | 0.40 | $ | 1.21 | $ | 1.15 | ||||||||||||
| Common Dividend Declared Per Share: |
$ | 0.30 | $ | 0.29 | $ | 0.30 | $ | 0.30 | $ | 0.90 | $ | 0.87 | ||||||||||||
| High Common Stock Price |
$ | 27.25 | $ | 23.56 | $ | 31.99 | $ | 28.00 | $ | 31.99 | $ | 33.64 | ||||||||||||
| Low Common Stock Price |
$ | 22.09 | $ | 16.68 | $ | 23.82 | $ | 20.15 | $ | 20.15 | $ | 13.15 | ||||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
||||||||||||||||||||||||
| Basic |
43,588,021 | 43,410,532 | 43,539,531 | 43,455,296 | 43,528,210 | 43,404,920 | ||||||||||||||||||
| Diluted |
43,645,653 | 43,455,723 | 43,640,805 | 43,534,435 | 43,607,091 | 43,457,258 | ||||||||||||||||||
| Memorandum Items: |
||||||||||||||||||||||||
| Tax Applicable to Security Sales/Calls |
$ | 46 | $ | 29 | $ | 279 | $ | 388 | $ | 713 | $ | 31 | ||||||||||||
| Common Dividends |
$ | 13,084 | $ | 12,600 | $ | 13,078 | $ | 13,051 | $ | 39,213 | $ | 37,793 | ||||||||||||
| September 2010 |
September 2009 |
June 2010 |
March 2010 |
|||||||||||||||||||||
| EOP Share Data: |
||||||||||||||||||||||||
| Book Value Per Share |
$ | 18.00 | $ | 17.66 | $ | 17.84 | $ | 17.68 | ||||||||||||||||
| Tangible Book Value Per Share |
$ | 10.77 | $ | 10.34 | $ | 10.60 | $ | 10.41 | ||||||||||||||||
| 52-week High Common Stock Price |
$ | 31.99 | $ | 35.00 | $ | 31.99 | $ | 28.00 | ||||||||||||||||
| Date |
04/23/10 | 10/02/08 | 04/23/10 | 03/23/10 | ||||||||||||||||||||
| 52-week Low Common Stock Price |
$ | 16.39 | $ | 13.15 | $ | 16.39 | $ | 16.39 | ||||||||||||||||
| Date |
11/20/09 | 03/06/09 | 11/20/09 | 11/20/09 | ||||||||||||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
|
43,597,507 | 43,406,545 | 43,581,834 | 43,498,754 | |||||||||||||||||||
| Memorandum Items: |
||||||||||||||||||||||||
| EOP Employees (full-time equivalent) |
1,479 | 1,497 | 1,470 | 1,465 | ||||||||||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Year to Date | |||||||||||||||||||||||
| September 2010 |
September 2009 |
June 2010 |
March 2010 |
September 2010 |
September 2009 |
|||||||||||||||||||
| Selected Yields and Net Interest Margin: |
||||||||||||||||||||||||
| Loans |
5.30 | % | 5.45 | % | 5.33 | % | 5.32 | % | 5.32 | % | 5.47 | % | ||||||||||||
| Investment Securities |
4.52 | % | 4.92 | % | 4.75 | % | 4.97 | % | 4.75 | % | 5.18 | % | ||||||||||||
| Money Market Investments/FFS |
0.28 | % | 0.13 | % | 0.33 | % | 0.38 | % | 0.32 | % | 0.13 | % | ||||||||||||
| Average Earning Assets Yield |
4.84 | % | 5.23 | % | 5.01 | % | 5.05 | % | 4.97 | % | 5.34 | % | ||||||||||||
| Interest-bearing Deposits |
1.17 | % | 1.64 | % | 1.26 | % | 1.35 | % | 1.26 | % | 1.84 | % | ||||||||||||
| Short-term Borrowings |
0.07 | % | 0.05 | % | 0.06 | % | 0.05 | % | 0.06 | % | 0.16 | % | ||||||||||||
| Long-term Borrowings |
4.33 | % | 4.29 | % | 4.32 | % | 4.32 | % | 4.32 | % | 4.24 | % | ||||||||||||
| Average Liability Costs |
1.50 | % | 1.93 | % | 1.58 | % | 1.66 | % | 1.58 | % | 2.04 | % | ||||||||||||
| Net Interest Spread |
3.34 | % | 3.30 | % | 3.43 | % | 3.39 | % | 3.39 | % | 3.30 | % | ||||||||||||
| Net Interest Margin |
3.60 | % | 3.60 | % | 3.69 | % | 3.65 | % | 3.65 | % | 3.60 | % | ||||||||||||
| Selected Financial Ratios: |
||||||||||||||||||||||||
| Return on Average Common Equity |
8.73 | % | 6.25 | % | 9.23 | % | 9.17 | % | 9.04 | % | 8.77 | % | ||||||||||||
| Return on Average Assets |
0.91 | % | 0.61 | % | 0.96 | % | 0.92 | % | 0.93 | % | 0.84 | % | ||||||||||||
| Efficiency Ratio |
53.24 | % | 50.94 | % | 52.87 | % | 53.34 | % | 53.15 | % | 51.26 | % | ||||||||||||
| September 2010 |
September 2009 |
June 2010 |
March 2010 |
|||||||||||||||||||||
| Loan / Deposit Ratio |
93.43 | % | 96.13 | % | 97.32 | % | 96.72 | % | ||||||||||||||||
| Allowance for Loan Losses/ Loans, Net of Unearned Income |
|
1.33 | % | 1.18 | % | 1.27 | % | 1.22 | % | |||||||||||||||
| Allowance for Credit Losses (1)/ Loans, Net of Unearned Income |
|
1.37 | % | 1.20 | % | 1.31 | % | 1.26 | % | |||||||||||||||
| Nonaccrual Loans / Loans, Net of Unearned Income |
|
1.10 | % | 0.83 | % | 1.19 | % | 1.11 | % | |||||||||||||||
| 90-Day Past Due Loans/ Loans, Net of Unearned Income |
|
0.24 | % | 0.41 | % | 0.17 | % | 0.18 | % | |||||||||||||||
| Non-performing Loans/ Loans, Net of Unearned Income |
|
1.34 | % | 1.26 | % | 1.35 | % | 1.29 | % | |||||||||||||||
| Non-performing Assets/ Total Assets |
1.61 | % | 1.46 | % | 1.47 | % | 1.49 | % | ||||||||||||||||
| Primary Capital Ratio |
11.21 | % | 10.26 | % | 11.27 | % | 10.92 | % | ||||||||||||||||
| Shareholders’ Equity Ratio |
10.36 | % | 9.48 | % | 10.42 | % | 10.10 | % | ||||||||||||||||
| Tier I Capital Ratio |
11.97 | %(2) | 10.74 | % | 11.73 | % | 11.32 | % | ||||||||||||||||
| Total Risk-Based Capital Ratio |
13.36 | %(2) | 11.99 | % | 13.08 | % | 12.63 | % | ||||||||||||||||
| Leverage Ratio |
9.70 | %(2) | 8.93 | % | 9.62 | % | 9.33 | % | ||||||||||||||||
| Price / Book Ratio |
1.38 | x | 1.11 | x | 1.34 | x | 1.48 | x | ||||||||||||||||
| Price / Earnings Ratio |
15.68 | x | 17.64 | x | 14.53 | x | 16.38 | x | ||||||||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.
| (2) | Estimated. |
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| September 2010 |
September 2009 |
December 2009 |
June 2010 |
March 2010 |
||||||||||||||||
| Asset Quality Data: |
||||||||||||||||||||
| EOP Non-Accrual Loans |
$ | 58,302 | $ | 47,933 | $ | 50,856 | $ | 64,831 | $ | 62,449 | ||||||||||
| EOP 90-Day Past Due Loans |
12,644 | 23,854 | 20,314 | 9,055 | 9,959 | |||||||||||||||
| EOP Restructured Loans |
438 | 1,091 | 1,087 | — | — | |||||||||||||||
| Total EOP Non-performing Loans |
$ | 71,384 | $ | 72,878 | $ | 72,257 | $ | 73,886 | $ | 72,408 | ||||||||||
| EOP Other Real Estate Owned |
50,567 | 44,758 | 40,058 | 36,019 | 41,179 | |||||||||||||||
| Total EOP Non-performing Assets |
$ | 121,951 | $ | 117,636 | $ | 112,315 | $ | 109,905 | $ | 113,587 | ||||||||||
| Three Months Ended | Year to Date | |||||||||||||||||||||||
| September 2010 |
September 2009 |
June 2010 |
March 2010 |
September 2010 |
September 2009 |
|||||||||||||||||||
| Allowance for Credit Losses:(1) |
||||||||||||||||||||||||
| Beginning Balance |
$ | 71,361 | $ | 66,534 | $ | 70,366 | $ | 70,010 | $ | 70,010 | $ | 63,603 | ||||||||||||
| Provision Expense |
6,123 | 8,067 | 6,400 | 6,868 | 19,391 | 39,346 | ||||||||||||||||||
| 77,484 | 74,601 | 76,766 | 76,878 | 89,401 | 102,949 | |||||||||||||||||||
| Gross Charge-offs |
(5,420 | ) | (5,315 | ) | (5,985 | ) | (6,935 | ) | (18,340 | ) | (34,368 | ) | ||||||||||||
| Recoveries |
742 | 452 | 580 | 423 | 1,745 | 1,157 | ||||||||||||||||||
| Net Charge-offs |
(4,678 | ) | (4,863 | ) | (5,405 | ) | (6,512 | ) | (16,595 | ) | (33,211 | ) | ||||||||||||
| Ending Balance |
$ | 72,806 | $ | 69,738 | $ | 71,361 | $ | 70,366 | $ | 72,806 | $ | 69,738 | ||||||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.