Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANKSHARES INC/WV | d287573d8k.htm |
| EX-99.1 - PRESS RELEASE - UNITED BANKSHARES INC/WV | d287573dex991.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 | ||||||||||||||||||||
| December 2011 |
December 2010 |
September 2011 |
June 2011 |
March 2011 |
||||||||||||||||
| Interest & Loan Fees Income |
$ | 85,529 | $ | 77,208 | $ | 84,701 | $ | 72,435 | $ | 73,857 | ||||||||||
| Tax equivalent adjustment |
1,732 | 1,415 | 1,765 | 1,637 | 1,453 | |||||||||||||||
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| Interest & Fees Income (FTE) |
87,261 | 78,623 | 86,466 | 74,072 | 75,310 | |||||||||||||||
| Interest Expense |
13,537 | 18,647 | 13,949 | 13,814 | 14,494 | |||||||||||||||
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| Net Interest Income (FTE) |
73,724 | 59,976 | 72,517 | 60,258 | 60,816 | |||||||||||||||
| Provision for Loan Losses |
4,268 | (5,618 | ) | 3,637 | 4,800 | 4,436 | ||||||||||||||
| Non-Interest Income: |
||||||||||||||||||||
| Fees from trust & brokerage services |
3,316 | 3,689 | 3,280 | 3,437 | 3,310 | |||||||||||||||
| Fees from deposit services |
10,581 | 9,781 | 10,462 | 10,341 | 9,631 | |||||||||||||||
| Bankcard fees and merchant discounts |
1,192 | 1,573 | 1,237 | 683 | 555 | |||||||||||||||
| Other charges, commissions, and fees |
559 | 562 | 455 | 381 | 454 | |||||||||||||||
| Income from bank owned life insurance |
1,339 | 1,178 | 1,544 | 1,228 | 1,175 | |||||||||||||||
| Mortgage banking income |
382 | 303 | 205 | 131 | 234 | |||||||||||||||
| Other non-interest revenue |
841 | 1,669 | 1,272 | 599 | 851 | |||||||||||||||
| Net other-than-temporary impairment losses |
(6,286 | ) | (5,369 | ) | (7,922 | ) | (4,096 | ) | (2,110 | ) | ||||||||||
| Net (losses) gains on sales/calls of investment securities |
(50 | ) | (30 | ) | 445 | 630 | 551 | |||||||||||||
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| Total Non-Interest Income |
11,874 | 13,356 | 10,978 | 13,334 | 14,651 | |||||||||||||||
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| Non-Interest Expense: |
||||||||||||||||||||
| Employee compensation |
17,756 | 16,202 | 16,970 | 15,015 | 14,870 | |||||||||||||||
| Employee benefits |
4,488 | 3,795 | 4,361 | 4,131 | 4,378 | |||||||||||||||
| Net occupancy |
5,018 | 4,114 | 5,051 | 4,140 | 4,387 | |||||||||||||||
| Other expenses |
18,560 | 17,611 | 17,194 | 14,477 | 15,347 | |||||||||||||||
| Amortization of intangibles |
832 | 411 | 860 | 354 | 383 | |||||||||||||||
| OREO expense |
1,879 | 4,862 | 2,129 | 1,233 | 1,767 | |||||||||||||||
| FDIC expense |
1,496 | 2,380 | 2,308 | 2,327 | 2,337 | |||||||||||||||
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| Total Non-Interest Expense |
50,029 | 49,375 | 48,873 | 41,677 | 43,469 | |||||||||||||||
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| Income Before Income Taxes (FTE) |
31,301 | 29,575 | 30,985 | 27,115 | 27,562 | |||||||||||||||
| Tax equivalent adjustment |
1,732 | 1,415 | 1,765 | 1,637 | 1,453 | |||||||||||||||
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| Income Before Income Taxes |
29,569 | 28,160 | 29,220 | 25,478 | 26,109 | |||||||||||||||
| Income taxes |
9,312 | 8,870 | 9,204 | 8,026 | 8,224 | |||||||||||||||
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| Net Income |
$ | 20,257 | $ | 19,290 | $ | 20,016 | $ | 17,452 | $ | 17,885 | ||||||||||
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| MEMO: Effective Tax Rate |
31.49 | % | 31.50 | % | 31.50 | % | 31.50 | % | 31.50 | % | ||||||||||
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
| Year Ended | ||||||||||||||||
| December | December | December | December | |||||||||||||
| 2011 | 2010 | 2009 | 2008 | |||||||||||||
| Interest & Loan Fees Income |
$ | 316,522 | $ | 323,382 | $ | 365,845 | $ | 429,911 | ||||||||
| Tax equivalent adjustment |
6,587 | 5,906 | 11,199 | 14,229 | ||||||||||||
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| Interest & Fees Income (FTE) |
323,109 | 329,288 | 377,044 | 444,140 | ||||||||||||
| Interest Expense |
55,794 | 85,196 | 120,374 | 177,119 | ||||||||||||
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| Net Interest Income (FTE) |
267,315 | 244,092 | 256,670 | 267,021 | ||||||||||||
| Provision for Loan Losses |
17,141 | 13,773 | 46,065 | 25,155 | ||||||||||||
| Non-Interest Income: |
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| Fees from trust & brokerage services |
13,343 | 13,637 | 13,065 | 16,582 | ||||||||||||
| Fees from deposit services |
41,015 | 39,220 | 40,289 | 39,189 | ||||||||||||
| Bankcard fees and merchant discounts |
3,667 | 4,786 | 4,155 | 5,815 | ||||||||||||
| Other charges, commissions, and fees |
1,849 | 1,918 | 1,906 | 1,932 | ||||||||||||
| Income from bank owned life insurance |
5,286 | 4,673 | 3,416 | 4,093 | ||||||||||||
| Mortgage banking income |
952 | 662 | 608 | 385 | ||||||||||||
| Other non-interest revenue |
3,563 | 5,116 | 5,236 | 8,725 | ||||||||||||
| Net other-than-temporary impairment losses |
(20,414 | ) | (9,815 | ) | (15,020 | ) | (10,489 | ) | ||||||||
| Net gains on sales/calls of investment securities |
1,576 | 2,006 | 315 | 1,071 | ||||||||||||
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| Total Non-Interest Income |
50,837 | 62,203 | 53,970 | 67,303 | ||||||||||||
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| Non-Interest Expense: |
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| Employee compensation |
64,611 | 60,564 | 58,901 | 61,347 | ||||||||||||
| Employee benefits |
17,358 | 16,749 | 19,192 | 13,680 | ||||||||||||
| Net occupancy |
18,596 | 17,246 | 17,018 | 16,682 | ||||||||||||
| Other expenses |
65,578 | 64,954 | 62,791 | 72,239 | ||||||||||||
| Amortization of intangibles |
2,429 | 1,884 | 2,561 | 3,494 | ||||||||||||
| OREO expense |
7,008 | 11,131 | 5,487 | 2,484 | ||||||||||||
| FDIC expense |
8,468 | 9,684 | 9,177 | 1,147 | ||||||||||||
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| Total Non-Interest Expense |
184,048 | 182,212 | 175,127 | 171,073 | ||||||||||||
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| Income Before Income Taxes (FTE) |
116,963 | 110,310 | 89,448 | 138,096 | ||||||||||||
| Tax equivalent adjustment |
6,587 | 5,906 | 11,199 | 14,229 | ||||||||||||
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| Income Before Income Taxes |
110,376 | 104,404 | 78,249 | 123,867 | ||||||||||||
| Income taxes |
34,766 | 32,457 | 10,951 | 36,913 | ||||||||||||
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| Net Income |
$ | 75,610 | $ | 71,947 | $ | 67,298 | $ | 86,954 | ||||||||
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| MEMO: Effective Tax Rate |
31.50 | % | 31.09 | % | 14.00 | % | 29.80 | % | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| December 31 | December 31 | |||||||||||||||||||
| 2011 | 2010 | December 31 | December 31 | December 31 | ||||||||||||||||
| Q-T-D Average | Q-T-D Average | 2011 | 2010 | 2009 | ||||||||||||||||
| Cash & Cash Equivalents |
$ | 669,533 | $ | 636,467 | $ | 636,003 | $ | 461,389 | $ | 449,767 | ||||||||||
| Securities Available for Sale |
692,540 | 704,758 | 696,518 | 653,276 | 811,777 | |||||||||||||||
| Securities Held to Maturity |
60,415 | 67,253 | 59,289 | 67,036 | 77,421 | |||||||||||||||
| Other Investment Securities |
69,096 | 76,690 | 68,412 | 74,403 | 77,722 | |||||||||||||||
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| Total Securities |
822,051 | 848,701 | 824,219 | 794,715 | 966,920 | |||||||||||||||
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| Total Cash and Securities |
1,491,584 | 1,485,168 | 1,460,222 | 1,256,104 | 1,416,687 | |||||||||||||||
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| Loans Held for Sale |
5,582 | 6,470 | 3,902 | 6,869 | 5,284 | |||||||||||||||
| Commercial Loans |
4,377,276 | 3,550,037 | 4,378,345 | 3,533,559 | 3,801,254 | |||||||||||||||
| Mortgage Loans |
1,565,638 | 1,489,752 | 1,562,838 | 1,459,286 | 1,606,560 | |||||||||||||||
| Consumer Loans |
315,022 | 272,514 | 299,030 | 270,506 | 332,964 | |||||||||||||||
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| Gross Loans |
6,257,936 | 5,312,303 | 6,240,213 | 5,263,351 | 5,740,778 | |||||||||||||||
| Unearned Income |
(5,263 | ) | (3,089 | ) | (3,503 | ) | (3,025 | ) | (3,969 | ) | ||||||||||
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| Loans, Net of Unearned Income |
6,252,673 | 5,309,214 | 6,236,710 | 5,260,326 | 5,736,809 | |||||||||||||||
| Allowance for Loan Losses |
(73,562 | ) | (72,759 | ) | (73,874 | ) | (73,033 | ) | (67,853 | ) | ||||||||||
| Goodwill |
372,902 | 311,831 | 371,693 | 311,765 | 312,069 | |||||||||||||||
| Other Intangibles |
11,641 | 3,149 | 12,950 | 2,940 | 4,823 | |||||||||||||||
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| Total Intangibles |
384,543 | 314,980 | 384,643 | 314,705 | 316,892 | |||||||||||||||
| Real Estate Owned |
51,729 | 48,939 | 51,760 | 44,770 | 40,058 | |||||||||||||||
| Other Assets |
399,503 | 336,501 | 388,107 | 345,978 | 357,224 | |||||||||||||||
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| Total Assets |
$ | 8,512,052 | $ | 7,428,513 | $ | 8,451,470 | $ | 7,155,719 | $ | 7,805,101 | ||||||||||
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| MEMO: Earning Assets |
$ | 7,551,646 | $ | 6,598,071 | $ | 7,498,333 | $ | 6,334,914 | $ | 6,956,322 | ||||||||||
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| Interest-bearing Deposits |
$ | 5,227,649 | $ | 4,474,950 | $ | 5,199,848 | $ | 4,510,279 | $ | 4,862,943 | ||||||||||
| Noninterest-bearing Deposits |
1,614,185 | 1,203,002 | 1,619,162 | 1,203,255 | 1,108,157 | |||||||||||||||
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| Total Deposits |
6,841,834 | 5,677,952 | 6,819,010 | 5,713,534 | 5,971,100 | |||||||||||||||
| Short-term Borrowings |
285,747 | 288,873 | 254,766 | 193,214 | 222,944 | |||||||||||||||
| Long-term Borrowings |
353,220 | 620,156 | 345,366 | 386,458 | 771,935 | |||||||||||||||
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| Total Borrowings |
638,967 | 909,029 | 600,132 | 579,672 | 994,879 | |||||||||||||||
| Other Liabilities |
47,436 | 47,614 | 63,484 | 69,501 | 77,572 | |||||||||||||||
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| Total Liabilities |
7,528,237 | 6,634,595 | 7,482,626 | 6,362,707 | 7,043,551 | |||||||||||||||
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| Preferred Equity |
— | — | — | — | — | |||||||||||||||
| Common Equity |
983,815 | 793,918 | 968,844 | 793,012 | 761,550 | |||||||||||||||
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| Total Shareholders’ Equity |
983,815 | 793,918 | 968,844 | 793,012 | 761,550 | |||||||||||||||
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| Total Liabilities & Equity |
$ | 8,512,052 | $ | 7,428,513 | $ | 8,451,470 | $ | 7,155,719 | $ | 7,805,101 | ||||||||||
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| MEMO: Interest-bearing Liabilities |
$ | 5,866,616 | $ | 5,383,979 | $ | 5,799,980 | $ | 5,089,951 | $ | 5,857,822 | ||||||||||
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||||||||||
| December | December | September | June | March | ||||||||||||||||
| 2011 | 2010 | 2011 | 2011 | 2011 | ||||||||||||||||
| Quarterly Share Data: |
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| Earnings Per Share: |
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| Basic |
$ | 0.40 | $ | 0.44 | $ | 0.40 | $ | 0.40 | $ | 0.41 | ||||||||||
| Diluted |
$ | 0.40 | $ | 0.44 | $ | 0.40 | $ | 0.40 | $ | 0.41 | ||||||||||
| Common Dividend Declared Per Share |
$ | 0.31 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
| High Common Stock Price |
$ | 29.29 | $ | 30.25 | $ | 25.21 | $ | 27.46 | $ | 30.84 | ||||||||||
| Low Common Stock Price |
$ | 19.06 | $ | 24.15 | $ | 18.78 | $ | 22.36 | $ | 25.66 | ||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
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| Basic |
50,207,410 | 43,606,591 | 49,628,087 | 43,645,541 | 43,629,364 | |||||||||||||||
| Diluted |
50,238,812 | 43,677,279 | 49,636,382 | 43,676,407 | 43,700,436 | |||||||||||||||
| Memorandum Items: |
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| Tax Applicable to Security Sales/Calls |
$ | (18 | ) | $ | (11 | ) | $ | 156 | $ | 220 | $ | 193 | ||||||||
| Common Dividends |
$ | 15,571 | $ | 13,087 | $ | 15,062 | $ | 13,099 | $ | 13,095 | ||||||||||
| Dividend Payout Ratio |
76.87 | % | 67.84 | % | 75.25 | % | 75.06 | % | 73.22 | % | ||||||||||
| Year Ended | ||||||||||||||||
| December 2011 |
December 2010 |
December 2009 |
December 2008 |
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| YTD Share Data: |
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| Earnings Per Share: |
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| Basic |
$ | 1.62 | $ | 1.65 | $ | 1.55 | $ | 2.01 | ||||||||
| Diluted |
$ | 1.61 | $ | 1.65 | $ | 1.55 | $ | 2.00 | ||||||||
| Common Dividend Declared Per Share |
$ | 1.21 | $ | 1.20 | $ | 1.17 | $ | 1.16 | ||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
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| Basic |
46,803,432 | 43,547,965 | 43,410,431 | 43,286,894 | ||||||||||||
| Diluted |
46,837,363 | 43,625,183 | 43,456,889 | 43,434,083 | ||||||||||||
| Memorandum Items: |
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| Tax Applicable to Security Sales/Calls |
$ | 552 | $ | 702 | $ | 110 | $ | 375 | ||||||||
| Common Dividends |
$ | 56,827 | $ | 52,300 | $ | 50,837 | $ | 50,231 | ||||||||
| Dividend Payout Ratio |
75.16 | % | 72.69 | % | 75.54 | % | 57.77 | % | ||||||||
| EOP Employees (full-time equivalent) |
1,619 | 1,451 | 1,477 | 1,531 | ||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||||||||||
| December 2011 |
December 2010 |
September 2011 |
June 2011 |
March 2011 |
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| EOP Share Data: |
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| Book Value Per Share |
$ | 19.29 | $ | 18.18 | $ | 19.38 | $ | 18.43 | $ | 18.32 | ||||||||||
| Tangible Book Value Per Share |
$ | 11.63 | $ | 10.96 | $ | 11.71 | $ | 11.24 | $ | 11.12 | ||||||||||
| 52-week High Common Stock Price |
$ | 30.84 | $ | 31.99 | $ | 30.84 | $ | 30.84 | $ | 31.99 | ||||||||||
| Date |
01/19/11 | 04/23/10 | 01/19/11 | 01/19/11 | 04/23/10 | |||||||||||||||
| 52-week Low Common Stock Price |
$ | 18.78 | $ | 20.15 | $ | 18.78 | $ | 22.09 | $ | 22.09 | ||||||||||
| Date |
09/22/11 | 01/06/10 | 09/22/11 | 08/24/10 | 08/24/10 | |||||||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
50,212,948 | 43,621,635 | 50,205,691 | 43,645,485 | 43,645,650 | |||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| December 2011 |
December 2010 |
September 2011 |
June 2011 |
March 2011 |
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| Selected Yields and Net Interest Margin: |
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| Net Loans |
5.18 | % | 5.24 | % | 5.14 | % | 5.18 | % | 5.24 | % | ||||||||||
| Investment Securities |
3.08 | % | 4.33 | % | 3.48 | % | 3.73 | % | 4.19 | % | ||||||||||
| Money Market Investments/FFS |
0.23 | % | 0.28 | % | 0.27 | % | 0.30 | % | 0.37 | % | ||||||||||
| Average Earning Assets Yield |
4.59 | % | 4.74 | % | 4.61 | % | 4.71 | % | 4.86 | % | ||||||||||
| Interest-bearing Deposits |
0.69 | % | 1.06 | % | 0.74 | % | 0.91 | % | 0.99 | % | ||||||||||
| Short-term Borrowings |
0.08 | % | 0.04 | % | 0.08 | % | 0.04 | % | 0.04 | % | ||||||||||
| Long-term Borrowings |
4.85 | % | 4.24 | % | 4.73 | % | 4.83 | % | 4.75 | % | ||||||||||
| Average Liability Costs |
0.92 | % | 1.37 | % | 0.95 | % | 1.13 | % | 1.20 | % | ||||||||||
| Net Interest Spread |
3.67 | % | 3.37 | % | 3.66 | % | 3.58 | % | 3.66 | % | ||||||||||
| Net Interest Margin |
3.88 | % | 3.62 | % | 3.87 | % | 3.83 | % | 3.92 | % | ||||||||||
| Selected Financial Ratios: |
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| Return on Average Common Equity |
8.17 | % | 9.64 | % | 8.26 | % | 8.66 | % | 9.04 | % | ||||||||||
| Return on Average Assets |
0.94 | % | 1.03 | % | 0.95 | % | 0.98 | % | 1.02 | % | ||||||||||
| Efficiency Ratio |
51.47 | % | 56.02 | % | 50.44 | % | 52.03 | % | 53.64 | % | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Year Ended | ||||||||||||||||
| December | December | December | December | |||||||||||||
| 2011 | 2010 | 2009 | 2008 | |||||||||||||
| Selected Yields and Net Interest Margin: |
||||||||||||||||
| Net Loans |
5.18 | % | 5.30 | % | 5.46 | % | 6.34 | % | ||||||||
| Investment Securities |
3.61 | % | 4.65 | % | 5.08 | % | 5.46 | % | ||||||||
| Money Market Investments/FFS |
0.28 | % | 0.31 | % | 0.18 | % | 1.94 | % | ||||||||
| Average Earning Assets Yield |
4.68 | % | 4.91 | % | 5.27 | % | 6.15 | % | ||||||||
| Interest-bearing Deposits |
0.82 | % | 1.21 | % | 1.75 | % | 2.71 | % | ||||||||
| Short-term Borrowings |
0.06 | % | 0.06 | % | 0.14 | % | 1.69 | % | ||||||||
| Long-term Borrowings |
4.79 | % | 4.30 | % | 4.24 | % | 4.49 | % | ||||||||
| Average Liability Costs |
1.04 | % | 1.53 | % | 1.98 | % | 2.81 | % | ||||||||
| Net Interest Spread |
3.64 | % | 3.38 | % | 3.29 | % | 3.34 | % | ||||||||
| Net Interest Margin |
3.87 | % | 3.64 | % | 3.59 | % | 3.70 | % | ||||||||
| Selected Financial Ratios: |
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| Return on Average Common Equity |
8.50 | % | 9.19 | % | 8.81 | % | 11.12 | % | ||||||||
| Return on Average Assets |
0.97 | % | 0.95 | % | 0.85 | % | 1.09 | % | ||||||||
| Loan / Deposit Ratio |
91.46 | % | 92.07 | % | 96.08 | % | 106.48 | % | ||||||||
| Allowance for Loan Losses/ Loans, Net of Unearned Income |
1.18 | % | 1.39 | % | 1.18 | % | 1.02 | % | ||||||||
| Allowance for Credit Losses (1)/ Loans, Net of Unearned Income |
1.21 | % | 1.43 | % | 1.22 | % | 1.06 | % | ||||||||
| Nonaccrual Loans / Loans, Net of Unearned Income |
0.96 | % | 1.14 | % | 0.89 | % | 0.70 | % | ||||||||
| 90-Day Past Due Loans/ Loans, Net of Unearned Income |
0.26 | % | 0.13 | % | 0.35 | % | 0.20 | % | ||||||||
| Non-performing Loans/ Loans, Net of Unearned Income |
1.28 | % | 1.28 | % | 1.26 | % | 0.90 | % | ||||||||
| Non-performing Assets/ Total Assets |
1.56 | % | 1.57 | % | 1.44 | % | 0.91 | % | ||||||||
| Primary Capital Ratio |
12.25 | % | 12.00 | % | 10.56 | % | 9.80 | % | ||||||||
| Shareholders’ Equity Ratio |
11.46 | % | 11.08 | % | 9.76 | % | 9.09 | % | ||||||||
| Price / Book Ratio |
1.47x | 1.61x | 1.14x | 1.96x | ||||||||||||
| Price / Earnings Ratio |
17.51x | 17.71x | 12.90x | 16.59x | ||||||||||||
| Efficiency Ratio |
51.81 | % | 53.87 | % | 51.35 | % | 48.03 | % | ||||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| December 2011 |
December 2010 |
September 2011 |
June 2011 |
March 2011 |
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| Asset Quality Data: |
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| EOP Non-Accrual Loans |
$ | 59,892 | $ | 59,996 | $ | 53,759 | $ | 51,237 | $ | 62,703 | ||||||||||
| EOP 90-Day Past Due Loans |
16,179 | 6,798 | 16,340 | 8,865 | 6,539 | |||||||||||||||
| EOP Restructured Loans |
3,592 | 437 | 3,624 | 3,886 | 3,716 | |||||||||||||||
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| Total EOP Non-performing Loans |
$ | 79,663 | $ | 67,231 | $ | 73,723 | $ | 63,988 | $ | 72,958 | ||||||||||
| EOP Other Real Estate & Assets Owned |
51,760 | 44,770 | 52,657 | 45,671 | 44,362 | |||||||||||||||
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| Total EOP Non-performing Assets |
$ | 131,423 | $ | 112,001 | $ | 126,380 | $ | 109,659 | $ | 117,320 | ||||||||||
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| Three Months Ended | Year Ended | |||||||||||||||||||
| December 2011 |
December 2010 |
December 2011 |
December 2010 |
December 2009 |
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| Allowance for Credit Losses:(1) |
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| Beginning Balance |
$ | 75,494 | $ | 72,806 | $ | 75,039 | $ | 70,010 | $ | 63,603 | ||||||||||
| Provision for Credit Losses (3) |
4,136 | (5,618 | ) | 16,988 | 13,773 | 46,065 | ||||||||||||||
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| 79,630 | 67,188 | 92,027 | 83,783 | 109,668 | ||||||||||||||||
| Gross Charge-offs |
(4,398 | ) | (7,422 | ) | (19,605 | ) | (25,762 | ) | (41,077 | ) | ||||||||||
| Recoveries |
495 | 15,273 | 3,305 | 17,018 | 1,419 | |||||||||||||||
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| Net (Charge-offs) Recoveries |
(3,903 | ) | 7,851 | (16,300 | ) | (8,744 | ) | (39,658 | ) | |||||||||||
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| Ending Balance |
$ | 75,727 | $ | 75,039 | $ | 75,727 | $ | 75,039 | $ | 70,010 | ||||||||||
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Notes:
| (1) | Includes allowances for loan losses and lending-related commitments. |
| (2) | Restructured loans with an aggregate balance of $1,528, $1,549, $3,886 and $1,067 at December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” A restructured loan with a balance of $437 thousand at December 31, 2010 was past due 90 days or more, but was not included in the “EOP 90-Day Past Due Loans” category. |
| (3) | Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses. |