Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANKSHARES INC/WV | d339365d8k.htm |
| EX-99.1 - PRESS RELEASE - UNITED BANKSHARES INC/WV | d339365dex991.htm |
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 2012 |
March 2011 |
December 2011 |
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| Interest & Loan Fees Income |
$ | 81,788 | $ | 73,857 | $ | 85,529 | ||||||
| Tax equivalent adjustment |
1,669 | 1,453 | 1,732 | |||||||||
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| Interest & Fees Income (FTE) |
83,457 | 75,310 | 87,261 | |||||||||
| Interest Expense |
12,822 | 14,494 | 13,537 | |||||||||
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| Net Interest Income (FTE) |
70,635 | 60,816 | 73,724 | |||||||||
| Provision for Loan Losses |
4,133 | 4,436 | 4,268 | |||||||||
| Non-Interest Income: |
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| Fees from trust & brokerage services |
3,984 | 3,310 | 3,316 | |||||||||
| Fees from deposit services |
10,312 | 9,631 | 11,131 | |||||||||
| Bankcard fees and merchant discounts |
646 | 555 | 642 | |||||||||
| Other charges, commissions, and fees |
577 | 454 | 559 | |||||||||
| Income from bank owned life insurance |
1,289 | 1,175 | 1,339 | |||||||||
| Mortgage banking income |
318 | 234 | 382 | |||||||||
| Other non-interest revenue |
658 | 851 | 841 | |||||||||
| Net other-than-temporary impairment losses |
(1,377 | ) | (2,110 | ) | (6,286 | ) | ||||||
| Net (losses) gains on sales/calls of investment securities |
(82 | ) | 551 | (50 | ) | |||||||
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| Total Non-Interest Income |
16,326 | 14,651 | 11,874 | |||||||||
| Non-Interest Expense: |
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| Employee compensation |
17,907 | 14,870 | 17,756 | |||||||||
| Employee benefits |
5,192 | 4,378 | 4,488 | |||||||||
| Net occupancy |
5,042 | 4,387 | 5,018 | |||||||||
| Other expenses |
17,476 | 15,347 | 18,560 | |||||||||
| Amortization of intangibles |
762 | 383 | 832 | |||||||||
| OREO expense |
2,328 | 1,767 | 1,879 | |||||||||
| FDIC expense |
1,555 | 2,337 | 1,496 | |||||||||
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| Total Non-Interest Expense |
50,262 | 43,469 | 50,029 | |||||||||
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| Income Before Income Taxes (FTE) |
32,566 | 27,562 | 31,301 | |||||||||
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| Tax equivalent adjustment |
1,669 | 1,453 | 1,732 | |||||||||
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| Income Before Income Taxes |
30,897 | 26,109 | 29,569 | |||||||||
| Income taxes |
9,887 | 8,224 | 9,312 | |||||||||
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| Net Income |
$ | 21,010 | $ | 17,885 | $ | 20,257 | ||||||
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| MEMO: Effective Tax Rate |
32.00 | % | 31.50 | % | 31.49 | % | ||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| March 31 2012 Q-T-D Average |
March 31 2011 Q-T-D Average |
March 31 2012 |
December 31 2011 |
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| Cash & Cash Equivalents |
$ | 664,743 | $ | 443,625 | $ | 789,831 | $ | 636,003 | ||||||||
| Securities Available for Sale |
688,880 | 650,757 | 665,286 | 696,518 | ||||||||||||
| Securities Held to Maturity |
58,999 | 64,741 | 58,686 | 59,289 | ||||||||||||
| Other Investment Securities |
67,813 | 73,669 | 66,964 | 68,412 | ||||||||||||
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| Total Securities |
815,692 | 789,167 | 790,936 | 824,219 | ||||||||||||
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| Total Cash and Securities |
1,480,435 | 1,232,792 | 1,580,767 | 1,460,222 | ||||||||||||
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| Loans Held for Sale |
4,905 | 2,715 | 7,401 | 3,902 | ||||||||||||
| Commercial Loans |
4,375,024 | 3,518,647 | 4,383,712 | 4,378,345 | ||||||||||||
| Mortgage Loans |
1,545,793 | 1,442,937 | 1,528,542 | 1,562,838 | ||||||||||||
| Consumer Loans |
301,076 | 263,980 | 300,492 | 299,030 | ||||||||||||
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| Gross Loans |
6,221,893 | 5,225,564 | 6,212,746 | 6,240,213 | ||||||||||||
| Unearned Income |
(6,574 | ) | (3,082 | ) | (12,626 | ) | (3,503 | ) | ||||||||
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| Loans, Net of Unearned Income |
6,215,319 | 5,222,482 | 6,200,120 | 6,236,710 | ||||||||||||
| Allowance for Loan Losses |
(73,142 | ) | (72,941 | ) | (74,012 | ) | (73,874 | ) | ||||||||
| Goodwill |
371,638 | 311,763 | 371,656 | 371,693 | ||||||||||||
| Other Intangibles |
12,726 | 2,756 | 12,197 | 12,950 | ||||||||||||
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| Total Intangibles |
384,364 | 314,519 | 383,853 | 384,643 | ||||||||||||
| Real Estate Owned |
51,373 | 44,922 | 49,864 | 51,760 | ||||||||||||
| Other Assets |
379,556 | 334,850 | 381,476 | 388,107 | ||||||||||||
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| Total Assets |
$ | 8,442,810 | $ | 7,079,339 | $ | 8,529,469 | $ | 8,451,470 | ||||||||
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| MEMO: Earning Assets |
$ | 7,498,574 | $ | 6,257,807 | $ | 7,579,030 | $ | 7,498,333 | ||||||||
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| Interest-bearing Deposits |
$ | 5,163,834 | $ | 4,322,396 | $ | 5,192,522 | $ | 5,199,848 | ||||||||
| Noninterest-bearing Deposits |
1,637,543 | 1,320,246 | 1,689,088 | 1,619,162 | ||||||||||||
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| Total Deposits |
6,801,377 | 5,642,642 | 6,881,610 | 6,819,010 | ||||||||||||
| Short-term Borrowings |
270,647 | 243,653 | 263,333 | 254,766 | ||||||||||||
| Long-term Borrowings |
345,323 | 337,467 | 345,298 | 345,366 | ||||||||||||
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| Total Borrowings |
615,970 | 581,120 | 608,631 | 600,132 | ||||||||||||
| Other Liabilities |
45,781 | 53,390 | 62,925 | 63,484 | ||||||||||||
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| Total Liabilities |
7,463,128 | 6,277,152 | 7,553,166 | 7,482,626 | ||||||||||||
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| Preferred Equity |
— | — | — | — | ||||||||||||
| Common Equity |
979,682 | 802,187 | 976,303 | 968,844 | ||||||||||||
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| Total Shareholders’ Equity |
979,682 | 802,187 | 976,303 | 968,844 | ||||||||||||
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| Total Liabilities & Equity |
$ | 8,442,810 | $ | 7,079,339 | $ | 8,529,469 | $ | 8,451,470 | ||||||||
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| MEMO: Interest-bearing Liabilities |
$ | 5,779,804 | $ | 4,903,516 | $ | 5,801,153 | $ | 5,799,980 | ||||||||
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March 2012 |
March 2011 |
December 2011 |
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| Quarterly Share Data: |
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| Earnings Per Share: |
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| Basic |
$ | 0.42 | $ | 0.41 | $ | 0.40 | ||||||
| Diluted |
$ | 0.42 | $ | 0.41 | $ | 0.40 | ||||||
| Common Dividend Declared Per Share |
$ | 0.31 | $ | 0.30 | $ | 0.31 | ||||||
| High Common Stock Price |
$ | 30.91 | $ | 30.84 | $ | 29.29 | ||||||
| Low Common Stock Price |
$ | 27.36 | $ | 25.66 | $ | 19.06 | ||||||
| Average Shares Outstanding (Net of Treasury Stock): |
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| Basic |
50,235,374 | 43,629,364 | 50,207,410 | |||||||||
| Diluted |
50,300,538 | 43,700,436 | 50,235,812 | |||||||||
| Memorandum Items: |
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| Tax Applicable to Security Sales/Calls |
$ | (29 | ) | $ | 193 | $ | (18 | ) | ||||
| Common Dividends |
$ | 15,570 | $ | 13,095 | $ | 15,571 | ||||||
| Dividend Payout Ratio |
74.11 | % | 73.22 | % | 76.87 | % | ||||||
| March 2012 |
March 2011 |
December 2011 |
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| EOP Share Data: |
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| Book Value Per Share |
$ | 19.42 | $ | 18.32 | $ | 19.29 | ||||||
| Tangible Book Value Per Share |
$ | 11.78 | $ | 11.12 | $ | 11.63 | ||||||
| 52-week High Common Stock Price |
$ | 30.91 | $ | 31.99 | $ | 30.84 | ||||||
| Date |
03/19/12 | 04/23/10 | 01/19/11 | |||||||||
| 52-week Low Common Stock Price |
$ | 18.78 | $ | 22.09 | $ | 18.78 | ||||||
| Date |
09/22/11 | 08/24/10 | 09/22/11 | |||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
50,274,104 | 43,645,650 | 50,212,948 | |||||||||
| Memorandum Items: |
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| EOP Employees (full-time equivalent) |
1,637 | 1,426 | 1,619 | |||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March 2012 |
March 2011 |
December 2011 |
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| Selected Yields and Net Interest Margin: |
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| Net Loans |
5.02 | % | 5.24 | % | 5.18 | % | ||||||
| Investment Securities |
3.08 | % | 4.19 | % | 3.08 | % | ||||||
| Money Market Investments/FFS |
0.26 | % | 0.37 | % | 0.23 | % | ||||||
| Average Earning Assets Yield |
4.47 | % | 4.86 | % | 4.59 | % | ||||||
| Interest-bearing Deposits |
0.67 | % | 0.99 | % | 0.69 | % | ||||||
| Short-term Borrowings |
0.09 | % | 0.04 | % | 0.08 | % | ||||||
| Long-term Borrowings |
4.83 | % | 4.75 | % | 4.85 | % | ||||||
| Average Liability Costs |
0.89 | % | 1.20 | % | 0.92 | % | ||||||
| Net Interest Spread |
3.58 | % | 3.66 | % | 3.67 | % | ||||||
| Net Interest Margin |
3.78 | % | 3.92 | % | 3.88 | % | ||||||
| Selected Financial Ratios: |
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| Return on Average Common Equity |
8.63 | % | 9.04 | % | 8.17 | % | ||||||
| Return on Average Assets |
1.00 | % | 1.02 | % | 0.94 | % | ||||||
| Loan / Deposit Ratio |
90.10 | % | 91.44 | % | 91.46 | % | ||||||
| Allowance for Loan Losses/ Loans, net of unearned income |
1.19 | % | 1.40 | % | 1.18 | % | ||||||
| Allowance for Credit Losses (1)/ Loans, net of unearned income |
1.22 | % | 1.44 | % | 1.21 | % | ||||||
| Nonaccrual Loans / Loans, net of unearned income |
1.00 | % | 1.20 | % | 0.96 | % | ||||||
| 90-Day Past Due Loans/ Loans, net of unearned income |
0.16 | % | 0.13 | % | 0.26 | % | ||||||
| Non-performing Loans/ Loans, net of unearned income |
1.23 | % | 1.40 | % | 1.28 | % | ||||||
| Non-performing Assets/ Total Assets |
1.48 | % | 1.63 | % | 1.56 | % | ||||||
| Primary Capital Ratio |
12.23 | % | 12.04 | % | 12.25 | % | ||||||
| Shareholders’ Equity Ratio |
11.45 | % | 11.12 | % | 11.46 | % | ||||||
| Price / Book Ratio |
1.49 | x | 1.45 | x | 1.47 | x | ||||||
| Price / Earnings Ratio |
17.27 | x | 16.20 | x | 17.51 | x | ||||||
| Efficiency Ratio |
53.35 | % | 53.64 | % | 51.47 | % | ||||||
Note: (1) Includes allowances for loan losses and lending-related commitments.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| March 2012 |
March 2011 |
December 2011 |
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| Asset Quality Data: |
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| EOP Non-Accrual Loans |
$ | 62,037 | $ | 62,703 | $ | 59,892 | ||||||
| EOP 90-Day Past Due Loans |
9,816 | 6,539 | 16,179 | |||||||||
| EOP Restructured Loans (2) |
4,335 | 3,716 | 3,592 | |||||||||
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| Total EOP Non-performing Loans |
$ | 76,188 | $ | 72,958 | $ | 79,663 | ||||||
| EOP Other Real Estate & Assets Owned |
49,864 | 44,362 | 51,760 | |||||||||
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| Total EOP Non-performing Assets |
$ | 126,052 | $ | 117,320 | $ | 131,423 | ||||||
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| Three Months Ended | ||||||||||||
| March 2012 |
March 2011 |
December 2011 |
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| Allowance for Credit Losses: (1) |
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| Beginning Balance |
$ | 75,727 | $ | 75,039 | $ | 75,494 | ||||||
| Provision for Credit Losses (3) |
4,015 | 4,590 | 4,136 | |||||||||
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| 79,742 | 79,629 | 79,630 | ||||||||||
| Gross Charge-offs |
(4,734 | ) | (4,741 | ) | (4,398 | ) | ||||||
| Recoveries |
739 | 247 | 495 | |||||||||
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| Net Charge-offs |
(3,995 | ) | (4,494 | ) | (3,903 | ) | ||||||
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| Ending Balance |
$ | 75,747 | $ | 75,135 | $ | 75,727 | ||||||
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| Note: | (1) Includes allowances for loan losses and lending-related commitments. | |
| (2) Restructured loans with an aggregate balance of $2,283, $1,067 and $1,528 at March 31, 2012, March 31,2011 and December 31, 2011, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” | ||
| (3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses. |