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
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
| Three Months Ended | ||||||||||||
| March 2011 |
March 2010 |
December 2010 |
||||||||||
| Interest & Loan Fees Income |
$ | 73,857 | $ | 84,096 | $ | 77,208 | ||||||
| Tax equivalent adjustment |
1,453 | 1,557 | 1,415 | |||||||||
| Interest & Fees Income (FTE) |
75,310 | 85,653 | 78,623 | |||||||||
| Interest Expense |
14,494 | 23,617 | 18,647 | |||||||||
| Net Interest Income (FTE) |
60,816 | 62,036 | 59,976 | |||||||||
| Provision for Loan Losses |
4,436 | 6,868 | (5,618 | ) | ||||||||
| Non-Interest Income: |
||||||||||||
| Fees from trust & brokerage services |
3,310 | 3,272 | 3,689 | |||||||||
| Fees from deposit services |
9,631 | 9,224 | 9,781 | |||||||||
| Bankcard fees and merchant discounts |
555 | 1,042 | 1,573 | |||||||||
| Other charges, commissions, and fees |
454 | 358 | 562 | |||||||||
| Income from bank owned life insurance |
1,175 | 1,028 | 1,178 | |||||||||
| Mortgage banking income |
234 | 112 | 303 | |||||||||
| Other non-interest revenue |
851 | 915 | 1,669 | |||||||||
| Net other-than-temporary impairment losses |
(2,110 | ) | (1,486 | ) | (5,369 | ) | ||||||
| Net gains (losses) on sales/calls of investment securities |
551 | 1,108 | (30 | ) | ||||||||
| Total Non-Interest Income |
14,651 | 15,573 | 13,356 | |||||||||
| Non-Interest Expense: |
||||||||||||
| Employee compensation |
14,870 | 14,901 | 16,202 | |||||||||
| Employee benefits |
4,378 | 4,494 | 3,795 | |||||||||
| Net occupancy |
4,387 | 4,671 | 4,114 | |||||||||
| Other expenses |
15,347 | 15,140 | 17,611 | |||||||||
| Amortization of intangibles |
383 | 534 | 411 | |||||||||
| OREO expense |
1,767 | 1,620 | 4,862 | |||||||||
| FDIC expense |
2,337 | 2,391 | 2,380 | |||||||||
| Total Non-Interest Expense |
43,469 | 43,751 | 49,375 | |||||||||
| Income Before Income Taxes (FTE) |
27,562 | 26,990 | 29,575 | |||||||||
| Tax equivalent adjustment |
1,453 | 1,557 | 1,415 | |||||||||
| Income Before Income Taxes |
26,109 | 25,433 | 28,160 | |||||||||
| Income taxes |
8,224 | 8,011 | 8,870 | |||||||||
| Net Income |
$ | 17,885 | $ | 17,422 | $ | 19,290 | ||||||
| MEMO: Effective Tax Rate |
31.50 | % | 31.50 | % | 31.50 | % | ||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| March 31 2011 Q-T-D Average |
March 31 2010 Q-T-D Average |
March 31 2011 |
December 31 2010 |
|||||||||||||
| Cash & Cash Equivalents |
$ | 443,625 | $ | 436,514 | $ | 530,771 | $ | 461,389 | ||||||||
| Securities Available for Sale |
650,757 | 790,026 | 669,342 | 653,276 | ||||||||||||
| Securities Held to Maturity |
64,741 | 74,160 | 64,477 | 67,036 | ||||||||||||
| Other Investment Securities |
73,669 | 79,161 | 72,663 | 74,403 | ||||||||||||
| Total Securities |
789,167 | 943,347 | 806,482 | 794,715 | ||||||||||||
| Total Cash and Securities |
1,232,792 | 1,379,861 | 1,337,253 | 1,256,104 | ||||||||||||
| Loans Held for Sale |
2,715 | 3,872 | 890 | 6,869 | ||||||||||||
| Commercial Loans |
3,518,647 | 3,751,314 | 3,541,507 | 3,533,559 | ||||||||||||
| Mortgage Loans |
1,442,937 | 1,592,216 | 1,423,725 | 1,459,286 | ||||||||||||
| Consumer Loans |
263,980 | 321,136 | 260,994 | 270,506 | ||||||||||||
| Gross Loans |
5,225,564 | 5,664,666 | 5,226,226 | 5,263,351 | ||||||||||||
| Unearned Income |
(3,082 | ) | (3,897 | ) | (3,267 | ) | (3,025 | ) | ||||||||
| Loans, Net of Unearned Income |
5,222,482 | 5,660,769 | 5,222,959 | 5,260,326 | ||||||||||||
| Allowance for Loan Losses |
(72,941 | ) | (67,900 | ) | (72,975 | ) | (73,033 | ) | ||||||||
| Goodwill |
311,763 | 312,069 | 311,641 | 311,765 | ||||||||||||
| Other Intangibles |
2,756 | 4,586 | 2,557 | 2,940 | ||||||||||||
| Total Intangibles |
314,519 | 316,655 | 314,198 | 314,705 | ||||||||||||
| Real Estate Owned |
44,922 | 40,167 | 44,362 | 44,770 | ||||||||||||
| Other Assets |
334,850 | 341,998 | 344,649 | 345,978 | ||||||||||||
| Total Assets |
$ | 7,079,339 | $ | 7,675,422 | $ | 7,191,336 | $ | 7,155,719 | ||||||||
| MEMO: Earning Assets |
$ | 6,257,807 | $ | 6,852,056 | $ | 6,344,359 | $ | 6,334,914 | ||||||||
| Interest-bearing Deposits |
$ | 4,322,396 | $ | 4,791,431 | $ | 4,354,849 | $ | 4,510,279 | ||||||||
| Noninterest-bearing Deposits |
1,320,246 | 1,078,209 | 1,357,074 | 1,203,255 | ||||||||||||
| Total Deposits |
5,642,642 | 5,869,640 | 5,711,923 | 5,713,534 | ||||||||||||
| Short-term Borrowings |
243,653 | 257,585 | 271,309 | 193,214 | ||||||||||||
| Long-term Borrowings |
337,467 | 717,678 | 336,240 | 386,458 | ||||||||||||
| Total Borrowings |
581,120 | 975,263 | 607,549 | 579,672 | ||||||||||||
| Other Liabilities |
53,390 | 59,758 | 72,401 | 69,501 | ||||||||||||
| Total Liabilities |
6,277,152 | 6,904,661 | 6,391,873 | 6,362,707 | ||||||||||||
| Preferred Equity |
— | — | — | — | ||||||||||||
| Common Equity |
802,187 | 770,761 | 799,463 | 793,012 | ||||||||||||
| Total Shareholders’ Equity |
802,187 | 770,761 | 799,463 | 793,012 | ||||||||||||
| Total Liabilities & Equity |
$ | 7,079,339 | $ | 7,675,422 | $ | 7,191,336 | $ | 7,155,719 | ||||||||
| MEMO: Interest-bearing Liabilities |
$ | 4,903,516 | $ | 5,766,694 | $ | 4,962,398 | $ | 5,089,951 | ||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March 2011 |
March 2010 |
December 2010 |
||||||||||
| Quarterly Share Data: |
||||||||||||
| Earnings Per Share: |
||||||||||||
| Basic |
$ | 0.41 | $ | 0.40 | $ | 0.44 | ||||||
| Diluted |
$ | 0.41 | $ | 0.40 | $ | 0.44 | ||||||
| Common Dividend Declared Per Share |
$ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||
| High Common Stock Price |
$ | 30.84 | $ | 28.00 | $ | 30.25 | ||||||
| Low Common Stock Price |
$ | 25.66 | $ | 20.15 | $ | 24.15 | ||||||
| Average Shares Outstanding (Net of Treasury Stock): |
||||||||||||
| Basic |
43,629,364 | 43,455,296 | 43,606,591 | |||||||||
| Diluted |
43,700,436 | 43,534,435 | 43,677,279 | |||||||||
| Memorandum Items: |
||||||||||||
| Tax Applicable to Security Sales/Calls |
$ | 193 | $ | 388 | $ | (11 | ) | |||||
| Common Dividends |
$ | 13,095 | $ | 13,051 | $ | 13,087 | ||||||
| March 2011 |
March 2010 |
December 2010 |
||||||||||
| EOP Share Data: |
||||||||||||
| Book Value Per Share |
$ | 18.32 | $ | 17.68 | $ | 18.18 | ||||||
| Tangible Book Value Per Share |
$ | 11.12 | $ | 10.41 | $ | 10.96 | ||||||
| 52-week High Common Stock Price |
$ | 31.99 | $ | 28.00 | $ | 31.99 | ||||||
| Date |
04/23/10 | 03/23/10 | 04/23/10 | |||||||||
| 52-week Low Common Stock Price |
$ | 22.09 | $ | 16.39 | $ | 20.15 | ||||||
| Date |
08/24/10 | 11/20/09 | 01/06/10 | |||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
43,645,650 | 43,498,754 | 43,621,635 | |||||||||
| Memorandum Items: |
||||||||||||
| EOP Employees (full-time equivalent) |
1,426 | 1,465 | 1,451 | |||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | ||||||||||||
| March 2011 |
March 2010 |
December 2010 |
||||||||||
| Selected Yields and Net Interest Margin: |
||||||||||||
| Net Loans |
5.24 | % | 5.32 | % | 5.24 | % | ||||||
| Investment Securities |
4.19 | % | 4.97 | % | 4.33 | % | ||||||
| Money Market Investments/FFS |
0.37 | % | 0.38 | % | 0.28 | % | ||||||
| Average Earning Assets Yield |
4.86 | % | 5.05 | % | 4.74 | % | ||||||
| Interest-bearing Deposits |
0.99 | % | 1.35 | % | 1.06 | % | ||||||
| Short-term Borrowings |
0.04 | % | 0.05 | % | 0.04 | % | ||||||
| Long-term Borrowings |
4.75 | % | 4.32 | % | 4.24 | % | ||||||
| Average Liability Costs |
1.20 | % | 1.66 | % | 1.37 | % | ||||||
| Net Interest Spread |
3.66 | % | 3.39 | % | 3.37 | % | ||||||
| Net Interest Margin |
3.92 | % | 3.65 | % | 3.62 | % | ||||||
| Selected Financial Ratios: |
||||||||||||
| Return on Average Common Equity |
9.04 | % | 9.17 | % | 9.64 | % | ||||||
| Return on Average Assets |
1.02 | % | 0.92 | % | 1.03 | % | ||||||
| Loan / Deposit Ratio |
91.44 | % | 96.72 | % | 92.07 | % | ||||||
| Allowance for Loan Losses/ Loans, net of unearned income |
1.40 | % | 1.22 | % | 1.39 | % | ||||||
| Allowance for Credit Losses (1)/ Loans, net of unearned income |
1.44 | % | 1.26 | % | 1.43 | % | ||||||
| Nonaccrual Loans / Loans, net of unearned income |
1.20 | % | 1.11 | % | 1.14 | % | ||||||
| 90-Day Past Due Loans/ Loans, net of unearned income |
0.13 | % | 0.18 | % | 0.13 | % | ||||||
| Non-performing Loans/ Loans, net of unearned income |
1.40 | % | 1.29 | % | 1.28 | % | ||||||
| Non-performing Assets/ Total Assets |
1.63 | % | 1.49 | % | 1.57 | % | ||||||
| Primary Capital Ratio |
12.04 | % | 10.92 | % | 12.00 | % | ||||||
| Shareholders’ Equity Ratio |
11.12 | % | 10.10 | % | 11.08 | % | ||||||
| Price / Book Ratio |
1.45 | x | 1.48 | x | 1.61 | x | ||||||
| Price / Earnings Ratio |
16.20 | x | 16.38 | x | 17.71 | x | ||||||
| Efficiency Ratio |
53.44 | % | 53.34 | % | 56.02 | % | ||||||
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 2011 |
March 2010 |
December 2010 |
||||||||||
| Asset Quality Data: |
||||||||||||
| EOP Non-Accrual Loans |
$ | 62,703 | $ | 62,449 | $ | 59,996 | ||||||
| EOP 90-Day Past Due Loans |
6,539 | 9,959 | 6,798 | |||||||||
| EOP Restructured Loans (2) |
3,716 | — | 437 | |||||||||
| Total EOP Non-performing Loans |
$ | 72,958 | $ | 72,408 | $ | 67,231 | ||||||
| EOP Other Real Estate & Assets Owned |
44,362 | 41,179 | 44,770 | |||||||||
| Total EOP Non-performing Assets |
$ | 117,320 | $ | 113,587 | $ | 112,001 | ||||||
| Three Months Ended | ||||||||||||
| March 2011 |
March 2010 |
December 2010 |
||||||||||
| Allowance for Credit Losses:(1) |
||||||||||||
| Beginning Balance |
$ | 75,039 | $ | 70,010 | $ | 72,806 | ||||||
| Provision for Credit Losses (3) |
4,590 | 6,868 | (5,618 | ) | ||||||||
| 79,629 | 76,878 | 67,188 | ||||||||||
| Gross Charge-offs |
(4,741 | ) | (6,935 | ) | (7,422 | ) | ||||||
| Recoveries |
247 | 423 | 15,273 | |||||||||
| Net Charge-offs |
(4,494 | ) | (6,512 | ) | 7,851 | |||||||
| Ending Balance |
$ | 75,135 | $ | 70,366 | $ | 75,039 | ||||||
| Note: | (1) | Includes allowances for loan losses and lending-related commitments. | ||
| (2) | Restructured loans with an aggregate balance of $1,067 at March 31, 2011 are 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. |