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 | Six Months Ended | |||||||||||||||||||
| June | June | March | June | June | ||||||||||||||||
| 2011 | 2010 | 2011 | 2011 | 2010 | ||||||||||||||||
| Interest & Loan Fees Income |
$ | 72,435 | $ | 82,189 | $ | 73,857 | $ | 146,292 | $ | 166,285 | ||||||||||
| Tax equivalent adjustment |
1,637 | 1,490 | 1,453 | 3,090 | 3,047 | |||||||||||||||
| Interest & Fees Income (FTE) |
74,072 | 83,679 | 75,310 | 149,382 | 169,332 | |||||||||||||||
| Interest expense |
13,814 | 22,025 | 14,494 | 28,308 | 45,642 | |||||||||||||||
| Net Interest Income (FTE) |
60,258 | 61,654 | 60,816 | 121,074 | 123,690 | |||||||||||||||
| Provision for Loan Losses |
4,800 | 6,400 | 4,436 | 9,236 | 13,268 | |||||||||||||||
| Non-Interest Income: |
||||||||||||||||||||
| Fees from trust & brokerage services |
3,437 | 3,461 | 3,310 | 6,747 | 6,733 | |||||||||||||||
| Fees from deposit services |
10,341 | 10,117 | 9,631 | 19,972 | 19,341 | |||||||||||||||
| Bankcard fees and merchant discounts |
683 | 1,078 | 555 | 1,238 | 2,120 | |||||||||||||||
| Other charges, commissions, and fees |
381 | 490 | 454 | 835 | 848 | |||||||||||||||
| Income from bank-owned life insurance |
1,228 | 1,185 | 1,175 | 2,403 | 2,213 | |||||||||||||||
| Mortgage banking income |
131 | 129 | 234 | 365 | 241 | |||||||||||||||
| Other non-interest revenue |
599 | 1,424 | 851 | 1,450 | 2,339 | |||||||||||||||
| Net other-than-temporary impairment losses |
(4,096 | ) | (1,096 | ) | (2,110 | ) | (6,206 | ) | (2,582 | ) | ||||||||||
| Net gains on sales/calls of investment securities |
630 | 796 | 551 | 1,181 | 1,904 | |||||||||||||||
| Total Non-Interest Income |
13,334 | 17,584 | 14,651 | 27,985 | 33,157 | |||||||||||||||
| Non-Interest Expense: |
||||||||||||||||||||
| Employee compensation |
15,015 | 14,848 | 14,870 | 29,885 | 29,749 | |||||||||||||||
| Employee benefits |
4,131 | 4,332 | 4,378 | 8,509 | 8,826 | |||||||||||||||
| Net occupancy |
4,140 | 4,274 | 4,387 | 8,527 | 8,945 | |||||||||||||||
| Other expenses |
14,477 | 16,138 | 15,347 | 29,824 | 31,278 | |||||||||||||||
| Amortization of intangibles |
354 | 491 | 383 | 737 | 1,025 | |||||||||||||||
| OREO expense |
1,233 | 2,648 | 1,767 | 3,000 | 4,268 | |||||||||||||||
| FDIC expense |
2,327 | 2,457 | 2,337 | 4,664 | 4,848 | |||||||||||||||
| Total Non-Interest Expense |
41,677 | 45,188 | 43,469 | 85,146 | 88,939 | |||||||||||||||
| Income Before Income Taxes (FTE) |
27,115 | 27,650 | 27,562 | 54,677 | 54,640 | |||||||||||||||
| Tax equivalent adjustment |
1,637 | 1,490 | 1,453 | 3,090 | 3,047 | |||||||||||||||
| Income Before Income Taxes |
25,478 | 26,160 | 26,109 | 51,587 | 51,593 | |||||||||||||||
| Taxes |
8,026 | 8,241 | 8,224 | 16,250 | 16,252 | |||||||||||||||
| Net Income |
$ | 17,452 | $ | 17,919 | $ | 17,885 | $ | 35,337 | $ | 35,341 | ||||||||||
| MEMO: Effective Tax Rate |
31.50 | % | 31.50 | % | 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 | ||||||||||||||||||||
| June 30 2011 Q-T-D Average |
June 30 2010 Q-T-D Average |
June 30 2011 |
December 31 2010 |
June 30 2010 |
||||||||||||||||
| Cash & Cash Equivalents |
$ | 501,535 | $ | 456,010 | $ | 508,069 | $ | 461,389 | $ | 450,309 | ||||||||||
| Securities Available for Sale |
653,490 | 766,278 | 608,334 | 653,276 | 769,594 | |||||||||||||||
| Held to Maturity Securities |
64,142 | 70,691 | 63,699 | 67,036 | 68,704 | |||||||||||||||
| Other Investment Securities |
70,874 | 79,815 | 69,812 | 74,403 | 79,793 | |||||||||||||||
| Total Securities |
788,506 | 916,784 | 741,845 | 794,715 | 918,091 | |||||||||||||||
| Total Cash and Securities |
1,290,041 | 1,372,794 | 1,249,914 | 1,256,104 | 1,368,400 | |||||||||||||||
| Loans held for sale |
1,464 | 1,827 | 1,057 | 6,869 | 879 | |||||||||||||||
| Commercial Loans |
3,533,509 | 3,668,802 | 3,570,556 | 3,533,559 | 3,638,669 | |||||||||||||||
| Mortgage Loans |
1,416,138 | 1,552,455 | 1,410,321 | 1,459,286 | 1,538,432 | |||||||||||||||
| Consumer Loans |
269,733 | 300,091 | 274,911 | 270,506 | 289,857 | |||||||||||||||
| Gross Loans |
5,219,380 | 5,521,348 | 5,255,788 | 5,263,351 | 5,466,958 | |||||||||||||||
| Unearned income |
(3,341 | ) | (3,661 | ) | (3,692 | ) | (3,025 | ) | (3,411 | ) | ||||||||||
| Loans, net of unearned income |
5,216,039 | 5,517,687 | 5,252,096 | 5,260,326 | 5,463,547 | |||||||||||||||
| Allowance for Loan Losses |
(72,909 | ) | (68,273 | ) | (73,132 | ) | (73,033 | ) | (69,153 | ) | ||||||||||
| Goodwill |
311,641 | 312,051 | 311,641 | 311,765 | 311,878 | |||||||||||||||
| Other Intangibles |
2,391 | 4,054 | 2,202 | 2,940 | 3,799 | |||||||||||||||
| Total Intangibles |
314,032 | 316,105 | 313,843 | 314,705 | 315,677 | |||||||||||||||
| Other Real Estate Owned |
43,271 | 40,611 | 45,671 | 44,770 | 36,019 | |||||||||||||||
| Other Assets |
334,537 | 338,630 | 344,534 | 345,978 | 347,991 | |||||||||||||||
| Total Assets |
$ | 7,126,475 | $ | 7,519,381 | $ | 7,133,983 | $ | 7,155,719 | $ | 7,463,360 | ||||||||||
| MEMO: Earning Assets |
$ | 6,308,764 | $ | 6,695,924 | $ | 6,307,773 | $ | 6,334,914 | $ | 6,635,280 | ||||||||||
| Interest-bearing Deposits |
$ | 4,308,770 | $ | 4,614,184 | $ | 4,292,987 | $ | 4,510,279 | $ | 4,479,030 | ||||||||||
| Noninterest-bearing Deposits |
1,375,842 | 1,081,171 | 1,435,549 | 1,203,255 | 1,135,114 | |||||||||||||||
| Total Deposits |
5,684,612 | 5,695,355 | 5,728,536 | 5,713,534 | 5,614,144 | |||||||||||||||
| Short-term Borrowings |
247,706 | 291,646 | 201,438 | 193,214 | 306,427 | |||||||||||||||
| Long-term Borrowings |
336,139 | 696,652 | 336,063 | 386,458 | 696,551 | |||||||||||||||
| Total Borrowings |
583,845 | 988,298 | 537,501 | 579,672 | 1,002,978 | |||||||||||||||
| Other Liabilities |
49,367 | 56,842 | 63,705 | 69,501 | 68,663 | |||||||||||||||
| Total Liabilities |
6,317,824 | 6,740,495 | 6,329,742 | 6,362,707 | 6,685,785 | |||||||||||||||
| Preferred Equity |
— | — | — | — | — | |||||||||||||||
| Common Equity |
808,651 | 778,886 | 804,241 | 793,012 | 777,575 | |||||||||||||||
| Total Shareholders’ Equity |
808,651 | 778,886 | 804,241 | 793,012 | 777,575 | |||||||||||||||
| Total Liabilities & Equity |
$ | 7,126,475 | $ | 7,519,381 | $ | 7,133,983 | $ | 7,155,719 | $ | 7,463,360 | ||||||||||
| MEMO: Interest-bearing Liabilities |
$ | 4,892,615 | $ | 5,602,482 | $ | 4,830,488 | $ | 5,089,951 | $ | 5,482,008 | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June | June | March | June | June | ||||||||||||||||
| Quarterly/Year-to-Date Share Data: | 2011 | 2010 | 2011 | 2011 | 2010 | |||||||||||||||
| Earnings Per Share: |
||||||||||||||||||||
| Basic |
$ | 0.40 | $ | 0.41 | $ | 0.41 | $ | 0.81 | $ | 0.81 | ||||||||||
| Diluted |
$ | 0.40 | $ | 0.41 | $ | 0.41 | $ | 0.81 | $ | 0.81 | ||||||||||
| Common Dividend Declared Per Share: |
$ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.60 | $ | 0.60 | ||||||||||
| High Common Stock Price |
$ | 27.46 | $ | 31.99 | $ | 30.84 | $ | 30.84 | $ | 31.99 | ||||||||||
| Low Common Stock Price |
$ | 22.36 | $ | 23.82 | $ | 25.66 | $ | 22.36 | $ | 20.15 | ||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
||||||||||||||||||||
| Basic |
43,645,541 | 43,539,531 | 43,629,364 | 43,637,497 | 43,497,809 | |||||||||||||||
| Diluted |
43,676,407 | 43,640,805 | 43,700,436 | 43,686,203 | 43,587,686 | |||||||||||||||
| Memorandum Items: |
||||||||||||||||||||
| Tax Applicable to Security Sales/Calls |
$ | 220 | $ | 279 | $ | 193 | $ | 413 | $ | 666 | ||||||||||
| Common Dividends |
$ | 13,099 | $ | 13,078 | $ | 13,095 | $ | 26,194 | $ | 26,129 | ||||||||||
| June 2011 |
June 2010 |
March 2011 |
||||||||||||||||||
| EOP Share Data: |
||||||||||||||||||||
| Book Value Per Share |
$ | 18.43 | $ | 17.84 | $ | 18.32 | ||||||||||||||
| Tangible Book Value Per Share |
$ | 11.24 | $ | 10.60 | $ | 11.12 | ||||||||||||||
| 52-week High Common Stock Price |
$ | 30.84 | $ | 31.99 | $ | 31.99 | ||||||||||||||
| Date |
01/19/11 | 04/23/10 | 04/23/10 | |||||||||||||||||
| 52-week Low Common Stock Price |
$ | 22.09 | $ | 16.39 | $ | 22.09 | ||||||||||||||
| Date |
08/24/10 | 11/20/09 | 08/24/10 | |||||||||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
43,645,485 | 43,581,834 | 43,645,650 | |||||||||||||||||
| Memorandum Items: |
||||||||||||||||||||
| EOP Employees (full-time equivalent) |
1,438 | 1,470 | 1,426 | |||||||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 2011 |
June 2010 |
March 2011 |
June 2011 |
June 2010 |
||||||||||||||||
| Selected Yields and Net Interest Margin: |
||||||||||||||||||||
| Loans |
5.18 | % | 5.33 | % | 5.24 | % | 5.21 | % | 5.33 | % | ||||||||||
| Investment Securities |
3.73 | % | 4.75 | % | 4.19 | % | 3.96 | % | 4.86 | % | ||||||||||
| Money Market Investments/FFS |
0.30 | % | 0.33 | % | 0.37 | % | 0.34 | % | 0.35 | % | ||||||||||
| Average Earning Assets Yield |
4.71 | % | 5.01 | % | 4.86 | % | 4.78 | % | 5.03 | % | ||||||||||
| Interest-bearing Deposits |
0.91 | % | 1.26 | % | 0.99 | % | 0.95 | % | 1.30 | % | ||||||||||
| Short-term Borrowings |
0.04 | % | 0.06 | % | 0.04 | % | 0.04 | % | 0.06 | % | ||||||||||
| Long-term Borrowings |
4.83 | % | 4.32 | % | 4.75 | % | 4.79 | % | 4.32 | % | ||||||||||
| Average Liability Costs |
1.13 | % | 1.58 | % | 1.20 | % | 1.17 | % | 1.62 | % | ||||||||||
| Net Interest Spread |
3.58 | % | 3.43 | % | 3.66 | % | 3.61 | % | 3.41 | % | ||||||||||
| Net Interest Margin |
3.83 | % | 3.69 | % | 3.92 | % | 3.88 | % | 3.67 | % | ||||||||||
| Selected Financial Ratios: |
||||||||||||||||||||
| Return on Average Common Equity |
8.66 | % | 9.23 | % | 9.04 | % | 8.85 | % | 9.20 | % | ||||||||||
| Return on Average Assets |
0.98 | % | 0.96 | % | 1.02 | % | 1.00 | % | 0.94 | % | ||||||||||
| Efficiency Ratio |
52.03 | % | 52.87 | % | 53.64 | % | 52.83 | % | 53.10 | % | ||||||||||
| June 2011 |
June 2010 |
March 2011 |
||||||||||||||||||
| Loan / Deposit Ratio |
91.68 | % | 97.32 | % | 91.44 | % | ||||||||||||||
| Allowance for Loan Losses/ Loans, net of unearned income |
1.39 | % | 1.27 | % | 1.40 | % | ||||||||||||||
| Allowance for Credit Losses (1)/ Loans, net of unearned income |
1.43 | % | 1.31 | % | 1.44 | % | ||||||||||||||
| Nonaccrual Loans / Loans, net of unearned income |
0.98 | % | 1.19 | % | 1.20 | % | ||||||||||||||
| 90-Day Past Due Loans/ Loans, net of unearned income |
0.17 | % | 0.17 | % | 0.13 | % | ||||||||||||||
| Non-performing Loans/ Loans, net of unearned income |
1.22 | % | 1.35 | % | 1.40 | % | ||||||||||||||
| Non-performing Assets/ Total Assets |
1.54 | % | 1.47 | % | 1.63 | % | ||||||||||||||
| Primary Capital Ratio |
12.20 | % | 11.27 | % | 12.04 | % | ||||||||||||||
| Shareholders’ Equity Ratio |
11.27 | % | 10.42 | % | 11.12 | % | ||||||||||||||
| Price / Book Ratio |
1.33 | x | 1.34 | x | 1.45 | x | ||||||||||||||
| Price / Earnings Ratio |
15.32 | x | 14.53 | x | 16.20 | x | ||||||||||||||
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)
| Asset Quality Data: | June 2011 |
June 2010 |
December 2010 |
March 2011 |
||||||||||||
| EOP Non-Accrual Loans |
$ | 51,237 | $ | 64,831 | $ | 59,996 | $ | 62,703 | ||||||||
| EOP 90-Day Past Due Loans |
8,865 | 9,055 | 6,798 | 6,539 | ||||||||||||
| EOP Restructured Loans (2) |
3,886 | — | 437 | 3,716 | ||||||||||||
| Total EOP Non-performing Loans |
$ | 63,988 | $ | 73,886 | $ | 67,231 | $ | 72,958 | ||||||||
| EOP Other Real Estate Owned |
45,671 | 36,019 | 44,770 | 44,362 | ||||||||||||
| Total EOP Non-performing Assets |
$ | 109,659 | $ | 109,905 | $ | 112,001 | $ | 117,320 | ||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Allowance for Credit Losses: (1) | June 2011 |
June 2010 |
March 2011 |
June 2011 |
June 2010 |
|||||||||||||||
| Beginning Balance |
$ | 75,135 | $ | 70,366 | $ | 75,039 | $ | 75,039 | $ | 70,010 | ||||||||||
| Provision for Credit Losses (3) |
4,689 | 6,400 | 4,590 | 9,279 | 13,268 | |||||||||||||||
| 79,824 | 76,766 | 79,629 | 84,318 | 83,278 | ||||||||||||||||
| Gross Charge-offs |
(5,599 | ) | (5,985 | ) | (4,741 | ) | (10,340 | ) | (12,920 | ) | ||||||||||
| Recoveries |
956 | 580 | 247 | 1,203 | 1,003 | |||||||||||||||
| Net Charge-offs |
(4,643 | ) | (5,405 | ) | (4,494 | ) | (9,137 | ) | (11,917 | ) | ||||||||||
| Ending Balance |
$ | 75,181 | $ | 71,361 | $ | 75,135 | $ | 75,181 | $ | 71,361 | ||||||||||
| Note: | (1) | Includes allowances for loan losses and lending-related commitments. | ||
| (2) | Restructured loans with an aggregate balance of $3,886 and $1,067 at 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. |