Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANKSHARES INC/WV | d246109d8k.htm |
| EX-99.1 - PRESS RELEASE - UNITED BANKSHARES INC/WV | d246109dex991.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 2011 |
September 2010 |
June 2011 |
March 2011 |
September 2011 |
September 2010 |
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| Interest & Loan Fees Income |
$ | 84,701 | $ | 79,889 | $ | 72,435 | $ | 73,857 | $ | 230,993 | $ | 246,174 | ||||||||||||
| Tax equivalent adjustment |
1,765 | 1,444 | 1,637 | 1,453 | 4,855 | 4,491 | ||||||||||||||||||
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| Interest & Fees Income (FTE) |
86,466 | 81,333 | 74,072 | 75,310 | 235,848 | 250,665 | ||||||||||||||||||
| Interest Expense |
13,949 | 20,907 | 13,814 | 14,494 | 42,257 | 66,549 | ||||||||||||||||||
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| Net Interest Income (FTE) |
72,517 | 60,426 | 60,258 | 60,816 | 193,591 | 184,116 | ||||||||||||||||||
| Provision for Loan Losses |
3,637 | 6,123 | 4,800 | 4,436 | 12,873 | 19,391 | ||||||||||||||||||
| Non-Interest Income: |
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| Fees from trust & brokerage services |
3,280 | 3,215 | 3,437 | 3,310 | 10,027 | 9,948 | ||||||||||||||||||
| Fees from deposit services |
10,462 | 10,098 | 10,341 | 9,631 | 30,434 | 29,439 | ||||||||||||||||||
| Bankcard fees and merchant discounts |
1,237 | 1,093 | 683 | 555 | 2,475 | 3,213 | ||||||||||||||||||
| Other charges, commissions, and fees |
455 | 508 | 381 | 454 | 1,290 | 1,356 | ||||||||||||||||||
| Income from bank owned life insurance |
1,544 | 1,282 | 1,228 | 1,175 | 3,947 | 3,495 | ||||||||||||||||||
| Mortgage banking income |
205 | 118 | 131 | 234 | 570 | 359 | ||||||||||||||||||
| Other non-interest revenue |
1,272 | 1,108 | 599 | 851 | 2,722 | 3,447 | ||||||||||||||||||
| Net other-than-temporary impairment losses |
(7,922 | ) | (1,864 | ) | (4,096 | ) | (2,110 | ) | (14,128 | ) | (4,446 | ) | ||||||||||||
| Net gains on sales/calls of investment securities |
445 | 132 | 630 | 551 | 1,626 | 2,036 | ||||||||||||||||||
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| Total Non-Interest Income |
10,978 | 15,690 | 13,334 | 14,651 | 38,963 | 48,847 | ||||||||||||||||||
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| Non-Interest Expense: |
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| Employee compensation |
16,970 | 14,613 | 15,015 | 14,870 | 46,855 | 44,362 | ||||||||||||||||||
| Employee benefits |
4,361 | 4,128 | 4,131 | 4,378 | 12,870 | 12,954 | ||||||||||||||||||
| Net occupancy |
5,051 | 4,187 | 4,140 | 4,387 | 13,578 | 13,132 | ||||||||||||||||||
| Other expenses |
17,194 | 16,065 | 14,477 | 15,347 | 47,018 | 47,343 | ||||||||||||||||||
| Amortization of intangibles |
860 | 448 | 354 | 383 | 1,597 | 1,473 | ||||||||||||||||||
| OREO expense |
2,129 | 2,001 | 1,233 | 1,767 | 5,129 | 6,269 | ||||||||||||||||||
| FDIC expense |
2,308 | 2,456 | 2,327 | 2,337 | 6,972 | 7,304 | ||||||||||||||||||
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| Total Non-Interest Expense |
48,873 | 43,898 | 41,677 | 43,469 | 134,019 | 132,837 | ||||||||||||||||||
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| Income Before Income Taxes (FTE) |
30,985 | 26,095 | 27,115 | 27,562 | 85,662 | 80,735 | ||||||||||||||||||
| Tax equivalent adjustment |
1,765 | 1,444 | 1,637 | 1,453 | 4,855 | 4,491 | ||||||||||||||||||
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| Income Before Income Taxes |
29,220 | 24,651 | 25,478 | 26,109 | 80,807 | 76,244 | ||||||||||||||||||
| Taxes |
9,204 | 7,335 | 8,026 | 8,224 | 25,454 | 23,587 | ||||||||||||||||||
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| Net Income |
$ | 20,016 | $ | 17,316 | $ | 17,452 | $ | 17,885 | $ | 55,353 | $ | 52,657 | ||||||||||||
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| MEMO: Effective Tax Rate |
31.50 | % | 29.76 | % | 31.50 | % | 31.50 | % | 31.50 | % | 30.94 | % | ||||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| September
30 2011 Q-T-D Average |
September
30 2010 Q-T-D Average |
September 30 2011 |
December 31 2010 |
September 30 2010 |
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| Cash & Cash Equivalents |
$ | 652,478 | $ | 614,853 | $ | 668,524 | $ | 461,389 | $ | 712,562 | ||||||||||
| Securities Available for Sale |
699,449 | 739,992 | 738,226 | 653,276 | 745,079 | |||||||||||||||
| Held to Maturity Securities |
62,572 | 67,767 | 62,114 | 67,036 | 67,496 | |||||||||||||||
| Other Investment Securities |
72,172 | 78,906 | 71,558 | 74,403 | 78,413 | |||||||||||||||
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| Total Securities |
834,193 | 886,665 | 871,898 | 794,715 | 890,988 | |||||||||||||||
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| Total Cash and Securities |
1,486,671 | 1,501,518 | 1,540,422 | 1,256,104 | 1,603,550 | |||||||||||||||
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| Loans held for sale |
3,859 | 1,304 | 7,378 | 6,869 | 1,788 | |||||||||||||||
| Commercial Loans |
4,275,255 | 3,587,518 | 4,370,792 | 3,533,559 | 3,543,273 | |||||||||||||||
| Mortgage Loans |
1,563,506 | 1,521,663 | 1,559,311 | 1,459,286 | 1,508,536 | |||||||||||||||
| Consumer Loans |
333,342 | 282,883 | 334,391 | 270,506 | 275,406 | |||||||||||||||
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| Gross Loans |
6,172,103 | 5,392,064 | 6,264,494 | 5,263,351 | 5,327,215 | |||||||||||||||
| Unearned income |
(4,988 | ) | (3,290 | ) | (5,266 | ) | (3,025 | ) | (3,197 | ) | ||||||||||
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| Loans, net of unearned income |
6,167,115 | 5,388,774 | 6,259,228 | 5,260,326 | 5,324,018 | |||||||||||||||
| Allowance for Loan Losses |
(73,504 | ) | (69,588 | ) | (73,509 | ) | (73,033 | ) | (70,923 | ) | ||||||||||
| Goodwill |
361,995 | 311,877 | 372,979 | 311,765 | 311,834 | |||||||||||||||
| Other Intangibles |
1,762 | 3,591 | 11,787 | 2,940 | 3,350 | |||||||||||||||
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| Total Intangibles |
363,757 | 315,468 | 384,766 | 314,705 | 315,184 | |||||||||||||||
| Real Estate Owned |
51,430 | 39,793 | 52,657 | 44,770 | 50,567 | |||||||||||||||
| Other Assets |
383,244 | 338,064 | 406,944 | 345,978 | 348,836 | |||||||||||||||
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| Total Assets |
$ | 8,382,572 | $ | 7,515,333 | $ | 8,577,886 | $ | 7,155,719 | $ | 7,573,020 | ||||||||||
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| MEMO: Earning Assets |
$ | 7,460,381 | $ | 6,689,520 | $ | 7,607,225 | $ | 6,334,914 | $ | 6,733,138 | ||||||||||
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| Interest-bearing Deposits |
$ | 5,217,555 | $ | 4,513,180 | $ | 5,314,303 | $ | 4,510,279 | $ | 4,542,216 | ||||||||||
| Noninterest-bearing Deposits |
1,557,654 | 1,150,999 | 1,613,672 | 1,203,255 | 1,156,167 | |||||||||||||||
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| Total Deposits |
6,775,209 | 5,664,179 | 6,927,975 | 5,713,534 | 5,698,383 | |||||||||||||||
| Short-term Borrowings |
248,829 | 316,066 | 260,320 | 193,214 | 329,535 | |||||||||||||||
| Long-term Borrowings |
354,482 | 696,459 | 355,433 | 386,458 | 696,358 | |||||||||||||||
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| Total Borrowings |
603,311 | 1,012,525 | 615,753 | 579,672 | 1,025,893 | |||||||||||||||
| Other Liabilities |
42,340 | 52,054 | 61,405 | 69,501 | 64,117 | |||||||||||||||
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| Total Liabilities |
7,420,860 | 6,728,758 | 7,605,133 | 6,362,707 | 6,788,393 | |||||||||||||||
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| Preferred Equity |
— | — | — | — | — | |||||||||||||||
| Common Equity |
961,712 | 786,575 | 972,753 | 793,012 | 784,627 | |||||||||||||||
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| Total Shareholders’ Equity |
961,712 | 786,575 | 972,753 | 793,012 | 784,627 | |||||||||||||||
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| Total Liabilities & Equity |
$ | 8,382,572 | $ | 7,515,333 | $ | 8,577,886 | $ | 7,155,719 | $ | 7,573,020 | ||||||||||
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| MEMO: Interest-bearing Liabilities |
$ | 5,820,866 | $ | 5,525,705 | $ | 5,930,056 | $ | 5,089,951 | $ | 5,568,109 | ||||||||||
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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 | Year to Date | |||||||||||||||||||||||
| September 2011 |
September 2010 |
June 2011 |
March 2011 |
September 2011 |
September 2010 |
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| Quarterly/Year-to-Date Share Data: |
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| Earnings Per Share: |
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| Basic |
$ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 1.21 | $ | 1.21 | ||||||||||||
| Diluted |
$ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 1.21 | $ | 1.21 | ||||||||||||
| Common Dividend Declared Per Share: |
$ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.90 | $ | 0.90 | ||||||||||||
| High Common Stock Price |
$ | 25.21 | $ | 27.25 | $ | 27.46 | $ | 30.84 | $ | 30.84 | $ | 31.99 | ||||||||||||
| Low Common Stock Price |
$ | 18.78 | $ | 22.09 | $ | 22.36 | $ | 25.66 | $ | 18.78 | $ | 20.15 | ||||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
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| Basic |
49,628,087 | 43,588,021 | 43,645,541 | 43,629,364 | 45,656,304 | 43,528,210 | ||||||||||||||||||
| Diluted |
49,636,382 | 43,645,653 | 43,676,407 | 43,700,436 | 45,692,106 | 43,607,091 | ||||||||||||||||||
| Memorandum Items: |
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| Tax Applicable to Security Sales/Calls |
$ | 156 | $ | 46 | $ | 220 | $ | 193 | $ | 569 | $ | 713 | ||||||||||||
| Common Dividends |
$ | 15,062 | $ | 13,084 | $ | 13,099 | $ | 13,095 | $ | 41,256 | $ | 39,213 | ||||||||||||
| September 2011 |
September 2010 |
June 2011 |
March 2011 |
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| EOP Share Data: |
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| Book Value Per Share |
$ | 19.38 | $ | 18.00 | $ | 18.43 | $ | 18.32 | ||||||||||||||||
| Tangible Book Value Per Share |
$ | 11.71 | $ | 10.77 | $ | 11.24 | $ | 11.12 | ||||||||||||||||
| 52-week High Common Stock Price |
$ | 30.84 | $ | 31.99 | $ | 30.84 | $ | 31.99 | ||||||||||||||||
| Date |
01/19/11 | 04/23/10 | 01/19/11 | 04/23/10 | ||||||||||||||||||||
| 52-week Low Common Stock Price |
$ | 18.78 | $ | 16.39 | $ | 22.09 | $ | 22.09 | ||||||||||||||||
| Date |
09/22/11 | 11/20/09 | 08/24/10 | 08/24/10 | ||||||||||||||||||||
| EOP Shares Outstanding (Net of Treasury Stock): |
50,205,691 | 43,597,507 | 43,645,485 | 43,645,650 | ||||||||||||||||||||
| Memorandum Items: |
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| EOP Employees (full-time equivalent) |
1,632 | 1,479 | 1,438 | 1,426 | ||||||||||||||||||||
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 2011 |
September 2010 |
June 2011 |
March 2011 |
September 2011 |
September 2010 |
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| Selected Yields and Net Interest Margin: |
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| Loans |
5.14 | % | 5.30 | % | 5.18 | % | 5.24 | % | 5.18 | % | 5.32 | % | ||||||||||||
| Investment Securities |
3.48 | % | 4.52 | % | 3.73 | % | 4.19 | % | 3.79 | % | 4.75 | % | ||||||||||||
| Money Market Investments/FFS |
0.27 | % | 0.28 | % | 0.30 | % | 0.37 | % | 0.31 | % | 0.32 | % | ||||||||||||
| Average Earning Assets Yield |
4.61 | % | 4.84 | % | 4.71 | % | 4.86 | % | 4.72 | % | 4.97 | % | ||||||||||||
| Interest-bearing Deposits |
0.74 | % | 1.17 | % | 0.91 | % | 0.99 | % | 0.87 | % | 1.26 | % | ||||||||||||
| Short-term Borrowings |
0.08 | % | 0.07 | % | 0.04 | % | 0.04 | % | 0.06 | % | 0.06 | % | ||||||||||||
| Long-term Borrowings |
4.73 | % | 4.33 | % | 4.83 | % | 4.75 | % | 4.77 | % | 4.32 | % | ||||||||||||
| Average Liability Costs |
0.95 | % | 1.50 | % | 1.13 | % | 1.20 | % | 1.08 | % | 1.58 | % | ||||||||||||
| Net Interest Spread |
3.66 | % | 3.34 | % | 3.58 | % | 3.66 | % | 3.64 | % | 3.39 | % | ||||||||||||
| Net Interest Margin |
3.87 | % | 3.60 | % | 3.83 | % | 3.92 | % | 3.87 | % | 3.65 | % | ||||||||||||
| Selected Financial Ratios: |
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| Return on Average Common Equity |
8.26 | % | 8.73 | % | 8.66 | % | 9.04 | % | 8.62 | % | 9.04 | % | ||||||||||||
| Return on Average Assets |
0.95 | % | 0.91 | % | 0.98 | % | 1.02 | % | 0.98 | % | 0.93 | % | ||||||||||||
| Efficiency Ratio |
50.44 | % | 53.24 | % | 52.03 | % | 53.64 | % | 51.94 | % | 53.15 | % | ||||||||||||
| September 2011 |
September 2010 |
June 2011 |
March 2011 |
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| Loan / Deposit Ratio |
90.35 | % | 93.43 | % | 91.68 | % | 91.44 | % | ||||||||||||||||
| Allowance for Loan Losses/ Loans, Net of Unearned Income |
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1.17 | % | 1.33 | % | 1.39 | % | 1.40 | % | |||||||||||||||
| Allowance for Credit Losses (1)/ Loans, Net of Unearned Income |
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1.21 | % | 1.37 | % | 1.43 | % | 1.44 | % | |||||||||||||||
| Nonaccrual Loans / Loans, Net of Unearned Income |
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0.86 | % | 1.10 | % | 0.98 | % | 1.20 | % | |||||||||||||||
| 90-Day Past Due Loans/ Loans, Net of Unearned Income |
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0.26 | % | 0.24 | % | 0.17 | % | 0.13 | % | |||||||||||||||
| Non-performing Loans/ Loans, Net of Unearned Income |
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1.18 | % | 1.34 | % | 1.22 | % | 1.40 | % | |||||||||||||||
| Non-performing Assets/ Total Assets |
1.47 | % | 1.61 | % | 1.54 | % | 1.63 | % | ||||||||||||||||
| Primary Capital Ratio |
12.11 | % | 11.21 | % | 12.20 | % | 12.04 | % | ||||||||||||||||
| Shareholders’ Equity Ratio |
11.34 | % | 10.36 | % | 11.27 | % | 11.12 | % | ||||||||||||||||
| Price / Book Ratio |
1.04x | 1.38x | 1.33x | 1.45x | ||||||||||||||||||||
| Price / Earnings Ratio |
12.45x | 15.68x | 15.32x | 16.20x | ||||||||||||||||||||
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)
| September 2011 |
September 2010 |
December 2010 |
June 2011 |
March 2011 |
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| Asset Quality Data: |
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| EOP Non-Accrual Loans |
$ | 53,759 | $ | 58,302 | $ | 59,996 | $ | 51,237 | $ | 62,703 | ||||||||||
| EOP 90-Day Past Due Loans |
16,340 | 12,644 | 6,798 | 8,865 | 6,539 | |||||||||||||||
| EOP Restructured Loans |
3,624 | 438 | 437 | 3,886 | 3,716 | |||||||||||||||
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| Total EOP Non-performing Loans |
$ | 73,723 | $ | 71,384 | $ | 67,231 | $ | 63,988 | $ | 72,958 | ||||||||||
| EOP Other Real Estate Owned |
52,657 | 50,567 | 44,770 | 45,671 | 44,362 | |||||||||||||||
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| Total EOP Non-performing Assets |
$ | 126,380 | $ | 121,951 | $ | 112,001 | $ | 109,659 | $ | 117,320 | ||||||||||
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| Three Months Ended | Year to Date | |||||||||||||||||||||||
| September 2011 |
September 2010 |
June 2011 |
March 2011 |
September 2011 |
September 2010 |
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| Allowance for Credit Losses:(1) |
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| Beginning Balance |
$ | 75,181 | $ | 71,361 | $ | 75,135 | $ | 75,039 | $ | 75,039 | $ | 70,010 | ||||||||||||
| Provision for Credit Losses (3) |
3,573 | 6,123 | 4,689 | 4,590 | 12,852 | 19,391 | ||||||||||||||||||
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| 78,754 | 77,484 | 79,824 | 79,629 | 87,891 | 89,401 | |||||||||||||||||||
| Gross Charge-offs |
(4,867 | ) | (5,420 | ) | (5,599 | ) | (4,741 | ) | (15,207 | ) | (18,340 | ) | ||||||||||||
| Recoveries |
1,607 | 742 | 956 | 247 | 2,810 | 1,745 | ||||||||||||||||||
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| Net Charge-offs |
(3,260 | ) | (4,678 | ) | (4,643 | ) | (4,494 | ) | (12,397 | ) | (16,595 | ) | ||||||||||||
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| Ending Balance |
$ | 75,494 | $ | 72,806 | $ | 75,181 | $ | 75,135 | $ | 75,494 | $ | 72,806 | ||||||||||||
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Notes:
| (1) | Includes allowances for loan losses and lending-related commitments. |
| (2) | Restructured loans with an aggregate balance of $1,550, $3,886 and $1,067 at 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. |