Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANKSHARES INC/WV | d385226d8k.htm |
| EX-99.1 - PRESS RELEASE - UNITED BANKSHARES INC/WV | d385226dex991.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 | ||||||||||||||||
| 2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||||
| Interest & Loan Fees Income |
$ | 81,105 | $ | 72,435 | $ | 81,788 | $ | 162,893 | $ | 146,292 | ||||||||||
| Tax equivalent adjustment |
1,560 | 1,637 | 1,669 | 3,229 | 3,090 | |||||||||||||||
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| Interest & Fees Income (FTE) |
82,665 | 74,072 | 83,457 | 166,122 | 149,382 | |||||||||||||||
| Interest expense |
12,050 | 13,814 | 12,822 | 24,872 | 28,308 | |||||||||||||||
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| Net Interest Income (FTE) |
70,615 | 60,258 | 70,635 | 141,250 | 121,074 | |||||||||||||||
| Provision for Loan Losses |
3,436 | 4,800 | 4,133 | 7,569 | 9,236 | |||||||||||||||
| Non-Interest Income: |
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| Fees from trust & brokerage services |
4,013 | 3,437 | 3,984 | 7,997 | 6,747 | |||||||||||||||
| Fees from deposit services |
10,393 | 10,341 | 10,312 | 20,705 | 19,972 | |||||||||||||||
| Bankcard fees and merchant discounts |
738 | 683 | 647 | 1,385 | 1,238 | |||||||||||||||
| Other charges, commissions, and fees |
600 | 381 | 577 | 1,177 | 835 | |||||||||||||||
| Income from bank-owned life insurance |
1,255 | 1,228 | 1,289 | 2,544 | 2,403 | |||||||||||||||
| Mortgage banking income |
483 | 131 | 318 | 801 | 365 | |||||||||||||||
| Other non-interest revenue |
648 | 599 | 658 | 1,306 | 1,450 | |||||||||||||||
| Net other-than-temporary impairment losses |
(1,742 | ) | (4,096 | ) | (1,377 | ) | (3,119 | ) | (6,206 | ) | ||||||||||
| Net gains (losses) on sales/calls of investment securities |
199 | 630 | (82 | ) | 117 | 1,181 | ||||||||||||||
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| Total Non-Interest Income |
16,587 | 13,334 | 16,326 | 32,913 | 27,985 | |||||||||||||||
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| Non-Interest Expense: |
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| Employee compensation |
17,965 | 15,015 | 17,907 | 35,872 | 29,885 | |||||||||||||||
| Employee benefits |
5,823 | 4,131 | 5,192 | 11,015 | 8,509 | |||||||||||||||
| Net occupancy |
5,321 | 4,140 | 5,042 | 10,363 | 8,527 | |||||||||||||||
| Other expenses |
17,764 | 14,477 | 17,476 | 35,240 | 29,824 | |||||||||||||||
| Amortization of intangibles |
724 | 354 | 762 | 1,486 | 737 | |||||||||||||||
| OREO expense |
2,160 | 1,233 | 2,328 | 4,488 | 3,000 | |||||||||||||||
| FDIC expense |
1,495 | 2,327 | 1,555 | 3,050 | 4,664 | |||||||||||||||
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| Total Non-Interest Expense |
51,252 | 41,677 | 50,262 | 101,514 | 85,146 | |||||||||||||||
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| Income Before Income Taxes (FTE) |
32,514 | 27,115 | 32,566 | 65,080 | 54,677 | |||||||||||||||
| Tax equivalent adjustment |
1,560 | 1,637 | 1,669 | 3,229 | 3,090 | |||||||||||||||
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| Income Before Income Taxes |
30,954 | 25,478 | 30,897 | 61,851 | 51,587 | |||||||||||||||
| Taxes |
9,905 | 8,026 | 9,887 | 19,792 | 16,250 | |||||||||||||||
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| Net Income |
$ | 21,049 | $ | 17,452 | $ | 21,010 | $ | 42,059 | $ | 35,337 | ||||||||||
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| MEMO: Effective Tax Rate |
32.00 | % | 31.50 | % | 32.00 | % | 32.00 | % | 31.50 | % | ||||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
| June 30 | June 30 | |||||||||||||||||||
| 2012 | 2011 | June 30 | December 31 | June 30 | ||||||||||||||||
| Q-T-D Average | Q-T-D Average | 2012 | 2011 | 2011 | ||||||||||||||||
| Cash & Cash Equivalents |
$ | 759,990 | $ | 501,535 | $ | 673,208 | $ | 636,003 | $ | 508,069 | ||||||||||
| Securities Available for Sale |
637,180 | 653,490 | 607,144 | 696,518 | 608,334 | |||||||||||||||
| Held to Maturity Securities |
55,141 | 64,142 | 53,274 | 59,289 | 63,699 | |||||||||||||||
| Other Investment Securities |
64,526 | 70,874 | 62,436 | 68,412 | 69,812 | |||||||||||||||
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| Total Securities |
756,847 | 788,506 | 722,854 | 824,219 | 741,845 | |||||||||||||||
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| Total Cash and Securities |
1,516,837 | 1,290,041 | 1,396,062 | 1,460,222 | 1,249,914 | |||||||||||||||
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| Loans held for sale |
7,971 | 1,464 | 9,279 | 3,902 | 1,057 | |||||||||||||||
| Commercial Loans |
4,403,617 | 3,533,509 | 4,507,375 | 4,378,345 | 3,570,556 | |||||||||||||||
| Mortgage Loans |
1,525,191 | 1,416,138 | 1,516,450 | 1,562,838 | 1,410,321 | |||||||||||||||
| Consumer Loans |
306,784 | 269,733 | 302,981 | 299,030 | 274,911 | |||||||||||||||
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| Gross Loans |
6,235,592 | 5,219,380 | 6,326,806 | 6,240,213 | 5,255,788 | |||||||||||||||
| Unearned income |
(12,392 | ) | (3,341 | ) | (11,890 | ) | (3,503 | ) | (3,692 | ) | ||||||||||
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| Loans, net of unearned income |
6,223,200 | 5,216,039 | 6,314,916 | 6,236,710 | 5,252,096 | |||||||||||||||
| Allowance for Loan Losses |
(73,931 | ) | (72,909 | ) | (73,413 | ) | (73,874 | ) | (73,132 | ) | ||||||||||
| Goodwill |
371,656 | 311,641 | 371,650 | 371,693 | 311,641 | |||||||||||||||
| Other Intangibles |
11,915 | 2,391 | 11,472 | 12,950 | 2,202 | |||||||||||||||
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| Total Intangibles |
383,571 | 314,032 | 383,122 | 384,643 | 313,843 | |||||||||||||||
| Other Real Estate Owned |
48,716 | 43,271 | 48,608 | 51,760 | 45,671 | |||||||||||||||
| Other Assets |
374,359 | 334,537 | 378,435 | 388,107 | 344,534 | |||||||||||||||
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| Total Assets |
$ | 8,480,723 | $ | 7,126,475 | $ | 8,457,009 | $ | 8,451,470 | $ | 7,133,983 | ||||||||||
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| MEMO: Earning Assets |
$ | 7,535,416 | $ | 6,308,764 | $ | 7,488,617 | $ | 7,498,333 | $ | 6,307,773 | ||||||||||
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| Interest-bearing Deposits |
$ | 5,166,826 | $ | 4,308,770 | $ | 5,117,149 | $ | 5,199,848 | $ | 4,292,987 | ||||||||||
| Noninterest-bearing Deposits |
1,691,478 | 1,375,842 | 1,743,292 | 1,619,162 | 1,435,549 | |||||||||||||||
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| Total Deposits |
6,858,304 | 5,684,612 | 6,860,441 | 6,819,010 | 5,728,536 | |||||||||||||||
| Short-term Borrowings |
278,692 | 247,706 | 265,077 | 254,766 | 201,438 | |||||||||||||||
| Long-term Borrowings |
308,934 | 336,139 | 290,227 | 345,366 | 336,063 | |||||||||||||||
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| Total Borrowings |
587,626 | 583,845 | 555,304 | 600,132 | 537,501 | |||||||||||||||
| Other Liabilities |
47,600 | 49,367 | 60,083 | 63,484 | 63,705 | |||||||||||||||
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| Total Liabilities |
7,493,530 | 6,317,824 | 7,475,828 | 7,482,626 | 6,329,742 | |||||||||||||||
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| Preferred Equity |
— | — | — | — | — | |||||||||||||||
| Common Equity |
987,193 | 808,651 | 981,181 | 968,844 | 804,241 | |||||||||||||||
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| Total Shareholders’ Equity |
987,193 | 808,651 | 981,181 | 968,844 | 804,241 | |||||||||||||||
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| Total Liabilities & Equity |
$ | 8,480,723 | $ | 7,126,475 | $ | 8,457,009 | $ | 8,451,470 | $ | 7,133,983 | ||||||||||
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| MEMO: Interest-bearing Liabilities |
$ | 5,754,452 | $ | 4,892,615 | $ | 5,672,453 | $ | 5,799,980 | $ | 4,830,488 | ||||||||||
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Quarterly/Year-to-Date Share Data: | June 2012 |
June 2011 |
March 2012 |
June 2012 |
June 2011 |
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| Earnings Per Share: |
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| Basic |
$ | 0.42 | $ | 0.40 | $ | 0.42 | $ | 0.84 | $ | 0.81 | ||||||||||
| Diluted |
$ | 0.42 | $ | 0.40 | $ | 0.42 | $ | 0.84 | $ | 0.81 | ||||||||||
| Common Dividend Declared Per Share: |
$ | 0.31 | $ | 0.30 | $ | 0.31 | $ | 0.62 | $ | 0.60 | ||||||||||
| High Common Stock Price |
$ | 29.45 | $ | 27.46 | $ | 30.91 | $ | 30.91 | $ | 30.84 | ||||||||||
| Low Common Stock Price |
$ | 23.87 | $ | 22.36 | $ | 27.36 | $ | 23.87 | $ | 22.36 | ||||||||||
| Average Shares Outstanding (Net of Treasury Stock): |
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| Basic |
50,274,665 | 43,645,541 | 50,235,374 | 50,255,019 | 43,637,497 | |||||||||||||||
| Diluted |
50,308,228 | 43,676,407 | 50,300,538 | 50,299,982 | 43,686,203 | |||||||||||||||
| Memorandum Items: |
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| Tax Applicable to Security Sales/Calls |
$ | 70 | $ | 220 | $ | (29 | ) | $ | 41 | $ | 413 | |||||||||
| Common Dividends |
$ | 15,605 | $ | 13,099 | $ | 15,570 | $ | 31,175 | $ | 26,194 | ||||||||||
| Dividend Payout Ratio |
74.14 | % | 75.06 | % | 74.11 | % | 74.12 | % | 74.13 | % | ||||||||||
| EOP Share Data: | June 2012 |
June 2011 |
March 2012 |
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| Book Value Per Share |
$ | 19.52 | $ | 18.43 | $ | 19.42 | ||||||
| Tangible Book Value Per Share |
$ | 11.90 | $ | 11.24 | $ | 11.78 | ||||||
| 52-week High Common Stock Price |
$ | 30.91 | $ | 30.84 | $ | 30.91 | ||||||
| Date |
03/19/12 | 01/19/11 | 03/19/12 | |||||||||
| 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): |
50,275,869 | 43,645,485 | 50,274,104 | |||||||||
| Memorandum Items: |
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| EOP Employees (full-time equivalent) |
1,626 | 1,438 | 1,637 | |||||||||
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Selected Yields and Net Interest Margin: | June 2012 |
June 2011 |
March 2012 |
June 2012 |
June 2011 |
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| Loans |
5.01 | % | 5.18 | % | 5.02 | % | 5.02 | % | 5.21 | % | ||||||||||
| Investment Securities |
2.91 | % | 3.73 | % | 3.08 | % | 3.00 | % | 3.96 | % | ||||||||||
| Money Market Investments/FFS |
0.27 | % | 0.30 | % | 0.26 | % | 0.26 | % | 0.34 | % | ||||||||||
| Average Earning Assets Yield |
4.41 | % | 4.71 | % | 4.47 | % | 4.44 | % | 4.78 | % | ||||||||||
| Interest-bearing Deposits |
0.65 | % | 0.91 | % | 0.67 | % | 0.66 | % | 0.95 | % | ||||||||||
| Short-term Borrowings |
0.10 | % | 0.04 | % | 0.09 | % | 0.09 | % | 0.04 | % | ||||||||||
| Long-term Borrowings |
4.78 | % | 4.83 | % | 4.83 | % | 4.80 | % | 4.79 | % | ||||||||||
| Average Liability Costs |
0.84 | % | 1.13 | % | 0.89 | % | 0.87 | % | 1.17 | % | ||||||||||
| Net Interest Spread |
3.57 | % | 3.58 | % | 3.58 | % | 3.57 | % | 3.61 | % | ||||||||||
| Net Interest Margin |
3.76 | % | 3.83 | % | 3.78 | % | 3.77 | % | 3.88 | % | ||||||||||
| Selected Financial Ratios: |
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| Return on Average Common Equity |
8.58 | % | 8.66 | % | 8.63 | % | 8.60 | % | 8.85 | % | ||||||||||
| Return on Average Assets |
1.00 | % | 0.98 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||
| Efficiency Ratio |
54.50 | % | 52.03 | % | 53.35 | % | 53.93 | % | 52.83 | % | ||||||||||
| June 2012 |
June 2011 |
March 2012 |
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| Loan / Deposit Ratio |
92.05 | % | 91.68 | % | 90.10 | % | ||||||
| Allowance for Loan Losses/ Loans, net of unearned income |
1.16 | % | 1.39 | % | 1.19 | % | ||||||
| Allowance for Credit Losses (1)/ Loans, net of unearned income |
1.20 | % | 1.43 | % | 1.22 | % | ||||||
| Nonaccrual Loans / Loans, net of unearned income |
1.00 | % | 0.98 | % | 1.00 | % | ||||||
| 90-Day Past Due Loans/ Loans, net of unearned income |
0.16 | % | 0.17 | % | 0.16 | % | ||||||
| Non-performing Loans/ Loans, net of unearned income |
1.23 | % | 1.22 | % | 1.23 | % | ||||||
| Non-performing Assets/ Total Assets |
1.49 | % | 1.54 | % | 1.48 | % | ||||||
| Primary Capital Ratio |
12.38 | % | 12.20 | % | 12.23 | % | ||||||
| Shareholders’ Equity Ratio |
11.60 | % | 11.27 | % | 11.45 | % | ||||||
| Price / Book Ratio |
1.33 | x | 1.33 | x | 1.49 | x | ||||||
| Price / Earnings Ratio |
15.46 | x | 15.32 | x | 17.27 | 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 2012 |
June 2011 |
December 2011 |
March 2012 |
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| EOP Non-Accrual Loans |
$ | 63,279 | $ | 51,237 | $ | 59,892 | $ | 62,037 | ||||||||
| EOP 90-Day Past Due Loans |
10,029 | 8,865 | 16,179 | 9,816 | ||||||||||||
| EOP Restructured Loans (2) |
4,255 | 3,886 | 3,592 | 4,335 | ||||||||||||
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| Total EOP Non-performing Loans |
$ | 77,563 | $ | 63,988 | $ | 79,663 | $ | 76,188 | ||||||||
| EOP Other Real Estate Owned |
48,608 | 45,671 | 51,760 | 49,864 | ||||||||||||
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| Total EOP Non-performing Assets |
$ | 126,171 | $ | 109,659 | $ | 131,423 | $ | 126,052 | ||||||||
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| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Allowance for Credit Losses: (1) | June 2012 |
June 2011 |
March 2012 |
June 2012 |
June 2011 |
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| Beginning Balance |
$ | 75,747 | $ | 75,135 | $ | 75,727 | $ | 75,727 | $ | 75,039 | ||||||||||
| Provision for Credit Losses (3) |
3,813 | 4,689 | 4,015 | 7,828 | 9,279 | |||||||||||||||
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| 79,560 | 79,824 | 79,742 | 83,555 | 84,318 | ||||||||||||||||
| Gross Charge-offs |
(5,188 | ) | (5,599 | ) | (4,734 | ) | (9,922 | ) | (10,340 | ) | ||||||||||
| Recoveries |
1,153 | 956 | 739 | 1,892 | 1,203 | |||||||||||||||
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| Net Charge-offs |
(4,035 | ) | (4,643 | ) | (3,995 | ) | (8,030 | ) | (9,137 | ) | ||||||||||
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| Ending Balance |
$ | 75,525 | $ | 75,181 | $ | 75,747 | $ | 75,525 | $ | 75,181 | ||||||||||
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| Note: | (1) | Includes allowances for loan losses and lending-related commitments. | ||
| (2) | Restructured loans with an aggregate balance of $1,427, $3,886, $1,528 and $2,283 at June 30, 2012, June 30, 2011, December 31, 2011 and March 31, 2012, 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. |