United Bankshares, Inc. Announces Increased Earnings for the Second Quarter and First Half of 2006.WASHINGTON Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. & CHARLESTON Charleston, cities, United States Charleston. 1 City (1990 pop. 20,398), seat of Coles co., E Ill.; inc. 1835. Charleston is an industrial, rail, and trade center located in an agricultural area; shoes are also made. Eastern Illinois Univ. , W.Va. -- United Bankshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : UBSI), today reported an increase in earnings for the second quarter and the first half of 2006. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were 60 cents for the second quarter of 2006, up 5% from diluted earnings per share of 57 cents for the second quarter of 2005. Second quarter net income was $25.5 million compared to $24.5 million for the second quarter of 2005. Diluted earnings per share were $1.19 for the first half of 2006, which represented a 4% increase from diluted earnings per share of $1.14 for the first half of 2005. Net income for the first six months of 2006 totaled $50.1 million compared to $49.3 million for the prior year's first six months. Second quarter of 2006 results produced a return on average assets of 1.53% and a return on average equity of 15.84%, as compared to 1.55% and 15.50%, respectively, for the second quarter of 2005. For the first half of 2006, United's return on average assets was 1.51% while the return on average equity was 15.67% as compared to 1.56% and 15.60%, respectively, for the first half of 2005. These financial performance ratios are indicative indicative: see mood. of United's earnings strength as United continues to compare favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the most recently reported average returns of its peer group banking companies. The earnings growth for the second quarter of 2006 from last year's second quarter was primarily due to increased net interest income. Tax-equivalent net interest income for the second quarter of 2006 was $59.4 million, an increase of $2.9 million or 5% from the second quarter of 2005. This increase in tax-equivalent net interest income was due mainly to a $326.3 million or 7% growth in average loans for the second quarter of 2006 over last year's second quarter. In addition, the average yield on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin for the second quarter of 2006 increased 96 basis points from the second quarter of 2005 as a result of higher interest rates. In the second quarter of 2006, the net interest margin was increased by additional interest income of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.2 million from United's subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. interest in a prior asset securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. compared to the second quarter of 2005. Partially offsetting these increases to net interest income for the second quarter of 2006 was a 112 basis point increase in the cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. from the second quarter of 2005 due to the higher interest rates. The net interest margin for both the second quarter of 2006 and 2005 was 3.88%. On a linked-quarter basis, United's tax-equivalent net interest income for the second quarter of 2006 increased $617 thousand compared to the first quarter of 2006 due primarily to growth in average loans of $132.7 million or 3% for the quarter. In addition, the average yield on earning assets for the second quarter of 2006 increased 27 basis points from the first quarter of 2006 as a result of higher interest rates. The net interest margin for the second quarter of 2006 was increased by additional interest income of approximately $504 thousand from United's subordinated interest in a prior asset securitization when compared to the first quarter of 2006. Partially offsetting these increases to net interest income for the second quarter of 2006 was a 29 basis point increase in the cost of funds from the first quarter of 2006 due to the higher interest rates. The net interest margin for the second quarter of 2006 of 3.88% was an increase of 2 basis points from the net interest margin of 3.86% for the first quarter of 2006. Tax-equivalent net interest income for the first six months of 2006 was $118.1 million, an increase of $5.9 million or 5% from the prior year's first six months as average earning assets increased $293.4 million or 5% due mainly to average loan growth of $282.6 million or 6%. For the first half of 2006, interest income from United's asset securitization increased $2.2 million from the first half of 2005. In addition, the average yield on earning assets for the first half of 2006 increased 92 basis points from the first half of 2005 due to higher interest rates. However, as a result of the higher interest rates, the average cost of funds for the first half of 2006 increased 107 basis points from the first half of 2005. The net interest margin for the first half of 2006 was 3.87%, up a basis point from a net interest margin of 3.86% during the same period last year. Noninterest income for the second quarter of 2006 increased $1.1 million or 8% from the second quarter of 2005. The growth was primarily due to an increase in revenue from trust and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services of $906 thousand or 33% due to increased volume. Fees from deposit services grew $216 thousand or 3% for the second quarter of 2006 over last year's second quarter due mainly to United's High Performance Checking program, which was introduced during the first quarter of 2006. Noninterest income for the first half of 2006 increased $1.8 million or 7% from the first half of 2005 as revenue from trust and brokerage services for the first half of 2006 rose $1.2 million or 21%. Fees from deposit services increased $716 thousand or 5% for the first half of 2006 as compared to the first half of 2005 due mainly to United's High Performance Checking program. Included in total noninterest income for the first half of 2006 are the results of United's balance sheet repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. which occurred during the first quarter of 2006. As part of the repositioning, United prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. a
Federal Home Loan Bank ("FHLB FHLB Federal Home Loan Bank ") advance and terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: a fixed interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. associated with the advance. United recognized a $3.1 million gain on the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the interest rate swap. In addition, United incurred a net loss on security transactions of $2.9 million due to an other than temporary impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. on approximately $86 million of low-yielding fixed rate investment securities which United sold as part of its balance sheet repositioning. On a linked-quarter basis, noninterest income increased $763 thousand or 6% from the first quarter of 2006. The rise in noninterest income was due mainly to increased revenue from trust and brokerage services of $627 thousand or 21% for the quarter. In addition, deposit service fees increased $226 thousand or 3% for the second quarter of 2006 as compared to the first quarter of 2006 due primarily to United's High Performance Checking program. Noninterest expense for the second quarter of 2006 increased $1.6 million or 5% from the second quarter of 2005. This rise in noninterest expense was primarily due to an increase of $874 thousand or 7% in salaries expense as a result of a 3% increase in base salaries and higher performance-based commissions and incentives. In addition, United incurred marketing and related costs of approximately $686 thousand during the quarter to continue to promote its new High Performance Checking program. Noninterest expense for the first half of 2006 increased $5.0 million or 8% from the first half of 2005. The increase in noninterest expense was primarily due to an increase of $2.1 million or 7% in salaries and benefits expense. Salaries expense increased $1.4 million or 6% as a result of the higher salaries, commissions, and incentives previously mentioned while health care and pension costs increased $286 thousand or 14% and $102 thousand or 8%, respectively. In addition, United incurred marketing and related costs of approximately $1.6 million during the first half of 2006 to launch and to promote its new High Performance Checking program. On a linked-quarter basis, noninterest expense for the second quarter of 2006 was relatively flat from the first quarter of 2006, decreasing $25 thousand or less than 1% for the quarter. The efficiency ratio was a low 42.98% and 42.42% for the second quarter and first half of 2006, respectively. United's credit quality continues to be sound. At June June: see month. 30, 2006, nonperforming loans were $13.5 million or 0.28% of loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. , which is comparable to nonperforming loans of $12.9 million or 0.27% of loans, net of unearned income at March 31, 2006 and $13.2 million or 0.28% of loans, net of unearned income at December December: see month. 31, 2005, respectively. Net charge-offs were $418 thousand and $574 thousand for the second quarter and first half of 2006, respectively, as compared to $295 thousand and $1.3 million for the second quarter and first half of 2005. For the quarters ended June 30, 2006 and 2005, the provision for credit losses was $348 thousand and $504 thousand, respectively, while the provision for the first six months of 2006 was $598 thousand as compared to $1.6 million for 2005. As of June 30, 2006, the allowances for loan losses and lending-related commitments totaled $52.9 million or 1.10% of loans, net of unearned income, as compared to $52.9 million or 1.14% of loans, net of unearned income at December 31, 2005. During the second quarter, United's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend of 27 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , which represented a 4% increase over the 26 cents per share dividend paid for the second quarter of 2005. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. first half dividend of 54 cents per share equals $1.08 which would represent the thirty-third consecutive year of dividend increases for United shareholders. United Bankshares, with $6.7 billion in assets, presently has 90 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. offices in West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , Ohio, and Washington, D.C. United D.C. United is a professional soccer club located in Washington, D.C. that participates in Major League Soccer. The club's official nickname is the "Black-and-Red" and home uniforms are black and white with accents of red. The team's name refers to Washington, D.C. Bankshares stock is traded on the NASDAQ Global Select Market under the quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. symbol "UBSI". This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Per Share Data)
Three Months Ended Six Months Ended
------------------------ ------------------------
June 30 June 30 June 30 June 30
2006 2005 2006 2005
------------------------ ------------------------
EARNINGS SUMMARY:
Interest income,
taxable equivalent $ 104,249 $ 85,147 $ 203,560 $ 167,188
Interest expense 44,881 28,721 85,441 55,007
Net interest income,
taxable equivalent 59,368 56,426 118,119 112,181
Taxable equivalent
adjustment 3,788 2,968 7,518 5,733
Net interest income 55,580 53,458 110,601 106,448
Provision for credit
losses 348 504 598 1,615
Noninterest income 14,425 13,359 28,087 26,278
Noninterest expenses 32,163 30,577 64,351 59,318
Income taxes 12,035 11,222 23,670 22,519
Net income $ 25,459 $ 24,514 $ 50,069 $ 49,274
PER COMMON SHARE:
Net income:
Basic $ 0.61 $ 0.57 $ 1.20 $ 1.15
Diluted 0.60 0.57 1.19 1.14
Cash dividends $ 0.27 $ 0.26 0.54 0.52
Book value 15.30 14.97
Closing market price $ 36.63 $ 35.61
Common shares
outstanding:
Actual at period
end, net of
treasury shares 41,512,069 42,517,597
Weighted average-
basic 41,684,404 42,659,573 41,803,404 42,779,299
Weighted average-
diluted 42,084,164 43,121,982 42,228,600 43,269,361
FINANCIAL RATIOS:
Return on average
assets 1.53% 1.55% 1.51% 1.56%
Return on average
shareholders' equity 15.84% 15.50% 15.67% 15.60%
Average equity to
average assets 9.66% 9.97% 9.65% 10.01%
Net interest margin 3.88% 3.88% 3.87% 3.86%
June 30 June 30 December 31 March 31
2006 2005 2005 2006
------------------------ ------------------------
PERIOD END BALANCES:
Assets $ 6,717,873 $ 6,528,700 $ 6,728,492 $ 6,706,832
Earning assets 6,131,872 6,029,953 6,129,969 6,133,062
Loans, net of
unearned income 4,806,978 4,522,577 4,649,829 4,693,329
Loans held for sale 5,914 3,232 3,324 1,773
Investment securities 1,327,216 1,442,407 1,501,966 1,453,394
Total deposits 4,755,480 4,513,941 4,617,452 4,703,268
Shareholders' equity 635,027 636,513 635,205 638,607
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
2006 2005 2006 2006 2005
-------- ------- ------- -------- --------
Interest & Loan Fees
Income $100,461 $82,179 $95,581 $196,042 $161,455
Tax equivalent
adjustment 3,788 2,968 3,730 7,518 5,733
-------- ------- ------- -------- --------
Interest & Fees
Income (FTE) 104,249 85,147 99,311 203,560 167,188
Interest expense 44,881 28,721 40,560 85,441 55,007
-------- ------- ------- -------- --------
Net Interest
Income (FTE) 59,368 56,426 58,751 118,119 112,181
Credit Loss Provision 348 504 250 598 1,615
Non-Interest Income:
Investment securities
transactions (99) 58 (2,838) (2,937) 982
Fees from trust &
brokerage services 3,647 2,741 3,020 6,667 5,499
Fees from deposit
services 7,217 7,002 6,991 14,208 13,493
Other charges,
commissions, and
fees 1,747 1,515 1,670 3,417 2,846
Income from mortgage
banking operations 150 227 229 379 353
Gain on termination
of interest rate
swap associated with
prepayment of FHLB
advance --- --- 3,060 3,060 ---
Other non-interest
revenue 1,763 1,816 1,530 3,293 3,105
-------- ------- ------- -------- --------
Total Non-Interest
Income 14,425 13,359 13,662 28,087 26,278
-------- ------- ------- -------- --------
Non-Interest Expense:
Salaries and employee
benefits 15,951 14,921 15,098 31,049 28,987
Net occupancy 3,114 3,051 3,313 6,427 6,146
Other expenses 12,552 11,721 12,940 25,492 22,419
Amortization of
intangibles 484 586 510 994 1,197
OREO expense (82) 150 179 97 270
FDIC expense 144 148 148 292 299
-------- ------- ------- -------- --------
Total Non-Interest
Expense 32,163 30,577 32,188 64,351 59,318
-------- ------- ------- -------- --------
Income Before Income
Taxes (FTE) 41,282 38,704 39,975 81,257 77,526
Tax equivalent
adjustment 3,788 2,968 3,730 7,518 5,733
-------- ------- ------- -------- --------
Income Before Income
Taxes 37,494 35,736 36,245 73,739 71,793
Taxes 12,035 11,222 11,635 23,670 22,519
-------- ------- ------- -------- --------
Net Income $ 25,459 $24,514 $24,610 $ 50,069 $ 49,274
======== ======= ======= ======== ========
MEMO: Effective Tax
Rate 32.10% 31.40% 32.10% 32.10% 31.37%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated
Balance Sheets
June 30 June 30
2006 2005
Q-T-D Q-T-D June 30 December 31 June 30
Average Average 2006 2005 2005
---------- ---------- ---------- ----------- --------
Cash & Cash
Equivalents $ 191,308 $ 177,547 $ 211,484 $ 207,962 $ 210,285
Securities
Available for
Sale 1,141,816 1,159,649 1,111,841 1,274,621 1,210,780
Held to
Maturity
Securities 215,628 231,789 215,375 227,345 231,627
--------- ---------- ---------- ---------- ---------
Total
Securities 1,357,444 1,391,438 1,327,216 1,501,966 1,442,407
---------- ---------- ---------- ---------- ---------
Total Cash and
Securities 1,548,752 1,568,985 1,538,700 1,709,928 1,652,692
---------- ---------- ---------- ---------- ---------
Loans held for
sale 3,026 3,465 5,914 3,324 3,232
Commercial
Loans 2,657,706 2,459,952 2,692,517 2,599,781 2,517,940
Mortgage Loans 1,742,303 1,589,070 1,747,957 1,668,782 1,612,011
Consumer Loans 373,324 397,321 373,170 387,959 399,098
---------- ---------- ---------- ---------- ---------
Gross Loans 4,773,333 4,446,343 4,813,644 4,656,522 4,529,049
Unearned
income (6,702) (6,402) (6,666) (6,693) (6,472)
---------- ---------- ---------- ---------- ---------
Loans, net of
unearned
income 4,766,631 4,439,941 4,806,978 4,649,829 4,522,577
Allowance for Loan
Losses (44,146) (43,635) (44,180) (44,138) (43,585)
Goodwill 167,459 166,852 167,421 167,487 166,852
Other Intangibles 3,791 5,932 3,533 4,527 5,622
---------- ---------- ---------- --------- ---------
Total
Intangibles 171,250 172,784 170,954 172,014 172,474
Real Estate Owned 2,713 2,657 2,313 2,941 2,410
Other Assets 228,544 216,235 237,194 234,594 218,900
---------- ---------- ---------- ---------- ---------
Total Assets $6,676,770 $6,360,432 $6,717,873 $6,728,492 $6,528,700
========== ========== ========== ========== ==========
MEMO: Earning
Assets $6,123,138 $5,823,110 $6,131,872 $6,129,969 $6,029,953
========== ========== ========== ========== ==========
Interest-bearing
Deposits $3,783,234 $3,479,012 $3,844,736 $3,657,778 $3,549,648
Noninterest
-bearing
Deposits 873,594 892,542 910,744 959,674 964,293
---------- ---------- ---------- ---------- ----------
Total Deposits 4,656,828 4,371,554 4,755,480 4,617,452 4,513,941
Short-term
Borrowings 817,498 727,266 761,246 856,425 760,023
Long-term
Borrowings 495,016 575,413 493,707 547,731 556,902
---------- ---------- ---------- ---------- ---------
Total
Borrowings 1,312,514 1,302,679 1,254,953 1,404,156 1,316,925
Other Liabilities 62,560 51,986 72,413 71,679 61,321
---------- ---------- ---------- ---------- ---------
Total
Liabilities 6,031,902 5,726,219 6,082,846 6,093,287 5,892,187
---------- ---------- ---------- --------- ---------
Common Equity 644,868 634,213 635,027 635,205 636,513
---------- ---------- ---------- --------- ---------
Total
Shareholders'
Equity 644,868 634,213 635,027 635,205 636,513
---------- ---------- ---------- ---------- ---------
Total
Liabilities &
Equity $6,676,770 $6,360,432 $6,717,873 $6,728,492 $6,528,700
========== ========== ========== ========== ==========
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 June June March June June
Data: 2006 2005 2006 2006 2005
---- ---- ---- ---- ----
Earnings Per
Share:
Basic $ 0.61 $ 0.57 $ 0.59 $ 1.20 $ 1.15
Diluted $ 0.60 $ 0.57 $ 0.58 $ 1.19 $ 1.14
Common Dividend
Declared Per
Share: $ 0.27 $ 0.26 $ 0.27 $ 0.54 $ 0.52
High Common
Stock Price $ 38.41 $ 36.45 $ 38.50 $ 38.50 $ 38.62
Low Common
Stock Price $ 34.46 $ 29.82 $ 34.46 $ 34.46 $ 29.82
Average Shares
Outstanding
(Net of
Treasury
Stock):
Basic 41,684,404 42,659,573 41,923,726 41,803,404 42,779,299
Diluted 42,084,164 43,121,982 42,379,242 42,228,600 43,269,361
Memorandum
Items:
Tax Applicable
to Security
Transactions $ (35) $ 20 $ (993) $ (1,028) $ 344
Common
Dividends $ 11,212 $ 11,072 $ 11,331 $ 22,543 $ 22,210
June June March
EOP Share Data: 2006 2005 2006
----------- ----------- -----------
Book Value Per
Share $ 15.30 $ 14.97 $ 15.26
Tangible Book
Value Per
Share $ 11.18 $ 10.91 $ 11.16
52-week High
Common Stock
Price $ 38.55 $ 39.35 $ 38.55
Date 12/02/05 12/02/04 12/02/05
52-week Low
Common Stock
Price $ 32.34 $ 29.82 $ 29.82
Date 10/12/05 04/29/05 04/29/05
EOP Shares Outstanding
(Net of Treasury Stock): 41,512,069 42,517,597 41,848,564
Memorandum
Items:
EOP Employees
(full-time
equivalent) 1,365 1,302 1,352
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Six Months
Ended Ended
--------------------- --------------
June June March June June
2006 2005 2006 2006 2005
------ ------ ------- ------- ------
Selected Yields and Net Interest
Margin:
Loans 7.14% 6.20% 6.96% 7.05% 6.11%
Investment Securities 5.78% 4.85% 5.37% 5.57% 4.77%
Money Market Investments/FFS 4.28% 2.77% 2.84% 3.55% 2.39%
Average Earning Assets Yield 6.82% 5.86% 6.55% 6.69% 5.77%
Interest-bearing Deposits 2.97% 1.92% 2.68% 2.83% 1.83%
Short-term Borrowings 4.12% 2.21% 3.65% 3.88% 2.04%
Long-term Borrowings 6.85% 5.63% 6.41% 6.62% 5.51%
Average Liability Costs 3.53% 2.41% 3.24% 3.39% 2.32%
Net Interest Spread 3.29% 3.45% 3.31% 3.30% 3.45%
Net Interest Margin 3.88% 3.88% 3.86% 3.87% 3.86%
Selected Financial Ratios:
Return on Average Common Equity 15.84% 15.50% 15.51% 15.67% 15.60%
Return on Average Assets 1.53% 1.55% 1.49% 1.51% 1.56%
Efficiency Ratio 42.98% 42.80% 41.86% 42.42% 42.08%
June June March
2006 2005 2006
------- ------- ------
Loan / Deposit Ratio 101.08% 100.19% 99.79%
Allowance for Loan Losses/ Loans, net
of unearned income 0.92% 0.96% 0.94%
Allowance for Credit Losses (1)/ Loans,
net of unearned income 1.10% 1.14% 1.13%
Nonaccrual Loans / Loans, net of
unearned income 0.14% 0.21% 0.16%
90-Day Past Due Loans/ Loans, net of
unearned income 0.14% 0.13% 0.12%
Non-performing Loans/ Loans, net of
unearned income 0.28% 0.34% 0.27%
Non-performing Assets/ Total Assets 0.24% 0.27% 0.24%
Primary Capital Ratio 10.16% 10.46% 10.23%
Shareholders' Equity Ratio 9.45% 9.75% 9.52%
Price / Book Ratio 2.39 x 2.38x 2.51 x
Price / Earnings Ratio 15.14 x 15.66x 16.48 x
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
June June December March
Asset Quality Data: 2006 2005 2005 2006
------- ------- -------- -------
EOP Non-Accrual Loans $ 6,958 $ 9,510 $ 7,146 $ 7,308
EOP 90-Day Past Due Loans 6,531 5,955 6,039 5,569
------- ------- ------- -------
Total EOP Non-
performing Loans $13,489 $15,465 $13,185 $12,877
EOP Other Real Estate &
Assets Owned 2,313 2,410 2,941 3,145
------- ------- ------- -------
Total EOP Non-
performing Assets $15,802 $17,875 $16,126 $16,022
======= ======= ======= =======
Three Months Ended Six Months Ended
-------------------------- -----------------
June June March June June
Allowance for Credit
Losses:(1) 2006 2005 2006 2006 2005
------- ------- ------- ------- -------
Beginning Balance $52,965 $51,424 $52,871 $52,871 $51,353
Provision Expense 348 504 250 598 1,615
------- ------- ------- ------- -------
53,313 51,928 53,121 53,469 52,968
Gross Charge-offs (643) (1,039) (671) (1,314) (2,577)
Recoveries 225 744 515 740 1,242
------- ------- ------- ------- -------
Net Charge-offs (418) (295) (156) (574) (1,335)
------- ------- ------- ------- -------
Ending Balance $52,895 $51,633 $52,965 $52,895 $51,633
======== ======== ======== ======== ========
Note: (1) Includes allowances for loan losses and lending-related
commitments.
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