United Bankshares, Inc. (NASDAQ: UBSI), today announced net income of $17.9 million or $0.41 per diluted share for the first quarter of 2011. These earnings results for the first quarter of 2011 marked an increase from net income of $17.4 million or $0.40 per diluted share for the first quarter of 2010.
United’s first quarter of 2011 results produced an annualized return on average assets of 1.02% and an annualized return on average equity of 9.04%. These returns compare very favorably to United’s most recently reported peer group banking companies’ (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.29% and average return on equity of 1.58% for the year of 2010. United’s annualized returns on average assets and average equity were 0.92% and 9.17%, respectively, for the first quarter of 2010.
United’s asset quality also continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income, of 1.40% at March 31, 2011 compares favorably to the most recently reported percentage of 3.99% at December 31, 2010 for United’s Federal Reserve peer group. At March 31, 2011, nonperforming loans were $73.0 million, up $5.7 million or 9% from nonperforming loans of $67.2 million or 1.28% of loans, net of unearned income, at December 31, 2010. As of March 31, 2011, the allowance for loan losses was $73.0 million or 1.40% of loans, net of unearned income, which was comparable to $73.0 million or 1.39% of loans, net of unearned income, at December 31, 2010. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 100.0% and 108.6% at March 31, 2011 and December 31, 2010, respectively. The coverage ratio for United’s Federal Reserve peer group was 77.6% at December 31, 2010. Total nonperforming assets of $117.3 million, including OREO of $44.4 million at March 31, 2011, represented 1.63% of total assets which also compares favorably to the most recently reported percentage of 3.38% at December 31, 2010 for United’s Federal Reserve peer group.
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