This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

United Bankshares, Inc. Announces Increased Earnings For The First Quarter Of 2011

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs