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United Bankshares, Inc. Announces Earnings For The Second Quarter And First Half Of 2011

Stocks in this article: UBSI

United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the second quarter and the first half of 2011. Earnings for the second quarter of 2011 were $17.5 million or $0.40 per diluted share while earnings for the first half of 2011 were $35.3 million or $0.81 per diluted share.

Second quarter of 2011 results produced a return on average assets of 0.98% and a return on average equity of 8.66%, respectively. For the first half of 2011, United’s return on average assets was 1.00% while the return on average equity was 8.85%. These returns compare very favorably to United’s most recently reported Federal Reserve peer group’s (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.70% and average return on equity of 6.57% for the first quarter of 2011.

The results for the second quarter and first half of 2011 included noncash, before-tax, other-than-temporary impairment charges of $4.1 million and $6.2 million, respectively, on certain investment securities.

Earnings for the second quarter of 2010 were $17.9 million or $0.41 per diluted share while earnings for the first half of 2010 were $35.3 million or $0.81 per diluted share. The results for the second quarter and first half of 2010 included before-tax, net gains of $796 thousand and $1.9 million, respectively, on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $1.1 million and $2.6 million, respectively, on certain investment securities. United’s annualized returns on average assets and average equity were 0.96% and 9.23%, respectively, for the second quarter of 2010 while the returns on average assets and average equity was 0.94% and 9.20%, respectively, for the first half 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 1.22% at June 30, 2011 compares favorably to the most recently reported percentage of 3.89% at March 31, 2011 for United’s Federal Reserve peer group. At June 30, 2011, nonperforming loans were $64.0 million, down from nonperforming loans of $67.2 million or 1.28% of loans, net of unearned income, at December 31, 2010. As of June 30, 2011, the allowance for loan losses was $73.1 million or 1.39% 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 114.3% and 108.6% at June 30, 2011 and December 31, 2010, respectively. The coverage ratio for United’s Federal Reserve peer group was 78.62% at March 31, 2011. Total nonperforming assets of $109.7 million, including OREO of $45.7 million at June 30, 2011, represented 1.54% of total assets which also compares favorably to the most recently reported percentage of 3.25% at March 31, 2011 for United’s Federal Reserve peer group.

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