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United Bankshares, Inc. Announces Earnings For The Fourth Quarter And Year Of 2011

Stocks in this article: UBSI

United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the fourth quarter and the year of 2011. Earnings for the fourth quarter of 2011 were $20.3 million or $0.40 per diluted share while earnings for the year of 2011 were $75.6 million or $1.61 per diluted share.

Fourth quarter of 2011 results produced a return on average assets of 0.94% and a return on average equity of 8.17%. For the year of 2011, United’s return on average assets was 0.97% while the return on average equity was 8.50%. 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 0.79% and average return on equity of 7.37% for the first nine months of 2011.

The results for the fourth quarter and year of 2011 included before-tax, other-than-temporary impairment charges of $6.3 million and $20.4 million, respectively, on certain investment securities. In addition, on July 8, 2011, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) of Morgantown, West Virginia. The results of operations of Centra are included in the consolidated results of operations from the date of acquisition. As a result, comparisons for the fourth quarter and year of 2011 to the same time periods of 2010 are impacted by increased levels of average balances, income, expense, and asset quality results due to the acquisition. At consummation, Centra had assets of approximately $1.3 billion, loans of $1.0 billion, deposits of $1.1 billion and shareholders' equity of $131 million.

Earnings for the fourth quarter of 2010 were $19.3 million or $0.44 per diluted share while earnings for the year of 2010 were $71.9 million or $1.65 per diluted share. The results for the fourth quarter and year of 2010 included before-tax, other-than-temporary impairment charges of $5.4 million and $9.8 million, respectively, on certain investment securities. In addition, United recovered funds from its insurance carrier in the amount of $15.0 million during the fourth quarter of 2010 related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans previously charged-off in 2009. The $15.0 million of insurance proceeds were recorded as a recovery within United’s allowance for loan losses which resulted in a negative provision for loan losses of $5.6 million for the fourth quarter of 2010 and a provision for loan losses of $13.8 million for the year of 2010. United’s annualized returns on average assets and average equity were 1.03% and 9.64%, respectively, for the fourth quarter of 2010 while the returns on average assets and average equity was 0.95% and 9.19%, respectively, for the year of 2010.

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