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United Bankshares, Inc. Announces Increased Earnings

Stocks in this article: UBSI

United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the first quarter of 2012 as compared to the first quarter of 2011. Earnings for the first quarter of 2012 were $21.0 million or $0.42 per diluted share while earnings for the first quarter of 2011 were $17.9 million or $0.41 per diluted share.

United’s first quarter of 2012 results produced an annualized return on average assets of 1.00% and an annualized return on average equity of 8.63%. 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 0.81% and average return on equity of 7.26% for the year of 2011. United’s annualized returns on average assets and average equity were 1.02% and 9.04%, respectively, for the first quarter of 2011.

United’s asset quality also continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.23% at March 31, 2012 compares favorably to the most recently reported percentage of 3.37% at December 31, 2011 for United’s Federal Reserve peer group. At March 31, 2012, nonperforming loans were $76.2 million as compared to nonperforming loans of $79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011. As of March 31, 2012, the allowance for loan losses was $74.0 million or 1.19% of loans, net of unearned income, as compared to $73.9 million or 1.18% of loans, net of unearned income, at December 31, 2011. 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 97.1% and 92.7% at March 31, 2012 and December 31, 2011, respectively. The coverage ratio for United’s Federal Reserve peer group was 93.3% at December 31, 2011. Total nonperforming assets of $126.1 million, including OREO of $49.9 million at March 31, 2012, represented 1.48% of total assets which also compares favorably to the most recently reported percentage of 2.87% at December 31, 2011 for United’s Federal Reserve peer group.

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