United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2012. Earnings for the third quarter of 2012 were $19.3 million or $0.38 per diluted share while earnings for the first nine months of 2012 were $61.4 million or $1.22 per diluted share. Earnings for the third quarter of 2011 were $20.0 million or $0.40 per diluted share while earnings for the first nine months of 2011 were $55.4 million or $1.21 per diluted share.
The results for the third quarter and first nine months of 2012 included an accrual of $3.3 million with respect to a settlement of claims asserted in class actions against United Bank, Inc. of West Virginia. For further details regarding this settlement, please refer to Item 8.01 of the Form 8-K filed with the Securities Exchange Commission on this date. Also included in the results for the third quarter and first nine months of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million and $5.4 million, respectively, on certain investment securities.
The results for the third quarter and first nine months of 2011 included before-tax, other-than-temporary impairment charges of $7.9 million and $14.1 million, respectively, on certain investment securities. In addition, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) during the third quarter of 2011. As a result, comparisons for the first nine months of 2012 to the same time period in 2011 are impacted by increased levels of average balances, income, and expense 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.
Third quarter of 2012 results produced a return on average assets of 0.92% and a return on average equity of 7.76%, respectively. For the first nine months of 2012, United’s return on average assets was 0.97% while the return on average equity was 8.32%. United’s annualized returns on average assets and average equity were 0.95% and 8.26%, respectively, for the third quarter of 2011 while the returns on average assets and average equity was 0.98% and 8.62%, respectively, for the first nine months of 2011.
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