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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 fourth quarter and the year of 2012 as compared to the fourth quarter and year of 2011. Earnings for the fourth quarter of 2012 were $21.2 million or $0.42 per diluted share, up 5% from earnings of $20.3 million or $0.40 per diluted share for the fourth quarter of 2011. Earnings for the year of 2012 were $82.6 million or $1.64 per diluted share, an increase of 9% from earnings of $75.6 million or $1.61 per diluted share for the year of 2011.

“The year 2012 was another successful year for United,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Earnings rose from 2011 while the dividend to shareholders was increased for the 39th consecutive year. Only one other major banking company in the USA has achieved such a dividend record.”

Fourth quarter of 2012 results produced a return on average assets of 1.01% and a return on average equity of 8.44%. For the year of 2012, United’s return on average assets was 0.98% while the return on average equity was 8.35%. United’s annualized returns on average assets and average equity were 0.94% and 8.17%, respectively, for the fourth quarter of 2011 while the returns on average assets and average equity was 0.97% and 8.50%, respectively, for the year of 2011.

The results for the fourth quarter and year of 2012 included noncash, before-tax, other-than-temporary impairment charges of $2.0 million and $7.4 million, respectively, on certain investment securities. In comparison, the results for the fourth quarter and year of 2011 included noncash, before-tax, other-than-temporary impairment charges of $6.3 million and $20.4 million, respectively, on certain investment securities. Also included in the results for the year of 2012 was an accrual of $3.3 million with respect to a settlement of claims asserted in class actions against United Bank, Inc. of West Virginia. In addition, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) during the third quarter of 2011. As a result, comparisons for the year of 2012 to the year of 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.

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