United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the second quarter and the first half of 2013. Earnings for the second quarter of 2013 were $22.2 million or $0.44 per diluted share, an increase from earnings of $21.0 million or $0.42 per diluted share for the second quarter of 2012. Earnings for the first half of 2013 were $43.8 million or $0.87 per diluted share, up from earnings of $42.1 million or $0.84 per diluted share for the first half of 2012.
Second quarter of 2013 results produced a return on average assets of 1.07% and a return on average equity of 8.81%, respectively. For the first half of 2013, United’s return on average assets was 1.06% while the return on average equity was 8.76%. United’s annualized returns on average assets and average equity were 1.00% and 8.58%, respectively, for the second quarter of 2012 while the returns on average assets and average equity was 1.00% and 8.60%, respectively, for the first half of 2012.
The results for the second quarter and first half of 2013 included noncash, before-tax, other-than-temporary impairment charges of $137 thousand and $971 thousand, respectively, on certain investment securities. The results for the second quarter and first half of 2012 included noncash, before-tax, other-than-temporary impairment charges of $1.7 million and $3.1 million, respectively, on certain investment securities.
United’s asset quality continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.43% at June 30, 2013 compares favorably to the most recently reported percentage of 2.39% at March 31, 2013 for United’s Federal Reserve peer group. At June 30, 2013, nonperforming loans were $94.0 million, up slightly from nonperforming loans of $92.8 million or 1.43% of loans, net of unearned income, at December 31, 2012. As of June 30, 2013, the allowance for loan losses was $74.6 million or 1.14% of loans, net of unearned income, which was comparable to $73.9 million or 1.13% of loans, net of unearned income, at December 31, 2012. Total nonperforming assets of $138.4 million, including OREO of $44.4 million at June 30, 2013, represented 1.63% of total assets which also compares favorably to the most recently reported percentage of 1.87% at March 31, 2013 for United’s Federal Reserve peer group.
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