United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2013. Earnings for the third quarter of 2013 were $22.2 million or $0.44 per diluted share, an increase from earnings of $19.3 million or $0.38 per diluted share for the third quarter of 2012. Earnings for the first nine months of 2013 were $66.0 million or $1.31 per diluted share, up from earnings of $61.4 million or $1.22 per diluted share for the first nine months of 2012.
“Third quarter and year-to-date 2013 earnings continue to be strong,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “United also continues to be well capitalized based upon regulatory guidelines, and our asset quality outperforms our peers. United is one of only two major banking companies in the USA to have increased its dividend to shareholders for 39 consecutive years.”
Third quarter of 2013 results produced a return on average assets of 1.04% and a return on average equity of 8.64%, respectively. For the first nine months of 2013, United’s return on average assets was 1.05% while the return on average equity was 8.72%. United’s annualized returns on average assets and average equity were 0.92% and 7.76%, respectively, for the third quarter of 2012 while the returns on average assets and average equity was 0.97% and 8.32%, respectively, for the first nine months of 2012.
The results for the first nine months of 2013 included noncash, before-tax, other-than-temporary impairment charges of $971 thousand on certain investment securities. No noncash, before-tax, other-than-temporary impairment charges were recognized during the third quarter of 2013. 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 2012 also 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.
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