United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the year of 2013 as compared to the year of 2012. Earnings for the year of 2013 were $85.6 million or $1.70 per diluted share, an increase from earnings of $82.6 million or $1.64 per diluted share for the year of 2012. Earnings for the fourth quarter of 2013 were $19.7 million or $0.39 per diluted share as compared to earnings of $21.2 million or $0.42 per diluted share for the fourth quarter of 2012.
“The year 2013 was another successful year for United,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Earnings rose from 2012 while the dividend to shareholders was increased for the 40th consecutive year. We also announced the signing of a definitive merger agreement with Virginia Commerce Bancorp, Inc., the largest acquisition in United’s history.”
Fourth quarter of 2013 results produced a return on average assets of 0.91% and a return on average equity of 7.57%. For the year of 2013, United’s return on average assets was 1.02% while the return on average equity was 8.43%. United’s annualized returns on average assets and average equity were 1.01% and 8.44%, respectively, for the fourth quarter of 2012 while the returns on average assets and average equity were 0.98% and 8.35%, respectively, for the year of 2012.
The results for the fourth quarter and year of 2013 included noncash, before-tax, other-than-temporary impairment charges of $6.4 million and $7.3 million, respectively, on certain investment securities. 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. 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.