United Bank increases third quarter earnings - Beckley, Bluefield & Lewisburg News, Weather, Sports

United Bank increases third quarter earnings

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United Bankshares Inc. reported an increase in earnings for the third quarter and the first nine months of 2013.

Earnings for the third quarter were $22.2 million, an increase from earnings of $19.3 million reported in the third quarter of 2012.

Earnings for the first nine months of 2013 were $66.0 million, up from earnings of $61.4 million for the first nine months of 2012.

"Third quarter and year-to-date 2013 earnings continue to be strong," said United Chairman of the Board and Chief Executive Officer Richard Adams. "United also continues to be well capitalized based upon regulatory guidelines,a nd 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."

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.

United's percentage of nonperforming loans to loans, net of unearned income of 1.26 percent Sept. 30, 2013 compares favorably to the most recently reported percentage of 2.13 percent at June 30, 2013 for United's Federal Reserve peer group, according to a news release from United.

During the third quarter of 2013, United's Board of Directors declared a cash dividend of $0.31 per share. United announced Jan. 30, 2013 a merger agreement with Virginia Commerce Bancorp Inc., which recently was approved by the shareholders of VCBI and United. The merger still is subject to the receipt of all required regulatory approvals as well as other customary conditions.

United has assets of approximately $8.5 billion with 114 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.