United Bankshares Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012
January 29, 2013 at 07:50 am EST
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United Bankshares Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the fourth quarter of 2012, earnings 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. Fourth quarter of 2012 results produced a return on average assets of 1.01% and a return on average equity of 8.44%. Annualized returns on average assets and average equity were 0.94% and 8.17%, respectively, for the fourth quarter of 2011. Interest & loan fees income (GAAP) was $79.668 million, compared to $85.529 million for the last year. Interest & fees income (non-GAAP) was $81.300 million, compared to $87.261 million for the last year. Net interest income (non-GAAP) was $71.304 million, compared to $73.724 million for the last year. Income before income taxes (non-GAAP) was $32.829 million, compared to $31.301 million for the last year. Income before income taxes (GAAP) was $31.197 million, compared to $29.569 million for the last year.
For the year of 2012, earnings 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. For the year of 2012, return on average assets was 0.98% while the return on average equity was 8.35%. Annualized 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. Interest & loan fees income (GAAP) was $323.897 million, compared to $316.522 million for the last year. Interest & fees income (non-GAAP) was $330.310 million, compared to $323.109 million for the last year. Net interest income (non-GAAP) was $284.120 million, compared to $267.315 million for the last year. Income before income taxes (non-GAAP) was $127.894 million, compared to $116.963 million for the last year. Income before income taxes (GAAP) was $121.481 million, compared to $110.376 million for the last year. Book value per share was $19.74 as at December 31, 2012, compared to $19.29 as at December 31, 2011.
Net charge-offs for the fourth quarter ended December 31, 2012 were $5.794 million, compared to $3.903 million for the same period last year.
United Bankshares, Inc. is a financial holding company. The Company's segments include community banking and mortgage banking. The community banking segment includes both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products including demand deposit accounts, savings accounts and certificates of deposit as well as investment and financial advisory services to businesses and individuals, including financial planning, retirement/estate planning, and investment management. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market though Unitedâs mortgage banking subsidiaries, George Mason and Crescent. The Company has one banking subsidiary doing business under the name of United Bank. It also owns nonbank subsidiaries.
United Bankshares Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012