The Register-Herald, Beckley, West Virginia

Local News

May 6, 2014

United Bankshares announces increase in quarterly earnings

United Bankshares Inc. on Tuesday announced earnings for the first quarter of 2014 that were $30.1 million or $0.48 per diluted share, an increase from earnings for the first quarter of 2013 of $21.6 million or $0.43 per diluted share.     

United’s first quarter of 2014 results produced an annualized return on average assets of 1.14 percent and an annualized return on average equity of 8.57 percent. These returns compare favorably to the most recently reported average return on assets of 0.94 percent and average return on equity of 8.31 percent for the year of 2013 reported by United’s Federal Reserve peer group (bank holding companies with total assets over $10 billion).

United’s annualized returns on average assets and average equity were 1.05 percent and 8.72 percent, respectively, for the first quarter of 2013.

United Bankshares, with dual headquarters in Washington and Charleston, is a bank holding company with full service banking offices in West Virginia, Virginia, Washington, D.C., Maryland, Ohio, and Pennsylvania.

The earnings report follows United’s acquisition of Virginia Commerce Bancorp Inc. in January, the largest acquisition in United’s history.

The results of operations of Virginia Commerce are included in the consolidated results of operations from the date of acquisition. As a result, comparisons for the first quarter of 2014 to the first quarter and fourth quarter of 2013 are impacted by increased levels of average balances, income, and expense due to the acquisition.

During the first quarter of 2014, United’s Board of Directors declared a cash dividend of $0.32 per share. The year of 2013 represented the 40th consecutive year of dividend increases for United shareholders. United is one of only two major banking companies in the nation to have achieved such a record.

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