United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2011.
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United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2011.
WASHINGTON, D.C. & CHARLESTON, W.Va. -- United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the second quarter and the first half of 2011. Earnings for the second quarter of 2011 were $17.5 million or $0.40 per diluted share while earnings for the first half of 2011 were $35.3 million or $0.81 per diluted share.
Second quarter of 2011 results produced a return on average assets of 0.98% and a return on average equity of 8.66%, respectively. For the first half of 2011, United's return on average assets was 1.00% while the return on average equity was 8.85%. These returns compare very favorably to United's most recently reported Federal Reserve peer group's (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.70% and average return on equity of 6.57% for the first quarter of 2011.The results for the second quarter and first half of 2011 included noncash, before-tax, other-than-temporary impairment charges of $4.1 million and $6.2 million, respectively, on certain investment securities.Earnings for the second quarter of 2010 were $17.9 million or $0.41 per diluted share while earnings for the first half of 2010 were $35.3 million or $0.81 per diluted share. The results for the second quarter and first half of 2010 included before-tax, net gains of $796 thousand and $1.9 million, respectively, on the ...See the full content of this document
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