United Bank increases third quarter earnings - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

United Bank increases third quarter earnings

Posted: Updated:
  • BusinessBusinessMore>>

  • Jam-band magazine celebrates 2-year anniversary

    Jam-band magazine celebrates 2-year anniversary

    Sunday, April 20 2014 4:00 PM EDT2014-04-20 20:00:13 GMT
    Appalachian Jamwich, a Shepherdstown-based magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
    Appalachian Jamwich, a Shepherdstown-based print and online magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
  • City-wide scavenger hunt in Wheeling

    City-wide scavenger hunt in Wheeling

    Sunday, April 20 2014 2:00 PM EDT2014-04-20 18:00:09 GMT
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
  • Barboursville plans to grow its recreation opportunities

    Barboursville plans to grow its recreation opportunities

    Sunday, April 20 2014 1:00 PM EDT2014-04-20 17:00:13 GMT
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.

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.