United Bankshares Posts Gain
By CASEY JUNKINSEarnings for United Bankshares Inc. were $17.9 million for the second quarter of 2010, more than double the $8.2 million the company claimed during the same period last year.
Second quarter results yielded a return on average assets of 0.96 percent and a gain on average equity of 9.23 percent. These numbers compare to only a 0.19 percent return on assets, and a -1.28 percent average return on equity, for banks in United's peer group.
The second quarter results included pre-tax net gains of $796,000 and $1.9 million on the sale of investment securities, as well as pre-tax charges of $1.1 million and $2.6 million on certain investments.
Richard M. Adams, chairman of the board and chief executive officer of United Bankshares Inc., emphasized the company continues to outperform members of its peer group.
"Considering the current economic environment, United's earnings continue to be strong with asset quality favorable to peers," he said via news release. "United also continues to be well-capitalized based upon regulatory guidelines."
United's estimated risk-based capital ratio was 13.1 percent on June 30, while the firm's Tier I capital and leverage ratios were 11.7 percent and 9.6 percent. Regulatory requirements for well-capitalized institutions include a risk-based capital ratio of 10 percent, with a Tier I ratio of 6 percent and leverage number of 5 percent.
Anthony Gentile, president of United's Northern Panhandle Market, also believes his bank is doing well.
"The banking industry continues to face significant headwinds. However, United continues to perform favorably compared to our peers," he said.
United Bankshares, with $7.5 billion in assets, presently has 113 full-service offices in West Virginia, Virginia, Maryland, Ohio and Washington, D.C.
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atoddh
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07-27-10 4:41 AM
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United deserves to profit.They threat their customers like gold:which they are.They get it:the customers are where their money comes from.
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