United Bankshares Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Announces Net Charge Offs Recoveries for the Year of 2011
January 26, 2012 at 12:55 pm
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United Bankshares Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net interest income of $73,724,000 against $59,976,000 a year ago. Income before income tax was $29,569,000 against $28,160,000 a year ago. Net income was $20,257,000, or $0.40 per diluted share against net income of $19,290,000, or $0.44 per diluted share a year ago. Book value per share was $19.29 against $18.18 a year ago. Tangible book value per share was $11.63 against $10.96 a year ago. Return on average assets was 0.94% against 1.03% a year ago. Return on average common equity was 8.17% against 9.64% a year ago.
For the year, the company reported net interest income of $267,315,000 against $244,092,000 a year ago. Income before income tax was $110,376,000 against $104,404,000 a year ago. Net income was $75,610,000, or $1.61 per diluted share against net income of $71,947,000, or $1.65 per diluted share a year ago. Return on average common equity was 8.50% against 9.19% a year ago. Return on average assets was 0.97% against 0.95% a year ago.
The company also announced net charge offs recoveries for the year of 2011. For the period, the company reported net charge offs recoveries of $3,903,000 against $7,851,000 a year ago.
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. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Announces Net Charge Offs Recoveries for the Year of 2011