PARKERSBURG - United Bankshares has reported earnings for the second quarter of 2010 of $17.9 million or 41 cents per diluted share, while earnings for the first half of 2010 were $35.3 million or 81 cents per diluted share.
Second quarter results produced a return on average assets of 0.96 percent and a return on average equity of 9.23 percent, respectively. For the first half, United's return on average asset was 0.94 percent while the return on average equity was 9.20 percent.
"Considering the current economic environment, United's earnings continue to be strong with asset quality favorable to peers," said Richard M. Adams, United chairman and CEO. "United also continues to be well-capitalized based upon regulatory guidelines."
The results of the second quarter and first half of 2010 included before-tax, net gains of $796,000 and $1.9 million, respectively, on the sale of investment securities and noncash, before-tax, other-than-temporary impairments charges of $1.1 million and $2.6 million, respectively, on certain investment securities.
United's asset quality also continues to outperform its peers, according to a news release.
Tax-equivalent net interest for the second quarter was $61.7 million, a decrease of $3.5 million or 5 percent from the second quarter of 2009.
Tax-equivalent net interest income for the first half was $123.7 million, a decrease of $5.3 million or 4 percent from the first half of 2009.
On the linked-quarter basis, United tax-equivalent net interest income for the second quarter was relatively flat from the first quarter, declining $382,000 or less than 1 percent due to a decline in average earning assets.
For the quarter June 30, 2010 and 2009, the provision for credit losses was $6.4 million and $23.3 million, respectively, while for the first six months of 2010 it was $13.3 million compared to $31.3 million for the same period in 2009.
Noninterest income for the second quarter was $17.6 million, which was a slight decrease of $266,000 from the second quarter last year. Noninterest income for the first half was $33.2 million, which was relatively flat compared to the same period of 2009.
During the second quarter, United declared a cash dividend of 30 cents per share, marking a 36 consecutive years of increased dividends. The annualized 2010 dividend of $1.20 equates to a yield of about 5 percent based on recent UBSI market prices.
