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United Bankshares increases earnings

Oct. 30, 2013 @ 12:00 AM

CHARLESTON -- United Bankshares Inc. Tuesday reported earnings for the third quarter were up about 15 percent from the same period last year.

Earnings were $22.2 million or $0.44 per share, up from $19.3 million or $0.38 per share for the quarter that ended Sept. 30. For the first nine months, earnings were $66.0 million or $1.31 per share, an increase of 7.5 percent from the nine months last year.

"Third quarter and year-to-date 2013 earnings continue to be strong," stated Richard M. Adams, United's chairman of the board and chief executive officer said in a news release. "United also continues to be well capitalized based upon regulatory guidelines, and 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 banking company had a return on average assets of 1.04 percent for the third quarter and 1.05 percent for the first nine months. The return on average equity was 8.64 percent for the quarter and 8.72 for the first nine months.

United has consolidated assets of approximately $8.5 billion with 114 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.

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