United Bankshares says 3Q income drops
CHARLESTON -- United Bankshares Inc. says its third-quarter net income fell 3.5 percent.
United Bank's parent company says it earned $19.3 million, or 38 cents per share, in the quarter ending Sept. 30. United earned $20 million, or 40 cents per share, in the year-ago period.
The 2012 results include an accrual of $3.3 million pertaining to a settlement of claims stemming from class actions against United Bank Inc. of West Virginia, and a noncash, pretax impairment charge of $2.3 million on investment securities. The 2011 results include pretax impairment charges of $7.9 million on investment securities.
Net interest income rose to $71.6 million, down 1 percent from third-quarter 2011.
Charleston, W.Va.-based United has $8.4 billion in assets and 123 branches in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.
Arch Coal has sharply higher earnings for 3Q
ST. LOUIS -- Arch Coal Inc. said Friday that cost-control efforts helped boost its third-quarter results well above Wall Street expectations. But it cautioned that the coal industry's challenges will linger into next year.
Net income totaled $45.8 million, or 22 cents per share, in the July-September period. That compared with $8.9 million, or 4 cents per share, a year earlier.
Revenue at the St. Louis-based company fell 9 percent $1.09 billion. Adjusted income was 20 cents per share, compared with a loss of 15 cents on revenue of $1.02 billion, according to FactSet.
Arch Coal Chief Executive John Eaves credited tightened purse strings for the company's stronger third-quarter results. He also cited modestly improved conditions in the U.S. market for coal used in electrical generation, "driven by favorable summer weather and higher competing fuel prices."
The coal industry has been battered as utilities switch from coal to cheaper natural gas. The futures price of natural gas hit a 10-year low of $1.91 per thousand cubic feet in April because of booming gas production. But a rebound in those prices lately has buoyed hopes that power plants increasingly will shift back to coal.