United Bankshares says 3Q income down 3.5 percent
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 non-cash, 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 the third quarter of 2011. Charleston-based United has $8.4 billion in assets and 123 branches in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.