United Bankshares Inc. reported third-quarter 2012 earnings of $19.3 million, compared to earnings of $20 million in the same period a year ago.
For the first nine months of 2012, United said it earned $61.4 million, up from $55.4 million during the same period a year ago. United said the periods are not easily compared because it acquired Centra Financial Holdings In. during the third quarter of 2011.
The company said the results for the third quarter and first nine months of 2012 include a $3.3 million charge to settle two class-action lawsuits that alleged United's West Virginia bank improperly posted, processed and paid consumer checking account debit card transactions, resulting in the assessment of improper overdraft fees. United said the cases are "virtually identical to cases filed against more than 70 other United States banks over the last three years," and that it settled "without admitting liability or any wrongdoing and to avoid further litigation expense."
United said the 2012 results include non-cash, before-tax, other-than-temporary impairment charges on certain investment securities of $2.3 million in the third quarter and $5.4 million in the first nine months. For the third quarter and first nine months of 2011, such charges amounted to $7.9 million and $14.1 million, respectively.
United Bankshares is the parent of United Bank. The company is headquartered in Charleston and Washington, D.C. United has $8.4 billion in assets.
It has 1,597 employees and operates a total of 123 full-service offices in West Virginia, Virginia, Maryland, Ohio,
Pennsylvania and Washington, D.C.