CHARLESTON, W.Va. -- United Bankshares, Inc., the parent company of United Bank, reported Tuesday morning its third quarter earnings increased 15 percent compared to last year.
The company reported net income of $22.2 million, or $0.44 a share, for the quarter ending Sept. 30, an increase of $2.9 million from the $19.3 million and $0.38 a share it earned during the same quarter last year.
For the first nine months of 2013, the company earned $66 million, or $1.31 a share, up $4.6 million from the $61.4 million and $1.22 a share in net income it reported for the first nine months of 2012.
"Third quarter and year-to-date 2013 earnings continue to be strong," United chairman and CEO Richard Adams said. "United also continues to be well-capitalized based upon regulatory guidelines, and our asset quality outperforms our peers."
Nonperforming loans, those considered in danger of default, fell to $83.1 million, or 1.26 percent of total loans, at the end of the quarter. That was down from $92.8 million, or 1.43 percent of loans, at the end of 2012.
United had more than $8.5 billion in assets by the end of the third quarter. The company operates 114 full-service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.
Adams said United is one of only two major U.S. banking companies that have increased its dividend to shareholders for 39 consecutive years. The current annual dividend of $1.24 a share translates to a roughly 4.12 percent yield based on United's current stock price.
On Jan. 30, United announced plans to merge with Arlington, Va.-based Virginia Commerce Bancorp, Inc., which has $2.8 billion in assets and 30 offices in Washington, D.C. and its northern Virginia suburbs.United said Virginia Commerce Bancorp shareholders approved the merger on Oct. 17, and United shareholders approved it Oct. 21. The company filed its merger prospectus with the Securities and Exchange Commission on Sept. 11 and said the merger will be complete once it has received all of the required regulatory approvals.