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A legal settlement and an investment loss weighed on United Bankshares (UBSI) in Charleston, W.Va., in the third quarter.
October 25
Fewer pretax charges lifted United Bankshares (UBSI) in the fourth quarter.
Earnings at the $8.4 billion-asset company rose 5% from a year earlier to $21.2 million. Earnings of 42 cents a share were 1 cent below analysts' average estimate, according to Bloomberg.
United Bankshares, in Charleston, W. Va., released its quarterly results Tuesday, a day before announcing
Noninterest income rose 40.3%, to $16.7 million, as result of fewer losses tied to special charges. A year earlier United Bankshares recorded a charge of $6.2 million for "other-than-temporary impairment" losses.
But net interest income fell 3% from the fourth quarter of 2011, to $71.3 million, because of declining yields. Net interest margin narrowed five basis points, to 3.83%.
Noninterest expense fell roughly 2%, to $49.3 million. The company's efficiency ratio worsened to 52.01% from 51.47% in the fourth quarter of 2011.
United Bankshares' loan book increased 3.2%, to $6.5 billion, year over year. The allowance for loan losses remained roughly unchanged, at $73.7 million.