“We are pleased with the financial results for 2009 given the very difficult year for the nation’s economy,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Although earnings are down compared to last year, United’s earnings for 2009 were much better than most regional banking companies as evidenced by a return on average assets of 0.85% as compared to -0.21% for the first nine months of 2009 for United’s Federal Reserve peer group of bank holding companies with total assets between $3 and $10 billion.”
United’s asset quality also continues to compare favorably to its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.26% at December 31, 2009 compares favorably to the most recently reported percentage of 4.08% at September 30, 2009 for United’s Federal Reserve peer group. At December 31, 2009, nonperforming loans were $72.3 million or 1.26% of loans, net of unearned income, which were virtually flat from nonperforming loans of $72.9 million or 1.26% of loans, net of unearned income at September 30, 2009 but up from nonperforming loans of $54.2 million or 0.90% of loans, net of unearned income at December 31, 2008. The increase in nonperforming loans since year-end 2008 is indicative of the current economic conditions. High unemployment levels and the recent economic recession have impacted the performance of both consumer and commercial portfolios. Any probable loss on these loans has been properly evaluated and allocated within United’s allowance for loan losses. As of December 31, 2009, the allowance for loan losses was $67.9 million or 1.18% of loans, net of unearned income, as compared to $61.5 million or 1.02% of loans, net of unearned income at December 31, 2008. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 93.9% and 113.5% at December 31, 2009 and December 31, 2008, respectively. The coverage ratio for United’s Federal Reserve peer group was 71.9% at September 30, 2009. Total nonperforming assets of $112.3 million, including OREO of $40.1 million at December 31, 2009, represented 1.44% of total assets which also compares favorably to the most recently reported percentage of 3.30% at September 30, 2009 for United’s Federal Reserve peer group.
United’s asset quality also continues to compare favorably to its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.26% at December 31, 2009 compares favorably to the most recently reported percentage of 4.08% at September 30, 2009 for United’s Federal Reserve peer group. At December 31, 2009, nonperforming loans were $72.3 million or 1.26% of loans, net of unearned income, which were virtually flat from nonperforming loans of $72.9 million or 1.26% of loans, net of unearned income at September 30, 2009 but up from nonperforming loans of $54.2 million or 0.90% of loans, net of unearned income at December 31, 2008. The increase in nonperforming loans since year-end 2008 is indicative of the current economic conditions. High unemployment levels and the recent economic recession have impacted the performance of both consumer and commercial portfolios. Any probable loss on these loans has been properly evaluated and allocated within United’s allowance for loan losses. As of December 31, 2009, the allowance for loan losses was $67.9 million or 1.18% of loans, net of unearned income, as compared to $61.5 million or 1.02% of loans, net of unearned income at December 31, 2008. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 93.9% and 113.5% at December 31, 2009 and December 31, 2008, respectively. The coverage ratio for United’s Federal Reserve peer group was 71.9% at September 30, 2009. Total nonperforming assets of $112.3 million, including OREO of $40.1 million at December 31, 2009, represented 1.44% of total assets which also compares favorably to the most recently reported percentage of 3.30% at September 30, 2009 for United’s Federal Reserve peer group.
During the fourth quarter of 2009, United’s Board of Directors declared a cash dividend of .30 per share. The 2009 dividend of $1.17 per share represented the 36th consecutive year of dividend increases for United shareholders.
United Bankshares, with $7.8 billion in assets, presently has 113 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI."
United Bankshares, with $7.8 billion in assets, presently has 113 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI."
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