United Bankshares says Q2 income up 21 percent

United Bankshares says income up 21 percent in 2nd quarter

Associated Press

CHARLESTON, W.Va. (AP) -- United Bankshares Inc. says its second quarter profit increased 21 percent.

The parent company of United Bank said Thursday that it earned $21 million, or 42 cents per share, in the second quarter of 2012. United earned $17.5 million, or 40 cents per share, in the second quarter of 2011.

The 2012 results include a noncash, pretax impairment charge of $1.7 million on investment securities. The 2011 results include noncash pretax impairment charges of $4.1 million on investment securities.

Net interest income rose to $69 million in the quarter from $58.6 million in second-quarter 2011.

United chairman and CEO Richard M. Adams says earnings continue to be strong.

Charleston, W.Va.-based United has $8.5 billion in assets and 123 branches in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.

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