United Bankshares says 3Q income down 3.5 percent - WOWK 13 Charleston, Huntington WV News, Weather, Sports

United Bankshares says 3Q income down 3.5 percent

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CHARLESTON (AP) — United Bankshares Inc. said its third-quarter net income fell 3.5 percent.

United Bank's parent company says it earned $19.3 million, or 38 cents per share, in the quarter ending Sept. 30. United earned $20 million, or 40 cents per share, in the year-ago period.

The 2012 results include an accrual of $3.3 million pertaining to a settlement of claims stemming from class actions against United Bank Inc. of West Virginia, and a noncash, pretax impairment charge of $2.3 million on investment securities. The 2011 results include pretax impairment charges of $7.9 million on investment securities.

Net interest income rose to $71.6 million, down 1 percent from third-quarter 2011.

Charleston, W.Va.-based United has $8.4 billion in assets and 123 branches in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.