United Bankshares, Inc. UBSI, today reported earnings for the fourth quarter and the year of 2010. Earnings for the fourth quarter of 2010 were $19.3 million or $0.44 per diluted share while earnings for year of 2010 were $71.9 million or $1.65 per diluted share.
Fourth quarter of 2010 results produced a return on average assets of 1.03% and a return on average equity of 9.64%. For the year of 2010, United's return on average assets was 0.95% while the return on average equity was 9.19%. These returns compare very favorably to United's most recently reported Federal Reserve peer group's (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.39% and average return on equity of 2.48% for the first nine months of 2010.
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