United Bankshares Inc.
CHARLESTON, W.Va. — United Bankshares Inc. on Feb. 7 reported an increase in earnings for the fourth quarter and the year 2012 as compared to the fourth quarter and year 2011.
Earnings for the fourth quarter of 2012 were $21.2 million, or $0.42 per diluted share, up 5 percent from earnings of $20.3 million, or $0.40 per diluted share, for the fourth quarter of 2011. Earnings for 2012 were $82.6 million, or $1.64 per diluted share, an increase of 9 percent from earnings of $75.6 million, or $1.61 per diluted share for 2011.
Results for the fourth quarter of 2012 produced a return on average assets of 1.01 percent and a return on average equity of 8.44 percent. For 2012, United’s return on average assets was 0.98 percent, while the return on average equity was 8.35 percent.
United’s annualized returns on average assets and average equity were 0.94 percent and 8.12 percent, respectively, for the fourth quarter of 2011, while the returns on average assets and average equity was 0.97 percent and 8.50 percent, respectively, for 2011.
The results for the fourth quarter and year 2012 included noncash, before-tax, other-than-temporary impairment charges of $2 million and $14 million, respectively, on certain investment securities. In comparison, the results for the fourth quarter and year 2011 included noncash, before-tax, other-than-temporary impairment charges of $6.3 million and $20.4 million, respectively, on certain investment securities.
Also included in the results for 2012 was an accrual of $3.3 million with respect to a settlement of claims asserted in class actions against United Bank Inc. of West Virginia. In addition, United completed its acquisition of Centra Financial Holdings Inc. during the third quarter of 2011. As a result, comparisons for the year 2012 to 2011 are impacted by increased levels of average balances, income and expense due to the acquisition.
At consummation, Centra had assets of approximately $1.3 billion, loans of $1 billion, deposits of $1.1 billion and shareholders’ equity of $131 million.
Parkway Neuroscience and Spine Institute
Parkway Neuroscience and Spine Institute in Hagerstown announces the opening of Parkway NOW, an ortho-neuro walk-in clinic.
Dr. Sandesh Pandit, a sports medicine physician, will begin seeing patients at the clinic Monday at 13 Western Maryland Parkway, Suite 106.
Pandit joins Parkway NOW from Stafford, Va., where he provided primary and urgent-care services. He attended medical school at the Institute of Medicine, Maharajgung, and attended Tribhuvan University Teaching Hospital in Kathmandu, Nepal. He completed his fellowship in primary care sports medicine from Saint Vincent Health System in Erie, Pa., and his residency in family medicine at the Department of Family and Community Medicine from the University of Missouri in Columbia, Mo.
He has several publications regarding various musculoskeletal conditions and has experience taking care of high school and college-level athletes. Pandit also offers baseline and post-injury computerized impact testing in the office.
Pandit is an active member of the American College of Sports Medicine and American Medical Society for Sports Medicine. He also is a member of the American Academy of Family Physicians.
As a fellowship-trained sports medicine physician, his scope of practice includes concussions; sprains and strains; tendonitis; sports physicals; workers’ compensation; injury consultations; casting; splinting; and joint injections.
Parkway NOW accepts walk-in patients and appointments.
For more information, call 301-797-9240 or go to www.pnsi.org.