United Bankshares Inc. in Charleston, W.Va., on Thursday announced third-quarter earnings of $14.2 million, down 44.3% from last year’s third quarter.
Diluted earnings per share fell 42.4%, to 34 cents. That was 10 cents below the average of analysts’ estimates, according to Thomson Financial.
United attributed the declines to an $8.2 million pretax prepayment penalty on Federal Home Loan bank advances. It had a $7.7 million loss because of the termination of an interest rate swap connected to those advances.
United’s net interest income for the three months was down 1.9% compared with last year’s third quarter, to $58.8 million. Noninterest income for the quarter fell 52.3%, to $6.8 million, primarily because of the loss on the interest rate swap.
The $6.6 billion-asset United has 90 branches in four states, and Washington, D.C.
