United Bankshares Inc. in Charleston, W.Va., said it expects a $15 million insurance claim payment to help lift its fourth-quarter earnings.
The $7.6 billion-asset company said in a Tuesday filing with the Securities and Exchange Commission that it projects earnings per share "in excess" of the 40 cents it reported for the third quarter.
The payment is tied to fraudulent loans. United said it recovered the funds on Dec. 22 and will record the payment as a recovery in its allowance for loan losses.
United had other costs in the fourth quarter. United said it used excess cash to repay about $310 million in advances from the Federal Home Loan Bank System that matured in December, along with an interest rate swap tied to one of those advances.
United also said it expects several other-than-temporary impairment charges to affect results. Those events include merger-related expenses from its recently announced purchase of Centra Financial Holdings Inc. and a decline in the fair values of its foreclosure properties.
