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United Bankshares (UBSI) in Charleston, W.Va., saw earnings fall as fee income took a dive last quarter.
January 30 -
Xenith Bankshares (XBXS) had been eager to enter the bustling Hampton Roads area. It plans to use Colonial Virginia, located close to the region, to make a beachhead.
March 24
United Bankshares' (UBSI) earnings increased during the first quarter, with support from the completion of its Virginia Commerce Bancorp acquisition and sale of one of its own branches.
United, an $11.9 billion-asset financial institution based in Charleston, W. Va., reported earnings of $30.1 million in the first quarter, compared to $21.6 million a year earlier. Earnings per share of 48 cents for the first quarter beat analyst's estimates by five cents.
Noninterest income during the quarter totaled $26.5 million, up $8.2 million from the same quarter a year earlier. This uptick was aided by United's sale of a branch, which resulted in a pre-tax gain of $9 million.
Tax-equivalent net interest income was up 27% on a yearly basis to $86.9 million because United's overall average earning assets increased as part of the
The company's net interest margin decreased 5 basis points to 3.7% from a year earlier.
Loan loss provisions were $4.7 million for the quarter, and net chargeoffs $4.5 million.
United's noninterest expenses were up 27% from last year to $61.2 million. The Virginia Commerce acquisition led to increases from a year earlier in employee compensation, net occupancy expenses, data processing fees and merger expenses.
