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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.
April 30
United Bankshares, in Charleston, W.Va.,
The $12 billion-asset company's net income rose 49.6% from the same quarter of last year, to $33.2 million, or 48 cents per share.
Net interest income rose 41.9% to $93.9 million, primarily because of a 40% increase in average earning assets from the Virginia Commerce acquisition. The net interest margin was 3.69%, up 4 basis points from a year earlier.
Noninterest income rose 0.2% to $19.1 million on higher fees from deposit services and trust and brokerage services.
United closed its acquisition of the $2.8 billion-asset Virginia Commerce on Jan. 31. United included Virginia Commerce's results from operations in its consolidated results for the second quarter.
Return on average assets was 1.13%, up from 1.07%. Deposits increased 33%, to $8.7 billion.
