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In announcing plans to buy the $2.8 billion-asset Virginia Commerce, United Bankshares has made a deal that will dramatically increase its market share around the nation's capital.
January 30 -
Earnings at United Bankshares rose 5% from a year earlier to $21.2 million. Earnings of 42 cents a share were 1 cent below analysts' average estimate, according to Bloomberg.
January 30
Higher revenue and lower expenses lifted United Bankshares (UBSI) inn Charleston, W.Va., in the first quarter.
The $8.3 billion-asset company's earnings rose 3% from a year earlier, to $21.6 million, or 43 cents a share.
Net interest income fell 4% from a year earlier, to $68.3 million, because of lower yields. The net interest margin compressed 3 basis points from the first quarter of 2012, to 3.75%.
Noninterest income rose 12% from a year earlier, to $18.3 million, primarily because of proceeds from bank-owned life insurance policies and mortgage-related fees. Noninterest expense fell 4% from a year earlier, to $48.2 million. The company's efficiency ratio improved 20 basis points, to 53.15%.
United's loan portfolio rose 5% from the first quarter of 2012, to $6.5 billion. The loan-loss provision increased 25% from a year earlier, to $5.2 million, while chargeoffs rose 23%, to $4.9 million.
In January, United Bankshares said it
