United Bankshares in Charleston, W.Va., reported higher profit more than a year after announcing a key acquisition.
The $12.1 billion-asset company said in a press release that its first-quarter profit rose 13% from a year earlier, to $34.6 million. Earnings per share of 50 cents exceeded the average estimate of analysts polled by Bloomberg by a penny. The results were slightly skewed by United's purchase of Virginia Commerce Bancorp at the end of January 2014.
Net interest income rose 11%, to $96.3 million, partially reflecting growth tied to the acquisition. Compared to the fourth quarter, net interest income fell nearly 6% because of a decrease on average yield amongst interest-bearing assets.
Noninterest income fell 31% from a year earlier, to $18.2 million, though the company earned $9 million in the first quarter of 2014 after selling bank-owned property. Noninterest income fee 6% from a quarter earlier.
Noninterest expenses fell 6% from a year earlier, to $57.7 million. The amount fell 10% from the fourth quarter.