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Profits at United Bankshares soared in the third quarter thanks largely to a recent acquisition, but credit quality weakened slightly as several commercial borrowers struggled to repay their loans.
October 30 -
Performance among banks and thrifts with $2 billion to $10 billion of assets has not changed much over the past year, judging from our annual ranking.
July 28 -
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., 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.