-
Virginia Commerce Bancshares (VCBI) in Arlington recorded a slight dip in quarterly profit as it waited for final approval of its merger with United Bancshares (UBSI).
October 24 -
Higher revenue and lower expenses lifted United Bankshares (UBSI) inn Charleston, W.Va., in the first quarter.
April 25 -
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
United Bankshares (UBSI) in Charleston, W. Va., posted higher quarterly earnings due largely to reduced expenses.
The $8.5 billion-asset United earned $22.2 million in the third quarter, a 15% increase from the same period in 2012.
Its tax-equivalent net interest income fell 3%, to $69.1 million, as the average yield on earning assets decreased. Partially offsetting the decline was a 3% increase in average net loans and a 10% increase in average investment securities. United's net interest margin dropped 22 basis points, to 3.65%.
United's noninterest income rose 10%, to $18.3 million. The major factor driving the increase was the $2.3 million in other-than-temporary impairment charges on certain investment securities the company recognized in the third quarter of 2012.
Noninterest expenses dropped 10%, to $48.6 million, largely due to the $3.3 million litigation settlement charge United paid in the third quarter of 2012. Data processing and other real estate owned expenses also declined in the third quarter.
United increased its loan-loss provision 12%, to $4.8 million. Net chargeoffs rose 20%, to $4.8 million.
United agreed to
