United Bankshares, in Charleston, W.Va., reported an increase in second-quarter earnings, in part because of its acquisition of Virginia Commerce Bancorp in Arlington.
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.