United Bankshares Inc. said Thursday that its third-quarter earnings rose 81% from the same period last year, to $25.8 million.
Earnings per share increased 76%, to 60 cents.
However, the results were somewhat misleading, because the $7.7 billion-asset United, which has dual headquarters in Washington and Charleston, W.Va., repositioned its balance sheet in third quarter of last year, reducing earnings by about $8 million.
During this past quarter it completed its acquisition of the $911 million-asset Premier Community Bancshares Inc.
United attributed its 8% increase in net interest income, to $63.3 million, largely to the acquisition.
The nonperforming loan ratio rose 4 basis points from the second quarter, to 0.41% million of loans, or $22.8 million. United said that the increase was caused mainly by $5.6 million of nonperformers it inherited from Premier.
