United Bankshares Q1 Earnings Advance, Beat Estimates - Quick Facts

(RTTNews) - United Bankshares Inc. (UBSI) Tuesday reported a rise in earnings for the firs quarter, reflecting increases in interest and non-interest incomes. Earnings also trumped analysts' estimates.

For the first quarter, net earnings rose to $30.12 million or $0.48 per share, from $21.58 million or $0.43 per share a year ago.

On average, 8 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.43 for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income grew to $85.3 million from $66.82 million a year earlier. Non-interest income rose to $26.52 million from $18.35 million in the same period last year.

Net interest margin for the first quarter was 3.70 percent, compared with 3.75 percent a year ago.

The company recorded an efficiency ratio of 54.69 percent for the first quarter, down from 56.65 percent a year earlier.

Total deposits grew to $8.582 billion from $6.683 billion a year earlier. Loans, net of unearned income, stood at $8.768 billion, up from $6.467 billion last year.