United Bankshares (UBSI) has reported an 11.82 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $38.81 million, or $0.48 a share in the quarter, compared with $34.71 million, or $0.50 a share for the same period last year.

Revenue during the quarter grew 10.15 percent to $121.87 million from $110.64 million in the previous year period. Net interest income for the quarter rose 9.50 percent over the prior year period to $107.62 million. Non-interest income for the quarter rose 22.90 percent over the last year period to $20.15 million.

United Bankshares has made provision of $5.90 million for loan losses during the quarter, up 46.20 percent from $4.04 million in the same period last year.

Net interest margin contracted 21 basis points to 3.43 percent in the quarter from 3.64 percent in the last year period. Efficiency ratio for the quarter improved to 49.19 percent from 50.63 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"For the first quarter of 2017, we increased before tax earnings to $59.0 million from $52.6 million for last year's first quarter," stated Richard M. Adams, United's chairman and chief executive officer. "Despite a decrease in the earnings per share due to the issuance of shares in a public offering, our profitability remains strong. We outperformed our peers based upon our return on average assets of 1.1% compared to the Federal Reserve peer group’s return on average assets of 0.90%."

Total assets stood at $14,762.32 million as on Mar. 31, 2017, up 17.10 percent compared with $12,606.88 million on Mar. 31, 2016. On the other hand, total liabilities stood at $12,509.46 million as on Mar. 31, 2017, up 15.06 percent from $10,871.85 million on Mar. 31, 2016.

Net loans stood at $10,336.17 million as on Mar. 31, 2017, up 11.11 percent compared with $9,302.90 million on Mar. 31, 2016. Deposits stood at $11,062.33 million as on Mar. 31, 2017, up 18.64 percent compared with $9,324.57 million on Mar. 31, 2016.

Loans to deposits ratio was 94.09 percent for the quarter, down from 100.58 percent for the previous year quarter.

Investments stood at $1,373.41 million as on Mar. 31, 2017, up 13.76 percent or $166.10 million from year-ago. Shareholders equity stood at $2,252.86 million as on Mar. 31, 2017, up 29.85 percent or $517.82 million from year-ago.

Return on average assets moved down 4 basis points to 1.09 percent in the quarter from 1.13 percent in the last year period. At the same time, return on average equity decreased 108 basis points to 6.98 percent in the quarter from 8.06 percent in the last year period.

Meanwhile, nonperforming assets to total assets was 1.02 percent in the quarter, down from 1.22 percent in the last year period.

Average equity to average assets ratio was 15.66 percent for the quarter, up from 14.02 percent for the previous year quarter. Book value per share was $27.76 for the quarter, up 11.53 percent or $2.87 compared to $24.89 for the same period last year.