District-based United Bankshares Inc. on Tuesday reported first-quarter profit of $34.6 million on revenue of $112.9 million.
The bank earned 50 cents per share, beating estimates of 49 cents.
Bank executives said the quarter’s result is due, in part, to last year’s acquisition of Virginia Commerce Bankcorp in a deal valued at $490 million.
“The acquisition has been tremendous in supporting earnings, adding shareholder value and enhancing United’s position in one of the best economic markets in the country,” said Ross Draber, United Bankshares’ senior vice president.
As the Washington region’s largest, full-service community bank measured by deposits, United Bankshares has benefited from the region’s bullish commercial real estate market.
The bank’s stock has been on a tear since the Virginia Commerce acquisition closed in January of 2014. The stock is up more than 25 percent over the past 52 weeks. The total return in 2014 was 23.8 percent, Draber said.
The company has headquarters in both downtown Washington and in Charleston, W.Va.
“This is another solid quarter for United Bankshares as we’ve had continued success, growing our core franchise throughout the mid-Atlantic region specifically, in the D.C. metro market ,” Draber said.