United Bankshares Q1 Profit Decreases, Misses Estimates

(RTTNews) - United Bankshares, Inc. (UBSI) reported on Thursday that net income for the first quarter decreased to $84.31 million or $0.59 per share from $86.81 million or $0.64 per share in the prior-year quarter.

The provision for credit losses was $29.10 million, compared to $5.74 million in the year-ago quarter.

Net interest income for the quarter increased 17 percent from the year-ago quarter to $260.06 million, while noninterest income also declined 8 percent from last year to $29.55 million from last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share on revenues of $278.75 million for the quarter. Analysts' estimates typically exclude special items.

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