CHARLESTON, W.Va. - Earnings were up for three West Virginia-based bank companies that reported quarterly financial results Thursday.
United Bankshares Inc., Summit Financial Group and MVB Financial Corp. all released second-quarter earnings reports Thursday morning.
United, parent company of United Bank, reported second-quarter earnings of $22.2 million for the quarter that ended June 30, up from $21 million during the same quarter in 2012. The company earned 44 cents per share during the quarter, a 2-cent improvement from the 42 cents it earned during the second quarter last year.
The company said it remains well capitalized, with risk-based capital ratios well above regulatory requirements for an institution of its size.
The company, which in January signed a merger agreement with Arlington, Va.-based Virginia Commerce Bancorp, now has a consolidated $8.5 billion in assets and operates 115 full-service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.
Moorefield-based Summit, parent company of Summit Community Bank, said its second-quarter earnings topped $1 million, or 13 cents per share, during the quarter. That was up 4 cents or more than $300,000 from its 2012 second quarter earnings results.
Summit said lower loan-loss provisions positively affected its results, a signal that consumer credit quality was improving.
"Reducing our portfolio of problem assets remains top priority, and we are encouraged to observe continuing improvement in local real estate market conditions," Summit CEO H. Charles Maddy III said.