United Bankshares Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $154,856,000 compared to $113,253,000 a year ago. The $41.6 million increase in net interest income occurred because total interest income increased $50.9 million while total interest expense only increased $9.3 million from the fourth quarter of 2016. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the fourth quarter of 2017 was $157.1 million, an increase of $42.3 million or 37% from the fourth quarter of 2016 due mainly to an increase in average earning assets from the Cardinal acquisition. Income before income taxes was $84,865,000 compared to $61,578,000 a year ago. Net income was $17,975,000 or $0.17 per basic and diluted share compared to $39,106,000 or $0.51 per basic and diluted share a year ago. Return on average assets was 0.38% compared to 1.10% a year ago. Return on average shareholder's equity was 2.17% compared to 7.50% a year ago. Income before income taxes (FTE) (non-GAAP) was $87,126,000 compared to $63,137,000 a year ago. Interest income was $176,518,000 against $125,621,000 reported last year.

For the year, the company reported net interest income of $548,997,000 compared to $425,331,000 a year ago. This is because total interest income increased $153.5 million while total interest expense only increased $29.8 million from the year of 2016. Tax-equivalent net interest income for the year of 2017 was $557.4 million, an increase of $126.0 million or 29% from the year of 2016. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Cardinal acquisition. Income before income taxes was $284,827,000 compared to $222,658,000 a year ago. Net income was $150,581,000 or $1.54 per basic and diluted share compared to $147,083,000 or $1.99 per diluted share a year ago. Book value per share was $30.85 compared to $27.59 a year ago. Return on average assets was 0.85% compared to 1.10% a year ago. Return on average shareholder's equity was 5.09% compared to 7.67% a year ago. Income before income taxes (FTE) (non-GAAP) was $293,256,000 compared to $228,779,000 a year ago. Tangible book value per share (non-GAAP) was $16.35 compared to $16.65 a year ago. Interest income was $623,806,000 against $470,341,000 reported last year.

The company reported net charge-offs of $5.3 million for the fourth quarter ended December 31, 2017.

For the year 2018, the company's tax rate estimated at approximately 22.5% to 23.0%.