United Bankshares Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $113,253,000 compared to $97,155,000 a year ago. The $16.1 million increase in net interest income occurred because total interest income increased $18.4 million while total interest expense only increased $2.3 million from the fourth quarter of 2015. Income before income taxes was $61,578,000 compared to $50,340,000 a year ago. Net income was $39,106,000 or $0.51 per diluted share compared to $33,476,000 or $0.48 per diluted share a year ago. Return on average assets was 1.10% compared to 1.07% a year ago. Return on average shareholder's equity was 7.50% compared to 7.68% a year ago. Income before income taxes (FTE) (non-GAAP) was $63,137,000 compared to $52,018,000 a year ago. Interest income was $125,621,000 against $107,240,000 reported last year. The company's effective tax rate was approximately 36.5% for the fourth quarter of 2016, 33.5% for the fourth quarter of 2015 and 31.2% for the third quarter of 2016.

For the year, the company reported net interest income of $425,331,000 compared to $384,124,000 a year ago. The $41.2 million increase in net interest income occurred because total interest income increased $46.7 million while total interest expense only increased $5.5 million from the year of 2015. Income before income taxes was $222,658,000 compared to $203,489,000 a year ago. Net income was $147,083,000 or $1.99 per diluted share compared to $137,959,000 or $1.98 per diluted share a year ago. Book value per share was $27.59 compared to $24.61 a year ago. Return on average assets was 1.10% compared to 1.12% a year ago. Return on average shareholder's equity was 7.67% compared to 8.10% a year ago. Income before income taxes (FTE) (non-GAAP) was $228,779,000 compared to $209,975,000 a year ago. Tangible book value per share (non-GAAP) was $16.65 compared to $14.15 a year ago. Interest income was $470,341,000 against $423,630,000 reported last year. For the years of 2016 and 2015, the company's effective tax rate was 33.9% and 32.2%, respectively.

The company reported net charge-offs of $5.7 million for the fourth quarter ended December 31, 2016.