United Bankshares Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the fourth quarter of 2012, earnings were $21.2 million or $0.42 per diluted share, up 5% from earnings of $20.3 million or $0.40 per diluted share for the fourth quarter of 2011. Fourth quarter of 2012 results produced a return on average assets of 1.01% and a return on average equity of 8.44%. Annualized returns on average assets and average equity were 0.94% and 8.17%, respectively, for the fourth quarter of 2011. Interest & loan fees income (GAAP) was $79.668 million, compared to $85.529 million for the last year. Interest & fees income (non-GAAP) was $81.300 million, compared to $87.261 million for the last year. Net interest income (non-GAAP) was $71.304 million, compared to $73.724 million for the last year. Income before income taxes (non-GAAP) was $32.829 million, compared to $31.301 million for the last year. Income before income taxes (GAAP) was $31.197 million, compared to $29.569 million for the last year.

For the year of 2012, earnings were $82.6 million or $1.64 per diluted share, an increase of 9% from earnings of $75.6 million or $1.61 per diluted share for the year of 2011. For the year of 2012, return on average assets was 0.98% while the return on average equity was 8.35%. Annualized returns on average assets and average equity was 0.97% and 8.50%, respectively, for the year of 2011. The results for the fourth quarter and year of 2012 included noncash, before-tax, other-than-temporary impairment charges of $2.0 million and $7.4 million, respectively, on certain investment securities. In comparison, the results for the fourth quarter and year of 2011 included noncash, before-tax, other-than-temporary impairment charges of $6.3 million and $20.4 million, respectively, on certain investment securities. Interest & loan fees income (GAAP) was $323.897 million, compared to $316.522 million for the last year. Interest & fees income (non-GAAP) was $330.310 million, compared to $323.109 million for the last year. Net interest income (non-GAAP) was $284.120 million, compared to $267.315 million for the last year. Income before income taxes (non-GAAP) was $127.894 million, compared to $116.963 million for the last year. Income before income taxes (GAAP) was $121.481 million, compared to $110.376 million for the last year. Book value per share was $19.74 as at December 31, 2012, compared to $19.29 as at December 31, 2011.

Net charge-offs for the fourth quarter ended December 31, 2012 were $5.794 million, compared to $3.903 million for the same period last year.