United Bankshares, Inc. reported consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported Interest & loan fees income (GAAP) of $167,185,000 against $120,758,000 a year ago. Net interest income (FTE) (non-GAAP) was $145,546,000 against $109,184,000 a year ago. Income before income taxes (FTE) (non-GAAP) was $81,108,000 against $60,589,000 a year ago. Income before income taxes (GAAP) was $79,605,000 against $59,025,000 a year ago. Net income was $61,706,000 against $38,809,000 a year ago. Book value per share as at March 2018 was $30.92 against $27.76 as at March 2017. Tangible book value per share as at March 31, 2018 was $16.45 against $16.85 as at March 31, 2017. Earnings per basic and diluted share was $0.59 against $0.48 a year ago. Return on average shareholders' equity was 7.65% against 6.98% a year ago. Return on average assets was 1.35% against 1.09% a year ago. Net interest was $144.0 million, which was an increase of $36.4 million or 34% from the first quarter of 2017. The $36.4 million increase in net interest income occurred because total interest income increased $46.4 million while total interest expense only increased $10.0 million from the first quarter of 2017.

For the quarter, the company reported net charge-offs of $5,152,000 against $5,795,000 a year ago.

For the year 2018, the company estimated tax rate at approximately 22.5% to 23.0%. Non-interest income growth, excluding George Mason Mortgage Company and not loss on investments, is estimated in the low single digits (compared to first quarter 2018 annualized).