United Bankshares Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company reported an increase in earnings for the fourth quarter and year of 2014 as compared to same time periods last year. Earnings for the fourth quarter of 2014 were $33.3 million or $0.48 per diluted share as compared to earnings of $19.7 million or $0.39 per diluted share for the fourth quarter of 2013. Fourth quarter of 2014 results produced an annualized return on average assets of 1.09% and an annualized return on average equity of 7.88%. Annualized returns on average assets and average equity were 0.91% and 7.57%, respectively, for the fourth quarter of 2013. Tax-equivalent net interest income for the fourth quarter of 2014 was $102.1 million, an increase of $31.4 million or 44% from the fourth quarter of 2013. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Virginia Commerce acquisition. Average earning assets increased $3.1 billion or 40% from the fourth quarter of 2013. Tangible book value per share was $13.35 against $13.05 a year ago. Non-GAAP Income Before Income Taxes was $51.168 million against $30.384 million a year ago. GAAP Income Before Income Taxes was $49.638 million against $28.912 million a year ago. Book Value Per Share was $23.90 against $20.66 a year ago.

Earnings for the year of 2014 were $129.9 million or $1.92 per diluted share, an increase from earnings of $85.6 million or $1.70 per diluted share for the year of 2013. For the year of 2014, United's return on average assets was 1.11% while the return on average equity was 8.13%. The returns on average assets and average equity were 1.02% and 8.43%, respectively, for the year of 2013. Tax-equivalent net interest income for the year of 2014 was $382.0 million, an increase of $106.2 million or 38% from the year of 2013. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Virginia Commerce acquisition. Non-GAAP Income Before Income Taxes was $201.202 million against $181.043 million a year ago. GAAP Income Before Income Taxes was $194.886 million against $125.044 million a year ago.

The company's net charge-offs were $6.5 million and $20.6 million for the fourth quarter and year of 2014, respectively, as compared to $4.7 million and $19.0 million for the same time periods in 2013.