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United Bankshares, Inc. Announces Earnings for the Fourth Quarter and Year of 2017

01/30/2018
Corporate & Financial

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the fourth quarter and year of 2017. Earnings for the fourth quarter of 2017 were $18.0 million or $0.17 per diluted share as compared to earnings of $39.1 million or $0.51 per diluted share for the fourth quarter of 2016. The results for the fourth quarter of 2017 included additional income tax expense of $37.7 million or $0.36 per diluted share related to the estimated impact of the enactment of the Tax Cuts and Jobs Act (the Tax Act). Earnings for the year of 2017 were $150.6 million or $1.54 per diluted share as compared to earnings of $147.1 million or $1.99 per diluted share for the year of 2016. The results for the year of 2017 were impacted by $0.39 per diluted share for the additional income tax expense of $37.7 million related to the Tax Act.

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