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United Bankshares, Inc. Announces Record Earnings for the Year of 2018
WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the fourth quarter and year of 2018. Earnings for the fourth quarter of 2018 were $64.0 million or $0.62 per diluted share as compared to earnings of $18.0 million or $0.17 per diluted share for the fourth quarter of 2017. Earnings for the year of 2018 were a record $256.3 million or $2.45 per diluted share as compared to earnings of $150.6 million or $1.54 per diluted share for the year of 2017.
Fourth quarter of 2018 results produced an annualized return on average assets of 1.33% and an annualized return on average equity of 7.77%, respectively. For the year of 2018, United’s return on average assets was 1.36% while the return on average equity was 7.84%. United’s annualized returns on average assets and average equity were 0.38% and 2.17%, respectively, for the fourth quarter of 2017 while the returns on average assets and average equity were 0.85% and 5.09%, respectively, for the year of 2017.
“The year of 2018 was a banner year for United Bankshares in many ways,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “We increased earnings before income taxes to a record $327 million. Our employee community volunteer program was recognized by the American Bankers Association as one of the strongest in the nation. We increased dividends to our shareholders for the 45th consecutive year. This is a record only one other major banking company in the USA has been able to achieve.”
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). 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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