8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
July 26, 2006

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

West Virginia	No. 0-13322	55-0641179
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

300 United Center
500 Virginia Street, East
Charleston, West Virginia 25301(Address of Principal Executive Offices)

(304) 424-8800(Registrant’s telephone number, including area code)

Not Applicable(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

     On July 26, 2006, United Bankshares, Inc. (“United”) announced its earnings for the second quarter and first half of 2006. A copy of the press release is attached as Exhibit 99.1 to this report. Additionally, United provided supplemental financial information for analysts and other interested investors, which is attached as Exhibit 99.2 to this report. The press release and supplemental financial information are being furnished under Item 2.02 of this Form 8-K.

Item 9.01. Financial Statements and Exhibits

     (c) The following exhibits are being furnished herewith:

99.1	Press Release, dated July 26, 2006, issued by United Bankshares, Inc.
99.2	Unaudited Supplemental Financial Information

SIGNATURES

     Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNITED BANKSHARES, INC.
Date: July 26, 2006	By:	/s/ Steven E. Wilson
		Steven E. Wilson, Executive Vice President,
		Treasurer, Secretary and Chief Financial Officer

EX-99.1

EXHIBIT 99.1
News Release

For Immediate Release	Contact: Steven E. Wilson
July 26, 2006	Chief Financial Officer
	(304) 424-8704

United Bankshares, Inc. Announces Increased Earnings
for the Second Quarter and First Half of 2006

     WASHINGTON, DC and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the second quarter and the first half of 2006. Diluted earnings per share were 60¢ for the second quarter of 2006, up 5% from diluted earnings per share of 57¢ for the second quarter of 2005. Second quarter net income was $25.5 million compared to $24.5 million for the second quarter of 2005. Diluted earnings per share were $1.19 for the first half of 2006, which represented a 4% increase from diluted earnings per share of $1.14 for the first half of 2005. Net income for the first six months of 2006 totaled $50.1 million compared to $49.3 million for the prior year’s first six months.

     Second quarter of 2006 results produced a return on average assets of 1.53% and a return on average equity of 15.84%, as compared to 1.55% and 15.50%, respectively, for the second quarter of 2005. For the first half of 2006, United’s return on average assets was 1.51% while the return on average equity was 15.67% as compared to 1.56% and 15.60%, respectively, for the first half of 2005. These financial performance ratios are indicative of United’s earnings strength as United continues to compare favorably to the most recently reported average returns of its peer group banking companies.

     The earnings growth for the second quarter of 2006 from last year’s second quarter was primarily due to increased net interest income. Tax-equivalent net interest income for the second quarter of 2006 was $59.4 million, an increase of $2.9 million or 5% from the second quarter of 2005. This increase in tax-equivalent net interest income was due mainly to a $326.3 million or 7% growth in average loans for the second quarter of 2006 over last year’s second quarter. In addition, the average yield on earning assets for the second quarter of 2006 increased 96 basis points from the second quarter of 2005 as a result of higher interest rates. In the second quarter of 2006, the net interest margin was increased by additional interest income of approximately $1.2 million from United’s subordinated interest in a prior asset securitization compared to the second quarter of 2005. Partially offsetting these increases to net interest income for the second quarter of 2006 was a 112 basis point increase in the cost of funds from the second quarter of 2005 due to the higher interest rates. The net interest margin for both the second quarter of 2006 and 2005 was 3.88%.

     On a linked-quarter basis, United’s tax-equivalent net interest income for the second quarter of 2006 increased $617 thousand compared to the first quarter of 2006 due primarily to growth in average loans of $132.7 million or 3% for the quarter. In addition, the average yield on earning assets for the second quarter of 2006 increased 27 basis points from the first quarter of 2006 as a result of higher interest rates. The net interest margin for the second quarter of 2006 was increased by additional interest income of approximately $504 thousand from United’s subordinated interest in a prior asset securitization when compared to the first quarter of

United Bankshares, Inc. Announces...
July 26, 2006
Page Two

2006. Partially offsetting these increases to net interest income for the second quarter of 2006 was a 29 basis point increase in the cost of funds from the first quarter of 2006 due to the higher interest rates. The net interest margin for the second quarter of 2006 of 3.88% was an increase of 2 basis points from the net interest margin of 3.86% for the first quarter of 2006.

     Tax-equivalent net interest income for the first six months of 2006 was $118.1 million, an increase of $5.9 million or 5% from the prior year’s first six months as average earning assets increased $293.4 million or 5% due mainly to average loan growth of $282.6 million or 6%. For the first half of 2006, interest income from United’s asset securitization increased $2.2 million from the first half of 2005. In addition, the average yield on earning assets for the first half of 2006 increased 92 basis points from the first half of 2005 due to higher interest rates. However, as a result of the higher interest rates, the average cost of funds for the first half of 2006 increased 107 basis points from the first half of 2005. The net interest margin for the first half of 2006 was 3.87%, up a basis point from a net interest margin of 3.86% during the same period last year.

     Noninterest income for the second quarter of 2006 increased $1.1 million or 8% from the second quarter of 2005. The growth was primarily due to an increase in revenue from trust and brokerage services of $906 thousand or 33% due to increased volume. Fees from deposit services grew $216 thousand or 3% for the second quarter of 2006 over last year’s second quarter due mainly to United’s High Performance Checking program, which was introduced during the first quarter of 2006.

     Noninterest income for the first half of 2006 increased $1.8 million or 7% from the first half of 2005 as revenue from trust and brokerage services for the first half of 2006 rose $1.2 million or 21%. Fees from deposit services increased $716 thousand or 5% for the first half of 2006 as compared to the first half of 2005 due mainly to United’s High Performance Checking program. Included in total noninterest income for the first half of 2006 are the results of United’s balance sheet repositioning which occurred during the first quarter of 2006. As part of the repositioning, United prepaid a Federal Home Loan Bank (“FHLB”) advance and terminated a fixed interest rate swap associated with the advance. United recognized a $3.1 million gain on the termination of the interest rate swap. In addition, United incurred a net loss on security transactions of $2.9 million due to an other than temporary impairment on approximately $86 million of low-yielding fixed rate investment securities which United sold as part of its balance sheet repositioning. On a linked-quarter basis, noninterest income increased $763 thousand or 6% from the first quarter of 2006. The rise in noninterest income was due mainly to increased revenue from trust and brokerage services of $627 thousand or 21% for the quarter. In addition, deposit service fees increased $226 thousand or 3% for the second quarter of 2006 as compared to the first quarter of 2006 due primarily to United’s High Performance Checking program.

     Noninterest expense for the second quarter of 2006 increased $1.6 million or 5% from the second quarter of 2005. This rise in noninterest expense was primarily due to an increase of $874 thousand or 7% in salaries expense as a result of a 3% increase in base salaries and higher performance-based commissions and incentives. In addition, United incurred marketing and related costs of approximately $686 thousand during the quarter to continue to promote its new High Performance Checking program.

United Bankshares, Inc. Announces...
July 26, 2006
Page Three

     Noninterest expense for the first half of 2006 increased $5.0 million or 8% from the first half of 2005. The increase in noninterest expense was primarily due to an increase of $2.1 million or 7% in salaries and benefits expense. Salaries expense increased $1.4 million or 6% as a result of the higher salaries, commissions, and incentives previously mentioned while health care and pension costs increased $286 thousand or 14% and $102 thousand or 8%, respectively. In addition, United incurred marketing and related costs of approximately $1.6 million during the first half of 2006 to launch and to promote its new High Performance Checking program. On a linked-quarter basis, noninterest expense for the second quarter of 2006 was relatively flat from the first quarter of 2006, decreasing $25 thousand or less than 1% for the quarter. The efficiency ratio was a low 42.98% and 42.42% for the second quarter and first half of 2006, respectively.

     United’s credit quality continues to be sound. At June 30, 2006, nonperforming loans were $13.5 million or 0.28% of loans, net of unearned income, which is comparable to nonperforming loans of $12.9 million or 0.27% of loans, net of unearned income at March 31, 2006 and $13.2 million or 0.28% of loans, net of unearned income at December 31, 2005, respectively. Net charge-offs were $418 thousand and $574 thousand for the second quarter and first half of 2006, respectively, as compared to $295 thousand and $1.3 million for the second quarter and first half of 2005. For the quarters ended June 30, 2006 and 2005, the provision for credit losses was $348 thousand and $504 thousand, respectively, while the provision for the first six months of 2006 was $598 thousand as compared to $1.6 million for 2005. As of June 30, 2006, the allowances for loan losses and lending-related commitments totaled $52.9 million or 1.10% of loans, net of unearned income, as compared to $52.9 million or 1.14% of loans, net of unearned income at December 31, 2005.

     During the second quarter, United’s Board of Directors declared a cash dividend of 27¢ per share, which represented a 4% increase over the 26¢ per share dividend paid for the second quarter of 2005. The annualized first half dividend of 54¢ per share equals $1.08 which would represent the thirty-third consecutive year of dividend increases for United shareholders.

     United Bankshares, with $6.7 billion in assets, presently has 90 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.”

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(In Thousands Except for Per Share Data)

	Three Months Ended						Six Months Ended
	June 30			June 30			June 30			June 30
	2006			2005			2006			2005
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	104,249		$	85,147		$	203,560		$	167,188
Interest expense		44,881			28,721			85,441			55,007
Net interest income, taxable equivalent		59,368			56,426			118,119			112,181
Taxable equivalent adjustment		3,788			2,968			7,518			5,733
Net interest income		55,580			53,458			110,601			106,448
Provision for credit losses		348			504			598			1,615
Noninterest income		14,425			13,359			28,087			26,278
Noninterest expenses		32,163			30,577			64,351			59,318
Income taxes		12,035			11,222			23,670			22,519
Net income	$	25,459		$	24,514		$	50,069		$	49,274
PER COMMON SHARE:
Net income:
Basic	$	0.61		$	0.57		$	1.20		$	1.15
Diluted		0.60			0.57			1.19			1.14
Cash dividends	$	0.27		$	0.26			0.54			0.52
Book value								15.30			14.97
Closing market price							$	36.63		$	35.61
Common shares outstanding:
Actual at period end, net of treasury shares								41,512,069			42,517,597
Weighted average- basic		41,684,404			42,659,573			41,803,404			42,779,299
Weighted average- diluted		42,084,164			43,121,982			42,228,600			43,269,361
FINANCIAL RATIOS:
Return on average assets		1.53	%		1.55	%		1.51	%		1.56	%
Return on average shareholders’ equity		15.84	%		15.50	%		15.67	%		15.60	%
Average equity to average assets		9.66	%		9.97	%		9.65	%		10.01	%
Net interest margin		3.88	%		3.88	%		3.87	%		3.86	%

	June 30		June 30		December 31		March 31
	2006		2005		2005		2006
PERIOD END BALANCES:
Assets	$	6,717,873	$	6,528,700	$	6,728,492	$	6,706,832
Earning assets		6,131,872		6,029,953		6,129,969		6,133,062
Loans, net of unearned income		4,806,978		4,522,577		4,649,829		4,693,329
Loans held for sale		5,914		3,232		3,324		1,773
Investment securities		1,327,216		1,442,407		1,501,966		1,453,394
Total deposits		4,755,480		4,513,941		4,617,452		4,703,268
Shareholders’ equity		635,027		636,513		635,205		638,607

EX-99.2

EXHIBIT 99.2

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2006			2005			2006			2006			2005
Interest & Loan Fees Income	$	100,461		$	82,179		$	95,581		$	196,042		$	161,455
Tax equivalent adjustment		3,788			2,968			3,730			7,518			5,733
Interest & Fees Income (FTE)		104,249			85,147			99,311			203,560			167,188
Interest expense		44,881			28,721			40,560			85,441			55,007
Net Interest Income (FTE)		59,368			56,426			58,751			118,119			112,181
Credit Loss Provision		348			504			250			598			1,615
Non-Interest Income:
Investment securities transactions		(99	)		58			(2,838	)		(2,937	)		982
Fees from trust & brokerage services		3,647			2,741			3,020			6,667			5,499
Fees from deposit services		7,217			7,002			6,991			14,208			13,493
Other charges, commissions, and fees		1,747			1,515			1,670			3,417			2,846
Income from mortgage banking operations		150			227			229			379			353
Gain on termination of interest rate swap associated with prepayment of FHLB advance		—			—			3,060			3,060			—
Other non-interest revenue		1,763			1,816			1,530			3,293			3,105
Total Non-Interest Income		14,425			13,359			13,662			28,087			26,278
Non-Interest Expense:
Salaries and employee benefits		15,951			14,921			15,098			31,049			28,987
Net occupancy		3,114			3,051			3,313			6,427			6,146
Other expenses		12,552			11,721			12,940			25,492			22,419
Amortization of intangibles		484			586			510			994			1,197
OREO expense		(82	)		150			179			97			270
FDIC expense		144			148			148			292			299
Total Non-Interest Expense		32,163			30,577			32,188			64,351			59,318
Income Before Income Taxes (FTE)		41,282			38,704			39,975			81,257			77,526
Tax equivalent adjustment		3,788			2,968			3,730			7,518			5,733
Income Before Income Taxes		37,494			35,736			36,245			73,739			71,793
Taxes		12,035			11,222			11,635			23,670			22,519
Net Income	$	25,459		$	24,514		$	24,610		$	50,069		$	49,274
MEMO: Effective Tax Rate		32.10	%		31.40	%		32.10	%		32.10	%		31.37	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	June 30			June 30
	2006			2005			June 30			December 31			June 30
	Q-T-D Average			Q-T-D Average			2006			2005			2005
Cash & Cash Equivalents	$	191,308		$	177,547		$	211,484		$	207,962		$	210,285
Securities Available for Sale		1,141,816			1,159,649			1,111,841			1,274,621			1,210,780
Held to Maturity Securities		215,628			231,789			215,375			227,345			231,627
Total Securities		1,357,444			1,391,438			1,327,216			1,501,966			1,442,407
Total Cash and Securities		1,548,752			1,568,985			1,538,700			1,709,928			1,652,692
Loans held for sale		3,026			3,465			5,914			3,324			3,232
Commercial Loans		2,657,706			2,459,952			2,692,517			2,599,781			2,517,940
Mortgage Loans		1,742,303			1,589,070			1,747,957			1,668,782			1,612,011
Consumer Loans		373,324			397,321			373,170			387,959			399,098
Gross Loans		4,773,333			4,446,343			4,813,644			4,656,522			4,529,049
Unearned income		(6,702	)		(6,402	)		(6,666	)		(6,693	)		(6,472	)
Loans, net of unearned income		4,766,631			4,439,941			4,806,978			4,649,829			4,522,577
Allowance for Loan Losses		(44,146	)		(43,635	)		(44,180	)		(44,138	)		(43,585	)
Goodwill		167,459			166,852			167,421			167,487			166,852
Other Intangibles		3,791			5,932			3,533			4,527			5,622
Total Intangibles		171,250			172,784			170,954			172,014			172,474
Real Estate Owned		2,713			2,657			2,313			2,941			2,410
Other Assets		228,544			216,235			237,194			234,594			218,900
Total Assets	$	6,676,770		$	6,360,432		$	6,717,873		$	6,728,492		$	6,528,700
MEMO: Earning Assets	$	6,123,138		$	5,823,110		$	6,131,872		$	6,129,969		$	6,029,953
Interest-bearing Deposits	$	3,783,234		$	3,479,012		$	3,844,736		$	3,657,778		$	3,549,648
Noninterest-bearing Deposits		873,594			892,542			910,744			959,674			964,293
Total Deposits		4,656,828			4,371,554			4,755,480			4,617,452			4,513,941
Short-term Borrowings		817,498			727,266			761,246			856,425			760,023
Long-term Borrowings		495,016			575,413			493,707			547,731			556,902
Total Borrowings		1,312,514			1,302,679			1,254,953			1,404,156			1,316,925
Other Liabilities		62,560			51,986			72,413			71,679			61,321
Total Liabilities		6,031,902			5,726,219			6,082,846			6,093,287			5,892,187
Common Equity		644,868			634,213			635,027			635,205			636,513
Total Shareholders’ Equity		644,868			634,213			635,027			635,205			636,513
Total Liabilities & Equity	$	6,676,770		$	6,360,432		$	6,717,873		$	6,728,492		$	6,528,700

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	Three Months Ended								Six Months Ended
	June			June		March			June			June
	2006			2005		2006			2006			2005
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.61		$	0.57	$	0.59		$	1.20		$	1.15
Diluted	$	0.60		$	0.57	$	0.58		$	1.19		$	1.14
Common Dividend Declared Per Share:	$	0.27		$	0.26	$	0.27		$	0.54		$	0.52
High Common Stock Price	$	38.41		$	36.45	$	38.50		$	38.50		$	38.62
Low Common Stock Price	$	34.46		$	29.82	$	34.46		$	34.46		$	29.82
Average Shares Outstanding (Net of Treasury Stock):
Basic		41,684,404			42,659,573		41,923,726			41,803,404			42,779,299
Diluted		42,084,164			43,121,982		42,379,242			42,228,600			43,269,361
Memorandum Items:
Tax Applicable to Security Transactions	$	(35	)	$	20	$	(993	)	$	(1,028	)	$	344
Common Dividends	$	11,212		$	11,072	$	11,331		$	22,543		$	22,210

	June		June		March
	2006		2005		2006
EOP Share Data:
Book Value Per Share	$	15.30	$	14.97	$	15.26
Tangible Book Value Per Share	$	11.18	$	10.91	$	11.16
52-week High Common Stock Price	$	38.55	$	39.35	$	38.55
Date		12/02/05		12/02/04		12/02/05
52-week Low Common Stock Price	$	32.34	$	29.82	$	29.82
Date		10/12/05		04/29/05		04/29/05
EOP Shares Outstanding (Net of Treasury Stock):		41,512,069		42,517,597		41,848,564
Memorandum Items:
EOP Employees (full-time equivalent)		1,365		1,302		1,352

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2006			2005			2006			2006			2005
Selected Yields and Net Interest Margin:
Loans		7.14	%		6.20	%		6.96	%		7.05	%		6.11	%
Investment Securities		5.78	%		4.85	%		5.37	%		5.57	%		4.77	%
Money Market Investments/FFS		4.28	%		2.77	%		2.84	%		3.55	%		2.39	%
Average Earning Assets Yield		6.82	%		5.86	%		6.55	%		6.69	%		5.77	%
Interest-bearing Deposits		2.97	%		1.92	%		2.68	%		2.83	%		1.83	%
Short-term Borrowings		4.12	%		2.21	%		3.65	%		3.88	%		2.04	%
Long-term Borrowings		6.85	%		5.63	%		6.41	%		6.62	%		5.51	%
Average Liability Costs		3.53	%		2.41	%		3.24	%		3.39	%		2.32	%
Net Interest Spread		3.29	%		3.45	%		3.31	%		3.30	%		3.45	%
Net Interest Margin		3.88	%		3.88	%		3.86	%		3.87	%		3.86	%
Selected Financial Ratios:
Return on Average Common Equity		15.84	%		15.50	%		15.51	%		15.67	%		15.60	%
Return on Average Assets		1.53	%		1.55	%		1.49	%		1.51	%		1.56	%
Efficiency Ratio		42.98	%		42.80	%		41.86	%		42.42	%		42.08	%

	June			June			March
	2006			2005			2006
Loan / Deposit Ratio		101.08	%		100.19	%		99.79	%
Allowance for Loan Losses/ Loans, net of unearned income		0.92	%		0.96	%		0.94	%
Allowance for Credit Losses (1)/ Loans, net of unearned income		1.10	%		1.14	%		1.13	%
Nonaccrual Loans / Loans, net of unearned income		0.14	%		0.21	%		0.16	%
90-Day Past Due Loans/ Loans, net of unearned income		0.14	%		0.13	%		0.12	%
Non-performing Loans/ Loans, net of unearned income		0.28	%		0.34	%		0.27	%
Non-performing Assets/ Total Assets		0.24	%		0.27	%		0.24	%
Primary Capital Ratio		10.16	%		10.46	%		10.23	%
Shareholders’ Equity Ratio		9.45	%		9.75	%		9.52	%
Price / Book Ratio		2.39	x		2.38	x		2.51	x
Price / Earnings Ratio		15.14	x		15.66	x		16.48	x

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	June		June		December		March
	2006		2005		2005		2006
Asset Quality Data:
EOP Non-Accrual Loans	$	6,958	$	9,510	$	7,146	$	7,308
EOP 90-Day Past Due Loans		6,531		5,955		6,039		5,569
Total EOP Non-performing Loans	$	13,489	$	15,465	$	13,185	$	12,877
EOP Other Real Estate & Assets Owned		2,313		2,410		2,941		3,145
Total EOP Non-performing Assets	$	15,802	$	17,875	$	16,126	$	16,022

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2006			2005			2006			2006			2005
Allowance for Credit Losses:(1)
Beginning Balance	$	52,965		$	51,424		$	52,871		$	52,871		$	51,353
Provision Expense		348			504			250			598			1,615
		53,313			51,928			53,121			53,469			52,968
Gross Charge-offs		(643	)		(1,039	)		(671	)		(1,314	)		(2,577	)
Recoveries		225			744			515			740			1,242
Net Charge-offs		(418	)		(295	)		(156	)		(574	)		(1,335	)
Ending Balance	$	52,895		$	51,633		$	52,965		$	52,895		$	51,633

Note: (1) Includes allowances for loan losses and lending-related commitments.