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United Bankshares, Inc.
(Exact name of registrant as specified in its charter)

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

On October 21, 2003 United Bankshares, Inc. (“United”) announced its earnings for the third quarter and first nine months of 2003. 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.

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. Achieves Record Earnings
for the Third Quarter and First Nine Months of 2003

PARKERSBURG, WV—United Bankshares, Inc. (NASDAQ: UBSI), today reported record earnings for the third quarter and the first nine months of 2003. Diluted earnings per share were 55¢ for the third quarter of 2003, up 6% from diluted earnings per share of 52¢ for the third quarter of 2002. Third quarter of 2003 net income was $22.9 million compared to $22.4 million for the third quarter of 2002. Diluted earnings per share were $1.62 for the first nine months of 2003, which also represented a 6% increase from diluted earnings per share of $1.53 for the first nine months of 2002. Net income for the first nine months of 2003 totaled $68.3 million compared to $66.4 million for the previous year’s first nine months.

United’s return on average assets was 1.59% for the quarter, up from 1.58% in the third quarter of 2002. Return on average equity was 16.40% for the third quarter of 2003, which was also an increase from last year’s third quarter return on average equity of 16.37%. For the nine months ended September 30, 2003, United achieved an annualized return on average assets of 1.60% and an annualized return on average equity of 16.58% compared with 1.60% and 16.85%, respectively, for the same time period in 2002. These financial performance ratios compare favorably to peer group banking companies as United continues to maintain strong profitability levels.

Noninterest income, excluding security transactions, for the third quarter and first nine months of 2003 increased $5.4 million or 24% and $21.2 million or 37% from the third quarter and first nine months of 2002, respectively. As has been the case in recent quarters, increased mortgage banking production continues to drive the growth in noninterest income. Also contributing to the rise in noninterest income were fees from deposit services, which increased $640 thousand or 8% and $2.7 million or 12% for the third quarter and first nine months of 2003, respectively, as compared to the same periods in 2002. On a linked-quarter basis, noninterest income, excluding security transactions, increased $1.7 million or 6%.

Income from mortgage banking operations for the third quarter of 2003 increased $4.6 million or 41% from the third quarter of 2002 as historically low interest rates favorably impacted mortgage refinancing and home purchasing. Mortgage loans sold in the secondary market during the third quarter of 2003 increased $797.9 million or 111% from the third quarter of 2002, while loan originations increased $315.2 million or 33% when compared to the third quarter of 2002. For the first nine months of 2003, mortgage loans sold in the secondary market increased $2.0 billion or 104%, while loan originations also increased $1.6 billion or 76% from the first nine months of 2002.

As a result of this increased mortgage loan activity, income from mortgage banking operations for the first nine months of 2003 increased $17.3 million or 70% from the first nine months of 2002. On a linked-quarter basis, income from mortgage banking operations increased $1.6 million or 11%. Mortgage loans sold in the secondary market during the third quarter of 2003 increased $270.0 million or 22%, while loans originated for sale decreased $48.3 million or 4% from the second quarter of 2003. Due to the increases in mortgage loan interest rates that occurred during the third quarter, United believes that mortgage banking revenues have probably peaked and are likely to be flat or down in subsequent quarters.

United realized a net gain of $122 thousand and $1.9 million from security transactions in the third quarter and first nine months of 2003 as compared to net losses of $4.4 million and $5.0 million in the third quarter and first nine months of 2002. The loss on security transactions in 2002 included recognized impairment charges of $4.6 million and $5.4 million for the third quarter and first nine months of 2002, respectively, due to other-than-temporary declines in the fair value of retained interests in securitized assets. United has recognized only minimal impairment charges during 2003. The decline in the value of these available for sale securities in 2002 was the result of an increase in the level of prepayment and default activity during the time periods, which negatively affected the valuation of those securities to varying degrees during the respective periods.

Noninterest expense increased $2.5 million or 6% and $13.8 million or 13% for the third quarter and first nine months of 2003, respectively, as compared to the prior year’s third quarter and first nine months. These increases in noninterest expense were primarily due to increased employee commissions expense as a result of additional loan origination volume at the mortgage banking operations as compensation is tied to loan production levels. United’s efficiency ratio has been increasing over the last few quarters from traditionally low levels mainly as a result of a compressing net interest margin and increased expenses of the mortgage banking operations as a result of the higher loan production levels. The efficiency ratio of 51.6% and 51.5% for the third quarter and first nine months of 2003, respectively, still compares favorably to peer group banking companies. On a linked-quarter basis, noninterest expense was relatively stable from the second to the third quarter of 2003.

Like most financial institutions, United’s net interest margin continues to feel the pressure of an extended period of low interest rates and a weak domestic economy. However, when interest rates do rise and the economy begins to recover, United is well positioned for net interest margin growth. For now, United’s tax-equivalent net interest income for the third quarter of 2003 was $50.0 million, which was relatively stable from the second quarter of 2003. The net interest margin for the third quarter of 2003 was 3.75%, a decrease of 8 basis points from 3.83% in the second quarter of 2003. Compared to last year’s results, United’s tax-equivalent net interest income for the third quarter of 2003 decreased by $6.4 million or 11% from the third quarter of 2002. The net interest margin of 3.75% for the third quarter of 2003 was a 51 basis points decline from the third quarter of 2002’s net interest margin of 4.26%. Tax-equivalent net interest income for the first nine months of 2003 was $150.4 million, a decrease of $13.7 million or 8% from the prior year’s first nine months. The net interest margin for the first nine months of 2003 was 3.78% as compared to a net interest margin of 4.22% during the same period last year.

Credit quality continues to compare favorably against peer group averages, despite sluggish economic conditions. At September 30, 2003, nonperforming loans were $18.5 million or 0.51% of loans, net of unearned income compared to $13.4 million or 0.38% of loans, net of unearned income at June 30, 2003 and $15.4 million or 0.43% of loans, net of unearned income at December 31, 2002. The increase in nonperforming loans for the quarter and year-to-date was due mainly to four large commercial credits being more than 90 days past due or on nonaccrual at September 30, 2003, one of which subsequently became current. All of these credits were appropriately considered in assessing the adequacy of the allowance for loan losses. The provision for loan losses for the three months ended September 30, 2003 amounted to $2.2 million compared to $1.8 million for the same period in 2002. The provision for loan losses for the nine months ended September 30, 2003 was $6.0 million compared to $5.7 million for the prior year-to-date. Net charge-offs were $2.1 million for the third quarter of 2003 compared to net charge-offs of $2.2 million for the prior year quarter. Net charge-offs for the first nine months of 2003 were $6.4 million compared to net charge-offs of $5.8 million for the first nine months of 2002. As of September 30, 2003, the allowance for loan losses was $46.9 million or 1.29% of loans, net of unearned income, compared to $46.8 million at June 30, 2003 and $47.4 million at December 31, 2002, both of these amounts represented 1.33% of loans, net of unearned income.

During the quarter, United’s Board of Directors declared a cash dividend of 25¢ per share, a 4% increase over the 24¢ per share declared in the third quarter of 2002. Dividends per share of 75¢ for the first three quarters of 2003 represents a 7% increase over the 70¢ per share paid for the first three quarters of 2002. The year 2003 is expected to be the 30th consecutive year of dividend increases to United shareholders.

At the close of business on October 10, 2003, United acquired 100% of the outstanding common stock of Sequoia Bancshares, Inc. of Bethesda, Maryland in a transaction valued at approximately $112 million. The acquisition of Sequoia expands United’s presence in the rapidly growing and economically attractive Northern Virginia, Washington, D.C. and suburban Maryland market. At consummation, Sequoia had assets of approximately $516 million, loans of $362 million, deposits of $384 million and shareholders’ equity of $22 million.

Following completion of the merger with Sequoia, United has consolidated assets of approximately $6.4 billion with 91 full service offices in West Virginia, Virginia, Maryland, Ohio and Washington, D.C. United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System 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 evolving banking industry standards.


		Three Months Ended						Nine Months Ended

		September 30			September 30			September 30			September 30
		2003			2002			2003			2002

EARNINGS SUMMARY:
Interest income, taxable equivalent		$	74,480		$	89,138		$	230,986		$	264,695
Interest expense			24,459			32,677			80,621			100,589
Net interest income, taxable equivalent			50,021			56,461			150,365			164,106
Taxable equivalent adjustment			2,499			2,725			7,520			8,306
Net interest income			47,522			53,736			142,845			155,800
Provision for loan losses			2,222			1,823			5,973			5,725
Income from mortgage banking operations			15,834			11,203			42,073			24,801
Gain (loss) on security transactions			122			(4,368	)		1,919			(4,961	)
Other noninterest income			12,694			11,894			36,044			32,096
Noninterest expenses			41,207			38,697			119,382			105,556
Income taxes			9,823			9,592			29,258			30,075
Net income			22,920			22,353			68,268			66,380
Cash dividends declared			10,301			10,193			31,100			29,863
PER COMMON SHARE:
Net income:
	Basic		0.55			0.53			1.64			1.56
	Diluted		0.55			0.52			1.62			1.53
Cash dividends declared			0.25			0.24			0.75			0.70
Book value									13.22			12.72
Closing market price									29.95			29.01
Common shares outstanding:
	Actual, net of treasury shares								41,204,046			42,277,711
	Average basic		41,328,476			42,419,925			41,615,354			42,667,849
	Average diluted		41,823,011			43,103,509			42,091,262			43,348,668
FINANCIAL RATIOS:
Return on average assets			1.59	%		1.58	%		1.60	%		1.60	%
Return on average shareholders’ equity			16.40	%		16.37	%		16.58	%		16.85	%
Average equity to average assets			9.67	%		9.62	%		9.67	%		9.52	%
Net interest margin			3.75	%		4.26	%		3.78	%		4.22	%


	September 30		September 30		December 31		June 30
	2003		2002		2003		2003

PERIOD END BALANCES:
Assets	$	5,731,984	$	5,848,573	$	5,792,019		5,753,006
Earning assets		5,314,800		5,480,448		5,454,471		5,392,191
Loans, net of unearned income		3,646,704		3,572,280		3,573,161		3,515,307
Loans held for sale		302,934		519,786		582,718		548,767
Investment securities		1,273,965		1,372,408		1,285,490		1,313,804
Total deposits		3,767,055		3,982,265		3,900,848		3,851,967
Shareholders’ equity		544,540		537,773		541,539		547,094

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


			Three Months Ended												Year to Date

			September			September			June			March			September			September
			2003			2002			2003			2003			2003			2002

Interest & Loan Fees Income			$	71,981		$	86,413		$	74,261		$	77,224		$	223,466		$	256,389
Tax Equivalent Adjustment				2,499			2,725			2,456			2,566			7,520			8,306

		Interest & Fees Income (FTE)		74,480			89,138			76,717			79,790			230,986			264,695
Interest Expense				24,459			32,677			26,567			29,595			80,621			100,589

		Net Interest Income (FTE)		50,021			56,461			50,150			50,195			150,365			164,106
Loan Loss Provision				2,222			1,823			2,296			1,455			5,973			5,725
Non-Interest Income:
	Inv. Securities Transactions			122			(4,368	)		931			866			1,919			(4,961	)
	Trust Revenue			2,389			2,303			2,462			2,275			7,126			6,692
	Service Charges on Deposits			8,939			8,299			8,943			8,121			26,003			23,287
	Income from Mortgage Banking Operations			15,834			11,203			14,267			11,972			42,073			24,801
	Other Non-Interest Revenue			1,366			1,292			1,188			361			2,915			2,117

		Total Non-Interest Income		28,650			18,729			27,791			23,595			80,036			51,936

Non-Interest Expense:
	Staff Expense			25,507			21,595			24,189			21,631			71,327			58,367
	Occupancy & Equipment			3,039			3,252			3,264			3,316			9,619			9,312
	Other Expenses			11,846			12,903			12,462			11,647			35,955			35,396
	Amortization of Intangibles			412			562			424			434			1,270			1,396
	OREO Expense			245			231			(8	)		248			485			564
	FDIC Expense			158			154			279			289			726			521

		Total Non-Interest Expense		41,207			38,697			40,610			37,565			119,382			105,556

Pre-Tax Earnings (FTE)				35,242			34,670			35,035			34,770			105,046			104,761
Tax Equivalent Adjustment				2,499			2,725			2,456			2,566			7,520			8,306

Reported Pre-Tax Earnings				32,743			31,945			32,579			32,204			97,526			96,455
Taxes				9,823			9,592			9,774			9,661			29,258			30,075

Net Income			$	22,920		$	22,353		$	22,805		$	22,543		$	68,268		$	66,380

MEMO: Effective Tax Rate				30.00	%		30.03	%		30.00	%		30.00	%		30.00	%		31.18	%

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


				September 30			September 30
				2003			2002			September 30			December 31			September 30
				Q-T-D Average			Q-T-D Average			2003			2002			2002

Cash & Cash Equivalents				$	189,179		$	140,012		$	260,943		$	175,363		$	207,938
Securities Available for Sale					1,022,807			1,132,555			1,018,309			1,022,314			1,099,589
Held to Maturity Securities					256,483			273,401			255,656			263,176			272,819

	Total Securities				1,279,290			1,405,956			1,273,965			1,285,490			1,372,408

			Total Cash and Securities		1,468,469			1,545,968			1,534,908			1,460,853			1,580,346

	Loans held for sale				518,021			343,801			302,934			582,718			519,786
	Commercial Loans				1,851,515			1,923,336			1,946,401			1,885,275			1,927,388
	Mortgage Loans				1,312,381			1,285,366			1,329,188			1,335,606			1,281,962
	Consumer Loans				376,038			364,774			371,115			352,280			362,930

			Loans & Leases, net of unearned income		3,539,934			3,573,476			3,646,704			3,573,161			3,572,280
Reserve for loan & Lease Losses					(46,902	)		(47,578	)		(46,933	)		(47,387	)		(47,372	)
Goodwill					89,595			91,895			89,574			90,416			91,575
Other Intangibles					4,830			5,022			4,599			5,869			6,315

	Total Intangibles				94,425			96,917			94,173			96,285			97,890
Real Estate Owned					3,364			4,441			3,225			4,267			4,368
Other Assets					155,476			111,963			196,973			122,122			121,275

			Total Assets	$	5,732,787		$	5,628,988		$	5,731,984		$	5,792,019		$	5,848,573

MEMO: Earning Assets				$	5,326,902		$	5,289,761		$	5,314,800		$	5,454,471		$	5,480,448

Interest-bearing Deposits				$	3,006,322		$	3,148,543		$	2,971,782		$	3,161,620		$	3,194,596
Noninterest-bearing Deposits					758,103			606,176			795,273			739,228			787,669

	Total Deposits				3,764,425			3,754,719			3,767,055			3,900,848			3,982,265
Short-term Borrowings					558,438			536,403			548,393			573,549			589,769
Long-term Borrowings					805,536			689,650			813,164			708,573			689,056

		Total Borrowings			1,363,974			1,226,053			1,361,557			1,282,122			1,278,825
Other Liabilities					49,838			106,528			58,832			67,510			49,710

			Total Liabilities		5,178,237			5,087,300			5,187,444			5,250,480			5,310,800

Common Equity					554,550			541,688			544,540			541,539			537,773

			Total Shareholders’ Equity		554,550			541,688			544,540			541,539			537,773

Total Liabilities & Equity				$	5,732,787		$	5,628,988		$	5,731,984		$	5,792,019		$	5,848,573

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


		Three Months Ended									Year to Date

		September		September			June		March		September		September
		2003		2002			2003		2003		2003		2002

Quarterly/Year-to-Date Share Data:
Earnings Per Share:
	Basic	$	0.55	$	0.53		$	0.55	$	0.54	$	1.64	$	1.56
	Diluted	$	0.55	$	0.52		$	0.54	$	0.53	$	1.62	$	1.53
Common Dividend Declared Per Share		$	0.25	$	0.24		$	0.25	$	0.25	$	0.75	$	0.70
High Common Stock Price		$	31.61	$	31.65		$	30.93	$	30.51	$	31.61	$	32.25
Low Common Stock Price		$	28.37	$	24.88		$	27.40	$	26.58	$	26.58	$	24.88
Average Shares Outstanding: (Net of Treasury Stock):
	Basic		41,328,476		42,419,925			41,597,646		41,891,007		41,615,354		42,667,849
	Diluted		41,823,011		43,103,509			42,067,728		42,355,229		42,091,262		43,348,668
Memorandum Items:
Tax Applicable to Security Transactions		$	43		($1,529	)	$	326	$	303	$	672		($1,736	)
Common Dividends		$	10,301	$	10,193		$	10,373	$	10,426	$	31,100	$	29,863

								September		September		June		March
EOP Share Data:								2003		2002		2003		2003

Book Value Per Share							$	13.22	$	12.72	$	13.20	$	12.98
Tangible Book Value Per Share							$	10.93	$	10.40	$	10.91	$	10.70
52-week High Common Stock Price							$	31.61	$	32.25	$	31.65	$	32.25
	Date							09/08/03		05/06/02		08/20/02		05/06/02
52-week Low Common Stock Price							$	26.09	$	24.88	$	24.88	$	24.88
	Date							10/09/02		07/24/02		07/24/02		07/24/02
Memorandum Items:
EOP Shares Outstanding (Net of Treasury Stock):								41,204,046		42,277,711		41,461,389		41,744,719
EOP Employees (full-time equivalent)								1,545		1,445		1,509		1,500

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


			Three Months Ended												Year to Date

				September		September			June			March			September			September
				2003		2002			2003			2003			2003			2002

Selected Yields and Net Interest Margin:
Loans				5.94	%		6.89	%		6.26	%		6.39	%		6.19	%		7.10	%
Investment Securities				4.47	%		6.23	%		4.85	%		5.30	%		4.90	%		6.21	%
Money Market Investments/FFS				1.71	%		1.72	%		1.78	%		1.16	%		1.39	%		1.67	%
	Average Earning Assets Yield			5.57	%		6.71	%		5.86	%		6.00	%		5.82	%		6.82	%
Interest-bearing Deposits				1.58	%		2.42	%		1.77	%		2.12	%		1.83	%		2.61	%
Short-term Borrowings				1.09	%		2.02	%		1.67	%		1.69	%		1.45	%		2.02	%
Long-term Borrowings				5.38	%		6.19	%		6.15	%		6.19	%		5.88	%		6.17	%
	Average Liability Costs			2.22	%		2.96	%		2.49	%		2.72	%		2.47	%		3.11	%
		Net Interest Spread		3.35	%		3.75	%		3.37	%		3.28	%		3.35	%		3.71	%
		Net Interest Margin		3.75	%		4.26	%		3.83	%		3.76	%		3.78	%		4.22	%
Selected Financial Ratios:
Return on Average Common Equity				16.40	%		16.37	%		16.67	%		16.67	%		16.58	%		16.85	%
Return on Average Assets				1.59	%		1.58	%		1.63	%		1.60	%		1.60	%		1.60	%
Efficiency Ratio				51.62	%		47.64	%		52.19	%		50.58	%		51.48	%		46.88	%

										September			September			June			March
										2003			2002			2003			2003

Loan / Deposit Ratio										96.81	%		89.70	%		91.26	%		87.92	%
Loan Loss Reserve / Loans, net of unearned income										1.29	%		1.33	%		1.33	%		1.34	%
Nonaccrual Loans / Loans, net of unearned income										0.25	%		0.17	%		0.22	%		0.29	%
90-Day Past Due Loans/ Loans, net of unearned income										0.26	%		0.19	%		0.17	%		0.19	%
Non-performing Loans/ Loans, net of unearned income										0.51	%		0.36	%		0.38	%		0.47	%
Non-performing Assets/ Total Assets										0.38	%		0.30	%		0.30	%		0.36	%
Primary Capital Ratio										10.24	%		9.92	%		10.24	%		10.04	%
Shareholders’ Equity Ratio										9.50	%		9.19	%		9.51	%		9.32	%
Price / Book Ratio										2.27	x		2.28	x		2.17	x		2.13	x
Price / Earnings Ratio										13.81	x		14.17	x		13.33	x		13.01	x

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


		September		September		December		June		March
		2003		2002		2002		2003		2003

Credit Quality Data:
EOP Non-Accrual Loans		$	8,998	$	6,090	$	6,890	$	7,595	$	9,979
EOP 90-Day Past Due Loans			9,468		6,835		8,461		5,817		6,594

	Total EOP Non-performing Loans	$	18,466	$	12,925	$	15,351	$	13,412	$	16,573
EOP Other Real Estate & Assets Owned			3,225		4,368		4,267		3,834		4,086

	Total EOP Non-performing Assets	$	21,691	$	17,293	$	19,618	$	17,246	$	20,659

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West Virginia	No. 0-13322	55-0641179

(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)


(c)	Exhibits

	99.1	Press Release, dated October 21, 2003, issued by United Bankshares, Inc.

	99.2	Unaudited Supplemental Financial Information


	UNITED BANKSHARES, INC

Date: October 21, 2003		By: /s/ Steven E. Wilson
		Steven E. Wilson, Executive Vice
		President, Treasurer, Secretary
		and Chief Financial Officer


For Immediate Release		Contact: Steven E. Wilson
October 21, 2003		Chief Financial Officer
		(304)424-8704


	Three Months Ended												Year to Date

	September			September			June			March			September			September
	2003			2002			2003			2003			2003			2002

Charge-off Analysis:
Gross Charge-offs		($2,600	)		($2,410	)		($2,737	)		($2,256	)		($7,593	)		($7,000	)
Recoveries		467			213			300			400			1,166			1,239

Net Charge-offs		($2,133	)		($2,197	)		($2,437	)		($1,856	)		($6,427	)		($5,761	)

Table of Contents

Table of Contents

Table of Contents