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):
April 20, 2004

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

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

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 12. Results of Operations and Financial Condition
SIGNATURES
Exhibit 99.1
Exhibit 99.2

Item 7. Financial Statements and Exhibits

     (c) Exhibits

          99.1 Press Release, dated April 20, 2004, issued by United Bankshares, Inc.

          99.2 Unaudited Supplemental Financial Information

Item 12. Results of Operations and Financial Condition

     On April 20, 2004 United Bankshares, Inc. (“United”) announced its earnings for the first quarter of 2004. 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.

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: April 20, 2004	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
April 20, 2004 Contact: Steven E. Wilson
Chief Financial Officer
(304) 424-8704

     United Bankshares, Inc. Announces
Record Earnings for the First Quarter of 2004

     PARKERSBURG, WV—United Bankshares, Inc. (NASDAQ: UBSI), today reported record earnings of $23.5 million for the first quarter of 2004. These results, the largest amount of quarterly earnings in United’s history, represent a 4% increase over earnings of $22.5 million for the first quarter of 2003. Diluted earnings per share were 53¢ for the first quarter of 2004 and 2003.

     First quarter of 2004 results produced a return on average assets of 1.52% and a return on average equity of 15.19%, as compared to 1.60% and 16.67%, respectively, for the first quarter of 2003. United’s returns compare favorably to its most recently reported peer group banking companies’ average return on assets of 1.29% and average return on equity of 13.78%.

     Tax-equivalent net interest income for the first quarter of 2004 was $54.6 million, an increase of $4.4 million or 9% from the first quarter of 2003. The net interest margin for the first quarter 2004 was 3.86%, a 10 basis point increase over the first quarter of 2003’s net interest margin of 3.76%. The margin improvement in 2004 resulted from an increase in average earning assets and lower funding costs. Average earning assets increased $314.6 million or 6% from the first quarter of 2003 primarily due to the Sequoia Bancshares acquisition that was consummated on October 10, 2003. The average cost of funds for the first quarter of 2004 decreased 85 basis points from the first quarter of 2003 due mainly to lower interest rates.

     During the fourth quarter of 2003, United prepaid $156.5 million of Federal Home Loan Bank (FHLB) long-term advances with a weighted-average interest rate of 6.18%. The early termination of these advances has resulted in an immediate positive impact on the net interest margin. Tax-equivalent net interest income for the first quarter of 2004 increased $1.6 million or 3% from the fourth quarter of 2003. The net interest margin of 3.86% for the first quarter of 2004 was also an increase of 10 basis points from a net interest margin of 3.76% for the fourth quarter of 2003 due mainly to the savings in funding costs resulting from the prepayment of these FHLB advances. For the first quarter of 2004, interest expense on FHLB advances declined $1.2 million or 13% from the fourth quarter of 2003 resulting in a decrease of 82 basis points in the cost of these funds. In addition, tax-equivalent interest income on portfolio loans increased $962 thousand or 2% for the first quarter of 2004 as average portfolio loans grew $124.8 million or 3% from the fourth quarter of 2003. This increase in portfolio loans for the quarter equates to an annualized growth rate of 12%.

United Bankshares, Inc. Announces...
April 20, 2004
Page Two

     Noninterest income for the first quarter of 2004 decreased $3.5 million or 15% and $3.2 million or 14% from the first quarter of 2003 and the fourth quarter of 2003, respectively. The decreases were driven primarily by decreased mortgage banking activity. Income from mortgage banking operations for the first quarter of 2004 decreased $5.5 million or 46% and $3.4 million or 34% from the first and the fourth quarters of 2003, respectively, due to increases in long-term interest rates that began during the third quarter of 2003. Offsetting a portion of the decrease in mortgage banking income from the first quarter of 2003 was income of $1.2 million from bank owned life insurance policies as United has added approximately $60 million of insurance since March 31, 2003. Noninterest income also benefited from increases in income from deposit and wealth management services of $721 thousand or 11% and $295 thousand or 13%, respectively, for the first quarter of 2004 as compared to the first quarter of 2003. Wealth management services include trust and brokerage services. On a linked-quarter basis, income from wealth management services for the first quarter of 2004 increased $309 thousand or 14% while income from deposit services decreased $376 thousand or 5% from the fourth quarter of 2003.

     Noninterest expense for the first quarter of 2004 was relatively flat as compared to the prior year’s first quarter decreasing $339 thousand or 1%. On a linked-quarter basis, noninterest expense for the first quarter of 2004 declined $20.1 million or 35% from the fourth quarter of 2003. Noninterest expense for the fourth quarter of 2003 included prepayment penalties of approximately $16.7 million as a result of the previously mentioned early repayment of certain FHLB advances. In addition, salaries and employee benefits declined $2.0 million or 9% from the fourth quarter of 2003. This decrease was primarily due to decreased employee salaries and commissions related to the reduced volume at the mortgage banking operations. United’s efficiency ratio for the first quarter of 2004 was 49.2% as compared to 50.6% and 73.7% for the first and fourth quarters of 2003, respectively. This ratio of 49.2% compares favorably to the most recently reported average efficiency ratio of 60.6% for peer group banking companies.

     United’s credit quality continues to be sound, comparing favorably to peer averages. At March 31, 2004, nonperforming loans were $13.7 million or 0.33% of loans, net of unearned income, which compares to $16.6 million or 0.47% and $18.6 million or 0.45% of loans, net of unearned income at March 31 and December 31, 2003, respectively. Net charge-offs were $1.3 million for the first quarter of 2004, a decrease from $1.9 million for both the first quarter and fourth quarter of 2003. For the quarter ended March 31, 2004, the provision for loan losses was $1.4 million as compared to $1.5 million for both the first and fourth quarters of 2003. As of March 31, 2004, the allowance for loan losses was $50.5 million or 1.20% of loans, net of unearned income, compared to 1.23% at December 31, 2003.

     During the quarter, United’s Board of Directors declared a cash dividend of 25¢ per share. The year 2004 is expected to be the 31st consecutive year of dividend increases for United shareholders. Mergent, Inc., a leading provider of global business and financial information, recently named United as a “2004 Dividend Achiever.” The annual list of Dividend Achievers consists of

United Bankshares, Inc. Announces...
April 20, 2004
Page Three

U.S. companies that have increased regular dividends for the last 10 consecutive years or more, and meet certain other financial criteria. This elite group of Dividend Achievers represents just 3% of all U.S. companies that pay dividends.

     United Bankshares, with $6.4 billion in assets, has 91 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Stock 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.

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

	Three Months Ended
	March 31			March 31			December 31
	2004			2003			2003
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	76,589		$	79,790		$	76,580
Interest expense		21,972			29,595			23,530
Net interest income, taxable equivalent		54,617			50,195			53,050
Taxable equivalent adjustment		2,515			2,566			2,538
Net interest income		52,102			47,629			50,512
Provision for loan losses		1,357			1,455			1,502
Income from mortgage banking operations		6,449			11,972			9,833
Gain (loss) on security transactions		714			866			(89	)
Other noninterest income		12,894			10,757			13,536
Noninterest expenses		37,226			37,565			57,296
Income taxes		10,072			9,661			4,497
Net income		23,504			22,543			10,497
Cash dividends declared		10,916			10,426			10,929
PER COMMON SHARE:
Net income:
Basic		0.54			0.54			0.24
Diluted		0.53			0.53			0.24
Cash dividends declared		0.25			0.25			0.25
Book value		14.34			12.98			14.08
Closing market price		30.50			27.70			31.19
Common shares outstanding:
Actual, net of treasury shares		43,627,204			41,744,719			43,689,334
Average basic		43,680,837			41,891,007			43,428,041
Average diluted		44,258,584			42,355,229			44,177,850
FINANCIAL RATIOS:
Return on average assets		1.52	%		1.60	%		0.68	%
Return on average shareholders’ equity		15.19	%		16.67	%		6.71	%
Average equity to average assets		9.98	%		9.59	%		10.06	%
Net interest margin		3.86	%		3.76	%		3.76	%

	March 31		March 31		December 31
	2004		2003		2003
PERIOD END BALANCES:
Assets	$	6,433,296	$	5,816,539	$	6,378,999
Earning assets		5,916,271		5,449,356		5,825,527
Loans, net of unearned income		4,206,857		3,495,781		4,096,019
Loans held for sale		233,659		478,706		181,186
Investment securities		1,462,356		1,350,286		1,510,610
Total deposits		4,152,631		3,975,954		4,182,372
Shareholders’ equity		625,741		541,873		615,191

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
	March			March			December
	2004			2003			2003
Interest & Loan Fees Income	$	74,074		$	77,224		$	74,042
Tax Equivalent Adjustment		2,515			2,566			2,538
Interest & Fees Income (FTE)		76,589			79,790			76,580
Interest Expense		21,972			29,595			23,530
Net Interest Income (FTE)		54,617			50,195			53,050
Loan Loss Provision		1,357			1,455			1,502
Non-Interest Income:
Investment Securities Gains (Losses)		714			866			(89	)
Fees from Trust & Brokerage Services		2,570			2,275			2,261
Fees from Deposit Services		7,397			6,676			7,773
Other Charges, Commissions, and Fees		1,299			1,445			1,367
Income from Mortgage Banking Operations		6,449			11,972			9,833
Other Non-Interest Revenue		1,628			361			2,135
Total Non-Interest Income		20,057			23,595			23,280
Non-Interest Expense:
Salaries and Employee Benefits		19,936			21,631			21,972
Net Occupancy Expense		3,702			3,316			3,473
Other Expenses		12,595			11,647			30,721
Amortization of Intangibles		750			434			800
OREO Expense		84			248			185
FDIC Expense		159			289			145
Total Non-Interest Expense		37,226			37,565			57,296
Income Before Income Taxes (FTE)		36,091			34,770			17,532
Tax Equivalent Adjustment		2,515			2,566			2,538
Income Before Income Taxes		33,576			32,204			14,994
Taxes		10,072			9,661			4,497
Net Income	$	23,504		$	22,543		$	10,497
MEMO: Effective Tax Rate		30.00	%		30.00	%		29.99	%

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

Consolidated Balance Sheets

	March 31			March 31
	2004			2003
	Q-T-D			Q-T-D			March 31			December 31
	Average			Average			2004			2003
Cash & Cash Equivalents	$	188,359		$	267,376		$	184,535		$	254,941
Securities Available for Sale		1,229,365			1,032,755			1,224,206			1,266,635
Securities Held to Maturity		241,020			262,322			238,150			243,975
Total Securities		1,470,385			1,295,077			1,462,356			1,510,610
Total Cash and Securities		1,658,744			1,562,453			1,646,891			1,765,551
Loans held for sale		120,036			428,463			233,659			181,186
Commercial Loans		2,258,875			1,878,089			2,325,079			2,249,176
Mortgage Loans		1,463,977			1,323,893			1,481,718			1,453,131
Consumer Loans		400,988			346,438			400,060			393,712
Loans, net of unearned income		4,123,840			3,548,420			4,206,857			4,096,019
Allowance for Loan Losses		(50,423	)		(47,508	)		(50,474	)		(50,432	)
Goodwill		169,079			90,397			167,583			169,655
Other Intangibles		9,204			5,696			8,795			9,546
Total Intangibles		178,283			96,093			176,378			179,201
Real Estate Owned		3,144			4,069			3,312			3,203
Other Assets		201,728			127,165			216,673			204,271
Total Assets	$	6,235,352		$	5,719,155		$	6,433,296		$	6,378,999
MEMO: Earning Assets	$	5,674,612		$	5,360,056		$	5,916,271		$	5,825,527
Interest-bearing Deposits	$	3,209,339		$	3,175,138		$	3,225,653		$	3,244,860
Noninterest-bearing Deposits		848,900			707,312			926,978			937,512
Total Deposits		4,058,239			3,882,450			4,152,631			4,182,372
Short-term Borrowings		657,879			527,628			705,823			661,942
Long-term Borrowings		853,195			708,435			884,691			858,174
Total Borrowings		1,511,074			1,236,063			1,590,514			1,520,116
Other Liabilities		43,606			52,283			64,410			61,320
Total Liabilities		5,612,919			5,170,796			5,807,555			5,763,808
Common Equity		622,433			548,359			625,741			615,191
Total Shareholders’ Equity		622,433			548,359			625,741			615,191
Total Liabilities & Equity	$	6,235,352		$	5,719,155		$	6,433,296		$	6,378,999

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

	Three Months Ended
	March		March		December
	2004		2003		2003
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.54	$	0.54	$	0.24
Diluted	$	0.53	$	0.53	$	0.24
Common Dividend Declared Per Share	$	0.25	$	0.25	$	0.25
High Common Stock Price	$	31.60	$	30.51	$	31.60
Low Common Stock Price	$	29.36	$	26.58	$	28.92
Average Shares Outstanding: (Net of Treasury Stock):
Basic		43,680,837		41,891,007		43,428,041
Diluted		44,258,584		42,355,229		44,177,850
Memorandum Items:
Tax Applicable to Security Transactions	$	250	$	303	($	31	)
Common Dividends	$	10,917	$	10,426	$	10,929

	March		March		December
	2004		2003		2003
EOP Share Data:
Book Value Per Share	$	14.34	$	12.98	$	14.08
Tangible Book Value Per Share	$	10.30	$	10.70	$	10.00
52-week High Common Stock Price	$	31.61	$	32.25	$	31.61
Date		09/08/03		05/06/02		09/08/03
52-week Low Common Stock Price	$	27.40	$	24.88	$	26.58
Date		04/01/03		07/24/02		03/13/03
EOP Shares Outstanding (Net of Treasury Stock):		43,627,204		41,744,719		43,689,334
Memorandum Items:
EOP Employees (full-time equivalent)		1,549		1,500		1,585

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

	Three Months Ended
	March			March			December
	2004			2003			2003
Selected Yields and Net Interest Margin:
Loans		5.75	%		6.39	%		5.78	%
Investment Securities		4.50	%		5.30	%		4.64	%
Money Market Investments/FFS		2.81	%		1.16	%		1.17	%
Average Earning Assets Yield		5.42	%		6.00	%		5.42	%
Interest-bearing Deposits		1.37	%		2.12	%		1.42	%
Short-term Borrowings		0.97	%		1.69	%		0.98	%
Long-term Borrowings		4.47	%		6.19	%		5.32	%
Average Liability Costs		1.87	%		2.72	%		2.01	%
Net Interest Spread		3.55	%		3.28	%		3.41	%
Net Interest Margin		3.86	%		3.76	%		3.76	%
Selected Financial Ratios:
Return on Average Common Equity		15.19	%		16.67	%		6.71	%
Return on Average Assets		1.52	%		1.60	%		0.68	%
Efficiency Ratio		49.20	%		50.58	%		73.70	%

	March			March			December
	2004			2003			2003
Loan / Deposit Ratio		101.31	%		87.92	%		97.94	%
Loan Loss Reserve / Loans, net of unearned income		1.20	%		1.34	%		1.23	%
Nonaccrual Loans / Loans, net of unearned income		0.15	%		0.29	%		0.18	%
90-Day Past Due Loans/ Loans, net of unearned income		0.18	%		0.19	%		0.27	%
Non-performing Loans/ Loans, net of unearned income		0.33	%		0.47	%		0.45	%
Non-performing Assets/ Total Assets		0.26	%		0.36	%		0.34	%
Primary Capital Ratio		10.43	%		10.04	%		10.35	%
Shareholders’ Equity Ratio		9.73	%		9.32	%		9.65	%
Price / Book Ratio		2.13 x			2.13 x			2.22 x
Price / Earnings Ratio		14.36 x			13.01 x			16.88 x

	March		March		December
	2004		2003		2003
Credit Quality Data:
EOP Non-Accrual Loans	$	6,128	$	9,979	$	7,523
EOP 90-Day Past Due Loans		7,600		6,594		11,052
Total EOP Non-performing Loans	$	13,728	$	16,573	$	18,575
EOP Other Real Estate & Assets Owned		3,312		4,086		3,203
Total EOP Non-performing Assets	$	17,040	$	20,659	$	21,778

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

	March			March			December
	2004			2003			2003
Charge-off Analysis:
Gross Charge-offs	($	1,762	)	($	2,256	)	($	2,403	)
Recoveries		447			400			537
Net Charge-offs	($	1,315	)	($	1,856	)	($	1,866	)