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):
October 26, 2005

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)

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))

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 2.02. Results of Operations and Financial Condition

     On October 26, 2005, United Bankshares, Inc. (“United”) announced its earnings for the third quarter and first nine months of 2005. 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 October 26, 2005, 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: October 26, 2005	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
October 26, 2005	Chief Financial Officer
	(304) 424-8704

United Bankshares, Inc. Announces Record Earnings Per Share
for the Third Quarter and First Nine Months of 2005

     WASHINGTON, DC and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported record earnings per share for the third quarter and first nine months of 2005. Diluted earnings per share were 59¢ for the third quarter of 2005, which represented a 5% increase from diluted earnings per share of 56¢ for third quarter of 2004. United generated net income of $25.4 million for the third quarter of 2005 as compared to $24.5 million earned in the third quarter of 2004. Diluted earnings per share were $1.73 for the first nine months of 2005, which was also a 5% increase from diluted earnings per share of $1.64 for the first nine months of 2004. Net income for the first nine months of 2005 totaled $74.7 million as compared to $72.3 million for the prior year’s first nine months.

     Diluted earnings per share from continuing operations were 59¢ and $1.73 for the third quarter and first nine months of 2005, respectively. Net income from continuing operations for the third quarter and first nine months of 2005 was $25.4 million and $74.7 million, respectively. Net income from continuing operations for the third quarter and first nine months of 2004 totaled $12.8 million or 29¢ per diluted share and $57.8 million or $1.31 per diluted share, respectively. The results from continuing operations for 2004 included before-tax penalties of $16.0 million for the prepayment of FHLB advances.

     No income from discontinued operations was reported in 2005 as the sale of United’s mortgage banking subsidiary was completed in 2004. Income from discontinued operations for the third quarter of 2004 was $11.8 million or 27¢ per diluted share. Income from discontinued operations for the first nine months of 2004 was $14.4 million or 33¢ per diluted share. The results of discontinued operations for the third quarter and first nine months of 2004 included a before-tax gain of $17.0 million on the sale of United’s mortgage banking subsidiary.

     Net income for the third quarter of 2005 resulted in a return on average assets of 1.55% and a return on average equity of 15.68%, as compared to 1.57% and 15.75%, respectively, for the third quarter of 2004. For the first nine months of 2005, United’s return on average assets was 1.56% while the return on average equity was 15.63% as compared to 1.53% and 15.44%, respectively, for the first nine months of 2004.

     The earnings growth for the third quarter of 2005 from last year’s third quarter was primarily due to increased net interest income. Tax-equivalent net interest income from continuing operations for the third quarter of 2005 was $60.0 million, an increase of $5.1 million or 9% from the third quarter of 2004. This increase in tax-equivalent net interest income from continuing operations was due mainly to a $342.8 million or 6% increase in average earning assets as average loans for the third quarter of 2005 grew $337.0 million or 8%

United Bankshares, Inc. Announces...
October 26, 2005
Page Two

over last year’s third quarter. In addition, the average yield on earning assets for the third quarter of 2005 increased 79 basis points from the third quarter of 2004 as a result of higher interest rates. In the third quarter of 2005, the net interest margin was aided by additional interest income of approximately $1.8 million from United’s asset securitization as compared to the third quarter of 2004. Partially offsetting these increases in net interest income for the third quarter of 2005 was an 82 basis point increase in the cost of funds from the third quarter of 2004 due to the higher interest rates. The consolidated net interest margin, which combines the results from continuing and discontinued operations, for the third quarter of 2005 increased 14 basis points to 4.00% from the third quarter 2004 consolidated net interest margin of 3.86%.

     On a linked-quarter basis, United’s tax-equivalent net interest income from continuing operations for the third quarter of 2005 increased $3.6 million or 6% from the second quarter of 2005 due primarily to growth in earning assets of $160.8 million or 3% for the quarter. Average loans grew $95.9 million or 2% for the quarter while the yield on average loans increased 23 basis points. In addition, average investment securities increased $73.4 million or 5% for the quarter while the yield on average investment securities increased 53 basis points due mainly to increased interest income for the quarter of $1.7 million on United’s asset securitization. These increases in net interest income were partially offset by an increase of 25 basis points in the cost of funds. The net interest margin for the third quarter of 2005 of 4.00% was an increase of 12 basis points from the net interest margin of 3.88% for the second quarter of 2005.

     Tax-equivalent net interest income from continuing operations for the first nine months of 2005 was $172.2 million, an increase of $12.5 million or 8% from the prior year’s first nine months as average earning assets increased $334.8 million or 6% due mainly to average loan growth of $353.2 million or 9%. For the nine months ended September 30, 2005, interest income from United’s asset securitization increased $1.8 million from the same period in 2004. In addition, the average yield on earning assets for the first nine months of 2005 increased 53 basis points from the first nine months of 2004 due to higher interest rates. However, as a result of the higher interest rates, the average cost of funds for the first nine months of 2005 increased 57 basis points from the first nine months of 2004. The consolidated net interest margin for the first nine months of 2005 was 3.91%, up 8 basis points from a consolidated net interest margin of 3.83% during the same period last year.

     Noninterest income from continuing operations for the third quarter and first nine months of 2005 decreased $828 thousand or 6% and $1.8 million or 4%, respectively, from the third quarter and first nine months of 2004. The decreases were primarily due to declines in fees from deposit services of $378 thousand or 5% and $2.0 million or 9%, respectively, for the third quarter and first nine months of 2005 as compared to the same periods last year. Fees from mortgage title insurance increased $182 thousand and $487 thousand, respectively, for the third quarter and first nine months of 2005 as compared to the same periods in 2004. Income from bank owned life insurance policies increased $61 thousand and $467 thousand for the third quarter and first nine months of 2005 as compared to last year’s income during the same periods. Revenue from trust and brokerage services for the third quarter of 2005 was relatively flat from the third quarter of 2004, but grew $242 thousand or 3% for the first nine months of 2005 from last year’s first nine months’ revenue. On a linked-quarter basis, noninterest income from continuing operations decreased $323 thousand or 2% from the second quarter of 2005 due mainly to decreased income from bank owned life insurance policies of $439 thousand which more than offset an increase of $214 thousand in fees from deposit services.

United Bankshares, Inc. Announces...
October 26, 2005
Page Three

     Noninterest expense from continuing operations for the third quarter and first nine months of 2005 decreased $15.7 million and $15.5 million, respectively from the third quarter and first nine months of 2004. Noninterest expense from continuing operations for the third quarter and first nine months of 2004 included before-tax penalties of $16.0 million for the prepayment of FHLB advances. Otherwise, noninterest expense from continuing operations was relatively flat for the third quarter and first nine months of 2005 as compared to the same periods in 2004. On a linked-quarter basis, noninterest expense from continuing operations for the third quarter of 2005 was also relatively flat from the second quarter of 2005. The efficiency ratio was a low 40.76% and 41.62% for the third quarter and first nine months of 2005, respectively.

     At September 30, 2005, nonperforming loans were $14.7 million or 0.32% of loans, net of unearned income compared to nonperforming loans of $15.5 million or 0.34% of loans, net of unearned income at June 30, 2005 and $10.8 million or 0.24% of loans, net of unearned income at December 31, 2004, respectively. Net charge-offs were $1.6 million and $2.9 million for the third quarter and first nine months of 2005, respectively. One commercial credit accounted for $750 thousand of the $1.6 million charged off during the quarter. Net charge-offs were $1.2 million and $3.0 million for the third quarter and first nine months of 2004. For the quarters ended September 30, 2005 and 2004, the provision for credit losses was $1.9 million and $1.3 million, respectively, while the provision for the first nine months of 2005 was $3.6 million as compared to $3.2 million for 2004. As of September 30, 2005, the allowances for loan losses and lending-related commitments totaled $52.0 million or 1.13% of loans, net of unearned income, as compared to $51.4 million or 1.16% of loans, net of unearned income at December 31, 2004.

     During the third quarter, United’s Board of Directors declared a cash dividend of 26¢ per share. Dividends per share of 78¢ for the first three quarters of 2005 represents a 3% increase over the 76¢ per share paid for the first three quarters of 2004. The annualized dividend for the first three quarters of 2005 equals $1.04 which would represent the 32nd consecutive year of dividend increases for United shareholders.

     United Bankshares, with $6.6 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 (National Association of Securities Dealers Quotation System) 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 and evolving banking industry standards.

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

	Three Months Ended						Nine Months Ended
	September 30			September 30			September 30			September 30
	2005			2004			2005			2004
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	92,815		$	76,459		$	260,003		$	224,373
Interest expense		32,832			21,624			87,839			64,739
Net interest income, taxable equivalent		59,983			54,835			172,164			159,634
Taxable equivalent adjustment		3,325			2,666			9,058			8,469
Net interest income		56,658			52,169			163,106			151,165
Provision for credit losses		1,945			1,296			3,560			3,192
Noninterest income		13,036			13,864			39,314			41,128
Noninterest expenses		30,516			46,252			89,834			105,349
Income taxes related to continuing operations		11,784			5,734			34,303			25,937
Income from continuing operations		25,449			12,751			74,723			57,815
Income from discontinued operations before income taxes		—			17,092			—			20,780
Income taxes related to discontinued operations		—			5,299			—			6,333
Income from discontinued operations		—			11,793			—			14,447
Net income		25,449			24,544			74,723			72,262
PER COMMON SHARE:
From continuing operations:
Basic		0.60			0.29			1.75			1.33
Diluted		0.59			0.29			1.73			1.31
From discontinued operations:
Basic		—			0.27			—			0.33
Diluted		—			0.27			—			0.33
Net income:
Basic		0.60			0.56			1.75			1.66
Diluted		0.59			0.56			1.73			1.64
Cash dividends	$	0.26		$	0.26			0.78			0.76
Book value								15.09			14.59
Closing market price							$	34.95		$	34.65
Common shares outstanding:
Actual at period end, net of treasury shares								42,246,551			43,220,548
Weighted average- basic		42,383,810			43,319,414			42,648,080			43,503,066
Weighted average- diluted		42,918,552			43,858,149			43,153,673			44,043,491
FINANCIAL RATIOS:
Return on average assets		1.55	%		1.57	%		1.56	%		1.53	%
Return on average shareholders’ equity		15.68	%		15.75	%		15.63	%		15.44	%
Average equity to average assets		9.87	%		9.99	%		9.96	%		9.94	%
Net interest margin		4.00	%		3.86	%		3.91	%		3.83	%

	September 30		September 30		December 31		June 30
	2005		2004		2004		2005
PERIOD END BALANCES:
Assets	$	6,633,044	$	6,289,651	$	6,435,971	$	6,528,700
Earning assets		6,051,886		5,746,123		5,910,493		5,986,368
Loans, net of unearned income		4,600,406		4,268,214		4,418,276		4,522,577
Loans held for sale		4,826		1,410		3,981		3,232
Investment securities		1,449,778		1,505,763		1,510,442		1,442,407
Total deposits		4,609,732		4,305,060		4,297,563		4,513,941
Shareholders’ equity		637,567		630,572		631,507		636,513

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												Year to Date
	September			September			June			March			September			September
	2005			2004			2005			2005			2005			2004
Interest & Loan Fees Income	$	89,490		$	73,793		$	82,179		$	79,276		$	250,945		$	215,904
Tax Equivalent Adjustment		3,325			2,666			2,968			2,765			9,058			8,469
Interest & Fees Income (FTE)		92,815			76,459			85,147			82,041			260,003			224,373
Interest Expense		32,832			21,624			28,721			26,286			87,839			64,739
Net Interest Income (FTE)		59,983			54,835			56,426			55,755			172,164			159,634
Credit Loss Provision		1,945			1,296			504			1,111			3,560			3,192
Non-Interest Income:
Investment Securities Transactions		(93	)		275			58			924			889			1,095
Fees from Trust & Brokerage Services		2,813			2,837			2,741			2,758			8,312			8,070
Fees from Deposit Services		7,216			7,594			7,002			6,491			20,709			22,765
Other Charges, Commissions, and Fees		1,569			1,273			1,515			1,331			4,415			3,641
Income from Mortgage Banking Operations		337			148			227			126			690			558
Other Non-Interest Revenue		1,194			1,737			1,816			1,289			4,299			4,999
Total Non-Interest Income		13,036			13,864			13,359			12,919			39,314			41,128
Non-Interest Expense:
Salaries and Employee Benefits		15,205			15,328			14,921			14,066			44,192			43,614
Net Occupancy		3,113			3,026			3,051			3,095			9,259			9,272
Other Expenses		11,341			10,954			11,721			10,698			33,760			33,516
Prepayment Penalties on FHLB Advances		—			16,006			—			—			—			16,006
Amortization of Intangibles		560			658			586			611			1,757			2,091
OREO Expense		155			128			150			120			425			377
FDIC Expense		142			152			148			151			441			473
Total Non-Interest Expense		30,516			46,252			30,577			28,741			89,834			105,349
Income from Continuing Operations Before Income Taxes (FTE)		40,558			21,151			38,704			38,822			118,084			92,221
Tax Equivalent Adjustment		3,325			2,666			2,968			2,765			9,058			8,469
Income from Continuing Operations Before Income Taxes		37,233			18,485			35,736			36,057			109,026			83,752
Taxes		11,784			5,734			11,222			11,297			34,303			25,937
Income from Continuing Operations		25,449			12,751			24,514			24,760			74,723			57,815
Gain on Sale of Discontinued Operations		—			17,000			—			—			—			17,000
Other Operating Income		—			92			—			—			—			3,780
Income from Discontinued Operations Before Income Taxes		—			17,092			—			—			—			20,780
Taxes		—			5,299			—			—			—			6,333
Income from Discontinued Operations		—			11,793			—			—			—			14,447
Net Income	$	25,449		$	24,544		$	24,514		$	24,760		$	74,723		$	72,262
MEMO: Effective Tax Rate		31.65	%		31.01	%		31.40	%		31.33	%		31.46	%		30.87	%

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

Discontinued Operations Statements of Income

	Three Months Ended								Year to Date
	September		September		June		March		September		September
	2005		2004		2005		2005		2005		2004
Interest & Loan Fees Income	$	—	$	—	$	—	$	—	$	—	$	6,850
Interest Expense		—		—		—		—		—		1,543
Net Interest Income		—		—		—		—		—		5,307
Non-Interest Income:
Service Charges, Commissions, and Fees		—		—		—		—		—		565
Income from Mortgage Banking Operations		—		92		—		—		—		15,271
Gain on Sale of Discontinued Operations		—		17,000		—		—		—		17,000
Total Non-Interest Income		—		17,092		—		—		—		32,836
Non-Interest Expense:
Salaries and Employee Benefits		—		—		—		—		—		13,574
Net Occupancy		—		—		—		—		—		985
Other Expenses		—		—		—		—		—		2,804
Total Non-Interest Expense		—		—		—		—		—		17,363
Income from Discontinued Operations Before Income Taxes		—		17,092		—		—		—		20,780
Taxes		—		5,299		—		—		—		6,333
Income from Discontinued Operations	$	—	$	11,793	$	—	$	—	$	—	$	14,447

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

Consolidated Balance Sheets

	September 30			September 30
	2005			2004			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2005			2004			2004
Cash & Cash Equivalents	$	175,238		$	206,295		$	219,548		$	153,465		$	163,560
Securities Available for Sale		1,233,756			1,196,746			1,219,069			1,277,160			1,272,347
Held to Maturity Securities		231,130			233,252			230,709			233,282			233,416
Total Securities		1,464,886			1,429,998			1,449,778			1,510,442			1,505,763
Total Cash and Securities		1,640,124			1,636,293			1,669,326			1,663,907			1,669,323
Loans Held for Sale		4,734			2,506			4,826			3,981			1,410
Commercial Loans		2,517,134			2,241,393			2,564,755			2,440,154			2,283,854
Mortgage Loans		1,623,960			1,540,198			1,645,595			1,579,792			1,571,217
Consumer Loans		400,001			424,344			396,765			404,756			419,326
Gross Loans		4,541,095			4,205,935			4,607,115			4,424,702			4,274,397
Unearned Income		(6,522	)		(6,169	)		(6,709	)		(6,426	)		(6,183	)
Loans, Net of Unearned Income		4,534,573			4,199,766			4,600,406			4,418,276			4,268,214
Allowance for Loan Losses		(43,589	)		(50,414	)		(43,617	)		(43,365	)		(45,219	)
Goodwill		166,916			167,289			167,487			166,926			166,971
Other Intangibles		5,357			7,812			5,062			6,819			7,454
Total Intangibles		172,273			175,101			172,549			173,745			174,425
Real Estate Owned		2,524			4,033			2,037			3,692			4,234
Other Assets		217,491			212,263			227,517			215,735			217,264
Assets Related to Discontinued Operations		—			24,214			—			—			—
Total Assets	$	6,528,130		$	6,203,762		$	6,633,044		$	6,435,971		$	6,289,651
MEMO: Earning Assets	$	5,983,890		$	5,641,063		$	6,051,886		$	5,910,493		$	5,746,123
Interest-bearing Deposits	$	3,619,271		$	3,436,008		$	3,626,297		$	3,412,224		$	3,414,149
Noninterest-bearing Deposits		935,972			859,238			983,435			885,339			890,911
Total Deposits		4,555,243			4,295,246			4,609,732			4,297,563			4,305,060
Short-term Borrowings		720,313			631,826			761,394			906,958			730,825
Long-term Borrowings		556,798			585,779			556,533			533,755			561,166
Total Borrowings		1,277,111			1,217,605			1,317,927			1,440,713			1,291,991
Other Liabilities		51,700			47,448			67,818			66,188			62,028
Liabilities Related to Discontinued Operations		—			23,661			—			—			—
Total Liabilities		5,884,054			5,583,960			5,995,477			5,804,464			5,659,079
Common Equity		644,076			619,802			637,567			631,507			630,572
Total Shareholders’ Equity		644,076			619,802			637,567			631,507			630,572
Total Liabilities & Equity	$	6,528,130		$	6,203,762		$	6,633,044		$	6,435,971		$	6,289,651

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
	2005			2004		2005		2005		2005		2004
Quarterly/Year-to-Date Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.60		$	0.29	$	0.57	$	0.58	$	1.75	$	1.33
Diluted	$	0.59		$	0.29	$	0.57	$	0.57	$	1.73	$	1.31
Earnings Per Share from Discontinued Operations:
Basic	$	—		$	0.27	$	—	$	—	$	—	$	0.33
Diluted	$	—		$	0.27	$	—	$	—	$	—	$	0.33
Earnings Per Share:
Basic	$	0.60		$	0.56	$	0.57	$	0.58	$	1.75	$	1.66
Diluted	$	0.59		$	0.56	$	0.57	$	0.57	$	1.73	$	1.64
Common Dividend Declared Per Share	$	0.26		$	0.26	$	0.26	$	0.26	$	0.78	$	0.76
High Common Stock Price	$	38.47		$	36.09	$	36.45	$	38.62	$	38.62	$	36.09
Low Common Stock Price	$	33.91		$	30.35	$	29.82	$	32.00	$	29.82	$	29.15
Average Shares Outstanding: (Net of Treasury Stock):
Basic		42,383,810			43,319,414		42,659,573		42,900,416		42,648,080		43,503,066
Diluted		42,918,552			43,858,149		43,121,982		43,418,579		43,153,673		44,043,491
Memorandum Items:
Tax Applicable to Security Transactions	$	(33	)	$	96	$	20	$	323	$	311	$	383
Common Dividends	$	11,009		$	10,892	$	11,072	$	11,138	$	33,219	$	32,675

	September		September		June		March
	2005		2004		2005		2005
EOP Share Data:
Book Value Per Share	$	15.09	$	14.59	$	14.97	$	14.65
Tangible Book Value Per Share	$	11.01	$	10.55	$	10.91	$	10.60
52-week High Common Stock Price	$	39.35	$	36.09	$	39.35	$	39.35
Date		12/02/04		09/17/04		12/02/04		12/02/04
52-week Low Common Stock Price	$	29.82	$	28.92	$	29.82	$	29.15
Date		04/29/05		10/24/03		04/29/05		05/10/04
EOP Shares Outstanding (Net of Treasury Stock):		42,246,551		43,220,548		42,517,597		42,790,954
Memorandum Items:
EOP Employees (full-time equivalent)		1,349		1,393		1,302		1,319

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
	2005			2004			2005			2005			2005			2004
Selected Yields and Net Interest Margin:
Loans		6.43	%		5.68	%		6.20	%		6.03	%		6.22	%		5.68	%
Investment Securities		5.38	%		4.68	%		4.85	%		4.68	%		5.00	%		4.59	%
Money Market Investments/FFS		3.94	%		1.13	%		2.77	%		1.94	%		2.84	%		1.29	%
Average Earning Assets Yield		6.17	%		5.38	%		5.86	%		5.67	%		5.91	%		5.38	%
Interest-bearing Deposits		2.15	%		1.43	%		1.92	%		1.73	%		1.94	%		1.39	%
Short-term Borrowings		2.56	%		0.97	%		2.21	%		1.87	%		2.22	%		0.95	%
Long-term Borrowings		6.09	%		5.13	%		5.63	%		5.39	%		5.70	%		4.67	%
Average Liability Costs		2.66	%		1.84	%		2.41	%		2.22	%		2.43	%		1.86	%
Net Interest Spread		3.51	%		3.54	%		3.45	%		3.45	%		3.48	%		3.52	%
Net Interest Margin		4.00	%		3.86	%		3.88	%		3.85	%		3.91	%		3.83	%
Selected Financial Ratios:
Return on Average Common Equity		15.68	%		15.75	%		15.50	%		15.71	%		15.63	%		15.44	%
Return on Average Assets		1.55	%		1.57	%		1.55	%		1.58	%		1.56	%		1.53	%
Efficiency Ratio		40.76	%		53.17	%		42.80	%		41.34	%		41.62	%		50.56	%

	September			September			June			March
	2005			2004			2005			2005
Loan / Deposit Ratio		99.80	%		99.14	%		100.19	%		100.93	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.95	%		1.06	%		0.96	%		0.99	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income		1.13	%		1.21	%		1.14	%		1.17	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.17	%		0.15	%		0.21	%		0.14	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.15	%		0.13	%		0.13	%		0.08	%
Non-performing Loans/ Loans, Net of Unearned Income		0.32	%		0.28	%		0.34	%		0.22	%
Non-performing Assets/ Total Assets		0.25	%		0.26	%		0.27	%		0.20	%
Primary Capital Ratio		10.32	%		10.76	%		10.46	%		10.66	%
Shareholders’ Equity Ratio		9.61	%		10.03	%		9.75	%		9.93	%
Price / Book Ratio		2.32	x		2.37	x		2.38	x		2.26	x
Price / Earnings Ratio		14.74	x		15.84	x		15.66	x		14.53	x

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

	September		September		December		June		March
	2005		2004		2004		2005		2005
Asset Quality Data:
EOP Non-Accrual Loans	$	7,868	$	6,364	$	6,352	$	9,510	$	5,955
EOP 90-Day Past Due Loans		6,831		5,447		4,425		5,955		3,565
Total EOP Non-performing Loans	$	14,699	$	11,811	$	10,777	$	15,465	$	9,520
EOP Other Real Estate & Assets Owned		2,037		4,234		3,692		2,410		2,974
Total EOP Non-performing Assets	$	16,736	$	16,045	$	14,469	$	17,875	$	12,494

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2005			2004			2005			2005			2005			2004
Allowance for Credit Losses:(1)
Beginning Balance	$	51,633		$	51,379		$	51,424		$	51,353		$	51,353		$	51,309
Provision Expense		1,945			1,296			504			1,111			3,560			3,192
		53,578			52,675			51,928			52,464			54,913			54,501
Gross Charge-offs		(1,946	)		(1,840	)		(1,039	)		(1,538	)		(4,523	)		(4,678	)
Recoveries		363			640			744			498			1,605			1,652
Net Charge-offs		(1,583	)		(1,200	)		(295	)		(1,040	)		(2,918	)		(3,026	)
Ending Balance	$	51,995		$	51,475		$	51,633		$	51,424		$	51,995		$	51,475

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