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):

January 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	(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 January 26, 2006, United Bankshares, Inc. (“United”) announced its earnings for the fourth quarter and year 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 January 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: January 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
January 26, 2006	Chief Financial Officer
	(304) 424-8704

United Bankshares, Inc. Announces Record Earnings
for the Fourth Quarter and Year of 2005

     WASHINGTON, DC and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), announced today record earnings for the fourth quarter and year of 2005. Diluted earnings per share were 60¢ for the fourth quarter of 2005, an increase of 3% from diluted earnings per share of 58¢ for the fourth quarter of 2004. Fourth quarter of 2005 net income was $25.7 million, up from $25.5 million for the fourth quarter of 2004. Diluted earnings per share were $2.33 for the year of 2005, which represented a 5% increase from diluted earnings per share of $2.22 for the year of 2004. Net income for the year of 2005 totaled $100.4 million, up from $97.8 million for the year of 2004.

     United’s annualized return on average assets was 1.54% and the annualized return on average shareholders’ equity was 15.76% for the fourth quarter of 2005 compared with annualized returns of 1.60% and 15.90%, respectively, for the fourth quarter of 2004. For the year of 2005, the return on average assets was 1.55% and return on average shareholders’ equity was 15.66% as compared to 1.55% and 15.56%, respectively, for the year of 2004.

     Diluted earnings per share from continuing operations were 60¢ and $2.33 for the fourth quarter and year of 2005, respectively. Net income from continuing operations for the fourth quarter and year of 2005 was $25.7 million and $100.4 million, respectively. Net income from continuing operations for the fourth quarter and year of 2004 totaled $25.5 million or 58¢ per diluted share and $83.3 million or $1.89 per diluted share, respectively. The results from continuing operations for the fourth quarter and year of 2004 included before-tax penalties of $3.0 million and $19.0 million, respectively, for the prepayment of FHLB advances as compared to $406 thousand for the fourth quarter and year of 2005. In addition, income tax expense decreased in the fourth quarter of 2004 by approximately $2.5 million as a result of finalizing a tax examination for the years 2001 through 2003.

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

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

     The year over year earnings growth for the fourth quarter and year of 2005 was primarily due to increased net interest income. Tax-equivalent net interest income from continuing operations for the fourth quarter of 2005 was $61.3 million, an increase of $5.3 million or 9% from the fourth quarter of 2004. This increase in tax-equivalent net interest income from continuing operations was due mainly to a $269.6 million or 5% increase in average earning assets as average loans for the fourth quarter of 2005 grew $302.1 million or 7% over last year’s fourth quarter. In addition, the average yield on earning assets for the fourth quarter of 2005 increased 91 basis points from the fourth quarter of 2004 as a result of higher interest rates. In the fourth quarter of 2005, the net interest margin was aided by additional interest income of approximately $1.5 million from United’s asset securitization compared to the fourth quarter of 2004. Partially offsetting these increases in net interest income for the fourth quarter of 2005 was a 90 basis point increase in the cost of funds from the fourth quarter of 2004 due to the higher interest rates. The net interest margin for the fourth quarter of 2005 increased 17 basis points to 4.03% from the fourth quarter 2004 net interest margin of 3.86%.

     On a linked-quarter basis, United’s tax-equivalent net interest income from continuing operations for the fourth quarter of 2005 increased $1.3 million or 2% from the third quarter of 2005 due primarily to growth in earning assets of $74.7 million or 1% for the quarter as average loans grew $64.0 million or 1% for the quarter while the yield on average loans increased 33 basis points. These increases in net interest income were partially offset by an increase of 27 basis points in the cost of funds. The net interest margin for the fourth quarter of 2005 of 4.03% was an increase of 3 basis points from the net interest margin of 4.00% for the third quarter of 2005.

     Tax-equivalent net interest income from continuing operations for the year of 2005 was $233.4 million, an increase of $17.8 million or 8% from the prior year as average earning assets increased $318.5 million or 6% due mainly to average loan growth of $340.5 million or 8%. For the year ended December 31, 2005, interest income from United’s asset securitization increased $3.2 million from the year of 2004. In addition, the average yield on earning assets for the year of 2005 increased 63 basis points from the year of 2004 due to higher interest rates. However, as a result of the higher interest rates, the average cost of funds for the year of 2005 increased 65 basis points from the year of 2004. The net interest margin for the year of 2005 was 3.94%, up 10 basis points from a net interest margin of 3.84% for the year of 2004.

     Noninterest income from continuing operations for the fourth quarter of 2005 increased $208 thousand or 2% from the fourth quarter of 2004. The rise in noninterest income for the quarter was primarily due to increased income of $323 thousand and $194 thousand from trust and brokerage services and mortgage banking income, respectively, from the prior year’s quarter. These increases for the quarter were partially offset by a decline in fees from deposit services of $162 thousand from the fourth quarter of 2004. For the year of 2005, noninterest income from continuing operations decreased $1.6 million or 3% from the year of 2004 due mainly to a $2.2 million decline in fees from deposit services. Revenue from trust and brokerage services for the year of 2005 increased $565 thousand from the year of 2004. Income from bank-owned life insurance policies and mortgage banking income for the year of 2005 increased $471 thousand and $326 thousand, respectively, from last year’s income. On a linked-quarter basis, noninterest income from continuing operations increased $275 thousand or 2% from the third quarter of 2005 due mainly to increased income from bank owned life insurance policies of $290 thousand.

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

     Noninterest expense from continuing operations for the fourth quarter and year of 2005 decreased $386 thousand or 1% and $15.9 million or 12% from the fourth quarter and year of 2004. Noninterest expense from continuing operations for the fourth quarter and year of 2004 included before-tax penalties of $3.0 million and $19.0 million for the prepayment of FHLB advances as compared to $406 thousand for the fourth quarter and year of 2005. Salaries and benefits for the fourth quarter and year of 2005 increased $2.1 million and $2.7 million, respectively, from the same periods in 2004 due to higher levels of employee compensation and related expenses. On a linked-quarter basis, noninterest expense from continuing operations for the fourth quarter of 2005 increased $810 thousand or 3% from the third quarter of 2005 due primarily to the previously mentioned before-tax penalty of $406 thousand to prepay a FHLB advance and an increase in equipment expense of $441 thousand. The efficiency ratio was a low 40.96% and 41.45% for the fourth quarter and year of 2005, respectively.

     At December 31, 2005, nonperforming loans were $13.2 million or 0.28% of loans, net of unearned income compared to nonperforming loans of $14.7 million or 0.32% of loans, net of unearned income at September 30, 2005 and $10.8 million or 0.24% of loans, net of unearned income at December 31, 2004, respectively. Net charge-offs were $1.2 million for the fourth quarter of 2005 as compared to $1.5 million for the fourth quarter of 2004. Net charge-offs were $4.1 million for the year of 2005 as compared to net charge-offs of $4.5 million for the year of 2004. For the quarters ended December 31, 2005 and 2004, the provision for credit losses was $2.1 million and $1.3 million, respectively, while the provision for the year was $5.6 million for 2005 as compared to $4.5 million for 2004. As of December 31, 2005, the allowances for loan losses and lending-related commitments totaled $52.9 million or 1.14% 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 fourth quarter, United’s Board of Directors declared a cash dividend of 27¢ per share. Dividends per share of $1.05 for the year 2005 represented a 3% increase over the $1.02 per share paid for 2004. The year 2005 was the 32nd consecutive year of dividend increases to 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 (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 and evolving banking industry standards.

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

	Three Months Ended						Year Ended
	December 31			December 31			December 31			December 31
	2005			2004			2005			2004
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	97,866		$	80,163		$	357,868		$	304,536
Interest expense		36,612			24,175			124,451			88,914
Net interest income, taxable equivalent		61,254			55,988			233,417			215,622
Taxable equivalent adjustment		3,533			2,717			12,590			11,186
Net interest income		57,721			53,271			220,827			204,436
Provision for credit losses		2,058			1,328			5,618			4,520
Noninterest income		13,311			13,103			52,625			54,231
Noninterest expenses		31,326			31,712			121,160			137,061
Income taxes related to continuing operations		11,962			7,834			46,265			33,771
Income from continuing operations		25,686			25,500			100,409			83,315
Income from discontinued operations before income taxes		—			—			—			20,780
Income taxes related to discontinued operations		—			—			—			6,333
Income from discontinued operations		—			—			—			14,447
Net income		25,686			25,500			100,409			97,762
PER COMMON SHARE:
From continuing operations:
Basic		0.61			0.59			2.36			1.92
Diluted		0.60			0.58			2.33			1.89
From discontinued operations:
Basic		—			—			—			0.33
Diluted		—			—			—			0.33
Net income:
Basic		0.61			0.59			2.36			2.25
Diluted		0.60			0.58			2.33			2.22
Cash dividends		0.27			0.26			1.05			1.02
Book value								15.12			14.68
Closing market price								35.24			38.15
Common shares outstanding:
Actual at period end, net of treasury shares								42,008,179			43,008,445
Weighted average- basic		42,117,900			43,111,287			42,514,445			43,404,586
Weighted average- diluted		42,638,687			43,742,803			43,024,861			43,978,914
FINANCIAL RATIOS:
Return on average assets		1.54	%		1.60	%		1.55	%		1.55	%
Return on average shareholders’ equity		15.76	%		15.90	%		15.66	%		15.56	%
Average equity to average assets		9.79	%		10.09	%		9.92	%		9.98	%
Net interest margin		4.03	%		3.86	%		3.94	%		3.84	%

	December 31		December 31		December 31		September 30
	2005		2004		2003		2005
PERIOD END BALANCES:
Assets	$	6,728,492	$	6,435,971	$	6,387,730	$	6,633,044
Earning assets		6,129,969		5,910,493		5,463,665		6,051,886
Loans, net of unearned income		4,649,829		4,418,276		3,955,234		4,600,406
Loans held for sale		3,324		3,981		1,687		4,826
Investment securities		1,501,966		1,510,442		1,510,610		1,449,778
Total deposits		4,617,452		4,297,563		4,138,487		4,609,732
Shareholders’ equity		635,205		631,507		615,191		637,567

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
	December			December			September			June			March
	2005			2004			2005			2005			2005
Interest & Loan Fees Income	$	94,333		$	77,446		$	89,490		$	82,179		$	79,276
Tax Equivalent Adjustment		3,533			2,717			3,325			2,968			2,765
Interest & Fees Income (FTE)		97,866			80,163			92,815			85,147			82,041
Interest Expense		36,612			24,175			32,832			28,721			26,286
Net Interest Income (FTE)		61,254			55,988			59,983			56,426			55,755
Provision for Credit Losses		2,058			1,328			1,945			504			1,111
Non-Interest Income:
Investment Securities Transactions		(194	)		15			(93	)		58			924
Fees from Trust & Brokerage Services		2,771			2,448			2,813			2,741			2,758
Fees from Deposit Services		7,040			7,202			7,216			7,002			6,491
Other Charges, Commissions, and Fees		1,598			1,345			1,569			1,515			1,331
Mortgage Banking Income		365			171			337			227			126
Other Non-Interest Revenue		1,731			1,922			1,194			1,816			1,289
Total Non-Interest Income		13,311			13,103			13,036			13,359			12,919
Non-Interest Expense:
Salaries and Employees Benefits		15,005			12,912			15,205			14,921			14,066
Net Occupancy		2,942			3,279			3,113			3,051			3,095
Other Expenses		12,123			11,180			11,341			11,721			10,698
Prepayment Penalties on FHLB Advances		406			2,969			—			—			—
Amortization of Intangibles		535			635			560			586			611
OREO Expense		169			579			155			150			120
FDIC Expense		146			158			142			148			151
Total Non-Interest Expense		31,326			31,712			30,516			30,577			28,741
Income Before Income Taxes (FTE)		41,181			36,051			40,558			38,704			38,822
Tax Equivalent Adjustment		3,533			2,717			3,325			2,968			2,765
Income Before Income Taxes		37,648			33,334			37,233			35,736			36,057
Income Taxes		11,962			7,834			11,784			11,222			11,297
Net Income	$	25,686		$	25,500		$	25,449		$	24,514		$	24,760
MEMO: Effective Tax Rate		31.77	%		23.50	%		31.65	%		31.40	%		31.33	%

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

Consolidated Statements of Income

	Year Ended
	December			December			December			December
	2005			2004			2003			2002
Interest & Loan Fees Income	$	345,278		$	293,350		$	272,520		$	323,483
Tax Equivalent Adjustment		12,590			11,186			10,057			10,975
Interest & Fees Income (FTE)		357,868			304,536			282,577			334,458
Interest Expense		124,451			88,914			95,504			129,175
Net Interest Income (FTE)		233,417			215,622			187,073			205,283
Credit Loss Provision		5,618			4,520			7,475			8,937
Non-Interest Income:
Investment Securities Transactions		695			1,110			1,830			(6,266	)
Fees from Trust & Brokerage Services		11,083			10,518			9,387			8,892
Fees from Deposit Services		27,749			29,967			28,924			26,498
Other Charges, Commissions, and Fees		6,013			4,986			4,323			4,234
Mortgage Banking Income		1,055			729			2,570			1,727
Other Non-Interest Revenue		6,030			6,921			5,050			2,702
Total Non-Interest Income		52,625			54,231			52,084			37,787
Non-Interest Expense:
Salaries and employee benefits		59,197			56,526			54,843			52,501
Net Occupancy		12,201			12,551			11,270			11,766
Other Expenses		45,883			44,696			43,113			42,309
Prepayment Penalties on FHLB Advances		406			18,975			16,691			—
Amortization of Intangibles		2,292			2,726			2,070			1,645
OREO Expense		594			956			680			828
FDIC Expense		587			631			871			679
Total Non-Interest Expense		121,160			137,061			129,538			109,728
Income from Continuing Operations Before Income Taxes (FTE)		159,264			128,272			102,144			124,405
Tax Equivalent Adjustment		12,590			11,186			10,057			10,975
Income from Continuing Operations Before Income Taxes		146,674			117,086			92,087			113,430
Taxes		46,265			33,771			28,010			35,211
Income from Continuing Operations		100,409			83,315			64,077			78,219
Gain on Sale of Discontinued Operations		—			17,000			—			—
Other Operating Income		—			3,780			20,433			14,903
Income from Discontinued Operations Before Income Taxes		—			20,780			20,433			14,903
Taxes		—			6,333			5,745			4,189
Income from Discontinued Operations		—			14,447			14,688			10,714
Net Income	$	100,409		$	97,762		$	78,765		$	88,933
MEMO: Effective Tax Rate		31.54	%		29.09	%		30.00	%		30.70	%

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

Discontinued Operations Statements of Income

	Year Ended
	December		December		December		December
	2005		2004		2003		2002
Interest & Loan Fees Income		—	$	6,850	$	24,988	$	15,995
Interest Expense		—		1,543		8,647		3,382
Net Interest Income		—		5,307		16,341		12,613
Non-Interest Income:
Service Charges, Commissions, and Fees		—		565		1,896		1,277
Income from Mortgage Banking Operations		—		15,271		49,336		34,415
Gain on Sale of Discontinued Operations		—		17,000		—		—
Total Non-Interest Income		—		32,836		51,232		35,692
Non-Interest Expense:
Salaries and Employee Benefits		—		13,574		38,456		27,498
Net Occupancy		—		985		1,822		1,279
Other Expenses		—		2,804		6,862		4,625
Total Non-Interest Expense		—		17,363		47,140		33,402
Income from Discontinued Operations Before Income Taxes		—		20,780		20,433		14,903
Taxes		—		6,333		5,745		4,189
Income from Discontinued Operations		—	$	14,447	$	14,688	$	10,714

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

Consolidated Balance Sheets

	December 31			December 31
	2005			2004			December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average			2005			2004			2003
Cash & Cash Equivalents	$	177,591		$	159,505		$	207,962		$	153,465		$	249,118
Securities Available for Sale		1,241,066			1,282,251			1,274,621			1,277,160			1,266,635
Held to Maturity Securities		229,723			233,407			227,345			233,282			243,975
Total Securities		1,470,789			1,515,658			1,501,966			1,510,442			1,510,610
Total Cash and Securities		1,648,380			1,675,163			1,709,928			1,663,907			1,759,728
Loans held for sale		3,663			2,185			3,324			3,981			1,687
Commercial Loans		2,558,875			2,321,064			2,599,781			2,440,154			2,180,482
Mortgage Loans		1,654,199			1,569,534			1,668,782			1,579,792			1,381,040
Consumer Loans		393,262			414,624			387,959			404,756			399,115
Gross Loans		4,606,336			4,305,222			4,656,522			4,424,702			3,960,637
Unearned Income		(6,742	)		(6,197	)		(6,693	)		(6,426	)		(5,403	)
Loans, net of unearned income		4,599,594			4,299,025			4,649,829			4,418,276			3,955,234
Allowance for Loan Losses		(43,750	)		(45,240	)		(44,138	)		(43,365	)		(41,578	)
Goodwill		167,487			166,964			167,487			166,926			169,655
Other Intangibles		4,816			7,167			4,527			6,819			9,546
Total Intangibles		172,303			174,131			172,014			173,745			179,201
Real Estate Owned		2,718			4,073			2,941			3,692			3,203
Other Assets		224,710			213,576			234,594			215,735			195,915
Assets Related to Discontinued Operations		—			—			—			—			334,340
Total Assets	$	6,607,618		$	6,322,913		$	6,728,492		$	6,435,971		$	6,387,730
MEMO: Earning Assets	$	6,058,609		$	5,789,003		$	6,129,969		$	5,910,493		$	5,463,665
Interest-bearing Deposits	$	3,649,884		$	3,433,934		$	3,657,778		$	3,412,224		$	3,244,860
Noninterest-bearing Deposits		947,730			904,306			959,674			885,339			893,627
Total Deposits		4,597,614			4,338,240			4,617,452			4,297,563			4,138,487
Short-term Borrowings		749,729			733,411			856,425			906,958			811,942
Long-term Borrowings		554,640			562,277			547,731			533,755			459,663
Total Borrowings		1,304,369			1,295,688			1,404,156			1,440,713			1,271,605
Other Liabilities		59,063			51,136			71,679			66,188			61,693
Liabilities Related to Discontinued Operations		—			—			—			—			300,754
Total Liabilities		5,961,046			5,685,064			6,093,287			5,804,464			5,772,539
Common Equity		646,572			637,849			635,205			631,507			615,191
Total Shareholders’ Equity		646,572			637,849			635,205			631,507			615,191
Total Liabilities & Equity	$	6,607,618		$	6,322,913		$	6,728,492		$	6,435,971		$	6,387,730

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

	Three Months Ended
	December			December		September			June		March
	2005			2004		2005			2005		2005
Quarterly Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.61		$	0.59	$	0.60		$	0.57	$	0.58
Diluted	$	0.60		$	0.58	$	0.59		$	0.57	$	0.57
Earnings Per Share from Discontinued Operations:
Basic		—			—		—			—		—
Diluted		—			—		—			—		—
Earnings Per Share:
Basic	$	0.61		$	0.59	$	0.60		$	0.57	$	0.58
Diluted	$	0.60		$	0.58	$	0.59		$	0.57	$	0.57
Common Dividend Declared Per Share	$	0.27		$	0.26	$	0.26		$	0.26	$	0.26
High Common Stock Price	$	38.55		$	39.35	$	38.47		$	36.45	$	38.62
Low Common Stock Price	$	32.34		$	34.36	$	33.91		$	29.82	$	32.00
Average Shares Outstanding (Net of Treasury Stock):
Basic		42,117,900			43,111,287		42,383,810			42,659,573		42,900,416
Diluted		42,638,687			43,742,803		42,918,552			43,121,982		43,418,579
Memorandum Items:
Tax Applicable to Security Transactions	$	(67	)	$	5	$	(33	)	$	20	$	323
Common Dividends	$	11,356		$	11,553	$	11,009		$	11,072	$	11,138

	Year Ended
	December		December		December		December
	2005		2004		2003		2002
YTD Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	2.36	$	1.92	$	1.52	$	1.84
Diluted	$	2.33	$	1.89	$	1.50	$	1.81
Earnings Per Share from Discontinued Operations:
Basic		—	$	0.33	$	0.35	$	0.25
Diluted		—	$	0.33	$	0.35	$	0.25
Earnings Per Share:
Basic	$	2.36	$	2.25	$	1.87	$	2.09
Diluted	$	2.33	$	2.22	$	1.85	$	2.06
Common Dividend Declared Per Share	$	1.05	$	1.02	$	1.00	$	0.95
Average Shares Outstanding (Net of Treasury Stock):
Basic		42,514,445		43,404,586		42,076,180		42,537,980
Diluted		43,024,861		43,978,914		42,620,568		43,113,347
Memorandum Items:
Tax Applicable to Security Transactions	$	243	$	389	$	641	$	(2,193	)
Common Dividends	$	44,575	$	44,228	$	42,028	$	40,388
EOP Employees (full-time equivalent)		1,374		1,319		1,585		1,460

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

	Three Months Ended
	December		December		September		June		March
	2005		2004		2005		2005		2005
EOP Share Data:
Book Value Per Share	$	15.12	$	14.68	$	15.09	$	14.97	$	14.65
Tangible Book Value Per Share	$	11.03	$	10.64	$	11.01	$	10.91	$	10.60
52-week High Common Stock Price	$	38.62	$	39.35	$	39.35	$	39.35	$	39.35
Date		01/03/05		12/02/04		12/02/04		12/02/04		12/02/04
52-week Low Common Stock Price	$	29.82	$	29.15	$	29.82	$	29.82	$	29.15
Date		04/29/05		05/10/04		04/29/05		04/29/05		05/10/04
EOP Shares Outstanding (Net of Treasury Stock):		42,008,179		43,008,445		42,246,551		42,517,597		42,790,954

	Three Months Ended
	December			December			September			June			March
	2005			2004			2005			2005			2005
Selected Yields and Net Interest Margin:
Loans		6.76	%		5.84	%		6.43	%		6.20	%		6.03	%
Investment Securities		5.45	%		4.66	%		5.38	%		4.85	%		4.68	%
Money Market Investments/FFS		3.80	%		1.24	%		3.94	%		2.77	%		1.94	%
Average Earning Assets Yield		6.43	%		5.52	%		6.17	%		5.86	%		5.67	%
Interest-bearing Deposits		2.41	%		1.61	%		2.15	%		1.92	%		1.73	%
Short-term Borrowings		3.03	%		1.42	%		2.56	%		2.21	%		1.87	%
Long-term Borrowings		6.21	%		5.43	%		6.09	%		5.63	%		5.39	%
Average Liability Costs		2.93	%		2.03	%		2.66	%		2.41	%		2.22	%
Net Interest Spread		3.50	%		3.49	%		3.51	%		3.45	%		3.45	%
Net Interest Margin		4.03	%		3.86	%		4.00	%		3.88	%		3.85	%
Selected Financial Ratios:
Return on Average Common Equity		15.76	%		15.90	%		15.68	%		15.50	%		15.71	%
Return on Average Assets		1.54	%		1.60	%		1.55	%		1.55	%		1.58	%
Efficiency Ratio (consolidated)		40.96	%		44.15	%		40.76	%		42.80	%		41.34	%

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

	Year Ended
	December			December			December			December
	2005			2004			2003			2002
Selected Yields and Net Interest Margin:
Loans		6.36	%		5.72	%		6.09	%		6.97	%
Investment Securities		5.11	%		4.60	%		4.83	%		6.00	%
Money Market Investments/FFS		3.09	%		1.28	%		1.32	%		1.77	%
Average Earning Assets Yield		6.04	%		5.41	%		5.71	%		6.68	%
Interest-bearing Deposits		2.06	%		1.45	%		1.72	%		2.52	%
Short-term Borrowings		2.43	%		1.08	%		1.32	%		1.96	%
Long-term Borrowings		5.82	%		4.82	%		5.74	%		6.18	%
Average Liability Costs		2.56	%		1.91	%		2.35	%		3.03	%
Net Interest Spread		3.48	%		3.50	%		3.36	%		3.65	%
Net Interest Margin		3.94	%		3.84	%		3.77	%		4.15	%
Selected Financial Ratios:
Return on Average Common Equity		15.66	%		15.56	%		13.86	%		16.73	%
Return on Average Assets		1.55	%		1.55	%		1.36	%		1.59	%
Loan / Deposit Ratio		100.70	%		102.81	%		95.57	%		91.75	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.95	%		0.98	%		1.05	%		1.19	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income		1.14	%		1.16	%		1.30	%		1.38	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.15	%		0.14	%		0.19	%		0.20	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.13	%		0.10	%		0.28	%		0.24	%
Non-performing Loans/ Loans, Net of Unearned Income		0.28	%		0.24	%		0.47	%		0.44	%
Non-performing Assets/ Total Assets		0.24	%		0.22	%		0.34	%		0.34	%
Primary Capital Ratio		10.15	%		10.53	%		10.35	%		10.09	%
Shareholders’ Equity Ratio		9.44	%		9.81	%		9.63	%		9.34	%
Price / Book Ratio		2.33	x		2.60	x		2.22	x		2.26	x
Price / Earnings Ratio		15.10	x		17.16	x		16.88	x		14.09	x
Efficiency Ratio (consolidated)		41.45	%		49.12	%		57.04	%		47.26	%

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

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

	December		December		September		June		March
	2005		2004		2005		2005		2005
Asset Quality Data:
EOP Non-Accrual Loans	$	7,146	$	6,352	$	7,868	$	9,510	$	5,955
EOP 90-Day Past Due Loans		6,039		4,425		6,831		5,955		3,565
Total EOP Non-performing Loans	$	13,185	$	10,777	$	14,699	$	15,465	$	9,520
EOP Other Real Estate & Assets Owned		2,941		3,692		2,037		2,410		2,974
Total EOP Non-performing Assets	$	16,126	$	14,469	$	16,736	$	17,875	$	12,494

	Three Months Ended						Year Ended
	December			December			December			December			December
	2005			2004			2005			2004			2003
Allowance for Credit Losses:(1)
Beginning Balance	$	51,995		$	51,475		$	51,353		$	51,309		$	48,264
Allowance of Purchased Companies		—			—			—			—			3,863
Provision Expense		2,058			1,328			5,618			4,520			7,475
		54,053			52,803			56,971			55,829			59,602
Gross Charge-offs		(1,493	)		(1,861	)		(6,016	)		(6,539	)		(9,996	)
Recoveries		311			411			1,916			2,063			1,703
Net Charge-offs		(1,182	)		(1,450	)		(4,100	)		(4,476	)		(8,293	)
Ending Balance	$	52,871		$	51,353		$	52,871		$	51,353		$	51,309

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