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, 2006

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

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

300 United Center
500 Virginia Street, East
Charleston, West Virginia 25301

(Address of Principal Executive Offices)

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

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

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition

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

Item 9.01. Financial Statements and Exhibits

     (c) The following exhibits are being furnished herewith:

99.1	Press Release, dated October 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:	October 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
October 26, 2006 Contact: Steven E. Wilson
Chief Financial Officer
(304) 424-8704

United Bankshares, Inc. Announces Earnings
for the Third Quarter and First Nine Months of 2006

     WASHINGTON, DC and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), announced today earnings for the third quarter and first nine months of 2006. Third quarter earnings were $14.2 million or 34¢ per diluted share while earnings for the first nine months of 2006 were $64.2 million or $1.53 per diluted share. These results included significant charges to prepay certain long-term debt. United earned $25.4 million or 59¢ per share and $74.7 million or $1.73 per share for the third quarter and first nine months of 2005, respectively.

     During the quarter, United prepaid certain Federal Home Loan Bank (FHLB) long-term advances in the amount of $200 million and terminated an interest rate swap associated with one of the advances. The prepayment of the FHLB advances resulted in before-tax penalties of approximately $8.2 million. The termination of the interest rate swap resulted in a before-tax loss of approximately $7.7 million. The prepayment of these borrowings and the termination of the interest rate swap will improve United’s future net interest margin and enhance future earnings.

     Tax-equivalent net interest income for the third quarter of 2006 was $58.8 million, a decrease of $1.2 million or 2% from the third quarter of 2005. The average yield on earning assets increased 80 basis points due to higher interest rates as average earning assets grew $81.7 million or 1% for the third quarter of 2006 as compared to the third quarter of 2005. However, these increases to tax-equivalent net interest income were more than offset by a 105 basis point increase in United’s cost of funds due to the higher interest rates for the third quarter of 2006 as compared to last year’s third quarter. In addition, interest income from United’s subordinated interest in a prior asset securitization decreased $770 thousand for the third quarter of 2006 as compared to the third quarter of 2005. The net interest margin for the third quarter of 2006 was 3.87%, down 13 basis points from a net interest margin of 4.00% for the third quarter of 2005.

     Tax-equivalent net interest income for the first nine months of 2006 was $176.9 million, an increase of $4.8 million or 3% from the prior year’s first nine months due mainly to average loan growth of $264.7 million or 6%. For the first nine months of 2006, interest income from United’s asset securitization increased $1.4 million from the first nine months of 2005. In addition, the average yield on earning assets for the first nine months of 2006 increased 88 basis points from the first nine months of 2005 due to higher interest rates. Partially offsetting these increases to net interest income for the first nine months of 2006 was a 107 basis point increase in the cost of funds from the first nine months of 2005 due to the higher interest rates. The net interest margin for the first nine months of 2006 was 3.87%, down 4 basis points from a net interest margin of 3.91% during the same period last year.

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

     On a linked-quarter basis, United’s tax-equivalent net interest income for the third quarter of 2006 was relatively stable from the second quarter of 2006, decreasing $548 thousand or less than 1% for the quarter. The slight decrease was due primarily to an 18 basis point increase in the cost of funds due to higher interest rates and very competitive deposit pricing. Average earning assets were relatively flat for the quarter, declining $57.6 million or less than 1% as average investment securities declined $54.5 million or 4%. In addition, interest income from United’s subordinated interest in a prior asset securitization declined $292 thousand in the third quarter of 2006 as compared to the second quarter of 2006. Partially offsetting these decreases to net interest income for the third quarter of 2006 was a 15 basis point increase in the average yield on earning assets due to the higher interest rates. The net interest margin of 3.87% for the third quarter of 2006 was also relatively stable from a net interest margin of 3.88% for the second quarter of 2006.

     Noninterest income for the third quarter of 2006 decreased $6.8 million from the third quarter of 2005 due to a before-tax loss of approximately $7.7 million on the termination of an interest rate swap associated with the prepayment of a FHLB advance as previously mentioned. Excluding the loss on the termination of the interest rate swap and losses associated with security transactions, noninterest income for the third quarter of 2006 would have increased $878 thousand or 7% from the third quarter of 2005. This growth was primarily due to an increase in revenue from trust and brokerage services of $377 thousand or 13% for the third quarter of 2006 due to increased volume and a larger customer base. Income on bank-owned life insurance policies increased $161 thousand or 16% from the third quarter of 2005. In addition, fees from deposit services grew $151 thousand or 2% for the third quarter of 2006 over last year’s third quarter due mainly to United’s High Performance Checking program, which was introduced during the first quarter of 2006.

     Noninterest income for the first nine months of 2006 decreased $5.0 million from the first nine months of 2005. Included in total noninterest income for the first nine months of 2006 was a net before-tax loss of $4.6 million on the termination of interest rate swaps associated with the prepayment of FHLB advances in the first and third quarters of 2006. In addition, United’s income from investment security transactions declined $4.0 million for the first nine months of 2006 as compared to the same period last year as United incurred a net loss on security transactions of $2.9 million in the first quarter of 2006 due to an other than temporary impairment on approximately $86 million of low-yielding fixed rate investment securities which United sold as part of a balance sheet repositioning. Excluding the results of investment security transactions and interest rate swap terminations, noninterest income for the first nine months of 2006 would have increased $3.6 million or 9% from the first nine months of 2005. Leading the way was an increase in revenue from trust and brokerage services of $1.6 million or 19% for the first nine months of 2006 as compared to the first nine months of 2005. In addition, fees from deposit services rose $867 thousand or 4% for the first nine months of 2006 due mainly to United’s High Performance Checking program. Other income increased $581 thousand due mainly to an increase in bankcard fees from a higher volume of transactions.

     On a linked-quarter basis, noninterest income for the third quarter of 2006 decreased $8.2 million from the second quarter of 2006 due to the before-tax loss of approximately $7.7 million on a termination of an interest rate swap associated with the prepayment of a FHLB advance. The remaining decline in noninterest income of $517 thousand or 4% was due mainly to a decrease in revenue from trust and brokerage services of $457 thousand or 13% for the quarter. Deposit service fees increased $149 thousand or 2% for the third quarter of 2006 as compared to the second quarter of 2006 due primarily to United’s High Performance Checking program.

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

     Noninterest expense for the third quarter of 2006 increased $9.7 million from the third quarter of 2005 due primarily to the previously mentioned before-tax penalties of approximately $8.2 million to prepay $200 million of FHLB advances during the quarter. Excluding these prepayment penalties, noninterest expense for the third quarter of 2006 would have increased $1.4 million or 5% from the third quarter of 2005. This rise in noninterest expense was primarily due to an increase of $644 thousand or 5% in salaries expense. In addition, United incurred marketing and related costs of approximately $550 thousand during the quarter to promote its High Performance Checking program.

     Noninterest expense for the first nine months of 2006 increased $14.7 million from the first nine months of 2005 due mainly to the before-tax penalties of approximately $8.2 million to prepay FHLB advances during the third quarter of 2006. Excluding these penalties, noninterest expense for the first nine months of 2006 would have increased $6.5 million or 7% from the first nine months of 2005. The increase in noninterest expense was primarily due to an increase of $2.6 million or 6% in salaries and benefits expense. Salaries expense increased $1.9 million or 5% as a result of the higher salaries, commissions, and incentives while health care and pension costs increased $318 thousand or 10% and $104 thousand or 6%, respectively. In addition, United incurred marketing and related costs of approximately $2.2 million during the first nine months of 2006 to launch and to promote its High Performance Checking program.

     On a linked-quarter basis, noninterest expense for the third quarter of 2006 increased $8.1 million from the second quarter of 2006 due mainly to the before-tax penalties of approximately $8.2 million to prepay FHLB advances during the quarter. Otherwise, noninterest expense for the third quarter of 2006 was relatively flat from the second quarter of 2006, decreasing $210 thousand or less than 1% for the quarter.

     United’s credit quality continues to be sound. At September 30, 2006, nonperforming loans were $13.6 million or 0.29% of loans, net of unearned income, which is comparable to nonperforming loans of $13.5 million or 0.28% of loans, net of unearned income at June 30, 2006 and $13.2 million or 0.28% of loans, net of unearned income at December 31, 2005, respectively. Net charge-offs were $930 thousand and $1.5 million for the third quarter and first nine months of 2006, respectively. Net charge-offs were $1.6 million and $2.9 million for the third quarter and first nine months of 2005, respectively. For the quarters ended September 30, 2006 and 2005, the provision for credit losses was $571 thousand and $1.9 million, respectively, while the provision for the first nine months of 2006 was $1.2 million as compared to $3.6 million for 2005. As of September 30, 2006, the allowances for loan losses and lending-related commitments totaled $52.5 million or 1.11% of loans, net of unearned income, as compared to $52.9 million or 1.14% of loans, net of unearned income at December 31, 2005.

     During the third quarter, United’s Board of Directors declared a cash dividend of 27¢ per share, which represented a 4% increase over the 26¢ per share dividend paid for the third quarter of 2005. Dividends per share of 81¢ for the first three quarters of 2006 also represented a 4% increase over the 78¢ per share paid for the first three quarters of 2005. The annualized first three quarters’ dividend of 81¢ per share equals $1.08 which would represent the thirty-third consecutive year of dividend increases for United shareholders.

United Bankshares, Inc. Announces...
October 26, 2006
Page Four

     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 Global Select Market under the quotation symbol “UBSI”.”

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

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

	Three Months Ended						Nine Months Ended
	September 30			September 30			September 30			September 30
	2006			2005			2006			2005
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	106,326		$	92,815		$	309,884		$	260,003
Interest expense		47,506			32,832			132,947			87,839
Net interest income, taxable equivalent		58,820			59,983			176,937			172,164
Taxable equivalent adjustment		3,891			3,325			11,407			9,058
Net interest income		54,929			56,658			165,530			163,106
Provision for credit losses		571			1,945			1,169			3,560
Noninterest income		6,214			13,036			34,301			39,314
Noninterest expense		40,214			30,516			104,565			89,834
Income taxes		6,193			11,784			29,863			34,303
Net income		14,165			25,449			64,234			74,723
PER COMMON SHARE:
Net income:
Basic		0.34			0.60			1.54			1.75
Diluted		0.34			0.59			1.53			1.73
Cash dividends	$	0.27		$	0.26			0.81			0.78
Book value								15.40			15.09
Closing market price							$	37.22		$	34.95
Common shares outstanding:
Actual at period end, net of treasury shares								41,248,706			42,246,551
Weighted average- basic		41,373,945			42,383,810			41,658,678			42,648,080
Weighted average- diluted		41,775,111			42,918,552			42,075,862			43,153,673
FINANCIAL RATIOS:
Return on average assets		0.85	%		1.55	%		1.29	%		1.56	%
Return on average shareholders’ equity		8.83	%		15.68	%		13.38	%		15.63	%
Average equity to average assets		9.61	%		9.87	%		9.63	%		9.96	%
Net interest margin		3.87	%		4.00	%		3.87	%		3.91	%

	September 30		September 30		December 31		June 30
	2006		2005		2005		2006
PERIOD END BALANCES:
Assets	$	6,593,526	$	6,633,044	$	6,728,492	$	6,717,873
Earning assets		6,028,100		6,051,886		6,129,969		6,131,872
Loans, net of unearned income		4,750,204		4,600,406		4,649,829		4,806,978
Loans held for sale		3,510		4,826		3,324		5,914
Investment securities		1,288,009		1,449,778		1,501,966		1,327,216
Total deposits		4,750,555		4,609,732		4,617,452		4,755,480
Shareholders’ equity		635,333		638,543		635,205		635,027

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
	2006			2005			2006			2006			2006			2005
Interest & Loan Fees Income	$	102,435		$	89,490		$	100,461		$	95,581		$	298,477		$	250,945
Tax Equivalent Adjustment		3,891			3,325			3,788			3,730			11,407			9,058
Interest & Fees Income (FTE)		106,326			92,815			104,249			99,311			309,884			260,003
Interest Expense		47,506			32,832			44,881			40,560			132,947			87,839
Net Interest Income (FTE)		58,820			59,983			59,368			58,751			176,937			172,164
Credit Loss Provision		571			1,945			348			250			1,169			3,560
Non-Interest Income:
Investment Securities Transactions		(134	)		(93	)		(99	)		(2,838	)		(3,071	)		889
Fees from Trust & Brokerage Services		3,190			2,813			3,647			3,020			9,857			8,312
Fees from Deposit Services		7,367			7,216			7,217			6,991			21,575			20,709
Other Charges, Commissions, and Fees		1,785			1,569			1,747			1,670			5,202			4,415
Income from Bank Owned Life Insurance		1,181			1,020			1,061			1,043			3,285			3,443
Income from Mortgage Banking Operations		236			337			150			229			615			690
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		(7,659	)		—			—			3,060			(4,599	)		—
Other Non-Interest Revenue		248			174			702			487			1,437			856
Total Non-Interest Income		6,214			13,036			14,425			13,662			34,301			39,314
Non-Interest Expense:
Salaries and Employee Benefits		15,740			15,205			15,951			15,098			46,789			44,192
Net Occupancy		3,031			3,113			3,114			3,313			9,458			9,259
Other Expense		12,423			11,341			12,552			12,940			37,915			33,760
Prepayment Penalties on FHLB Advances		8,261			—			—			—			8,261			—
Amortization of Intangibles		459			560			484			510			1,453			1,757
OREO Expense		155			155			(82	)		179			252			425
FDIC Expense		145			142			144			148			437			441
Total Non-Interest Expense		40,214			30,516			32,163			32,188			104,565			89,834
Income Before Income Taxes (FTE)		24,249			40,558			41,282			39,975			105,504			118,084
Tax Equivalent Adjustment		3,891			3,325			3,788			3,730			11,407			9,058
Income Before Income Taxes		20,358			37,233			37,494			36,245			94,097			109,026
Taxes		6,193			11,784			12,035			11,635			29,863			34,303
Net Income	$	14,165		$	25,449		$	25,459		$	24,610		$	64,234		$	74,723
MEMO: Effective Tax Rate		30.42	%		31.65	%		32.10	%		32.10	%		31.74	%		31.46	%

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

Consolidated Balance Sheets

	September 30			September 30
	2006			2005			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2006			2005			2005
Cash & Cash Equivalents	$	189,966		$	175,238		$	172,536		$	207,962		$	219,548
Securities Available for Sale		1,088,371			1,233,756			1,073,772			1,274,621			1,219,069
Held to Maturity Securities		214,566			231,130			214,237			227,345			230,709
Total Securities		1,302,937			1,464,886			1,288,009			1,501,966			1,449,778
Total Cash and Securities		1,492,903			1,640,124			1,460,545			1,709,928			1,669,326
Loans Held for Sale		4,066			4,734			3,510			3,324			4,826
Commercial Loans		2,678,541			2,517,134			2,678,020			2,599,781			2,564,755
Mortgage Loans		1,728,433			1,623,960			1,718,778			1,668,782			1,645,595
Consumer Loans		364,429			400,001			359,875			387,959			396,765
Gross Loans		4,771,403			4,541,095			4,756,673			4,656,522			4,607,115
Unearned Income		(6,634	)		(6,522	)		(6,469	)		(6,693	)		(6,709	)
Loans, Net of Unearned Income		4,764,769			4,534,573			4,750,204			4,649,829			4,600,406
Allowance for Loan Losses		(44,087	)		(43,589	)		(43,801	)		(44,138	)		(43,617	)
Goodwill		167,421			166,916			167,421			167,487			167,487
Other Intangibles		3,317			5,357			3,074			4,527			5,062
Total Intangibles		170,738			172,273			170,495			172,014			172,549
Real Estate Owned		2,601			2,524			2,517			2,941			2,037
Other Assets		235,058			217,491			250,056			234,594			227,517
Total Assets	$	6,626,048		$	6,528,130		$	6,593,526		$	6,728,492		$	6,633,044
MEMO: Earning Assets	$	6,065,547		$	5,983,890		$	6,028,100		$	6,129,969		$	6,051,886
Interest-bearing Deposits	$	3,897,572		$	3,619,271		$	3,930,774		$	3,657,778		$	3,626,297
Noninterest-bearing Deposits		852,850			935,972			819,781			959,674			983,435
Total Deposits		4,750,422			4,555,243			4,750,555			4,617,452			4,609,732
Short-term Borrowings		680,201			720,313			642,249			856,425			761,394
Long-term Borrowings		497,516			556,798			502,498			547,731			555,031
Total Borrowings		1,177,717			1,277,111			1,144,747			1,404,156			1,316,425
Other Liabilities		61,216			51,700			62,891			71,679			68,344
Total Liabilities		5,989,355			5,884,054			5,958,193			6,093,287			5,994,501
Common Equity		636,693			644,076			635,333			635,205			638,543
Total Shareholders’ Equity		636,693			644,076			635,333			635,205			638,543
Total Liabilities & Equity	$	6,626,048		$	6,528,130		$	6,593,526		$	6,728,492		$	6,633,044

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
Quarterly/Year-to-Date Share Data:	2006			2005			2006			2006			2006			2005
Earnings Per Share:
Basic	$	0.34		$	0.60		$	0.61		$	0.59		$	1.54		$	1.75
Diluted	$	0.34		$	0.59		$	0.60		$	0.58		$	1.53		$	1.73
Common Dividend Declared Per Share:	$	0.27		$	0.26		$	0.27		$	0.27		$	0.81		$	0.78
High Common Stock Price	$	38.28		$	38.47		$	38.41		$	38.50		$	38.50		$	38.62
Low Common Stock Price	$	34.21		$	33.91		$	34.46		$	34.46		$	34.21		$	29.82
Average Shares Outstanding: (Net of Treasury Stock):
Basic		41,373,945			42,383,810			41,684,404			41,923,726			41,658,678			42,648,080
Diluted		41,775,111			42,918,552			42,084,164			42,379,242			42,075,862			43,153,673
Memorandum Items:
Tax Applicable to Security Transactions	$	(47	)	$	(33	)	$	(35	)	$	(993	)	$	(1,075	)	$	311
Common Dividends	$	11,158		$	11,009		$	11,212		$	11,331		$	33,701		$	33,219

	September		September		June		March
EOP Share Data:	2006		2005		2006		2006
Book Value Per Share	$	15.40	$	15.09	$	15.30	$	15.26
Tangible Book Value Per Share	$	11.27	$	11.01	$	11.18	$	11.16
52-week High Common Stock Price	$	38.55	$	39.35	$	38.55	$	38.55
Date		12/02/05		12/02/04		12/02/05		12/02/05
52-week Low Common Stock Price	$	32.34	$	29.82	$	32.34	$	29.82
Date		10/12/05		04/29/05		10/12/05		04/29/05
EOP Shares Outstanding (Net of Treasury Stock):		41,248,706		42,246,551		41,512,069		41,848,564
Memorandum Items:
EOP Employees (full-time equivalent)		1,375		1,349		1,365		1,352

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
	2006			2005			2006			2006			2006			2005
Selected Yields and Net Interest Margin:
Loans		7.31	%		6.43	%		7.14	%		6.96	%		7.14	%		6.22	%
Investment Securities		5.79	%		5.38	%		5.78	%		5.37	%		5.64	%		5.00	%
Money Market Investments/FFS		5.41	%		3.94	%		4.28	%		2.84	%		4.14	%		2.84	%
Average Earning Assets Yield		6.97	%		6.17	%		6.82	%		6.55	%		6.79	%		5.91	%
Interest-bearing Deposits		3.29	%		2.15	%		2.97	%		2.68	%		2.99	%		1.94	%
Short-term Borrowings		4.17	%		2.56	%		4.12	%		3.65	%		3.96	%		2.22	%
Long-term Borrowings		6.42	%		6.09	%		6.85	%		6.41	%		6.55	%		5.70	%
Average Liability Costs		3.71	%		2.66	%		3.53	%		3.24	%		3.50	%		2.43	%
Net Interest Spread		3.26	%		3.51	%		3.29	%		3.31	%		3.29	%		3.48	%
Net Interest Margin		3.87	%		4.00	%		3.88	%		3.86	%		3.87	%		3.91	%
Selected Financial Ratios:
Return on Average Common Equity		8.83	%		15.68	%		15.84	%		15.51	%		13.38	%		15.63	%
Return on Average Assets		0.85	%		1.55	%		1.53	%		1.49	%		1.29	%		1.56	%
Efficiency Ratio		60.77	%		40.76	%		42.98	%		41.86	%		48.00	%		41.62	%

	September			September			June			March
	2006			2005			2006			2006
Loan / Deposit Ratio		99.99	%		99.80	%		101.08	%		99.79	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.92	%		0.95	%		0.92	%		0.94	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income		1.11	%		1.13	%		1.10	%		1.13	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.13	%		0.17	%		0.14	%		0.16	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.15	%		0.15	%		0.14	%		0.12	%
Non-performing Loans/ Loans, Net of Unearned Income		0.29	%		0.32	%		0.28	%		0.27	%
Non-performing Assets/ Total Assets		0.24	%		0.25	%		0.24	%		0.24	%
Primary Capital Ratio		10.35	%		10.32	%		10.16	%		10.23	%
Shareholders’ Equity Ratio		9.64	%		9.63	%		9.45	%		9.52	%
Price / Book Ratio		2.42x			2.32x			2.39x			2.51x
Price / Earnings Ratio		27.44x			14.74x			15.14x			16.48x

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

	September		September		December		June		March
Asset Quality Data:	2006		2005		2005		2006		2006
EOP Non-Accrual Loans	$	6,357	$	7,868	$	7,146	$	6,958	$	7,308
EOP 90-Day Past Due Loans		7,272		6,831		6,039		6,531		5,569
Total EOP Non-performing Loans	$	13,629	$	14,699	$	13,185	$	13,489	$	12,877
EOP Other Real Estate & Assets Owned		2,517		2,037		2,941		2,313		3,145
Total EOP Non-performing Assets	$	16,146	$	16,736	$	16,126	$	15,802	$	16,022

	Three Months Ended												Year to Date
	September			September			June			March			September			September
Allowance for Credit Losses:(1)	2006			2005			2006			2006			2006			2005
Beginning Balance	$	52,895		$	51,633		$	52,965		$	52,871		$	52,871		$	51,353
Provision Expense		571			1,945			348			250			1,169			3,560
		53,466			53,578			53,313			53,121			54,040			54,913
Gross Charge-offs		(1,168	)		(1,946	)		(643	)		(671	)		(2,482	)		(4,523	)
Recoveries		238			363			225			515			978			1,605
Net Charge-offs		(930	)		(1,583	)		(418	)		(156	)		(1,504	)		(2,918	)
Ending Balance	$	52,536		$	51,995		$	52,895		$	52,965		$	52,536		$	51,995

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