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):
May 1, 2007

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 May 1, 2007, United Bankshares, Inc. (“United”) announced its financial results for the first quarter of 2007. 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 May 1, 2007, 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:	May 1, 2007	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
May 1, 2007 Contact: Steven E. Wilson
Chief Financial Officer
(304) 424-8704

United Bankshares, Inc. Announces
Increased Earnings Per Share for the First Quarter of 2007

     WASHINGTON, DC and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported diluted earnings per share of 59¢ for the first quarter of 2007, which represented a 2% increase from diluted earnings per share of 58¢ for first quarter of 2006. United generated net income of $24.4 million for the first quarter of 2007 as compared to $24.6 million earned in the first quarter of 2006.

     First quarter of 2007 results produced an annualized return on average assets of 1.51% and an annualized return on average equity of 15.44%, as compared to 1.49% and 15.51%, respectively, for the first quarter of 2006. United’s returns compare favorably to its most recently reported peer group banking companies’ average return on assets of 1.09% and average return on equity of 10.77%.

     United’s tax-equivalent net interest income for the first quarter of 2007 was $56.7 million, a decrease of $2.1 million or 4% from the first quarter of 2006. The average yield on earning assets increased 48 basis points from the first quarter of 2006; however, the average cost of funds increased 62 basis points due to higher interest rates and competitive deposit pricing. Average earning assets decreased $113.4 million or 2% from the first quarter of 2006 as average loan growth of $106.0 million or 2% was more than offset by a decline in average investment securities of $214.3 million or 14%. The net interest margin for the first quarter of 2007 was 3.79%, a 7 basis point decrease from the first quarter 2006 net interest margin of 3.86%.

     On a linked-quarter basis, United’s tax-equivalent net interest income for the first quarter of 2007 declined $1.4 million or 2% from the fourth quarter of 2006 due to two fewer days in the quarter and an 8 basis points increase in the first quarter average cost of funds. The first quarter average yield on earning assets increased one basis point which was not enough to offset the increase in the average cost of funds. Average earning assets were relatively flat for the quarter, declining $14.2 million or less than 1%. The net interest margin of 3.79% for the first quarter of 2007 was a decrease of 6 basis points from the net interest margin of 3.85% for the fourth quarter of 2006.

     Noninterest income for the first quarter of 2007 was $14.9 million, which was an increase of $1.3 million or 9% from the first quarter of 2006. The rise in noninterest income from the previous year’s first quarter was primarily due to an increase of $526 thousand or 17% in fees from trust and brokerage services. In addition, income from bank-owned life insurance increased $416 thousand due to an increase in the cash surrender value, and fees from deposit services grew $187 thousand mainly as a result of United’s High Performance Checking program. Other income increased $235 thousand for the first quarter of 2007 due mainly to an increase in income of $256 thousand from the outsourcing of official checks processing.

United Bankshares, Inc. Announces...
May 1, 2007
Page Two

     On a linked-quarter basis, noninterest income for the first quarter of 2007 increased $184 thousand or 1% from the fourth quarter of 2006. This increase was primarily due to growth in income from trust and brokerage services of $455 thousand or 15%. Income from bank-owned life insurance increased $322 thousand due to an increase in the cash surrender value. Partially offsetting these increases was a decrease of $324 thousand in fees from deposit services due to seasonality and a decline of $526 thousand in residual income from prior third party asset securitizations.

     Noninterest expense for the first quarter of 2007 was $31.5 million, a decrease of $693 thousand or 2% from the first quarter of 2006 as salaries and benefits expense declined $353 thousand or 2% from last year’s first quarter due primarily to a decrease in pension expense. During the third quarter of 2006, United made a significant contribution to its pension plan as allowed by the Pension Protection Act of 2006. This large contribution will result in decreased pension expense for United in the year 2007 as compared to 2006. Pension expense for the first quarter of 2007 decreased $671 thousand from the first quarter of 2006. In addition, marketing and related costs of United’s High Performance Checking program declined $538 thousand in the first quarter of 2007 from the first quarter of 2006.

     On a linked-quarter basis, noninterest expense decreased $1.1 million or 3%. Salaries and benefits expense declined $797 thousand or 5% due mainly to a decrease in pension expense of $902 thousand related to the previously mentioned contribution in 2006. Marketing and related costs of United’s High Performance Checking program declined $170 thousand from the fourth quarter of 2006. Several other general operating expenses declined as well, none of which was individually significant.

     United’s credit quality continues to be sound. At March 31, 2007, nonperforming loans were $11.5 million or 0.24% of loans, net of unearned income as compared to nonperforming loans of $14.2 million or 0.30% of loans, net of unearned income at December 31, 2006. Net charge-offs were $336 thousand for the first quarter of 2007 as compared to $156 thousand for the first quarter of 2006. For the quarters ended March 31, 2007 and 2006, the provision for credit losses was $350 thousand and $250 thousand, respectively. As of March 31, 2007, the allowances for loan losses and lending-related commitments totaled $52.4 million or 1.11% of loans, net of unearned income, as compared to $52.4 million or 1.09% of loans, net of unearned income at December 31, 2006.

     During the first quarter, United’s Board of Directors declared a cash dividend of 28¢ per share. The 2007 annualized first quarter dividend of 28¢ per share equals $1.12, which would represent the 34th consecutive year of dividend increases for United shareholders.

     Moody’s Investors Services upgraded their ratings of United’s two banking subsidiaries, United Bank, West Virginia and United Bank, Virginia during the first quarter of 2007. For both institutions, Moody’s upgraded the long-term deposit rating to A2 and the short-term deposit rating to Prime-1, one level increases from previous ratings of A3 and Prime-2, respectively. Moody’s also increased the financial strength rating of both institutions to C+ from a previous rating of C, also a one level increase.

United Bankshares, Inc. Announces...
May 1, 2007
Page Three

     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
	March 31			March 31			December 31
	2007			2006			2006
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	104,633		$	99,311		$	106,249
Interest expense		47,960			40,560			48,143
Net interest income, taxable equivalent		56,673			58,751			58,106
Taxable equivalent adjustment		4,011			3,730			4,043
Net interest income		52,662			55,021			54,063
Provision for credit losses		350			250			268
Noninterest income		14,916			13,662			14,732
Noninterest expenses		31,495			32,188			32,608
Income taxes		11,326			11,635			10,904
Net income	$	24,407		$	24,610		$	25,015
PER COMMON SHARE:
Net income:
Basic	$	0.60		$	0.59		$	0.61
Diluted		0.59			0.58			0.60
Cash dividends		0.28			0.27			0.28
Book value		15.65			15.26			15.44
Closing market price	$	35.03		$	38.27		$	38.65
Common shares outstanding:
Actual at period end, net of treasury shares		40,823,168			41,848,564			41,058,901
Weighted average- basic		40,946,236			41,923,726			41,156,578
Weighted average- diluted		41,272,213			42,379,242			41,557,831
FINANCIAL RATIOS:
Return on average assets		1.51	%		1.49	%		1.51	%
Return on average shareholders’ equity		15.44	%		15.51	%		15.44	%
Average equity to average assets		9.77	%		9.63	%		9.77	%
Net interest margin		3.79	%		3.86	%		3.85	%

	March 31		March 31		December 31
	2007		2006		2006
PERIOD END BALANCES:
Assets	$	6,571,761	$	6,706,832	$	6,717,598
Earning assets		5,997,305		6,133,062		6,082,080
Loans, net of unearned income		4,716,297		4,693,329		4,806,747
Loans held for sale		2,231		1,773		2,041
Investment securities		1,258,984		1,453,394		1,275,470
Total deposits		4,741,572		4,703,268		4,828,192
Shareholders’ equity		638,749		638,607		634,092

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
	2007			2006			2006
Interest & Loan Fees Income	$	100,622		$	95,581		$	102,206
Tax Equivalent Adjustment		4,011			3,730			4,043
Interest & Fees Income (FTE)		104,633			99,311			106,249
Interest Expense		47,960			40,560			48,143
Net Interest Income (FTE)		56,673			58,751			58,106
Provision for Credit Losses		350			250			268
Non-Interest Income:
Investment securities transactions		157			(2,838	)		(105	)
Fees from trust & brokerage services		3,546			3,020			3,091
Fees from deposit services		7,178			6,991			7,502
Other charges, commissions, and fees		1,693			1,670			1,698
Income from bank-owned life insurance		1,459			1,043			1,137
Mortgage banking income		161			229			240
Gain on termination of interest rate swap associated with prepayment of FHLB advance		—			3,060			—
Other non-interest revenue		722			487			1,169
Total Non-Interest Income		14,916			13,662			14,732
Non-Interest Expense:
Salaries and employee benefits		14,745			15,098			15,542
Net occupancy		3,456			3,313			3,089
Other expenses		12,580			12,940			13,171
Amortization of intangibles		407			510			433
OREO expense		164			179			230
FDIC expense		143			148			143
Total Non-Interest Expense		31,495			32,188			32,608
Income Before Income Taxes (FTE)		39,744			39,975			39,962
Tax Equivalent Adjustment		4,011			3,730			4,043
Income Before Income Taxes		35,733			36,245			35,919
Taxes		11,326			11,635			10,904
Net Income	$	24,407		$	24,610		$	25,015
MEMO: Effective Tax Rate		31.70	%		32.10	%		30.36	%

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

Consolidated Balance Sheets

	March 31			March 31
	2007			2006			March 31			December 31
	Q-T-D Average			Q-T-D Average			2007			2006
Cash & Cash Equivalents	$	178,434		$	155,963		$	220,177		$	259,013
Securities Available for Sale		1,007,953			1,209,828			1,000,395			1,010,252
Held to Maturity Securities		209,316			223,003			205,000			212,296
Other Investment Securities		54,763			53,478			53,589			52,922
Total Securities		1,272,032			1,486,309			1,258,984			1,275,470
Total Cash and Securities		1,450,466			1,642,272			1,479,161			1,534,483
Loans held for sale		1,980			2,350			2,231			2,041
Commercial Loans		2,701,907			2,578,117			2,696,266			2,757,957
Mortgage Loans		1,685,748			1,683,337			1,670,738			1,694,922
Consumer Loans		359,577			379,868			356,100			360,829
Gross Loans		4,747,232			4,641,322			4,723,104			4,813,708
Unearned income		(6,869	)		(6,715	)		(6,807	)		(6,961	)
Loans, net of unearned income		4,740,363			4,634,607			4,716,297			4,806,747
Allowance for Loan Losses		(43,603	)		(44,229	)		(44,058	)		(43,629	)
Goodwill		167,420			167,487			167,337			167,421
Other Intangibles		2,459			4,282			2,233			2,640
Total Intangibles		169,879			171,769			169,570			170,061
Real Estate Owned		3,988			3,092			3,991			4,231
Other Assets		238,257			270,553			244,569			243,664
Total Assets	$	6,561,330		$	6,680,414		$	6,571,761		$	6,717,598
MEMO: Earning Assets	$	6,007,205		$	6,120,599		$	5,997,305		$	6,082,080
Interest-bearing Deposits	$	3,855,911		$	3,695,782		$	3,908,963		$	3,924,985
Noninterest-bearing Deposits		811,765			900,751			832,609			903,207
Total Deposits		4,667,676			4,596,533			4,741,572			4,828,192
Short-term Borrowings		678,696			834,310			579,459			682,266
Long-term Borrowings		506,497			544,930			523,832			499,200
Total Borrowings		1,185,193			1,379,240			1,103,291			1,181,466
Other Liabilities		67,523			61,227			88,149			73,848
Total Liabilities		5,920,392			6,037,000			5,933,012			6,083,506
Common Equity		640,938			643,414			638,749			634,092
Total Shareholders’ Equity		640,938			643,414			638,749			634,092
Total Liabilities & Equity	$	6,561,330		$	6,680,414		$	6,571,761		$	6,717,598

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

	Three Months Ended
	March		March			December
	2007		2006			2006
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.60	$	0.59		$	0.61
Diluted	$	0.59	$	0.58		$	0.60
Common Dividend Declared Per Share	$	0.28	$	0.27		$	0.28
High Common Stock Price	$	39.50	$	38.50		$	39.71
Low Common Stock Price	$	33.60	$	34.46		$	36.51
Average Shares Outstanding (Net of Treasury Stock):
Basic		40,946,236		41,923,726			41,156,578
Diluted		41,272,213		42,379,242			41,557,831
Memorandum Items:
Income Tax Expense (Benefit) Applicable to Security Transactions	$	55		($993	)		($37	)
Common Dividends	$	11,452	$	11,331		$	11,518

	March		March		December
	2007		2006		2006
EOP Share Data:
Book Value Per Share	$	15.65	$	15.26	$	15.44
Tangible Book Value Per Share	$	11.49	$	11.16	$	11.30
52-week High Common Stock Price	$	39.71	$	38.55	$	39.71
Date		12/28/06		12/02/05		12/28/06
52-week Low Common Stock Price	$	33.60	$	29.82	$	34.21
Date		03/14/07		04/29/05		07/17/06
EOP Shares Outstanding (Net of Treasury Stock):		40,823,168		41,848,564		41,058,901
Memorandum Items:
EOP Employees (full-time equivalent)		1,327		1,352		1,367

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

	Three Months Ended
	March			March			December
	2007			2006			2006
Selected Yields and Net Interest Margin:
Loans		7.41	%		6.96	%		7.38	%
Investment Securities		5.65	%		5.37	%		5.78	%
Money Market Investments/FFS		5.62	%		2.84	%		4.89	%
Average Earning Assets Yield		7.03	%		6.55	%		7.02	%
Interest-bearing Deposits		3.49	%		2.68	%		3.43	%
Short-term Borrowings		4.48	%		3.65	%		4.31	%
Long-term Borrowings		5.84	%		6.41	%		5.86	%
Average Liability Costs		3.86	%		3.24	%		3.78	%
Net Interest Spread		3.17	%		3.31	%		3.24	%
Net Interest Margin		3.79	%		3.86	%		3.85	%
Selected Financial Ratios:
Return on Average Common Equity		15.44	%		15.51	%		15.44	%
Return on Average Assets		1.51	%		1.49	%		1.51	%
Loan / Deposit Ratio		99.47	%		99.79	%		99.56	%
Allowance for Loan Losses/ Loans, net of unearned income		0.93	%		0.94	%		0.91	%
Allowance for Credit Losses (1)/ Loans, net of unearned income		1.11	%		1.13	%		1.09	%
Nonaccrual Loans / Loans, net of unearned income		0.13	%		0.16	%		0.12	%
90-Day Past Due Loans/ Loans, net of unearned income		0.11	%		0.12	%		0.18	%
Non-performing Loans/ Loans, net of unearned income		0.24	%		0.27	%		0.30	%
Non-performing Assets/ Total Assets		0.24	%		0.24	%		0.27	%
Primary Capital Ratio		10.43	%		10.23	%		10.14	%
Shareholders’ Equity Ratio		9.72	%		9.52	%		9.44	%
Price / Book Ratio		2.24	x		2.51	x		2.50	x
Price / Earnings Ratio		14.81	x		16.48	x		18.15	x
Efficiency Ratio		43.20	%		41.86	%		43.79	%

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

	March		March		December
	2007		2006		2006
Asset Quality Data:
EOP Non-Accrual Loans	$	6,068	$	7,308	$	5,755
EOP 90-Day Past Due Loans		5,416		5,569		8,432
Total EOP Non-performing Loans	$	11,484	$	12,877	$	14,187
EOP Other Real Estate & Assets Owned		3,991		3,145		4,231
Total EOP Non-performing Assets	$	15,475	$	16,022	$	18,418

	Three Months Ended
	March			March			December
	2007			2006			2006
Allowance for Credit Losses:(1)
Beginning Balance	$	52,371		$	52,871		$	52,536
Provision Expense		350			250			268
		52,721			53,121			52,804
Gross Charge-offs		(617	)		(671	)		(746	)
Recoveries		281			515			313
Net Charge-offs		(336	)		(156	)		(433	)
Ending Balance	$	52,385		$	52,965		$	52,371

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