United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Earnings for the Fourth Quarter and Year of 2003

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
			2003			2002			2003			2003			2003
Interest & Loan Fees Income			$	74,042		$	83,089		$	71,981		$	74,261		$	77,224
Tax Equivalent Adjustment				2,538			2,670			2,499			2,456			2,566
		Interest & Fees Income (FTE)		76,580			85,759			74,480			76,717			79,790
Interest Expense				23,530			31,968			24,459			26,567			29,595
		Net Interest Income (FTE)		53,050			53,791			50,021			50,150			50,195
Loan Loss Provision				1,502			2,212			2,222			2,296			1,455
Non-Interest Income:
	Investment Securities Transactions			(89	)		(1,305	)		122			931			866
	Fees from Trust & Brokerage Services			2,261			2,200			2,389			2,462			2,275
	Service Charges, Commissions & Other Fees			9,140			8,722			8,939			8,943			8,121
	Income from Mortgage Banking Operations			9,833			11,341			15,834			14,267			11,972
	Other Income			2,135			585			1,366			1,188			361
		Total Non-Interest Income		23,280			21,543			28,650			27,791			23,595
Non-Interest Expense:
	Salaries & Employee Benefits			21,972			21,632			25,507			24,189			21,631
	Net Occupancy			3,473			3,733			3,039			3,264			3,316
	Other Expenses			30,721			12,538			11,846			12,462			11,647
	Amortization of Intangibles			800			249			412			424			434
	OREO Expense			185			264			245			(8	)		248
	FDIC Expense			145			158			158			279			289
		Total Non-Interest Expense		57,296			38,574			41,207			40,610			37,565
Income Before Incomes Taxes (FTE)				17,532			34,548			35,242			35,035			34,770
Tax Equivalent Adjustment				2,538			2,670			2,499			2,456			2,566
Income Before Incomes Taxes				14,994			31,878			32,743			32,579			32,204
Taxes				4,497			9,325			9,823			9,774			9,661
Net Income			$	10,497		$	22,553		$	22,920		$	22,805		$	22,543
MEMO: Effective Tax Rate				29.99	%		29.25	%		30.00	%		30.00	%		30.00	%

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

Consolidated Statements of Income

			Year-to-Date
			December			December			December			December
			2003			2002			2001			2000
Interest & Loan Fees Income			$	297,508		$	339,478		$	360,610		$	377,847
Tax Equivalent Adjustment				10,057			10,975			11,638			11,093
		Interest & Fees Income (FTE)		307,565			350,453			372,248			388,940
Interest Expense				104,151			132,557			175,507			197,766
		Net Interest Income (FTE)		203,414			217,896			196,741			191,174
Loan Loss Provision				7,475			7,937			12,833			15,745
Non-Interest Income:
	Investment Securities Transactions			1,830			(6,266	)		(518	)		(13,864	)
	Fees from Trust & Brokerage Services			9,387			8,892			8,213			7,053
	Service Charges, Commissions & Other Fees			35,143			32,009			26,624			22,402
	Income from Mortgage Banking Operations			51,906			36,142			26,518			16,340
	Other Income			5,050			2,702			1,368			1,855
		Total Non-Interest Income		103,316			73,479			62,205			33,786
Non-Interest Expense:
	Salaries & Employee Benefits			93,299			79,999			61,109			53,174
	Net Occupancy			13,092			13,045			10,514			11,787
	Other Expenses			66,676			47,934			39,219			41,106
	Amortization of Intangibles			2,070			1,645			3,288			3,266
	OREO Expense			670			828			653			216
	FDIC Expense			871			679			962			873
		Total Non-Interest Expense		176,678			144,130			115,745			110,422
Income Before Incomes Taxes (FTE)				122,577			139,308			130,368			98,793
Tax Equivalent Adjustment				10,057			10,975			11,638			11,093
Income Before Incomes Taxes				112,520			128,333			118,730			87,700
Taxes				33,755			39,400			38,739			28,724
Net Income			$	78,765		$	88,933		$	79,991		$	58,976
MEMO: Effective Tax Rate				30.00	%		30.70	%		32.63	%		32.75	%

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

Consolidated Balance Sheets

				December 31			December 31
				2003			2002			December 31			December 31			December 31
				Q-T-D Average			Q-T-D Average			2003			2002			2001
Cash & Cash Equivalents				$	285,561		$	145,773		$	254,941		$	175,363		$	157,394
Securities Available for Sale					1,183,366			1,078,187			1,266,635			1,022,314			1,149,073
Securities Held to Maturity					258,922			267,874			243,975			263,176			281,636
	Total Securities				1,442,288			1,346,061			1,510,610			1,285,490			1,430,709
			Total Cash and Securities		1,727,849			1,491,834			1,765,551			1,460,853			1,588,103
	Loans held for sale				136,165			553,334			181,186			582,718			368,625
	Commercial Loans				2,195,113			1,923,856			2,249,176			1,885,275			1,849,208
	Mortgage Loans				1,413,431			1,272,380			1,453,131			1,335,606			1,313,891
	Consumer Loans				390,528			358,688			393,712			352,280			339,235
			Loans & Leases, net of unearned income		3,999,072			3,554,924			4,096,019			3,573,161			3,502,334
Allowance for Loan & Lease Losses					(50,444	)		(47,359	)		(50,432	)		(47,387	)		(47,408	)
Goodwill					165,993			90,631			169,655			90,416			80,848
Other Intangibles					9,371			6,130			9,546			5,869			7,750
		Total Intangibles			175,364			96,761			179,201			96,285			88,598
Real Estate Owned					3,082			4,327			3,203			4,267			2,763
Other Assets					166,159			114,342			204,271			122,122			128,760
			Total Assets	$	6,157,247		$	5,768,163		$	6,378,999		$	5,792,019		$	5,631,775
MEMO: Earning Assets				$	5,629,094		$	5,422,822		$	5,825,527		$	5,454,471		$	5,301,211
Interest-bearing Deposits				$	3,253,111		$	3,186,069		$	3,244,860		$	3,161,620		$	3,134,008
Noninterest-bearing Deposits					846,016			647,289			937,512			739,228			653,785
		Total Deposits			4,099,127			3,833,358			4,182,372			3,900,848			3,787,793
Short-term Borrowings					619,279			606,887			661,942			573,549			527,128
Long-term Borrowings					774,780			693,878			858,174			708,573			745,255
		Total Borrowings			1,394,059			1,300,765			1,520,116			1,282,122			1,272,383
Other Liabilities					44,343			88,015			61,320			67,510			65,070
			Total Liabilities		5,537,529			5,222,138			5,763,808			5,250,480			5,125,246
Common Equity					619,718			546,025			615,191			541,539			506,529
			Total Shareholders’ Equity		619,718			546,025			615,191			541,539			506,529
Total Liabilities & Equity				$	6,157,247		$	5,768,163		$	6,378,999		$	5,792,019		$	5,631,775

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
Quarterly Share Data:		2003			2002			2003		2003		2003
Earnings Per Share:
	Basic	$	0.24		$	0.53		$	0.55	$	0.55	$	0.54
	Diluted	$	0.24		$	0.53		$	0.55	$	0.54	$	0.53
Common Dividend Declared Per Share		$	0.25		$	0.25		$	0.25	$	0.25	$	0.25
High Common Stock Price		$	31.60		$	31.50		$	31.61	$	30.93	$	30.51
Low Common Stock Price		$	28.92		$	26.09		$	28.37	$	27.40	$	26.58
Average Shares Outstanding (Net of Treasury Stock):
	Basic		43,428,041			42,155,892			41,328,476		41,597,646		41,891,007
	Diluted		44,177,850			42,669,955			41,823,011		42,067,728		42,355,229
Tax Applicable to Security Transactions			($31	)		($457	)	$	43	$	326	$	303
Common Dividends		$	10,929		$	10,526		$	10,302	$	10,372	$	10,426

		Year-to-Date
		December		December			December			December
YTD Share Data:		2003		2002			2001			2000
Earnings Per Share:
	Basic	$	1.87	$	2.09		$	1.93		$	1.41
	Diluted	$	1.85	$	2.06		$	1.90		$	1.40
Common Dividend Declared Per Share		$	1.00	$	0.95		$	0.91		$	0.84
Average Shares Outstanding (Net of Treasury Stock):
	Basic		42,076,180		42,537,980			41,497,304			41,958,956
	Diluted		42,620,568		43,113,347			42,064,919			42,260,270
Tax Applicable to Security Transactions		$	641		($2,193	)		($181	)		($4,852	)
Common Dividends		$	42,029	$	40,388		$	38,096		$	35,285
EOP Employees (full-time equivalent)			1,585		1,460			1,361			1,288

		December		December		September		June		March
EOP Share Data:		2003		2002		2003		2003		2003
Book Value Per Share		$	14.08	$	12.88	$	13.22	$	13.20	$	12.98
Tangible Book Value Per Share		$	10.00	$	10.59	$	10.93	$	10.91	$	10.70
52-week High Common Stock Price		$	31.61	$	32.25	$	31.61	$	31.65	$	32.25
	Date		09/08/03		05/06/02		09/08/03		08/20/02		05/06/02
52-week Low Common Stock Price		$	26.58	$	24.88	$	26.09	$	24.88	$	24.88
	Date		03/13/03		07/24/02		10/09/02		07/24/02		07/24/02
EOP Shares Outstanding (Net of Treasury Stock):			43,689,334		42,031,968		41,204,046		41,461,389		41,744,719

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
Selected Yields and Net Interest Margin:			2003			2002			2003			2003			2003
Loans				5.78	%		6.61	%		5.94	%		6.26	%		6.39	%
Investment Securities				4.64	%		5.35	%		4.47	%		4.85	%		5.30	%
Money Market Investments/FFS				1.17	%		2.63	%		1.71	%		1.78	%		1.16	%
	Average Earning Assets Yield			5.42	%		6.30	%		5.57	%		5.86	%		6.00	%
Interest-bearing Deposits				1.42	%		2.28	%		1.58	%		1.77	%		2.12	%
Short-term Borrowings				0.98	%		1.81	%		1.09	%		1.67	%		1.69	%
Long-term Borrowings				5.32	%		6.23	%		5.38	%		6.15	%		6.19	%
	Average Liability Costs			2.01	%		2.83	%		2.22	%		2.49	%		2.72	%
		Net Interest Spread		3.41	%		3.47	%		3.35	%		3.37	%		3.28	%
		Net Interest Margin		3.76	%		3.96	%		3.75	%		3.83	%		3.76	%
Selected Financial Ratios:
Return on Average Common Equity				6.71	%		16.39	%		16.40	%		16.67	%		16.67	%
Return on Average Assets				0.68	%		1.55	%		1.59	%		1.63	%		1.60	%
Efficiency Ratio				73.70	%		49.66	%		51.62	%		52.19	%		50.58	%

			Year-to-Date
			December			December			December			December
Selected Yields and Net Interest Margin:			2003			2002			2001			2000
Loans				6.09	%		6.97	%		8.27	%		8.98	%
Investment Securities				4.83	%		6.00	%		6.68	%		6.86	%
Money Market Investments/FFS				1.32	%		1.77	%		4.31	%		6.74	%
	Average Earning Assets Yield			5.71	%		6.68	%		7.80	%		8.34	%
Interest-bearing Deposits				1.72	%		2.52	%		4.04	%		4.53	%
Short-term Borrowings				1.32	%		1.96	%		3.46	%		5.37	%
Long-term Borrowings				5.74	%		6.18	%		6.28	%		6.11	%
	Average Liability Costs			2.35	%		3.03	%		4.37	%		4.95	%
		Net Interest Spread		3.36	%		3.65	%		3.43	%		3.40	%
		Net Interest Margin		3.77	%		4.15	%		4.12	%		4.11	%
Selected Financial Ratios:
Return on Average Common Equity				13.86	%		16.73	%		17.51	%		14.41	%
Return on Average Assets				1.36	%		1.59	%		1.59	%		1.19	%
Loan / Deposit Ratio				97.94	%		91.60	%		92.46	%		100.14	%
Loan Loss Reserve / Loans, net of unearned income				1.23	%		1.33	%		1.35	%		1.27	%
Nonaccrual Loans / Loans, net of unearned income				0.18	%		0.19	%		0.23	%		0.26	%
90-Day Past Due Loans/ Loans, net of unearned income				0.27	%		0.24	%		0.27	%		0.15	%
Non-performing Loans/ Loans, net of unearned income				0.45	%		0.43	%		0.50	%		0.40	%
Non-performing Assets/ Total Assets				0.34	%		0.34	%		0.54	%		0.30	%
Primary Capital Ratio				10.35	%		10.09	%		9.75	%		9.53	%
Shareholders’ Equity Ratio				9.65	%		9.35	%		8.99	%		8.79	%
Price / Book Ratio				2.22	x		2.26	x		2.45	x		2.33	x
Price / Earnings Ratio				16.88	x		14.09	x		15.18	x		15.23	x
Efficiency Ratio				57.05	%		47.59	%		43.09	%		44.78	%

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

		December		December		September		June		March
Asset Quality Data:		2003		2002		2003		2003		2003
EOP Non-Accrual Loans		$	7,523	$	6,890	$	8,998	$	7,595	$	9,979
EOP 90-Day Past Due Loans			11,052		8,461		9,468		5,817		6,594
	Total EOP Non-performing Loans	$	18,575	$	15,351	$	18,466	$	13,412	$	16,573
EOP Other Real Estate & Assets Owned			3,203		4,267		3,225		3,834		4,086
	Total EOP Non-performing Assets	$	21,778	$	19,618	$	21,691	$	17,246	$	20,659

	Three Months Ended						Year to Date
	December			December			December			December			December
	2003			2002			2003			2002			2001
Charge-off Analysis:
Gross Charge-offs		($2,403	)		($2,499	)		($9,996	)		($9,499	)		($12,359	)
Recoveries		537			302			1,703			1,541			1,730
Net Charge-offs		($1,866	)		($2,197	)		($8,293	)		($7,958	)		($10,629	)