United Bankshares (UBSI) 8-K United Bankshares, Inc. Achieves Record Earnings for the Third Quarter and First Nine Months of 2004

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
	2004			2003			2004			2004			2004			2003
Interest & Loan Fees Income	$	73,793		$	64,341		$	70,960		$	71,151		$	215,904		$	201,708
Tax Equivalent Adjustment		2,666			2,498			3,288			2,515			8,469			7,520
Interest & Fees Income (FTE)		76,459			66,839			74,248			73,666			224,373			209,228
Interest Expense		21,624			21,589			21,715			21,400			64,739			72,655
Net Interest Income (FTE)		54,835			45,250			52,533			52,266			159,634			136,573
Provision for Credit Losses		1,296			2,222			539			1,357			3,192			5,973
Non-Interest Income:
Inv. Securities Transactions		275			122			106			714			1,095			1,919
Fees from trust & brokerage services		2,837			2,389			2,663			2,570			8,070			7,126
Fees from deposit services		7,594			7,260			7,774			7,397			22,765			21,152
Other charges, commissions, and fees		1,273			1,152			1,282			1,086			3,641			3,201
Income from Mortgage Banking Operations		148			820			242			168			558			2,315
Other Non-Interest Revenue		1,737			1,366			1,634			1,628			4,999			2,915
Total Non-Interest Income		13,864			13,109			13,701			13,563			41,128			38,628
Non-Interest Expense:
Staff Expense		15,328			14,273			14,175			14,111			43,614			40,583
Occupancy & Equipment		3,026			2,560			3,033			3,213			9,272			8,288
Other Expenses		10,954			9,905			11,255			11,307			33,516			30,723
Prepayment penalties on FHLB advances		16,006			0			0			0			16,006			0
Amortization of Intangibles		658			412			683			750			2,091			1,270
OREO Expense		128			245			165			84			377			485
FDIC Expense		152			158			162			159			473			726
Total Non-Interest Expense		46,252			27,553			29,473			29,624			105,349			82,075
Income from Continuing Operations Before Income Taxes (FTE)		21,151			28,584			36,222			34,848			92,221			87,153
Tax Equivalent Adjustment		2,666			2,498			3,288			2,515			8,469			7,520
Income from Continuing Operations Before Income Taxes		18,485			26,086			32,934			32,333			83,752			79,633
Taxes		5,734			7,950			10,477			9,726			25,937			24,221
Income from Continuing Operations		12,751			18,136			22,457			22,607			57,815			55,412
Income from Discontinued Operations Before Income Taxes		17,092			6,657			2,445			1,243			20,780			17,893
Taxes		5,299			1,873			688			346			6,333			5,037
Income from Discontinued Operations		11,793			4,784			1,757			897			14,447			12,856
Net Income	$	24,544		$	22,920		$	24,214		$	23,504		$	72,262		$	68,268
MEMO: Effective Tax Rate		31.01	%		30.00	%		31.56	%		30.00	%		30.87	%		30.00	%

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
	2004		2003		2004		2004		2004		2003
Interest & Loan Fees Income		—	$	7,640	$	3,927	$	2,923	$	6,850	$	21,758
Interest Expense		—		2,870		971		572		1,543		7,966
Net Interest Income		—		4,770		2,956		2,351		5,307		13,792
Non-Interest Income:
Service charges, commissions, and fees		—		526		351		214		565		1,650
Income from mortgage banking operations		92		15,014		8,899		6,280		15,271		39,758
Gain on sale of discontinued operations		17,000		0		0		0		17,000		0
Total Non-Interest Income		17,092		15,540		9,250		6,494		32,836		41,408
Non-Interest Expense:
Staff Expense		—		11,234		7,749		5,825		13,574		30,744
Occupancy & Equipment		—		479		496		489		985		1,331
Other Expenses		—		1,940		1,516		1,288		2,804		5,232
Total Non-Interest Expense		—		13,653		9,761		7,602		17,363		37,307
Income from Discontinued Operations Before Income Taxes		17,092		6,657		2,445		1,243		20,780		17,893
Taxes		5,299		1,873		688		346		6,333		5,037
Income from Discontinued Operations	$	11,793	$	4,784	$	1,757	$	897	$	14,447	$	12,856

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

Consolidated Balance Sheets

	September 30			September 30
	2004			2003			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2004			2003			2003
Cash & Cash Equivalents	$	206,295		$	198,343		$	163,560		$	249,118		$	251,493
Securities Available for Sale		1,196,746			1,022,807			1,272,347			1,266,635			1,018,309
Held to Maturity Securities		233,252			256,483			233,416			243,975			255,656
Total Securities		1,429,998			1,279,290			1,505,763			1,510,610			1,273,965
Total Cash and Securities		1,636,293			1,477,633			1,669,323			1,759,728			1,525,458
Loans held for sale		2,506			5,948			1,410			1,687			3,031
Commercial Loans		2,241,393			1,844,410			2,283,854			2,180,482			1,865,462
Mortgage Loans		1,540,198			1,244,117			1,571,217			1,381,040			1,265,985
Consumer Loans		418,175			376,038			413,143			393,712			371,115
Loans, net of unearned income		4,199,766			3,464,565			4,268,214			3,955,234			3,502,562
Allowance for Loan Losses		(50,414	)		(46,779	)		(45,219	)		(41,578	)		(40,666	)
Goodwill		167,289			89,595			166,971			169,655			89,574
Other Intangibles		7,812			4,830			7,454			9,546			5,012
Total Intangibles		175,101			94,425			174,425			179,201			94,586
Real Estate Owned		4,033			3,364			4,234			3,203			3,834
Other Assets		212,263			143,495			217,264			195,915			181,722
Assets Related to Discontinued Operations		24,214			590,136			—			334,340			467,601
Total Assets	$	6,203,762		$	5,732,787		$	6,289,651		$	6,387,730		$	5,738,128
MEMO: Earning Assets	$	5,641,063		$	4,739,583		$	5,791,342		$	5,505,243		$	4,870,755
Interest-bearing Deposits	$	3,436,008		$	3,006,322		$	3,414,149		$	3,244,860		$	2,971,782
Noninterest-bearing Deposits		859,238			716,530			890,911			893,627			727,513
Total Deposits		4,295,246			3,722,852			4,305,060			4,138,487			3,699,295
Short-term Borrowings		631,826			558,438			690,825			661,942			548,393
Long-term Borrowings		585,779			306,333			601,166			609,663			459,620
Total Borrowings		1,217,605			864,771			1,291,991			1,271,605			1,008,013
Other Liabilities		47,448			35,129			62,028			61,693			52,789
Liabilities Related to Discontinued Operations		23,661			555,485			—			300,754			433,491
Total Liabilities		5,583,960			5,178,237			5,659,079			5,772,539			5,193,588
Common Equity		619,802			554,550			630,572			615,191			544,540
Total Shareholders’ Equity		619,802			554,550			630,572			615,191			544,540
Total Liabilities & Equity	$	6,203,762		$	5,732,787		$	6,289,651		$	6,387,730		$	5,738,128

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:	2004		2003		2004		2004		2004		2003
Earnings Per Share from Continuing Operations:
Basic	$	0.29	$	0.44	$	0.52	$	0.52	$	1.33	$	1.33
Diluted	$	0.29	$	0.43	$	0.51	$	0.51	$	1.31	$	1.32
Earnings Per Share from Discontinued Operations:
Basic	$	0.27	$	0.12	$	0.04	$	0.02	$	0.33	$	0.31
Diluted	$	0.27	$	0.12	$	0.04	$	0.02	$	0.33	$	0.31
Earnings Per Share:
Basic	$	0.56	$	0.56	$	0.56	$	0.54	$	1.66	$	1.64
Diluted	$	0.56	$	0.55	$	0.55	$	0.53	$	1.64	$	1.62
Common Dividend Declared Per Share	$	0.26	$	0.25	$	0.25	$	0.25	$	0.76	$	0.75
High Common Stock Price	$	36.09	$	31.61	$	33.67	$	31.60	$	36.09	$	31.61
Low Common Stock Price	$	30.35	$	28.37	$	29.15	$	29.36	$	29.15	$	26.58
Average Shares Outstanding: (Net of Treasury Stock):
Basic		43,319,414		41,328,476		43,511,510		43,680,837		43,503,066		41,615,354
Diluted		43,858,149		41,823,011		44,005,011		44,258,584		44,043,491		42,091,262
Memorandum Items:
Tax Applicable to Security Transactions	$	96	$	43	$	37	$	250	$	383	$	672
Common Dividends	$	10,892	$	10,301	$	10,867	$	10,916	$	32,675	$	31,100

	September		September		June		March
EOP Share Data:	2004		2003		2004		2004
Book Value Per Share	$	14.59	$	13.22	$	14.09	$	14.34
Tangible Book Value Per Share	$	10.55	$	10.93	$	10.06	$	10.30
52-week High Common Stock Price	$	36.09	$	31.61	$	33.67	$	31.61
Date		09/17/04		09/08/03		06/24/04		09/08/03
52-week Low Common Stock Price	$	28.92	$	26.09	$	28.37	$	27.40
Date		10/24/03		10/09/02		07/01/03		04/01/03
EOP Shares Outstanding (Net of Treasury Stock):		43,220,548		41,204,046		43,430,523		43,627,204
Memorandum Items:
EOP Employees (full-time equivalent)		1,393		1,545		1,549		1,509

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
	2004			2003			2004			2004			2004			2003
Selected Yields and Net Interest Margin:
Loans		5.68	%		5.94	%		5.61	%		5.75	%		5.68	%		6.19	%
Investment Securities		4.68	%		4.47	%		4.58	%		4.50	%		4.59	%		4.90	%
Money Market Investments/FFS		1.13	%		1.71	%		1.12	%		2.81	%		1.29	%		1.39	%
Average Earning Assets Yield		5.38	%		5.57	%		5.32	%		5.42	%		5.38	%		5.82	%
Interest-bearing Deposits		1.43	%		1.58	%		1.38	%		1.37	%		1.39	%		1.83	%
Short-term Borrowings		0.97	%		1.09	%		0.93	%		0.97	%		0.95	%		1.45	%
Long-term Borrowings		5.13	%		5.38	%		4.54	%		4.47	%		4.67	%		5.88	%
Average Liability Costs		1.84	%		2.22	%		1.87	%		1.87	%		1.86	%		2.47	%
Net Interest Spread		3.54	%		3.35	%		3.45	%		3.55	%		3.52	%		3.35	%
Net Interest Margin		3.86	%		3.75	%		3.77	%		3.86	%		3.83	%		3.78	%
Selected Financial Ratios:
Return on Average Common Equity		15.75	%		16.40	%		15.38	%		15.19	%		15.44	%		16.58	%
Return on Average Assets		1.57	%		1.59	%		1.51	%		1.52	%		1.53	%		1.60	%
Efficiency Ratio (consolidated)		53.17	%		51.62	%		49.00	%		49.20	%		50.56	%		51.48	%

	September			September			June			March
	2004			2003			2004			2004
Loan / Deposit Ratio		99.14%			94.68%			97.76%			100.69%
Allowance for Loan Losses/ Loans, net of unearned income		1.06%			1.16%			1.03%			1.02%
Allowance for Credit Losses (1) / Loans, net of unearned income		1.21%			1.37%			1.21%			1.23%
Nonaccrual Loans / Loans, net of unearned income		0.15%			0.26%			0.17%			0.16%
90-Day Past Due Loans/ Loans, net of unearned income		0.13%			0.27%			0.24%			0.22%
Non-performing Loans/ Loans, net of unearned income		0.28%			0.53%			0.40%			0.39%
Non-performing Assets/ Total Assets		0.26%			0.38%			0.31%			0.30%
Primary Capital Ratio		10.67%			10.13%			10.08%			10.43%
Shareholders’ Equity Ratio		10.03%			9.49%			9.38%			9.73%
Price / Book Ratio		2.37	x		2.27	x		2.31	x		2.13	x
Price / Earnings Ratio		15.84	x		13.81	x		15.03	x		14.36	x

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

	September		September		December		June		March
Credit Quality Data:	2004		2003		2003		2004		2004
EOP Non-Accrual Loans	$	6,364	$	8,998	$	7,523	$	6,966	$	6,555
EOP 90-Day Past Due Loans		5,447		9,468		11,052		9,843		9,167
Total EOP Non-performing Loans	$	11,811	$	18,466	$	18,575	$	16,809	$	15,722
EOP Other Real Estate & Assets Owned		4,234		3,225		3,203		3,599		3,312
Total EOP Non-performing Assets	$	16,045	$	21,691	$	21,778	$	20,408	$	19,034

	Three Months Ended												Year to Date
	September			September			June			March			September			September
Allowance for Credit Losses:(1)	2004			2003			2004			2004			2004			2003
Beginning Balance	$	51,379		$	47,721		$	51,351		$	51,309		$	51,309		$	48,264
Provision		1,296			2,222			539			1,357			3,192			5,973
		52,675			49,943			51,890			52,666			54,501			54,237
Gross Charge-offs		(1,840	)		(2,600	)		(1,076	)		(1,762	)		(4,678	)		(7,593	)
Recoveries		640			467			565			447			1,652			1,166
Net Charge-offs		(1,200	)		(2,133	)		(511	)		(1,315	)		(3,026	)		(6,427	)
Ending Balance	$	51,475		$	47,810		$	51,379		$	51,351		$	51,475		$	47,810

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