United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Record Earnings for the Fourth Quarter and Year 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
	December			December			September			June			March
	2004			2003			2004			2004			2004
Interest & Loan Fees Income	$	77,446		$	70,812		$	73,793		$	70,960		$	71,151
Tax Equivalent Adjustment		2,717			2,538			2,666			3,288			2,515
Interest & Fees Income (FTE)		80,163			73,350			76,459			74,248			73,666
Interest Expense		24,175			22,849			21,624			21,715			21,400
Net Interest Income (FTE)		55,988			50,501			54,835			52,533			52,266
Provision for credit losses		1,328			1,502			1,296			539			1,357
Non-Interest Income:
Inv. Securities Transactions		15			(89	)		275			106			714
Fees from trust & brokerage services		2,448			2,261			2,837			2,663			2,570
Fees from deposit services		7,202			7,773			7,594			7,774			7,397
Other charges, commissions, and fees		1,345			1,121			1,273			1,282			1,086
Income from Mortgage Banking Operations		171			255			148			242			168
Other Non-Interest Revenue		1,922			2,135			1,737			1,634			1,628
Total Non-Interest Income		13,103			13,456			13,864			13,701			13,563
Non-Interest Expense:
Staff Expense		12,912			14,260			15,328			14,175			14,111
Net Occupancy		3,279			2,982			3,026			3,033			3,213
Other Expenses		11,180			12,391			10,954			11,255			11,307
Prepayment penalties on FHLB advances		2,969			16,691			16,006			—			—
Amortization of Intangibles		635			799			658			683			750
OREO Expense		579			195			128			165			84
FDIC Expense		158			145			152			162			159
Total Non-Interest Expense		31,712			47,463			46,252			29,473			29,624
Income from Continuing Operations Before Income Taxes (FTE)		36,051			14,992			21,151			36,222			34,848
Tax Equivalent Adjustment		2,717			2,538			2,666			3,288			2,515
Income from Continuing Operations Before Income Taxes		33,334			12,454			18,485			32,934			32,333
Taxes		7,834			3,789			5,734			10,477			9,726
Income from Continuing Operations		25,500			8,665			12,751			22,457			22,607
Gain on sale of discontinued operations		—			—			17,000			—			—
Other operating income		—			2,540			92			2,445			1,243
Income from Discontinued Operations Before Income Taxes		—			2,540			17,092			2,445			1,243
Taxes		—			708			5,299			688			346
Income from Discontinued Operations		—			1,832			11,793			1,757			897
Net Income	$	25,500		$	10,497		$	24,544		$	24,214		$	23,504
MEMO: Effective Tax Rate		23.50	%		29.99	%		31.01	%		31.56	%		30.00	%

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
	2004			2003			2002			2001
Interest & Loan Fees Income	$	293,350		$	272,520		$	323,483		$	348,923
Tax Equivalent Adjustment		11,186			10,057			10,975			11,638
Interest & Fees Income (FTE)		304,536			282,577			334,458			360,561
Interest Expense		88,914			95,504			129,175			171,828
Net Interest Income (FTE)		215,622			187,073			205,283			188,733
Provision for credit losses		4,520			7,475			8,937			12,833
Non-Interest Income:
Inv. securities transactions		1,110			1,830			(6,266	)		(518	)
Fees from trust & brokerage services		10,518			9,387			8,892			8,213
Fees from deposit services		29,967			28,924			26,498			21,975
Other charges, commissions, and fees		4,986			4,323			4,234			3,774
Income from mortgage banking operations		729			2,570			1,727			1,873
Other Non-Interest Revenue		6,921			5,050			2,702			1,368
Total Non-Interest Income		54,231			52,084			37,787			36,685
Non-Interest Expense:
Salaries and employee benefits		56,526			54,843			52,501			42,835
Net Occupancy		12,551			11,270			11,766			9,665
Other Expenses		44,696			43,113			42,309			35,820
Prepayment penalties on FHLB advances		18,975			16,691			—			—
Amortization of Intangibles		2,726			2,070			1,645			3,288
OREO Expense		956			680			828			653
FDIC Expense		631			871			679			962
Total Non-Interest Expense		137,061			129,538			109,728			93,223
Income from Continuing Operations Before Income Taxes (FTE)		128,272			102,144			124,405			119,362
Tax Equivalent Adjustment		11,186			10,057			10,975			11,638
Income from Continuing Operations Before Income Taxes		117,086			92,087			113,430			107,724
Taxes		33,771			28,010			35,211			35,600
Income from Continuing Operations		83,315			64,077			78,219			72,124
Gain on sale of discontinued operations		17,000			—			—			—
Other operating income		3,780			20,433			14,903			11,006
Income from Discontinued Operations Before Income Taxes		20,780			20,433			14,903			11,006
Taxes		6,333			5,745			4,189			3,139
Income from Discontinued Operations		14,447			14,688			10,714			7,867
Net Income	$	97,762		$	78,765		$	88,933		$	79,991
MEMO: Effective Tax Rate		29.09	%		30.00	%		30.70	%		32.63	%

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
	December		December		September		June		March
	2004		2003		2004		2004		2004
Interest & Loan Fees Income		—	$	3,230		—	$	3,927	$	2,923
Interest Expense		—		681		—		971		572
Net Interest Income		—		2,549		—		2,956		2,351
Non-Interest Income:
Service charges, commissions, and fees		—		246		—		351		214
Income from mortgage banking operations		—		9,578	$	92		8,899		6,280
Gain on sale of discontinued operations		—		—		17,000		—		—
Total Non-Interest Income		—		9,824		17,092		9,250		6,494
Non-Interest Expense:
Salaries and employee benefits		—		7,712		—		7,749		5,825
Net Occupancy		—		491		—		496		489
Other Expenses		—		1,630		—		1,516		1,288
Total Non-Interest Expense		—		9,833		—		9,761		7,602
Income from Discontinued Operations Before Income Taxes		—		2,540		17,092		2,445		1,243
Taxes		—		708		5,299		688		346
Income from Discontinued Operations		—	$	1,832	$	11,793	$	1,757	$	897

Discontinued Operations Statements of Income

	Year Ended
	December		December		December		December
	2004		2003		2002		2001
Interest & Loan Fees Income	$	6,850	$	24,988	$	15,995	$	11,687
Interest Expense		1,543		8,647		3,382		3,679
Net Interest Income		5,307		16,341		12,613		8,008
Non-Interest Income:
Service charges, commissions, and fees		565		1,896		1,277		875
Income from mortgage banking operations		15,271		49,336		34,415		24,645
Gain on sale of discontinued operations		17,000		—		—		—
Total Non-Interest Income		32,836		51,232		35,692		25,520
Non-Interest Expense:
Salaries and employee benefits		13,574		38,456		27,498		18,274
Net Occupancy		985		1,822		1,279		849
Other Expenses		2,804		6,862		4,625		3,399
Total Non-Interest Expense		17,363		47,140		33,402		22,522
Income from Discontinued Operations Before Income Taxes		20,780		20,433		14,903		11,006
Taxes		6,333		5,745		4,189		3,139
Income from Discontinued Operations	$	14,447	$	14,688	$	10,714	$	7,867

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

Consolidated Balance Sheets

	December 31			December 31
	2004			2003				December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average				2004			2003			2002
Cash & Cash Equivalents	$	159,505		$	291,807			$	153,465		$	249,118		$	171,300
Securities Available for Sale		1,282,251			1,183,367				1,277,160			1,266,635			1,022,314
Held to Maturity Securities		233,407			258,922		��		233,282			243,975			263,176
Total Securities		1,515,658			1,442,289				1,510,442			1,510,610			1,285,490
Total Cash and Securities		1,675,163			1,734,096				1,663,907			1,759,728			1,456,790
Loans held for sale		2,185			1,168				3,981			1,687			5,151
Commercial Loans		2,321,064			2,126,162				2,440,154			2,180,482			1,885,275
Mortgage Loans		1,569,534			395,582				1,579,792			1,381,040			1,263,633
Consumer Loans		408,427			1,340,957				398,330			393,712			352,280
Loans, net of unearned income		4,299,025			3,862,701				4,418,276			3,955,234			3,501,188
Allowance for Loan Losses		(45,240	)		(50,321	)			(43,365	)		(41,578	)		(41,621	)
Goodwill		166,964			165,993				166,926			169,655			90,416
Other Intangibles		7,167			9,371				6,819			9,546			5,869
Total Intangibles		174,131			175,364				173,745			179,201			96,285
Real Estate Owned		4,073			3,082				3,692			3,203			4,267
Other Assets		213,576			155,770				215,735			195,915			109,455
Assets Related to Discontinued Operations		—			275,387				—			334,340			666,147
Total Assets	$	6,322,913		$	6,157,247			$	6,435,971		$	6,387,730		$	5,797,662
MEMO: Earning Assets	$	5,789,003		$	5,357,849			$	5,953,858		$	5,505,243		$	4,804,931
Interest-bearing Deposits	$	3,433,934		$	3,253,111			$	3,412,224		$	3,244,860		$	3,161,620
Noninterest-bearing Deposits		904,306			829,856				885,339			893,627			654,210
Total Deposits		4,338,240			4,082,967				4,297,563			4,138,487			3,815,830
Short-term Borrowings		733,411			619,279				906,958			811,942			573,549
Long-term Borrowings		562,277			558,720				533,755			459,663			172,444
Total Borrowings		1,295,688			1,177,999				1,440,713			1,271,605			745,993
Other Liabilities		51,136			36,612				66,188			61,693			55,416
Liabilities Related to Discontinued Operations		—			239,951				—			300,754			638,884
Total Liabilities		5,685,064			5,537,529				5,804,464			5,772,539			5,256,123
Common Equity		637,849			619,718				631,507			615,191			541,539
Total Shareholders’ Equity		637,849			619,718				631,507			615,191			541,539
Total Liabilities & Equity	$	6,322,913		$	6,157,247			$	6,435,971		$	6,387,730		$	5,797,662

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
	2004		2003			2004		2004		2004
Quarterly Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.59	$	0.20		$	0.29	$	0.52	$	0.52
Diluted	$	0.58	$	0.20		$	0.29	$	0.51	$	0.51
Earnings Per Share from Discontinued Operations:
Basic		—	$	0.04		$	0.27	$	0.04	$	0.02
Diluted		—	$	0.04		$	0.27	$	0.04	$	0.02
Earnings Per Share:
Basic	$	0.59	$	0.24		$	0.56	$	0.56	$	0.54
Diluted	$	0.58	$	0.24		$	0.56	$	0.55	$	0.53
Common Dividend Declared Per Share	$	0.26	$	0.25		$	0.26	$	0.25	$	0.25
High Common Stock Price	$	39.35	$	31.60		$	36.09	$	33.67	$	31.60
Low Common Stock Price	$	34.36	$	28.92		$	30.35	$	29.15	$	29.36
Average Shares Outstanding: (Net of Treasury Stock):
Basic		43,111,287		43,428,041			43,319,414		43,511,510		43,680,837
Diluted		43,742,803		44,177,850			43,858,149		44,005,011		44,258,584
Memorandum Items:
Tax Applicable to Security Transactions	$	5	($	31	)	$	96	$	37	$	250
Common Dividends	$	11,553	$	10,929		$	10,892	$	10,867	$	10,916

	Year Ended
	December		December		December			December
	2004		2003		2002			2001
YTD Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	1.92	$	1.52	$	1.84		$	1.74
Diluted	$	1.89	$	1.50	$	1.81		$	1.71
Earnings Per Share from Discontinued Operations:
Basic	$	0.33	$	0.35	$	0.25		$	0.19
Diluted	$	0.33	$	0.35	$	0.25		$	0.19
Earnings Per Share:
Basic	$	2.25	$	1.87	$	2.09		$	1.93
Diluted	$	2.22	$	1.85	$	2.06		$	1.90
Common Dividend Declared Per Share	$	1.02	$	1.00	$	0.95		$	0.91
Average Shares Outstanding: (Net of Treasury Stock):
Basic		43,404,586		42,076,180		42,537,980			41,497,304
Diluted		43,978,914		42,620,568		43,113,347			42,064,919
Memorandum Items:
Tax Applicable to Security Transactions	$	389	$	641	($	2,193	)	($	181	)
Common Dividends	$	44,228	$	42,028	$	40,388		$	38,096
EOP Employees (full-time equivalent)		1,319		1,585		1,460			1,361

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
	2004		2003		2004		2004		2004
EOP Share Data:
Book Value Per Share	$	14.68	$	14.08	$	14.59	$	14.09	$	14.34
Tangible Book Value Per Share	$	10.64	$	10.00	$	10.55	$	10.06	$	10.30
52-week High Common Stock Price	$	39.35	$	31.61	$	36.09	$	33.67	$	31.61
Date		12/02/04		09/08/03		09/17/04		06/24/04		09/08/03
52-week Low Common Stock Price	$	29.15	$	26.58	$	28.92	$	28.37	$	27.40
Date		05/10/04		03/13/03		10/24/03		07/01/03		04/01/03
EOP Shares Outstanding (Net of Treasury Stock):		43,008,445		43,689,334		43,220,548		43,430,523		43,627,204

	Three Months Ended
	December			December			September			June			March
	2004			2003			2004			2004			2004
Selected Yields and Net Interest Margin:
Loans		5.84	%		5.78	%		5.68	%		5.61	%		5.75	%
Investment Securities		4.66	%		4.64	%		4.68	%		4.58	%		4.50	%
Money Market Investments/FFS		1.24	%		1.17	%		1.13	%		1.12	%		2.81	%
Average Earning Assets Yield		5.52	%		5.42	%		5.38	%		5.32	%		5.42	%
Interest-bearing Deposits		1.61	%		1.42	%		1.43	%		1.38	%		1.37	%
Short-term Borrowings		1.42	%		0.98	%		0.97	%		0.93	%		0.97	%
Long-term Borrowings		5.43	%		5.32	%		5.13	%		4.54	%		4.47	%
Average Liability Costs		2.03	%		2.01	%		1.84	%		1.87	%		1.87	%
Net Interest Spread		3.49	%		3.41	%		3.54	%		3.45	%		3.55	%
Net Interest Margin		3.86	%		3.76	%		3.86	%		3.77	%		3.86	%
Selected Financial Ratios:
Return on Average Common Equity		15.90	%		6.71	%		15.75	%		15.38	%		15.19	%
Return on Average Assets		1.60	%		0.68	%		1.57	%		1.51	%		1.52	%
Efficiency Ratio		44.15	%		73.68	%		53.17	%		49.00	%		49.20	%

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

	Year Ended
	December			December			December			December
	2004			2003			2002			2001
Selected Yields and Net Interest Margin:
Loans		5.72	%		6.09	%		6.97	%		8.27	%
Investment Securities		4.60	%		4.83	%		6.00	%		6.68	%
Money Market Investments/FFS		1.28	%		1.32	%		1.77	%		4.31	%
Average Earning Assets Yield		5.41	%		5.71	%		6.68	%		7.80	%
Interest-bearing Deposits		1.45	%		1.72	%		2.52	%		4.04	%
Short-term Borrowings		1.08	%		1.32	%		1.96	%		3.46	%
Long-term Borrowings		4.82	%		5.74	%		6.18	%		6.28	%
Average Liability Costs		1.91	%		2.35	%		3.03	%		4.37	%
Net Interest Spread		3.50	%		3.36	%		3.65	%		3.43	%
Net Interest Margin		3.84	%		3.77	%		4.15	%		4.12	%
Selected Financial Ratios:
Return on Average Common Equity		15.56	%		13.86	%		16.73	%		17.51	%
Return on Average Assets		1.55	%		1.36	%		1.59	%		1.59	%
Loan / Deposit Ratio		102.81	%		95.57	%		91.75	%		93.68	%
Allowance for Loan Losses/ Loans, net of unearned income		0.98	%		1.05	%		1.19	%		1.23	%
Allowance for Credit Losses(1)/ Loans, net of unearned income		1.16	%		1.30	%		1.38	%		1.35	%
Nonaccrual Loans / Loans, net of unearned income		0.14	%		0.19	%		0.20	%		0.23	%
90-Day Past Due Loans/ Loans, net of unearned income		0.10	%		0.28	%		0.24	%		0.27	%
Non-performing Loans/ Loans, net of unearned income		0.24	%		0.47	%		0.44	%		0.50	%
Non-performing Assets/ Total Assets		0.22	%		0.34	%		0.34	%		0.54	%
Primary Capital Ratio		10.42	%		10.22	%		9.99	%		9.68	%
Shareholders’ Equity Ratio		9.81	%		9.63	%		9.34	%		8.99	%
Price / Book Ratio		2.60	x		2.22	x		2.26	x		2.45	x
Price / Earnings Ratio		17.16	x		16.88	x		14.09	x		15.18	x
Efficiency Ratio		49.12	%		57.04	%		47.26	%		43.09	%

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
	2004		2003		2004		2004		2004
Asset Quality Data:
EOP Non-Accrual Loans	$	6,352	$	7,523	$	6,364	$	6,966	$	6,555
EOP 90-Day Past Due Loans		4,425		11,052		5,447		9,843		9,167
Total EOP Non-performing Loans	$	10,777	$	18,575	$	11,811	$	16,809	$	15,722
EOP Other Real Estate & Assets Owned		3,692		3,203		4,234		3,599		3,312
Total EOP Non-performing Assets	$	14,469	$	21,778	$	16,045	$	20,408	$	19,034

	Three Months Ended						Year Ended
	December			December			December			December			December
	2004			2003			2004			2003			2002
Allowance for Credit Losses:(1)
Beginning Balance	$	51,475		$	51,673		$	51,309		$	48,264		$	47,285
Allowance of purchased companies		—			—			—			3,863			—
Provision Expense		1,328			1,502			4,520			7,475			8,937
		52,803			53,175			55,829			59,602			56,222
Gross Charge-offs		(1,861	)		(2,403	)		(6,539	)		(9,996	)		(9,499	)
Recoveries		411			537			2,063			1,703			1,541
Net Charge-offs		(1,450	)		(1,866	)		(4,476	)		(8,293	)		(7,958	)
Ending Balance	$	51,353		$	51,309		$	51,353		$	51,309		$	48,264

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