United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Earnings for the Fourth Quarter and Year of 2006

EXHIBIT 99.1
News Release

For Immediate Release	Contact: Steven E. Wilson
January 25, 2007	Chief Financial Officer
	(304) 424-8704

United Bankshares, Inc. Announces Earnings
for the Fourth Quarter and Year of 2006

     WASHINGTON, DC and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), announced today earnings for the fourth quarter and year of 2006. Fourth quarter earnings were $25.0 million or 60¢ per diluted share while earnings for the year of 2006 were $89.2 million or $2.13 per diluted share. The results for the year of 2006 included significant charges to prepay certain long-term debt in the third quarter. United earned $25.7 million or 60¢ per diluted share and $100.4 million or $2.33 per diluted share for the fourth quarter and year of 2005, respectively.

     Tax-equivalent net interest income for the fourth quarter of 2006 was $58.1 million, a decrease of $3.2 million or 5% from the fourth quarter of 2005. The average yield on earning assets increased 59 basis points from the fourth quarter of 2005; however, the average cost of funds increased 85 basis points due to higher interest rates. Average earning assets were relatively flat from the fourth quarter of 2005 as average loan growth of $138.8 million or 3% was more than offset by a decline in average investment securities of $193.9 million or 13%. In addition, interest income from United’s subordinated interest in a prior asset securitization decreased $810 thousand for the fourth quarter of 2006 as compared to the fourth quarter of 2005. The net interest margin for the fourth quarter of 2006 was 3.85%, down 18 basis points from a net interest margin of 4.03% for the fourth quarter of 2005.

     Tax-equivalent net interest income for the year of 2006 was $235.0 million, an increase of $1.6 million or less than 1% from the prior year due mainly to average loan growth of $232.5 million or 5%. For the year of 2006, interest income from United’s asset securitization increased $580 thousand from the year of 2005. In addition, the average yield on earning assets for the year of 2006 increased 80 basis points from the year of 2005; however, the average cost of funds increased by 101 basis points due to higher interest rates. As a result, the net interest margin for the year of 2006 was 3.86%, down 8 basis points from a net interest margin of 3.94% for last year.

     On a linked-quarter basis, United’s tax-equivalent net interest income for the fourth quarter of 2006 declined $714 thousand or 1% from the third quarter of 2006. The slight decrease was due primarily to a $44.2 million or less than 1% decrease in average earning assets and a 7 basis point increase in the cost of funds for the quarter. Average loans and investments declined $26.4 million or less than 1% and $ 26.0 million or 2% for the quarter, respectively. However, period-end net loans at December 31, 2006 grew $56.7 million for the quarter or 5% annualized as commercial loans increased $79.9 million or 12% annualized from September 30, 2006. Interest income from United’s subordinated interest in a prior asset securitization declined $378 thousand in the fourth quarter of 2006 as compared to the third quarter of 2006. Partially offsetting these decreases to net

United Bankshares, Inc. Announces...
January 25, 2007
Page Two

interest income for the fourth quarter of 2006 was a 5 basis point increase in the average yield on earning assets. The net interest margin of 3.85% for the fourth quarter of 2006 was down 2 basis points from a net interest margin of 3.87% for the third quarter of 2006.

     Noninterest income for the fourth quarter of 2006 was $14.7 million, an increase of $1.4 million or 11% from the fourth quarter of 2005. The rise in noninterest income from the previous year’s fourth quarter was primarily due to an increase of $462 thousand in fees from deposit services mainly as a result of United’s High Performance Checking program, which was introduced during the first quarter of 2006. During the fourth quarter of 2006, United received additional residual income of $450 thousand from prior third party asset securitizations as compared to last year’s fourth quarter. Revenue from trust and brokerage services increased $320 thousand or 12% for the fourth quarter of 2006 due to increased volume and a larger customer base.

     Noninterest income for the year of 2006 was $49.0 million, a decrease of $3.6 million from the year of 2005. Included in total noninterest income for the year 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 $3.9 million for the year of 2006 as compared to 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 year of 2006 would have increased $4.9 million or 9% from the year of 2005. Leading the way was an increase in revenue from trust and brokerage services of $1.9 million or 17% for the year of 2006 as compared to the year of 2005. In addition, fees from deposit services rose $1.3 million or 5% for the year of 2006 due mainly to United’s High Performance Checking program. Other income also increased $1.3 million for the year as United received additional residual income of $519 thousand from prior third party asset securitizations and income of $816 thousand from the outsourcing of its official checks processing which United initiated in 2006.

     On a linked-quarter basis, noninterest income for the fourth quarter of 2006 increased $8.5 million from the third quarter of 2006 due to a before-tax loss of approximately $7.7 million on a termination of an interest rate swap associated with the prepayment of a FHLB advance in the third quarter. Excluding the loss on the termination of the interest rate swap and losses associated with security transactions, noninterest income for the fourth quarter of 2006 would have increased $830 thousand or 6% from the third quarter of 2006. This increase was primarily due to additional residual income of $500 thousand from prior third party asset securitizations. In addition, fees from deposit services increased $135 thousand for the fourth quarter of 2006 as compared to the third quarter of 2006.

     Noninterest expense for the fourth quarter of 2006 was $32.6 million, an increase of $1.3 million or 4% from the fourth quarter of 2005. This rise in noninterest expense was primarily due to marketing and related costs of approximately $562 thousand to promote its High Performance Checking program. In addition, salaries and benefits expense increased $537 thousand or 4% due to higher base salaries, pension and health insurance costs.

United Bankshares, Inc. Announces...
January 25, 2007
Page Three

     Noninterest expense for the year of 2006 was $137.2 million, an increase of $16.0 million from the year of 2005 due mainly to an increase of $7.9 million in before-tax penalties to prepay FHLB advances. Excluding these penalties, noninterest expense for the year of 2006 would have increased $8.2 million or 7% from the year of 2005. The increase in noninterest expense was primarily due to an increase of $3.1 million or 5% in salaries and benefits expense. Salaries expense increased $1.9 million or 4% as a result of the higher salaries and commissions while pension and health care coverage costs increased $411 thousand or 18% and $379 thousand or 9%, respectively. In addition, United incurred marketing and related costs of approximately $2.7 million during the year of 2006 to launch and to promote its High Performance Checking program. Consulting and bankcard processing fees increased $920 thousand and $905 thousand, respectively.

     On a linked-quarter basis, noninterest expense for the fourth quarter of 2006 decreased $7.6 million from the third quarter of 2006 due mainly to before-tax penalties of approximately $8.2 million to prepay $200 million of FHLB advances during the third quarter. Otherwise, noninterest expense for the fourth quarter of 2006 increased $655 thousand or 2% from the third quarter of 2006 due mainly to increases in several general operating expenses, none of which was individually significant.

     At December 31, 2006, nonperforming loans were $14.2 million or 0.30% of loans, net of unearned income as compared to nonperforming loans of $13.6 million or 0.29% of loans, net of unearned income at September 30, 2006 and $13.2 million or 0.28% of loans, net of unearned income at December 31, 2005, respectively. Net charge-offs were $433 thousand for the fourth quarter of 2006 as compared to $1.2 million for the fourth quarter of 2005. Net charge-offs were $1.9 million for the year of 2006 as compared to net charge-offs of $4.1 million for the year of 2005. For the quarters ended December 31, 2006 and 2005, the provision for credit losses was $268 thousand and $2.1 million, respectively, while the provision for the year was $1.4 million for 2006 as compared to $5.6 million for 2005. As of December 31, 2006, the allowances for loan losses and lending-related commitments totaled $52.4 million or 1.09% 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 fourth quarter, United’s Board of Directors declared a cash dividend of 28¢ per share, which represented a 4% increase over the 27¢ per share dividend paid for the fourth quarter of 2005. Dividends per share of $1.09 for the year of 2006 also represented a 4% increase over the $1.05 per share paid for the year of 2005. The year of 2006 represented the thirty-third consecutive year of dividend increases for United shareholders.

     United Bankshares, with $6.7 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						Year Ended
	December 31			December 31			December 31			December 31
	2006			2005			2006			2005
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	106,249		$	97,866		$	416,135		$	357,868
Interest expense		48,143			36,612			181,090			124,451
Net interest income, taxable equivalent		58,106			61,254			235,045			233,417
Taxable equivalent adjustment		4,043			3,533			15,452			12,590
Net interest income		54,063			57,721			219,593			220,827
Provision for credit losses		268			2,058			1,437			5,618
Noninterest income		14,732			13,311			49,033			52,625
Noninterest expense		32,608			31,326			137,173			121,160
Income taxes		10,904			11,962			40,767			46,265
Net income		25,015			25,686			89,249			100,409
PER COMMON SHARE:
Net income:
Basic		0.61			0.61			2.15			2.36
Diluted		0.60			0.60			2.13			2.33
Cash dividends	$	0.28		$	0.27			1.09			1.05
Book value								15.44			15.12
Closing market price							$	38.65		$	35.24
Common shares outstanding:
Actual at period end, net of treasury shares								41,058,901			42,008,179
Weighted average-basic		41,156,578			42,117,900			41,532,121			42,514,445
Weighted average-diluted		41,557,831			42,638,687			41,942,889			43,024,861
FINANCIAL RATIOS:
Return on average assets		1.51	%		1.54	%		1.34	%		1.55	%
Return on average shareholders’ equity		15.44	%		15.76	%		13.90	%		15.66	%
Average equity to average assets		9.77	%		9.79	%		9.67	%		9.92	%
Net interest margin		3.85	%		4.03	%		3.86	%		3.94	%

	December 31		December 31		December 31		September 30
	2006		2005		2004		2006
PERIOD END BALANCES:
Assets	$	6,717,598	$	6,728,492	$	6,435,971	$	6,593,526
Earning assets		6,082,080		6,129,969		5,910,493		6,028,100
Loans, net of unearned income		4,806,747		4,649,829		4,418,276		4,750,204
Loans held for sale		2,041		3,324		3,981		3,510
Investment securities		1,275,470		1,501,966		1,510,442		1,288,009
Total deposits		4,828,192		4,617,452		4,297,563		4,750,555
Shareholders’ equity		634,092		635,205		631,507		635,333

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
	2006			2005			2006			2006			2006
Interest & Loan Fees Income	$	102,206		$	94,333		$	102,435		$	100,461		$	95,581
Tax Equivalent Adjustment		4,043			3,533			3,891			3,788			3,730
Interest & Fees Income (FTE)		106,249			97,866			106,326			104,249			99,311
Interest Expense		48,143			36,612			47,506			44,881			40,560
Net Interest Income (FTE)		58,106			61,254			58,820			59,368			58,751
Provision for Credit Losses		268			2,058			571			348			250
Non-Interest Income:
Investment Securities Transactions		(105	)		(194	)		(134	)		(99	)		(2,838	)
Fees from Trust & Brokerage Services		3,091			2,771			3,190			3,647			3,020
Fees from Deposit Services		7,502			7,040			7,367			7,217			6,991
Other Charges, Commissions, and Fees		1,698			1,598			1,785			1,747			1,670
Income from Bank Owned Life Insurance		1,137			1,310			1,181			1,061			1,043
Mortgage Banking Income		240			365			236			150			229
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		—			—			(7,659	)		—			3,060
Other Non-Interest Revenue		1,169			421			248			702			487
Total Non-Interest Income		14,732			13,311			6,214			14,425			13,662
Non-Interest Expense:
Salaries and Employees Benefits		15,542			15,005			15,740			15,951			15,098
Net Occupancy		3,089			2,942			3,031			3,114			3,313
Other Expenses		13,171			12,123			12,423			12,552			12,940
Prepayment Penalties on FHLB Advances		—			406			8,261			—			—
Amortization of Intangibles		433			535			459			484			510
OREO Expense		230			169			155			(82	)		179
FDIC Expense		143			146			145			144			148
Total Non-Interest Expense		32,608			31,326			40,214			32,163			32,188
Income Before Income Taxes (FTE)		39,962			41,181			24,249			41,282			39,975
Tax Equivalent Adjustment		4,043			3,533			3,891			3,788			3,730
Income Before Income Taxes		35,919			37,648			20,358			37,494			36,245
Income Taxes		10,904			11,962			6,193			12,035			11,635
Net Income	$	25,015		$	25,686		$	14,165		$	25,459		$	24,610
MEMO: Effective Tax Rate		30.36	%		31.77	%		30.42	%		32.10	%		32.10	%

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
	2006			2005			2004			2003
Interest & Loan Fees Income	$	400,683		$	345,278		$	293,350		$	272,520
Tax Equivalent Adjustment		15,452			12,590			11,186			10,057
Interest & Fees Income (FTE)		416,135			357,868			304,536			282,577
Interest Expense		181,090			124,451			88,914			95,504
Net Interest Income (FTE)		235,045			233,417			215,622			187,073
Credit Loss Provision		1,437			5,618			4,520			7,475
Non-Interest Income:
Investment Securities Transactions		(3,176	)		695			1,110			1,830
Fees from Trust & Brokerage Services		12,948			11,083			10,518			9,387
Fees from Deposit Services		29,077			27,749			29,967			28,924
Other Charges, Commissions, and Fees		6,900			6,013			4,986			4,323
Income from Bank Owned Life Insurance		4,422			4,753			4,282			2,160
Mortgage Banking Income		855			1,055			729			2,570
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		(4,599	)		—			—			—
Other Non-Interest Revenue		2,606			1,277			2,639			2,890
Total Non-Interest Income		49,033			52,625			54,231			52,084
Non-Interest Expense:
Salaries and employee benefits		62,331			59,197			56,526			54,843
Net Occupancy		12,547			12,201			12,551			11,270
Other Expenses		51,086			45,883			44,696			43,113
Prepayment Penalties on FHLB Advances		8,261			406			18,975			16,691
Amortization of Intangibles		1,886			2,292			2,726			2,070
OREO Expense		482			594			956			680
FDIC Expense		580			587			631			871
Total Non-Interest Expense		137,173			121,160			137,061			129,538
Income from Continuing Operations Before Income Taxes (FTE)		145,468			159,264			128,272			102,144
Tax Equivalent Adjustment		15,452			12,590			11,186			10,057
Income from Continuing Operations Before Income Taxes		130,016			146,674			117,086			92,087
Taxes		40,767			46,265			33,771			28,010
Income from Continuing Operations		89,249			100,409			83,315			64,077
Gain on Sale of Discontinued Operations		—			—			17,000			—
Other Operating Income		—			—			3,780			20,433
Income from Discontinued Operations Before Income Taxes		—			—			20,780			20,433
Taxes		—			—			6,333			5,745
Income from Discontinued Operations		—			—			14,447			14,688
Net Income	$	89,249		$	100,409		$	97,762		$	78,765
MEMO: Effective Tax Rate		31.36	%		31.54	%		29.09	%		30.00	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Discontinued Operations Statements of Income

	Year Ended
	December		December		December		December
	2006		2005		2004		2003
Interest & Loan Fees Income		—		—	$	6,850	$	24,988
Interest Expense		—		—		1,543		8,647
Net Interest Income		—		—		5,307		16,341
Non-Interest Income:
Service Charges, Commissions, and Fees		—		—		565		1,896
Income from Mortgage Banking Operations		—		—		15,271		49,336
Gain on Sale of Discontinued Operations		—		—		17,000		—
Total Non-Interest Income		—		—		32,836		51,232
Non-Interest Expense:
Salaries and Employee Benefits		—		—		13,574		38,456
Net Occupancy		—		—		985		1,822
Other Expenses		—		—		2,804		6,862
Total Non-Interest Expense		—		—		17,363		47,140
Income from Discontinued Operations Before Income Taxes		—		—		20,780		20,433
Taxes		—		—		6,333		5,745
Income from Discontinued Operations		—		—	$	14,447	$	14,688

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

Consolidated Balance Sheets

	December 31			December 31
	2006			2005			December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average			2006			2005			2004
Cash & Cash Equivalents	$	188,829		$	177,591		$	259,013		$	207,962		$	153,465
Securities Available for Sale		1,063,418			1,241,066			1,063,174			1,274,621			1,277,160
Held to Maturity Securities		213,489			229,723			212,296			227,345			233,282
Total Securities		1,276,907			1,470,789			1,275,470			1,501,966			1,510,442
Total Cash and Securities		1,465,736			1,648,380			1,534,483			1,709,928			1,663,907
Loans held for sale		2,749			3,663			2,041			3,324			3,981
Commercial Loans		2,678,655			2,558,875			2,757,957			2,599,781		��	2,440,154
Mortgage Loans		1,706,980			1,654,199			1,694,922			1,668,782			1,579,792
Consumer Loans		360,362			393,262			360,829			387,959			404,756
Gross Loans		4,745,997			4,606,336			4,813,708			4,656,522			4,424,702
Unearned Income		(6,541	)		(6,742	)		(6,961	)		(6,693	)		(6,426	)
Loans, net of unearned income		4,739,456			4,599,594			4,806,747			4,649,829			4,418,276
Allowance for Loan Losses		(43,897	)		(43,750	)		(43,629	)		(44,138	)		(43,365	)
Goodwill		167,421			167,487			167,421			167,487			166,926
Other Intangibles		2,881			4,816			2,640			4,527			6,819
Total Intangibles		170,302			172,303			170,061			172,014			173,745
Real Estate Owned		2,977			2,718			4,231			2,941			3,692
Other Assets		244,999			224,710			243,664			234,594			215,735
Total Assets	$	6,582,322		$	6,607,618		$	6,717,598		$	6,728,492		$	6,435,971
MEMO: Earning Assets	$	6,021,372		$	6,058,609		$	6,082,080		$	6,129,969		$	5,910,493
Interest-bearing Deposits	$	3,899,599		$	3,649,884		$	3,924,985		$	3,657,778		$	3,412,224
Noninterest-bearing Deposits		834,064			947,730			903,207			959,674			885,339
Total Deposits		4,733,663			4,597,614			4,828,192			4,617,452			4,297,563
Short-term Borrowings		646,979			749,729			682,266			856,425			906,958
Long-term Borrowings		501,494			554,640			499,200			547,731			533,755
Total Borrowings		1,148,473			1,304,369			1,181,466			1,404,156			1,440,713
Other Liabilities		57,314			59,063			73,848			71,679			66,188
Total Liabilities		5,939,450			5,961,046			6,083,506			6,093,287			5,804,464
Common Equity		642,872			646,572			634,092			635,205			631,507
Total Shareholders’ Equity		642,872			646,572			634,092			635,205			631,507
Total Liabilities & Equity	$	6,582,322		$	6,607,618		$	6,717,598		$	6,728,492		$	6,435,971

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
	2006			2005			2006			2006			2006
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.61		$	0.61		$	0.34		$	0.61		$	0.59
Diluted	$	0.60		$	0.60		$	0.34		$	0.60		$	0.58
Common Dividend Declared Per Share	$	0.28		$	0.27		$	0.27		$	0.27		$	0.27
High Common Stock Price	$	39.71		$	38.55		$	38.28		$	38.41		$	38.50
Low Common Stock Price	$	36.51		$	32.34		$	34.21		$	34.46		$	34.46
Average Shares Outstanding (Net of Treasury Stock):
Basic		41,156,578			42,117,900			41,373,945			41,684,404			41,923,726
Diluted		41,557,831			42,638,687			41,775,111			42,084,164			42,379,242
Memorandum Items:
Tax Applicable to Security Transactions	($	37	)	($	67	)	($	47	)	($	35	)	($	993	)
Common Dividends	$	11,518		$	11,356		$	11,158		$	11,212		$	11,331

	Year Ended
	December			December		December		December
	2006			2005		2004		2003
YTD Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	2.15		$	2.36	$	1.92	$	1.52
Diluted	$	2.13		$	2.33	$	1.89	$	1.50
Earnings Per Share from Discontinued Operations:
Basic		—			—	$	0.33	$	0.35
Diluted		—			—	$	0.33	$	0.35
Earnings Per Share:
Basic	$	2.15		$	2.36	$	2.25	$	1.87
Diluted	$	2.13		$	2.33	$	2.22	$	1.85
Common Dividend Declared Per Share	$	1.09		$	1.05	$	1.02	$	1.00
Average Shares Outstanding (Net of Treasury Stock):
Basic		41,532,121			42,514,445		43,404,586		42,076,180
Diluted		41,942,889			43,024,861		43,978,914		42,620,568
Memorandum Items:
Tax Applicable to Security Transactions	($	1,112	)	$	243	$	389	$	641
Common Dividends	$	45,219		$	44,575	$	44,228	$	42,028
EOP Employees (full-time equivalent)		1,367			1,374		1,319		1,585

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
	2006		2005		2006		2006		2006
EOP Share Data:
Book Value Per Share	$	15.44	$	15.12	$	15.40	$	15.30	$	15.26
Tangible Book Value Per Share	$	11.30	$	11.03	$	11.27	$	11.18	$	11.16
52-week High Common Stock Price	$	39.71	$	38.62	$	38.55	$	38.55	$	38.55
Date		12/28/06		01/03/05		12/02/05		12/02/05		12/02/05
52-week Low Common Stock Price	$	34.21	$	29.82	$	32.34	$	32.34	$	29.82
Date		07/17/06		04/29/05		10/12/05		10/12/05		04/29/05
EOP Shares Outstanding (Net of Treasury Stock):		41,058,901		42,008,179		41,248,706		41,512,069		41,848,564

	Three Months Ended
	December			December			September			June			March
	2006			2005			2006			2006			2006
Selected Yields and Net Interest Margin:
Loans		7.38	%		6.76	%		7.31	%		7.14	%		6.96	%
Investment Securities		5.78	%		5.45	%		5.79	%		5.78	%		5.37	%
Money Market Investments/FFS		4.89	%		3.80	%		5.41	%		4.28	%		2.84	%
Average Earning Assets Yield		7.02	%		6.43	%		6.97	%		6.82	%		6.55	%
Interest-bearing Deposits		3.43	%		2.41	%		3.29	%		2.97	%		2.68	%
Short-term Borrowings		4.31	%		3.03	%		4.17	%		4.12	%		3.65	%
Long-term Borrowings		5.86	%		6.21	%		6.42	%		6.85	%		6.41	%
Average Liability Costs		3.78	%		2.93	%		3.71	%		3.53	%		3.24	%
Net Interest Spread		3.24	%		3.50	%		3.26	%		3.29	%		3.31	%
Net Interest Margin		3.85	%		4.03	%		3.87	%		3.88	%		3.86	%
Selected Financial Ratios:
Return on Average Common Equity		15.44	%		15.76	%		8.83	%		15.84	%		15.51	%
Return on Average Assets		1.51	%		1.54	%		0.85	%		1.53	%		1.49	%
Efficiency Ratio (consolidated)		43.79	%		40.96	%		60.77	%		42.98	%		41.86	%

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

	Year Ended
	December			December			December			December
	2006			2005			2004			2003
Selected Yields and Net Interest Margin:
Loans		7.20	%		6.36	%		5.72	%		6.09	%
Investment Securities		5.67	%		5.11	%		4.60	%		4.83	%
Money Market Investments/FFS		4.35	%		3.09	%		1.28	%		1.32	%
Average Earning Assets Yield		6.84	%		6.04	%		5.41	%		5.71	%
Interest-bearing Deposits		3.10	%		2.06	%		1.45	%		1.72	%
Short-term Borrowings		4.04	%		2.43	%		1.08	%		1.32	%
Long-term Borrowings		6.38	%		5.82	%		4.82	%		5.74	%
Average Liability Costs		3.57	%		2.56	%		1.91	%		2.35	%
Net Interest Spread		3.27	%		3.48	%		3.50	%		3.36	%
Net Interest Margin		3.86	%		3.94	%		3.84	%		3.77	%
Selected Financial Ratios:
Return on Average Common Equity		13.90	%		15.66	%		15.56	%		13.86	%
Return on Average Assets		1.34	%		1.55	%		1.55	%		1.36	%
Loan / Deposit Ratio		99.56	%		100.70	%		102.81	%		95.57	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.91	%		0.95	%		0.98	%		1.05	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.09	%		1.14	%		1.16	%		1.30	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.12	%		0.15	%		0.14	%		0.19	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.18	%		0.13	%		0.10	%		0.28	%
Non-performing Loans/ Loans, Net of Unearned Income		0.30	%		0.28	%		0.24	%		0.47	%
Non-performing Assets/ Total Assets		0.27	%		0.24	%		0.22	%		0.34	%
Primary Capital Ratio		10.14	%		10.15	%		10.53	%		10.35	%
Shareholders’ Equity Ratio		9.44	%		9.44	%		9.81	%		9.63	%
Price / Book Ratio		2.50	x		2.33	x		2.60	x		2.22	x
Price / Earnings Ratio		18.16	x		15.10	x		17.16	x		16.88	x
Efficiency Ratio (consolidated)		46.93	%		41.45	%		49.12	%		57.04	%

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
	2006		2005		2006		2006		2006
Asset Quality Data:
EOP Non-Accrual Loans	$	5,755	$	7,146	$	6,357	$	6,958	$	7,308
EOP 90-Day Past Due Loans		8,432		6,039		7,272		6,531		5,569
Total EOP Non-performing Loans	$	14,187	$	13,185	$	13,629	$	13,489	$	12,877
EOP Other Real Estate & Assets Owned		4,231		2,941		2,517		2,313		3,145
Total EOP Non-performing Assets	$	18,418	$	16,126	$	16,146	$	15,802	$	16,022

	Three Months Ended						Year Ended
	December			December			December			December			December
	2006			2005			2006			2005			2004
Allowance for Credit Losses:(1)
Beginning Balance	$	52,536		$	51,995		$	52,871		$	51,353		$	51,309
Provision Expense		268			2,058			1,437			5,618			4,520
		52,804			54,053			54,308			56,971			55,829
Gross Charge-offs		(746	)		(1,493	)		(3,228	)		(6,016	)		(6,539	)
Recoveries		313			311			1,291			1,916			2,063
Net Charge-offs		(433	)		(1,182	)		(1,937	)		(4,100	)		(4,476	)
Ending Balance	$	52,371		$	52,871		$	52,371		$	52,871		$	51,353

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