United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Increased Earnings for the First Quarter of 2005

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
	2005			2004			2004
Interest & Loan Fees Income	$	79,276		$	71,151		$	77,446
Tax equivalent adjustment		2,765			2,515			2,717
Interest & Fees Income (FTE)		82,041			73,666			80,163
Interest Expense		26,286			21,400			24,175
Net Interest Income (FTE)		55,755			52,266			55,988
Provision for credit losses		1,111			1,357			1,328
Non-Interest Income:
Investment securities transactions		924			714			15
Fees from trust & brokerage services		2,758			2,570			2,448
Fees from deposit services		6,491			7,397			7,202
Other charges, commissions, and fees		1,331			1,086			1,345
Income from mortgage banking operations		126			168			171
Other non-interest revenue		1,289			1,628			1,922
Total Non-Interest Income		12,919			13,563			13,103
Non-Interest Expense:
Salaries and employee benefits		14,066			14,111			12,912
Net occupancy		3,095			3,213			3,279
Other expenses		10,698			11,307			11,180
Prepayment penalties on FHLB advances		—			—			2,969
Amortization of intangibles		611			750			635
OREO expense		120			84			579
FDIC expense		151			159			158
Total Non-Interest Expense		28,741			29,624			31,712
Income from Continuing Operations Before Income Taxes (FTE)		38,822			34,848			36,051
Tax equivalent adjustment		2,765			2,515			2,717
Income from Continuing Operations Before Income Taxes		36,057			32,333			33,334
Taxes		11,297			9,726			7,834
Income from Continuing Operations		24,760			22,607			25,500
Income from Discontinued Operations Before Income Taxes		—			1,243			—
Taxes		—			346			—
Income from Discontinued Operations		—			897			—
Net Income	$	24,760		$	23,504		$	25,500
MEMO: Effective Tax Rate		31.33	%		30.00	%		23.50	%

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
	March		March		December
	2005		2004		2004
Interest & Loan Fees Income		—	$	2,923		—
Interest Expense		—		572		—
Net Interest Income		—		2,351		—
Non-Interest Income:
Service charges, commissions, and fees		—		214		—
Income from mortgage banking operations		—		6,280		—
Total Non-Interest Income		—		6,494		—
Non-Interest Expense:
Salaries and employee benefits		—		5,825		—
Net occupancy		—		489		—
Other expenses		—		1,288		—
Total Non-Interest Expense		—		7,602		—
Income from Discontinued Operations Before Income Taxes		—		1,243		—
Taxes		—		346		—
Income from Discontinued Operations		—	$	897		—

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

Consolidated Balance Sheets
	March 31			March 31
	2005			2004			March 31			December 31
	Q-T-D Average			Q-T-D Average			2005			2004
Cash & Cash Equivalents	$	167,617		$	191,569		$	174,625		$	153,465
Securities Available for Sale		1,219,415			1,229,365			1,156,442			1,277,160
Held to Maturity Securities		233,100			241,020			232,710			233,282
Total Securities		1,452,515			1,470,385			1,389,152			1,510,442
Total Cash and Securities		1,620,132			1,661,954			1,563,777			1,663,907
Loans held for sale		1,913			1,040			4,488			3,981
Commercial Loans		2,421,531			2,197,550			2,426,183			2,440,154
Mortgage Loans		1,580,145			1,404,236			1,576,147			1,579,792
Consumer Loans		401,202			406,453			395,124			404,756
Gross Loans		4,402,878			4,008,239			4,397,454			4,424,702
Unearned income		(6,382	)		(5,465	)		(6,361	)		(6,426	)
Loans, net of unearned income		4,396,496			4,002,774			4,391,093			4,418,276
Allowance for Loan Losses		(43,377	)		(50,300	)		(43,570	)		(43,365	)
Goodwill		166,925			169,079			166,852			166,926
Other Intangibles		6,532			9,204			6,208			6,819
Total Intangibles		173,457			178,283			173,060			173,745
Real Estate Owned		3,273			3,144			2,974			3,692
Other Assets		211,399			193,892			219,486			215,735
Assets Related to Discontinued Operations		—			244,565			—			—
Total Assets	$	6,363,293		$	6,235,352		$	6,311,308		$	6,435,971
MEMO: Earning Assets	$	5,833,995		$	5,434,673		$	5,823,572		$	5,953,858
Interest-bearing Deposits	$	3,436,365		$	3,209,338		$	3,469,837		$	3,412,224
Noninterest-bearing Deposits		877,253			832,575			880,602			885,339
Total Deposits		4,313,618			4,041,913			4,350,439			4,297,563
Short-term Borrowings		739,645			657,879			629,613			906,958
Long-term Borrowings		615,438			664,591			631,586			533,755
Total Borrowings		1,355,083			1,322,470			1,261,199			1,440,713
Other Liabilities		55,293			38,868			72,987			66,188
Liabilities Related to Discontinued Operations		—			209,668			—			—
Total Liabilities		5,723,994			5,612,919			5,684,625			5,804,464
Common Equity		639,299			622,433			626,683			631,507
Total Shareholders’ Equity		639,299			622,433			626,683			631,507
Total Liabilities & Equity	$	6,363,293		$	6,235,352		$	6,311,308		$	6,435,971

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

	Three Months Ended
	March		March		December
	2005		2004		2004
Quarterly Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.58	$	0.52	$	0.59
Diluted	$	0.57	$	0.51	$	0.58
Earnings Per Share from Discontinued Operations:
Basic		—	$	0.02		—
Diluted		—	$	0.02		—
Earnings Per Share:
Basic	$	0.58	$	0.54	$	0.59
Diluted	$	0.57	$	0.53	$	0.58
Common Dividend Declared Per Share	$	0.26	$	0.25	$	0.26
High Common Stock Price	$	38.62	$	31.60	$	39.35
Low Common Stock Price	$	32.00	$	29.36	$	34.36
Average Shares Outstanding (Net of Treasury Stock):
Basic		42,900,416		43,680,837		43,111,287
Diluted		43,418,579		44,258,584		43,742,803
Memorandum Items:
Tax Applicable to Security Transactions	$	323	$	250	$	5
Common Dividends	$	11,138	$	10,916	$	11,553

	March		March		December
	2005		2004		2004
EOP Share Data:
Book Value Per Share	$	14.65	$	14.34	$	14.68
Tangible Book Value Per Share	$	10.60	$	10.30	$	10.64
52-week High Common Stock Price	$	39.35	$	31.61	$	39.35
Date		12/02/04		09/08/03		12/02/04
52-week Low Common Stock Price	$	29.15	$	27.40	$	29.15
Date		05/10/04		04/01/03		05/10/04
EOP Shares Outstanding (Net of Treasury Stock):		42,790,954		43,627,204		43,008,445
Memorandum Items:
EOP Employees (full-time equivalent)		1,319		1,549		1,319

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

	Three Months Ended
	March			March			December
	2005			2004			2004
Selected Yields and Net Interest Margin:
Loans		6.03	%		5.75	%		5.84	%
Investment Securities		4.68	%		4.50	%		4.66	%
Money Market Investments/FFS		1.94	%		2.81	%		1.24	%
Average Earning Assets Yield		5.67	%		5.42	%		5.52	%
Interest-bearing Deposits		1.73	%		1.37	%		1.61	%
Short-term Borrowings		1.87	%		0.97	%		1.42	%
Long-term Borrowings		5.39	%		4.47	%		5.43	%
Average Liability Costs		2.22	%		1.87	%		2.03	%
Net Interest Spread		3.45	%		3.55	%		3.49	%
Net Interest Margin		3.85	%		3.86	%		3.86	%
Selected Financial Ratios:
Return on Average Common Equity		15.71	%		15.19	%		15.90	%
Return on Average Assets		1.58	%		1.52	%		1.60	%
Loan / Deposit Ratio		100.93	%		100.69	%		102.81	%
Allowance for Loan Losses/ Loans, net of unearned income		0.99	%		1.04	%		0.98	%
Allowance for Credit Losses(1)/ Loans, net of unearned income		1.17	%		1.26	%		1.16	%
Nonaccrual Loans / Loans, net of unearned income		0.14	%		0.16	%		0.14	%
90-Day Past Due Loans/ Loans, net of unearned income		0.08	%		0.22	%		0.10	%
Non-performing Loans/ Loans, net of unearned income		0.22	%		0.38	%		0.24	%
Non-performing Assets/ Total Assets		0.20	%		0.30	%		0.22	%
Primary Capital Ratio		10.66	%		10.43	%		10.53	%
Shareholders’ Equity Ratio		9.93	%		9.71	%		9.81	%
Price / Book Ratio		2.26	x		2.13	x		2.60	x
Price / Earnings Ratio		14.53	x		14.36	x		16.36	x
Efficiency Ratio		41.34	%		49.20	%		44.15	%

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

	March		March		December
	2005		2004		2004
Asset Quality Data:
EOP Non-Accrual Loans	$	5,955	$	6,555	$	6,352
EOP 90-Day Past Due Loans		3,565		9,167		4,425
Total EOP Non-performing Loans	$	9,520	$	15,722	$	10,777
EOP Other Real Estate & Assets Owned		2,974		3,312		3,692
Total EOP Non-performing Assets	$	12,494	$	19,034	$	14,469

	Three Months Ended
	March			March			December
	2005			2004			2004
Allowance for Credit Losses:(1)
Beginning Balance	$	51,353		$	51,309		$	51,475
Provision Expense		1,111			1,357			1,328
		52,464			52,666			52,803
Gross Charge-offs		(1,538	)		(1,762	)		(1,861	)
Recoveries		498			447			411
Net Charge-offs		(1,040	)		(1,315	)		(1,450	)
Ending Balance	$	51,424		$	51,351		$	51,353

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