United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Record Earnings Per Share for the Third Quarter and First Nine Months 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												Year to Date
	September			September			June			March			September			September
	2005			2004			2005			2005			2005			2004
Interest & Loan Fees Income	$	89,490		$	73,793		$	82,179		$	79,276		$	250,945		$	215,904
Tax Equivalent Adjustment		3,325			2,666			2,968			2,765			9,058			8,469
Interest & Fees Income (FTE)		92,815			76,459			85,147			82,041			260,003			224,373
Interest Expense		32,832			21,624			28,721			26,286			87,839			64,739
Net Interest Income (FTE)		59,983			54,835			56,426			55,755			172,164			159,634
Credit Loss Provision		1,945			1,296			504			1,111			3,560			3,192
Non-Interest Income:
Investment Securities Transactions		(93	)		275			58			924			889			1,095
Fees from Trust & Brokerage Services		2,813			2,837			2,741			2,758			8,312			8,070
Fees from Deposit Services		7,216			7,594			7,002			6,491			20,709			22,765
Other Charges, Commissions, and Fees		1,569			1,273			1,515			1,331			4,415			3,641
Income from Mortgage Banking Operations		337			148			227			126			690			558
Other Non-Interest Revenue		1,194			1,737			1,816			1,289			4,299			4,999
Total Non-Interest Income		13,036			13,864			13,359			12,919			39,314			41,128
Non-Interest Expense:
Salaries and Employee Benefits		15,205			15,328			14,921			14,066			44,192			43,614
Net Occupancy		3,113			3,026			3,051			3,095			9,259			9,272
Other Expenses		11,341			10,954			11,721			10,698			33,760			33,516
Prepayment Penalties on FHLB Advances		—			16,006			—			—			—			16,006
Amortization of Intangibles		560			658			586			611			1,757			2,091
OREO Expense		155			128			150			120			425			377
FDIC Expense		142			152			148			151			441			473
Total Non-Interest Expense		30,516			46,252			30,577			28,741			89,834			105,349
Income from Continuing Operations Before Income Taxes (FTE)		40,558			21,151			38,704			38,822			118,084			92,221
Tax Equivalent Adjustment		3,325			2,666			2,968			2,765			9,058			8,469
Income from Continuing Operations Before Income Taxes		37,233			18,485			35,736			36,057			109,026			83,752
Taxes		11,784			5,734			11,222			11,297			34,303			25,937
Income from Continuing Operations		25,449			12,751			24,514			24,760			74,723			57,815
Gain on Sale of Discontinued Operations		—			17,000			—			—			—			17,000
Other Operating Income		—			92			—			—			—			3,780
Income from Discontinued Operations Before Income Taxes		—			17,092			—			—			—			20,780
Taxes		—			5,299			—			—			—			6,333
Income from Discontinued Operations		—			11,793			—			—			—			14,447
Net Income	$	25,449		$	24,544		$	24,514		$	24,760		$	74,723		$	72,262
MEMO: Effective Tax Rate		31.65	%		31.01	%		31.40	%		31.33	%		31.46	%		30.87	%

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
	2005		2004		2005		2005		2005		2004
Interest & Loan Fees Income	$	—	$	—	$	—	$	—	$	—	$	6,850
Interest Expense		—		—		—		—		—		1,543
Net Interest Income		—		—		—		—		—		5,307
Non-Interest Income:
Service Charges, Commissions, and Fees		—		—		—		—		—		565
Income from Mortgage Banking Operations		—		92		—		—		—		15,271
Gain on Sale of Discontinued Operations		—		17,000		—		—		—		17,000
Total Non-Interest Income		—		17,092		—		—		—		32,836
Non-Interest Expense:
Salaries and Employee Benefits		—		—		—		—		—		13,574
Net Occupancy		—		—		—		—		—		985
Other Expenses		—		—		—		—		—		2,804
Total Non-Interest Expense		—		—		—		—		—		17,363
Income from Discontinued Operations Before Income Taxes		—		17,092		—		—		—		20,780
Taxes		—		5,299		—		—		—		6,333
Income from Discontinued Operations	$	—	$	11,793	$	—	$	—	$	—	$	14,447

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

Consolidated Balance Sheets

	September 30			September 30
	2005			2004			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2005			2004			2004
Cash & Cash Equivalents	$	175,238		$	206,295		$	219,548		$	153,465		$	163,560
Securities Available for Sale		1,233,756			1,196,746			1,219,069			1,277,160			1,272,347
Held to Maturity Securities		231,130			233,252			230,709			233,282			233,416
Total Securities		1,464,886			1,429,998			1,449,778			1,510,442			1,505,763
Total Cash and Securities		1,640,124			1,636,293			1,669,326			1,663,907			1,669,323
Loans Held for Sale		4,734			2,506			4,826			3,981			1,410
Commercial Loans		2,517,134			2,241,393			2,564,755			2,440,154			2,283,854
Mortgage Loans		1,623,960			1,540,198			1,645,595			1,579,792			1,571,217
Consumer Loans		400,001			424,344			396,765			404,756			419,326
Gross Loans		4,541,095			4,205,935			4,607,115			4,424,702			4,274,397
Unearned Income		(6,522	)		(6,169	)		(6,709	)		(6,426	)		(6,183	)
Loans, Net of Unearned Income		4,534,573			4,199,766			4,600,406			4,418,276			4,268,214
Allowance for Loan Losses		(43,589	)		(50,414	)		(43,617	)		(43,365	)		(45,219	)
Goodwill		166,916			167,289			167,487			166,926			166,971
Other Intangibles		5,357			7,812			5,062			6,819			7,454
Total Intangibles		172,273			175,101			172,549			173,745			174,425
Real Estate Owned		2,524			4,033			2,037			3,692			4,234
Other Assets		217,491			212,263			227,517			215,735			217,264
Assets Related to Discontinued Operations		—			24,214			—			—			—
Total Assets	$	6,528,130		$	6,203,762		$	6,633,044		$	6,435,971		$	6,289,651
MEMO: Earning Assets	$	5,983,890		$	5,641,063		$	6,051,886		$	5,910,493		$	5,746,123
Interest-bearing Deposits	$	3,619,271		$	3,436,008		$	3,626,297		$	3,412,224		$	3,414,149
Noninterest-bearing Deposits		935,972			859,238			983,435			885,339			890,911
Total Deposits		4,555,243			4,295,246			4,609,732			4,297,563			4,305,060
Short-term Borrowings		720,313			631,826			761,394			906,958			730,825
Long-term Borrowings		556,798			585,779			556,533			533,755			561,166
Total Borrowings		1,277,111			1,217,605			1,317,927			1,440,713			1,291,991
Other Liabilities		51,700			47,448			67,818			66,188			62,028
Liabilities Related to Discontinued Operations		—			23,661			—			—			—
Total Liabilities		5,884,054			5,583,960			5,995,477			5,804,464			5,659,079
Common Equity		644,076			619,802			637,567			631,507			630,572
Total Shareholders’ Equity		644,076			619,802			637,567			631,507			630,572
Total Liabilities & Equity	$	6,528,130		$	6,203,762		$	6,633,044		$	6,435,971		$	6,289,651

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
	2005			2004		2005		2005		2005		2004
Quarterly/Year-to-Date Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.60		$	0.29	$	0.57	$	0.58	$	1.75	$	1.33
Diluted	$	0.59		$	0.29	$	0.57	$	0.57	$	1.73	$	1.31
Earnings Per Share from Discontinued Operations:
Basic	$	—		$	0.27	$	—	$	—	$	—	$	0.33
Diluted	$	—		$	0.27	$	—	$	—	$	—	$	0.33
Earnings Per Share:
Basic	$	0.60		$	0.56	$	0.57	$	0.58	$	1.75	$	1.66
Diluted	$	0.59		$	0.56	$	0.57	$	0.57	$	1.73	$	1.64
Common Dividend Declared Per Share	$	0.26		$	0.26	$	0.26	$	0.26	$	0.78	$	0.76
High Common Stock Price	$	38.47		$	36.09	$	36.45	$	38.62	$	38.62	$	36.09
Low Common Stock Price	$	33.91		$	30.35	$	29.82	$	32.00	$	29.82	$	29.15
Average Shares Outstanding: (Net of Treasury Stock):
Basic		42,383,810			43,319,414		42,659,573		42,900,416		42,648,080		43,503,066
Diluted		42,918,552			43,858,149		43,121,982		43,418,579		43,153,673		44,043,491
Memorandum Items:
Tax Applicable to Security Transactions	$	(33	)	$	96	$	20	$	323	$	311	$	383
Common Dividends	$	11,009		$	10,892	$	11,072	$	11,138	$	33,219	$	32,675

	September		September			June		March
	2005		2004			2005		2005
EOP Share Data:
Book Value Per Share	$	15.09	$	14.59		$	14.97	$	14.65
Tangible Book Value Per Share	$	11.01	$	10.55		$	10.91	$	10.60
52-week High Common Stock Price	$	39.35	$	36.09		$	39.35	$	39.35
Date		12/02/04		09/17/04			12/02/04		12/02/04
52-week Low Common Stock Price	$	29.82	$	28.92	��	$	29.82	$	29.15
Date		04/29/05		10/24/03			04/29/05		05/10/04
EOP Shares Outstanding (Net of Treasury Stock):		42,246,551		43,220,548			42,517,597		42,790,954
Memorandum Items:
EOP Employees (full-time equivalent)		1,349		1,393			1,302		1,319

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
	2005			2004			2005			2005			2005			2004
Selected Yields and Net Interest Margin:
Loans		6.43	%		5.68	%		6.20	%		6.03	%		6.22	%		5.68	%
Investment Securities		5.38	%		4.68	%		4.85	%		4.68	%		5.00	%		4.59	%
Money Market Investments/FFS		3.94	%		1.13	%		2.77	%		1.94	%		2.84	%		1.29	%
Average Earning Assets Yield		6.17	%		5.38	%		5.86	%		5.67	%		5.91	%		5.38	%
Interest-bearing Deposits		2.15	%		1.43	%		1.92	%		1.73	%		1.94	%		1.39	%
Short-term Borrowings		2.56	%		0.97	%		2.21	%		1.87	%		2.22	%		0.95	%
Long-term Borrowings		6.09	%		5.13	%		5.63	%		5.39	%		5.70	%		4.67	%
Average Liability Costs		2.66	%		1.84	%		2.41	%		2.22	%		2.43	%		1.86	%
Net Interest Spread		3.51	%		3.54	%		3.45	%		3.45	%		3.48	%		3.52	%
Net Interest Margin		4.00	%		3.86	%		3.88	%		3.85	%		3.91	%		3.83	%
Selected Financial Ratios:
Return on Average Common Equity		15.68	%		15.75	%		15.50	%		15.71	%		15.63	%		15.44	%
Return on Average Assets		1.55	%		1.57	%		1.55	%		1.58	%		1.56	%		1.53	%
Efficiency Ratio		40.76	%		53.17	%		42.80	%		41.34	%		41.62	%		50.56	%

	September			September			June			March
	2005			2004			2005			2005
Loan / Deposit Ratio		99.80	%		99.14	%		100.19	%		100.93	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.95	%		1.06	%		0.96	%		0.99	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.13	%		1.21	%		1.14	%		1.17	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.17	%		0.15	%		0.21	%		0.14	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.15	%		0.13	%		0.13	%		0.08	%
Non-performing Loans/ Loans, Net of Unearned Income		0.32	%		0.28	%		0.34	%		0.22	%
Non-performing Assets/ Total Assets		0.25	%		0.26	%		0.27	%		0.20	%
Primary Capital Ratio		10.32	%		10.76	%		10.46	%		10.66	%
Shareholders’ Equity Ratio		9.61	%		10.03	%		9.75	%		9.93	%
Price / Book Ratio		2.32	x		2.37	x		2.38	x		2.26	x
Price / Earnings Ratio		14.74	x		15.84	x		15.66	x		14.53	x

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

	September		September		December		June		March
	2005		2004		2004		2005		2005
Asset Quality Data:
EOP Non-Accrual Loans	$	7,868	$	6,364	$	6,352	$	9,510	$	5,955
EOP 90-Day Past Due Loans		6,831		5,447		4,425		5,955		3,565
Total EOP Non-performing Loans	$	14,699	$	11,811	$	10,777	$	15,465	$	9,520
EOP Other Real Estate & Assets Owned		2,037		4,234		3,692		2,410		2,974
Total EOP Non-performing Assets	$	16,736	$	16,045	$	14,469	$	17,875	$	12,494

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2005			2004			2005			2005			2005			2004
Allowance for Credit Losses:(1)
Beginning Balance	$	51,633		$	51,379		$	51,424		$	51,353		$	51,353		$	51,309
Provision Expense		1,945			1,296			504			1,111			3,560			3,192
		53,578			52,675			51,928			52,464			54,913			54,501
Gross Charge-offs		(1,946	)		(1,840	)		(1,039	)		(1,538	)		(4,523	)		(4,678	)
Recoveries		363			640			744			498			1,605			1,652
Net Charge-offs		(1,583	)		(1,200	)		(295	)		(1,040	)		(2,918	)		(3,026	)
Ending Balance	$	51,995		$	51,475		$	51,633		$	51,424		$	51,995		$	51,475

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