United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Record Earnings for the Fourth Quarter and Year 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
	December			December			September			June			March
	2005			2004			2005			2005			2005
Interest & Loan Fees Income	$	94,333		$	77,446		$	89,490		$	82,179		$	79,276
Tax Equivalent Adjustment		3,533			2,717			3,325			2,968			2,765
Interest & Fees Income (FTE)		97,866			80,163			92,815			85,147			82,041
Interest Expense		36,612			24,175			32,832			28,721			26,286
Net Interest Income (FTE)		61,254			55,988			59,983			56,426			55,755
Provision for Credit Losses		2,058			1,328			1,945			504			1,111
Non-Interest Income:
Investment Securities Transactions		(194	)		15			(93	)		58			924
Fees from Trust & Brokerage Services		2,771			2,448			2,813			2,741			2,758
Fees from Deposit Services		7,040			7,202			7,216			7,002			6,491
Other Charges, Commissions, and Fees		1,598			1,345			1,569			1,515			1,331
Mortgage Banking Income		365			171			337			227			126
Other Non-Interest Revenue		1,731			1,922			1,194			1,816			1,289
Total Non-Interest Income		13,311			13,103			13,036			13,359			12,919
Non-Interest Expense:
Salaries and Employees Benefits		15,005			12,912			15,205			14,921			14,066
Net Occupancy		2,942			3,279			3,113			3,051			3,095
Other Expenses		12,123			11,180			11,341			11,721			10,698
Prepayment Penalties on FHLB Advances		406			2,969			—			—			—
Amortization of Intangibles		535			635			560			586			611
OREO Expense		169			579			155			150			120
FDIC Expense		146			158			142			148			151
Total Non-Interest Expense		31,326			31,712			30,516			30,577			28,741
Income Before Income Taxes (FTE)		41,181			36,051			40,558			38,704			38,822
Tax Equivalent Adjustment		3,533			2,717			3,325			2,968			2,765
Income Before Income Taxes		37,648			33,334			37,233			35,736			36,057
Income Taxes		11,962			7,834			11,784			11,222			11,297
Net Income	$	25,686		$	25,500		$	25,449		$	24,514		$	24,760
MEMO: Effective Tax Rate		31.77	%		23.50	%		31.65	%		31.40	%		31.33	%

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
	2005			2004			2003			2002
Interest & Loan Fees Income	$	345,278		$	293,350		$	272,520		$	323,483
Tax Equivalent Adjustment		12,590			11,186			10,057			10,975
Interest & Fees Income (FTE)		357,868			304,536			282,577			334,458
Interest Expense		124,451			88,914			95,504			129,175
Net Interest Income (FTE)		233,417			215,622			187,073			205,283
Credit Loss Provision		5,618			4,520			7,475			8,937
Non-Interest Income:
Investment Securities Transactions		695			1,110			1,830			(6,266	)
Fees from Trust & Brokerage Services		11,083			10,518			9,387			8,892
Fees from Deposit Services		27,749			29,967			28,924			26,498
Other Charges, Commissions, and Fees		6,013			4,986			4,323			4,234
Mortgage Banking Income		1,055			729			2,570			1,727
Other Non-Interest Revenue		6,030			6,921			5,050			2,702
Total Non-Interest Income		52,625			54,231			52,084			37,787
Non-Interest Expense:
Salaries and employee benefits		59,197			56,526			54,843			52,501
Net Occupancy		12,201			12,551			11,270			11,766
Other Expenses		45,883			44,696			43,113			42,309
Prepayment Penalties on FHLB Advances		406			18,975			16,691			—
Amortization of Intangibles		2,292			2,726			2,070			1,645
OREO Expense		594			956			680			828
FDIC Expense		587			631			871			679
Total Non-Interest Expense		121,160			137,061			129,538			109,728
Income from Continuing Operations Before Income Taxes (FTE)		159,264			128,272			102,144			124,405
Tax Equivalent Adjustment		12,590			11,186			10,057			10,975
Income from Continuing Operations Before Income Taxes		146,674			117,086			92,087			113,430
Taxes		46,265			33,771			28,010			35,211
Income from Continuing Operations		100,409			83,315			64,077			78,219
Gain on Sale of Discontinued Operations		—			17,000			—			—
Other Operating Income		—			3,780			20,433			14,903
Income from Discontinued Operations Before Income Taxes		—			20,780			20,433			14,903
Taxes		—			6,333			5,745			4,189
Income from Discontinued Operations		—			14,447			14,688			10,714
Net Income	$	100,409		$	97,762		$	78,765		$	88,933
MEMO: Effective Tax Rate		31.54	%		29.09	%		30.00	%		30.70	%

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
	2005		2004		2003		2002
Interest & Loan Fees Income		—	$	6,850	$	24,988	$	15,995
Interest Expense		—		1,543		8,647		3,382
Net Interest Income		—		5,307		16,341		12,613
Non-Interest Income:
Service Charges, Commissions, and Fees		—		565		1,896		1,277
Income from Mortgage Banking Operations		—		15,271		49,336		34,415
Gain on Sale of Discontinued Operations		—		17,000		—		—
Total Non-Interest Income		—		32,836		51,232		35,692
Non-Interest Expense:
Salaries and Employee Benefits		—		13,574		38,456		27,498
Net Occupancy		—		985		1,822		1,279
Other Expenses		—		2,804		6,862		4,625
Total Non-Interest Expense		—		17,363		47,140		33,402
Income from Discontinued Operations Before Income Taxes		—		20,780		20,433		14,903
Taxes		—		6,333		5,745		4,189
Income from Discontinued Operations		—	$	14,447	$	14,688	$	10,714

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

Consolidated Balance Sheets

	December 31			December 31
	2005			2004			December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average			2005			2004			2003
Cash & Cash Equivalents	$	177,591		$	159,505		$	207,962		$	153,465		$	249,118
Securities Available for Sale		1,241,066			1,282,251			1,274,621			1,277,160			1,266,635
Held to Maturity Securities		229,723			233,407			227,345			233,282			243,975
Total Securities		1,470,789			1,515,658			1,501,966			1,510,442			1,510,610
Total Cash and Securities		1,648,380			1,675,163			1,709,928			1,663,907			1,759,728
Loans held for sale		3,663			2,185			3,324			3,981			1,687
Commercial Loans		2,558,875			2,321,064			2,599,781			2,440,154			2,180,482
Mortgage Loans		1,654,199			1,569,534			1,668,782			1,579,792			1,381,040
Consumer Loans		393,262			414,624			387,959			404,756			399,115
Gross Loans		4,606,336			4,305,222			4,656,522			4,424,702			3,960,637
Unearned Income		(6,742	)		(6,197	)		(6,693	)		(6,426	)		(5,403	)
Loans, net of unearned income		4,599,594			4,299,025			4,649,829			4,418,276			3,955,234
Allowance for Loan Losses		(43,750	)		(45,240	)		(44,138	)		(43,365	)		(41,578	)
Goodwill		167,487			166,964			167,487			166,926			169,655
Other Intangibles		4,816			7,167			4,527			6,819			9,546
Total Intangibles		172,303			174,131			172,014			173,745			179,201
Real Estate Owned		2,718			4,073			2,941			3,692			3,203
Other Assets		224,710			213,576			234,594			215,735			195,915
Assets Related to Discontinued Operations		—			—			—			—			334,340
Total Assets	$	6,607,618		$	6,322,913		$	6,728,492		$	6,435,971		$	6,387,730
MEMO: Earning Assets	$	6,058,609		$	5,789,003		$	6,129,969		$	5,910,493		$	5,463,665
Interest-bearing Deposits	$	3,649,884		$	3,433,934		$	3,657,778		$	3,412,224		$	3,244,860
Noninterest-bearing Deposits		947,730			904,306			959,674			885,339			893,627
Total Deposits		4,597,614			4,338,240			4,617,452			4,297,563			4,138,487
Short-term Borrowings		749,729			733,411			856,425			906,958			811,942
Long-term Borrowings		554,640			562,277			547,731			533,755			459,663
Total Borrowings		1,304,369			1,295,688			1,404,156			1,440,713			1,271,605
Other Liabilities		59,063			51,136			71,679			66,188			61,693
Liabilities Related to Discontinued Operations		—			—			—			—			300,754
Total Liabilities		5,961,046			5,685,064			6,093,287			5,804,464			5,772,539
Common Equity		646,572			637,849			635,205			631,507			615,191
Total Shareholders’ Equity		646,572			637,849			635,205			631,507			615,191
Total Liabilities & Equity	$	6,607,618		$	6,322,913		$	6,728,492		$	6,435,971		$	6,387,730

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
	2005			2004		2005			2005		2005
Quarterly Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	0.61		$	0.59	$	0.60		$	0.57	$	0.58
Diluted	$	0.60		$	0.58	$	0.59		$	0.57	$	0.57
Earnings Per Share from Discontinued Operations:
Basic		—			—		—			—		—
Diluted		—			—		—			—		—
Earnings Per Share:
Basic	$	0.61		$	0.59	$	0.60		$	0.57	$	0.58
Diluted	$	0.60		$	0.58	$	0.59		$	0.57	$	0.57
Common Dividend Declared Per Share	$	0.27		$	0.26	$	0.26		$	0.26	$	0.26
High Common Stock Price	$	38.55		$	39.35	$	38.47		$	36.45	$	38.62
Low Common Stock Price	$	32.34		$	34.36	$	33.91		$	29.82	$	32.00
Average Shares Outstanding (Net of Treasury Stock):
Basic		42,117,900			43,111,287		42,383,810			42,659,573		42,900,416
Diluted		42,638,687			43,742,803		42,918,552			43,121,982		43,418,579
Memorandum Items:
Tax Applicable to Security Transactions	$	(67	)	$	5	$	(33	)	$	20	$	323
Common Dividends	$	11,356		$	11,553	$	11,009		$	11,072	$	11,138

	Year Ended
	December		December		December		December
	2005		2004		2003		2002
YTD Share Data:
Earnings Per Share from Continuing Operations:
Basic	$	2.36	$	1.92	$	1.52	$	1.84
Diluted	$	2.33	$	1.89	$	1.50	$	1.81
Earnings Per Share from Discontinued Operations:
Basic		—	$	0.33	$	0.35	$	0.25
Diluted		—	$	0.33	$	0.35	$	0.25
Earnings Per Share:
Basic	$	2.36	$	2.25	$	1.87	$	2.09
Diluted	$	2.33	$	2.22	$	1.85	$	2.06
Common Dividend Declared Per Share	$	1.05	$	1.02	$	1.00	$	0.95
Average Shares Outstanding (Net of Treasury Stock):
Basic		42,514,445		43,404,586		42,076,180		42,537,980
Diluted		43,024,861		43,978,914		42,620,568		43,113,347
Memorandum Items:
Tax Applicable to Security Transactions	$	243	$	389	$	641	$	(2,193	)
Common Dividends	$	44,575	$	44,228	$	42,028	$	40,388
EOP Employees (full-time equivalent)		1,374		1,319		1,585		1,460

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
	2005		2004		2005		2005		2005
EOP Share Data:
Book Value Per Share	$	15.12	$	14.68	$	15.09	$	14.97	$	14.65
Tangible Book Value Per Share	$	11.03	$	10.64	$	11.01	$	10.91	$	10.60
52-week High Common Stock Price	$	38.62	$	39.35	$	39.35	$	39.35	$	39.35
Date		01/03/05		12/02/04		12/02/04		12/02/04		12/02/04
52-week Low Common Stock Price	$	29.82	$	29.15	$	29.82	$	29.82	$	29.15
Date		04/29/05		05/10/04		04/29/05		04/29/05		05/10/04
EOP Shares Outstanding (Net of Treasury Stock):		42,008,179		43,008,445		42,246,551		42,517,597		42,790,954

	Three Months Ended
	December			December			September			June			March
	2005			2004			2005			2005			2005
Selected Yields and Net Interest Margin:
Loans		6.76	%		5.84	%		6.43	%		6.20	%		6.03	%
Investment Securities		5.45	%		4.66	%		5.38	%		4.85	%		4.68	%
Money Market Investments/FFS		3.80	%		1.24	%		3.94	%		2.77	%		1.94	%
Average Earning Assets Yield		6.43	%		5.52	%		6.17	%		5.86	%		5.67	%
Interest-bearing Deposits		2.41	%		1.61	%		2.15	%		1.92	%		1.73	%
Short-term Borrowings		3.03	%		1.42	%		2.56	%		2.21	%		1.87	%
Long-term Borrowings		6.21	%		5.43	%		6.09	%		5.63	%		5.39	%
Average Liability Costs		2.93	%		2.03	%		2.66	%		2.41	%		2.22	%
Net Interest Spread		3.50	%		3.49	%		3.51	%		3.45	%		3.45	%
Net Interest Margin		4.03	%		3.86	%		4.00	%		3.88	%		3.85	%
Selected Financial Ratios:
Return on Average Common Equity		15.76	%		15.90	%		15.68	%		15.50	%		15.71	%
Return on Average Assets		1.54	%		1.60	%		1.55	%		1.55	%		1.58	%
Efficiency Ratio (consolidated)		40.96	%		44.15	%		40.76	%		42.80	%		41.34	%

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

	Year Ended
	December			December			December			December
	2005			2004			2003			2002
Selected Yields and Net Interest Margin:
Loans		6.36	%		5.72	%		6.09	%		6.97	%
Investment Securities		5.11	%		4.60	%		4.83	%		6.00	%
Money Market Investments/FFS		3.09	%		1.28	%		1.32	%		1.77	%
Average Earning Assets Yield		6.04	%		5.41	%		5.71	%		6.68	%
Interest-bearing Deposits		2.06	%		1.45	%		1.72	%		2.52	%
Short-term Borrowings		2.43	%		1.08	%		1.32	%		1.96	%
Long-term Borrowings		5.82	%		4.82	%		5.74	%		6.18	%
Average Liability Costs		2.56	%		1.91	%		2.35	%		3.03	%
Net Interest Spread		3.48	%		3.50	%		3.36	%		3.65	%
Net Interest Margin		3.94	%		3.84	%		3.77	%		4.15	%
Selected Financial Ratios:
Return on Average Common Equity		15.66	%		15.56	%		13.86	%		16.73	%
Return on Average Assets		1.55	%		1.55	%		1.36	%		1.59	%
Loan / Deposit Ratio		100.70	%		102.81	%		95.57	%		91.75	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.95	%		0.98	%		1.05	%		1.19	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.14	%		1.16	%		1.30	%		1.38	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.15	%		0.14	%		0.19	%		0.20	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.13	%		0.10	%		0.28	%		0.24	%
Non-performing Loans/ Loans, Net of Unearned Income		0.28	%		0.24	%		0.47	%		0.44	%
Non-performing Assets/ Total Assets		0.24	%		0.22	%		0.34	%		0.34	%
Primary Capital Ratio		10.15	%		10.53	%		10.35	%		10.09	%
Shareholders’ Equity Ratio		9.44	%		9.81	%		9.63	%		9.34	%
Price / Book Ratio		2.33	x		2.60	x		2.22	x		2.26	x
Price / Earnings Ratio		15.10	x		17.16	x		16.88	x		14.09	x
Efficiency Ratio (consolidated)		41.45	%		49.12	%		57.04	%		47.26	%

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
	2005		2004		2005		2005		2005
Asset Quality Data:
EOP Non-Accrual Loans	$	7,146	$	6,352	$	7,868	$	9,510	$	5,955
EOP 90-Day Past Due Loans		6,039		4,425		6,831		5,955		3,565
Total EOP Non-performing Loans	$	13,185	$	10,777	$	14,699	$	15,465	$	9,520
EOP Other Real Estate & Assets Owned		2,941		3,692		2,037		2,410		2,974
Total EOP Non-performing Assets	$	16,126	$	14,469	$	16,736	$	17,875	$	12,494

	Three Months Ended						Year Ended
	December			December			December			December			December
	2005			2004			2005			2004			2003
Allowance for Credit Losses:(1)
Beginning Balance	$	51,995		$	51,475		$	51,353		$	51,309		$	48,264
Allowance of Purchased Companies		—			—			—			—			3,863
Provision Expense		2,058			1,328			5,618			4,520			7,475
		54,053			52,803			56,971			55,829			59,602
Gross Charge-offs		(1,493	)		(1,861	)		(6,016	)		(6,539	)		(9,996	)
Recoveries		311			411			1,916			2,063			1,703
Net Charge-offs		(1,182	)		(1,450	)		(4,100	)		(4,476	)		(8,293	)
Ending Balance	$	52,871		$	51,353		$	52,871		$	51,353		$	51,309

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