United Bankshares Inceases Dividend

United Bankshares, Inc. Announces 13% Increase
In Earning for the First Quarter of 2002

PARKERSBURG, WV--United Bankshares, Inc. (NASDAQ: UBSI), today reported record first quarter 2002 earnings of $21.8 million or 50¢ per share. These results represent a 13% increase over earnings of $19.4 million or 46¢ per share for the first quarter of 2001.

United's key financial performance indicators continue to be strong. First quarter of 2002 results produced a return on average assets of 1.61% and a return on average equity of 17.19%. These financial performance ratios are indicative of United's earnings strength and balanced capital levels.

Tax-equivalent net interest income for the first quarter of 2002 was $53.5 million, an increase of $6.4 million or 14% from the first quarter of 2001. The net interest margin for the first quarter 2002 was 4.16%, a 6 basis points increase over the first quarter of 2001's net interest margin of 4.10%. The margin increase was primarily attributable to a $560.7 million or 12% increase in average earning assets resulting mainly from the Century Bancshares acquisition that was consummated on December 7, 2001. On a linked quarter basis, net interest income increased $2.4 million or 5% while the net interest margin increased 9 basis points from 4.07% in the fourth quarter of 2001.

Excluding security transactions, noninterest income for the first quarter of 2002 increased $2.4 million or 18% from the first quarter of 2001. Fees from deposit services and wealth management increased 19% and 13%, respectively, for the first quarter of 2002 as compared to the first quarter of 2001. Income from mortgage banking increased $1.2 million or 23% from the first quarter of 2001 as lower interest rates favorably impacted mortgage refinancing and home purchasing. Mortgage loans sold in the secondary market during the first quarter of 2002 increased 67% from the first quarter of 2001 while loan originations increased 20% during the same time period. Mortgage loans sold in the secondary market during the first quarter of 2002 declined from their peak in the fourth quarter of 2001. As a result, noninterest income, excluding security transactions, for the first quarter of 2002 declined 4% from the fourth quarter of 2001.

Noninterest expense increased $5.0 million or 19% for the quarter compared to the prior year's first quarter and $1.6 million or 5% compared to the linked quarter mainly due to increased employee salaries and benefits from the Century Bancshares acquisition. In the first quarter of 2002, United adopted FASB Statement No. 142, and discontinued the amortization of goodwill. As a result, nontax-deductible goodwill amortization of $464 thousand was not recorded during the first quarter of 2002. United's efficiency ratio for the first quarter of 2002 was 44.9%, which compares very favorably to peer group banking companies and to past performance.

United's credit quality continues to be sound. At March 31, 2002, nonperforming loans were $14.4 million or 0.41% of loans, net of unearned income compared to $17.6 million or 0.50% of loans, net of unearned income at December 31, 2001. Net charge-offs of $1.7 million represented only 0.05% of average loans for the first quarter of 2002 compared to 0.06% and 0.11% of average loans for the quarters ended March 31, 2001 and December 31, 2001, respectively. For the quarters ended March 31, 2002 and 2001, the provision for loan losses was $2.2 million and $2.5 million, respectively. As of March 31, 2002, the allowance for loan losses was $47.9 million or 1.37% of loans, net of unearned income, compared to 1.35% at December 31, 2001.

During the quarter, United's Board of Directors declared a cash dividend of 23¢ per share, a 5% increase over the 22¢ per share declared in the first quarter of 2001. The 2002 annualized first quarter dividend of 23¢ per share equals 92¢, which would represent the twenty-ninth consecutive year of dividend increases for United shareholders.

Analysts are forecasting record earnings for United in 2002 as United continues to be one of the highest performing regional banking companies in the country. For the year 2002, United estimates earnings to be $2.06 per share, an 8% increase from $1.90 per share earned for the year 2001.

United Bankshares, with $5.6 billion in assets, has 83 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System 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 evolving banking industry standards.

UNITED BANKSHARES, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In Thousands Except for Per Share Data)


	Three Months Ended
	March 31 2002	March 31 2001	December 31 2001
EARNINGS SUMMARY:
Interest income, taxable equivalent	$88,041	$94,865	$89,575
Interest expense	34,590	47,777	38,542
Net interest income, taxable equivalent	53,451	47,088	51,033
Taxable equivalent adjustment	2,803	2,868	2,954
Net interest income	50,648	44,220	48,079
Provision for loan losses	2,227	2,499	4,046
Net income from mortgage banking operations	6,450	5,225	7,481
(Loss) gain on security transactions	(304)	142	705
Other noninterest income	9,791	8,578	9,422
Noninterest expenses	32,030	26,996	30,414
Income taxes	10,507	9,318	10,152
Net income	21,821	19,352	21,075
Cash dividends declared	9,870	9,174	9,892

PER COMMON SHARE:
Net income:
Basic	0.51	0.46	0.51
Diluted	0.50	0.46	0.49
Cash dividends declared	0.23	0.22	0.23
Book value	11.81	10.69	11.80
Closing market price	29.53	22.125	28.86
Common shares outstanding:
Actual, net of treasury shares	42,812,217	41,587,229	42,926,511
Average basic	42,899,060	41,703,350	41,559,161
Average diluted	43,548,650	42,020,236	42,217,513

FINANCIAL RATIOS:
Return on average assets	1.61%	1.62%	1.58%
Return on average shareholders’ equity	17.19%	17.87%	17.36%
Average equity to average assets	9.39%	9.05%	9.11%
Net interest margin	4.16%	4.10%	4.07%

	March 31 2002	March 31 2001	December 31 2001
PERIOD END BALANCES:
Assets	5,557,581	4,984,804	$5,631,775
Earning assets	5,290,237	4,762,807	5,301,211
Loans, net of unearned income	3,491,455	3,171,846	3,502,334
Loans held for sale	223,388	239,148	368,625
Investment securities	1,473,583	1,303,613	1,428,716
Total deposits	3,818,901	3,462,701	3,787,793
Shareholders’ equity	505,636	445,084	506,529

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
	2002	2001	2001

Interest & Loan Fees Income	$85,238	$91,997	$86,621
Tax Equivalent Adjustment	2,803	2,868	2,954
Interest & Fees Income (FTE)	88,041	94,865	89,575
Interest Expense	34,590	47,777	38,542
Net Interest Income (FTE)	53,451	47,088	51,033

Loan Loss Provision	2,227	2,499

United Bankshares, Inc. Announces 13% Increase In Earning for the First Quarter of 2002

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FINANCIAL SUMMARY

United Bankshares, Inc. Announces 13% Increase
In Earning for the First Quarter of 2002