United Bankshares, Inc. Announces
Record Earnings for First Quarter 2000

United Bankshares, Inc. (UBSI) today reported record first quarter earnings for 2000. Earnings per share increased 8% from 39¢ to 42¢ to achieve record earnings of $18.0 million compared to $17.2 million for the first quarter of 1999. Cash basis operating earnings totaled $18.5 million or 44¢ per share for the first quarter of 2000 as compared to 40¢ per share for the first quarter of 1999.

United’s key performance ratios continue to be strong. First quarter of 2000 results produced a return on average assets of 1.45% and a return on average equity of 18.05%. On a cash basis, return on average tangible assets was 1.51% and return on average tangible equity was 20.78%. These financial performance ratios are indicative of United’s earnings strength and balanced capital levels. Today, United is one of the best performing regional banking companies in the nation.

Net interest income for the first quarter was $46.7 million with a net interest margin of 4.23%, an increase of 22 basis points from the preceding quarter. Noninterest income increased 1.5% from the first quarter of 1999 while noninterest expense decreased 2.4% from the year-ago quarter. United’s efficiency ratio for the first quarter of 2000 was 45.3% which compares very favorably to peer group banking companies.

United’s asset quality continues to be sound with the nonperforming asset level at 0.50% of total assets. The loan loss reserve is $39.5 million or 1.24% of net loans and the delinquency ratio for total past due loans is a low 1.61%. United is categorized as well capitalized based on the risk-based capital ratio, considerably exceeding the regulatory minimum requirement. These ratios support United’s strong financial position.

The annualized first quarter dividend of 21¢ per share equals 84¢ which would represent the twenty-seventh consecutive year of dividend increases for United shareholders.

Analysts are forecasting record earnings for United in 2000. United continues to be one of the highest performing regional banking companies in the country.

United Bankshares, with $5.0 billion in assets, has 77 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United is the 72^nd largest institution in the U.S. based on market capitalization.

United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System under the quotation

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

March 31 2000

March 31 1999

December 31 1999

EARNINGS SUMMARY:

Interest income, taxable equivalent

$96,143

$86,769

$93,039

Interest expense

46,542

39,533

46,632

Net interest income, taxable equivalent

49,601

47,236

46,407

Taxable equivalent adjustment

2,875

1,265

1,711

Net interest income

46,726

45,971

44,696

Provision for loan losses

2,547

764

4,020

Net income (loss) from mortgage banking operations

3,383

4,418

6,173

Gain (loss) on security transactions

318

0

676

Other noninterest income

7,100

6,221

8,294

Noninterest expenses

28,143

28,821

30,251

Income taxes

8,849

9,864

7,977

Net income

17,988

17,161

17,591

Cash dividends paid

8,879

8,658

8,964

PER COMMON SHARE:

Net income:

Basic

0.43

0.40

0.41

Diluted

0.42

0.39

0.41

Diluted – cash basis

0.44

0.40

0.42

Cash dividends paid

0.21

0.20

0.21

Book value

9.37

9.87

9.32

Closing market price

22.000

22.875

23.875

Common shares outstanding:

Actual, net of treasury shares

42,018,879

43,309,744

42,487,108

Average basic

42,272,860

43,277,765

42,674,398

Average diluted

42,657,425

43,961,407

43,281,643

FINANCIAL RATIOS:

Return on average assets

1.45%

1.52%

1.38%

Return on average shareholders’ equity

18.05%

16.17%

16.89%

Average equity to average assets

8.06%

9.43%

8.19%

Net interest margin

4.23%

4.39%

4.01%

March 31 2000

March 31 1999

December 31 1999

PERIOD END BALANCES:

Assets

4,980,745

4,676,350

5,069,160

Earning assets

4,734,578

4,438,701

4,789,191

Loans, net of unearned income

3,230,245

2,682,100

3,170,096

Loans held for sale

102,109

365,678

117,825

Investment securities

1,396,949

1,383,976

1,472,553

Total deposits

3,274,505

3,438,733

3,260,985

Shareholders’ equity

393,822

427,326

395,930