WASHINGTON, DC and CHARLESTON, WV -- United Bankshares, Inc. (NASDAQ: UBSI), announced today earnings for the fourth quarter and year of 2006. Fourth quarter earnings were $25.0 million or 60¢ per diluted share while earnings for the year of 2006 were $89.2 million or $2.13 per diluted share. The results for the year of 2006 included significant charges to prepay certain long-term debt in the third quarter. United earned $25.7 million or 60¢ per diluted share and $100.4 million or $2.33 per diluted share for the fourth quarter and year of 2005, respectively.

Tax-equivalent net interest income for the fourth quarter of 2006 was $58.1 million, a decrease of $3.2 million or 5% from the fourth quarter of 2005. The average yield on earning assets increased 59 basis points from the fourth quarter of 2005; however, the average cost of funds increased 85 basis points due to higher interest rates. Average earning assets were relatively flat from the fourth quarter of 2005 as average loan growth of $138.8 million or 3% was more than offset by a decline in average investment securities of $193.9 million or 13%. In addition, interest income from United's subordinated interest in a prior asset securitization decreased $810 thousand for the fourth quarter of 2006 as compared to the fourth quarter of 2005. The net interest margin for the fourth quarter of 2006 was 3.85%, down 18 basis points from a net interest margin of 4.03% for the fourth quarter of 2005.

Tax-equivalent net interest income for the year of 2006 was $235.0 million, an increase of $1.6 million or less than 1% from the prior year due mainly to average loan growth of $232.5 million or 5%. For the year of 2006, interest income from United's asset securitization increased $580 thousand from the year of 2005. In addition, the average yield on earning assets for the year of 2006 increased 80 basis points from the year of 2005; however, the average cost of funds increased by 101 basis points due to higher interest rates. As a result, the net interest margin for the year of 2006 was 3.86%, down 8 basis points from a net interest margin of 3.94% for last year.

declined $714 thousand or 1% from the third quarter of 2006. The slight decrease was due primarily to a $44.2 million or less than 1% decrease in average earning assets and a 7 basis point increase in the cost of funds for the quarter. Average loans and investments declined $26.4 million or less than 1% and $ 26.0 million or 2% for the quarter, respectively. However, period-end net loans at December 31, 2006 grew $56.7 million for the quarter or 5% annualized as commercial loans increased $79.9 million or 12% annualized from September 30, 2006. Interest income from United's subordinated interest in a prior asset securitization declined $378 thousand in the fourth quarter of 2006 as compared to the third quarter of 2006. Partially offsetting these decreases to net

interest income for the fourth quarter of 2006 was a 5 basis point increase in the average yield on earning assets. The net interest margin of 3.85% for the fourth quarter of 2006 was down 2 basis points from a net interest margin of 3.87% for the third quarter of 2006.

Noninterest income for the fourth quarter of 2006 was $14.7 million, an increase of $1.4 million or 11% from the fourth quarter of 2005. The rise in noninterest income from the previous year's fourth quarter was primarily due to an increase of $462 thousand in fees from deposit services mainly as a result of United's High Performance Checking program, which was introduced during the first quarter of 2006. During the fourth quarter of 2006, United received additional residual income of $450 thousand from prior third party asset securitizations as compared to last year's fourth quarter. Revenue from trust and brokerage services increased $320 thousand or 12% for the fourth quarter of 2006 due to increased volume and a larger customer base.

Noninterest income for the year of 2006 was $49.0 million, a decrease of $3.6 million from the year of 2005. Included in total noninterest income for the year of 2006 was a net before-tax loss of $4.6 million on the termination of interest rate swaps associated with the prepayment of FHLB advances in the first and third quarters of 2006. In addition, United's income from investment security transactions declined $3.9 million for the year of 2006 as compared to last year as United incurred a net loss on security transactions of $2.9 million in the first quarter of 2006 due to an other than temporary impairment on approximately $86 million of low-yielding fixed rate investment securities which United sold as part of a balance sheet repositioning. Excluding the results of investment security transactions and interest rate swap terminations, noninterest income for the year of 2006 would have increased $4.9 million or 9% from the year of 2005. Leading the way was an increase in revenue from trust and brokerage services of $1.9 million or 17% for the year of 2006 as compared to the year of 2005. In addition, fees from deposit services rose $1.3 million or 5% for the year of 2006 due mainly to United's High Performance Checking program. Other income also increased $1.3 million for the year as United received additional residual income of $519 thousand from prior third party asset securitizations and income of $816 thousand from the outsourcing of its official checks processing which United initiated in 2006.

On a linked-quarter basis, noninterest income for the fourth quarter of 2006 increased $8.5 million from the third quarter of 2006 due to a before-tax loss of approximately $7.7 million on a termination of an interest rate swap associated with the prepayment of a FHLB advance in the third quarter. Excluding the loss on the termination of the interest rate swap and losses associated with security transactions, noninterest income for the fourth quarter of 2006 would have increased $830 thousand or 6% from the third quarter of 2006. This increase was primarily due to additional residual income of $500 thousand from prior third party asset securitizations. In addition, fees from deposit services increased $135 thousand for the fourth quarter of 2006 as compared to the third quarter of 2006.

Noninterest expense for the fourth quarter of 2006 was $32.6 million, an increase of $1.3 million or 4% from the fourth quarter of 2005. This rise in noninterest expense was primarily due to marketing and related costs of approximately $562 thousand to promote its High Performance Checking program. In addition, salaries and benefits expense increased $537 thousand or 4% due to higher base salaries, pension and health insurance costs.

Noninterest expense for the year of 2006 was $137.2 million, an increase of $16.0 million from the year of 2005 due mainly to an increase of $7.9 million in before-tax penalties to prepay FHLB advances. Excluding these penalties, noninterest expense for the year of 2006 would have increased $8.2 million or 7% from the year of 2005. The increase in noninterest expense was primarily due to an increase of $3.1 million or 5% in salaries and benefits expense. Salaries expense increased $1.9 million or 4% as a result of the higher salaries and commissions while pension and health care coverage costs increased $411 thousand or 18% and $379 thousand or 9%, respectively. In addition, United incurred marketing and related costs of approximately $2.7 million during the year of 2006 to launch and to promote its High Performance Checking program. Consulting and bankcard processing fees increased $920 thousand and $905 thousand, respectively.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2006 decreased $7.6 million from the third quarter of 2006 due mainly to before-tax penalties of approximately $8.2 million to prepay $200 million of FHLB advances during the third quarter. Otherwise, noninterest expense for the fourth quarter of 2006 increased $655 thousand or 2% from the third quarter of 2006 due mainly to increases in several general operating expenses, none of which was individually significant.

At December 31, 2006, nonperforming loans were $14.2 million or 0.30% of loans, net of unearned income as compared to nonperforming loans of $13.6 million or 0.29% of loans, net of unearned income at September 30, 2006 and $13.2 million or 0.28% of loans, net of unearned income at December 31, 2005, respectively. Net charge-offs were $433 thousand for the fourth quarter of 2006 as compared to $1.2 million for the fourth quarter of 2005. Net charge-offs were $1.9 million for the year of 2006 as compared to net charge-offs of $4.1 million for the year of 2005. For the quarters ended December 31, 2006 and 2005, the provision for credit losses was $268 thousand and $2.1 million, respectively, while the provision for the year was $1.4 million for 2006 as compared to $5.6 million for 2005. As of December 31, 2006, the allowances for loan losses and lending-related commitments totaled $52.4 million or 1.09% of loans, net of unearned income, as compared to $52.9 million or 1.14% of loans, net of unearned income at December 31, 2005.

During the fourth quarter, United's Board of Directors declared a cash dividend of 28¢ per share, which represented a 4% increase over the 27¢ per share dividend paid for the fourth quarter of 2005. Dividends per share of $1.09 for the year of 2006 also represented a 4% increase over the $1.05 per share paid for the year of 2005. The year of 2006 represented the thirty-third consecutive year of dividend increases for United shareholders.

United Bankshares, with $6.7 billion in assets, presently has 90 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market 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 and evolving banking industry standards.