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 72nd 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 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.

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