WASHINGTON, DC and CHARLESTON, WV-- United Bankshares, Inc. (NASDAQ: UBSI), today reported diluted earnings per share of 59˘ for the first quarter of 2007, which represented a 2% increase from diluted earnings per share of 58˘ for first quarter of 2006. United generated net income of $24.4 million for the first quarter of 2007 as compared to $24.6 million earned in the first quarter of 2006.

First quarter of 2007 results produced an annualized return on average assets of 1.51% and an annualized return on average equity of 15.44%, as compared to 1.49% and 15.51%, respectively, for the first quarter of 2006. United's returns compare favorably to its most recently reported peer group banking companies' average return on assets of 1.09% and average return on equity of 10.77%.

United's tax-equivalent net interest income for the first quarter of 2007 was $56.7 million, a decrease of $2.1 million or 4% from the first quarter of 2006. The average yield on earning assets increased 48 basis points from the first quarter of 2006; however, the average cost of funds increased 62 basis points due to higher interest rates and competitive deposit pricing. Average earning assets decreased $113.4 million or 2% from the first quarter of 2006 as average loan growth of $106.0 million or 2% was more than offset by a decline in average investment securities of $214.3 million or 14%. The net interest margin for the first quarter of 2007 was 3.79%, a 7 basis point decrease from the first quarter 2006 net interest margin of 3.86%.

On a linked-quarter basis, United's tax-equivalent net interest income for the first quarter of 2007 declined $1.4 million or 2% from the fourth quarter of 2006 due to two fewer days in the quarter and an 8 basis points increase in the first quarter average cost of funds. The first quarter average yield on earning assets increased one basis point which was not enough to offset the increase in the average cost of funds. Average earning assets were relatively flat for the quarter, declining $14.2 million or less than 1%. The net interest margin of 3.79% for the first quarter of 2007 was a decrease of 6 basis points from the net interest margin of 3.85% for the fourth quarter of 2006.

Noninterest income for the first quarter of 2007 was $14.9 million, which was an increase of $1.3 million or 9% from the first quarter of 2006. The rise in noninterest income from the previous year's first quarter was primarily due to an increase of $526 thousand or 17% in fees from trust and brokerage services. In addition, income from bank-owned life insurance increased $416 thousand due to an increase in the cash surrender value, and fees from deposit services grew $187 thousand mainly as a result of United's High Performance Checking program. Other income increased $235 thousand for the first quarter of 2007 due mainly to an increase in income of $256 thousand from the outsourcing of official checks processing.

On a linked-quarter basis, noninterest income for the first quarter of 2007 increased $184 thousand or 1% from the fourth quarter of 2006. This increase was primarily due to growth in income from trust and brokerage services of $455 thousand or 15%. Income from bank-owned life insurance increased $322 thousand due to an increase in the cash surrender value. Partially offsetting these increases was a decrease of $324 thousand in fees from deposit services due to seasonality and a decline of $526 thousand in residual income from prior third party asset securitizations.

Noninterest expense for the first quarter of 2007 was $31.5 million, a decrease of $693 thousand or 2% from the first quarter of 2006 as salaries and benefits expense declined $353 thousand or 2% from last year's first quarter due primarily to a decrease in pension expense. During the third quarter of 2006, United made a significant contribution to its pension plan as allowed by the Pension Protection Act of 2006. This large contribution will result in decreased pension expense for United in the year 2007 as compared to 2006. Pension expense for the first quarter of 2007 decreased $671 thousand from the first quarter of 2006. In addition, marketing and related costs of United's High Performance Checking program declined $538 thousand in the first quarter of 2007 from the first quarter of 2006.

On a linked-quarter basis, noninterest expense decreased $1.1 million or 3%. Salaries and benefits expense declined $797 thousand or 5% due mainly to a decrease in pension expense of $902 thousand related to the previously mentioned contribution in 2006. Marketing and related costs of United's High Performance Checking program declined $170 thousand from the fourth quarter of 2006. Several other general operating expenses declined as well, none of which was individually significant.

United's credit quality continues to be sound. At March 31, 2007, nonperforming loans were $11.5 million or 0.24% of loans, net of unearned income as compared to nonperforming loans of $14.2 million or 0.30% of loans, net of unearned income at December 31, 2006. Net charge-offs were $336 thousand for the first quarter of 2007 as compared to $156 thousand for the first quarter of 2006. For the quarters ended March 31, 2007 and 2006, the provision for credit losses was $350 thousand and $250 thousand, respectively. As of March 31, 2007, the allowances for loan losses and lending-related commitments totaled $52.4 million or 1.11% of loans, net of unearned income, as compared to $52.4 million or 1.09% of loans, net of unearned income at December 31, 2006.

During the first quarter, United's Board of Directors declared a cash dividend of 28˘ per share. The 2007 annualized first quarter dividend of 28˘ per share equals $1.12, which would represent the 34th consecutive year of dividend increases for United shareholders.

Moody's Investors Services upgraded their ratings of United's two banking subsidiaries, United Bank, West Virginia and United Bank, Virginia during the first quarter of 2007. For both institutions, Moody's upgraded the long-term deposit rating to A2 and the short-term deposit rating to Prime-1, one level increases from previous ratings of A3 and Prime-2, respectively. Moody's also increased the financial strength rating of both institutions to C+ from a previous rating of C, also a one level increase.

United Bankshares, with $6.6 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."

UNITED BANKSHARES, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In Thousands Except for Per Share Data)   Three Months Ended   March 31 March 31 December 31   2007 2006 2006 EARNINGS SUMMARY: Interest income, taxable equivalent $ 104,633 $ 99,311 $ 106,249 Interest expense 47,960 40,560 48,143 Net interest income, taxable equivalent 56,673 58,751 58,106 Taxable equivalent adjustment 4,011 3,730 4,043 Net interest income 52,662 55,021 54,063 Provision for credit losses 350 250 268 Noninterest income 14,916 13,662 14,732 Noninterest expense 31,495 32,188 32,608 Income taxes 11,326 11,635 10,904 Net income 24,407 24,610 25,015 PER COMMON SHARE: Net income:     Basic $ 0.60 $ 0.59 $ 0.61     Diluted 0.59 0.58 0.60 Cash dividends 0.28 0.27 0.28 Book value 15.65 15.26 15.44 Closing market price $ 35.03 $ 38.27 $ 38.65 Common shares outstanding:     Actual at period end, net of treasury shares 40,823,168 41,848,564 41,058,901     Weighted average- basic 40,946,236 41,923,726 41,156,578     Weighted average- diluted 41,272,213 42,379,242 41,557,831 FINANCIAL RATIOS: Return on average assets 1.51% 1.49% 1.51% Return on average shareholders’ equity 15.44% 15.51% 15.44% Average equity to average assets 9.77% 9.63% 9.77% Net interest margin 3.79% 3.86% 3.85%     March 31 March 31 December 31   2007 2006 2006 PERIOD END BALANCES: Assets $ 6,571,761 $ 6,706,832 $ 6,717,598 Earning assets 5,997,305 6,133,062 6,082,080 Loans, net of unearned income 4,716,297 4,693,329 4,806,747 Loans held for sale 2,231 1,773 2,041 Investment securities 1,258,984 1,453,394 1,275,470 Total deposits 4,741,572 4,703,268 4,828,192 Shareholders’ equity 638,749 638,607 634,092   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   2007 2006 2006 Interest & Loan Fees Income $ 100,622 $ 95,581 $ 102,206 Tax Equivalent Adjustment 4,011 3,730 4,043 Interest & Fees Income (FTE) 104,633 99,311 106,249 Interest Expense 47,960 40,560 48,143 Net Interest Income (FTE) 56,673 58,751 58,106 Provision for Credit Losses 350 250 268 Non-Interest Income: Investment securities transactions 157 (2,838) (105) Fees from trust & brokerage services 3,546 3,020 3,091 Fees from deposit services 7,178 6,991 7,502 Other charges, commissions, and fees 1,693 1,670 1,698 Income from bank-owned life insurance 1,459 1,043 1,137 Mortgage banking income 161 229 240 Gain on termination of interest rate swap associated with prepayment of FHLB advance --- 3,060 --- Other non-interest revenue 722 487 1,169 Total Non-Interest Income 14,916 13,662 14,732 Non-Interest Expense: Salaries and employee benefits 14,745 15,098 15,542 Net occupancy 3,456 3,313 3,089 Other expenses 12,580 12,940 13,171 Amortization of intangibles 407 510 433 OREO expense 164 179 230 FDIC expense 143 148 143 Total Non-Interest Expense 31,495 32,188 32,608 Income Before Income Taxes (FTE) 39,744 39,975 39,962 Tax Equivalent Adjustment 4,011 3,730 4,043 Income Before Income Taxes 35,733 36,245 35,919 Taxes 11,326 11,635 10,904 Net Income $ 24,407 $ 24,610 $ 25,015 MEMO: Effective Tax Rate 31.70% 32.10% 30.36%   UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Balance Sheets     March 31 March 31       2007 2006 March 31 December 31   Q-T-C Average Q-T-C Average 2007 2006 Cash & Cash Equivalents $ 178,434 $ 155,963 $ 220,177 $ 259,013 Securities Available for Sale 1,007,953 1,209,828 1,000,395 1,010,252 Held to Maturity Securities 209,316 223,003 205,000 212,296 Other Investment Securities 54,763 53,478 53,589 52,922 Total Securities 1,272,032 1,486,309 1,258,984 1,275,470 Total Cash and Securities 1,450,466 1,642,272 1,479,161 1,534,483 Loans held for sale 1,980 2,350 2,231 2,041 Commercial Loans 2,701,907 2,578,117 2,696,266 2,757,957 Mortgage Loans 1,685,748 1,683,337 1,670,738 1,694,922 Consumer Loans 359,577 379,868 356,100 360,829 Gross Loans 4,747,232 4,641,322 4,723,104 4,813,708 Unearned income (6,869) (6,715) (6,807) (6,961) Loans, net of unearned income 4,740,363 4,634,607 4,716,297 4,806,747 Allowance for Loan Losses (43,603) (44,229) (44,058) (43,629) Goodwill 167,420 167,487 167,337 167,421 Other Intangibles 2,459 4,282 2,233 2,640 Total Intangibles 169,879 171,769 169,570 170,061 Real Estate Owned 3,988 3,092 3,991 4,231 Other Assets 238,257 270,553 244,569 243,664 Total Assets $ 6,561,330 $ 6,680,414 $ 6,571,761 $ 6,717,598   MEMO: Earning Assets $ 6,007,205 $ 6,120,599 $ 5,997,305 $ 6,082,080   Interest-bearing Deposits $ 3,855,911 $ 3,695,782 $ 3,908,963 $ 3,924,985 Noninterest-bearing Deposits 811,765 900,751 832,609 903,207 Total Deposits 4,667,676 4,596,533 4,741,572 4,828,192 Short-term Borrowings 678,696 834,310 579,459 682,266 Long-term Borrowings 506,497 544,930 523,832 499,200 Total Borrowings 1,185,193 1,379,240 1,103,291 1,181,466 Other Liabilities 67,523 61,227 88,149 73,848 Total Liabilities 5,920,392 6,037,000 5,933,012 6,083,506 Common Equity 640,938 643,414 638,749 634,092 Total Shareholders’ Equity 640,938 643,414 638,749 634,092   Total Liabilities & Equity $ 6,561,330 $ 6,680,414 $ 6,571,761 $ 6,717,598   UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)   Three Months Ended   March March December Quarterly Share Data: 2007 2006 2006   Earnings Per Share Basic $ 0.60 $ 0.59 $ 0.61 Diluted $ 0.59 $ 0.58 $ 0.60   Common Dividend Declared Per Share $ 0.28 $ 0.27 $ 0.28   High Common Stock Price $ 39.50 $ 38.50 $ 39.71 Low Common Stock Price $ 33.60 $ 34.46 $ 36.51   Average Shares Outstanding (Net of Treasury Stock): Basic 40,946,236 41,923,726 41,156,578 Diluted 41,272,213 42,379,242 41,557,831   Memorandum Items:   Income Tax Expense (Benefit) Applicable to Security Transactions $55 ($993) ($37)   Common Dividends $ 11,452 $ 11,331 $ 11,518     March March December EOP Share Data: 2007 2006 2006   Book Value Per Share $ 15.65 $ 15.26 $ 15.44 Tangible Book Value Per Share $ 11.49 $ 11.16 $ 11.30   52-week High Common Stock Price $ 39.71 $ 38.55 $ 39.71 Date 12/28/06 12/02/05 12/28/06 52-week Low Common Stock Price $ 33.60 $ 29.82 $ 34.21 Date 03/14/07 04/29/05 07/17/06   EOP Shares Outstanding (Net of Treasury Stock): 40,823,168 41,848,564 41,058,901   Memorandum Items:   EOP Employees (full-time equivalent) 1,327 1,352 1,367   UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)   Three Months Ended   March March December   2007 2006 2006 Selected Yields and Net Interest Margin: Loans 7.41% 6.96% 7.38% Investment Securities 5.65% 5.37% 5.78% Money Market Investments/FFS 5.62% 2.84% 4.89% Average Earning Assets Yield 7.03% 6.55% 7.02% Interest-bearing Deposits 3.49% 2.68% 3.43% Short-term Borrowings 4.48% 3.65% 4.31% Long-term Borrowings 5.84% 6.41% 5.86% Average Liability Costs 3.86% 3.24% 3.78% Net Interest Spread 3.17% 3.31% 3.24% Net Interest Margin 3.79% 3.86% 3.85%   Selected Financial Ratios: Return on Average Common Equity 15.44% 15.51% 15.44% Return on Average Assets 1.51% 1.49% 1.51% Loan / Deposit Ratio 99.47% 99.79% 99.56% Allowance for Loan Losses/ Loans, net of unearned income 0.93% 0.94% 0.91% Allowance for Credit Losses (1)/ Loans, net of unearned income 1.11% 1.13% 1.09% Nonaccrual Loans / Loans, net of unearned income 0.13% 0.16% 0.12% 90-Day Past Due Loans/ Loans, net of unearned income 0.11% 0.12% 0.18% Non-performing Loans/ Loans, net of unearned income 0.24% 0.27% 0.30% Non-performing Assets/ Total Assets 0.24% 0.24% 0.27% Primary Capital Ratio 10.43% 10.23% 10.14% Shareholders' Equity Ratio 9.72% 9.52% 9.44% Price / Book Ratio 2.24x 2.51x 2.50x Price / Earnings Ratio 14.81x 16.48x 18.15x Efficiency Ratio 43.20% 41.86% 43.79%   UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)   March March December Asset Quality Data: 2007 2006 2006   EOP Non-Accrual Loans $ 6,068 $ 7,308 $ 5,755 EOP 90-Day Past Due Loans 5,416 5,569 8,432 Total EOP Non-performing Loans $ 11,484 $ 12,877 $ 14,187   EOP Other Real Estate & Assets Owned 3,991 3,145 4,231 Total EOP Non-performing Assets $ 15,475 $ 16,022 $ 18,418     Three Months Ended   March March December Allowance for Credit Losses:(1) 2007 2006 2006 Beginning Balance $ 52,371 $ 52,871 $ 52,536 Provision Expense 350 250 268   52,721 53,121 52,804 Gross Charge-offs (617) (671) (746) Recoveries 281 515 313 Net Charge-offs (336) (156) (433) Ending Balance $ 52,385 $ 52,965 $ 52,371   Note: (1) Includes allowances for loan losses and lending-related commitments.