United Bankshares, Inc., today reported record earnings for the second quarter and the first half of 1999. Quarterly net income was $17.8 million, or 40¢ per share, compared with $7.5 million, or 17¢ per share, a year earlier. Net income for the six months ended June 30, 1999 was $34.9 million, or 79¢ per share, compared to $22.0 million, or 51¢ per share for the first six months of 1998. United's 1998 figures contain significant merger-related and one-time charges associated with the second quarter 1998 George Mason Bankshares, Inc. merger. In addition, the 1998 figures have been restated to include the fourth quarter 1998 acquisition of Fed One Bancorp, Inc.

United's key performance ratios were strong for the three months and six months ended June 30, 1999, United's return on average assets was 1.47% and 1.50%, respectively while the return on average equity was 16.43% and 16.30%, respectively. These key financial performance ratios are indicative of United's earnings strength and strong capital levels. United continues to be one of the best performing regional banking companies in the nation.

United's asset quality remains strong with the non-performing asset level at 0.54% of total assets, the capital ratio remains strong at nearly 10% and United is categorized as well capitalized based on the risk-based capital ratio, considerably exceeding the regulatory minimum requirement. These ratios compare very favorably to industry averages and support a strong financial position.

The annualized first half dividend of 40¢ per share equals 80¢ which would represent the twenty-sixth consecutive year of dividend increases for United shareholders.

Analysts are forecasting record earnings for United in 1999, and on the basis of operating earnings, United continues to be one of the highest performing regional banking companies in the country.

United Bankshares achieved another milestone in its history by exceeding $5 billion in assets at quarter end . United is the second largest West Virginia headquartered bank holding company. UBSI with its lead bank, United National Bank, and Virginia subsidiary, United Bank, has 78 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".