United Bankshares, Inc., today reported record earnings for the second quarter and the first half of 2000. Earnings per share improved by 8% for the second quarter and first half of 2000 to 43¢ and 85¢ as compared to 40¢ and 79¢ for the same periods of 1999, respectively. Quarterly net income was $18.1 million compared with $17.8 million a year earlier. Net income for the first six months of 2000 was $36.1 million compared to $35.0 million for the prior year’s first six months. Cash earnings per share were 44¢ and 88¢ for the second quarter and first half of 2000, respectively.

United’s key performance ratios were strong for the three months and six months ended June 30, 2000, United’s return on average assets was 1.47% and 1.46%, respectively while the return on average equity was 18.19% and 18.12%, respectively. On a cash basis, return on average tangible assets was 1.53% for both the second quarter and first half of 2000 and return on average tangible equity was 20.84% and 20.90%, respectively for the same periods of time. 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 continues to maintain effective cost control measures. Noninterest expense for the quarter declined 7% compared to the second quarter of 1999 and was down 5% for the first six months of 2000 over last year’s first six months’ results. The efficiency ratio was a low 43.56% and 44.44% for the second quarter and first half of 2000, respectively. This ratio compares very favorably to regional and national peer group banking companies.

United's asset quality improved for the quarter and remains sound with the nonperforming asset level at 0.4% of total assets, a 10 basis point decline from the end of March. As of June 30, 2000, the allowance for loan losses was $39.3 million or 1.24% of net loans and provided coverage of 230% of nonperforming loans. United is categorized as well capitalized based on the risk-based capital ratio, considerably exceeding the regulatory minimum requirement. All these measures provide evidence that United’s financial position is strong.

During the quarter, United’s Board of Directors declared a cash dividend of 21¢ per share, a 5% increase over the 20¢ per share paid in the second quarter of 1999. The annualized first half dividend of 42¢ per share equals 84¢ which would represent the twenty-seventh consecutive year of dividend increases for United shareholders.

United Bankshares, with $5 billion in assets, has 77 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".

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			Six Months Ended
	June 30 2000	June 30 1999		June 30 2000	June 30 1999
EARNINGS SUMMARY:
Interest income, taxable equivalent	$96,577	$88,391		$192,721	$175,160
Interest expense	48,632	42,415		95,174	81,948
Net interest income, taxable equivalent	47,945	45,976		97,547	93,212
Taxable equivalent adjustment	2,514	1,369		5,390	2,634
Net interest income	45,431	44,607		92,157	90,578
Provision for loan losses	3,851	1,761		6,398	2,525
Income (loss) from mortgage banking operations	4,159	6,095		7,542	10,513
Gain (loss) on security transactions	505	71		823	71
Other noninterest income	7,800	6,287		14,900	12,508
Noninterest expenses	27,106	29,070		55,249	57,891
Income taxes	8,815	8,433		17,664	18,297
Net income	18,123	17,796		36,111	34,957
Cash dividends paid	8,812	8,667		17,691	17,325
PER COMMON SHARE:
Net income:
Basic	0.43	0.41		0.86	0.81
Diluted	0.43	0.40		0.85	0.79
Diluted - cash basis	0.44	0.42		0.88	0.82
Cash dividends paid	0.21	0.20		0.42	0.40
Book value				9.60	9.19
Closing market price				18.188	26.500
Common shares outstanding:
Actual, net of treasury shares				41,910,723	43,263,106
Average basic	41,931,050	43,322,319		42,110,730	43,298,879
Average diluted	42,264,141	44,013,035		42,449,089	43,976,863
FINANCIAL RATIOS:
Return on average assets	1.47%	1.47%		1.46%	1.50%
Return on average shareholders’ equity	18.19%	16.43%		18.12%	16.30%
Average equity to average assets	8.11%	8.97%		8.08%	9.19%
Net interest margin	4.13%	4.03%		4.18%	4.20%
	June 30 2000	June 30 1999		December 31 1999	March 31 2000
PERIOD END BALANCES:
Assets	4,991,051	5,005,240		5,069,160	4,980,745
Earning assets	4,740,443	4,728,576		4,789,191	4,734,578
Loans, net of unearned income	3,221,646	2,887,818		3,170,096	3,230,245
Loans held for sale	153,701	146,656		117,825	102,109
Investment securities	1,353,317	1,690,711		1,472,553	1,396,949
Total deposits	3,270,925	3,391,484		3,260,985	3,274,505
Shareholders’ equity	402,135	397,596		395,930	393,822