United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Earnings for the Fourth Quarter and Year of 2007

EXHIBIT 99.2

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended
	December			December			September			June			March
	2007			2006			2007			2007			2007
Interest & Loan Fees Income	$	119,096		$	102,206		$	117,309		$	101,702		$	100,622
Tax Equivalent Adjustment		4,165			4,043			4,210			4,086			4,011
Interest & Fees Income (FTE)		123,261			106,249			121,519			105,788			104,633
Interest Expense		58,271			48,143			58,197			48,882			47,960
Net Interest Income (FTE)		64,990			58,106			63,322			56,906			56,673
Provision for Credit Losses		2,580			268			1,550			850			350
Non-Interest Income:
Investment Securities Transactions		(562	)		(105	)		172			165			157
Fees from Trust & Brokerage Services		4,317			3,091			3,788			3,763			3,546
Fees from Deposit Services		9,701			7,502			9,087			7,869			7,178
Other Charges, Commissions, and Fees		1,998			1,698			2,285			1,791			1,693
Income from Bank Owned Life Insurance		1,424			1,137			1,179			1,327			1,459
Mortgage Banking Income		80			240			124			162			161
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		(8,900	)		—			—			787			—
Other Non-Interest Revenue		924			1,169			691			661			722
Total Non-Interest Income		8,982			14,732			17,326			16,525			14,916
Non-Interest Expense:
Salaries and Employees Benefits		17,965			15,542			17,452			14,633			14,745
Net Occupancy		4,028			3,089			3,823			3,114			3,456
Other Expenses		16,816			13,171			16,399			13,197			12,580
Prepayment Penalties on FHLB Advances		4,331			—			—			786			—
Amortization of Intangibles		1,078			433			1,000			383			407
OREO Expense		563			230			202			238			164
FDIC Expense		135			143			146			145			143
Total Non-Interest Expense		44,916			32,608			39,022			32,496			31,495
Income Before Income Taxes (FTE)		26,476			39,962			40,076			40,085			39,744
Tax Equivalent Adjustment		4,165			4,043			4,210			4,086			4,011
Income Before Income Taxes		22,311			35,919			35,866			35,999			35,733
Income Taxes		6,359			10,904			10,063			11,487			11,326
Net Income	$	15,952		$	25,015		$	25,803		$	24,512		$	24,407
MEMO: Effective Tax Rate		28.50	%		30.36	%		28.06	%		31.91	%		31.70	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Year Ended
	December			December			December			December
	2007			2006			2005			2004
Interest & Loan Fees Income	$	438,729		$	400,683		$	345,278		$	293,350
Tax Equivalent Adjustment		16,472			15,452			12,590			11,186
Interest & Fees Income (FTE)		455,201			416,135			357,868			304,536
Interest Expense		213,310			181,090			124,451			88,914
Net Interest Income (FTE)		241,891			235,045			233,417			215,622
Credit Loss Provision		5,330			1,437			5,618			4,520
Non-Interest Income:
Investment Securities Transactions		(68	)		(3,176	)		695			1,110
Fees from Trust & Brokerage Services		15,414			12,948			11,083			10,518
Fees from Deposit Services		33,835			29,077			27,749			29,967
Other Charges, Commissions, and Fees		7,767			6,900			6,013			4,986
Income from Bank Owned Life Insurance		5,389			4,422			4,753			4,282
Mortgage Banking Income		527			855			1,055			729
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		(8,113	)		(4,599	)		—			—
Other Non-Interest Revenue		2,998			2,606			1,277			2,639
Total Non-Interest Income		57,749			49,033			52,625			54,231
Non-Interest Expense:
Salaries and Employee Benefits		64,795			62,331			59,197			56,526
Net Occupancy		14,421			12,547			12,201			12,551
Other Expenses		58,992			51,086			45,883			44,696
Prepayment Penalties on FHLB Advances		5,117			8,261			406			18,975
Amortization of Intangibles		2,868			1,886			2,292			2,726
OREO Expense		1,167			482			594			956
FDIC Expense		569			580			587			631
Total Non-Interest Expense		147,929			137,173			121,160			137,061
Income from Continuing Operations Before Income Taxes (FTE)		146,381			145,468			159,264			128,272
Tax Equivalent Adjustment		16,472			15,452			12,590			11,186
Income from Continuing Operations Before Income Taxes		129,909			130,016			146,674			117,086
Taxes		39,235			40,767			46,265			33,771
Income from Continuing Operations		90,674			89,249			100,409			83,315
Gain on Sale of Discontinued Operations		—			—			—			17,000
Other Operating Income		—			—			—			3,780
Income from Discontinued Operations Before Income Taxes		—			—			—			20,780
Taxes		—			—			—			6,333
Income from Discontinued Operations		—			—			—			14,447
Net Income	$	90,674		$	89,249		$	100,409		$	97,762
MEMO: Effective Tax Rate		30.20	%		31.36	%		31.54	%		29.09	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Discontinued Operations Statements of Income

	Year Ended
	December		December		December		December
	2007		2006		2005		2004
Interest & Loan Fees Income		—		—		—	$	6,850
Interest Expense		—		—		—		1,543
Net Interest Income		—		—		—		5,307
Non-Interest Income:
Service Charges, Commissions, and Fees		—		—		—		565
Income from Mortgage Banking Operations		—		—		—		15,271
Gain on Sale of Discontinued Operations		—		—		—		17,000
Total Non-Interest Income		—		—		—		32,836
Non-Interest Expense:
Salaries and Employee Benefits		—		—		—		13,574
Net Occupancy		—		—		—		985
Other Expenses		—		—		—		2,804
Total Non-Interest Expense		—		—		—		17,363
Income from Discontinued Operations Before Income Taxes		—		—		—		20,780
Taxes		—		—		—		6,333
Income from Discontinued Operations		—		—		—	$	14,447

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	December 31			December 31
	2007			2006			December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average			2007			2006			2005
Cash & Cash Equivalents	$	210,148		$	188,829		$	230,651		$	259,013		$	207,962
Securities Available for Sale		1,111,068			1,011,222			1,156,561			1,010,252			1,213,606
Held to Maturity Securities		157,785			213,489			157,228			212,296			227,345
Other Investment Securities		70,395			52,196			80,975			52,922			61,015
Total Securities		1,339,248			1,276,907			1,394,764			1,275,470			1,501,966
Total Cash and Securities		1,549,396			1,465,736			1,625,415			1,534,483			1,709,928
Loans Held for Sale		960			2,749			1,270			2,041			3,324
Commercial Loans		3,497,159			2,678,655			3,648,999			2,757,957			2,599,781
Mortgage Loans		1,776,940			1,706,980			1,772,441			1,694,922			1,668,782
Consumer Loans		384,894			360,362			379,121			360,829			387,959
Gross Loans		5,658,993			4,745,997			5,800,561			4,813,708			4,656,522
Unearned Income		(7,060	)		(6,541	)		(7,077	)		(6,961	)		(6,693	)
Loans, Net of Unearned Income		5,651,933			4,739,456			5,793,484			4,806,747			4,649,829
Allowance for Loan Losses		(50,345	)		(43,897	)		(50,456	)		(43,629	)		(44,138	)
Goodwill		312,784			167,421			312,111			167,421			167,487
Other Intangibles		11,431			2,881			10,878			2,640			4,527
Total Intangibles		324,215			170,302			322,989			170,061			172,014
Real Estate Owned		5,980			2,977			6,365			4,231			2,941
Other Assets		287,462			244,999			295,672			243,664			234,594
Total Assets	$	7,769,601		$	6,582,322		$	7,994,739		$	6,717,598		$	6,728,492
MEMO: Earning Assets	$	6,981,493		$	6,021,372		$	7,158,532		$	6,082,080		$	6,129,969
Interest-bearing Deposits	$	4,459,350		$	3,899,599		$	4,436,323		$	3,924,985		$	3,657,778
Noninterest-bearing Deposits		867,133			834,064			913,427			903,207			959,674
Total Deposits		5,326,483			4,733,663			5,349,750			4,828,192			4,617,452
Short-term Borrowings		817,027			646,979			1,036,063			682,266			856,425
Long-term Borrowings		792,642			501,494			774,162			499,200			547,731
Total Borrowings		1,609,669			1,148,473			1,810,225			1,181,466			1,404,156
Other Liabilities		66,650			57,314			73,565			73,848			71,679
Total Liabilities		7,002,802			5,939,450			7,233,540			6,083,506			6,093,287
Common Equity		766,799			642,872			761,199			634,092			635,205
Total Shareholders’ Equity		766,799			642,872			761,199			634,092			635,205
Total Liabilities & Equity	$	7,769,601		$	6,582,322		$	7,994,739		$	6,717,598		$	6,728,492

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	Three Months Ended
	December			December			September		June		March
Quarterly Share Data:	2007			2006			2007		2007		2007
Earnings Per Share:
Basic	$	0.37		$	0.61		$	0.60	$	0.60	$	0.60
Diluted	$	0.37		$	0.60		$	0.60	$	0.60	$	0.59
Common Dividend Declared Per Share	$	0.29		$	0.28		$	0.28	$	0.28	$	0.28
High Common Stock Price	$	33.61		$	39.71		$	32.98	$	35.37	$	39.50
Low Common Stock Price	$	25.54		$	36.51		$	25.70	$	30.88	$	33.60
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,216,077			41,156,578			42,731,909		40,677,396		40,946,236
Diluted		43,438,997			41,557,831			42,998,484		40,935,684		41,272,213
Memorandum Items:
Tax Applicable to Security Transactions	$	(197	)	$	(37	)	$	60	$	58	$	55
Common Dividends	$	12,537		$	11,518		$	12,089	$	11,368	$	11,452

	Year Ended
	December			December			December		December
YTD Share Data:	2007			2006			2005		2004
Earnings Per Share from Continuing Operations:
Basic	$	2.16		$	2.15		$	2.36	$	1.92
Diluted	$	2.15		$	2.13		$	2.33	$	1.89
Earnings Per Share from Discontinued Operations:
Basic		—			—			—	$	0.33
Diluted		—			—			—	$	0.33
Earnings Per Share:
Basic	$	2.16		$	2.15		$	2.36	$	2.25
Diluted	$	2.15		$	2.13		$	2.33	$	2.22
Common Dividend Declared Per Share	$	1.13		$	1.09		$	1.05	$	1.02
Average Shares Outstanding (Net of Treasury Stock):
Basic		41,901,422			41,532,121			42,514,445		43,404,586
Diluted		42,222,899			41,942,889			43,024,861		43,978,914
Memorandum Items:
Tax Applicable to Security Transactions	$	(24	)	$	(1,112	)	$	243	$	389
Common Dividends	$	47,446		$	45,219		$	44,575	$	44,228
EOP Employees (full-time equivalent)		1,537			1,367			1,374		1,319

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	Three Months Ended
	December		December		September		June		March
EOP Share Data:	2007		2006		2007		2007		2007
Book Value Per Share	$	17.61	$	15.44	$	17.49	$	15.77	$	15.65
Tangible Book Value Per Share	$	10.14	$	11.30	$	9.97	$	11.60	$	11.49
52-week High Common Stock Price	$	39.50	$	39.71	$	39.71	$	39.71	$	39.71
Date		01/03/07		12/28/06		12/28/06		12/28/06		12/28/06
52-week Low Common Stock Price	$	25.54	$	34.21	$	25.70	$	30.88	$	33.60
Date		11/08/07		07/17/06		08/06/07		06/26/07		03/14/07
EOP Shares Outstanding (Net of Treasury Stock):		43,234,726		41,058,901		43,182,328		40,523,267		40,823,168

	Three Months Ended
	December			December			September			June			March
	2007			2006			2007			2007			2007
Selected Yields and Net Interest Margin:
Loans		7.36	%		7.38	%		7.54	%		7.44	%		7.41	%
Investment Securities		5.66	%		5.78	%		5.76	%		5.72	%		5.65	%
Money Market Investments/FFS		5.24	%		4.89	%		4.76	%		5.27	%		5.62	%
Average Earning Assets Yield		7.02	%		7.02	%		7.17	%		7.06	%		7.03	%
Interest-bearing Deposits		3.50	%		3.43	%		3.63	%		3.55	%		3.49	%
Short-term Borrowings		3.84	%		4.31	%		4.58	%		4.43	%		4.48	%
Long-term Borrowings		5.52	%		5.86	%		5.44	%		5.77	%		5.84	%
Average Liability Costs		3.81	%		3.78	%		3.97	%		3.89	%		3.86	%
Net Interest Spread		3.21	%		3.24	%		3.20	%		3.17	%		3.17	%
Net Interest Margin		3.71	%		3.85	%		3.75	%		3.80	%		3.79	%
Selected Financial Ratios:
Return on Average Common Equity		8.25	%		15.44	%		13.91	%		15.22	%		15.44	%
Return on Average Assets		0.81	%		1.51	%		1.37	%		1.50	%		1.51	%
Efficiency Ratio		58.06	%		43.79	%		47.00	%		43.51	%		43.20	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	Year Ended
	December			December			December			December
	2007			2006			2005			2004
Selected Yields and Net Interest Margin:
Loans		7.44	%		7.20	%		6.36	%		5.72	%
Investment Securities		5.70	%		5.67	%		5.11	%		4.60	%
Money Market Investments/FFS		5.14	%		4.35	%		3.09	%		1.28	%
Average Earning Assets Yield		7.07	%		6.84	%		6.04	%		5.41	%
Interest-bearing Deposits		3.54	%		3.10	%		2.06	%		1.45	%
Short-term Borrowings		4.31	%		4.04	%		2.43	%		1.08	%
Long-term Borrowings		5.61	%		6.38	%		5.82	%		4.82	%
Average Liability Costs		3.88	%		3.57	%		2.56	%		1.91	%
Net Interest Spread		3.19	%		3.27	%		3.48	%		3.50	%
Net Interest Margin		3.76	%		3.86	%		3.94	%		3.84	%
Selected Financial Ratios:
Return on Average Common Equity		12.99	%		13.90	%		15.66	%		15.56	%
Return on Average Assets		1.28	%		1.34	%		1.55	%		1.55	%
Loan / Deposit Ratio		108.29	%		99.56	%		100.70	%		102.81	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.87	%		0.91	%		0.95	%		0.98	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.01	%		1.09	%		1.14	%		1.16	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.24	%		0.12	%		0.15	%		0.14	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.25	%		0.18	%		0.13	%		0.10	%
Non-performing Loans/ Loans, Net of Unearned Income		0.49	%		0.30	%		0.28	%		0.24	%
Non-performing Assets/ Total Assets		0.43	%		0.27	%		0.24	%		0.22	%
Primary Capital Ratio		10.18	%		10.14	%		10.15	%		10.53	%
Shareholders’ Equity Ratio		9.52	%		9.44	%		9.44	%		9.81	%
Price / Book Ratio		1.59	x		2.50	x		2.33	x		2.60	x
Price / Earnings Ratio		13.05	x		18.16	x		15.10	x		17.16	x
Efficiency Ratio		48.01	%		46.93	%		41.45	%		49.12	%

Note: (1) Includes allowances for loan losses and lending-related commitments.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	December		December		September		June		March
Asset Quality Data:	2007		2006		2007		2007		2007
EOP Non-Accrual Loans	$	14,115	$	5,755	$	8,958	$	7,842	$	6,068
EOP 90-Day Past Due Loans		14,210		8,432		13,827		9,869		5,416
Total EOP Non-performing Loans	$	28,325	$	14,187	$	22,785	$	17,711	$	11,484
EOP Other Real Estate & Assets Owned		6,365		4,231		5,338		4,074		3,991
Total EOP Non-performing Assets	$	34,690	$	18,418	$	28,123	$	21,785	$	15,475

	Three Months Ended						Year Ended
	December			December			December			December			December
Allowance for Credit Losses(1)	2007			2006			2007			2006			2005
Beginning Balance	$	58,617		$	52,536		$	52,371		$	52,871		$	51,353
Allowance of Purchased Companies		—			—			7,648			—			—
Provision Expense		2,580			268			5,330			1,437			5,618
		61,197			52,804			65,349			54,308			56,971
Gross Charge-offs		(2,786	)		(746	)		(7,738	)		(3,228	)		(6,016	)
Recoveries		333			313			1,133			1,291			1,916
Net Charge-offs		(2,453	)		(433	)		(6,605	)		(1,937	)		(4,100	)
Ending Balance	$	58,744		$	52,371		$	58,744		$	52,371		$	52,871

Note: (1) Includes allowances for loan losses and lending-related commitments.