United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Second Quarter of 2008 Earnings

Exhibit 99.2

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

Consolidated Statements of Income

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2008			2007			2008			2008			2007
Interest & Loan Fees Income	$	106,419		$	101,702		$	113,546		$	219,965		$	202,324
Tax equivalent adjustment		3,638			4,086			3,960			7,598			8,097
Interest & Fees Income (FTE)		110,057			105,788			117,506			227,563			210,421
Interest expense		43,267			48,882			51,268			94,535			96,842
Net Interest Income (FTE)		66,790			56,906			66,238			133,028			113,579
Credit Loss Provision		4,351			850			2,100			6,451			1,200
Non-Interest Income:
Investment securities transactions		(46	)		165			955			909			322
Fees from trust & brokerage services		4,553			3,763			3,939			8,492			7,309
Fees from deposit services		10,002			7,869			9,083			19,085			15,047
Bankcard fees and merchant discounts		1,734			1,444			1,558			3,292			2,806
Other charges, commissions, and fees		589			347			488			1,077			678
Income from bank-owned life insurance		1,012			1,327			1,309			2,321			2,786
Mortgage banking income		156			162			93			249			323
Gain on termination of interest rate swap associated with prepayment of FHLB advances		—			787			—			—			787
Other non-interest revenue		1,183			661			1,185			2,368			1,383
Total Non-Interest Income		19,183			16,525			18,610			37,793			31,441
Non-Interest Expense:
Salaries and employee benefits		18,941			14,633			19,028			37,969			29,378
Net occupancy		3,974			3,114			4,297			8,271			6,570
Other expenses		16,428			13,197			16,619			33,047			25,777
Prepayment penalties on FHLB advances		—			786			—			—			786
Amortization of intangibles		940			383			1,018			1,958			790
OREO expense		1,043			238			242			1,285			402
FDIC expense		151			145			154			305			288
Total Non-Interest Expense		41,477			32,496			41,358			82,835			63,991
Income Before Income Taxes (FTE)		40,145			40,085			41,390			81,535			79,829
Tax equivalent adjustment		3,638			4,086			3,960			7,598			8,097
Income Before Income Taxes		36,507			35,999			37,430			73,937			71,732
Taxes		11,360			11,487			11,734			23,094			22,813
Net Income	$	25,147		$	24,512		$	25,696		$	50,843		$	48,919
MEMO: Effective Tax Rate		31.12	%		31.91	%		31.35	%		31.23	%		31.80	%

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

Consolidated Balance Sheets

	June 30			June 30
	2008			2007			June 30			December 31			June 30
	Q-T-D Average			Q-T-D Average			2008			2007			2007
Cash & Cash Equivalents	$	202,676		$	189,045		$	227,250		$	230,651		$	219,079
Securities Available for Sale		1,175,727			997,675			1,174,929			1,156,561			1,003,874
Held to Maturity Securities		143,320			191,621			139,805			157,228			166,627
Other Investment Securities		80,909			50,312			82,154			80,975			49,335
Total Securities		1,399,956			1,239,608			1,396,888			1,394,764			1,219,836
Total Cash and Securities		1,602,632			1,428,653			1,624,138			1,625,415			1,438,915
Loans held for sale		2,134			2,702			4,199			1,270			2,701
Commercial Loans		3,724,885			2,740,403			3,752,540			3,648,999			2,805,863
Mortgage Loans		1,742,232			1,665,707			1,746,862			1,772,441			1,657,580
Consumer Loans		359,712			357,633			353,316			379,121			356,074
Gross Loans		5,826,829			4,763,743			5,852,718			5,800,561			4,819,517
Unearned income		(6,788	)		(6,735	)		(6,734	)		(7,077	)		(6,686	)
Loans, net of unearned income		5,820,041			4,757,008			5,845,984			5,793,484			4,812,831
Allowance for Loan Losses		(56,780	)		(43,928	)		(57,033	)		(50,456	)		(43,372	)
Goodwill		312,309			167,336			312,371			312,111			167,255
Other Intangibles		9,450			2,058			8,920			10,878			1,850
Total Intangibles		321,759			169,394			321,291			322,989			169,105
Real Estate Owned		8,906			4,351			9,618			6,365			4,074
Other Assets		286,910			239,537			300,275			295,672			247,857
Total Assets	$	7,985,602		$	6,557,717		$	8,048,472		$	7,994,739		$	6,632,111
MEMO: Earning Assets	$	7,208,212		$	6,000,950		$	7,227,167		$	7,167,127		$	6,034,859
Interest-bearing Deposits	$	4,507,731		$	3,868,096		$	4,595,039		$	4,436,323		$	3,878,614
Noninterest-bearing Deposits		854,850			806,711			877,940			913,427			828,377
Total Deposits		5,362,581			4,674,807			5,472,979			5,349,750			4,706,991
Short-term Borrowings		918,710			645,705			829,063			1,036,063			693,586
Long-term Borrowings		854,010			523,878			903,471			774,162			523,788
Total Borrowings		1,772,720			1,169,583			1,732,534			1,810,225			1,217,374
Other Liabilities		66,521			67,522			70,095			73,565			68,581
Total Liabilities		7,201,822			5,911,912			7,275,608			7,233,540			5,992,946
Common Equity		783,780			645,805			772,864			761,199			639,165
Total Shareholders’ Equity		783,780			645,805			772,864			761,199			639,165
Total Liabilities & Equity	$	7,985,602		$	6,557,717		$	8,048,472		$	7,994,739		$	6,632,111

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

	Three Months Ended							Six Months Ended
	June			June		March		June		June
	2008			2007		2008		2008		2007
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.58		$	0.60	$	0.59	$	1.18	$	1.20
Diluted	$	0.58		$	0.60	$	0.59	$	1.17	$	1.19
Common Dividend Declared Per Share:	$	0.29		$	0.28	$	0.29	$	0.58	$	0.56
High Common Stock Price	$	31.33		$	35.37	$	33.07	$	33.07	$	39.50
Low Common Stock Price	$	22.95		$	30.88	$	24.00	$	22.95	$	30.88
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,264,809			40,677,396		43,246,852		43,255,830		40,811,074
Diluted		43,419,616			40,935,684		43,418,571		43,419,276		41,103,158
Memorandum Items:
Tax Applicable to Security Transactions	$	(16	)	$	58	$	334	$	318	$	113
Common Dividends	$	12,548		$	11,368	$	12,542	$	25,090	$	22,820

	June		June		March
	2008		2007		2008
EOP Share Data:
Book Value Per Share	$	17.86	$	15.77	$	17.83
Tangible Book Value Per Share	$	10.44	$	11.60	$	10.39
52-week High Common Stock Price	$	33.61	$	39.71	$	35.37
Date		10/05/07		12/28/06		04/03/07
52-week Low Common Stock Price	$	22.95	$	30.88	$	24.00
Date		06/30/08		06/26/07		01/18/08
EOP Shares Outstanding (Net of Treasury Stock):		43,270,277		40,523,267		43,260,951
Memorandum Items:
EOP Employees (full-time equivalent)		1,568		1,310		1,558

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

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2008			2007			2008			2008			2007
Selected Yields and Net Interest Margin:
Loans		6.34	%		7.44	%		6.86	%		6.60	%		7.42	%
Investment Securities		5.39	%		5.72	%		5.68	%		5.53	%		5.69	%
Money Market Investments/FFS		2.07	%		5.27	%		3.10	%		2.53	%		5.43	%
Average Earning Assets Yield		6.13	%		7.06	%		6.61	%		6.37	%		7.05	%
Interest-bearing Deposits		2.69	%		3.55	%		3.16	%		2.92	%		3.52	%
Short-term Borrowings		1.64	%		4.43	%		2.77	%		2.23	%		4.45	%
Long-term Borrowings		4.40	%		5.77	%		4.80	%		4.59	%		5.80	%
Average Liability Costs		2.77	%		3.89	%		3.30	%		3.04	%		3.88	%
Net Interest Spread		3.36	%		3.17	%		3.31	%		3.33	%		3.17	%
Net Interest Margin		3.71	%		3.80	%		3.72	%		3.72	%		3.79	%
Selected Financial Ratios:
Return on Average Common Equity		12.90	%		15.22	%		13.35	%		13.12	%		15.33	%
Return on Average Assets		1.27	%		1.50	%		1.30	%		1.29	%		1.50	%
Efficiency Ratio		45.91	%		43.51	%		47.80	%		46.84	%		43.40	%

	June			June			March
	2008			2007			2008
Loan / Deposit Ratio		106.82	%		102.25	%		107.12	%
Allowance for Loan Losses/ Loans, net of unearned income		0.98	%		0.90	%		0.98	%
Allowance for Credit Losses(1)/ Loans, net of unearned income		1.01	%		1.06	%		1.02	%
Nonaccrual Loans / Loans, net of unearned income		0.58	%		0.16	%		0.43	%
90-Day Past Due Loans/ Loans, net of unearned income		0.27	%		0.21	%		0.21	%
Non-performing Loans/ Loans, net of unearned income		0.84	%		0.37	%		0.65	%
Non-performing Assets/ Total Assets		0.73	%		0.33	%		0.56	%
Primary Capital Ratio		10.26	%		10.33	%		10.32	%
Shareholders’ Equity Ratio		9.60	%		9.64	%		9.66	%
Price / Book Ratio		1.28	x		2.02	x		1.50	x
Price / Earnings Ratio		9.91	x		13.28	x		11.26	x

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

	June		June		December		March
	2008		2007		2007		2008
Asset Quality Data:
EOP Non-Accrual Loans	$	33,676	$	7,842	$	14,115	$	25,103
EOP 90-Day Past Due Loans		15,696		9,869		14,210		12,375
Total EOP Non-performing Loans	$	49,372	$	17,711	$	28,325	$	37,478
EOP Other Real Estate & Assets Owned		9,618		4,074		6,365		7,043
Total EOP Non-performing Assets	$	58,990	$	21,785	$	34,690	$	44,521

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2008			2007			2008			2008			2007
Allowance for Credit Losses:(1)
Beginning Balance	$	59,050		$	52,385		$	58,744		$	58,744		$	52,371
Provision Expense		4,351			850			2,100			6,451			1,200
		63,401			53,235			60,844			65,195			53,571
Gross Charge-offs		(4,484	)		(2,231	)		(2,033	)		(6,517	)		(2,848	)
Recoveries		244			216			239			483			497
Net Charge-offs		(4,240	)		(2,015	)		(1,794	)		(6,034	)		(2,351	)
Ending Balance	$	59,161		$	51,220		$	59,050		$	59,161		$	51,220

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