United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2008

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												Year to Date
	September			September			June			March			September			September
	2008			2007			2008			2008			2008			2007
Interest & Loan Fees Income	$	106,760		$	117,309		$	106,419		$	113,546		$	326,725		$	319,633
Tax Equivalent Adjustment		3,451			4,210			3,638			3,960			11,048			12,307
Interest & Fees Income (FTE)		110,211			121,519			110,057			117,506			337,773			331,940
Interest Expense		42,623			58,197			43,267			51,268			137,158			155,039
Net Interest Income (FTE)		67,588			63,322			66,790			66,238			200,615			176,901
Credit Loss Provision		6,497			1,550			4,351			2,100			12,948			2,750
Non-Interest Income:
Investment Securities Transactions		(9,167	)		172			(46	)		955			(8,258	)		494
Fees from Trust & Brokerage Services		4,522			3,788			4,553			3,939			13,014			11,097
Fees from Deposit Services		10,251			9,087			10,002			9,083			29,336			24,134
Bankcard Fees and Merchant Discounts		1,543			1,716			1,734			1,558			4,835			4,522
Other Charges, Commissions, and Fees		450			569			589			488			1,527			1,247
Income from Bank Owned Life Insurance		1,622			1,179			1,012			1,309			3,943			3,965
Income from Mortgage Banking		93			124			156			93			342			447
Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		—			—			—			—			—			787
Other Non-Interest Revenue		1,016			691			1,183			1,185			3,384			2,074
Total Non-Interest Income		10,330			17,326			19,183			18,610			48,123			48,767
Non-Interest Expense:
Salaries and Employee Benefits		18,766			17,559			18,941			19,028			56,735			47,207
Net Occupancy		4,163			3,823			3,974			4,297			12,434			10,393
Other Expense		17,361			16,292			16,428			16,619			50,408			41,799
Prepayment Penalties on FHLB Advances		—			—			—			—			—			786
Amortization of Intangibles		789			1,000			940			1,018			2,747			1,790
OREO Expense		271			202			1,043			242			1,556			604
FDIC Expense		288			146			151			154			593			434
Total Non-Interest Expense		41,638			39,022			41,477			41,358			124,473			103,013
Income Before Income Taxes (FTE)		29,783			40,076			40,145			41,390			111,317			119,905
Tax Equivalent Adjustment		3,451			4,210			3,638			3,960			11,048			12,307
Income Before Income Taxes		26,332			35,866			36,507			37,430			100,269			107,598
Taxes		6,740			10,063			11,360			11,734			29,834			32,876
Net Income	$	19,592		$	25,803		$	25,147		$	25,696		$	70,435		$	74,722
MEMO: Effective Tax Rate		25.60	%		28.06	%		31.12	%		31.35	%		29.75	%		30.55	%

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

Consolidated Balance Sheets

	September 30			September 30
	2008			2007			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2008			2007			2007
Cash & Cash Equivalents	$	191,535		$	243,752		$	224,478		$	230,651		$	204,461
Securities Available for Sale		1,161,361			1,054,112			1,169,998			1,156,561			1,098,548
Held to Maturity Securities		137,450			161,971			127,123			157,228			158,252
Other Investment Securities		81,773			60,723			80,556			80,975			66,469
Total Securities		1,380,584			1,276,806			1,377,677			1,394,764			1,323,269
Total Cash and Securities		1,572,119			1,520,558			1,602,155			1,625,415			1,527,730
Loans Held for Sale		1,750			1,659			718			1,270			954
Commercial Loans		3,808,538			3,241,440			3,813,651			3,648,999			3,423,202
Mortgage Loans		1,751,651			1,817,068			1,752,523			1,772,441			1,783,319
Consumer Loans		353,644			383,813			352,088			379,121			386,724
Gross Loans		5,913,833			5,442,321			5,918,262			5,800,561			5,593,245
Unearned Income		(6,773	)		(7,065	)		(6,644	)		(7,077	)		(6,919	)
Loans, Net of Unearned Income		5,907,060			5,435,256			5,911,618			5,793,484			5,586,326
Allowance for Loan Losses		(57,041	)		(49,088	)		(57,556	)		(50,456	)		(50,353	)
Goodwill		312,371			292,076			312,371			312,111			312,857
Other Intangibles		8,559			16,702			8,131			10,878			11,955
Total Intangibles		320,930			308,778			320,502			322,989			324,812
Real Estate Owned		10,605			4,519			13,340			6,365			5,338
Other Assets		288,051			275,283			304,776			295,672			290,881
Total Assets	$	8,043,474		$	7,496,965		$	8,095,553		$	7,994,739		$	7,685,688
MEMO: Earning Assets	$	7,261,479		$	6,737,658		$	7,261,723		$	7,167,127		$	6,897,429
Interest-bearing Deposits	$	4,571,745		$	4,391,017		$	4,581,987		$	4,436,323		$	4,471,530
Noninterest-bearing Deposits		880,569			876,034			922,484			913,427			874,696
Total Deposits		5,452,314			5,267,051			5,504,471			5,349,750			5,346,226
Short-term Borrowings		830,170			712,609			819,227			1,036,063			730,618
Long-term Borrowings		921,568			714,870			927,870			774,162			775,131
Total Borrowings		1,751,738			1,427,479			1,747,097			1,810,225			1,505,749
Other Liabilities		55,569			66,534			70,876			73,565			78,444
Total Liabilities		7,259,621			6,761,064			7,322,444			7,233,540			6,930,419
Common Equity		783,853			735,901			773,109			761,199			755,269
Total Shareholders’ Equity		783,853			735,901			773,109			761,199			755,269
Total Liabilities & Equity	$	8,043,474		$	7,496,965		$	8,095,553		$	7,994,739		$	7,685,688

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

	Three Months Ended										Year to Date
	September			September		June			March		September			September
	2008			2007		2008			2008		2008			2007
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.45		$	0.60	$	0.58		$	0.59	$	1.63		$	1.80
Diluted	$	0.45		$	0.60	$	0.58		$	0.59	$	1.62		$	1.79
Common Dividend Declared Per Share:	$	0.29		$	0.28	$	0.29		$	0.29	$	0.87		$	0.84
High Common Stock Price	$	42.00		$	32.98	$	31.33		$	33.07	$	42.00		$	39.50
Low Common Stock Price	$	18.52		$	25.70	$	22.95		$	24.00	$	18.52		$	25.70
Average Shares Outstanding (Net of Treasury      Stock):
Basic		43,276,962			42,731,909		43,264,809			43,246,852		43,262,926			41,458,388
Diluted		43,421,333			42,998,484		43,419,616			43,418,571		43,418,755			41,811,493
Memorandum Items:
Tax Applicable to Security Transactions	$	(3,208	)	$	60	$	(16	)	$	334	$	(2,890	)	$	173
Common Dividends	$	12,552		$	12,089	$	12,548		$	12,542	$	37,642		$	34,909

	September		September		June		March
	2008		2007		2008		2008
EOP Share Data:
Book Value Per Share	$	17.86	$	17.49	$	17.86	$	17.83
Tangible Book Value Per Share	$	10.46	$	9.97	$	10.44	$	10.39
52-week High Common Stock Price	$	42.00	$	39.71	$	33.61	$	35.37
Date		09/19/08		12/28/06		10/05/07		04/03/07
52-week Low Common Stock Price	$	18.52	$	25.70	$	22.95	$	24.00
Date		07/15/08		08/06/07		06/30/08		01/18/08
EOP Shares Outstanding (Net of Treasury Stock):		43,283,927		43,182,328		43,270,277		43,260,951
Memorandum Items:
EOP Employees (full-time equivalent)		1,544		1,543		1,568		1,558

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

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2008			2007			2008			2008			2008			2007
Selected Yields and Net Interest Margin:
Loans		6.21	%		7.54	%		6.34	%		6.86	%		6.47	%		7.47	%
Investment Securities		5.45	%		5.76	%		5.39	%		5.68	%		5.51	%		5.71	%
Money Market Investments/FFS		1.91	%		4.76	%		2.07	%		3.10	%		2.36	%		5.11	%
Average Earning Assets Yield		6.05	%		7.17	%		6.13	%		6.61	%		6.26	%		7.10	%
Interest-bearing Deposits		2.57	%		3.63	%		2.69	%		3.16	%		2.80	%		3.56	%
Short-term Borrowings		1.54	%		4.58	%		1.64	%		2.77	%		2.02	%		4.50	%
Long-term Borrowings		4.26	%		5.44	%		4.40	%		4.80	%		4.47	%		5.65	%
Average Liability Costs		2.68	%		3.97	%		2.77	%		3.30	%		2.92	%		3.91	%
Net Interest Spread		3.37	%		3.20	%		3.36	%		3.31	%		3.34	%		3.19	%
Net Interest Margin		3.71	%		3.75	%		3.71	%		3.72	%		3.72	%		3.78	%
Selected Financial Ratios:
Return on Average Common Equity		9.94	%		13.91	%		12.90	%		13.35	%		12.05	%		14.81	%
Return on Average Assets		0.97	%		1.37	%		1.27	%		1.30	%		1.18	%		1.45	%
Efficiency Ratio		46.60	%		47.00	%		45.91	%		47.80	%		46.76	%		44.68	%

	September			September			June			March
	2008			2007			2008			2008
Loan / Deposit Ratio		107.40	%		104.49	%		106.82	%		107.12	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.97	%		0.90	%		0.98	%		0.98	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.00	%		1.05	%		1.01	%		1.02	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.61	%		0.16	%		0.58	%		0.43	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.22	%		0.25	%		0.27	%		0.21	%
Non-performing Loans/ Loans, Net of Unearned Income		0.83	%		0.41	%		0.84	%		0.65	%
Non-performing Assets/ Total Assets		0.77	%		0.37	%		0.73	%		0.56	%
Primary Capital Ratio		10.21	%		10.51	%		10.26	%		10.32	%
Shareholders’ Equity Ratio		9.55	%		9.83	%		9.60	%		9.66	%
Price / Book Ratio		1.96	x		1.74	x		1.28	x		1.50	x
Price / Earnings Ratio		19.39	x		12.68	x		9.91	x		11.26	x

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

	September		September		December		June		March
	2008		2007		2007		2008		2008
Asset Quality Data:
EOP Non-Accrual Loans	$	36,065	$	8,958	$	14,115	$	33,676	$	25,103
EOP 90-Day Past Due Loans		12,963		13,827		14,210		15,696		12,375
Total EOP Non-performing Loans	$	49,028	$	22,785	$	28,325	$	49,372	$	37,478
EOP Other Real Estate & Assets Owned		13,340		5,338		6,365		9,618		7,043
Total EOP Non-performing Assets	$	62,368	$	28,123	$	34,690	$	58,990	$	44,521

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2008			2007			2008			2008			2008			2007
Allowance for Credit Losses:(1)
Beginning Balance	$	59,161		$	51,220		$	59,050		$	58,744		$	58,744		$	52,371
Allowance for Acquired Loans		—			7,648			—			—			—			7,648
Provision Expense		6,497			1,550			4,351			2,100			12,948			2,750
		65,658			60,418			63,401			60,844			71,692			62,769
Gross Charge-offs		(6,529	)		(2,104	)		(4,484	)		(2,033	)		(13,046	)		(4,952	)
Recoveries		259			303			244			239			742			800
Net Charge-offs		(6,270	)		(1,801	)		(4,240	)		(1,794	)		(12,304	)		(4,152	)
Ending Balance	$	59,388		$	58,617		$	59,161		$	59,050		$	59,388		$	58,617

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