United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Earnings

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
	2008			2007			2008			2008			2008
Interest & Loan Fees Income	$	103,186		$	119,096		$	106,760		$	106,419		$	113,546
Tax Equivalent Adjustment		3,180			4,165			3,451			3,638			3,960
Interest & Fees Income (FTE)		106,366			123,261			110,211			110,057			117,506
Interest Expense		39,961			58,271			42,623			43,267			51,268
Net Interest Income (FTE)		66,405			64,990			67,588			66,790			66,238
Provision for Credit Losses		12,207			2,580			6,497			4,351			2,100
Non-Interest Income:
Security (losses) gains		(1,160	)		(562	)		(9,167	)		(46	)		955
Fees from Trust & Brokerage Services		3,568			4,317			4,522			4,553			3,939
Fees from Deposit Services		9,853			9,701			10,251			10,002			9,083
Bankcard Fees and Merchant Discounts		980			1,541			1,543			1,734			1,558
Other Charges, Commissions, and Fees		405			457			450			589			488
Income from Bank Owned Life Insurance		150			1,424			1,622			1,012			1,309
Mortgage Banking Income		43			80			93			156			93
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		—			(8,900	)		—			—			—
Other Non-Interest Revenue		5,341			924			1,016			1,183			1,185
Total Non-Interest Income		19,180			8,982			10,330			19,183			18,610
Non-Interest Expense:
Salaries and Employees Benefits		18,292			18,032			18,766			18,941			19,028
Net Occupancy		4,248			4,028			4,163			3,974			4,297
Other Expenses		21,831			16,749			17,361			16,428			16,619
Prepayment Penalties on FHLB Advances		—			4,331			—			—			—
Amortization of Intangibles		747			1,078			789			940			1,018
OREO Expense		928			563			271			1,043			242
FDIC Expense		554			135			288			151			154
Total Non-Interest Expense		46,600			44,916			41,638			41,477			41,358
Income Before Income Taxes (FTE)		26,778			26,476			29,783			40,145			41,390
Tax Equivalent Adjustment		3,180			4,165			3,451			3,638			3,960
Income Before Income Taxes		23,598			22,311			26,332			36,507			37,430
Income Taxes		7,079			6,359			6,740			11,360			11,734
Net Income	$	16,519		$	15,952		$	19,592		$	25,147		$	25,696
MEMO: Effective Tax Rate		30.00	%		28.50	%		25.60	%		31.12	%		31.35	%

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
	2008			2007			2006			2005
Interest & Loan Fees Income	$	429,911		$	438,729		$	400,683		$	345,278
Tax Equivalent Adjustment		14,229			16,472			15,452			12,590
Interest & Fees Income (FTE)		444,140			455,201			416,135			357,868
Interest Expense		177,119			213,310			181,090			124,451
Net Interest Income (FTE)		267,021			241,891			235,045			233,417
Credit Loss Provision		25,155			5,330			1,437			5,618
Non-Interest Income:
Security (losses) gains		(9,418	)		(68	)		(3,176	)		695
Fees from Trust & Brokerage Services		16,582			15,414			12,948			11,083
Fees from Deposit Services		39,189			33,835			29,077			27,749
Bankcard Fees and Merchant Discounts		5,815			6,063			5,351			4,417
Other Charges, Commissions, and Fees		1,932			1,704			1,549			1,596
Income from Bank Owned Life Insurance		4,093			5,389			4,422			4,753
Mortgage Banking Income		385			527			855			1,055
(Loss) Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		—			(8,113	)		(4,599	)		—
Other Non-Interest Revenue		8,725			2,998			2,606			1,277
Total Non-Interest Income		67,303			57,749			49,033			52,625
Non-Interest Expense:
Salaries and Employee Benefits		75,027			65,239			63,144			59,685
Net Occupancy		16,682			14,421			12,547			12,201
Other Expenses		72,239			58,548			50,273			45,395
Prepayment Penalties on FHLB Advances		—			5,117			8,261			406
Amortization of Intangibles		3,494			2,868			1,886			2,292
OREO Expense		2,484			1,167			482			594
FDIC Expense		1,147			569			580			587
Total Non-Interest Expense		171,073			147,929			137,173			121,160
Income Before Income Taxes (FTE)		138,096			146,381			145,468			159,264
Tax Equivalent Adjustment		14,229			16,472			15,452			12,590
Income Before Income Taxes		123,867			129,909			130,016			146,674
Taxes		36,913			39,235			40,767			46,265
Net Income	$	86,954		$	90,674		$	89,249		$	100,409
MEMO: Effective Tax Rate		29.80	%		30.20	%		31.36	%		31.54	%

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
	2008			2007			December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average			2008			2007			2006
Cash & Cash Equivalents	$	199,752		$	210,148		$	213,534		$	230,651		$	259,013
Securities Available for Sale		1,151,121			1,111,068			1,097,043			1,156,561			1,010,252
Securities Held to Maturity		124,427			157,785			116,407			157,228			212,296
Other Investment Securities		76,453			70,395			78,372			80,975			52,922
Total Securities		1,352,001			1,339,248			1,291,822			1,394,764			1,275,470
Total Cash and Securities		1,551,753			1,549,396			1,505,356			1,625,415			1,534,483
Loans Held for Sale		933			960			868			1,270			2,041
Commercial Loans		3,855,156			3,497,159			3,916,768			3,648,999			2,757,957
Mortgage Loans		1,753,300			1,776,940			1,754,100			1,772,441			1,694,922
Consumer Loans		352,661			384,894			349,690			379,121			360,829
Gross Loans		5,961,117			5,658,993			6,020,558			5,800,561			4,813,708
Unearned Income		(6,604	)		(7,060	)		(6,403	)		(7,077	)		(6,961	)
Loans, Net of Unearned Income		5,954,513			5,651,933			6,014,155			5,793,484			4,806,747
Allowance for Loan Losses		(57,416	)		(50,345	)		(61,494	)		(50,456	)		(43,629	)
Goodwill		312,370			312,784			312,263			312,111			167,421
Other Intangibles		7,795			11,431			7,384			10,878			2,640
Total Intangibles		320,165			324,215			319,647			322,989			170,061
Real Estate Owned		13,777			5,980			19,817			6,365			4,231
Other Assets		291,511			287,462			303,742			295,672			243,664
Total Assets	$	8,075,236		$	7,769,601		$	8,102,091		$	7,994,739		$	6,717,598
MEMO: Earning Assets	$	7,289,879		$	6,981,493		$	7,267,990		$	7,167,127		$	6,082,080
Interest-bearing Deposits	$	4,722,244		$	4,459,350		$	4,741,855		$	4,436,323		$	3,924,985
Noninterest-bearing Deposits		893,494			867,133			906,099			913,427			903,207
Total Deposits		5,615,738			5,326,483			5,647,954			5,349,750			4,828,192
Short-term Borrowings		763,681			817,027			778,320			1,036,063			682,266
Long-term Borrowings		853,597			792,642			852,685			774,162			499,200
Total Borrowings		1,617,278			1,609,669			1,631,005			1,810,225			1,181,466
Other Liabilities		57,107			66,650			86,420			73,565			73,848
Total Liabilities		7,290,123			7,002,802			7,365,379			7,233,540			6,083,506
Preferred Equity		—			—			—			—			—
Common Equity		785,113			766,799			736,712			761,199			634,092
Total Shareholders’ Equity		785,113			766,799			736,712			761,199			634,092
Total Liabilities & Equity	$	8,075,236		$	7,769,601		$	8,102,091		$	7,994,739		$	6,717,598

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
	2008			2007			2008			2008			2008
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.38		$	0.37		$	0.45		$	0.58		$	0.59
Diluted	$	0.38		$	0.37		$	0.45		$	0.58		$	0.59
Common Dividend Declared Per Share	$	0.29		$	0.29		$	0.29		$	0.29		$	0.29
High Common Stock Price	$	35.00		$	33.61		$	42.00		$	31.33		$	33.07
Low Common Stock Price	$	21.05		$	25.54		$	18.52		$	22.95		$	24.00
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,358,278			43,216,077			43,276,962			43,264,809			43,246,852
Diluted		43,546,679			43,438,997			43,421,333			43,419,616			43,418,571
Memorandum Items:
Tax Applicable to Security Transactions	$	(406	)	$	(197	)	$	(3,208	)	$	(16	)	$	334
Common Dividends	$	12,589		$	12,537		$	12,552		$	12,548		$	12,542

	Year Ended
	December			December			December			December
	2008			2007			2006			2005
YTD Share Data:
Earnings Per Share:
Basic	$	2.01		$	2.16		$	2.15		$	2.36
Diluted	$	2.00		$	2.15		$	2.13		$	2.33
Common Dividend Declared Per Share	$	1.16		$	1.13		$	1.09		$	1.05
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,286,894			41,901,422			41,532,121			42,514,445
Diluted		43,434,083			42,222,899			41,942,889			43,024,861
Memorandum Items:
Tax Applicable to Security Transactions	$	(3,296	)	$	(24	)	$	(1,112	)	$	243
Common Dividends	$	50,231		$	47,446		$	45,219		$	44,575
EOP Employees (full-time equivalent)		1,531			1,537			1,367			1,374

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
	2008		2007		2008		2008		2008
EOP Share Data:
Book Value Per Share	$	16.97	$	17.61	$	17.86	$	17.86	$	17.83
Tangible Book Value Per Share	$	9.61	$	10.14	$	10.46	$	10.44	$	10.39
52-week High Common Stock Price	$	42.00	$	39.50	$	42.00	$	33.61	$	35.37
Date		09/19/08		01/03/07		09/19/08		10/05/07		04/03/07
52-week Low Common Stock Price	$	18.52	$	25.54	$	18.52	$	22.95	$	24.00
Date		07/15/08		11/08/07		07/15/08		06/30/08		01/18/08
EOP Shares Outstanding (Net of Treasury Stock):		43,403,891		43,234,726		43,283,927		43,270,277		43,260,951

	Three Months Ended
	December			December			September			June			March
	2008			2007			2008			2008			2008
Selected Yields and Net Interest Margin:
Loans		5.97	%		7.36	%		6.21	%		6.34	%		6.86	%
Investment Securities		5.30	%		5.66	%		5.45	%		5.39	%		5.68	%
Money Market Investments/FFS		0.83	%		5.24	%		1.91	%		2.07	%		3.10	%
Average Earning Assets Yield		5.82	%		7.02	%		6.05	%		6.13	%		6.61	%
Interest-bearing Deposits		2.46	%		3.50	%		2.57	%		2.69	%		3.16	%
Short-term Borrowings		0.54	%		3.84	%		1.54	%		1.64	%		2.77	%
Long-term Borrowings		4.54	%		5.52	%		4.26	%		4.40	%		4.80	%
Average Liability Costs		2.51	%		3.81	%		2.68	%		2.77	%		3.30	%
Net Interest Spread		3.31	%		3.21	%		3.37	%		3.36	%		3.31	%
Net Interest Margin		3.63	%		3.71	%		3.71	%		3.71	%		3.72	%
Selected Financial Ratios:
Return on Average Common Equity		8.37	%		8.25	%		9.94	%		12.90	%		13.35	%
Return on Average Assets		0.81	%		0.81	%		0.97	%		1.27	%		1.30	%
Efficiency Ratio		51.79	%		58.06	%		46.60	%		45.91	%		47.80	%

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
	2008			2007			2006			2005
Selected Yields and Net Interest Margin:
Loans		6.34	%		7.44	%		7.20	%		6.36	%
Investment Securities		5.46	%		5.70	%		5.67	%		5.11	%
Money Market Investments/FFS		1.94	%		5.14	%		4.35	%		3.09	%
Average Earning Assets Yield		6.15	%		7.07	%		6.84	%		6.04	%
Interest-bearing Deposits		2.71	%		3.54	%		3.10	%		2.06	%
Short-term Borrowings		1.69	%		4.31	%		4.04	%		2.43	%
Long-term Borrowings		4.49	%		5.61	%		6.38	%		5.82	%
Average Liability Costs		2.81	%		3.88	%		3.57	%		2.56	%
Net Interest Spread		3.34	%		3.19	%		3.27	%		3.48	%
Net Interest Margin		3.70	%		3.76	%		3.86	%		3.94	%
Selected Financial Ratios:
Return on Average Common Equity		11.12	%		12.99	%		13.90	%		15.66	%
Return on Average Assets		1.09	%		1.28	%		1.34	%		1.55	%
Loan / Deposit Ratio		106.48	%		108.29	%		99.56	%		100.70	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		1.02	%		0.87	%		0.91	%		0.95	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.06	%		1.01	%		1.09	%		1.14	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.70	%		0.24	%		0.12	%		0.15	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.20	%		0.25	%		0.18	%		0.13	%
Non-performing Loans/ Loans, Net of Unearned Income		0.90	%		0.49	%		0.30	%		0.28	%
Non-performing Assets/ Total Assets		0.91	%		0.43	%		0.27	%		0.24	%
Primary Capital Ratio		9.80	%		10.18	%		10.14	%		10.15	%
Shareholders’ Equity Ratio		9.09	%		9.52	%		9.44	%		9.44	%
Price / Book Ratio		1.96	x		1.59	x		2.50	x		2.33	x
Price / Earnings Ratio		16.59	x		13.05	x		18.16	x		15.10	x
Efficiency Ratio		48.03	%		48.01	%		46.93	%		41.45	%

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
	2008		2007		2008		2008		2008
Asset Quality Data:
EOP Non-Accrual Loans	$	42,317	$	14,115	$	36,065	$	33,676	$	25,103
EOP 90-Day Past Due Loans		11,881		14,210		12,963		15,696		12,375
Total EOP Non-performing Loans	$	54,198	$	28,325	$	49,028	$	49,372	$	37,478
EOP Other Real Estate & Assets Owned		19,817		6,365		13,340		9,618		7,043
Total EOP Non-performing Assets	$	74,015	$	34,690	$	62,368	$	58,990	$	44,521

	Three Months Ended						Year Ended
	December			December			December			December			December
	2008			2007			2008			2007			2006
Allowance for Credit Losses:(1)
Beginning Balance	$	59,388		$	58,617		$	58,744		$	52,371		$	52,871
Allowance of Purchased Companies		—			—			—			7,648			—
Provision Expense		12,207			2,580			25,155			5,330			1,437
		71,595			61,197			83,899			65,349			54,308
Gross Charge-offs		(8,152	)		(2,786	)		(21,198	)		(7,738	)		(3,228	)
Recoveries		160			333			902			1,133			1,291
Net Charge-offs		(7,992	)		(2,453	)		(20,296	)		(6,605	)		(1,937	)
Ending Balance	$	63,603		$	58,744		$	63,603		$	58,744		$	52,371

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