United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces First Quarter of 2009 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
	March			March			December
	2009			2008			2008
Interest & Loan Fees Income	$	94,705		$	113,546		$	103,186
Tax Equivalent Adjustment		2,964			3,960			3,180
Interest & Fees Income (FTE)		97,669			117,506			106,366
Interest Expense		33,788			51,268			39,961
Net Interest Income (FTE)		63,881			66,238			66,405
Provision for Credit Losses		8,028			2,100			12,207
Non-Interest Income:
Investment securities transactions		69			955			(1,160	)
Fees from trust & brokerage services		3,594			3,939			3,568
Fees from deposit services		9,303			9,083			9,853
Bankcard Fees and Merchant Discounts		923			1,558			980
Other charges, commissions, and fees		451			488			405
(Loss) Income from bank-owned life insurance		(102	)		1,309			150
Mortgage banking income		137			93			43
Other non-interest revenue		1,015			1,185			5,341
Total Non-Interest Income		15,390			18,610			19,180
Non-Interest Expense:
Salaries and employee benefits		19,836			19,028			18,292
Net occupancy		4,552			4,297			4,248
Other expenses		14,902			16,619			21,831
Amortization of intangibles		704			1,018			747
OREO expense		1,237			242			928
FDIC expense		583			154			554
Total Non-Interest Expense		41,814			41,358			46,600
Income Before Income Taxes (FTE)		29,429			41,390			26,778
Tax Equivalent Adjustment		2,964			3,960			3,180
Income Before Income Taxes		26,465			37,430			23,598
Taxes		(3,168	)		11,734			7,079
Net Income	$	29,633		$	25,696		$	16,519
MEMO: Effective Income Tax Rate		(11.97	%)		31.35	%		30.00	%

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

Consolidated Balance Sheets

	March 31			March 31
	2009			2008			March 31			December 31
	Q-T-D Average			Q-T-D Average			2009			2008
Cash & Cash Equivalents	$	181,028		$	203,878		$	183,054		$	213,534
Securities Available for Sale		1,085,853			1,143,936			1,041,099			1,097,043
Held to Maturity Securities		108,071			153,799			105,180			116,407
Other Investment Securities		78,358			80,284			78,502			78,372
Total Securities		1,272,282			1,378,019			1,224,781			1,291,822
Total Cash and Securities		1,453,310			1,581,897			1,407,835			1,505,356
Loans held for sale		1,761			2,194			1,417			868
Commercial Loans		3,889,432			3,650,874			3,895,446			3,916,768
Mortgage Loans		1,746,564			1,757,105			1,734,119			1,754,100
Consumer Loans		354,143			371,407			353,785			349,690
Gross Loans		5,990,139			5,779,386			5,983,350			6,020,558
Unearned income		(6,110	)		(7,035	)		(5,754	)		(6,403	)
Loans, net of unearned income		5,984,029			5,772,351			5,977,596			6,014,155
Allowance for Loan Losses		(61,312	)		(50,629	)		(62,422	)		(61,494	)
Goodwill		312,262			312,141			312,193			312,263
Other Intangibles		7,066			10,429			6,680			7,384
Total Intangibles		319,328			322,570			318,873			319,647
Real Estate Owned		23,160			6,831			31,768			19,817
Other Assets		284,567			287,360			309,650			303,742
Total Assets	$	8,004,843		$	7,922,574		$	7,984,717		$	8,102,091
MEMO: Earning Assets	$	7,230,125		$	7,137,160		$	7,170,052		$	7,267,990
Interest-bearing Deposits	$	4,721,829		$	4,474,910		$	4,668,693		$	4,741,855
Noninterest-bearing Deposits		935,026			840,443			993,987			906,099
Total Deposits		5,656,855			5,315,353			5,662,680			5,647,954
Short-term Borrowings		638,807			991,345			547,155			778,320
Long-term Borrowings		898,709			779,881			927,499			852,685
Total Borrowings		1,537,516			1,771,226			1,474,654			1,631,005
Other Liabilities		70,845			61,581			90,397			86,420
Total Liabilities		7,265,216			7,148,160			7,227,731			7,365,379
Preferred Equity		—			—			—			—
Common Equity		739,627			774,414			756,986			736,712
Total Shareholders’ Equity		739,627			774,414			756,986			736,712
Total Liabilities & Equity	$	8,004,843		$	7,922,574		$	7,984,717		$	8,102,091

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

	Three Months Ended
	March		March		December
	2009		2008		2008
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.68	$	0.59	$	0.38
Diluted	$	0.68	$	0.59	$	0.38
Common Dividend Declared Per Share	$	0.29	$	0.29	$	0.29
High Common Stock Price	$	33.64	$	33.07	$	35.00
Low Common Stock Price	$	13.15	$	24.00	$	21.05
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,407,224		43,246,852		43,358,278
Diluted		43,465,298		43,418,571		43,546,679
Memorandum Items:
Income Tax Expense (Benefit) Applicable to Security Transactions	$	24	$	334	$	(406	)
Common Dividends	$	12,594	$	12,542	$	12,589
	March		March		December
	2009		2008		2008
EOP Share Data:
Book Value Per Share	$	17.44	$	17.83	$	16.97
Tangible Book Value Per Share	$	10.10	$	10.39	$	9.61
52-week High Common Stock Price	$	42.00	$	35.37	$	42.00
Date		09/19/08		04/03/07		09/19/08
52-week Low Common Stock Price	$	13.15	$	24.00	$	18.52
Date		03/06/09		01/18/08		07/15/08
EOP Shares Outstanding (Net of Treasury Stock):		43,397,108		43,260,951		43,403,891
Memorandum Items:
EOP Employees (full-time equivalent)		1,512		1,558		1,531

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

	Three Months Ended
	March			March			December
	2009			2008			2008
Selected Yields and Net Interest Margin:
Loans		5.50	%		6.86	%		5.97	%
Investment Securities		5.34	%		5.68	%		5.30	%
Money Market Investments/FFS		0.45	%		3.10	%		0.83	%
Average Earning Assets Yield		5.45	%		6.61	%		5.82	%
Interest-bearing Deposits		2.08	%		3.16	%		2.46	%
Short-term Borrowings		0.16	%		2.77	%		0.54	%
Long-term Borrowings		4.20	%		4.80	%		4.54	%
Average Liability Costs		2.19	%		3.30	%		2.51	%
Net Interest Spread		3.26	%		3.31	%		3.31	%
Net Interest Margin		3.56	%		3.72	%		3.63	%
Selected Financial Ratios:
Return on Average Common Equity		16.25	%		13.35	%		8.37	%
Return on Average Assets		1.50	%		1.30	%		0.81	%
Loan / Deposit Ratio		105.56	%		107.12	%		106.48	%
Allowance for Loan Losses/ Loans, net of unearned income		1.04	%		0.98	%		1.02	%
Allowance for Credit Losses(1)/ Loans, net of unearned income		1.08	%		1.02	%		1.06	%
Nonaccrual Loans / Loans, net of unearned income		0.67	%		0.43	%		0.70	%
90-Day Past Due Loans/ Loans, net of unearned income		0.32	%		0.21	%		0.20	%
Non-performing Loans/ Loans, net of unearned income		1.01	%		0.65	%		0.90	%
Non-performing Assets/ Total Assets		1.16	%		0.56	%		0.91	%
Primary Capital Ratio		10.21	%		10.32	%		9.80	%
Shareholders’ Equity Ratio		9.48	%		9.66	%		9.09	%
Price / Book Ratio		0.99	x		1.50	x		1.96	x
Price / Earnings Ratio		6.32	x		11.26	x		16.59	x
Efficiency Ratio		50.34	%		47.80	%		51.79	%

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

	March		March		December
	2009		2008		2008
Asset Quality Data:
EOP Non-Accrual Loans	$	40,248	$	25,103	$	42,317
EOP 90-Day Past Due Loans		19,214		12,375		11,881
EOP Restructured Loans		1,134		—		—
Total EOP Non-performing Loans	$	60,596	$	37,478	$	54,198
EOP Other Real Estate & Assets Owned		31,768		7,043		19,817
Total EOP Non-performing Assets	$	92,364	$	44,521	$	74,015

	Three Months Ended
	March			March			December
	2009			2008			2008
Allowance for Credit Losses:(1)
Beginning Balance	$	63,603		$	58,744		$	59,388
Provision Expense		8,028			2,100			12,207
		71,631			60,844			71,595
Gross Charge-offs		(7,351	)		(2,033	)		(8,152	)
Recoveries		402			239			160
Net Charge-offs		(6,949	)		(1,794	)		(7,992	)
Ending Balance	$	64,682		$	59,050		$	63,603

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