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 2009			December 2008			September 2009			June 2009			March 2009
Interest & Loan Fees Income	$	88,181		$	103,186		$	90,427		$	92,532		$	94,705
Tax equivalent adjustment		2,632			3,180			2,701			2,902			2,964
Interest & Fees Income (FTE)		90,813			106,366			93,128			95,434			97,669
Interest Expense		27,159			39,961			29,104			30,323			33,788
Net Interest Income (FTE)		63,654			66,405			64,024			65,111			63,881
Credit Loss Provision		6,719			12,207			8,067			23,251			8,028
Non-Interest Income:
Fees from trust & brokerage services		2,823			3,568			3,142			3,506			3,594
Fees from deposit services		10,165			9,853			10,566			10,255			9,303
Bankcard fees and merchant discounts		1,070			980			1,104			1,058			923
Other charges, commissions, and fees		459			405			470			526			451
Income (loss) from bank owned life insurance		1,127			150			1,051			1,340			(102	)
Mortgage banking income		132			43			172			167			137
Other non-interest revenue		1,032			5,341			896			2,293			1,015
Net other-than-temporary impairment losses		(2,828	)		(1,179	)		(10,960	)		(1,137	)		(95	)
Net gains (losses) on sales/calls of investment securities		227			19			82			(158	)		164
Total Non-Interest Income		14,207			19,180			6,523			17,850			15,390
Non-Interest Expense:
Employee compensation		14,468			15,217			14,735			14,751			14,947
Employee benefits		4,751			3,075			4,818			4,734			4,889
Net occupancy		4,188			4,248			4,124			4,154			4,552
Other expenses		15,846			21,831			15,799			16,244			14,902
Amortization of intangibles		577			747			618			662			704
OREO expense		1,805			928			1,576			869			1,237
FDIC expense		2,306			554			2,004			4,284			583
Total Non-Interest Expense		43,941			46,600			43,674			45,698			41,814
Income Before Income Taxes (FTE)		27,201			26,778			18,806			14,012			29,429
Tax equivalent adjustment		2,632			3,180			2,701			2,902			2,964
Income Before Income Taxes		24,569			23,598			16,105			11,110			26,465
Income taxes		7,125			7,079			4,040			2,954			(3,168	)
Net Income	$	17,444		$	16,519		$	12,065		$	8,156		$	29,633
MEMO: Effective Tax Rate		29.00	%		30.00	%		25.09	%		26.59	%		(11.97	)%

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 2009			December 2008			December 2007			December 2006
Interest & Loan Fees Income	$	365,845		$	429,911		$	438,729		$	400,683
Tax equivalent adjustment		11,199			14,229			16,472			15,452
Interest & Fees Income (FTE)		377,044			444,140			455,201			416,135
Interest Expense		120,374			177,119			213,310			181,090
Net Interest Income (FTE)		256,670			267,021			241,891			235,045
Credit Loss Provision		46,065			25,155			5,330			1,437
Non-Interest Income:
Fees from trust & brokerage services		13,065			16,582			15,414			12,948
Fees from deposit services		40,289			39,189			33,835			29,077
Bankcard fees and merchant discounts		4,155			5,815			6,063			5,351
Other charges, commissions, and fees		1,906			1,932			1,704			1,549
Income (loss) from bank owned life insurance		3,416			4,093			5,389			4,422
Mortgage banking income		608			385			527			855
Loss on termination of interest rate swaps associated with prepayment of FHLB advances		—			—			(8,113	)		(4,599	)
Other non-interest revenue		5,236			8,725			2,998			2,606
Net other-than-temporary impairment losses		(15,020	)		(10,489	)		(577	)		(68	)
Net gains (losses) on sales/calls of investment securities		315			1,071			509			(3,108	)
Total Non-Interest Income		53,970			67,303			57,749			49,033
Non-Interest Expense:
Employee compensation		58,901			61,347			53,294			49,562
Employee benefits		19,192			13,680			11,945			13,582
Net occupancy		17,018			16,682			14,421			12,547
Other expenses		62,791			72,239			58,548			50,273
Prepayment penalties on FHLB advances		—			—			5,117			8,261
Amortization of intangibles		2,561			3,494			2,868			1,886
OREO expense		5,487			2,484			1,167			482
FDIC expense		9,177			1,147			569			580
Total Non-Interest Expense		175,127			171,073			147,929			137,173
Income Before Income Taxes (FTE)		89,448			138,096			146,381			145,468
Tax equivalent adjustment		11,199			14,229			16,472			15,452
Income Before Income Taxes		78,249			123,867			129,909			130,016
Income taxes		10,951			36,913			39,235			40,767
Net Income	$	67,298		$	86,954		$	90,674		$	89,249
MEMO: Effective Tax Rate		14.00	%		29.80	%		30.20	%		31.36	%

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 2009 Q-T-D Average			December 31 2008 Q-T-D Average			December 31 2009			December 31 2008			December 31 2007
Cash & Cash Equivalents	$	492,304		$	199,752		$	449,767		$	213,534		$	230,651
Securities Available for Sale		902,873			1,151,121			811,777			1,097,043			1,156,561
Securities Held to Maturity		81,777			124,427			77,421			116,407			157,228
Other Investment Securities		77,723			76,453			77,722			78,372			80,975
Total Securities		1,062,373			1,352,001			966,920			1,291,822			1,394,764
Total Cash and Securities		1,554,677			1,551,753			1,416,687			1,505,356			1,625,415
Loans Held for Sale		5,015			933			5,284			868			1,270
Commercial Loans		3,806,711			3,855,156			3,801,254			3,916,768			3,648,999
Mortgage Loans		1,624,467			1,753,300			1,606,560			1,754,100			1,772,441
Consumer Loans		344,149			352,661			332,964			349,690			379,121
Gross Loans		5,775,327			5,961,117			5,740,778			6,020,558			5,800,561
Unearned Income		(4,204	)		(6,604	)		(3,969	)		(6,403	)		(7,077	)
Loans, Net of Unearned Income		5,771,123			5,954,513			5,736,809			6,014,155			5,793,484
Allowance for Loan Losses		(67,988	)		(57,416	)		(67,853	)		(61,494	)		(50,456	)
Goodwill		312,139			312,370			312,069			312,263			312,111
Other Intangibles		5,127			7,795			4,823			7,384			10,878
Total Intangibles		317,266			320,165			316,892			319,647			322,989
Real Estate Owned		41,491			13,777			40,058			19,817			6,365
Other Assets		304,870			291,511			357,224			303,742			295,672
Total Assets	$	7,926,454		$	8,075,236		$	7,805,101		$	8,102,091		$	7,994,739
MEMO: Earning Assets	$	7,136,412		$	7,289,879		$	6,956,322		$	7,267,990		$	7,167,127
Interest-bearing Deposits	$	4,896,135		$	4,722,244		$	4,862,943		$	4,741,855		$	4,436,323
Noninterest-bearing Deposits		1,080,107			893,494			1,108,157			906,099			913,427
Total Deposits		5,976,242			5,615,738			5,971,100			5,647,954			5,349,750
Short-term Borrowings		310,591			763,681			222,944			778,320			1,036,063
Long-term Borrowings		807,468			853,597			771,935			852,685			774,162
Total Borrowings		1,118,059			1,617,278			994,879			1,631,005			1,810,225
Other Liabilities		55,935			57,107			77,572			86,420			73,565
Total Liabilities		7,150,236			7,290,123			7,043,551			7,365,379			7,233,540
Preferred Equity		—			—			—			—			—
Common Equity		776,218			785,113			761,550			736,712			761,199
Total Shareholders’ Equity		776,218			785,113			761,550			736,712			761,199
Total Liabilities & Equity	$	7,926,454		$	8,075,236		$	7,805,101		$	8,102,091		$	7,994,739

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
Quarterly Share Data:	December 2009		December 2008		September 2009		June 2009			March 2009
Earnings Per Share:
Basic	$	0.40	$	0.38	$	0.28	$	0.19		$	0.68
Diluted	$	0.40	$	0.38	$	0.28	$	0.19		$	0.68
Common Dividend Declared Per Share	$	0.30	$	0.29	$	0.29	$	0.29		$	0.29
High Common Stock Price	$	20.81	$	35.00	$	23.56	$	27.75		$	33.64
Low Common Stock Price	$	16.39	$	21.05	$	16.68	$	16.81		$	13.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,426,784		43,358,278		43,410,532		43,396,901			43,407,224
Diluted		43,460,382		43,546,679		43,455,723		43,463,108			43,465,298
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	79	$	7	$	29	$	(55	)	$	57
Common Dividends	$	13,044	$	12,589	$	12,600	$	12,599		$	12,594
			Year Ended
YTD Share Data:			December 2009		December 2008		December 2007			December 2006
Earnings Per Share:
Basic			$	1.55	$	2.01	$	2.16		$	2.15
Diluted			$	1.55	$	2.00	$	2.15		$	2.13
Common Dividend Declared Per Share			$	1.17	$	1.16	$	1.13		$	1.09
Average Shares Outstanding (Net of Treasury Stock):
Basic				43,410,431		43,286,894		41,901,422			41,532,121
Diluted				43,456,889		43,434,083		42,222,899			41,942,889
Memorandum Items:
Tax Applicable to Security Sales/Calls			$	110	$	375	$	178		$	(1,088	)
Common Dividends			$	50,837	$	50,231	$	47,446		$	45,219
EOP Employees (full-time equivalent)				1,477		1,531		1,537			1,367

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
EOP Share Data:	December 2009			December 2008			September 2009			June 2009			March 2009
Book Value Per Share	$	17.53		$	16.97		$	17.78		$	17.42		$	17.44
Tangible Book Value Per Share	$	10.24		$	9.61		$	10.47		$	10.09		$	10.10
52-week High Common Stock Price	$	33.64		$	42.00		$	35.00		$	42.00		$	42.00
Date		01/02/09			09/19/08			10/02/08			09/19/08			09/19/08
52-week Low Common Stock Price	$	13.15		$	18.52		$	13.15		$	13.15		$	13.15
Date		03/06/09			07/15/08			03/06/09			03/06/09			03/06/09
EOP Shares Outstanding (Net of Treasury Stock):		43,437,738			43,403,891			43,406,545			43,412,424			43,397,108
	Three Months Ended
	December 2009			December 2008			September 2009			June 2009			March 2009
Selected Yields and Net Interest Margin:
Loans		5.43	%		5.97	%		5.45	%		5.44	%		5.50	%
Investment Securities		4.76	%		5.30	%		5.08	%		5.24	%		5.34	%
Money Market Investments/FFS		0.22	%		0.83	%		0.13	%		0.11	%		0.45	%
Average Earning Assets Yield		5.06	%		5.82	%		5.26	%		5.38	%		5.45	%
Interest-bearing Deposits		1.50	%		2.46	%		1.64	%		1.79	%		2.08	%
Short-term Borrowings		0.06	%		0.54	%		0.05	%		0.16	%		0.22	%
Long-term Borrowings		4.25	%		4.54	%		4.29	%		4.29	%		4.15	%
Average Liability Costs		1.79	%		2.51	%		1.93	%		2.01	%		2.19	%
Net Interest Spread		3.27	%		3.31	%		3.33	%		3.37	%		3.26	%
Net Interest Margin		3.55	%		3.63	%		3.63	%		3.67	%		3.56	%
Selected Financial Ratios:
Return on Average Common Equity		8.92	%		8.37	%		6.25	%		4.27	%		16.25	%
Return on Average Assets		0.87	%		0.81	%		0.61	%		0.41	%		1.50	%
Efficiency Ratio		51.65	%		51.79	%		50.94	%		52.42	%		50.34	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Year Ended
	December 2009		December 2008		December 2007		December 2006
Selected Yields and Net Interest Margin:
Loans	5.46	%	6.34	%	7.44	%	7.20	%
Investment Securities	5.08	%	5.46	%	5.70	%	5.67	%
Money Market Investments/FFS	0.18	%	1.94	%	5.14	%	4.35	%
Average Earning Assets Yield	5.27	%	6.15	%	7.07	%	6.84	%
Interest-bearing Deposits	1.75	%	2.71	%	3.54	%	3.10	%
Short-term Borrowings	0.14	%	1.69	%	4.31	%	4.04	%
Long-term Borrowings	4.24	%	4.49	%	5.61	%	6.38	%
Average Liability Costs	1.98	%	2.81	%	3.88	%	3.57	%
Net Interest Spread	3.29	%	3.34	%	3.19	%	3.27	%
Net Interest Margin	3.59	%	3.70	%	3.76	%	3.86	%
Selected Financial Ratios:
Return on Average Common Equity	8.81	%	11.12	%	12.99	%	13.90	%
Return on Average Assets	0.85	%	1.09	%	1.28	%	1.34	%
Loan / Deposit Ratio	96.08	%	106.48	%	108.29	%	99.56	%
Allowance for Loan Losses/ Loans, Net of Unearned Income	1.18	%	1.02	%	0.87	%	0.91	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income	1.22	%	1.06	%	1.01	%	1.09	%
Nonaccrual Loans / Loans, Net of Unearned Income	0.89	%	0.70	%	0.24	%	0.12	%
90-Day Past Due Loans/ Loans, Net of Unearned Income	0.35	%	0.20	%	0.25	%	0.18	%
Non-performing Loans/ Loans, Net of Unearned Income	1.26	%	0.90	%	0.49	%	0.30	%
Non-performing Assets/ Total Assets	1.44	%	0.91	%	0.43	%	0.27	%
Primary Capital Ratio	10.56	%	9.80	%	10.18	%	10.14	%
Shareholders’ Equity Ratio	9.76	%	9.09	%	9.52	%	9.44	%
Price / Book Ratio	1.14	x	1.96	x	1.59	x	2.50	x
Price / Earnings Ratio	12.90	x	16.59	x	13.05	x	18.16	x
Efficiency Ratio	51.35	%	48.03	%	48.01	%	46.93	%

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)

Asset Quality Data:	December 2009			December 2008			September 2009			June 2009			March 2009
EOP Non-Accrual Loans	$	50,856		$	42,317		$	47,933		$	42,825		$	40,248
EOP 90-Day Past Due Loans		20,314			11,881			23,854			16,532			19,214
EOP Restructured Loans		1,087			—			1,091			1,095			1,134
Total EOP Non-performing Loans	$	72,257		$	54,198		$	72,878		$	60,452		$	60,596
EOP Other Real Estate & Assets Owned		40,058			19,817			44,758			42,223			31,768
Total EOP Non-performing Assets	$	112,315		$	74,015		$	117,636		$	102,675		$	92,364
	Three Months Ended						Year Ended
Allowance for Credit Losses:(1)	December 2009			December 2008			December 2009			December 2008			December 2007
Beginning Balance	$	69,738		$	59,388		$	63,603		$	58,744		$	52,371
Allowance of Purchased Companies		—			—			—			—			7,648
Provision Expense		6,719			12,207			46,065			25,155			5,330
		76,457			71,595			109,668			83,899			65,349
Gross Charge-offs		(6,709	)		(8,152	)		(41,077	)		(21,198	)		(7,738	)
Recoveries		262			160			1,419			902			1,133
Net Charge-offs		(6,447	)		(7,992	)		(39,658	)		(20,296	)		(6,605	)
Ending Balance	$	70,010		$	63,603		$	70,010		$	63,603		$	58,744

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