United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces First Quarter of 2010 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 2010			March 2009			December 2009
Interest & Loan Fees Income	$	84,096		$	94,705		$	88,181
Tax equivalent adjustment		1,557			2,964			2,632
Interest & Fees Income (FTE)		85,653			97,669			90,813
Interest Expense		23,617			33,788			27,159
Net Interest Income (FTE)		62,036			63,881			63,654
Credit Loss Provision		6,868			8,028			6,719
Non-Interest Income:
Fees from trust & brokerage services		3,272			3,594			2,823
Fees from deposit services		9,224			9,303			10,165
Bankcard fees and merchant discounts		1,042			923			1,070
Other charges, commissions, and fees		358			451			459
Income (loss) from bank owned life insurance		1,028			(102	)		1,127
Mortgage banking income		112			137			132
Other non-interest revenue		915			1,015			1,032
Net other-than-temporary impairment losses		(1,486	)		(95	)		(2,828	)
Net gains on sales/calls of investment securities		1,108			164			227
Total Non-Interest Income		15,573			15,390			14,207
Non-Interest Expense:
Employee compensation		14,901			14,947			14,468
Employee benefits		4,494			4,889			4,751
Net occupancy		4,671			4,552			4,188
Other expenses		15,140			14,902			15,846
Amortization of intangibles		534			704			577
OREO expense		1,620			1,237			1,805
FDIC expense		2,391			583			2,306
Total Non-Interest Expense		43,751			41,814			43,941
Income Before Income Taxes (FTE)		26,990			29,429			27,201
Tax equivalent adjustment		1,557			2,964			2,632
Income Before Income Taxes		25,433			26,465			24,569
Income taxes		8,011			(3,168	)		7,125
Net Income	$	17,422		$	29,633		$	17,444
MEMO: Effective Tax Rate		31.50	%		(11.97	)%		29.00	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	March  31 2010 Q-T-D Average			March  31 2009 Q-T-D Average			March 31 2010			December 31 2009
Cash & Cash Equivalents	$	436,514		$	181,028		$	456,361		$	449,767
Securities Available for Sale		790,026			1,085,853			762,811			811,777
Securities Held to Maturity		74,160			108,071			71,403			77,421
Other Investment Securities		79,161			78,358			79,787			77,722
Total Securities		943,347			1,272,282			914,001			966,920
Total Cash and Securities		1,379,861			1,453,310			1,370,362			1,416,687
Loans Held for Sale		3,872			1,761			1,953			5,284
Commercial Loans		3,751,314			3,889,432			3,724,353			3,801,254
Mortgage Loans		1,592,216			1,746,564			1,572,405			1,606,560
Consumer Loans		321,136			354,143			308,784			332,964
Gross Loans		5,664,666			5,990,139			5,605,542			5,740,778
Unearned Income		(3,897	)		(6,110	)		(3,779	)		(3,969	)
Loans, Net of Unearned Income		5,660,769			5,984,029			5,601,763			5,736,809
Allowance for Loan Losses		(67,900	)		(61,312	)		(68,143	)		(67,853	)
Goodwill		312,069			312,262			312,054			312,069
Other Intangibles		4,586			7,066			4,290			4,823
Total Intangibles		316,655			319,328			316,344			316,892
Real Estate Owned		40,167			23,160			41,179			40,058
Other Assets		341,998			284,567			351,785			357,224
Total Assets	$	7,675,422		$	8,004,843		$	7,615,243		$	7,805,101
MEMO: Earning Assets	$	6,852,056		$	7,230,125		$	6,786,218		$	6,956,322
Interest-bearing Deposits	$	4,791,431		$	4,721,829		$	4,739,212		$	4,862,943
Noninterest-bearing Deposits		1,078,209			935,026			1,052,691			1,108,157
Total Deposits		5,869,640			5,656,855			5,791,903			5,971,100
Short-term Borrowings		257,585			638,807			276,220			222,944
Long-term Borrowings		717,678			898,709			696,744			771,935
Total Borrowings		975,263			1,537,516			972,964			994,879
Other Liabilities		59,758			70,845			81,326			77,572
Total Liabilities		6,904,661			7,265,216			6,846,193			7,043,551
Preferred Equity		—			—			—			—
Common Equity		770,761			739,627			769,050			761,550
Total Shareholders’ Equity		770,761			739,627			769,050			761,550
Total Liabilities & Equity	$	7,675,422		$	8,004,843		$	7,615,243		$	7,805,101

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2010		March 2009		December 2009
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.40	$	0.68	$	0.40
Diluted	$	0.40	$	0.68	$	0.40
Common Dividend Declared Per Share	$	0.30	$	0.29	$	0.30
High Common Stock Price	$	28.00	$	33.64	$	20.81
Low Common Stock Price	$	20.15	$	13.15	$	16.39
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,455,296		43,407,224		43,426,784
Diluted		43,534,435		43,465,298		43,460,382
Memorandum Items:
Income Tax Expense Applicable to Security Sales/Calls	$	388	$	57	$	79
Common Dividends	$	13,051	$	12,594	$	13,044
	March 2010		March 2009		December 2009
EOP Share Data:
Book Value Per Share	$	17.68	$	17.44	$	17.53
Tangible Book Value Per Share	$	10.41	$	10.10	$	10.24
52-week High Common Stock Price	$	28.00	$	42.00	$	33.64
Date		03/23/10		09/19/08		01/02/09
52-week Low Common Stock Price	$	16.39	$	13.15	$	13.15
Date		11/20/09		03/06/09		03/06/09
EOP Shares Outstanding (Net of Treasury Stock):		43,498,754		43,397,108		43,437,738
Memorandum Items:
EOP Employees (full-time equivalent)		1,465		1,512		1,477

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2010		March 2009		December 2009
Selected Yields and Net Interest Margin:
Loans	5.32	%	5.50	%	5.43	%
Investment Securities	4.97	%	5.34	%	4.76	%
Money Market Investments/FFS	0.38	%	0.45	%	0.22	%
Average Earning Assets Yield	5.05	%	5.45	%	5.06	%
Interest-bearing Deposits	1.35	%	2.08	%	1.50	%
Short-term Borrowings	0.05	%	0.22	%	0.06	%
Long-term Borrowings	4.32	%	4.15	%	4.25	%
Average Liability Costs	1.66	%	2.19	%	1.79	%
Net Interest Spread	3.39	%	3.26	%	3.27	%
Net Interest Margin	3.65	%	3.56	%	3.55	%
Selected Financial Ratios:
Return on Average Common Equity	9.17	%	16.25	%	8.92	%
Return on Average Assets	0.92	%	1.50	%	0.87	%
Loan / Deposit Ratio	96.72	%	105.56	%	96.08	%
Allowance for Loan Losses/ Loans, net of unearned income	1.22	%	1.04	%	1.18	%
Allowance for Credit Losses(1)/ Loans, net of unearned income	1.26	%	1.08	%	1.22	%
Nonaccrual Loans / Loans, net of unearned income	1.11	%	0.67	%	0.89	%
90-Day Past Due Loans/ Loans, net of unearned income	0.18	%	0.32	%	0.35	%
Non-performing Loans/ Loans, net of unearned income	1.29	%	1.01	%	1.26	%
Non-performing Assets/ Total Assets	1.49	%	1.16	%	1.44	%
Primary Capital Ratio	10.92	%	10.21	%	10.56	%
Shareholders’ Equity Ratio	10.10	%	9.48	%	9.76	%
Price / Book Ratio	1.48	x	0.99	x	1.14	x
Price / Earnings Ratio	16.38	x	6.32	x	12.90	x
Efficiency Ratio	53.34	%	50.34	%	51.65	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	March 2010			March 2009			December 2009
Asset Quality Data:
EOP Non-Accrual Loans	$	62,449		$	40,248		$	50,856
EOP 90-Day Past Due Loans		9,959			19,214			20,314
EOP Restructured Loans		—			1,134			1,087
Total EOP Non-performing Loans	$	72,408		$	60,596		$	72,257
EOP Other Real Estate & Assets Owned		41,179			31,768			40,058
Total EOP Non-performing Assets	$	113,587		$	92,364		$	112,315
	Three Months Ended
	March 2010			March 2009			December 2009
Allowance for Credit Losses:(1)
Beginning Balance	$	70,010		$	63,603		$	69,738
Provision Expense		6,868			8,028			6,719
		76,878			71,631			76,457
Gross Charge-offs		(6,935	)		(7,351	)		(6,709	)
Recoveries		423			402			262
Net Charge-offs		(6,512	)		(6,949	)		(6,447	)
Ending Balance	$	70,366		$	64,682		$	70,010

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