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 2010			December 2009			September 2010			June 2010			March 2010
Interest & Loan Fees Income	$	77,208		$	88,181		$	79,889		$	82,189		$	84,096
Tax equivalent adjustment		1,415			2,632			1,444			1,490			1,557
Interest & Fees Income (FTE)		78,623			90,813			81,333			83,679			85,653
Interest Expense		18,647			27,159			20,907			22,025			23,617
Net Interest Income (FTE)		59,976			63,654			60,426			61,654			62,036
Credit Loss Provision		(5,618	)		6,719			6,123			6,400			6,868
Non-Interest Income:
Fees from trust & brokerage services		3,689			2,823			3,215			3,461			3,272
Fees from deposit services		9,781			10,165			10,098			10,117			9,224
Bankcard fees and merchant discounts		1,573			1,070			1,093			1,078			1,042
Other charges, commissions, and fees		562			459			508			490			358
Income from bank owned life insurance		1,178			1,127			1,282			1,185			1,028
Mortgage banking income		303			132			118			129			112
Other non-interest revenue		1,669			1,032			1,108			1,424			915
Net other-than-temporary impairment losses		(5,369	)		(2,828	)		(1,864	)		(1,096	)		(1,486	)
Net (losses) gains on sales/calls of investment securities		(30	)		227			132			796			1,108
Total Non-Interest Income		13,356			14,207			15,690			17,584			15,573
Non-Interest Expense:
Employee compensation		16,202			14,468			14,613			14,848			14,901
Employee benefits		3,795			4,751			4,128			4,332			4,494
Net occupancy		4,114			4,188			4,187			4,274			4,671
Other expenses		17,611			15,846			16,065			16,138			15,140
Amortization of intangibles		411			577			448			491			534
OREO expense		4,862			1,805			2,001			2,648			1,620
FDIC expense		2,380			2,306			2,456			2,457			2,391
Total Non-Interest Expense		49,375			43,941			43,898			45,188			43,751
Income Before Income Taxes (FTE)		29,575			27,201			26,095			27,650			26,990
Tax equivalent adjustment		1,415			2,632			1,444			1,490			1,557
Income Before Income Taxes		28,160			24,569			24,651			26,160			25,433
Income taxes		8,870			7,125			7,335			8,241			8,011
Net Income	$	19,290		$	17,444		$	17,316		$	17,919		$	17,422
MEMO: Effective Tax Rate		31.50	%		29.00	%		29.76	%		31.50	%		31.50	%

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 2010			December 2009			December 2008			December 2007
Interest & Loan Fees Income	$	323,382		$	365,845		$	429,911		$	438,729
Tax equivalent adjustment		5,906			11,199			14,229			16,472
Interest & Fees Income (FTE)		329,288			377,044			444,140			455,201
Interest Expense		85,196			120,374			177,119			213,310
Net Interest Income (FTE)		244,092			256,670			267,021			241,891
Credit Loss Provision		13,773			46,065			25,155			5,330
Non-Interest Income:
Fees from trust & brokerage services		13,637			13,065			16,582			15,414
Fees from deposit services		39,220			40,289			39,189			33,835
Bankcard fees and merchant discounts		4,786			4,155			5,815			6,063
Other charges, commissions, and fees		1,918			1,906			1,932			1,704
Income from bank owned life insurance		4,673			3,416			4,093			5,389
Mortgage banking income		662			608			385			527
Loss on termination of interest rate swaps associated with prepayment of FHLB advances		—			—			—			(8,113	)
Other non-interest revenue		5,116			5,236			8,725			2,998
Net other-than-temporary impairment losses		(9,815	)		(15,020	)		(10,489	)		(577	)
Net gains on sales/calls of investment securities		2,006			315			1,071			509
Total Non-Interest Income		62,203			53,970			67,303			57,749
Non-Interest Expense:
Employee compensation		60,564			58,901			61,347			53,294
Employee benefits		16,749			19,192			13,680			11,945
Net occupancy		17,246			17,018			16,682			14,421
Other expenses		64,954			62,791			72,239			58,548
Prepayment penalties on FHLB advances		—			—			—			5,117
Amortization of intangibles		1,884			2,561			3,494			2,868
OREO expense		11,131			5,487			2,484			1,167
FDIC expense		9,684			9,177			1,147			569
Total Non-Interest Expense		182,212			175,127			171,073			147,929
Income Before Income Taxes (FTE)		110,310			89,448			138,096			146,381
Tax equivalent adjustment		5,906			11,199			14,229			16,472
Income Before Income Taxes		104,404			78,249			123,867			129,909
Income taxes		32,457			10,951			36,913			39,235
Net Income	$	71,947		$	67,298		$	86,954		$	90,674
MEMO: Effective Tax Rate		31.09	%		14.00	%		29.80	%		30.20	%

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 2010 Q-T-D Average			December 31 2009 Q-T-D Average			December 31 2010			December 31 2009			December 31 2008
Cash & Cash Equivalents	$	636,467		$	492,304		$	461,389		$	449,767		$	213,534
Securities Available for Sale		704,758			902,873			653,276			811,777			1,097,043
Securities Held to Maturity		67,253			81,777			67,036			77,421			116,407
Other Investment Securities		76,690			77,723			74,403			77,722			78,372
Total Securities		848,701			1,062,373			794,715			966,920			1,291,822
Total Cash and Securities		1,485,168			1,554,677			1,256,104			1,416,687			1,505,356
Loans Held for Sale		6,470			5,015			6,869			5,284			868
Commercial Loans		3,550,037			3,806,711			3,533,559			3,801,254			3,916,768
Mortgage Loans		1,489,752			1,624,467			1,459,286			1,606,560			1,754,100
Consumer Loans		272,514			344,149			270,506			332,964			349,690
Gross Loans		5,312,303			5,775,327			5,263,351			5,740,778			6,020,558
Unearned Income		(3,089	)		(4,204	)		(3,025	)		(3,969	)		(6,403	)
Loans, Net of Unearned Income		5,309,214			5,771,123			5,260,326			5,736,809			6,014,155
Allowance for Loan Losses		(72,759	)		(67,988	)		(73,033	)		(67,853	)		(61,494	)
Goodwill		311,831			312,139			311,765			312,069			312,263
Other Intangibles		3,149			5,127			2,940			4,823			7,384
Total Intangibles		314,980			317,266			314,705			316,892			319,647
Real Estate Owned		48,939			41,491			44,770			40,058			19,817
Other Assets		336,501			304,870			345,978			357,224			303,742
Total Assets	$	7,428,513		$	7,926,454		$	7,155,719		$	7,805,101		$	8,102,091
MEMO: Earning Assets	$	6,598,071		$	7,136,412		$	6,334,914		$	6,956,322		$	7,267,990
Interest-bearing Deposits	$	4,474,950		$	4,896,135		$	4,510,279		$	4,862,943		$	4,741,855
Noninterest-bearing Deposits		1,203,002			1,080,107			1,203,255			1,108,157			906,099
Total Deposits		5,677,952			5,976,242			5,713,534			5,971,100			5,647,954
Short-term Borrowings		288,873			310,591			193,214			222,944			778,320
Long-term Borrowings		620,156			807,468			386,458			771,935			852,685
Total Borrowings		909,029			1,118,059			579,672			994,879			1,631,005
Other Liabilities		47,614			55,935			69,501			77,572			86,420
Total Liabilities		6,634,595			7,150,236			6,362,707			7,043,551			7,365,379
Preferred Equity		—			—			—			—			—
Common Equity		793,918			776,218			793,012			761,550			736,712
Total Shareholders’ Equity		793,918			776,218			793,012			761,550			736,712
Total Liabilities & Equity	$	7,428,513		$	7,926,454		$	7,155,719		$	7,805,101		$	8,102,091

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 2010			December 2009		September 2010		June 2010		March 2010
Earnings Per Share:
Basic	$	0.44		$	0.40	$	0.40	$	0.41	$	0.40
Diluted	$	0.44		$	0.40	$	0.40	$	0.41	$	0.40
Common Dividend Declared Per Share	$	0.30		$	0.30	$	0.30	$	0.30	$	0.30
High Common Stock Price	$	30.25		$	20.81	$	27.25	$	31.99	$	28.00
Low Common Stock Price	$	24.15		$	16.39	$	22.09	$	23.82	$	20.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,606,591			43,426,784		43,588,021		43,539,531		43,455,296
Diluted		43,677,279			43,460,382		43,645,653		43,640,805		43,534,435
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	(11	)	$	79	$	46	$	279	$	388
Common Dividends	$	13,087		$	13,044	$	13,084	$	13,078	$	13,051
				Year Ended
YTD Share Data:				December 2010		December 2009		December 2008		December 2007
Earnings Per Share:
Basic				$	1.65	$	1.55	$	2.01	$	2.16
Diluted				$	1.65	$	1.55	$	2.00	$	2.15
Common Dividend Declared Per Share				$	1.20	$	1.17	$	1.16	$	1.13
Average Shares Outstanding (Net of Treasury Stock):
Basic					43,547,965		43,410,431		43,286,894		41,901,422
Diluted					43,625,183		43,456,889		43,434,083		42,222,899
Memorandum Items:
Tax Applicable to Security Sales/Calls				$	702	$	110	$	375	$	178
Common Dividends				$	52,300	$	50,837	$	50,231	$	47,446
EOP Employees (full-time equivalent)					1,451		1,477		1,531		1,537

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 2010			December 2009			September 2010			June 2010			March 2010
Book Value Per Share	$	18.18		$	17.53		$	18.00		$	17.84		$	17.68
Tangible Book Value Per Share	$	10.96		$	10.24		$	10.77		$	10.60		$	10.41
52-week High Common Stock Price	$	31.99		$	33.64		$	31.99		$	31.99		$	28.00
Date		04/23/10			01/02/09			04/23/10			04/23/10			03/23/10
52-week Low Common Stock Price	$	20.15		$	13.15		$	16.39		$	16.39		$	16.39
Date		01/06/10			03/06/09			11/20/09			11/20/09			11/20/09
EOP Shares Outstanding (Net of Treasury Stock):		43,621,635			43,437,738			43,597,507			43,581,834			43,498,754
	Three Months Ended
	December 2010			December 2009			September 2010			June 2010			March 2010
Selected Yields and Net Interest Margin:
Loans		5.16	%		5.43	%		5.30	%		5.33	%		5.32	%
Investment Securities		4.33	%		4.76	%		4.52	%		4.75	%		4.97	%
Money Market Investments/FFS		0.28	%		0.22	%		0.28	%		0.33	%		0.38	%
Average Earning Assets Yield		4.74	%		5.06	%		4.84	%		5.01	%		5.05	%
Interest-bearing Deposits		1.06	%		1.50	%		1.17	%		1.26	%		1.35	%
Short-term Borrowings		0.04	%		0.06	%		0.07	%		0.06	%		0.05	%
Long-term Borrowings		4.24	%		4.25	%		4.33	%		4.32	%		4.32	%
Average Liability Costs		1.37	%		1.79	%		1.50	%		1.58	%		1.66	%
Net Interest Spread		3.37	%		3.27	%		3.34	%		3.43	%		3.39	%
Net Interest Margin		3.62	%		3.55	%		3.60	%		3.69	%		3.65	%
Selected Financial Ratios:
Return on Average Common Equity		9.64	%		8.92	%		8.73	%		9.23	%		9.17	%
Return on Average Assets		1.03	%		0.87	%		0.91	%		0.96	%		0.92	%
Efficiency Ratio		56.02	%		51.65	%		53.24	%		52.87	%		53.34	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Year Ended
	December 2010			December 2009			December 2008			December 2007
Selected Yields and Net Interest Margin:
Loans		5.23	%		5.46	%		6.34	%		7.44	%
Investment Securities		4.65	%		5.08	%		5.46	%		5.70	%
Money Market Investments/FFS		0.31	%		0.18	%		1.94	%		5.14	%
Average Earning Assets Yield		4.91	%		5.27	%		6.15	%		7.07	%
Interest-bearing Deposits		1.21	%		1.75	%		2.71	%		3.54	%
Short-term Borrowings		0.06	%		0.14	%		1.69	%		4.31	%
Long-term Borrowings		4.30	%		4.24	%		4.49	%		5.61	%
Average Liability Costs		1.53	%		1.98	%		2.81	%		3.88	%
Net Interest Spread		3.38	%		3.29	%		3.34	%		3.19	%
Net Interest Margin		3.64	%		3.59	%		3.70	%		3.76	%
Selected Financial Ratios:
Return on Average Common Equity		9.19	%		8.81	%		11.12	%		12.99	%
Return on Average Assets		0.95	%		0.85	%		1.09	%		1.28	%
Loan / Deposit Ratio		92.07	%		96.08	%		106.48	%		108.29	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		1.39	%		1.18	%		1.02	%		0.87	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.43	%		1.22	%		1.06	%		1.01	%
Nonaccrual Loans / Loans, Net of Unearned Income		1.14	%		0.89	%		0.70	%		0.24	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.13	%		0.35	%		0.20	%		0.25	%
Non-performing Loans/ Loans, Net of Unearned Income		1.28	%		1.26	%		0.90	%		0.49	%
Non-performing Assets/ Total Assets		1.57	%		1.44	%		0.91	%		0.43	%
Primary Capital Ratio		12.00	%		10.56	%		9.80	%		10.18	%
Shareholders’ Equity Ratio		11.08	%		9.76	%		9.09	%		9.52	%
Price / Book Ratio		1.61x			1.14x			1.96x			1.59x
Price / Earnings Ratio		17.71x			12.90x			16.59x			13.05x
Efficiency Ratio		53.87	%		51.35	%		48.03	%		48.01	%

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 2010			December 2009			September 2010			June 2010			March 2010
EOP Non-Accrual Loans	$	59,996		$	50,856		$	58,302		$	64,831		$	62,449
EOP 90-Day Past Due Loans		6,798			20,314			12,644			9,055			9,959
EOP Restructured Loans		437			1,087			438			—			—
Total EOP Non-performing Loans	$	67,231		$	72,257		$	71,384		$	73,886		$	72,408
EOP Other Real Estate & Assets Owned		44,770			40,058			50,567			36,019			41,179
Total EOP Non-performing Assets	$	112,001		$	112,315		$	121,951		$	109,905		$	113,587
	Three Months Ended						Year Ended
Allowance for Credit Losses:(1)	December 2010			December 2009			December 2010			December 2009			December 2008
Beginning Balance	$	72,806		$	69,738		$	70,010		$	63,603		$	58,744
Credit Loss Provision		(5,618	)		6,719			13,773			46,065			25,155
		67,188			76,457			83,783			109,668			83,899
Gross Charge-offs		(7,422	)		(6,709	)		(25,762	)		(41,077	)		(21,198	)
Recoveries		15,273			262			17,018			1,419			902
Net Recoveries (Charge-offs)		7,851			(6,447	)		(8,744	)		(39,658	)		(20,296	)
Ending Balance	$	75,039		$	70,010		$	75,039		$	70,010		$	63,603

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