United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Increased 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 2011			March 2010			December 2010
Interest & Loan Fees Income	$	73,857		$	84,096		$	77,208
Tax equivalent adjustment		1,453			1,557			1,415
Interest & Fees Income (FTE)		75,310			85,653			78,623
Interest Expense		14,494			23,617			18,647
Net Interest Income (FTE)		60,816			62,036			59,976
Provision for Loan Losses		4,436			6,868			(5,618	)
Non-Interest Income:
Fees from trust & brokerage services		3,310			3,272			3,689
Fees from deposit services		9,631			9,224			9,781
Bankcard fees and merchant discounts		555			1,042			1,573
Other charges, commissions, and fees		454			358			562
Income from bank owned life insurance		1,175			1,028			1,178
Mortgage banking income		234			112			303
Other non-interest revenue		851			915			1,669
Net other-than-temporary impairment losses		(2,110	)		(1,486	)		(5,369	)
Net gains (losses) on sales/calls of investment securities		551			1,108			(30	)
Total Non-Interest Income		14,651			15,573			13,356
Non-Interest Expense:
Employee compensation		14,870			14,901			16,202
Employee benefits		4,378			4,494			3,795
Net occupancy		4,387			4,671			4,114
Other expenses		15,347			15,140			17,611
Amortization of intangibles		383			534			411
OREO expense		1,767			1,620			4,862
FDIC expense		2,337			2,391			2,380
Total Non-Interest Expense		43,469			43,751			49,375
Income Before Income Taxes (FTE)		27,562			26,990			29,575
Tax equivalent adjustment		1,453			1,557			1,415
Income Before Income Taxes		26,109			25,433			28,160
Income taxes		8,224			8,011			8,870
Net Income	$	17,885		$	17,422		$	19,290
MEMO: Effective Tax Rate		31.50	%		31.50	%		31.50	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	March 31 2011 Q-T-D Average			March 31 2010 Q-T-D Average			March 31 2011			December 31 2010
Cash & Cash Equivalents	$	443,625		$	436,514		$	530,771		$	461,389
Securities Available for Sale		650,757			790,026			669,342			653,276
Securities Held to Maturity		64,741			74,160			64,477			67,036
Other Investment Securities		73,669			79,161			72,663			74,403
Total Securities		789,167			943,347			806,482			794,715
Total Cash and Securities		1,232,792			1,379,861			1,337,253			1,256,104
Loans Held for Sale		2,715			3,872			890			6,869
Commercial Loans		3,518,647			3,751,314			3,541,507			3,533,559
Mortgage Loans		1,442,937			1,592,216			1,423,725			1,459,286
Consumer Loans		263,980			321,136			260,994			270,506
Gross Loans		5,225,564			5,664,666			5,226,226			5,263,351
Unearned Income		(3,082	)		(3,897	)		(3,267	)		(3,025	)
Loans, Net of Unearned Income		5,222,482			5,660,769			5,222,959			5,260,326
Allowance for Loan Losses		(72,941	)		(67,900	)		(72,975	)		(73,033	)
Goodwill		311,763			312,069			311,641			311,765
Other Intangibles		2,756			4,586			2,557			2,940
Total Intangibles		314,519			316,655			314,198			314,705
Real Estate Owned		44,922			40,167			44,362			44,770
Other Assets		334,850			341,998			344,649			345,978
Total Assets	$	7,079,339		$	7,675,422		$	7,191,336		$	7,155,719
MEMO: Earning Assets	$	6,257,807		$	6,852,056		$	6,344,359		$	6,334,914
Interest-bearing Deposits	$	4,322,396		$	4,791,431		$	4,354,849		$	4,510,279
Noninterest-bearing Deposits		1,320,246			1,078,209			1,357,074			1,203,255
Total Deposits		5,642,642			5,869,640			5,711,923			5,713,534
Short-term Borrowings		243,653			257,585			271,309			193,214
Long-term Borrowings		337,467			717,678			336,240			386,458
Total Borrowings		581,120			975,263			607,549			579,672
Other Liabilities		53,390			59,758			72,401			69,501
Total Liabilities		6,277,152			6,904,661			6,391,873			6,362,707
Preferred Equity		—			—			—			—
Common Equity		802,187			770,761			799,463			793,012
Total Shareholders’ Equity		802,187			770,761			799,463			793,012
Total Liabilities & Equity	$	7,079,339		$	7,675,422		$	7,191,336		$	7,155,719
MEMO: Interest-bearing Liabilities	$	4,903,516		$	5,766,694		$	4,962,398		$	5,089,951

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2011		March 2010		December 2010
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.41	$	0.40	$	0.44
Diluted	$	0.41	$	0.40	$	0.44
Common Dividend Declared Per Share	$	0.30	$	0.30	$	0.30
High Common Stock Price	$	30.84	$	28.00	$	30.25
Low Common Stock Price	$	25.66	$	20.15	$	24.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,629,364		43,455,296		43,606,591
Diluted		43,700,436		43,534,435		43,677,279
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	193	$	388	$	(11	)
Common Dividends	$	13,095	$	13,051	$	13,087
	March 2011		March 2010		December 2010
EOP Share Data:
Book Value Per Share	$	18.32	$	17.68	$	18.18
Tangible Book Value Per Share	$	11.12	$	10.41	$	10.96
52-week High Common Stock Price	$	31.99	$	28.00	$	31.99
Date		04/23/10		03/23/10		04/23/10
52-week Low Common Stock Price	$	22.09	$	16.39	$	20.15
Date		08/24/10		11/20/09		01/06/10
EOP Shares Outstanding (Net of Treasury Stock):		43,645,650		43,498,754		43,621,635
Memorandum Items:
EOP Employees (full-time equivalent)		1,426		1,465		1,451

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2011			March 2010			December 2010
Selected Yields and Net Interest Margin:
Net Loans		5.24	%		5.32	%		5.24	%
Investment Securities		4.19	%		4.97	%		4.33	%
Money Market Investments/FFS		0.37	%		0.38	%		0.28	%
Average Earning Assets Yield		4.86	%		5.05	%		4.74	%
Interest-bearing Deposits		0.99	%		1.35	%		1.06	%
Short-term Borrowings		0.04	%		0.05	%		0.04	%
Long-term Borrowings		4.75	%		4.32	%		4.24	%
Average Liability Costs		1.20	%		1.66	%		1.37	%
Net Interest Spread		3.66	%		3.39	%		3.37	%
Net Interest Margin		3.92	%		3.65	%		3.62	%
Selected Financial Ratios:
Return on Average Common Equity		9.04	%		9.17	%		9.64	%
Return on Average Assets		1.02	%		0.92	%		1.03	%
Loan / Deposit Ratio		91.44	%		96.72	%		92.07	%
Allowance for Loan Losses/ Loans, net of unearned income		1.40	%		1.22	%		1.39	%
Allowance for Credit Losses(1)/ Loans, net of unearned income		1.44	%		1.26	%		1.43	%
Nonaccrual Loans / Loans, net of unearned income		1.20	%		1.11	%		1.14	%
90-Day Past Due Loans/ Loans, net of unearned income		0.13	%		0.18	%		0.13	%
Non-performing Loans/ Loans, net of unearned income		1.40	%		1.29	%		1.28	%
Non-performing Assets/ Total Assets		1.63	%		1.49	%		1.57	%
Primary Capital Ratio		12.04	%		10.92	%		12.00	%
Shareholders’ Equity Ratio		11.12	%		10.10	%		11.08	%
Price / Book Ratio		1.45	x		1.48	x		1.61	x
Price / Earnings Ratio		16.20	x		16.38	x		17.71	x
Efficiency Ratio		53.44	%		53.34	%		56.02	%

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	March 2011			March 2010			December 2010
Asset Quality Data:
EOP Non-Accrual Loans	$	62,703		$	62,449		$	59,996
EOP 90-Day Past Due Loans		6,539			9,959			6,798
EOP Restructured Loans(2)		3,716			—			437
Total EOP Non-performing Loans	$	72,958		$	72,408		$	67,231
EOP Other Real Estate & Assets Owned		44,362			41,179			44,770
Total EOP Non-performing Assets	$	117,320		$	113,587		$	112,001
	Three Months Ended
	March 2011			March 2010			December 2010
Allowance for Credit Losses:(1)
Beginning Balance	$	75,039		$	70,010		$	72,806
Provision for Credit Losses(3)		4,590			6,868			(5,618	)
		79,629			76,878			67,188
Gross Charge-offs		(4,741	)		(6,935	)		(7,422	)
Recoveries		247			423			15,273
Net Charge-offs		(4,494	)		(6,512	)		7,851
Ending Balance	$	75,135		$	70,366		$	75,039

Note:	(1)	Includes allowances for loan losses and lending-related commitments.
	(2)	Restructured loans with an aggregate balance of $1,067 at March 31, 2011 are on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” A restructured loan with a balance of $437 thousand at December 31, 2010 was past due 90 days or more, but was not included in the “EOP 90-Day Past due Loans” category.
	(3)	Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.