United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces 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									Six Months Ended
	June			June			March			June			June
	2011			2010			2011			2011			2010
Interest & Loan Fees Income	$	72,435		$	82,189		$	73,857		$	146,292		$	166,285
Tax equivalent adjustment		1,637			1,490			1,453			3,090			3,047
Interest & Fees Income (FTE)		74,072			83,679			75,310			149,382			169,332
Interest expense		13,814			22,025			14,494			28,308			45,642
Net Interest Income (FTE)		60,258			61,654			60,816			121,074			123,690
Provision for Loan Losses		4,800			6,400			4,436			9,236			13,268
Non-Interest Income:
Fees from trust & brokerage services		3,437			3,461			3,310			6,747			6,733
Fees from deposit services		10,341			10,117			9,631			19,972			19,341
Bankcard fees and merchant discounts		683			1,078			555			1,238			2,120
Other charges, commissions, and fees		381			490			454			835			848
Income from bank-owned life insurance		1,228			1,185			1,175			2,403			2,213
Mortgage banking income		131			129			234			365			241
Other non-interest revenue		599			1,424			851			1,450			2,339
Net other-than-temporary impairment losses		(4,096	)		(1,096	)		(2,110	)		(6,206	)		(2,582	)
Net gains on sales/calls of investment securities		630			796			551			1,181			1,904
Total Non-Interest Income		13,334			17,584			14,651			27,985			33,157
Non-Interest Expense:
Employee compensation		15,015			14,848			14,870			29,885			29,749
Employee benefits		4,131			4,332			4,378			8,509			8,826
Net occupancy		4,140			4,274			4,387			8,527			8,945
Other expenses		14,477			16,138			15,347			29,824			31,278
Amortization of intangibles		354			491			383			737			1,025
OREO expense		1,233			2,648			1,767			3,000			4,268
FDIC expense		2,327			2,457			2,337			4,664			4,848
Total Non-Interest Expense		41,677			45,188			43,469			85,146			88,939
Income Before Income Taxes (FTE)		27,115			27,650			27,562			54,677			54,640
Tax equivalent adjustment		1,637			1,490			1,453			3,090			3,047
Income Before Income Taxes		25,478			26,160			26,109			51,587			51,593
Taxes		8,026			8,241			8,224			16,250			16,252
Net Income	$	17,452		$	17,919		$	17,885		$	35,337		$	35,341
MEMO: Effective Tax Rate		31.50	%		31.50	%		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
	June 30 2011 Q-T-D Average			June 30 2010 Q-T-D Average			June 30 2011			December 31 2010			June 30 2010
Cash & Cash Equivalents	$	501,535		$	456,010		$	508,069		$	461,389		$	450,309
Securities Available for Sale		653,490			766,278			608,334			653,276			769,594
Held to Maturity Securities		64,142			70,691			63,699			67,036			68,704
Other Investment Securities		70,874			79,815			69,812			74,403			79,793
Total Securities		788,506			916,784			741,845			794,715			918,091
Total Cash and Securities		1,290,041			1,372,794			1,249,914			1,256,104			1,368,400
Loans held for sale		1,464			1,827			1,057			6,869			879
Commercial Loans		3,533,509			3,668,802			3,570,556			3,533,559			3,638,669
Mortgage Loans		1,416,138			1,552,455			1,410,321			1,459,286			1,538,432
Consumer Loans		269,733			300,091			274,911			270,506			289,857
Gross Loans		5,219,380			5,521,348			5,255,788			5,263,351			5,466,958
Unearned income		(3,341	)		(3,661	)		(3,692	)		(3,025	)		(3,411	)
Loans, net of unearned income		5,216,039			5,517,687			5,252,096			5,260,326			5,463,547
Allowance for Loan Losses		(72,909	)		(68,273	)		(73,132	)		(73,033	)		(69,153	)
Goodwill		311,641			312,051			311,641			311,765			311,878
Other Intangibles		2,391			4,054			2,202			2,940			3,799
Total Intangibles		314,032			316,105			313,843			314,705			315,677
Other Real Estate Owned		43,271			40,611			45,671			44,770			36,019
Other Assets		334,537			338,630			344,534			345,978			347,991
Total Assets	$	7,126,475		$	7,519,381		$	7,133,983		$	7,155,719		$	7,463,360
MEMO: Earning Assets	$	6,308,764		$	6,695,924		$	6,307,773		$	6,334,914		$	6,635,280
Interest-bearing Deposits	$	4,308,770		$	4,614,184		$	4,292,987		$	4,510,279		$	4,479,030
Noninterest-bearing Deposits		1,375,842			1,081,171			1,435,549			1,203,255			1,135,114
Total Deposits		5,684,612			5,695,355			5,728,536			5,713,534			5,614,144
Short-term Borrowings		247,706			291,646			201,438			193,214			306,427
Long-term Borrowings		336,139			696,652			336,063			386,458			696,551
Total Borrowings		583,845			988,298			537,501			579,672			1,002,978
Other Liabilities		49,367			56,842			63,705			69,501			68,663
Total Liabilities		6,317,824			6,740,495			6,329,742			6,362,707			6,685,785
Preferred Equity		—			—			—			—			—
Common Equity		808,651			778,886			804,241			793,012			777,575
Total Shareholders’ Equity		808,651			778,886			804,241			793,012			777,575
Total Liabilities & Equity	$	7,126,475		$	7,519,381		$	7,133,983		$	7,155,719		$	7,463,360
MEMO: Interest-bearing Liabilities	$	4,892,615		$	5,602,482		$	4,830,488		$	5,089,951		$	5,482,008

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended						Six Months Ended
	June		June		March		June		June
Quarterly/Year-to-Date Share Data:	2011		2010		2011		2011		2010
Earnings Per Share:
Basic	$	0.40	$	0.41	$	0.41	$	0.81	$	0.81
Diluted	$	0.40	$	0.41	$	0.41	$	0.81	$	0.81
Common Dividend Declared Per Share:	$	0.30	$	0.30	$	0.30	$	0.60	$	0.60
High Common Stock Price	$	27.46	$	31.99	$	30.84	$	30.84	$	31.99
Low Common Stock Price	$	22.36	$	23.82	$	25.66	$	22.36	$	20.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,645,541		43,539,531		43,629,364		43,637,497		43,497,809
Diluted		43,676,407		43,640,805		43,700,436		43,686,203		43,587,686
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	220	$	279	$	193	$	413	$	666
Common Dividends	$	13,099	$	13,078	$	13,095	$	26,194	$	26,129
					June 2011		June 2010		March 2011
EOP Share Data:
Book Value Per Share					$	18.43	$	17.84	$	18.32
Tangible Book Value Per Share					$	11.24	$	10.60	$	11.12
52-week High Common Stock Price					$	30.84	$	31.99	$	31.99
Date						01/19/11		04/23/10		04/23/10
52-week Low Common Stock Price					$	22.09	$	16.39	$	22.09
Date						08/24/10		11/20/09		08/24/10
EOP Shares Outstanding (Net of Treasury Stock):						43,645,485		43,581,834		43,645,650
Memorandum Items:
EOP Employees (full-time equivalent)						1,438		1,470		1,426

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended									Six Months Ended
	June 2011			June 2010			March 2011			June 2011			June 2010
Selected Yields and Net Interest Margin:
Loans		5.18	%		5.33	%		5.24	%		5.21	%		5.33	%
Investment Securities		3.73	%		4.75	%		4.19	%		3.96	%		4.86	%
Money Market Investments/FFS		0.30	%		0.33	%		0.37	%		0.34	%		0.35	%
Average Earning Assets Yield		4.71	%		5.01	%		4.86	%		4.78	%		5.03	%
Interest-bearing Deposits		0.91	%		1.26	%		0.99	%		0.95	%		1.30	%
Short-term Borrowings		0.04	%		0.06	%		0.04	%		0.04	%		0.06	%
Long-term Borrowings		4.83	%		4.32	%		4.75	%		4.79	%		4.32	%
Average Liability Costs		1.13	%		1.58	%		1.20	%		1.17	%		1.62	%
Net Interest Spread		3.58	%		3.43	%		3.66	%		3.61	%		3.41	%
Net Interest Margin		3.83	%		3.69	%		3.92	%		3.88	%		3.67	%
Selected Financial Ratios:
Return on Average Common Equity		8.66	%		9.23	%		9.04	%		8.85	%		9.20	%
Return on Average Assets		0.98	%		0.96	%		1.02	%		1.00	%		0.94	%
Efficiency Ratio		52.03	%		52.87	%		53.64	%		52.83	%		53.10	%
							June 2011			June 2010			March 2011
Loan / Deposit Ratio								91.68	%		97.32	%		91.44	%
Allowance for Loan Losses/ Loans, net of unearned income								1.39	%		1.27	%		1.40	%
Allowance for Credit Losses(1)/ Loans, net of unearned income								1.43	%		1.31	%		1.44	%
Nonaccrual Loans / Loans, net of unearned income								0.98	%		1.19	%		1.20	%
90-Day Past Due Loans/ Loans, net of unearned income								0.17	%		0.17	%		0.13	%
Non-performing Loans/ Loans, net of unearned income								1.22	%		1.35	%		1.40	%
Non-performing Assets/ Total Assets								1.54	%		1.47	%		1.63	%
Primary Capital Ratio								12.20	%		11.27	%		12.04	%
Shareholders’ Equity Ratio								11.27	%		10.42	%		11.12	%
Price / Book Ratio								1.33	x		1.34	x		1.45	x
Price / Earnings Ratio								15.32	x		14.53	x		16.20	x

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)

Asset Quality Data:	June 2011		June 2010		December 2010		March 2011
EOP Non-Accrual Loans	$	51,237	$	64,831	$	59,996	$	62,703
EOP 90-Day Past Due Loans		8,865		9,055		6,798		6,539
EOP Restructured Loans(2)		3,886		—		437		3,716
Total EOP Non-performing Loans	$	63,988	$	73,886	$	67,231	$	72,958
EOP Other Real Estate Owned		45,671		36,019		44,770		44,362
Total EOP Non-performing Assets	$	109,659	$	109,905	$	112,001	$	117,320

	Three Months Ended									Six Months Ended
Allowance for Credit Losses:(1)	June 2011			June 2010			March 2011			June 2011			June 2010
Beginning Balance	$	75,135		$	70,366		$	75,039		$	75,039		$	70,010
Provision for Credit Losses(3)		4,689			6,400			4,590			9,279			13,268
		79,824			76,766			79,629			84,318			83,278
Gross Charge-offs		(5,599	)		(5,985	)		(4,741	)		(10,340	)		(12,920	)
Recoveries		956			580			247			1,203			1,003
Net Charge-offs		(4,643	)		(5,405	)		(4,494	)		(9,137	)		(11,917	)
Ending Balance	$	75,181		$	71,361		$	75,135		$	75,181		$	71,361

Note:	(1)	Includes allowances for loan losses and lending-related commitments.
	(2)	Restructured loans with an aggregate balance of $3,886 and $1,067 at June 30, 2011 and March 31, 2011, respectively, were 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.