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												Year to Date
	September 2011			September 2010			June 2011			March 2011			September 2011			September 2010
Interest & Loan Fees Income	$	84,701		$	79,889		$	72,435		$	73,857		$	230,993		$	246,174
Tax equivalent adjustment		1,765			1,444			1,637			1,453			4,855			4,491
Interest & Fees Income (FTE)		86,466			81,333			74,072			75,310			235,848			250,665
Interest Expense		13,949			20,907			13,814			14,494			42,257			66,549
Net Interest Income (FTE)		72,517			60,426			60,258			60,816			193,591			184,116
Provision for Loan Losses		3,637			6,123			4,800			4,436			12,873			19,391
Non-Interest Income:
Fees from trust & brokerage services		3,280			3,215			3,437			3,310			10,027			9,948
Fees from deposit services		10,462			10,098			10,341			9,631			30,434			29,439
Bankcard fees and merchant discounts		1,237			1,093			683			555			2,475			3,213
Other charges, commissions, and fees		455			508			381			454			1,290			1,356
Income from bank owned life insurance		1,544			1,282			1,228			1,175			3,947			3,495
Mortgage banking income		205			118			131			234			570			359
Other non-interest revenue		1,272			1,108			599			851			2,722			3,447
Net other-than-temporary impairment losses		(7,922	)		(1,864	)		(4,096	)		(2,110	)		(14,128	)		(4,446	)
Net gains on sales/calls of investment securities		445			132			630			551			1,626			2,036
Total Non-Interest Income		10,978			15,690			13,334			14,651			38,963			48,847
Non-Interest Expense:
Employee compensation		16,970			14,613			15,015			14,870			46,855			44,362
Employee benefits		4,361			4,128			4,131			4,378			12,870			12,954
Net occupancy		5,051			4,187			4,140			4,387			13,578			13,132
Other expenses		17,194			16,065			14,477			15,347			47,018			47,343
Amortization of intangibles		860			448			354			383			1,597			1,473
OREO expense		2,129			2,001			1,233			1,767			5,129			6,269
FDIC expense		2,308			2,456			2,327			2,337			6,972			7,304
Total Non-Interest Expense		48,873			43,898			41,677			43,469			134,019			132,837
Income Before Income Taxes (FTE)		30,985			26,095			27,115			27,562			85,662			80,735
Tax equivalent adjustment		1,765			1,444			1,637			1,453			4,855			4,491
Income Before Income Taxes		29,220			24,651			25,478			26,109			80,807			76,244
Taxes		9,204			7,335			8,026			8,224			25,454			23,587
Net Income	$	20,016		$	17,316		$	17,452		$	17,885		$	55,353		$	52,657
MEMO: Effective Tax Rate		31.50	%		29.76	%		31.50	%		31.50	%		31.50	%		30.94	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	September  30 2011 Q-T-D Average			September  30 2010 Q-T-D Average			September 30 2011			December 31 2010			September 30 2010
Cash & Cash Equivalents	$	652,478		$	614,853		$	668,524		$	461,389		$	712,562
Securities Available for Sale		699,449			739,992			738,226			653,276			745,079
Held to Maturity Securities		62,572			67,767			62,114			67,036			67,496
Other Investment Securities		72,172			78,906			71,558			74,403			78,413
Total Securities		834,193			886,665			871,898			794,715			890,988
Total Cash and Securities		1,486,671			1,501,518			1,540,422			1,256,104			1,603,550
Loans held for sale		3,859			1,304			7,378			6,869			1,788
Commercial Loans		4,275,255			3,587,518			4,370,792			3,533,559			3,543,273
Mortgage Loans		1,563,506			1,521,663			1,559,311			1,459,286			1,508,536
Consumer Loans		333,342			282,883			334,391			270,506			275,406
Gross Loans		6,172,103			5,392,064			6,264,494			5,263,351			5,327,215
Unearned income		(4,988	)		(3,290	)		(5,266	)		(3,025	)		(3,197	)
Loans, net of unearned income		6,167,115			5,388,774			6,259,228			5,260,326			5,324,018
Allowance for Loan Losses		(73,504	)		(69,588	)		(73,509	)		(73,033	)		(70,923	)
Goodwill		361,995			311,877			372,979			311,765			311,834
Other Intangibles		1,762			3,591			11,787			2,940			3,350
Total Intangibles		363,757			315,468			384,766			314,705			315,184
Real Estate Owned		51,430			39,793			52,657			44,770			50,567
Other Assets		383,244			338,064			406,944			345,978			348,836
Total Assets	$	8,382,572		$	7,515,333		$	8,577,886		$	7,155,719		$	7,573,020
MEMO: Earning Assets	$	7,460,381		$	6,689,520		$	7,607,225		$	6,334,914		$	6,733,138
Interest-bearing Deposits	$	5,217,555		$	4,513,180		$	5,314,303		$	4,510,279		$	4,542,216
Noninterest-bearing Deposits		1,557,654			1,150,999			1,613,672			1,203,255			1,156,167
Total Deposits		6,775,209			5,664,179			6,927,975			5,713,534			5,698,383
Short-term Borrowings		248,829			316,066			260,320			193,214			329,535
Long-term Borrowings		354,482			696,459			355,433			386,458			696,358
Total Borrowings		603,311			1,012,525			615,753			579,672			1,025,893
Other Liabilities		42,340			52,054			61,405			69,501			64,117
Total Liabilities		7,420,860			6,728,758			7,605,133			6,362,707			6,788,393
Preferred Equity		—			—			—			—			—
Common Equity		961,712			786,575			972,753			793,012			784,627
Total Shareholders’ Equity		961,712			786,575			972,753			793,012			784,627
Total Liabilities & Equity	$	8,382,572		$	7,515,333		$	8,577,886		$	7,155,719		$	7,573,020
MEMO: Interest-bearing Liabilities	$	5,820,866		$	5,525,705		$	5,930,056		$	5,089,951		$	5,568,109

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended								Year to Date
	September 2011		September 2010		June 2011		March 2011		September 2011		September 2010
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.40	$	0.40	$	0.40	$	0.41	$	1.21	$	1.21
Diluted	$	0.40	$	0.40	$	0.40	$	0.41	$	1.21	$	1.21
Common Dividend Declared Per Share:	$	0.30	$	0.30	$	0.30	$	0.30	$	0.90	$	0.90
High Common Stock Price	$	25.21	$	27.25	$	27.46	$	30.84	$	30.84	$	31.99
Low Common Stock Price	$	18.78	$	22.09	$	22.36	$	25.66	$	18.78	$	20.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		49,628,087		43,588,021		43,645,541		43,629,364		45,656,304		43,528,210
Diluted		49,636,382		43,645,653		43,676,407		43,700,436		45,692,106		43,607,091
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	156	$	46	$	220	$	193	$	569	$	713
Common Dividends	$	15,062	$	13,084	$	13,099	$	13,095	$	41,256	$	39,213
					September 2011		September 2010		June 2011		March 2011
EOP Share Data:
Book Value Per Share					$	19.38	$	18.00	$	18.43	$	18.32
Tangible Book Value Per Share					$	11.71	$	10.77	$	11.24	$	11.12
52-week High Common Stock Price					$	30.84	$	31.99	$	30.84	$	31.99
Date						01/19/11		04/23/10		01/19/11		04/23/10
52-week Low Common Stock Price					$	18.78	$	16.39	$	22.09	$	22.09
Date						09/22/11		11/20/09		08/24/10		08/24/10
EOP Shares Outstanding (Net of Treasury Stock):						50,205,691		43,597,507		43,645,485		43,645,650
Memorandum Items:
EOP Employees (full-time equivalent)						1,632		1,479		1,438		1,426

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended												Year to Date
	September 2011			September 2010			June 2011			March 2011			September 2011			September 2010
Selected Yields and Net Interest Margin:
Loans		5.14	%		5.30	%		5.18	%		5.24	%		5.18	%		5.32	%
Investment Securities		3.48	%		4.52	%		3.73	%		4.19	%		3.79	%		4.75	%
Money Market Investments/FFS		0.27	%		0.28	%		0.30	%		0.37	%		0.31	%		0.32	%
Average Earning Assets Yield		4.61	%		4.84	%		4.71	%		4.86	%		4.72	%		4.97	%
Interest-bearing Deposits		0.74	%		1.17	%		0.91	%		0.99	%		0.87	%		1.26	%
Short-term Borrowings		0.08	%		0.07	%		0.04	%		0.04	%		0.06	%		0.06	%
Long-term Borrowings		4.73	%		4.33	%		4.83	%		4.75	%		4.77	%		4.32	%
Average Liability Costs		0.95	%		1.50	%		1.13	%		1.20	%		1.08	%		1.58	%
Net Interest Spread		3.66	%		3.34	%		3.58	%		3.66	%		3.64	%		3.39	%
Net Interest Margin		3.87	%		3.60	%		3.83	%		3.92	%		3.87	%		3.65	%
Selected Financial Ratios:
Return on Average Common Equity		8.26	%		8.73	%		8.66	%		9.04	%		8.62	%		9.04	%
Return on Average Assets		0.95	%		0.91	%		0.98	%		1.02	%		0.98	%		0.93	%
Efficiency Ratio		50.44	%		53.24	%		52.03	%		53.64	%		51.94	%		53.15	%
							September 2011			September 2010			June 2011			March 2011
Loan / Deposit Ratio								90.35	%		93.43	%		91.68	%		91.44	%
Allowance for Loan Losses/ Loans, Net of Unearned Income								1.17	%		1.33	%		1.39	%		1.40	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income								1.21	%		1.37	%		1.43	%		1.44	%
Nonaccrual Loans / Loans, Net of Unearned Income								0.86	%		1.10	%		0.98	%		1.20	%
90-Day Past Due Loans/ Loans, Net of Unearned Income								0.26	%		0.24	%		0.17	%		0.13	%
Non-performing Loans/ Loans, Net of Unearned Income								1.18	%		1.34	%		1.22	%		1.40	%
Non-performing Assets/ Total Assets								1.47	%		1.61	%		1.54	%		1.63	%
Primary Capital Ratio								12.11	%		11.21	%		12.20	%		12.04	%
Shareholders’ Equity Ratio								11.34	%		10.36	%		11.27	%		11.12	%
Price / Book Ratio								1.04x			1.38x			1.33x			1.45x
Price / Earnings Ratio								12.45x			15.68x			15.32x			16.20x

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)

	September 2011		September 2010		December 2010		June 2011		March 2011
Asset Quality Data:
EOP Non-Accrual Loans	$	53,759	$	58,302	$	59,996	$	51,237	$	62,703
EOP 90-Day Past Due Loans		16,340		12,644		6,798		8,865		6,539
EOP Restructured Loans		3,624		438		437		3,886		3,716
Total EOP Non-performing Loans	$	73,723	$	71,384	$	67,231	$	63,988	$	72,958
EOP Other Real Estate Owned		52,657		50,567		44,770		45,671		44,362
Total EOP Non-performing Assets	$	126,380	$	121,951	$	112,001	$	109,659	$	117,320

	Three Months Ended												Year to Date
	September 2011			September 2010			June 2011			March 2011			September 2011			September 2010
Allowance for Credit Losses:(1)
Beginning Balance	$	75,181		$	71,361		$	75,135		$	75,039		$	75,039		$	70,010
Provision for Credit Losses (3)		3,573			6,123			4,689			4,590			12,852			19,391
		78,754			77,484			79,824			79,629			87,891			89,401
Gross Charge-offs		(4,867	)		(5,420	)		(5,599	)		(4,741	)		(15,207	)		(18,340	)
Recoveries		1,607			742			956			247			2,810			1,745
Net Charge-offs		(3,260	)		(4,678	)		(4,643	)		(4,494	)		(12,397	)		(16,595	)
Ending Balance	$	75,494		$	72,806		$	75,181		$	75,135		$	75,494		$	72,806

Notes:

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

(2) Restructured loans with an aggregate balance of $1,550, $3,886 and $1,067 at September 30, 2011, 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.