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 2011			December 2010			September 2011			June 2011			March 2011
Interest & Loan Fees Income	$	85,529		$	77,208		$	84,701		$	72,435		$	73,857
Tax equivalent adjustment		1,732			1,415			1,765			1,637			1,453
Interest & Fees Income (FTE)		87,261			78,623			86,466			74,072			75,310
Interest Expense		13,537			18,647			13,949			13,814			14,494
Net Interest Income (FTE)		73,724			59,976			72,517			60,258			60,816
Provision for Loan Losses		4,268			(5,618	)		3,637			4,800			4,436
Non-Interest Income:
Fees from trust & brokerage services		3,316			3,689			3,280			3,437			3,310
Fees from deposit services		10,581			9,781			10,462			10,341			9,631
Bankcard fees and merchant discounts		1,192			1,573			1,237			683			555
Other charges, commissions, and fees		559			562			455			381			454
Income from bank owned life insurance		1,339			1,178			1,544			1,228			1,175
Mortgage banking income		382			303			205			131			234
Other non-interest revenue		841			1,669			1,272			599			851
Net other-than-temporary impairment losses		(6,286	)		(5,369	)		(7,922	)		(4,096	)		(2,110	)
Net (losses) gains on sales/calls of investment securities		(50	)		(30	)		445			630			551
Total Non-Interest Income		11,874			13,356			10,978			13,334			14,651
Non-Interest Expense:
Employee compensation		17,756			16,202			16,970			15,015			14,870
Employee benefits		4,488			3,795			4,361			4,131			4,378
Net occupancy		5,018			4,114			5,051			4,140			4,387
Other expenses		18,560			17,611			17,194			14,477			15,347
Amortization of intangibles		832			411			860			354			383
OREO expense		1,879			4,862			2,129			1,233			1,767
FDIC expense		1,496			2,380			2,308			2,327			2,337
Total Non-Interest Expense		50,029			49,375			48,873			41,677			43,469
Income Before Income Taxes (FTE)		31,301			29,575			30,985			27,115			27,562
Tax equivalent adjustment		1,732			1,415			1,765			1,637			1,453
Income Before Income Taxes		29,569			28,160			29,220			25,478			26,109
Income taxes		9,312			8,870			9,204			8,026			8,224
Net Income	$	20,257		$	19,290		$	20,016		$	17,452		$	17,885
MEMO: Effective Tax Rate		31.49	%		31.50	%		31.50	%		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			December			December			December
	2011			2010			2009			2008
Interest & Loan Fees Income	$	316,522		$	323,382		$	365,845		$	429,911
Tax equivalent adjustment		6,587			5,906			11,199			14,229
Interest & Fees Income (FTE)		323,109			329,288			377,044			444,140
Interest Expense		55,794			85,196			120,374			177,119
Net Interest Income (FTE)		267,315			244,092			256,670			267,021
Provision for Loan Losses		17,141			13,773			46,065			25,155
Non-Interest Income:
Fees from trust & brokerage services		13,343			13,637			13,065			16,582
Fees from deposit services		41,015			39,220			40,289			39,189
Bankcard fees and merchant discounts		3,667			4,786			4,155			5,815
Other charges, commissions, and fees		1,849			1,918			1,906			1,932
Income from bank owned life insurance		5,286			4,673			3,416			4,093
Mortgage banking income		952			662			608			385
Other non-interest revenue		3,563			5,116			5,236			8,725
Net other-than-temporary impairment losses		(20,414	)		(9,815	)		(15,020	)		(10,489	)
Net gains on sales/calls of investment securities		1,576			2,006			315			1,071
Total Non-Interest Income		50,837			62,203			53,970			67,303
Non-Interest Expense:
Employee compensation		64,611			60,564			58,901			61,347
Employee benefits		17,358			16,749			19,192			13,680
Net occupancy		18,596			17,246			17,018			16,682
Other expenses		65,578			64,954			62,791			72,239
Amortization of intangibles		2,429			1,884			2,561			3,494
OREO expense		7,008			11,131			5,487			2,484
FDIC expense		8,468			9,684			9,177			1,147
Total Non-Interest Expense		184,048			182,212			175,127			171,073
Income Before Income Taxes (FTE)		116,963			110,310			89,448			138,096
Tax equivalent adjustment		6,587			5,906			11,199			14,229
Income Before Income Taxes		110,376			104,404			78,249			123,867
Income taxes		34,766			32,457			10,951			36,913
Net Income	$	75,610		$	71,947		$	67,298		$	86,954
MEMO: Effective Tax Rate		31.50	%		31.09	%		14.00	%		29.80	%

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			December 31
	2011			2010			December 31			December 31			December 31
	Q-T-D Average			Q-T-D Average			2011			2010			2009
Cash & Cash Equivalents	$	669,533		$	636,467		$	636,003		$	461,389		$	449,767
Securities Available for Sale		692,540			704,758			696,518			653,276			811,777
Securities Held to Maturity		60,415			67,253			59,289			67,036			77,421
Other Investment Securities		69,096			76,690			68,412			74,403			77,722
Total Securities		822,051			848,701			824,219			794,715			966,920
Total Cash and Securities		1,491,584			1,485,168			1,460,222			1,256,104			1,416,687
Loans Held for Sale		5,582			6,470			3,902			6,869			5,284
Commercial Loans		4,377,276			3,550,037			4,378,345			3,533,559			3,801,254
Mortgage Loans		1,565,638			1,489,752			1,562,838			1,459,286			1,606,560
Consumer Loans		315,022			272,514			299,030			270,506			332,964
Gross Loans		6,257,936			5,312,303			6,240,213			5,263,351			5,740,778
Unearned Income		(5,263	)		(3,089	)		(3,503	)		(3,025	)		(3,969	)
Loans, Net of Unearned Income		6,252,673			5,309,214			6,236,710			5,260,326			5,736,809
Allowance for Loan Losses		(73,562	)		(72,759	)		(73,874	)		(73,033	)		(67,853	)
Goodwill		372,902			311,831			371,693			311,765			312,069
Other Intangibles		11,641			3,149			12,950			2,940			4,823
Total Intangibles		384,543			314,980			384,643			314,705			316,892
Real Estate Owned		51,729			48,939			51,760			44,770			40,058
Other Assets		399,503			336,501			388,107			345,978			357,224
Total Assets	$	8,512,052		$	7,428,513		$	8,451,470		$	7,155,719		$	7,805,101
MEMO: Earning Assets	$	7,551,646		$	6,598,071		$	7,498,333		$	6,334,914		$	6,956,322
Interest-bearing Deposits	$	5,227,649		$	4,474,950		$	5,199,848		$	4,510,279		$	4,862,943
Noninterest-bearing Deposits		1,614,185			1,203,002			1,619,162			1,203,255			1,108,157
Total Deposits		6,841,834			5,677,952			6,819,010			5,713,534			5,971,100
Short-term Borrowings		285,747			288,873			254,766			193,214			222,944
Long-term Borrowings		353,220			620,156			345,366			386,458			771,935
Total Borrowings		638,967			909,029			600,132			579,672			994,879
Other Liabilities		47,436			47,614			63,484			69,501			77,572
Total Liabilities		7,528,237			6,634,595			7,482,626			6,362,707			7,043,551
Preferred Equity		—			—			—			—			—
Common Equity		983,815			793,918			968,844			793,012			761,550
Total Shareholders’ Equity		983,815			793,918			968,844			793,012			761,550
Total Liabilities & Equity	$	8,512,052		$	7,428,513		$	8,451,470		$	7,155,719		$	7,805,101
MEMO: Interest-bearing Liabilities	$	5,866,616		$	5,383,979		$	5,799,980		$	5,089,951		$	5,857,822

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	December			December			September			June			March
	2011			2010			2011			2011			2011
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.40		$	0.44		$	0.40		$	0.40		$	0.41
Diluted	$	0.40		$	0.44		$	0.40		$	0.40		$	0.41
Common Dividend Declared Per Share	$	0.31		$	0.30		$	0.30		$	0.30		$	0.30
High Common Stock Price	$	29.29		$	30.25		$	25.21		$	27.46		$	30.84
Low Common Stock Price	$	19.06		$	24.15		$	18.78		$	22.36		$	25.66
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,207,410			43,606,591			49,628,087			43,645,541			43,629,364
Diluted		50,238,812			43,677,279			49,636,382			43,676,407			43,700,436
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	(18	)	$	(11	)	$	156		$	220		$	193
Common Dividends	$	15,571		$	13,087		$	15,062		$	13,099		$	13,095
Dividend Payout Ratio		76.87	%		67.84	%		75.25	%		75.06	%		73.22	%

	Year Ended
	December 2011			December 2010			December 2009			December 2008
YTD Share Data:
Earnings Per Share:
Basic	$	1.62		$	1.65		$	1.55		$	2.01
Diluted	$	1.61		$	1.65		$	1.55		$	2.00
Common Dividend Declared Per Share	$	1.21		$	1.20		$	1.17		$	1.16
Average Shares Outstanding (Net of Treasury Stock):
Basic		46,803,432			43,547,965			43,410,431			43,286,894
Diluted		46,837,363			43,625,183			43,456,889			43,434,083
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	552		$	702		$	110		$	375
Common Dividends	$	56,827		$	52,300		$	50,837		$	50,231
Dividend Payout Ratio		75.16	%		72.69	%		75.54	%		57.77	%
EOP Employees (full-time equivalent)		1,619			1,451			1,477			1,531

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	December 2011			December 2010			September 2011			June 2011			March 2011
EOP Share Data:
Book Value Per Share	$	19.29		$	18.18		$	19.38		$	18.43		$	18.32
Tangible Book Value Per Share	$	11.63		$	10.96		$	11.71		$	11.24		$	11.12
52-week High Common Stock Price	$	30.84		$	31.99		$	30.84		$	30.84		$	31.99
Date		01/19/11			04/23/10			01/19/11			01/19/11			04/23/10
52-week Low Common Stock Price	$	18.78		$	20.15		$	18.78		$	22.09		$	22.09
Date		09/22/11			01/06/10			09/22/11			08/24/10			08/24/10
EOP Shares Outstanding (Net of Treasury Stock):		50,212,948			43,621,635			50,205,691			43,645,485			43,645,650
	Three Months Ended
	December 2011			December 2010			September 2011			June 2011			March 2011
Selected Yields and Net Interest Margin:
Net Loans		5.18	%		5.24	%		5.14	%		5.18	%		5.24	%
Investment Securities		3.08	%		4.33	%		3.48	%		3.73	%		4.19	%
Money Market Investments/FFS		0.23	%		0.28	%		0.27	%		0.30	%		0.37	%
Average Earning Assets Yield		4.59	%		4.74	%		4.61	%		4.71	%		4.86	%
Interest-bearing Deposits		0.69	%		1.06	%		0.74	%		0.91	%		0.99	%
Short-term Borrowings		0.08	%		0.04	%		0.08	%		0.04	%		0.04	%
Long-term Borrowings		4.85	%		4.24	%		4.73	%		4.83	%		4.75	%
Average Liability Costs		0.92	%		1.37	%		0.95	%		1.13	%		1.20	%
Net Interest Spread		3.67	%		3.37	%		3.66	%		3.58	%		3.66	%
Net Interest Margin		3.88	%		3.62	%		3.87	%		3.83	%		3.92	%
Selected Financial Ratios:
Return on Average Common Equity		8.17	%		9.64	%		8.26	%		8.66	%		9.04	%
Return on Average Assets		0.94	%		1.03	%		0.95	%		0.98	%		1.02	%
Efficiency Ratio		51.47	%		56.02	%		50.44	%		52.03	%		53.64	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Year Ended
	December			December			December			December
	2011			2010			2009			2008
Selected Yields and Net Interest Margin:
Net Loans		5.18	%		5.30	%		5.46	%		6.34	%
Investment Securities		3.61	%		4.65	%		5.08	%		5.46	%
Money Market Investments/FFS		0.28	%		0.31	%		0.18	%		1.94	%
Average Earning Assets Yield		4.68	%		4.91	%		5.27	%		6.15	%
Interest-bearing Deposits		0.82	%		1.21	%		1.75	%		2.71	%
Short-term Borrowings		0.06	%		0.06	%		0.14	%		1.69	%
Long-term Borrowings		4.79	%		4.30	%		4.24	%		4.49	%
Average Liability Costs		1.04	%		1.53	%		1.98	%		2.81	%
Net Interest Spread		3.64	%		3.38	%		3.29	%		3.34	%
Net Interest Margin		3.87	%		3.64	%		3.59	%		3.70	%
Selected Financial Ratios:
Return on Average Common Equity		8.50	%		9.19	%		8.81	%		11.12	%
Return on Average Assets		0.97	%		0.95	%		0.85	%		1.09	%
Loan / Deposit Ratio		91.46	%		92.07	%		96.08	%		106.48	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		1.18	%		1.39	%		1.18	%		1.02	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.21	%		1.43	%		1.22	%		1.06	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.96	%		1.14	%		0.89	%		0.70	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.26	%		0.13	%		0.35	%		0.20	%
Non-performing Loans/ Loans, Net of Unearned Income		1.28	%		1.28	%		1.26	%		0.90	%
Non-performing Assets/ Total Assets		1.56	%		1.57	%		1.44	%		0.91	%
Primary Capital Ratio		12.25	%		12.00	%		10.56	%		9.80	%
Shareholders’ Equity Ratio		11.46	%		11.08	%		9.76	%		9.09	%
Price / Book Ratio		1.47x			1.61x			1.14x			1.96x
Price / Earnings Ratio		17.51x			17.71x			12.90x			16.59x
Efficiency Ratio		51.81	%		53.87	%		51.35	%		48.03	%

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)

	December 2011			December 2010			September 2011			June 2011			March 2011
Asset Quality Data:
EOP Non-Accrual Loans	$	59,892		$	59,996		$	53,759		$	51,237		$	62,703
EOP 90-Day Past Due Loans		16,179			6,798			16,340			8,865			6,539
EOP Restructured Loans		3,592			437			3,624			3,886			3,716
Total EOP Non-performing Loans	$	79,663		$	67,231		$	73,723		$	63,988		$	72,958
EOP Other Real Estate & Assets Owned		51,760			44,770			52,657			45,671			44,362
Total EOP Non-performing Assets	$	131,423		$	112,001		$	126,380		$	109,659		$	117,320
	Three Months Ended						Year Ended
	December 2011			December 2010			December 2011			December 2010			December 2009
Allowance for Credit Losses:(1)
Beginning Balance	$	75,494		$	72,806		$	75,039		$	70,010		$	63,603
Provision for Credit Losses (3)		4,136			(5,618	)		16,988			13,773			46,065
		79,630			67,188			92,027			83,783			109,668
Gross Charge-offs		(4,398	)		(7,422	)		(19,605	)		(25,762	)		(41,077	)
Recoveries		495			15,273			3,305			17,018			1,419
Net (Charge-offs) Recoveries		(3,903	)		7,851			(16,300	)		(8,744	)		(39,658	)
Ending Balance	$	75,727		$	75,039		$	75,727		$	75,039		$	70,010

Notes:

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

(2) Restructured loans with an aggregate balance of $1,528, $1,549, $3,886 and $1,067 at December 31, 2011, 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.