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 2012			March 2011			December 2011
Interest & Loan Fees Income	$	81,788		$	73,857		$	85,529
Tax equivalent adjustment		1,669			1,453			1,732
Interest & Fees Income (FTE)		83,457			75,310			87,261
Interest Expense		12,822			14,494			13,537
Net Interest Income (FTE)		70,635			60,816			73,724
Provision for Loan Losses		4,133			4,436			4,268
Non-Interest Income:
Fees from trust & brokerage services		3,984			3,310			3,316
Fees from deposit services		10,312			9,631			11,131
Bankcard fees and merchant discounts		646			555			642
Other charges, commissions, and fees		577			454			559
Income from bank owned life insurance		1,289			1,175			1,339
Mortgage banking income		318			234			382
Other non-interest revenue		658			851			841
Net other-than-temporary impairment losses		(1,377	)		(2,110	)		(6,286	)
Net (losses) gains on sales/calls of investment securities		(82	)		551			(50	)
Total Non-Interest Income		16,326			14,651			11,874
Non-Interest Expense:
Employee compensation		17,907			14,870			17,756
Employee benefits		5,192			4,378			4,488
Net occupancy		5,042			4,387			5,018
Other expenses		17,476			15,347			18,560
Amortization of intangibles		762			383			832
OREO expense		2,328			1,767			1,879
FDIC expense		1,555			2,337			1,496
Total Non-Interest Expense		50,262			43,469			50,029
Income Before Income Taxes (FTE)		32,566			27,562			31,301
							��
Tax equivalent adjustment		1,669			1,453			1,732
Income Before Income Taxes		30,897			26,109			29,569
Income taxes		9,887			8,224			9,312
Net Income	$	21,010		$	17,885		$	20,257
MEMO: Effective Tax Rate		32.00	%		31.50	%		31.49	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	March 31 2012 Q-T-D Average			March 31 2011 Q-T-D Average			March 31 2012			December 31 2011
Cash & Cash Equivalents	$	664,743		$	443,625		$	789,831		$	636,003
Securities Available for Sale		688,880			650,757			665,286			696,518
Securities Held to Maturity		58,999			64,741			58,686			59,289
Other Investment Securities		67,813			73,669			66,964			68,412
Total Securities		815,692			789,167			790,936			824,219
Total Cash and Securities		1,480,435			1,232,792			1,580,767			1,460,222
Loans Held for Sale		4,905			2,715			7,401			3,902
Commercial Loans		4,375,024			3,518,647			4,383,712			4,378,345
Mortgage Loans		1,545,793			1,442,937			1,528,542			1,562,838
Consumer Loans		301,076			263,980			300,492			299,030
Gross Loans		6,221,893			5,225,564			6,212,746			6,240,213
Unearned Income		(6,574	)		(3,082	)		(12,626	)		(3,503	)
Loans, Net of Unearned Income		6,215,319			5,222,482			6,200,120			6,236,710
Allowance for Loan Losses		(73,142	)		(72,941	)		(74,012	)		(73,874	)
Goodwill		371,638			311,763			371,656			371,693
Other Intangibles		12,726			2,756			12,197			12,950
Total Intangibles		384,364			314,519			383,853			384,643
Real Estate Owned		51,373			44,922			49,864			51,760
Other Assets		379,556			334,850			381,476			388,107
Total Assets	$	8,442,810		$	7,079,339		$	8,529,469		$	8,451,470
MEMO: Earning Assets	$	7,498,574		$	6,257,807		$	7,579,030		$	7,498,333
Interest-bearing Deposits	$	5,163,834		$	4,322,396		$	5,192,522		$	5,199,848
Noninterest-bearing Deposits		1,637,543			1,320,246			1,689,088			1,619,162
Total Deposits		6,801,377			5,642,642			6,881,610			6,819,010
Short-term Borrowings		270,647			243,653			263,333			254,766
Long-term Borrowings		345,323			337,467			345,298			345,366
Total Borrowings		615,970			581,120			608,631			600,132
Other Liabilities		45,781			53,390			62,925			63,484
Total Liabilities		7,463,128			6,277,152			7,553,166			7,482,626
Preferred Equity		—			—			—			—
Common Equity		979,682			802,187			976,303			968,844
Total Shareholders’ Equity		979,682			802,187			976,303			968,844
Total Liabilities & Equity	$	8,442,810		$	7,079,339		$	8,529,469		$	8,451,470
MEMO: Interest-bearing Liabilities	$	5,779,804		$	4,903,516		$	5,801,153		$	5,799,980

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2012			March 2011			December 2011
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.42		$	0.41		$	0.40
Diluted	$	0.42		$	0.41		$	0.40
Common Dividend Declared Per Share	$	0.31		$	0.30		$	0.31
High Common Stock Price	$	30.91		$	30.84		$	29.29
Low Common Stock Price	$	27.36		$	25.66		$	19.06
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,235,374			43,629,364			50,207,410
Diluted		50,300,538			43,700,436			50,235,812
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	(29	)	$	193		$	(18	)
Common Dividends	$	15,570		$	13,095		$	15,571
Dividend Payout Ratio		74.11	%		73.22	%		76.87	%
	March 2012			March 2011			December 2011
EOP Share Data:
Book Value Per Share	$	19.42		$	18.32		$	19.29
Tangible Book Value Per Share	$	11.78		$	11.12		$	11.63
52-week High Common Stock Price	$	30.91		$	31.99		$	30.84
Date		03/19/12			04/23/10			01/19/11
52-week Low Common Stock Price	$	18.78		$	22.09		$	18.78
Date		09/22/11			08/24/10			09/22/11
EOP Shares Outstanding (Net of Treasury Stock):		50,274,104			43,645,650			50,212,948
Memorandum Items:
EOP Employees (full-time equivalent)		1,637			1,426			1,619

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2012			March 2011			December 2011
Selected Yields and Net Interest Margin:
Net Loans		5.02	%		5.24	%		5.18	%
Investment Securities		3.08	%		4.19	%		3.08	%
Money Market Investments/FFS		0.26	%		0.37	%		0.23	%
Average Earning Assets Yield		4.47	%		4.86	%		4.59	%
Interest-bearing Deposits		0.67	%		0.99	%		0.69	%
Short-term Borrowings		0.09	%		0.04	%		0.08	%
Long-term Borrowings		4.83	%		4.75	%		4.85	%
Average Liability Costs		0.89	%		1.20	%		0.92	%
Net Interest Spread		3.58	%		3.66	%		3.67	%
Net Interest Margin		3.78	%		3.92	%		3.88	%
Selected Financial Ratios:
Return on Average Common Equity		8.63	%		9.04	%		8.17	%
Return on Average Assets		1.00	%		1.02	%		0.94	%
Loan / Deposit Ratio		90.10	%		91.44	%		91.46	%
Allowance for Loan Losses/ Loans, net of unearned income		1.19	%		1.40	%		1.18	%
Allowance for Credit Losses(1)/ Loans, net of unearned income		1.22	%		1.44	%		1.21	%
Nonaccrual Loans / Loans, net of unearned income		1.00	%		1.20	%		0.96	%
90-Day Past Due Loans/ Loans, net of unearned income		0.16	%		0.13	%		0.26	%
Non-performing Loans/ Loans, net of unearned income		1.23	%		1.40	%		1.28	%
Non-performing Assets/ Total Assets		1.48	%		1.63	%		1.56	%
Primary Capital Ratio		12.23	%		12.04	%		12.25	%
Shareholders’ Equity Ratio		11.45	%		11.12	%		11.46	%
Price / Book Ratio		1.49	x		1.45	x		1.47	x
Price / Earnings Ratio		17.27	x		16.20	x		17.51	x
Efficiency Ratio		53.35	%		53.64	%		51.47	%

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 2012			March 2011			December 2011
Asset Quality Data:
EOP Non-Accrual Loans	$	62,037		$	62,703		$	59,892
EOP 90-Day Past Due Loans		9,816			6,539			16,179
EOP Restructured Loans(2)		4,335			3,716			3,592
Total EOP Non-performing Loans	$	76,188		$	72,958		$	79,663
EOP Other Real Estate & Assets Owned		49,864			44,362			51,760
Total EOP Non-performing Assets	$	126,052		$	117,320		$	131,423
	Three Months Ended
	March 2012			March 2011			December 2011
Allowance for Credit Losses: (1)
Beginning Balance	$	75,727		$	75,039		$	75,494
Provision for Credit Losses(3)		4,015			4,590			4,136
		79,742			79,629			79,630
Gross Charge-offs		(4,734	)		(4,741	)		(4,398	)
Recoveries		739			247			495
Net Charge-offs		(3,995	)		(4,494	)		(3,903	)
Ending Balance	$	75,747		$	75,135		$	75,727

Note:	(1)     Includes allowances for loan losses and lending-related commitments.
	(2)     Restructured loans with an aggregate balance of $2,283, $1,067 and $1,528 at March 31, 2012, March 31,2011 and December 31, 2011, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.”
	(3)     Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.