United Bankshares (UBSI) 8-K United Bankshares, Inc. Announces Earnings

Exhibit 99.1

News Release

For Immediate Release	Contact: Steven E. Wilson
October 25, 2012	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings

for the Third Quarter and First Nine Months of 2012

WASHINGTON, D.C. and CHARLESTON, WV—United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2012. Earnings for the third quarter of 2012 were $19.3 million or $0.38 per diluted share while earnings for the first nine months of 2012 were $61.4 million or $1.22 per diluted share. Earnings for the third quarter of 2011 were $20.0 million or $0.40 per diluted share while earnings for the first nine months of 2011 were $55.4 million or $1.21 per diluted share.

The results for the third quarter and first nine months of 2012 included an accrual of $3.3 million with respect to a settlement of claims asserted in class actions against United Bank, Inc. of West Virginia. For further details regarding this settlement, please refer to Item 8.01 of the Form 8-K filed with the Securities Exchange Commission on this date. Also included in the results for the third quarter and first nine months of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million and $5.4 million, respectively, on certain investment securities.

The results for the third quarter and first nine months of 2011 included before-tax, other-than-temporary impairment charges of $7.9 million and $14.1 million, respectively, on certain investment securities. In addition, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) during the third quarter of 2011. As a result, comparisons for the first nine months of 2012 to the same time period in 2011 are impacted by increased levels of average balances, income, and expense due to the acquisition. At consummation, Centra had assets of approximately $1.3 billion, loans of $1.0 billion, deposits of $1.1 billion and shareholders’ equity of $131 million.

Third quarter of 2012 results produced a return on average assets of 0.92% and a return on average equity of 7.76%, respectively. For the first nine months of 2012, United’s return on average assets was 0.97% while the return on average equity was 8.32%. United’s annualized returns on average assets and average equity were 0.95% and 8.26%, respectively, for the third quarter of 2011 while the returns on average assets and average equity was 0.98% and 8.62%, respectively, for the first nine months of 2011.

United’s asset quality continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.53% at September 30, 2012 compares favorably to the most recently reported percentage of 2.93% at June 30, 2012 for United’s Federal Reserve peer group. At September 30, 2012, nonperforming loans were $98.4 million, up from nonperforming loans of $79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011. During the third quarter of 2012, loans totaling $20.5 million to two commercial customers were placed on nonaccrual status. The loss potential on these loans has been

United Bankshares, Inc. Announces…

October 25, 2012

Page Two

properly evaluated and allocated within the company’s allowance for loan losses. As of September 30, 2012, the allowance for loan losses was $73.7 million or 1.15% of loans, net of unearned income, which was comparable to $73.9 million or 1.18% of loans, net of unearned income, at December 31, 2011. Total nonperforming assets of $148.5 million, including OREO of $50.0 million at September 30, 2012, represented 1.77% of total assets which also compares favorably to the most recently reported percentage of 2.33% at June 30, 2012 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 13.8% at September 30, 2012 while its Tier I capital and leverage ratios are 12.6% and 10.7%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

Tax-equivalent net interest income for the third quarter of 2012 was $71.6 million, a decrease of $951 thousand or 1% from the third quarter of 2011 due mainly to a decrease in the average yield on earning assets. The third quarter of 2012 average yield on earning assets decreased 13 basis points from the third quarter of 2011. In addition, average earning assets decreased $90.5 million or 1% from the third quarter of 2011 as average short-term investments and average investment securities declined $199.5 million and $87.9 million, respectively. Average net loans did increase $197.0 million or 3% for the third quarter of 2012 from the third quarter of 2011 partially offsetting the decreases in average short-term investments and investment securities. Partially offsetting the decreases to tax-equivalent net interest income for the third quarter of 2012 was a decline of 14 basis points in the average cost of funds as compared to the third quarter of 2011. The net interest margin for the third quarter of 2012 was 3.87%, which equaled the net interest margin for the third quarter of 2011.

Tax-equivalent net interest income for the first nine months of 2012 was $212.8 million, an increase of $19.2 million or 10% from the first nine months of 2011. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Centra acquisition. Average earning assets increased $787.6 million or 12% from the first nine months of 2011. Average net loans increased $731.7 million or 13% for the first nine months of 2012. In addition, the average cost of funds declined 23 basis points from the first nine months of 2011. Partially offsetting the increases to tax-equivalent net interest income for the first nine months of 2012 was a decline of 27 basis points in the average yield on earning assets as compared to the first nine months of 2011. The net interest margin for the first nine months of 2012 was 3.80%, which was a decrease of 7 basis points from a net interest margin of 3.87% for the first nine months of 2011.

On a linked-quarter basis, United’s tax-equivalent net interest income for the third quarter of 2012 increased $951 thousand or 1% from the second quarter of 2012 due mainly to increases in average net loans and the average yield on earning assets. Average net loans increased $137.2 million or 2%. The third quarter of 2012 average yield on earning assets increased 7 basis points while the average cost of funds decreased 3 basis points from the second quarter of 2012. Overall, average earning assets decreased $165.5 million or 2% during the quarter as average short-term investments and average investment securities decreased $292.1 million and $10.6 million, respectively. The net interest margin of 3.87% for the third quarter of 2012 was an increase of 11 basis points from the net interest margin of 3.76% for the second quarter of 2012.

United Bankshares, Inc. Announces…

October 25, 2012

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For the quarters ended September 30, 2012 and 2011, the provision for loan losses was $4.3 million and $3.6 million, respectively, while the provision for the first nine months of 2012 was $11.9 million as compared to $12.9 million for the first nine months of 2011. Net charge-offs were $4.0 million and $3.3 million for the third quarter of 2012 and 2011, respectively, as compared to $12.0 million and $12.4 million for the first nine months of 2012 and 2011. Annualized net charge-offs as a percentage of average loans were 0.25% and 0.26% for the third quarter and first nine months of 2012, respectively. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 0.65% for the second quarter of 2012.

Noninterest income for the third quarter of 2012 was $16.6 million, which was an increase of $5.7 million from the third quarter of 2011. Included in noninterest income for the third quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $7.9 million on certain investment securities for the third quarter of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the third quarter of 2012 would have increased $367 thousand or 2% from the third quarter of 2011. This increase for the third quarter of 2012 was due primarily to increases of $890 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management and $614 thousand in mortgage banking income due to increased production and sales of mortgage loans in the secondary market.

Noninterest income for the first nine months of 2012 was $49.5 million, which was an increase of $10.6 million from the first nine months of 2011. Included in noninterest income for the first nine months of 2012 were noncash, before-tax, other-than-temporary impairment charges of $5.4 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $14.1 million on certain investment securities for the first nine months of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the first nine months of 2012 would have increased $3.3 million or 6% from the first nine months of 2011. This increase for the first nine months of 2012 was due primarily to increases of $2.1 million in income from trust and brokerage services due to increases in volume and the value of assets under management, $792 thousand in fees from deposit services due to an increase in check card income and $1.1 million in mortgage banking income due to increased production and sales of mortgage loans in the secondary market.

On a linked-quarter basis, noninterest income for the third quarter of 2012 was flat from the second quarter of 2012, increasing $47 thousand. Included in the results for the third quarter of 2012 and second quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $2.3 million and $1.7 million, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have increased $692 thousand or 4% on a linked-quarter basis due primarily to increases of $336 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market and $157 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management.

United Bankshares, Inc. Announces…

October 25, 2012

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Noninterest expense for the third quarter of 2012 was $53.9 million, an increase of $5.0 million or 10% from the third quarter of 2011 due mainly to the previously mentioned accrual of $3.3 million for the litigation settlement amount related to overdraft claims against United. In addition, employee benefits increased $910 thousand due to higher pension costs and data processing expense increased $734 thousand due to a conversion to a new servicer.

Noninterest expense for the first nine months of 2012 was $155.4 million, an increase of $21.4 million or 16% from the first nine months of 2011 due partially to the previously mentioned litigation settlement accrual. In addition, employee compensation increased $6.3 million due to additional employees from the Centra merger and employee benefits increased $3.4 million due mainly to an increase in pension costs. The remainder of the increase in noninterest expense from the first nine months of 2011 was due mainly to the additional offices and equipment from the Centra merger.

On a linked-quarter basis, noninterest expense for the third quarter of 2012 increased $2.6 million or 5% from the second quarter of 2012. This increase was due primarily to the litigation settlement accrual as well as an increase of $1.0 million in data processing expense related to the overlap of data processors and the conversion to a new servicer.

During the third quarter of 2012, United’s Board of Directors declared a cash dividend of $0.31 per share. United has increased its dividend to shareholders for 38 consecutive years. The annualized 2012 dividend of $1.24 equates to a yield of approximately 5% based on recent UBSI market prices.

United has consolidated assets of approximately $8.4 billion with 123 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2012 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2012 and will adjust amounts preliminarily reported, if necessary.

Forward-Looking Statements

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FINANCIAL SUMMARY

(In Thousands Except for Per Share Data)

	Three Months Ended						Nine Months Ended
	September 30 2012			September 30 2011			September 30 2012			September 30 2011
EARNINGS SUMMARY:
Interest income, taxable equivalent (non-GAAP)	$	82,888		$	86,466		$	249,010		$	235,848
Interest expense		11,322			13,949			36,194			42,257
Net interest income, taxable equivalent (non-GAAP)		71,566			72,517			212,816			193,591
Taxable equivalent adjustment		1,552			1,765			4,781			4,855
Net interest income (GAAP)		70,014			70,752			208,035			188,736
Provision for loan losses		4,346			3,637			11,915			12,873
Noninterest income		16,634			10,978			49,547			38,963
Noninterest expenses		53,869			48,873			155,383			134,019
Income taxes		9,099			9,204			28,891			25,454
Net income	$	19,334		$	20,016		$	61,393		$	55,353
PER COMMON SHARE:
Net income:
Basic	$	0.38		$	0.40		$	1.22		$	1.21
Diluted		0.38			0.40			1.22			1.21
Cash dividends	$	0.31		$	0.30			0.93			0.90
Book value								19.66			19.38
Closing market price							$	24.91		$	20.09
Common shares outstanding:
Actual at period end, net of treasury shares								50,275,998			50,205,691
Weighted average-basic		50,276,074			49,628,087			50,262,089			45,656,304
Weighted average-diluted		50,295,162			49,636,382			50,298,998			45,692,106
FINANCIAL RATIOS:
Return on average assets		0.92	%		0.95	%		0.97	%		0.98	%
Return on average shareholders’ equity		7.76	%		8.26	%		8.32	%		8.62	%
Average equity to average assets		11.92	%		11.47	%		11.72	%		11.39	%
Net interest margin		3.87	%		3.87	%		3.80	%		3.87	%
	September 30 2012			September 30 2011			December 31 2011			June 30 2012
PERIOD END BALANCES:
Assets	$	8,381,378		$	8,577,886		$	8,451,470		$	8,457,009
Earning assets		7,426,785			7,601,292			7,492,400			7,482,684
Loans, net of unearned income		6,422,613			6,253,295			6,230,777			6,308,983
Loans held for sale		12,905			7,378			3,902			9,279
Investment securities		766,713			871,898			824,219			722,854
Total deposits		6,753,924			6,927,975			6,819,010			6,860,441
Shareholders’ equity		988,429			972,753			968,844			981,181

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 2012			September 2011			June 2012			March 2012			September 2012			September 2011
Interest & Loan Fees Income (GAAP)	$	81,336		$	84,701		$	81,105		$	81,788		$	244,229		$	230,993
Tax equivalent adjustment		1,552			1,765			1,560			1,669			4,781			4,855
Interest & Fees Income (FTE) (non-GAAP)		82,888			86,466			82,665			83,457			249,010			235,848
Interest Expense		11,322			13,949			12,050			12,822			36,194			42,257
Net Interest Income (FTE) (non-GAAP)		71,566			72,517			70,615			70,635			212,816			193,591
Provision for Loan Losses		4,346			3,637			3,436			4,133			11,915			12,873
Non-Interest Income:
Fees from trust & brokerage services		4,170			3,280			4,013			3,984			12,167			10,027
Fees from deposit services		10,521			10,462			10,393			10,312			31,226			30,434
Bankcard fees and merchant discounts		866			1,237			738			647			2,251			2,475
Other charges, commissions, and fees		513			455			600			577			1,690			1,290
Income from bank owned life insurance		1,247			1,544			1,255			1,289			3,791			3,947
Mortgage banking income		819			205			483			318			1,620			570
Other non-interest revenue		686			1,272			648			658			1,992			2,722
Net other-than-temporary impairment losses		(2,255	)		(7,922	)		(1,742	)		(1,377	)		(5,374	)		(14,128	)
Net gains on sales/calls of investment securities		67			445			199			(82	)		184			1,626
Total Non-Interest Income		16,634			10,978			16,587			16,326			49,547			38,963
Non-Interest Expense:
Employee compensation		17,258			16,970			17,965			17,907			53,130			46,855
Employee benefits		5,271			4,361			5,823			5,192			16,286			12,870
Net occupancy		5,060			5,051			5,321			5,042			15,423			13,578
Data processing		3,675			2,941			2,639			3,209			9,523			8,618
Amortization of intangibles		697			860			724			762			2,183			1,597
OREO expense		2,160			2,129			2,160			2,328			6,648			5,129
FDIC expense		1,489			2,308			1,495			1,555			4,539			6,972
Other expenses		18,259			14,253			15,125			14,267			47,651			38,400
Total Non-Interest Expense		53,869			48,873			51,252			50,262			155,383			134,019
Income Before Income Taxes (FTE) (non-GAAP)		29,985			30,985			32,514			32,566			95,065			85,662
Tax equivalent adjustment		1,552			1,765			1,560			1,669			4,781			4,855
Income Before Income Taxes (GAAP)		28,433			29,220			30,954			30,897			90,284			80,807
Taxes		9,099			9,204			9,905			9,887			28,891			25,454
Net Income	$	19,334		$	20,016		$	21,049		$	21,010		$	61,393		$	55,353
MEMO: Effective Tax Rate		32.00	%		31.50	%		32.00	%		32.00	%		32.00	%		31.50	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	September  30 2012 Q-T-D Average			September  30 2011 Q-T-D Average			September 30 2012			December 31 2011			September 30 2011
Cash & Cash Equivalents	$	475,549		$	652,478		$	436,328		$	636,003		$	668,524
Securities Available for Sale		629,531			699,449			650,145			696,518			738,226
Held to Maturity Securities		52,998			62,572			52,929			59,289			62,114
Other Investment Securities		63,725			72,172			63,639			68,412			71,558
Total Securities		746,254			834,193			766,713			824,219			871,898
Total Cash and Securities		1,221,803			1,486,671			1,203,041			1,460,222			1,540,422
Loans held for sale		10,295			3,859			12,905			3,902			7,378
Commercial Loans		4,548,687			4,275,255			4,628,401			4,378,345			4,370,792
Mortgage Loans		1,508,239			1,563,506			1,502,227			1,556,905			1,553,378
Consumer Loans		306,357			333,342			297,702			299,030			334,391
Gross Loans		6,363,283			6,172,103			6,428,330			6,234,280			6,258,561
Unearned income		(5,711	)		(4,988	)		(5,717	)		(3,503	)		(5,266	)
Loans, net of unearned income		6,357,572			6,167,115			6,422,613			6,230,777			6,253,295
Allowance for Loan Losses		(73,398	)		(73,504	)		(73,748	)		(73,874	)		(73,509	)
Goodwill		371,778			361,995			375,583			375,626			376,912
Other Intangibles		11,213			1,762			10,776			12,950			11,787
Total Intangibles		382,991			363,757			386,359			388,576			388,699
Real Estate Owned		48,321			51,430			50,040			51,760			52,657
Other Assets		368,515			383,244			380,168			390,107			408,944
Total Assets	$	8,316,099		$	8,382,572		$	8,381,378		$	8,451,470		$	8,577,886
MEMO: Earning Assets	$	7,369,900		$	7,460,381		$	7,426,785		$	7,492,400		$	7,601,292
Interest-bearing Deposits	$	4,959,606		$	5,217,555		$	4,946,725		$	5,199,848		$	5,314,303
Noninterest-bearing Deposits		1,754,351			1,557,654			1,807,199			1,619,162			1,613,672
Total Deposits		6,713,957			6,775,209			6,753,924			6,819,010			6,927,975
Short-term Borrowings		280,319			248,829			288,482			254,766			260,320
Long-term Borrowings		287,661			354,482			285,000			345,366			355,433
Total Borrowings		567,980			603,311			573,482			600,132			615,753
Other Liabilities		42,513			42,340			65,543			63,484			61,405
Total Liabilities		7,324,450			7,420,860			7,392,949			7,482,626			7,605,133
Preferred Equity		—			—			—			—			—
Common Equity		991,649			961,712			988,429			968,844			972,753
Total Shareholders’ Equity		991,649			961,712			988,429			968,844			972,753
Total Liabilities & Equity	$	8,316,099		$	8,382,572		$	8,381,378		$	8,451,470		$	8,577,886
MEMO: Interest-bearing Liabilities	$	5,527,586		$	5,820,866		$	5,520,207		$	5,799,980		$	5,930,056

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 2012			September 2011			June 2012			March 2012			September 2012			September 2011
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.38		$	0.40		$	0.42		$	0.42		$	1.22		$	1.21
Diluted	$	0.38		$	0.40		$	0.42		$	0.42		$	1.22		$	1.21
Common Dividend Declared Per Share:	$	0.31		$	0.30		$	0.31		$	0.31		$	0.93		$	0.90
High Common Stock Price	$	26.40		$	25.21		$	29.45		$	30.91		$	30.91		$	30.84
Low Common Stock Price	$	22.54		$	18.78		$	23.87		$	27.36		$	22.54		$	18.78
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,276,074			49,628,087			50,274,665			50,235,374			50,262,089			45,656,304
Diluted		50,295,162			49,636,382			50,308,228			50,300,538			50,298,998			45,692,106
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	23		$	156		$	70		$	(29	)	$	64		$	569
Common Dividends	$	15,589		$	15,062		$	15,605		$	15,570		$	46,764		$	41,256
Dividend Payout Ratio		80.63	%		75.25	%		74.14	%		74.11	%		76.17	%		74.53	%

	September 2012			September 2011			June 2012			March 2012
EOP Share Data:
Book Value Per Share	$	19.66		$	19.38		$	19.52		$	19.42
Tangible Book Value Per Share(1)	$	11.98		$	11.63		$	11.82		$	11.71
52-week High Common Stock Price	$	30.91		$	30.84		$	30.91		$	30.91
Date		03/19/12			01/19/11			03/19/12			03/19/12
52-week Low Common Stock Price	$	19.06		$	18.78		$	18.78		$	18.78
Date		10/04/11			09/22/11			09/22/11			09/22/11
EOP Shares Outstanding (Net of Treasury Stock):		50,275,998			50,205,691			50,275,869			50,274,104
Memorandum Items:
EOP Employees (full-time equivalent)		1,597			1,632			1,626			1,637
Note:
(1) Tangible Book Value Per Share:
Total Shareholders’ Equity (GAAP)	$	988,429		$	972,753		$	981,181		$	976,303
Less: Total Intangibles		(386,359	)		(388,699	)		(387,056	)		(387,766	)
Tangible Equity (non-GAAP)	$	602,070		$	584,054		$	594,125		$	588,517
÷ EOP Shares Outstanding (Net of Treasury Stock)		50,275,998			50,205,691			50,275,869			50,274,104
Tangible Book Value Per Share (non-GAAP)	$	11.98		$	11.63		$	11.82		$	11.71

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 2012			September 2011			June 2012			March 2012			September 2012			September 2011
Selected Yields and Net Interest Margin:
Loans		4.85	%		5.14	%		5.01	%		5.02	%		4.96	%		5.18	%
Investment Securities		3.28	%		3.48	%		2.91	%		3.08	%		3.09	%		3.79	%
Money Market Investments/FFS		0.18	%		0.27	%		0.27	%		0.26	%		0.24	%		0.31	%
Average Earning Assets Yield		4.48	%		4.61	%		4.41	%		4.47	%		4.45	%		4.72	%
Interest-bearing Deposits		0.63	%		0.74	%		0.65	%		0.67	%		0.65	%		0.87	%
Short-term Borrowings		0.08	%		0.08	%		0.10	%		0.09	%		0.09	%		0.06	%
Long-term Borrowings		4.73	%		4.73	%		4.78	%		4.83	%		4.78	%		4.77	%
Average Liability Costs		0.81	%		0.95	%		0.84	%		0.89	%		0.85	%		1.08	%
Net Interest Spread		3.67	%		3.66	%		3.57	%		3.58	%		3.60	%		3.64	%
Net Interest Margin		3.87	%		3.87	%		3.76	%		3.78	%		3.80	%		3.87	%
Selected Financial Ratios:
Return on Average Common Equity		7.76	%		8.26	%		8.58	%		8.63	%		8.32	%		8.62	%
Return on Average Assets		0.92	%		0.95	%		1.00	%		1.00	%		0.97	%		0.98	%
Efficiency Ratio		56.44	%		50.44	%		54.50	%		53.35	%		54.77	%		51.94	%

	September 2012			September 2011			June 2012			March 2012
Loan / Deposit Ratio		95.09	%		90.26	%		91.96	%		90.01	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		1.15	%		1.18	%		1.16	%		1.19	%
Allowance for Credit Losses(1)/ Loans, Net of Unearned Income		1.18	%		1.21	%		1.20	%		1.22	%
Nonaccrual Loans / Loans, Net of Unearned Income		1.27	%		0.86	%		1.00	%		1.00	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.19	%		0.26	%		0.16	%		0.16	%
Non-performing Loans/ Loans, Net of Unearned Income		1.53	%		1.18	%		1.23	%		1.23	%
Non-performing Assets/ Total Assets		1.77	%		1.47	%		1.49	%		1.48	%
Primary Capital Ratio		12.58	%		12.11	%		12.38	%		12.23	%
Shareholders’ Equity Ratio		11.79	%		11.34	%		11.60	%		11.45	%
Price / Book Ratio		1.27x			1.04x			1.33x			1.49x
Price / Earnings Ratio		16.20x			12.45x			15.46x			17.27x

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 2012		September 2011		December 2011		June 2012		March 2012
Asset Quality Data:
EOP Non-Accrual Loans	$	81,861	$	53,759	$	59,892	$	63,279	$	62,037
EOP 90-Day Past Due Loans		12,475		16,340		16,179		10,029		9,816
EOP Restructured Loans		4,091		3,624		3,592		4,255		4,335
Total EOP Non-performing Loans	$	98,427	$	73,723	$	79,663	$	77,563	$	76,188
EOP Other Real Estate Owned		50,040		52,657		51,760		48,608		49,864
Total EOP Non-performing Assets	$	148,467	$	126,380	$	131,423	$	126,171	$	126,052

	Three Months Ended												Year to Date
	September 2012			September 2011			June 2012			March 2012			September 2012			September 2011
Allowance for Credit Losses: (1)
Beginning Balance	$	75,525		$	75,181		$	75,747		$	75,727		$	75,727		$	75,039
Provision for Credit Losses (3)		4,022			3,573			3,813			4,015			11,850			12,852
		79,547			78,754			79,560			79,742			87,577			87,891
Gross Charge-offs		(4,453	)		(4,867	)		(5,188	)		(4,734	)		(14,375	)		(15,207	)
Recoveries		442			1,607			1,153			739			2,334			2,810
Net Charge-offs		(4,011	)		(3,260	)		(4,035	)		(3,995	)		(12,041	)		(12,397	)
Ending Balance	$	75,536		$	75,494		$	75,525		$	75,747		$	75,536		$	75,494

Notes:

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

(2) Restructured loans with an aggregate balance of $1,277, $1,549, $1,528, $1,427 and $2,283 at September 30, 2012, September 30, 2011, December 31, 2011, June 30, 2012 and March 31, 2012, 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.