8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
October 23, 2008

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

West Virginia	No. 0-13322	55-0641179
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

300 United Center
500 Virginia Street, East
Charleston, West Virginia 25301
(Address of Principal Executive Offices)

(304) 424-8800
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 2.02. Results of Operations and Financial Condition

     On October 23, 2008, United Bankshares, Inc. (“United”) announced its financial results for the third quarter and first nine months of 2008. A copy of the press release is attached as Exhibit 99.1 to this report. Additionally, United provided supplemental financial information for analysts and other interested investors, which is attached as Exhibit 99.2 to this report. The press release and supplemental financial information are being furnished under Item 2.02 of this Form 8-K.

Item 9.01. Financial Statements and Exhibits

     (c) The following exhibits are being furnished herewith:

99.1	Press Release, dated October 23, 2008, issued by United Bankshares, Inc.
99.2	Unaudited Supplemental Financial Information

SIGNATURES

     Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNITED BANKSHARES, INC.
Date: October 23, 2008	By:	/s/ Steven E. Wilson
	Steven E. Wilson, Executive Vice President, Treasurer, Secretary and Chief Financial Officer

EX-99.1

EXHIBIT 99.1
News Release

For Immediate Release	Contact: Steven E. Wilson
October 23, 2008	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings
for the Third Quarter and First Nine Months of 2008

          WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), announced today earnings for the third quarter and first nine months of 2008. Third quarter earnings were $19.6 million or $0.45 per diluted share while earnings for the first nine months of 2008 were $70.4 million or $1.62 per diluted share. As previously reported, these results included a noncash before-tax other-than-temporary impairment charge of $9.0 million on a corporate debt holding and a positive tax adjustment of $1.4 million due to the expiration of the statute of limitations for examinations of certain years.

          Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer stated “On a relative basis, United’s earnings continue to be solid. While many banking companies have reported losses and reduced or suspended dividends, United’s income before income taxes was $100.3 million for the first nine months of 2008 and the annualized dividend for 2008 would represent the thirty-fifth consecutive year of dividend increases for United shareholders.”

          Earnings for the third quarter of 2007 were $25.8 million or $0.60 per diluted share while earnings for the first nine months of 2007 were $74.7 million or $1.79 per diluted share. During the third quarter of 2007, United recorded a positive tax adjustment of $1.1 million due to the expiration of the statute of limitations for examinations of certain years.

          Tax-equivalent net interest income for the third quarter of 2008 was $67.6 million, an increase of $4.3 million or 7% from the third quarter of 2007. This increase in tax-equivalent net interest income was primarily attributable to an increase of $523.8 million or 8% in average earning assets as average net loans grew $463.9 million or 9% from the third quarter of 2007. In addition, the average cost of funds declined 129 basis points for the third quarter of 2008 as compared to the third quarter of 2007. The decrease in the average cost of funds was due mainly to a decrease in market interest rates and the refinancing of long-term debt during the fourth quarter of 2007. Partially offsetting these increases in net interest income was a decline of 112 basis points in the average yield on earning assets due to the decrease in market interest rates. The net interest margin for the third quarter of 2008 was 3.71%, a slight decrease of 4 basis points from a net interest margin of 3.75% for the third quarter of 2007.

          Tax-equivalent net interest income for the first nine months of 2008 was $200.6 million, an increase of $23.7 million or 13% from the first nine months of 2007. This increase in tax-equivalent net interest income was primarily attributable to a $951.2 million or 15% increase in average earning assets resulting partially from the loan growth mentioned above and the July 2007 acquisition of Premier Community Bankshares, Inc. (Premier). Additionally, the average cost of funds for the first nine months of 2008 declined 99 basis points from the first nine months of 2007 due to a decrease in market interest rates and the refinancing of long-term debt during the second and fourth quarters of 2007. However, the average yield on earning assets declined 84 basis points due to the decrease in market interest rates. The net interest margin for the first nine months of 2008 was 3.72%, down 6 basis points from a net interest margin of 3.78% for the first nine months of 2007.

United Bankshares, Inc. Announces...
October 23, 2008
Page Two

          On a linked-quarter basis, United’s tax-equivalent net interest income for the third quarter of 2008 increased $798 thousand or 1% from the second quarter of 2008 due mainly to a decline of 9 basis points in the average cost of funds. In addition, average earning assets increased $53.3 million or 1% for the quarter as average net loans grew $86.4 million or 1.5%. The average yield on earning assets declined 8 basis points. The net interest margin of 3.71% for the third quarter of 2008 was equal to the net interest margin for the second quarter of 2008.

          For the quarters ended September 30, 2008 and 2007, the provision for credit losses was $6.5 million and $1.6 million, respectively, while the provision for the first nine months of 2008 was $12.9 million as compared to $2.8 million for 2007. Net charge-offs were $6.3 million and $12.3 million for the third quarter and first nine months of 2008, respectively, as compared to $1.8 million and $4.2 million for the third quarter and first nine months of 2007. These higher amounts of provision expense and net charge-offs in 2008 reflect a weakened credit environment due to a deterioration of economic conditions. Annualized net charge-offs as a percentage of average loans were 0.42% and 0.28% for the third quarter and first nine months of 2008, respectively. As of September 30, 2008, the allowances for loan losses and lending-related commitments totaled $59.4 million or 1.00% of loans, net of unearned income, as compared to $58.7 million or 1.01% of loans, net of unearned income at December 31, 2007.

          Noninterest income for the third quarter of 2008 was $10.3 million which included the previously mentioned noncash before-tax other-than-temporary impairment charge. Excluding the results of security transactions, noninterest income for the third quarter of 2008 would have increased $2.3 million or 14% from the third quarter of 2007. This increase primarily resulted from an increase in fees from deposit services of $1.2 million or 13% due mainly to the High Performance Checking program. In addition, revenue from trust and brokerage services for the third quarter of 2008 grew $734 thousand or 19% from the third quarter of 2007 due to an increase in volume while bank-owned life insurance income increased $443 thousand or 38% due to an increase in the cash surrender value.

          Noninterest income for the first nine months of 2008 was $48.1 million. Included in noninterest income for the first nine months of 2008 was the noncash before-tax other-than-temporary impairment charge and a $917 thousand gain recorded in the first quarter of 2008 related to Visa’s initial public offering and the partial redemption of Visa shares held by United. Noninterest income for the first nine months of 2007 was $48.8 million which included a before-tax gain of $787 thousand on the termination of two interest rate swap transactions. Excluding the results of security transactions and swap terminations, noninterest income would have increased $8.9 million or 19% from the first nine months of 2007. This increase primarily resulted from an increase in fees from deposit services of $5.2 million or 22% due mainly to the High Performance Checking program and the Premier acquisition. In addition, revenue from trust and brokerage services grew $1.9 million or 17% for the first nine months of 2008 due to higher volume. Other income increased $1.3 million from the first nine months of 2007 due mainly to an increase of $2.0 million from derivatives not in a hedging relationship. A corresponding amount of expense is included in other expense in the income statement.

United Bankshares, Inc. Announces...
October 23, 2008
Page Three

          On a linked-quarter basis, noninterest income for the third quarter of 2008 decreased $8.9 million from the second quarter of 2008 due to the previously mentioned other-than-temporary impairment charge. Excluding the results of security transactions, noninterest income would have increased $268 thousand or 1% due mainly to higher income from bank owned life insurance of $610 thousand as a result of an increase in the cash surrender value.

          Noninterest expense for the third quarter of 2008 was $41.6 million, an increase of $2.6 million or 7% from the third quarter of 2007 due mainly to an increase in salaries and benefits expense of $1.2 million or 7% due to the timing of the Premier merger. Net occupancy expense increased $340 thousand or 9% due mainly to increases in building maintenance and utilities expense. Several other general operating expenses increased, none of which were individually significant.

          Noninterest expense for the first nine months of 2008 was $124.5 million, an increase of $21.5 million or 21% from the first nine months of 2007. Salaries and employee benefits expense increased $9.5 million, net occupancy expense increased $2.0 million, core deposits amortization increased $957 thousand and armored car expense increased $726 thousand due mainly to the Premier merger. Equipment expense including other real estate owned (OREO) increased $1.2 million due mainly to increased losses as a result of a decline in values associated with OREO properties. Data processing expense increased $1.3 million due to an outsourcing of functions, a change in processing procedures as well as the Premier merger. Several other general operating expenses increased due primarily to the Premier merger, none of which were individually significant.

          On a linked-quarter basis, noninterest expense for the third quarter of 2008 was relatively flat from the second quarter of 2008, increasing $161 thousand or less than 1%. Salaries and employee benefits expense was flat, decreasing $175 thousand or less than 1%. Net occupancy expense increased $189 thousand or 5% due to increases in building maintenance and utilities expense. Equipment expense decreased $698 thousand due mainly to fewer OREO losses. Several other general operating expenses increased, none of which were individually significant.

          Income tax expense for the third quarter and first nine months of 2008 was $6.7 million and $29.8 million, respectively, as compared to $10.1 million and $32.9 million for the third quarter and first nine months of 2007, respectively. During the third quarter of 2008, United reduced its income tax reserve by $1.4 million due to the expiration of the statute of limitations for examinations of certain years as compared to $1.1 million in the third quarter of 2007. As a result, United’s effective tax rate was 25.60% and 29.75% for the third quarter and first nine months of 2008, respectively, as compared to 28.06% and 30.55% for the third quarter and first nine months of 2007, respectively.

          At September 30, 2008, nonperforming loans were $49.0 million or 0.83% of loans, net of unearned income, stable from nonperforming loans of $49.4 million or 0.84% of loans, net of unearned income at June 30, 2008 but higher than $28.3 million or 0.49% of loans, net of unearned income at December 31, 2007, respectively. The increase in nonperforming loans since year-end is indicative of the decline in economic conditions. These nonperforming loans are not of one particular portfolio, but rather represent several customer segments. Higher unemployment levels, increased energy prices, and declines in real estate values have impacted the performance of both consumer and commercial portfolios. The loss potential on these loans has

United Bankshares, Inc. Announces...
October 23, 2008
Page Four

been properly evaluated and allocated within the company’s allowance for loan losses. Total nonperforming assets of $62.4 million, including OREO of $13.3 million at September 30, 2008, represented 0.77% of total assets which compares favorably to the most recently reported percentage of 0.96% at June 30, 2008 for United’s peer group.

          During the third quarter of 2008, United’s Board of Directors declared a cash dividend of $0.29 per share, which represented a 4% increase over the $0.28 per share dividend paid for the third quarter of 2007. Dividends per share of $0.87 for the first three quarters of 2008 also represented a 4% increase over the $0.84 per share paid for the first three quarters of 2007. The annualized first three quarters’ dividend of $0.87 per share equals $1.16 which would represent the thirty-fifth consecutive year of dividend increases for United shareholders.

          United has consolidated assets of approximately $8.1 billion with 114 full service offices in West Virginia, Virginia, Maryland, Ohio and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

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			September 30			September 30			September 30
	2008			2007			2008			2007
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	110,211		$	121,519		$	337,773		$	331,940
Interest expense		42,623			58,197			137,158			155,039
Net interest income, taxable equivalent		67,588			63,322			200,615			176,901
Taxable equivalent adjustment		3,451			4,210			11,048			12,307
Net interest income		64,137			59,112			189,567			164,594
Provision for credit losses		6,497			1,550			12,948			2,750
Noninterest income		10,330			17,326			48,123			48,767
Noninterest expense		41,638			39,022			124,473			103,013
Income taxes		6,740			10,063			29,834			32,876
Net income		19,592			25,803			70,435			74,722
PER COMMON SHARE:
Net income:
Basic		0.45			0.60			1.63			1.80
Diluted		0.45			0.60			1.62			1.79
Cash dividends	$	0.29		$	0.28			0.87			0.84
Book value								17.86			17.49
Closing market price							$	35.00		$	30.44
Common shares outstanding:
Actual at period end, net of treasury shares								43,283,927			43,182,328
Weighted average- basic		43,276,962			42,731,909			43,262,926			41,458,388
Weighted average- diluted		43,421,333			42,998,484			43,418,755			41,811,493
FINANCIAL RATIOS:
Return on average assets		0.97	%		1.37	%		1.18	%		1.45	%
Return on average shareholders’ equity		9.94	%		13.91	%		12.05	%		14.81	%
Average equity to average assets		9.75	%		9.82	%		9.78	%		9.81	%
Net interest margin		3.71	%		3.75	%		3.72	%		3.78	%

	September 30		September 30		December 31		June 30
	2008		2007		2007		2008
PERIOD END BALANCES:
Assets	$	8,095,553	$	7,685,688	$	7,994,739	$	8,048,472
Earning assets		7,261,723		6,897,429		7,167,127		7,227,167
Loans, net of unearned income		5,911,618		5,586,326		5,793,484		5,845,984
Loans held for sale		718		954		1,270		4,199
Investment securities		1,377,677		1,323,269		1,394,764		1,396,888
Total deposits		5,504,471		5,346,226		5,349,750		5,472,979
Shareholders’ equity		773,109		755,269		761,199		772,864

EX-99.2

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			September			June			March			September			September
	2008			2007			2008			2008			2008			2007
Interest & Loan Fees Income	$	106,760		$	117,309		$	106,419		$	113,546		$	326,725		$	319,633
Tax Equivalent Adjustment		3,451			4,210			3,638			3,960			11,048			12,307
Interest & Fees Income (FTE)		110,211			121,519			110,057			117,506			337,773			331,940
Interest Expense		42,623			58,197			43,267			51,268			137,158			155,039
Net Interest Income (FTE)		67,588			63,322			66,790			66,238			200,615			176,901
Credit Loss Provision		6,497			1,550			4,351			2,100			12,948			2,750
Non-Interest Income:
Investment Securities Transactions		(9,167	)		172			(46	)		955			(8,258	)		494
Fees from Trust & Brokerage Services		4,522			3,788			4,553			3,939			13,014			11,097
Fees from Deposit Services		10,251			9,087			10,002			9,083			29,336			24,134
Bankcard Fees and Merchant Discounts		1,543			1,716			1,734			1,558			4,835			4,522
Other Charges, Commissions, and Fees		450			569			589			488			1,527			1,247
Income from Bank Owned Life Insurance		1,622			1,179			1,012			1,309			3,943			3,965
Income from Mortgage Banking		93			124			156			93			342			447
Gain on Termination of Interest Rate Swaps Associated with Prepayment of FHLB Advances		—			—			—			—			—			787
Other Non-Interest Revenue		1,016			691			1,183			1,185			3,384			2,074
Total Non-Interest Income		10,330			17,326			19,183			18,610			48,123			48,767
Non-Interest Expense:
Salaries and Employee Benefits		18,766			17,559			18,941			19,028			56,735			47,207
Net Occupancy		4,163			3,823			3,974			4,297			12,434			10,393
Other Expense		17,361			16,292			16,428			16,619			50,408			41,799
Prepayment Penalties on FHLB Advances		—			—			—			—			—			786
Amortization of Intangibles		789			1,000			940			1,018			2,747			1,790
OREO Expense		271			202			1,043			242			1,556			604
FDIC Expense		288			146			151			154			593			434
Total Non-Interest Expense		41,638			39,022			41,477			41,358			124,473			103,013
Income Before Income Taxes (FTE)		29,783			40,076			40,145			41,390			111,317			119,905
Tax Equivalent Adjustment		3,451			4,210			3,638			3,960			11,048			12,307
Income Before Income Taxes		26,332			35,866			36,507			37,430			100,269			107,598
Taxes		6,740			10,063			11,360			11,734			29,834			32,876
Net Income	$	19,592		$	25,803		$	25,147		$	25,696		$	70,435		$	74,722
MEMO: Effective Tax Rate		25.60	%		28.06	%		31.12	%		31.35	%		29.75	%		30.55	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	September 30			September 30
	2008			2007			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2008			2007			2007
Cash & Cash Equivalents	$	191,535		$	243,752		$	224,478		$	230,651		$	204,461
Securities Available for Sale		1,161,361			1,054,112			1,169,998			1,156,561			1,098,548
Held to Maturity Securities		137,450			161,971			127,123			157,228			158,252
Other Investment Securities		81,773			60,723			80,556			80,975			66,469
Total Securities		1,380,584			1,276,806			1,377,677			1,394,764			1,323,269
Total Cash and Securities		1,572,119			1,520,558			1,602,155			1,625,415			1,527,730
Loans Held for Sale		1,750			1,659			718			1,270			954
Commercial Loans		3,808,538			3,241,440			3,813,651			3,648,999			3,423,202
Mortgage Loans		1,751,651			1,817,068			1,752,523			1,772,441			1,783,319
Consumer Loans		353,644			383,813			352,088			379,121			386,724
Gross Loans		5,913,833			5,442,321			5,918,262			5,800,561			5,593,245
Unearned Income		(6,773	)		(7,065	)		(6,644	)		(7,077	)		(6,919	)
Loans, Net of Unearned Income		5,907,060			5,435,256			5,911,618			5,793,484			5,586,326
Allowance for Loan Losses		(57,041	)		(49,088	)		(57,556	)		(50,456	)		(50,353	)
Goodwill		312,371			292,076			312,371			312,111			312,857
Other Intangibles		8,559			16,702			8,131			10,878			11,955
Total Intangibles		320,930			308,778			320,502			322,989			324,812
Real Estate Owned		10,605			4,519			13,340			6,365			5,338
Other Assets		288,051			275,283			304,776			295,672			290,881
Total Assets	$	8,043,474		$	7,496,965		$	8,095,553		$	7,994,739		$	7,685,688
MEMO: Earning Assets	$	7,261,479		$	6,737,658		$	7,261,723		$	7,167,127		$	6,897,429
Interest-bearing Deposits	$	4,571,745		$	4,391,017		$	4,581,987		$	4,436,323		$	4,471,530
Noninterest-bearing Deposits		880,569			876,034			922,484			913,427			874,696
Total Deposits		5,452,314			5,267,051			5,504,471			5,349,750			5,346,226
Short-term Borrowings		830,170			712,609			819,227			1,036,063			730,618
Long-term Borrowings		921,568			714,870			927,870			774,162			775,131
Total Borrowings		1,751,738			1,427,479			1,747,097			1,810,225			1,505,749
Other Liabilities		55,569			66,534			70,876			73,565			78,444
Total Liabilities		7,259,621			6,761,064			7,322,444			7,233,540			6,930,419
Common Equity		783,853			735,901			773,109			761,199			755,269
Total Shareholders’ Equity		783,853			735,901			773,109			761,199			755,269
Total Liabilities & Equity	$	8,043,474		$	7,496,965		$	8,095,553		$	7,994,739		$	7,685,688

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			September		June			March		September			September
	2008			2007		2008			2008		2008			2007
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.45		$	0.60	$	0.58		$	0.59	$	1.63		$	1.80
Diluted	$	0.45		$	0.60	$	0.58		$	0.59	$	1.62		$	1.79
Common Dividend Declared Per Share:	$	0.29		$	0.28	$	0.29		$	0.29	$	0.87		$	0.84
High Common Stock Price	$	42.00		$	32.98	$	31.33		$	33.07	$	42.00		$	39.50
Low Common Stock Price	$	18.52		$	25.70	$	22.95		$	24.00	$	18.52		$	25.70
Average Shares Outstanding (Net of Treasury      Stock):
Basic		43,276,962			42,731,909		43,264,809			43,246,852		43,262,926			41,458,388
Diluted		43,421,333			42,998,484		43,419,616			43,418,571		43,418,755			41,811,493
Memorandum Items:
Tax Applicable to Security Transactions	$	(3,208	)	$	60	$	(16	)	$	334	$	(2,890	)	$	173
Common Dividends	$	12,552		$	12,089	$	12,548		$	12,542	$	37,642		$	34,909

	September		September		June		March
	2008		2007		2008		2008
EOP Share Data:
Book Value Per Share	$	17.86	$	17.49	$	17.86	$	17.83
Tangible Book Value Per Share	$	10.46	$	9.97	$	10.44	$	10.39
52-week High Common Stock Price	$	42.00	$	39.71	$	33.61	$	35.37
Date		09/19/08		12/28/06		10/05/07		04/03/07
52-week Low Common Stock Price	$	18.52	$	25.70	$	22.95	$	24.00
Date		07/15/08		08/06/07		06/30/08		01/18/08
EOP Shares Outstanding (Net of Treasury Stock):		43,283,927		43,182,328		43,270,277		43,260,951
Memorandum Items:
EOP Employees (full-time equivalent)		1,544		1,543		1,568		1,558

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			September			June			March			September			September
	2008			2007			2008			2008			2008			2007
Selected Yields and Net Interest Margin:
Loans		6.21	%		7.54	%		6.34	%		6.86	%		6.47	%		7.47	%
Investment Securities		5.45	%		5.76	%		5.39	%		5.68	%		5.51	%		5.71	%
Money Market Investments/FFS		1.91	%		4.76	%		2.07	%		3.10	%		2.36	%		5.11	%
Average Earning Assets Yield		6.05	%		7.17	%		6.13	%		6.61	%		6.26	%		7.10	%
Interest-bearing Deposits		2.57	%		3.63	%		2.69	%		3.16	%		2.80	%		3.56	%
Short-term Borrowings		1.54	%		4.58	%		1.64	%		2.77	%		2.02	%		4.50	%
Long-term Borrowings		4.26	%		5.44	%		4.40	%		4.80	%		4.47	%		5.65	%
Average Liability Costs		2.68	%		3.97	%		2.77	%		3.30	%		2.92	%		3.91	%
Net Interest Spread		3.37	%		3.20	%		3.36	%		3.31	%		3.34	%		3.19	%
Net Interest Margin		3.71	%		3.75	%		3.71	%		3.72	%		3.72	%		3.78	%
Selected Financial Ratios:
Return on Average Common Equity		9.94	%		13.91	%		12.90	%		13.35	%		12.05	%		14.81	%
Return on Average Assets		0.97	%		1.37	%		1.27	%		1.30	%		1.18	%		1.45	%
Efficiency Ratio		46.60	%		47.00	%		45.91	%		47.80	%		46.76	%		44.68	%

	September			September			June			March
	2008			2007			2008			2008
Loan / Deposit Ratio		107.40	%		104.49	%		106.82	%		107.12	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		0.97	%		0.90	%		0.98	%		0.98	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income		1.00	%		1.05	%		1.01	%		1.02	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.61	%		0.16	%		0.58	%		0.43	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.22	%		0.25	%		0.27	%		0.21	%
Non-performing Loans/ Loans, Net of Unearned Income		0.83	%		0.41	%		0.84	%		0.65	%
Non-performing Assets/ Total Assets		0.77	%		0.37	%		0.73	%		0.56	%
Primary Capital Ratio		10.21	%		10.51	%		10.26	%		10.32	%
Shareholders’ Equity Ratio		9.55	%		9.83	%		9.60	%		9.66	%
Price / Book Ratio		1.96	x		1.74	x		1.28	x		1.50	x
Price / Earnings Ratio		19.39	x		12.68	x		9.91	x		11.26	x

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

	September		September		December		June		March
	2008		2007		2007		2008		2008
Asset Quality Data:
EOP Non-Accrual Loans	$	36,065	$	8,958	$	14,115	$	33,676	$	25,103
EOP 90-Day Past Due Loans		12,963		13,827		14,210		15,696		12,375
Total EOP Non-performing Loans	$	49,028	$	22,785	$	28,325	$	49,372	$	37,478
EOP Other Real Estate & Assets Owned		13,340		5,338		6,365		9,618		7,043
Total EOP Non-performing Assets	$	62,368	$	28,123	$	34,690	$	58,990	$	44,521

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2008			2007			2008			2008			2008			2007
Allowance for Credit Losses:(1)
Beginning Balance	$	59,161		$	51,220		$	59,050		$	58,744		$	58,744		$	52,371
Allowance for Acquired Loans		—			7,648			—			—			—			7,648
Provision Expense		6,497			1,550			4,351			2,100			12,948			2,750
		65,658			60,418			63,401			60,844			71,692			62,769
Gross Charge-offs		(6,529	)		(2,104	)		(4,484	)		(2,033	)		(13,046	)		(4,952	)
Recoveries		259			303			244			239			742			800
Net Charge-offs		(6,270	)		(1,801	)		(4,240	)		(1,794	)		(12,304	)		(4,152	)
Ending Balance	$	59,388		$	58,617		$	59,161		$	59,050		$	59,388		$	58,617

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