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 26, 2009

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:

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

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

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

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

Item 2.02. Results of Operations and Financial Condition

On October 26, 2009, United Bankshares, Inc. (“United”) announced its financial results for the third quarter and first nine months of 2009. 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 26, 2009, 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 26, 2009	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 26, 2009	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings

for the Third Quarter and First Nine Months of 2009

WASHINGTON, D.C. and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2009. Third quarter of 2009 earnings were $17.4 million or $0.40 per diluted share while earnings for the first nine months of 2009 were $55.2 million or $1.27 per diluted share.

“We are pleased with the financial performance results for the first nine months of 2009, especially in light of the very challenging economic times,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “While earnings are down compared to last year, United’s earnings for the first nine months of 2009 compare very favorably to most regional banking companies as evidenced by a return on average assets of nearly 1% as compared to -0.22% for the first six months of 2009 for United’s Federal Reserve peer group of bank holding companies with total assets between $3 and $10 billion.”

Earnings for the third quarter of 2008 were $19.6 million or $0.45 per diluted share. Earnings for the first nine months of 2008 were $70.4 million or $1.62 per diluted share.

United’s asset quality also continues to compare favorably to its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.26% at September 30, 2009 compares favorably to the most recently reported percentage of 3.61% at June 30, 2009 for United’s Federal Reserve peer group. At September 30, 2009, nonperforming loans were $72.9 million or 1.26% of loans, net of unearned income, up from nonperforming loans of $60.5 million or 1.03% of loans, net of unearned income at June 30, 2009 and nonperforming loans of $54.2 million or 0.90% of loans, net of unearned income at December 31, 2008. The increase in nonperforming loans since year-end 2008 is indicative of the current economic conditions. High unemployment levels and the recent economic recession have impacted the performance of both consumer and commercial portfolios. Any probable loss on these loans has been properly evaluated and allocated within the company’s allowance for loan losses. As of September 30, 2009, the allowance for loan losses was $68.1 million or 1.18% of loans, net of unearned income, as compared to $61.5 million or 1.02% of loans, net of unearned income at December 31, 2008. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 93.4% and 113.5% at September 30, 2009 and December 31, 2008, respectively. The coverage ratio for United’s Federal Reserve peer group was 81.1% at June 30, 2009. Total nonperforming assets of $117.6 million, including OREO of $44.8 million at September 30, 2009, represented 1.45% of total assets which also compares favorably to the most recently reported percentage of 2.97% at June 30, 2009 for United’s Federal Reserve peer group.

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October 26, 2009

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United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 12.1% at September 30, 2009 while its Tier I capital and leverage ratios are 10.8% and 9.0%, 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%.

Results for the third quarter of 2009 included a before-tax other-than-temporary impairment charge of $2.8 million on certain investment securities and a positive tax adjustment of $568 thousand due to the expiration of the statute of limitations for examinations of certain years. In addition, results for the first nine months of 2009 included a credit loss provision of $17.6 million for three loans with fraudulent collateral made to three affiliated companies of a commercial customer, an additional expense of $3.6 million for a special FDIC assessment, and an other-than-temporary impairment charge of $782 thousand on an investment security, all of which were recorded in the second quarter. All of these expense amounts are before-taxes. Also, results for the first nine months of 2009 included an income tax benefit of $11.5 million recorded in the first quarter associated with net operating loss carryforwards and a positive adjustment to income tax expense as a result of a concluded tax examination.

Results for the third quarter and first nine months of 2008 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. Also included in the results for the first nine months of 2008 was a $917 thousand before-tax gain related to Visa’s initial public offering and the partial redemption of Visa shares held by United.

Tax-equivalent net interest income for the third quarter of 2009 was $64.5 million, a decrease of $3.1 million or 5% from the third quarter of 2008. This decrease in tax-equivalent net interest income was primarily attributable to a decline in average earning assets of $181.9 million or 3% for the third quarter of 2009. Average net loans declined $68.0 million or 1% for the third quarter of 2009 while average investments decreased $264.8 million or 19% due mainly to maturities and calls of securities and a decline in the fair value of available for sale securities from the third quarter of 2008. Average short-term investments increased $150.9 million as a result of United placing its excess cash in an interest-bearing account with the Federal Reserve. In addition, the average yield on earning assets declined 79 basis points for the third quarter of 2009 as compared to the third quarter of 2008. Partially offsetting these decreases to tax-equivalent net interest income was a decrease of 75 basis points in the third quarter of 2009 average cost of funds. The net interest margin for the third quarter of 2009 was 3.63%, down 8 basis points from a net interest margin of 3.71% for the third quarter of 2008.

Tax-equivalent net interest income for the first nine months of 2009 was $193.5 million, a decrease of $7.1 million or 4% from the first nine months of 2008. This decrease in tax-equivalent net interest income was primarily attributable to a slight decrease in average assets as well as one less day for the first nine months of 2009 as compared to last year’s first nine months. Average earning assets for the first nine months of 2009 were virtually flat from the first nine months of 2008, decreasing $38.7 million or less than 1%. Average net loans grew $83.5 million or 1% for the first nine months of 2009 from the first nine months of 2008 while average short-term investments increased $74.0 million. However, average investments declined $196.2 million or 14% from the first nine months of 2008 due mainly to maturities and calls of securities and a decline in the fair value

United Bankshares, Inc. Announces...

October 26, 2009

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of available for sale securities. In addition, the average yield on earning assets for the first nine months of 2009 declined 91 basis points as compared to the first nine months of 2008. Partially offsetting these decreases to net interest income was a decrease of 88 basis points in the first nine months of 2009 average cost of funds. The net interest margin for the first nine months of 2009 was 3.61%, down 11 basis points from a net interest margin of 3.72% for the first nine months of 2008.

On a linked-quarter basis, United’s tax-equivalent net interest income for the third quarter of 2009 was relatively flat from the second quarter of 2009, decreasing $617 thousand or less than 1% due mainly to a slight decline in average earning assets. Average earning assets were relatively flat from the second quarter of 2009, decreasing $22.4 million or less than 1% for the quarter as average net loans decreased $101.8 million or 2% and average investments declined $67.8 million or 6%. However, average short-term investments increased $147.1 million for the quarter. In addition, the third quarter of 2009 average yield on earning assets declined 12 basis points. Partially offsetting these decreases to net interest income was an 8 basis point decline in the average cost of funds and one more day in the quarter. The net interest margin of 3.63% for the third quarter of 2009 was a decrease of 4 basis points from the net interest margin of 3.67% for the second quarter of 2009.

For the quarters ended September 30, 2009 and 2008, the provision for credit losses was $8.1 million and $6.5 million, respectively, while the provision for the first nine months of 2009 was $39.3 million as compared to $12.9 million for 2008. The increase in the provision for credit losses for the third quarter of 2009 was due mainly to increases in nonperforming assets, loan charge-offs and inherent risk factors as a result of the current economic environment. The increase in the provision for credit losses for the first nine months of 2009 was due mainly to the previously mentioned provision of $17.6 million for loans with fraudulent collateral made to three affiliated companies of a commercial customer. Net charge-offs were $4.9 million and $33.2 million for the third quarter and first nine months of 2009, respectively, as compared to $6.3 million and $12.3 million for the third quarter and first nine months of 2008. Net charge-offs for the first nine months of 2009 included the $17.6 million for the loans with fraudulent collateral. Annualized net charge-offs as a percentage of average loans were 0.33% and 0.75% for the third quarter and first nine months of 2009, respectively. Adjusting for the impact of the $17.6 million loss from net charge-offs and average loans, the annualized net charge-offs as a percentage of average loans ratio would have been 0.35% for the first nine months of 2009. United’s most recently reported Federal Reserve peer group banking companies’ net charge-offs to average loans percentage was 1.43% for the first six months of 2009. On a linked-quarter basis, United’s provision for credit losses and net charge-offs decreased $15.2 million and $16.5 million, respectively, from the second quarter of 2009 due to the provision and charge-offs related to the loans with fraudulent collateral.

Noninterest income for the third quarter of 2009 was $14.5 million, which was an increase of $4.2 million from the third quarter of 2008. Included in noninterest income for the third quarter of 2009 and 2008 were the previously mentioned noncash before-tax other-than-temporary impairment charges of $2.8 million and $9.0 million, respectively, on certain investment securities. Excluding the results of the other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have decreased $2.1 million or 11%. This decrease for the third quarter of 2009 resulted primarily from a decrease of $1.4 million in revenue from trust and brokerage services due mainly to a decrease in the value of the trust assets under management. In addition, income from bank-owned life insurance policies decreased $571 thousand due to a decline in the cash surrender value while fees from bankcard services declined $439 thousand due mainly to a lower volume of spending by consumers as a result of the current

United Bankshares, Inc. Announces...

October 26, 2009

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economic conditions. Partially offsetting these declines was an increase of $315 thousand in fees from deposit services due mainly to the High Performance Checking program.

Noninterest income for the first nine months of 2009 was $47.8 million, which was virtually flat from the first nine months of 2008, decreasing $360 thousand or less than 1%. As previously mentioned, included in noninterest income for the first nine months of 2009 and 2008 were noncash before-tax other-than-temporary impairment charges of $3.6 million and $9.0 million, respectively, on certain investment securities. Also included in noninterest income for the first nine months of 2008 was a $917 thousand before-tax gain related to Visa’s initial public offering and the partial redemption of Visa shares held by United. Excluding the results of security transactions (which includes impairment charges, net gains or losses on the sale of securities and the partial redemption of the Visa shares), noninterest income for the first nine months of 2009 would have decreased $4.5 million or 8% from the first nine months of 2008. This decrease resulted primarily from declines of $2.8 million in revenue from trust and brokerage services due mainly to a decrease in the value of the trust assets under management, $1.8 million in fees from bankcard services due mainly to a lower volume of spending by consumers as a result of the current economic conditions and $1.7 million in income from bank-owned life insurance policies due to a decrease in the cash surrender value. Partially offsetting these declines was an increase of $830 thousand in income from derivatives not in hedge relationships due to a change in the fair value. A similar amount of expense related to the change in the fair value of other derivative financial instruments is included in other expense in the income statement. In addition, fees from deposit services increased $788 thousand due mainly to the High Performance Checking program.

On a linked-quarter basis, noninterest income for the third quarter of 2009 decreased $3.3 million from the second quarter of 2009. Included in the results for the third quarter and second quarter of 2009 were the other-than-temporary impairment charges of $2.8 million and $782 thousand, respectively. Excluding the results of security transactions, noninterest income would have decreased $1.7 million or 9% on a linked-quarter basis due primarily to decreases in income from derivatives not in hedge relationships of $1.4 million due to a change in fair value, in revenue from trust and brokerage services of $364 thousand due mainly to a decrease in volume and in income from bank-owned life insurance policies of $289 thousand as a result of a decrease in the cash surrender value. Partially offsetting these decreases was an increase of $311 thousand in fees from deposit services.

Noninterest expense for the third quarter of 2009 was $43.7 million, an increase of $2.0 million or 5% from the third quarter of 2008. Equipment expense including other real estate owned (OREO) increased $1.3 million due mainly to increased losses from a decline in fair values of OREO properties. Also, employee benefits expense increased $1.2 million due to a $1.4 million increase in expense associated with United’s employee pension plan. Employee compensation declined $417 thousand due to less commission expense. In addition, bankcard processing expense decreased $489 thousand due to a decline in the volume of customer spending.

Noninterest expense for the first nine months of 2009 was $131.2 million, an increase of $6.7 million or 5% from the first nine months of 2008. Included in noninterest expense for the first nine months of 2009 was the previously mentioned additional expense accrual of $3.6 million for a special FDIC assessment. Employee benefits expense increased $3.8 million due to a $4.4 million increase in pension expense. In addition, equipment expense including other real estate owned (OREO) increased $2.1 million due mainly to increased

United Bankshares, Inc. Announces...

October 26, 2009

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losses from a decline in fair values of OREO properties. Expense from derivatives not in hedge relationships increased $830 thousand due to a change in their fair value. Employee compensation declined $1.7 million due to less commission and incentives expense. Bankcard processing expense also declined $1.7 million due to a decrease in volume.

On a linked-quarter basis, noninterest expense for the third quarter of 2009 decreased $2.0 million or 4% due mainly to a decrease of $2.3 million in FDIC assessment expense from the second quarter of 2009 which included the additional expense accrual of $3.6 million for a special FDIC assessment. In addition, expense from derivatives not in hedge relationships decreased $1.4 million due to a change in fair value. Equipment expense including OREO increased $865 thousand due mainly to higher OREO losses.

Income tax expense for the third quarter and first nine months of 2009 was $7.2 million and $7.0 million, respectively, as compared to $6.7 million and $29.8 million for the third quarter and first nine months of 2008, respectively. During the third quarter of 2009, United reduced its income tax reserve by $568 thousand due to the expiration of the statute of limitations for examinations of certain years as compared to $1.4 million in the third quarter of 2008. During the first quarter of 2009, United recorded a benefit associated with net operating loss carryforwards and a positive adjustment to income tax expense as a result of a concluded tax examination. The total income tax benefit recorded in the first quarter of 2009 related to these two events was $11.5 million. As a result of these tax adjustments, United’s effective tax rate was 29.19% and 11.20% for the third quarter and first nine months of 2009, respectively, as compared to 25.60% and 29.75% for the third quarter and first nine months of 2008, respectively. On a linked-quarter basis, income taxes increased $4.2 million due mainly to increased earnings. Also, the effective tax rate increased to 29.19% from 26.59% for the second quarter of 2009.

During the third quarter of 2009, United’s Board of Directors declared a cash dividend of $0.29 per share. The annualized 2009 dividend of $1.16 equates to a yield over 6% based on recent UBSI market prices.

United Bankshares, with $8.1 billion in assets, presently has 113 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.”

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 2009			September 30 2008			September 30 2009			September 30 2008
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	93,598		$	110,211		$	286,701		$	337,773
Interest expense		29,104			42,623			93,215			137,158
Net interest income, taxable equivalent		64,494			67,588			193,486			200,615
Taxable equivalent adjustment		2,701			3,451			8,567			11,048
Net interest income		61,793			64,137			184,919			189,567
Provision for credit losses		8,067			6,497			39,346			12,948
Noninterest income		14,523			10,330			47,763			48,123
Noninterest expense		43,674			41,638			131,186			124,473
Income taxes		7,174			6,740			6,960			29,834
Net income		17,401			19,592			55,190			70,435
PER COMMON SHARE:
Net income:
Basic		0.40			0.45			1.27			1.63
Diluted		0.40			0.45			1.27			1.62
Cash dividends	$	0.29		$	0.29			0.87			0.87
Book value								17.78			17.86
Closing market price							$	19.59		$	35.00
Common shares outstanding:
Actual at period end, net of treasury shares								43,406,545			43,283,927
Weighted average- basic		43,410,532			43,276,962			43,404,920			43,262,926
Weighted average- diluted		43,455,723			43,421,333			43,457,258			43,418,755
FINANCIAL RATIOS:
Return on average assets		0.88	%		0.97	%		0.93	%		1.18	%
Return on average shareholders’ equity		9.01	%		9.94	%		9.71	%		12.05	%
Average equity to average assets		9.74	%		9.75	%		9.59	%		9.78	%
Net interest margin		3.63	%		3.71	%		3.61	%		3.72	%
	September 30 2009			September 30 2008			December 31 2008			June 30 2009
PERIOD END BALANCES:
Assets	$	8,091,278		$	8,095,553		$	8,102,091		$	7,847,516
Earning assets		7,296,613			7,261,723			7,267,990			7,011,338
Loans, net of unearned income		5,789,445			5,911,618			6,014,155			5,890,156
Loans held for sale		4,969			718			868			12,191
Investment securities		1,111,645			1,377,677			1,291,822			1,138,225
Total deposits		6,022,666			5,504,471			5,647,954			5,735,910
Shareholders’ equity		771,882			773,109			736,712			756,383

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 2009			September 2008			June 2009			March 2009			September 2009			September 2008
Interest & Loan Fees Income	$	90,897		$	106,760		$	92,532		$	94,705		$	278,134		$	326,725
Tax equivalent adjustment		2,701			3,451			2,902			2,964			8,567			11,048
Interest & Fees Income (FTE)		93,598			110,211			95,434			97,669			286,701			337,773
Interest Expense		29,104			42,623			30,323			33,788			93,215			137,158
Net Interest Income (FTE)		64,494			67,588			65,111			63,881			193,486			200,615
Credit Loss Provision		8,067			6,497			23,251			8,028			39,346			12,948
Non-Interest Income:
Fees from trust & brokerage services		3,142			4,522			3,506			3,594			10,242			13,014
Fees from deposit services		10,566			10,251			10,255			9,303			30,124			29,336
Bankcard fees and merchant discounts		1,104			1,543			1,058			923			3,085			4,835
Other charges, commissions, and fees		470			450			526			451			1,447			1,527
Income (loss) from bank owned life insurance		1,051			1,622			1,340			(102	)		2,289			3,943
Mortgage banking income		172			93			167			137			476			342
Other non-interest revenue		896			1,016			2,293			1,015			4,204			3,384
Total other-than-temporary impairment losses		(7,903	)		(9,189	)		(1,137	)		(95	)		(9,135	)		(9,310	)
Portion of loss recognized in other comprehensive income		4,943			—			—			—			4,943			—
Net gains (losses) on sales/calls of investment securities		82			22			(158	)		164			88			1,052
Total Non-Interest Income		14,523			10,330			17,850			15,390			47,763			48,123
Non-Interest Expense:
Employee compensation		14,735			15,152			14,751			14,947			44,433			46,130
Employee benefits		4,818			3,614			4,734			4,889			14,441			10,605
Net occupancy		4,124			4,163			4,154			4,552			12,830			12,434
Other expenses		15,799			17,361			16,244			14,902			46,945			50,408
Amortization of intangibles		618			789			662			704			1,984			2,747
OREO expense		1,576			271			869			1,237			3,682			1,556
FDIC expense		2,004			288			4,284			583			6,871			593
Total Non-Interest Expense		43,674			41,638			45,698			41,814			131,186			124,473
Income Before Income Taxes (FTE)		27,276			29,783			14,012			29,429			70,717			111,317
Tax equivalent adjustment		2,701			3,451			2,902			2,964			8,567			11,048
Income Before Income Taxes		24,575			26,332			11,110			26,465			62,150			100,269
Taxes		7,174			6,740			2,954			(3,168	)		6,960			29,834
Net Income	$	17,401		$	19,592		$	8,156		$	29,633		$	55,190		$	70,435
MEMO: Effective Tax Rate		29.19	%		25.60	%		26.59	%		(11.97	)%		11.20	%		29.75	%

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 2009 Q-T-D Average			September 30 2008 Q-T-D Average			September 30 2009			December 31 2008			September 30 2008
Cash & Cash Equivalents	$	307,780		$	191,535		$	577,707		$	213,534		$	224,478
Securities Available for Sale		936,373			1,161,361			932,690			1,097,043			1,169,998
Held to Maturity Securities		101,735			137,450			101,246			116,407			127,123
Other Investment Securities		77,709			81,773			77,709			78,372			80,556
Total Securities		1,115,817			1,380,584			1,111,645			1,291,822			1,377,677
Total Cash and Securities		1,423,597			1,572,119			1,689,352			1,505,356			1,602,155
Loans Held for Sale		8,768			1,750			4,969			868			718
Commercial Loans		3,833,221			3,808,538			3,802,531			3,916,768			3,813,651
Mortgage Loans		1,656,791			1,751,651			1,639,152			1,754,100			1,752,523
Consumer Loans		354,222			353,644			352,248			349,690			352,088
Gross Loans		5,844,234			5,913,833			5,793,931			6,020,558			5,918,262
Unearned Income		(4,864	)		(6,773	)		(4,486	)		(6,403	)		(6,644	)
Loans, Net of Unearned Income		5,839,370			5,907,060			5,789,445			6,014,155			5,911,618
Allowance for Loan Losses		(64,375	)		(57,041	)		(68,082	)		(61,494	)		(57,556	)
Goodwill		312,140			312,371			312,140			312,263			312,371
Other Intangibles		5,742			8,559			5,400			7,384			8,131
Total Intangibles		317,882			320,930			317,540			319,647			320,502
Real Estate Owned		43,104			10,605			44,758			19,817			13,340
Other Assets		296,128			288,051			313,296			303,742			304,776
Total Assets	$	7,864,474		$	8,043,474		$	8,091,278		$	8,102,091		$	8,095,553
MEMO: Earning Assets	$	7,079,625		$	7,261,479		$	7,296,613		$	7,267,990		$	7,261,723
Interest-bearing Deposits	$	4,793,764		$	4,571,745		$	4,953,285		$	4,741,855		$	4,581,987
Noninterest-bearing Deposits		1,045,448			880,569			1,069,381			906,099			922,484
Total Deposits		5,839,212			5,452,314			6,022,666			5,647,954			5,504,471
Short-term Borrowings		348,539			830,170			367,477			778,320			819,227
Long-term Borrowings		852,223			921,568			852,125			852,685			927,870
Total Borrowings		1,200,762			1,751,738			1,219,602			1,631,005			1,747,097
Other Liabilities		58,137			55,569			77,128			86,420			70,876
Total Liabilities		7,098,111			7,259,621			7,319,396			7,365,379			7,322,444
Preferred Equity		—			—			—			—			—
Common Equity		766,363			783,853			771,882			736,712			773,109
Total Shareholders’ Equity		766,363			783,853			771,882			736,712			773,109
Total Liabilities & Equity	$	7,864,474		$	8,043,474		$	8,091,278		$	8,102,091		$	8,095,553

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
Quarterly/Year-to-Date Share Data:	September 2009		September 2008		June 2009			March 2009		September 2009		September 2008
Earnings Per Share:
Basic	$	0.40	$	0.45	$	0.19		$	0.68	$	1.27	$	1.63
Diluted	$	0.40	$	0.45	$	0.19		$	0.68	$	1.27	$	1.62
Common Dividend Declared Per Share:	$	0.29	$	0.29	$	0.29		$	0.29	$	0.87	$	0.87
High Common Stock Price	$	23.56	$	42.00	$	27.75		$	33.64	$	33.64	$	42.00
Low Common Stock Price	$	16.68	$	18.52	$	16.81		$	13.15	$	13.15	$	18.52
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,410,532		43,276,962		43,396,901			43,407,224		43,404,920		43,262,926
Diluted		43,455,723		43,421,333		43,463,108			43,465,298		43,457,258		43,418,755
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	10	$	8	$	(55	)	$	57	$	12	$	368
Common Dividends	$	12,600	$	12,552	$	12,599		$	12,594	$	37,793	$	37,642

EOP Share Data:	September 2009		September 2008		June 2009		March 2009
Book Value Per Share	$	17.78	$	17.86	$	17.42	$	17.44
Tangible Book Value Per Share	$	10.47	$	10.46	$	10.09	$	10.10
52-week High Common Stock Price	$	35.00	$	42.00	$	42.00	$	42.00
Date		10/02/08		09/19/08		09/19/08		09/19/08
52-week Low Common Stock Price	$	13.15	$	18.52	$	13.15	$	13.15
Date		03/06/09		07/15/08		03/06/09		03/06/09
EOP Shares Outstanding (Net of Treasury Stock):		43,406,545		43,283,927		43,412,424		43,397,108
Memorandum Items:
EOP Employees (full-time equivalent)		1,497		1,544		1,502		1,512

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 2009		September 2008		June 2009		March 2009		September 2009		September 2008
Selected Yields and Net Interest Margin:
Loans	5.45	%	6.21	%	5.44	%	5.50	%	5.47	%	6.47	%
Investment Securities	5.08	%	5.45	%	5.24	%	5.34	%	5.23	%	5.51	%
Money Market Investments/FFS	0.13	%	1.91	%	0.11	%	0.45	%	0.13	%	2.36	%
Average Earning Assets Yield	5.26	%	6.05	%	5.38	%	5.45	%	5.35	%	6.26	%
Interest-bearing Deposits	1.64	%	2.57	%	1.79	%	2.08	%	1.84	%	2.80	%
Short-term Borrowings	0.05	%	1.54	%	0.16	%	0.22	%	0.16	%	2.02	%
Long-term Borrowings	4.29	%	4.26	%	4.29	%	4.15	%	4.24	%	4.47	%
Average Liability Costs	1.93	%	2.68	%	2.01	%	2.19	%	2.04	%	2.92	%
Net Interest Spread	3.33	%	3.37	%	3.37	%	3.26	%	3.31	%	3.34	%
Net Interest Margin	3.63	%	3.71	%	3.67	%	3.56	%	3.61	%	3.72	%
Selected Financial Ratios:
Return on Average Common Equity	9.01	%	9.94	%	4.27	%	16.25	%	9.71	%	12.05	%
Return on Average Assets	0.88	%	0.97	%	0.41	%	1.50	%	0.93	%	1.18	%
Efficiency Ratio	50.65	%	46.60	%	52.42	%	50.34	%	51.16	%	46.76	%

	September 2009		September 2008		June 2009		March 2009
Loan / Deposit Ratio	96.13	%	107.40	%	102.69	%	105.56	%
Allowance for Loan Losses/ Loans, Net of Unearned Income	1.18	%	0.97	%	1.09	%	1.04	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income	1.20	%	1.00	%	1.13	%	1.08	%
Nonaccrual Loans / Loans, Net of Unearned Income	0.83	%	0.61	%	0.73	%	0.67	%
90-Day Past Due Loans/ Loans, Net of Unearned Income	0.41	%	0.22	%	0.28	%	0.32	%
Non-performing Loans/ Loans, Net of Unearned Income	1.26	%	0.83	%	1.03	%	1.01	%
Non-performing Assets/ Total Assets	1.45	%	0.77	%	1.31	%	1.16	%
Primary Capital Ratio	10.31	%	10.21	%	10.40	%	10.21	%
Shareholders’ Equity Ratio	9.54	%	9.55	%	9.64	%	9.48	%
Price / Book Ratio	1.10	x	1.96	x	1.12	x	0.99	x
Price / Earnings Ratio	12.23	x	19.39	x	26.03	x	6.32	x

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Asset Quality Data:	September 2009		September 2008		December 2008		June 2009		March 2009
EOP Non-Accrual Loans	$	47,933	$	36,065	$	42,317	$	42,825	$	40,248
EOP 90-Day Past Due Loans		23,854		12,963		11,881		16,532		19,214
EOP Restructured Loans		1,091		—		—		1,095		1,134
Total EOP Non-performing Loans	$	72,878	$	49,028	$	54,198	$	60,452	$	60,596
EOP Other Real Estate & Assets Owned		44,758		13,340		19,817		42,223		31,768
Total EOP Non-performing Assets	$	117,636	$	62,368	$	74,015	$	102,675	$	92,364

	Three Months Ended												Year to Date
Allowance for Credit Losses:(1)	September 2009			September 2008			June 2009			March 2009			September 2009			September 2008
Beginning Balance	$	66,534		$	59,161		$	64,682		$	63,603		$	63,603		$	58,744
Provision Expense		8,067			6,497			23,251			8,028			39,346			12,948
		74,601			65,658			87,933			71,631			102,949			71,692
Gross Charge-offs		(5,315	)		(6,529	)		(21,702	)		(7,351	)		(34,368	)		(13,046	)
Recoveries		452			259			303			402			1,157			742
Net Charge-offs		(4,863	)		(6,270	)		(21,399	)		(6,949	)		(33,211	)		(12,304	)
Ending Balance	$	69,738		$	59,388		$	66,534		$	64,682		$	69,738		$	59,388

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