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):

January 27, 2010

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 January 27, 2010, United Bankshares, Inc. (“United”) announced its financial results for the fourth quarter and year 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 January 27, 2010, 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: January 27, 2010	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
January 27, 2010	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings

for the Fourth Quarter and Year of 2009

WASHINGTON, D.C. and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the fourth quarter and year of 2009. Fourth quarter of 2009 earnings were $17.4 million or $0.40 per diluted share, up from earnings of $16.5 million or $0.38 per diluted share for the fourth quarter of 2008. Earnings for the year of 2009 were $67.3 million or $1.55 per diluted share as compared to earnings of $87.0 million or $2.00 per diluted share for the year of 2008.

“We are pleased with the financial results for 2009 given the very difficult year for the nation’s economy,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Although earnings are down compared to last year, United’s earnings for 2009 were much better than most regional banking companies as evidenced by a return on average assets of 0.85% as compared to -0.21% for the first nine months of 2009 for United’s Federal Reserve peer group of bank holding companies with total assets between $3 and $10 billion.”

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 December 31, 2009 compares favorably to the most recently reported percentage of 4.08% at September 30, 2009 for United’s Federal Reserve peer group. At December 31, 2009, nonperforming loans were $72.3 million or 1.26% of loans, net of unearned income, which were virtually flat from nonperforming loans of $72.9 million or 1.26% of loans, net of unearned income at September 30, 2009 but up from 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 United’s allowance for loan losses. As of December 31, 2009, the allowance for loan losses was $67.9 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 93.9% and 113.5% at December 31, 2009 and December 31, 2008, respectively. The coverage ratio for United’s Federal Reserve peer group was 71.9% at September 30, 2009. Total nonperforming assets of $112.3 million, including OREO of $40.1 million at December 31, 2009, represented 1.44% of total assets which also compares favorably to the most recently reported percentage of 3.30% at September 30, 2009 for United’s Federal Reserve peer group.

United Bankshares, Inc. Announces…

January 27, 2010

Page Two

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 12.2% at December 31, 2009 while its Tier I capital and leverage ratios are 11.0% and 8.9%, 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 fourth quarter and year of 2009 included noncash, before-tax, other-than-temporary impairment charges of $2.8 million and $15.0 million on certain investment securities, respectively. In addition, results for the year 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 and an additional expense of $3.6 million for a special FDIC assessment. All of these expense amounts are before-taxes. Results for the year of 2009 also included an income tax benefit of $11.5 million associated with net operating loss carryforwards and a positive adjustment to income tax expense as a result of a concluded tax examination as well as an additional positive tax adjustment of $568 thousand due to the expiration of the statute of limitations for examinations of certain years.

Results for the fourth quarter and year of 2008 included noncash, before-tax, other-than-temporary impairment charges of $1.2 million and $10.5 million, respectively, on certain investment securities. Also, included in the results for the year of 2008 was a positive tax adjustment of $1.4 million due to the expiration of the statute of limitations for examinations of certain years and 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 fourth quarter of 2009 was $63.7 million, a decrease of $2.8 million or 4% from the fourth quarter of 2008. This decrease in tax-equivalent net interest income was primarily attributable to a decline in average earning assets of $153.5 million or 2% for the fourth quarter of 2009. Average net loans declined $189.9 million or 3% for the fourth quarter of 2009 while average investments decreased $289.6 million or 21% due mainly to maturities and calls of securities from the fourth quarter of 2008. Average short-term investments did increase $326.0 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 76 basis points for the fourth quarter of 2009 as compared to the same quarter in 2008. Partially offsetting these decreases to tax-equivalent net interest income was a decrease of 72 basis points in the fourth quarter of 2009 average cost of funds. The net interest margin for the fourth quarter of 2009 was 3.55%, down 8 basis points from a net interest margin of 3.63% for the fourth quarter of 2008.

Tax-equivalent net interest income for the year of 2009 was $256.7 million, a decrease of $10.4 million or 4% from the year of 2008. This decrease in tax-equivalent net interest income was primarily attributable to a slight decrease in average assets for the year of 2009 as compared to last year. Average earning assets for the year of 2009 were relatively flat from the year of 2008, decreasing $67.6 million or less than 1%. Average net loans were also relatively flat from the year of 2008, increasing $14.6 million or less than 1%. Average investments declined $219.8 million or 16% due mainly to maturities and calls of securities. However, average short-term investments for the year of 2009 increased $137.6 million from the year of 2008. In addition, the average yield on earning assets for the year of 2009 declined 88 basis points as compared to the year of 2008. Partially offsetting these decreases to net interest income was a decrease of 83 basis points in the year of 2009 average cost of funds. The net interest margin for the year of 2009 was 3.59%, down 11 basis points from a net interest margin of 3.70% for the year of 2008.

United Bankshares, Inc. Announces…

January 27, 2010

Page Three

On a linked-quarter basis, United’s tax-equivalent net interest income for the fourth quarter of 2009 was virtually flat from the third quarter of 2009, decreasing $370 thousand or less than 1% due mainly to declines in average net loans and investment securities. Average net loans decreased $75.6 million or 1% while average investments declined $53.4 million or 5% for the quarter. Overall, average earning assets were relatively flat from the third quarter of 2009, increasing $56.9 million or less than 1% for the quarter due to an increase of $185.8 million in average short-term investments. The fourth quarter of 2009 average yield on earning assets declined 17 basis points while the average cost of funds decreased 14 basis points from the third quarter of 2009. The net interest margin of 3.55% for the fourth quarter of 2009 was a decrease of 5 basis points from the net interest margin of 3.60% for the third quarter of 2009.

For the quarters ended December 31, 2009 and 2008, the provision for credit losses was $6.7 million and $12.2 million, respectively, while the provision for the year of 2009 was $46.1 million as compared to $25.2 million for 2008. The decrease in the provision for credit losses from the fourth quarter of 2008 was a result of an increase in the December 31, 2008 allowance for loan losses to account for further credit deterioration in the fourth quarter of 2008. The increase in the provision for credit losses for the year 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 as well as a continued decline in credit quality in 2009. Net charge-offs were $6.4 million and $39.7 million for the fourth quarter and year of 2009, respectively, as compared to $8.0 million and $20.3 million for the fourth quarter and year of 2008. Net charge-offs for the year of 2009 included the $17.6 million for the loans with fraudulent collateral. Net charge-offs as a percentage of average loans were 0.45% and 0.67% for the fourth quarter annualized and year of 2009, respectively. United’s most recently reported Federal Reserve peer group banking companies’ net charge-offs to average loans percentage was 1.46% for the first nine months of 2009. On a linked-quarter basis, United’s provision for credit losses decreased $1.3 million while net charge-offs increased $1.6 million from the third quarter of 2009.

Noninterest income for the fourth quarter of 2009 was $14.2 million, which was a decrease of $5.0 million from the fourth quarter of 2008. Included in noninterest income for the fourth quarter of 2009 and 2008 were noncash, before-tax, other-than-temporary impairment charges of $2.8 million and $1.2 million, respectively, on certain investment securities. 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 decreased $3.5 million or 17%. This decrease for the fourth quarter of 2009 was due primarily to a decrease in income from derivatives not in hedge relationships of $4.4 million due to a change in fair value. A similar amount of expense related to the change in the fair value of these derivative financial instruments is included in other expense in the income statement. In addition, revenue from trust and brokerage services decreased $745 thousand due mainly to a decrease in the value of the trust assets under management. Partially offsetting these declines were increases of $977 thousand and $312 thousand, respectively, in income from bank-owned life insurance policies due to an increase in the cash surrender values and fees from deposit services due mainly to the High Performance Checking program.

United Bankshares, Inc. Announces…

January 27, 2010

Page Four

Noninterest income for the year of 2009 was $54.0 million, a decrease of $13.3 million from the year of 2008. Included in noninterest income for the year of 2009 and 2008 were noncash, before-tax, other-than-temporary impairment charges of $15.0 million and $10.5 million, respectively, on certain investment securities. Also included in noninterest income for the year 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 year of 2009 would have decreased $8.0 million or 10% from the year of 2008. This decrease resulted primarily from declines of $3.5 million in income from derivatives not in hedge relationships due to a change in the fair value, $3.5 million in revenue from trust and brokerage services due mainly to a decrease in the value of the trust assets under management, and $1.7 million in fees from bankcard services due mainly to a lower volume of spending by consumers as a result of the current economic conditions. 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, income from bank-owned life insurance policies declined $677 thousand due to a decrease in the cash surrender values. Partially offsetting these declines was an increase of $1.1 million in fees from deposit services due mainly to the High Performance Checking program.

On a linked-quarter basis, noninterest income for the fourth quarter of 2009 increased $7.7 million from the third quarter of 2009. Included in the results for the fourth quarter and third quarter of 2009 were noncash, before-tax, other-than-temporary impairment charges of $2.8 million and $11.0 million, respectively. Excluding the results of security transactions, noninterest income would have decreased $593 thousand or 3% on a linked-quarter basis due primarily to decreases in revenue from trust and brokerage services of $319 thousand as a result of a decrease in volume and in fees from deposit services of $401 thousand. Partially offsetting these decreases was an increase of $111 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.

Noninterest expense for the fourth quarter of 2009 was $43.9 million, a decrease of $2.7 million or 6% from the fourth quarter of 2008 due primarily to the decrease of $4.4 million in expense from derivatives not in hedge relationships due to a change in fair value. In addition, employee compensation declined $749 thousand due to less commissions and incentives expense. Partially offsetting these decreases was an increase of $1.7 million in employee benefits due to a $1.9 million increase in expense associated with United’s employee pension plan. Also, other real estate owned (OREO) expense increased $877 thousand due mainly to declines in the fair values of OREO properties while data processing expense increased $482 thousand.

Noninterest expense for the year of 2009 was $175.1 million, an increase of $4.1 million or 2% from the year of 2008. Included in noninterest expense for the year of 2009 was the previously mentioned additional expense accrual of $3.6 million for a special FDIC assessment. Also, employee benefits increased $5.5 million due to a $6.2 million increase in pension expense while OREO expense rose $3.0 million due mainly to declines in the fair values of OREO properties. Partially offsetting these increases was a $3.5 million decline in the expense from derivatives not in hedge relationships due to a change in their fair value. In addition, employee compensation declined $2.4 million due to less commissions and incentives expense. Also, bankcard processing expense declined $1.6 million due to a decrease in volume.

United Bankshares, Inc. Announces…

January 27, 2010

Page Five

On a linked-quarter basis, noninterest expense for the fourth quarter of 2009 was relatively flat from the third quarter of 2009, increasing $267 thousand or less than 1%. OREO expense increased $229 thousand due mainly to decreases in OREO property values and FDIC assessment expense increased $302 thousand due to higher premiums. Partially offsetting these increases was a decrease of $267 thousand in employee compensation due to a decline in commissions and incentives expense. Also, expense from derivatives not in hedge relationships decreased $111 thousand due to a change in fair value.

Income tax expense for the fourth quarter and year of 2009 was $7.1 million and $11.0 million, respectively, as compared to $7.1 million and $36.9 million for the fourth quarter and year 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. In addition, 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 29.00% and 14.00% for the fourth quarter and year of 2009, respectively, as compared to 30.00% and 29.80% for the fourth quarter and year of 2008, respectively. On a linked-quarter basis, income taxes increased $3.1 million due mainly to higher earnings. Also, the effective tax rate increased to 29.00% from 25.09% for the third quarter of 2009.

During the fourth quarter of 2009, United’s Board of Directors declared a cash dividend of $0.30 per share. The 2009 dividend of $1.17 per share represented the thirty-sixth consecutive year of dividend increases for United shareholders.

United Bankshares, with $7.8 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.”

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its December 31, 2009 consolidated financial statements on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2009 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						Year Ended
	December 31 2009			December 31 2008			December 31 2009			December 31 2008
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	90,813		$	106,366		$	377,044		$	444,140
Interest expense		27,159			39,961			120,374			177,119
Net interest income, taxable equivalent		63,654			66,405			256,670			267,021
Taxable equivalent adjustment		2,632			3,180			11,199			14,229
Net interest income		61,022			63,225			245,471			252,792
Provision for credit losses		6,719			12,207			46,065			25,155
Noninterest income		14,207			19,180			53,970			67,303
Noninterest expense		43,941			46,600			175,127			171,073
Income taxes		7,125			7,079			10,951			36,913
Net income		17,444			16,519			67,298			86,954
PER COMMON SHARE:
Net income:
Basic		0.40			0.38			1.55			2.01
Diluted		0.40			0.38			1.55			2.00
Cash dividends	$	0.30		$	0.29			1.17			1.16
Book value								17.53			16.97
Closing market price							$	19.97		$	33.22
Common shares outstanding:
Actual at period end, net of treasury shares								43,437,738			43,403,891
Weighted average- basic		43,426,784			43,358,278			43,410,431			43,286,894
Weighted average- diluted		43,460,382			43,546,679			43,456,889			43,434,083
FINANCIAL RATIOS:
Return on average assets		0.87	%		0.81	%		0.85	%		1.09	%
Return on average shareholders’ equity		8.92	%		8.37	%		8.81	%		11.12	%
Average equity to average assets		9.79	%		9.72	%		9.64	%		9.76	%
Net interest margin		3.55	%		3.63	%		3.59	%		3.70	%
	December 31 2009			December 31 2008			December 31 2007			September 30 2009
PERIOD END BALANCES:
Assets	$	7,805,101		$	8,102,091		$	7,994,739		$	8,082,808
Earning assets		6,956,322			7,267,990			7,167,127			7,285,613
Loans, net of unearned income		5,736,809			6,014,155			5,793,484			5,789,445
Loans held for sale		5,284			868			1,270			4,969
Investment securities		966,920			1,291,822			1,394,764			1,103,645
Total deposits		5,971,100			5,647,954			5,349,750			6,022,666
Shareholders’ equity		761,550			736,712			761,199			766,546

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
	December 2009			December 2008			September 2009			June 2009			March 2009
Interest & Loan Fees Income	$	88,181		$	103,186		$	90,427		$	92,532		$	94,705
Tax equivalent adjustment		2,632			3,180			2,701			2,902			2,964
Interest & Fees Income (FTE)		90,813			106,366			93,128			95,434			97,669
Interest Expense		27,159			39,961			29,104			30,323			33,788
Net Interest Income (FTE)		63,654			66,405			64,024			65,111			63,881
Credit Loss Provision		6,719			12,207			8,067			23,251			8,028
Non-Interest Income:
Fees from trust & brokerage services		2,823			3,568			3,142			3,506			3,594
Fees from deposit services		10,165			9,853			10,566			10,255			9,303
Bankcard fees and merchant discounts		1,070			980			1,104			1,058			923
Other charges, commissions, and fees		459			405			470			526			451
Income (loss) from bank owned life insurance		1,127			150			1,051			1,340			(102	)
Mortgage banking income		132			43			172			167			137
Other non-interest revenue		1,032			5,341			896			2,293			1,015
Net other-than-temporary impairment losses		(2,828	)		(1,179	)		(10,960	)		(1,137	)		(95	)
Net gains (losses) on sales/calls of investment securities		227			19			82			(158	)		164
Total Non-Interest Income		14,207			19,180			6,523			17,850			15,390
Non-Interest Expense:
Employee compensation		14,468			15,217			14,735			14,751			14,947
Employee benefits		4,751			3,075			4,818			4,734			4,889
Net occupancy		4,188			4,248			4,124			4,154			4,552
Other expenses		15,846			21,831			15,799			16,244			14,902
Amortization of intangibles		577			747			618			662			704
OREO expense		1,805			928			1,576			869			1,237
FDIC expense		2,306			554			2,004			4,284			583
Total Non-Interest Expense		43,941			46,600			43,674			45,698			41,814
Income Before Income Taxes (FTE)		27,201			26,778			18,806			14,012			29,429
Tax equivalent adjustment		2,632			3,180			2,701			2,902			2,964
Income Before Income Taxes		24,569			23,598			16,105			11,110			26,465
Income taxes		7,125			7,079			4,040			2,954			(3,168	)
Net Income	$	17,444		$	16,519		$	12,065		$	8,156		$	29,633
MEMO: Effective Tax Rate		29.00	%		30.00	%		25.09	%		26.59	%		(11.97	)%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Year Ended
	December 2009			December 2008			December 2007			December 2006
Interest & Loan Fees Income	$	365,845		$	429,911		$	438,729		$	400,683
Tax equivalent adjustment		11,199			14,229			16,472			15,452
Interest & Fees Income (FTE)		377,044			444,140			455,201			416,135
Interest Expense		120,374			177,119			213,310			181,090
Net Interest Income (FTE)		256,670			267,021			241,891			235,045
Credit Loss Provision		46,065			25,155			5,330			1,437
Non-Interest Income:
Fees from trust & brokerage services		13,065			16,582			15,414			12,948
Fees from deposit services		40,289			39,189			33,835			29,077
Bankcard fees and merchant discounts		4,155			5,815			6,063			5,351
Other charges, commissions, and fees		1,906			1,932			1,704			1,549
Income (loss) from bank owned life insurance		3,416			4,093			5,389			4,422
Mortgage banking income		608			385			527			855
Loss on termination of interest rate swaps associated with prepayment of FHLB advances		—			—			(8,113	)		(4,599	)
Other non-interest revenue		5,236			8,725			2,998			2,606
Net other-than-temporary impairment losses		(15,020	)		(10,489	)		(577	)		(68	)
Net gains (losses) on sales/calls of investment securities		315			1,071			509			(3,108	)
Total Non-Interest Income		53,970			67,303			57,749			49,033
Non-Interest Expense:
Employee compensation		58,901			61,347			53,294			49,562
Employee benefits		19,192			13,680			11,945			13,582
Net occupancy		17,018			16,682			14,421			12,547
Other expenses		62,791			72,239			58,548			50,273
Prepayment penalties on FHLB advances		—			—			5,117			8,261
Amortization of intangibles		2,561			3,494			2,868			1,886
OREO expense		5,487			2,484			1,167			482
FDIC expense		9,177			1,147			569			580
Total Non-Interest Expense		175,127			171,073			147,929			137,173
Income Before Income Taxes (FTE)		89,448			138,096			146,381			145,468
Tax equivalent adjustment		11,199			14,229			16,472			15,452
Income Before Income Taxes		78,249			123,867			129,909			130,016
Income taxes		10,951			36,913			39,235			40,767
Net Income	$	67,298		$	86,954		$	90,674		$	89,249
MEMO: Effective Tax Rate		14.00	%		29.80	%		30.20	%		31.36	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	December 31 2009 Q-T-D Average			December 31 2008 Q-T-D Average			December 31 2009			December 31 2008			December 31 2007
Cash & Cash Equivalents	$	492,304		$	199,752		$	449,767		$	213,534		$	230,651
Securities Available for Sale		902,873			1,151,121			811,777			1,097,043			1,156,561
Securities Held to Maturity		81,777			124,427			77,421			116,407			157,228
Other Investment Securities		77,723			76,453			77,722			78,372			80,975
Total Securities		1,062,373			1,352,001			966,920			1,291,822			1,394,764
Total Cash and Securities		1,554,677			1,551,753			1,416,687			1,505,356			1,625,415
Loans Held for Sale		5,015			933			5,284			868			1,270
Commercial Loans		3,806,711			3,855,156			3,801,254			3,916,768			3,648,999
Mortgage Loans		1,624,467			1,753,300			1,606,560			1,754,100			1,772,441
Consumer Loans		344,149			352,661			332,964			349,690			379,121
Gross Loans		5,775,327			5,961,117			5,740,778			6,020,558			5,800,561
Unearned Income		(4,204	)		(6,604	)		(3,969	)		(6,403	)		(7,077	)
Loans, Net of Unearned Income		5,771,123			5,954,513			5,736,809			6,014,155			5,793,484
Allowance for Loan Losses		(67,988	)		(57,416	)		(67,853	)		(61,494	)		(50,456	)
Goodwill		312,139			312,370			312,069			312,263			312,111
Other Intangibles		5,127			7,795			4,823			7,384			10,878
Total Intangibles		317,266			320,165			316,892			319,647			322,989
Real Estate Owned		41,491			13,777			40,058			19,817			6,365
Other Assets		304,870			291,511			357,224			303,742			295,672
Total Assets	$	7,926,454		$	8,075,236		$	7,805,101		$	8,102,091		$	7,994,739
MEMO: Earning Assets	$	7,136,412		$	7,289,879		$	6,956,322		$	7,267,990		$	7,167,127
Interest-bearing Deposits	$	4,896,135		$	4,722,244		$	4,862,943		$	4,741,855		$	4,436,323
Noninterest-bearing Deposits		1,080,107			893,494			1,108,157			906,099			913,427
Total Deposits		5,976,242			5,615,738			5,971,100			5,647,954			5,349,750
Short-term Borrowings		310,591			763,681			222,944			778,320			1,036,063
Long-term Borrowings		807,468			853,597			771,935			852,685			774,162
Total Borrowings		1,118,059			1,617,278			994,879			1,631,005			1,810,225
Other Liabilities		55,935			57,107			77,572			86,420			73,565
Total Liabilities		7,150,236			7,290,123			7,043,551			7,365,379			7,233,540
Preferred Equity		—			—			—			—			—
Common Equity		776,218			785,113			761,550			736,712			761,199
Total Shareholders’ Equity		776,218			785,113			761,550			736,712			761,199
Total Liabilities & Equity	$	7,926,454		$	8,075,236		$	7,805,101		$	8,102,091		$	7,994,739

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
Quarterly Share Data:	December 2009		December 2008		September 2009		June 2009			March 2009
Earnings Per Share:
Basic	$	0.40	$	0.38	$	0.28	$	0.19		$	0.68
Diluted	$	0.40	$	0.38	$	0.28	$	0.19		$	0.68
Common Dividend Declared Per Share	$	0.30	$	0.29	$	0.29	$	0.29		$	0.29
High Common Stock Price	$	20.81	$	35.00	$	23.56	$	27.75		$	33.64
Low Common Stock Price	$	16.39	$	21.05	$	16.68	$	16.81		$	13.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,426,784		43,358,278		43,410,532		43,396,901			43,407,224
Diluted		43,460,382		43,546,679		43,455,723		43,463,108			43,465,298
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	79	$	7	$	29	$	(55	)	$	57
Common Dividends	$	13,044	$	12,589	$	12,600	$	12,599		$	12,594
			Year Ended
YTD Share Data:			December 2009		December 2008		December 2007			December 2006
Earnings Per Share:
Basic			$	1.55	$	2.01	$	2.16		$	2.15
Diluted			$	1.55	$	2.00	$	2.15		$	2.13
Common Dividend Declared Per Share			$	1.17	$	1.16	$	1.13		$	1.09
Average Shares Outstanding (Net of Treasury Stock):
Basic				43,410,431		43,286,894		41,901,422			41,532,121
Diluted				43,456,889		43,434,083		42,222,899			41,942,889
Memorandum Items:
Tax Applicable to Security Sales/Calls			$	110	$	375	$	178		$	(1,088	)
Common Dividends			$	50,837	$	50,231	$	47,446		$	45,219
EOP Employees (full-time equivalent)				1,477		1,531		1,537			1,367

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
EOP Share Data:	December 2009			December 2008			September 2009			June 2009			March 2009
Book Value Per Share	$	17.53		$	16.97		$	17.78		$	17.42		$	17.44
Tangible Book Value Per Share	$	10.24		$	9.61		$	10.47		$	10.09		$	10.10
52-week High Common Stock Price	$	33.64		$	42.00		$	35.00		$	42.00		$	42.00
Date		01/02/09			09/19/08			10/02/08			09/19/08			09/19/08
52-week Low Common Stock Price	$	13.15		$	18.52		$	13.15		$	13.15		$	13.15
Date		03/06/09			07/15/08			03/06/09			03/06/09			03/06/09
EOP Shares Outstanding (Net of Treasury Stock):		43,437,738			43,403,891			43,406,545			43,412,424			43,397,108
	Three Months Ended
	December 2009			December 2008			September 2009			June 2009			March 2009
Selected Yields and Net Interest Margin:
Loans		5.43	%		5.97	%		5.45	%		5.44	%		5.50	%
Investment Securities		4.76	%		5.30	%		5.08	%		5.24	%		5.34	%
Money Market Investments/FFS		0.22	%		0.83	%		0.13	%		0.11	%		0.45	%
Average Earning Assets Yield		5.06	%		5.82	%		5.26	%		5.38	%		5.45	%
Interest-bearing Deposits		1.50	%		2.46	%		1.64	%		1.79	%		2.08	%
Short-term Borrowings		0.06	%		0.54	%		0.05	%		0.16	%		0.22	%
Long-term Borrowings		4.25	%		4.54	%		4.29	%		4.29	%		4.15	%
Average Liability Costs		1.79	%		2.51	%		1.93	%		2.01	%		2.19	%
Net Interest Spread		3.27	%		3.31	%		3.33	%		3.37	%		3.26	%
Net Interest Margin		3.55	%		3.63	%		3.63	%		3.67	%		3.56	%
Selected Financial Ratios:
Return on Average Common Equity		8.92	%		8.37	%		6.25	%		4.27	%		16.25	%
Return on Average Assets		0.87	%		0.81	%		0.61	%		0.41	%		1.50	%
Efficiency Ratio		51.65	%		51.79	%		50.94	%		52.42	%		50.34	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Year Ended
	December 2009		December 2008		December 2007		December 2006
Selected Yields and Net Interest Margin:
Loans	5.46	%	6.34	%	7.44	%	7.20	%
Investment Securities	5.08	%	5.46	%	5.70	%	5.67	%
Money Market Investments/FFS	0.18	%	1.94	%	5.14	%	4.35	%
Average Earning Assets Yield	5.27	%	6.15	%	7.07	%	6.84	%
Interest-bearing Deposits	1.75	%	2.71	%	3.54	%	3.10	%
Short-term Borrowings	0.14	%	1.69	%	4.31	%	4.04	%
Long-term Borrowings	4.24	%	4.49	%	5.61	%	6.38	%
Average Liability Costs	1.98	%	2.81	%	3.88	%	3.57	%
Net Interest Spread	3.29	%	3.34	%	3.19	%	3.27	%
Net Interest Margin	3.59	%	3.70	%	3.76	%	3.86	%
Selected Financial Ratios:
Return on Average Common Equity	8.81	%	11.12	%	12.99	%	13.90	%
Return on Average Assets	0.85	%	1.09	%	1.28	%	1.34	%
Loan / Deposit Ratio	96.08	%	106.48	%	108.29	%	99.56	%
Allowance for Loan Losses/ Loans, Net of Unearned Income	1.18	%	1.02	%	0.87	%	0.91	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income	1.22	%	1.06	%	1.01	%	1.09	%
Nonaccrual Loans / Loans, Net of Unearned Income	0.89	%	0.70	%	0.24	%	0.12	%
90-Day Past Due Loans/ Loans, Net of Unearned Income	0.35	%	0.20	%	0.25	%	0.18	%
Non-performing Loans/ Loans, Net of Unearned Income	1.26	%	0.90	%	0.49	%	0.30	%
Non-performing Assets/ Total Assets	1.44	%	0.91	%	0.43	%	0.27	%
Primary Capital Ratio	10.56	%	9.80	%	10.18	%	10.14	%
Shareholders’ Equity Ratio	9.76	%	9.09	%	9.52	%	9.44	%
Price / Book Ratio	1.14	x	1.96	x	1.59	x	2.50	x
Price / Earnings Ratio	12.90	x	16.59	x	13.05	x	18.16	x
Efficiency Ratio	51.35	%	48.03	%	48.01	%	46.93	%

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)

Asset Quality Data:	December 2009			December 2008			September 2009			June 2009			March 2009
EOP Non-Accrual Loans	$	50,856		$	42,317		$	47,933		$	42,825		$	40,248
EOP 90-Day Past Due Loans		20,314			11,881			23,854			16,532			19,214
EOP Restructured Loans		1,087			—			1,091			1,095			1,134
Total EOP Non-performing Loans	$	72,257		$	54,198		$	72,878		$	60,452		$	60,596
EOP Other Real Estate & Assets Owned		40,058			19,817			44,758			42,223			31,768
Total EOP Non-performing Assets	$	112,315		$	74,015		$	117,636		$	102,675		$	92,364
	Three Months Ended						Year Ended
Allowance for Credit Losses:(1)	December 2009			December 2008			December 2009			December 2008			December 2007
Beginning Balance	$	69,738		$	59,388		$	63,603		$	58,744		$	52,371
Allowance of Purchased Companies		—			—			—			—			7,648
Provision Expense		6,719			12,207			46,065			25,155			5,330
		76,457			71,595			109,668			83,899			65,349
Gross Charge-offs		(6,709	)		(8,152	)		(41,077	)		(21,198	)		(7,738	)
Recoveries		262			160			1,419			902			1,133
Net Charge-offs		(6,447	)		(7,992	)		(39,658	)		(20,296	)		(6,605	)
Ending Balance	$	70,010		$	63,603		$	70,010		$	63,603		$	58,744

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