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):

July 23, 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 July 23, 2010, United Bankshares, Inc. (“United”) announced its financial results for the second quarter and first half of 2010. 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 July 23, 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: July 23, 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
July 23, 2010	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings

for the Second Quarter and First Half of 2010

WASHINGTON, D.C. and CHARLESTON, WV— United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the second quarter and the first half of 2010. Earnings for the second quarter of 2010 were $17.9 million or $0.41 per diluted share while earnings for the first half of 2010 were $35.3 million or $0.81 per diluted share.

Second quarter of 2010 results produced a return on average assets of 0.96% and a return on average equity of 9.23%, respectively. For the first half of 2010, United’s return on average assets was 0.94% while the return on average equity was 9.20%. These returns compare very favorably to United’s most recently reported Federal Reserve peer group’s (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.19% and average return on equity of -1.28% for the first quarter of 2010.

“Considering the current economic environment, United’s earnings continue to be strong with asset quality favorable to peers,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “United also continues to be well-capitalized based upon regulatory guidelines.”

The results for the second quarter and first half of 2010 included before-tax, net gains of $796 thousand and $1.9 million, respectively, on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $1.1 million and $2.6 million, respectively, on certain investment securities.

Earnings for the second quarter of 2009 were $8.2 million or $0.19 per diluted share while earnings for the first half of 2009 were $37.8 million or $0.87 per diluted share. Results for the second quarter of 2009 included a credit loss provision of $17.6 million for fraudulent loans made to a commercial customer, an additional expense accrual of $3.6 million for a special FDIC assessment, and a noncash, other-than-temporary impairment charge of $782 thousand on an investment security. All of these expense amounts were before-taxes. In addition, results for the first half of 2009 included an income tax benefit of $11.5 million. United’s annualized returns on average assets and average equity were 0.41% and 4.27%, respectively, for the second quarter of 2009 while the returns on average assets and average equity was 0.96% and 10.07%, respectively, for the first half of 2009.

United Bankshares, Inc. Announces...

July 23, 2010

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United’s asset quality also continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.35% at June 30, 2010 compares favorably to the most recently reported percentage of 4.37% at March 31, 2010 for United’s Federal Reserve peer group. At June 30, 2010, nonperforming loans were $73.9 million or 1.35% of loans, net of unearned income, up slightly from nonperforming loans of $72.3 million or 1.26% of loans, net of unearned income at December 31, 2009. As of June 30, 2010, the allowance for loan losses was $69.2 million or 1.27% of loans, net of unearned income, as compared to $67.9 million or 1.18% of loans, net of unearned income at December 31, 2009. 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 93.6% and 93.9% at June 30, 2010 and December 31, 2009, respectively. The coverage ratio for United’s Federal Reserve peer group was 72.5% at March 31, 2010. Total nonperforming assets of $109.9 million, including OREO of $36.0 million at June 30, 2010, represented 1.47% of total assets which also compares favorably to the most recently reported percentage of 3.61% at March 31, 2010 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 13.1% at June 30, 2010 while its Tier I capital and leverage ratios are 11.7% and 9.6%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

Tax-equivalent net interest income for the second quarter of 2010 was $61.7 million, a decrease of $3.5 million or 5% from the second quarter of 2009. This decrease in tax-equivalent net interest income was primarily attributable to a decline in average earning assets of $406.1 million or 6% for the second quarter of 2010. Average net loans declined $434.3 million or 7% for the second quarter of 2010 while average investments decreased $266.8 million or 23% due mainly to maturities and calls of securities which were not fully reinvested from the second quarter of 2009. Average short-term investments increased $295.0 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 37 basis points for the second quarter of 2010 as compared to the same quarter in 2009. Partially offsetting these decreases to tax-equivalent net interest income was a decrease of 43 basis points in the second quarter of 2010 average cost of funds. The net interest margin for the second quarter of 2010 was 3.69%, up 2 basis points from a net interest margin of 3.67% for the second quarter of 2009.

Tax-equivalent net interest income for the first half of 2010 was $123.7 million, a decrease of $5.3 million or 4% from the first half of 2009. This decrease in tax-equivalent net interest income was primarily attributable to a decline in average earning assets of $392.2 million or 5% for the first half of 2010. Average net loans declined $381.3 million or 6% for the first half of 2010 while average investments decreased $297.7 million or 24% due mainly to maturities and calls of securities which were not fully reinvested from the first half of 2009. Average short-term investments increased $286.8 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 39 basis points for the first half of 2010 as compared to the first half of 2009. Partially offsetting these decreases to tax-equivalent net interest income was a decrease of 48 basis points in the first half of 2010 average cost of funds. The net interest margin for the first half of 2010 was 3.67%, up 6 basis points from a net interest margin of 3.61% for the first half of 2009.

United Bankshares, Inc. Announces...

July 23, 2010

Page Three

On a linked-quarter basis, United’s tax-equivalent net interest income for the second quarter of 2010 was relatively flat from the first quarter of 2010, declining $382 thousand or less than 1% due to a decline in average earning assets. Average earning assets decreased $156.1 million or 2% from the first quarter of 2010. Average net loans decreased $145.5 million or 3% while average investments declined $26.6 million or 3% for the quarter. The second quarter of 2010 average yield on earning assets declined 4 basis points while the average cost of funds decreased 8 basis points from the first quarter of 2010. The net interest margin of 3.69% for the second quarter of 2010 was an increase of 4 basis points from the net interest margin of 3.65% for the first quarter of 2010.

For the quarters ended June 30, 2010 and 2009, the provision for credit losses was $6.4 million and $23.3 million, respectively, while the provision for the first six months of 2010 was $13.3 million as compared to $31.3 million for the first six months of 2009. The decrease in the provision for credit losses for 2010 was due mainly to the previously mentioned provision of $17.6 million in 2009 for fraudulent loans made to a commercial customer. Net charge-offs were $5.4 million and $11.9 million for the second quarter and first half of 2010, respectively, as compared to $21.4 million and $28.3 million for the second quarter and first half of 2009. Net charge-offs for the second quarter and first half of 2009 included the $17.6 million for the fraudulent loans. Annualized net charge-offs as a percentage of average loans were 0.39% and 0.43% for the second quarter and first half of 2010, respectively. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 1.56% for the first quarter of 2010.

Noninterest income for the second quarter of 2010 was $17.6 million, which was a slight decrease of $266 thousand from the second quarter of 2009. Included in noninterest income for the second quarter of 2010 was a before-tax, net gain of $796 thousand on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $1.1 million on certain investment securities. Included in noninterest income for the second quarter of 2009 was a before-tax, net loss of $158 thousand on the sale of investment securities and noncash, before-tax other-than-temporary impairment charges of $1.1 million 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 $1.3 million or 7%. This decrease for the second quarter of 2010 was due primarily to a decrease of $846 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. All the other changes in noninterest income items for the second quarter of 2010 as compared to the second quarter of 2009 were insignificant.

Noninterest income for the first half of 2010 was $33.2 million, which was relatively flat compared to the first half of 2009. Included in noninterest income for the first half of 2010 was a before-tax, net gain of $1.9 million on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $2.6 million on certain investment securities. Included in noninterest income for the first half of 2009 was a before-tax, net gain of $6 thousand on the sale of investment securities and noncash, before-tax other-than-temporary impairment charges of $1.2 million 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 $631 thousand or 2%. This decrease for the first half of 2010 was due primarily to a decrease of $595 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

United Bankshares, Inc. Announces...

July 23, 2010

Page Four

value of other derivative financial instruments is included in other expense in the income statement. In addition, revenue from trust and brokerage services decreased $367 thousand due to a decline in volume while fees from deposit services decreased $217 thousand. Partially offsetting these decreases was an increase in income from bank-owned life insurance policies of $975 thousand due to an increase in the cash surrender values.

On a linked-quarter basis, noninterest income for the second quarter of 2010 increased $2.0 million from the first quarter of 2010. Included in the results for the second quarter and first quarter of 2010 were noncash, before-tax, other-than-temporary impairment charges of $1.1 million and $1.5 million, respectively. Also included in the results for the second quarter and first quarter of 2010 were net gains of $796 thousand and $1.1 million, respectively, on the sale of investment securities. Excluding the results of security transactions, noninterest income would have increased $1.9 million or 12% on a linked-quarter basis due primarily to an increase of $893 thousand in fees from deposit services. In addition, income from derivatives not in hedge relationships increased $538 thousand 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. Several other noninterest income items increased for the quarter as well, none of which were individually significant.

Noninterest expense for the second quarter of 2010 was $45.2 million, a decrease of $510 thousand or 1% from the second quarter of 2009 due primarily to a decrease of $1.8 million in FDIC assessment expense because the second quarter of 2009 included the previously mentioned additional accrual of $3.6 million for a special FDIC assessment. Also, as mentioned earlier, expense from derivatives not in hedge relationships decreased $846 thousand due to a change in the fair value. Employee benefits expense decreased $402 thousand as well due mainly to a decline in the expense associated with United’s employee pension plan primarily as a result of an $11 million contribution made in the third quarter of 2009. Partially offsetting these decreases was an increase of $1.8 million in other real estate owned (OREO) costs due mainly to declines in the fair values of OREO properties. In addition, a few other costs increased from last year’s second quarter to partially offset the overall decrease in noninterest expense; however, none were individually significant.

Noninterest expense for the first half of 2010 was $88.9 million, an increase of $1.4 million or 2% from the first half of 2009 due primarily to an increase of $2.2 million in OREO costs due mainly to declines in the fair values of OREO properties. Partially offsetting this increase was a decrease of $797 thousand in employee benefits expense due mainly to a decline in the expense associated with United’s employee pension plan primarily as a result of the $11 million contribution made in the third quarter of 2009.

On a linked-quarter basis, noninterest expense for the second quarter of 2010 increased $1.4 million or 3% from the first quarter of 2010 due primarily to an increase of $1.0 million in OREO costs due mainly to declines in the fair values of OREO properties. Also, as previously mentioned, expense from derivatives not in hedge relationships increased $538 thousand due to a change in the fair value. Partially offsetting these increases was a decrease of $397 thousand in net occupancy expense due to declines in building maintenance, lease and utilities costs.

During the second quarter of 2010, United’s Board of Directors declared a cash dividend of $0.30 per share. United has increased its dividend to shareholders for 36 consecutive years. The annualized 2010 dividend of $1.20 equates to a yield of approximately 5% based on recent UBSI market prices.

United Bankshares, Inc. Announces...

July 23, 2010

Page Five

United Bankshares, with $7.5 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 June 30, 2010 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2010 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						Six Months Ended
	June 30 2010			June 30 2009			June 30 2010			June 30 2009
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	83,679		$	95,434		$	169,332		$	193,103
Interest expense		22,025			30,323			45,642			64,111
Net interest income, taxable equivalent		61,654			65,111			123,690			128,992
Taxable equivalent adjustment		1,490			2,902			3,047			5,866
Net interest income		60,164			62,209			120,643			123,126
Provision for credit losses		6,400			23,251			13,268			31,279
Noninterest income		17,584			17,850			33,157			33,240
Noninterest expenses		45,188			45,698			88,939			87,512
Income taxes		8,241			2,954			16,252			(214	)
Net income	$	17,919		$	8,156		$	35,341		$	37,789
PER COMMON SHARE:
Net income:
Basic	$	0.41		$	0.19		$	0.81		$	0.87
Diluted		0.41			0.19			0.81			0.87
Cash dividends	$	0.30		$	0.29			0.60			0.58
Book value								17.84			17.42
Closing market price							$	23.87		$	19.54
Common shares outstanding:
Actual at period end, net of treasury shares								43,581,834			43,412,424
Weighted average- basic		43,539,531			43,396,901			43,497,809			43,402,034
Weighted average- diluted		43,640,805			43,463,108			43,587,686			43,464,674
FINANCIAL RATIOS:
Return on average assets		0.96	%		0.41	%		0.94	%		0.96	%
Return on average shareholders’ equity		9.23	%		4.27	%		9.20	%		10.07	%
Average equity to average assets		10.36	%		9.70	%		10.20	%		9.51	%
Net interest margin		3.69	%		3.67	%		3.67	%		3.61	%
	June 30 2010			June 30 2009			December 31 2009			March 31 2010
PERIOD END BALANCES:
Assets	$	7,463,360		$	7,847,516		$	7,805,101		$	7,615,243
Earning assets		6,635,280			7,011,338			6,956,322			6,786,218
Loans, net of unearned income		5,463,547			5,890,156			5,736,809			5,601,763
Loans held for sale		879			12,191			5,284			1,953
Investment securities		918,091			1,138,225			966,920			914,001
Total deposits		5,614,144			5,735,910			5,971,100			5,791,903
Shareholders’ equity		777,575			756,383			761,550			769,050

EX-99.2

Exhibit 99.2

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended									Six Months Ended
	June 2010			June 2009			March 2010			June 2010			June 2009
Interest & Loan Fees Income	$	82,189		$	92,532		$	84,096		$	166,285		$	187,237
Tax equivalent adjustment		1,490			2,902			1,557			3,047			5,866
Interest & Fees Income (FTE)		83,679			95,434			85,653			169,332			193,103
Interest expense		22,025			30,323			23,617			45,642			64,111
Net Interest Income (FTE)		61,654			65,111			62,036			123,690			128,992
Credit Loss Provision		6,400			23,251			6,868			13,268			31,279
Non-Interest Income:
Fees from trust & brokerage services		3,461			3,506			3,272			6,733			7,100
Fees from deposit services		10,117			10,255			9,224			19,341			19,558
Bankcard fees and merchant discounts		1,078			1,058			1,042			2,120			1,981
Other charges, commissions, and fees		490			526			358			848			977
Income from bank-owned life insurance		1,185			1,340			1,028			2,213			1,238
Mortgage banking income		129			167			112			241			304
Other non-interest revenue		1,424			2,293			915			2,339			3,308
Net other-than-temporary impairment losses		(1,096	)		(1,137	)		(1,486	)		(2,582	)		(1,232	)
Net gains (losses) on sales/calls of investment securities		796			(158	)		1,108			1,904			6
Total Non-Interest Income		17,584			17,850			15,573			33,157			33,240
Non-Interest Expense:
Employee compensation		14,848			14,751			14,901			29,749			29,698
Employee benefits		4,332			4,734			4,494			8,826			9,623
Net occupancy		4,274			4,154			4,671			8,945			8,706
Other expenses		16,138			16,244			15,140			31,278			31,146
Amortization of intangibles		491			662			534			1,025			1,366
OREO expense		2,648			869			1,620			4,268			2,106
FDIC expense		2,457			4,284			2,391			4,848			4,867
Total Non-Interest Expense		45,188			45,698			43,751			88,939			87,512
Income Before Income Taxes (FTE)		27,650			14,012			26,990			54,640			43,441
Tax equivalent adjustment		1,490			2,902			1,557			3,047			5,866
Income Before Income Taxes		26,160			11,110			25,433			51,593			37,575
Taxes		8,241			2,954			8,011			16,252			(214	)
Net Income	$	17,919		$	8,156		$	17,422		$	35,341		$	37,789
MEMO: Effective Tax Rate		31.50	%		26.59	%		31.50	%		31.50	%		(0.57	%)

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	June  30 2010 Q-T-D Average			June  30 2009 Q-T-D Average			June 30 2010			December 31 2009			June 30 2009
Cash & Cash Equivalents	$	456,010		$	182,500		$	450,309		$	449,767		$	201,899
Securities Available for Sale		766,278			1,001,965			769,594			811,777			958,362
Held to Maturity Securities		70,691			103,138			68,704			77,421			102,168
Other Investment Securities		79,815			78,478			79,793			77,722			77,695
Total Securities		916,784			1,183,581			918,091			966,920			1,138,225
Total Cash and Securities		1,372,794			1,366,081			1,368,400			1,416,687			1,340,124
Loans held for sale		1,827			3,998			879			5,284			12,191
Commercial Loans		3,668,802			3,880,602			3,638,669			3,801,254			3,859,404
Mortgage Loans		1,552,455			1,711,452			1,538,432			1,606,560			1,682,878
Consumer Loans		300,091			357,725			289,857			332,964			352,940
Gross Loans		5,521,348			5,949,779			5,466,958			5,740,778			5,895,222
Unearned income		(3,661	)		(5,491	)		(3,411	)		(3,969	)		(5,066	)
Loans, net of unearned income		5,517,687			5,944,288			5,463,547			5,736,809			5,890,156
Allowance for Loan Losses		(68,273	)		(62,760	)		(69,153	)		(67,853	)		(64,222	)
Goodwill		312,051			312,192			311,878			312,069			312,140
Other Intangibles		4,054			6,362			3,799			4,823			6,019
Total Intangibles		316,105			318,554			315,677			316,892			318,159
Real Estate Owned		40,611			35,858			36,019			40,058			42,223
Other Assets		338,630			294,650			347,991			357,224			308,885
Total Assets	$	7,519,381		$	7,900,669		$	7,463,360		$	7,805,101		$	7,847,516
MEMO: Earning Assets	$	6,695,924		$	7,102,032		$	6,635,280		$	6,956,322		$	7,011,338
Interest-bearing Deposits	$	4,614,184		$	4,690,644		$	4,479,030		$	4,862,943		$	4,669,705
Noninterest-bearing Deposits		1,081,171			1,025,773			1,135,114			1,108,157			1,066,205
Total Deposits		5,695,355			5,716,417			5,614,144			5,971,100			5,735,910
Short-term Borrowings		291,646			494,605			306,427			222,944			426,942
Long-term Borrowings		696,652			860,377			696,551			771,935			852,312
Total Borrowings		988,298			1,354,982			1,002,978			994,879			1,279,254
Other Liabilities		56,842			63,115			68,663			77,572			75,969
Total Liabilities		6,740,495			7,134,514			6,685,785			7,043,551			7,091,133
Preferred Equity		—			—			—			—			—
Common Equity		778,886			766,155			777,575			761,550			756,383
Total Shareholders’ Equity		778,886			766,155			777,575			761,550			756,383
Total Liabilities & Equity	$	7,519,381		$	7,900,669		$	7,463,360		$	7,805,101		$	7,847,516

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended							Six Months Ended
Quarterly/Year-to-Date Share Data:	June 2010		June 2009			March 2010		June 2010		June 2009
Earnings Per Share:
Basic	$	0.41	$	0.19		$	0.40	$	0.81	$	0.87
Diluted	$	0.41	$	0.19		$	0.40	$	0.81	$	0.87
Common Dividend Declared Per Share:	$	0.30	$	0.29		$	0.30	$	0.60	$	0.58
High Common Stock Price	$	31.99	$	27.75		$	28.00	$	31.99	$	33.64
Low Common Stock Price	$	23.82	$	16.81		$	20.15	$	20.15	$	13.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,539,531		43,396,901			43,455,296		43,497,809		43,402,034
Diluted		43,640,805		43,463,108			43,534,435		43,587,686		43,464,674
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	279	$	(55	)	$	388	$	666	$	2
Common Dividends	$	13,078	$	12,599		$	13,051	$	26,129	$	25,193
EOP Share Data:						June 2010		June 2009		March 2010
Book Value Per Share						$	17.84	$	17.42	$	17.68
Tangible Book Value Per Share						$	10.60	$	10.09	$	10.41
52-week High Common Stock Price						$	31.99	$	42.00	$	28.00
Date							04/23/10		09/19/08		03/23/10
52-week Low Common Stock Price						$	16.39	$	13.15	$	16.39
Date							11/20/09		03/06/09		11/20/09
EOP Shares Outstanding (Net of Treasury Stock):							43,581,834		43,412,424		43,498,754
Memorandum Items:
EOP Employees (full-time equivalent)							1,470		1,502		1,465

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended						Six Months Ended
Selected Yields and Net Interest Margin:	June 2010		June 2009		March 2010		June 2010		June 2009
Loans	5.33	%	5.44	%	5.32	%	5.33	%	5.47	%
Investment Securities	4.75	%	5.24	%	4.97	%	4.86	%	5.29	%
Money Market Investments/FFS	0.33	%	0.11	%	0.38	%	0.35	%	0.28	%
Average Earning Assets Yield	5.01	%	5.38	%	5.05	%	5.03	%	5.42	%
Interest-bearing Deposits	1.26	%	1.79	%	1.35	%	1.30	%	1.94	%
Short-term Borrowings	0.06	%	0.16	%	0.05	%	0.06	%	0.20	%
Long-term Borrowings	4.32	%	4.29	%	4.32	%	4.32	%	4.22	%
Average Liability Costs	1.58	%	2.01	%	1.66	%	1.62	%	2.10	%
Net Interest Spread	3.43	%	3.37	%	3.39	%	3.41	%	3.32	%
Net Interest Margin	3.69	%	3.67	%	3.65	%	3.67	%	3.61	%
Selected Financial Ratios:
Return on Average Common Equity	9.23	%	4.27	%	9.17	%	9.20	%	10.07	%
Return on Average Assets	0.96	%	0.41	%	0.92	%	0.94	%	0.96	%
Efficiency Ratio	52.87	%	52.42	%	53.34	%	53.10	%	51.41	%

	June 2010		June 2009		March 2010
Loan / Deposit Ratio	97.32	%	102.69	%	96.72	%
Allowance for Loan Losses/ Loans, net of unearned income	1.27	%	1.09	%	1.22	%
Allowance for Credit Losses (1)/ Loans, net of unearned income	1.31	%	1.13	%	1.26	%
Nonaccrual Loans / Loans, net of unearned income	1.19	%	0.73	%	1.11	%
90-Day Past Due Loans/ Loans, net of unearned income	0.17	%	0.28	%	0.18	%
Non-performing Loans/ Loans, net of unearned income	1.35	%	1.03	%	1.29	%
Non-performing Assets/ Total Assets	1.47	%	1.31	%	1.49	%
Primary Capital Ratio	11.27	%	10.40	%	10.92	%
Shareholders’ Equity Ratio	10.42	%	9.64	%	10.10	%
Price / Book Ratio	1.34	x	1.12	x	1.48	x
Price / Earnings Ratio	14.53	x	26.03	x	16.38	x

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Asset Quality Data:	June 2010			June 2009			December 2009			March 2010
EOP Non-Accrual Loans	$	64,831		$	42,825		$	50,856		$	62,449
EOP 90-Day Past Due Loans		9,055			16,532			20,314			9,959
EOP Restructured Loans		—			1,095			1,087			—
Total EOP Non-performing Loans	$	73,886		$	60,452		$	72,257		$	72,408
EOP Other Real Estate & Assets Owned		36,019			42,223			40,058			41,179
Total EOP Non-performing Assets	$	109,905		$	102,675		$	112,315		$	113,587
	Three Months Ended									Six Months Ended
Allowance for Credit Losses:(1)	June 2010			June 2009			March 2010			June 2010			June 2009
Beginning Balance	$	70,366		$	64,682		$	70,010		$	70,010		$	63,603
Provision Expense		6,400			23,251			6,868			13,268			31,279
		76,766			87,933			76,878			83,278			94,882
Gross Charge-offs		(5,985	)		(21,702	)		(6,935	)		(12,920	)		(29,053	)
Recoveries		580			303			423			1,003			705
Net Charge-offs		(5,405	)		(21,399	)		(6,512	)		(11,917	)		(28,348	)
Ending Balance	$	71,361		$	66,534		$	70,366		$	71,361		$	66,534

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