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, 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 October 26, 2010, United Bankshares, Inc. (“United”) announced its financial results for the third quarter and first nine months 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 October 26, 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:	October 26, 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
October 26, 2010	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Earnings

for the Third Quarter and First Nine Months of 2010

WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2010. Earnings for the third quarter of 2010 were $17.3 million or $0.40 per diluted share while earnings for the first nine months of 2010 were $52.7 million or $1.21 per diluted share.

Third quarter of 2010 results produced a return on average assets of 0.91% and a return on average equity of 8.73%. For the first nine months of 2010, United’s return on average assets was 0.93% while the return on average equity was 9.04%. 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 0.35% and average return on equity of 2.09% for the first half of 2010.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 13.4% at September 30, 2010 while its estimated Tier I capital and leverage ratios are 12.0% and 9.7%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

“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 third quarter and first nine months of 2010 included before-tax, net gains of $132 thousand and $2.0 million, respectively, on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $1.9 million and $4.4 million, respectively, on certain investment securities. In addition, the results for the third quarter and first nine months of 2010 included a positive tax adjustment of $430 thousand due to the expiration of the statute of limitations for examinations of certain years.

Earnings for the third quarter of 2009 were $12.1 million or $0.28 per diluted share while earnings for the first nine months of 2009 were $49.9 million or $1.15 per diluted share. Results for the third quarter of 2009 included before-tax other-than-temporary impairment charges of $11.0 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 to the amounts mentioned above, 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

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assessment, and additional other-than-temporary impairment charges of $1.2 million on certain investment securities. 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.

United’s annualized returns on average assets and average equity were 0.61% and 6.25%, respectively, for the third quarter of 2009. Returns on average assets and average equity were 0.84% and 8.77%, respectively, for the first nine months of 2009.

United’s asset quality also continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.34% at September 30, 2010 compares favorably to the most recently reported percentage of 3.96% at June 30, 2010 for United’s Federal Reserve peer group. At September 30, 2010, nonperforming loans were $71.4 million, down slightly from nonperforming loans of $72.3 million or 1.26% of loans, net of unearned income at December 31, 2009. As of September 30, 2010, the allowance for loan losses was $70.9 million or 1.33% 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 99.4% and 93.9% at September 30, 2010 and December 31, 2009, respectively. The coverage ratio for United’s Federal Reserve peer group was 74.4% at June 30, 2010. Total nonperforming assets of $122.0 million, including OREO of $50.6 million at September 30, 2010, represented 1.61% of total assets which also compares favorably to the most recently reported percentage of 3.34% at June 30, 2010 for United’s Federal Reserve peer group.

Tax-equivalent net interest income for the third quarter of 2010 was $60.4 million, a decrease of $3.6 million or 6% from the third quarter of 2009. This decrease in tax-equivalent net interest income was primarily attributable to a decline in average earning assets of $390.0 million or 6% from the third quarter of 2009. Average net loans declined $463.3 million or 8% for the third quarter of 2010 while average investments decreased $229.1 million or 21% due mainly to maturities and calls of securities which were not fully reinvested from the third quarter of 2009. However, average short-term investments increased $302.3 million to mitigate some of the decline in average earning assets as a result of United placing its excess cash in an interest-bearing account with the Federal Reserve. The average yield on earning assets declined 39 basis points for the third quarter of 2010 as compared to the same quarter in 2009. Partially offsetting the decreases to tax-equivalent net interest income was a decrease of 43 basis points in the third quarter of 2010 average cost of funds. The net interest margin for the third quarter of 2010 was 3.60%, which was equal to the net interest margin for the third quarter of 2009.

Tax-equivalent net interest income for the first nine months of 2010 was $184.1 million, a decrease of $8.9 million or 5% from the first nine months of 2009. This decrease in tax-equivalent net interest income was primarily attributable to a decline in average earning assets of $418.6 million or 6% for the first nine months of 2010. Average net loans declined $408.9 million or 7% for the first nine months of 2010 while average investments decreased $274.6 million or 23% due mainly to maturities and calls of securities which were not fully reinvested from the first nine months of 2009. Average short-term investments increased $264.9 million as a result of United placing its excess cash in an interest-bearing account with the Federal Reserve. The average yield on earning assets declined 37 basis points for the first nine months of 2010 as compared to the first nine months of 2009. Partially offsetting the decreases to tax-equivalent net interest income was a decrease of 46

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basis points in the first nine months of 2010 average cost of funds. The net interest margin for the first nine months of 2010 was 3.65%, up 5 basis points from a net interest margin of 3.60% for the first nine months of 2009.

On a linked-quarter basis, United’s tax-equivalent net interest income for the third quarter of 2010 decreased $1.2 million or 2% from the second quarter of 2010 due to a decline in average net loans and investments. Average net loans decreased $130.8 million or 2% while average investments declined $30.1 million or 3% for the quarter. Overall, average earning assets were relatively flat for the quarter, declining $6.4 million or less than 1% as average short-term investments increased $154.5 million to mostly offset the decline in average net loans and investments. The third quarter of 2010 average yield on earning assets declined 17 basis points while the average cost of funds decreased 8 basis points from the second quarter of 2010. The net interest margin of 3.60% for the third quarter of 2010 was a decrease of 9 basis points from the net interest margin of 3.69% for the second quarter of 2010.

For the quarters ended September 30, 2010 and 2009, the provision for credit losses was $6.1 million and $8.1 million, respectively, while the provision for the first nine months of 2010 was $19.4 million as compared to $39.3 million for the first nine months of 2009. The decrease in the provision for credit losses for the first nine months of 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 $4.7 million and $16.6 million for the third quarter and first nine months of 2010, respectively, as compared to $4.9 million and $33.2 million for the third quarter and first nine months of 2009. Net charge-offs for the first nine months of 2009 included the $17.6 million for the fraudulent loans. Annualized net charge-offs as a percentage of average loans were 0.34% and 0.40% for the third quarter and first nine months of 2010, respectively. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 1.45% for the first six months of 2010. On a linked-quarter basis, United’s provision for credit losses and net charge-offs decreased $277 thousand and $727 thousand, respectively, from the second quarter of 2010.

Noninterest income for the third quarter of 2010 was $15.7 million, which was an increase of $9.2 million from the third quarter of 2009. Included in noninterest income for the third quarter of 2010 were noncash, before-tax, other-than-temporary impairment charges of $1.9 million on certain investment securities. Included in noninterest income for the third quarter of 2009 were noncash, before-tax other-than-temporary impairment charges of $11.0 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 been flat, increasing $21 thousand or less than 1% from the third quarter of 2009. This slight increase for the third quarter of 2010 was due primarily to increases of $231 thousand in income from bank-owned life insurance policies due to an increase in the cash surrender values, $220 thousand in income from derivatives not in hedge relationships due to a change in the fair value, and $73 thousand in fees from trust and brokerage services due to higher volume. A similar amount of expense related to the change in the fair value of derivatives not in hedge relationships is included in other expense in the income statement. Virtually offsetting these increases was a decrease in fees from deposit services of $468 thousand.

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Noninterest income for the first nine months of 2010 was $48.8 million, which was an increase of $9.1 million from the first nine months of 2009. Included in noninterest income for the first nine months of 2010 was a before-tax, net gain of $2.0 million on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $4.4 million on certain investment securities. Included in noninterest income for the first nine months of 2009 was a before-tax, net gain of $88 thousand on the sale of investment securities and noncash, before-tax other-than-temporary impairment charges of $12.2 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 $610 thousand or 1%. This decrease for the first nine months of 2010 was due primarily to decreases of $685 thousand in fees from deposit services, $374 thousand in income from derivatives not in hedge relationships due to a change in the fair value and $294 thousand in fees from revenue from trust and brokerage services due to a decline in the market value of assets under management. A similar amount of expense related to the change in the fair value of derivatives not in hedge relationships is included in other expense in the income statement. Partially offsetting these decreases was an increase in income from bank-owned life insurance policies of $1.2 million due to an increase in the cash surrender values.

On a linked-quarter basis, noninterest income for the third quarter of 2010 decreased $1.9 million from the second quarter of 2010. Included in the results for the third quarter and second quarter of 2010 were noncash, before-tax, other-than-temporary impairment charges of $1.9 million and $1.1 million, respectively. Also included in the results for the third quarter and second quarter of 2010 were net gains of $132 thousand and $796 thousand, respectively, on the sale of investment securities. Excluding the results of security transactions, noninterest income would have decreased $462 thousand or 3% on a linked-quarter basis due primarily to a decrease of $363 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 third quarter of 2010 was $43.9 million, which was relatively flat from the third quarter of 2009, increasing $224 thousand or less than 1%. This slight increase was due mainly to increases of $452 thousand in FDIC insurance expense due to higher premiums to increase the insurance fund for banks, $425 thousand in other real estate owned (OREO) costs due mainly to declines in the fair values of OREO properties and $220 thousand in expense from derivatives not in hedge relationships due to a change in the fair value. Mostly offsetting these increases was a decrease in employee benefits expense of $690 thousand 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. In addition, data processing expense for the third quarter of 2010 declined $167 thousand from the third quarter of 2009.

Noninterest expense for the first nine months of 2010 was $132.8 million, an increase of $1.7 million or 1% from the first nine months of 2009 due primarily to an increase of $2.6 million in OREO costs due mainly to declines in the fair values of OREO properties. In addition, FDIC insurance expense increased $433 thousand due to higher premiums. Partially offsetting these increases was a decrease of $1.5 million 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. In addition, as previously mentioned, expense from derivatives not in hedge relationships decreased $374 thousand due to a change in the fair value.

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On a linked-quarter basis, noninterest expense for the third quarter of 2010 decreased $1.3 million or 3% from the second quarter of 2010 due primarily to a decrease of $647 thousand in OREO costs as losses on sales of OREO properties declined. Also, as previously mentioned, expense from derivatives not in hedge relationships decreased $363 thousand due to a change in the fair value. Employee compensation decreased $235 thousand due to a reduction in commissions and incentives while employee benefits expense declined $204 thousand due to lower pension costs.

During the third 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 above 4% based on recent UBSI market prices.

United Bankshares, with $7.6 billion in assets, presently has 112 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 September 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 September 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						Nine Months Ended
	September 30 2010			September 30 2009			September 30 2010			September 30 2009
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	81,333		$	93,128		$	250,665		$	286,231
Interest expense		20,907			29,104			66,549			93,215
Net interest income, taxable equivalent		60,426			64,024			184,116			193,016
Taxable equivalent adjustment		1,444			2,701			4,491			8,567
Net interest income		58,982			61,323			179,625			184,449
Provision for credit losses		6,123			8,067			19,391			39,346
Noninterest income		15,690			6,523			48,847			39,763
Noninterest expenses		43,898			43,674			132,837			131,186
Income taxes		7,335			4,040			23,587			3,826
Net income	$	17,316		$	12,065		$	52,657		$	49,854
PER COMMON SHARE:
Net income:
Basic	$	0.40		$	0.28		$	1.21		$	1.15
Diluted		0.40			0.28			1.21			1.15
Cash dividends	$	0.30		$	0.29			0.90			0.87
Book value								18.00			17.66
Closing market price							$	24.89		$	19.59
Common shares outstanding:
Actual at period end, net of treasury shares								43,597,507			43,406,545
Weighted average- basic		43,588,021			43,410,532			43,528,210			43,404,920
Weighted average- diluted		43,645,653			43,455,723			43,607,091			43,457,258
FINANCIAL RATIOS:
Return on average assets		0.91	%		0.61	%		0.93	%		0.84	%
Return on average shareholders’ equity		8.73	%		6.25	%		9.04	%		8.77	%
Average equity to average assets		10.47	%		9.73	%		10.29	%		9.59	%
Net interest margin		3.60	%		3.60	%		3.65	%		3.60	%
	September 30 2010			September 30 2009			December 31 2009			June 30 2010
PERIOD END BALANCES:
Assets	$	7,573,020		$	8,082,808		$	7,805,101		$	7,463,360
Earning assets		6,733,138			7,285,613			6,956,322			6,635,280
Loans, net of unearned income		5,324,018			5,789,445			5,736,809			5,463,547
Loans held for sale		1,788			4,969			5,284			879
Investment securities		890,988			1,103,645			966,920			918,091
Total deposits		5,698,383			6,022,666			5,971,100			5,614,144
Shareholders’ equity		784,627			766,546			761,550			777,575

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 2010			September 2009			June 2010			March 2010			September 2010			September 2009
Interest & Loan Fees Income	$	79,889		$	90,427		$	82,189		$	84,096		$	246,174		$	277,664
Tax equivalent adjustment		1,444			2,701			1,490			1,557			4,491			8,567
Interest & Fees Income (FTE)		81,333			93,128			83,679			85,653			250,665			286,231
Interest Expense		20,907			29,104			22,025			23,617			66,549			93,215
Net Interest Income (FTE)		60,426			64,024			61,654			62,036			184,116			193,016
Credit Loss Provision		6,123			8,067			6,400			6,868			19,391			39,346
Non-Interest Income:
Fees from trust & brokerage services		3,215			3,142			3,461			3,272			9,948			10,242
Fees from deposit services		10,098			10,566			10,117			9,224			29,439			30,124
Bankcard fees and merchant discounts		1,093			1,104			1,078			1,042			3,213			3,085
Other charges, commissions, and fees		508			470			490			358			1,356			1,447
Income from bank owned life insurance		1,282			1,051			1,185			1,028			3,495			2,289
Mortgage banking income		118			172			129			112			359			476
Other non-interest revenue		1,108			896			1,424			915			3,447			4,204
Net other-than-temporary impairment losses		(1,864	)		(10,960	)		(1,096	)		(1,486	)		(4,446	)		(12,192	)
Net gains on sales/calls of investment securities		132			82			796			1,108			2,036			88
Total Non-Interest Income		15,690			6,523			17,584			15,573			48,847			39,763
Non-Interest Expense:
Employee compensation		14,613			14,735			14,848			14,901			44,362			44,433
Employee benefits		4,128			4,818			4,332			4,494			12,954			14,441
Net occupancy		4,187			4,124			4,274			4,671			13,132			12,830
Other expenses		16,065			15,799			16,138			15,140			47,343			46,945
Amortization of intangibles		448			618			491			534			1,473			1,984
OREO expense		2,001			1,576			2,648			1,620			6,269			3,682
FDIC expense		2,456			2,004			2,457			2,391			7,304			6,871
Total Non-Interest Expense		43,898			43,674			45,188			43,751			132,837			131,186
Income Before Income Taxes (FTE)		26,095			18,806			27,650			26,990			80,735			62,247
Tax equivalent adjustment		1,444			2,701			1,490			1,557			4,491			8,567
Income Before Income Taxes		24,651			16,105			26,160			25,433			76,244			53,680
Taxes		7,335			4,040			8,241			8,011			23,587			3,826
Net Income	$	17,316		$	12,065		$	17,919		$	17,422		$	52,657		$	49,854
MEMO: Effective Tax Rate		29.76	%		25.09	%		31.50	%		31.50	%		30.94	%		7.13	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	September  30 2010 Q-T-D Average			September  30 2009 Q-T-D Average			September 30 2010			December 31 2009			September 30 2009
Cash & Cash Equivalents	$	614,853		$	307,780		$	712,562		$	449,767		$	577,707
Securities Available for Sale		739,992			936,373			745,079			811,777			932,690
Held to Maturity Securities		67,767			101,648			67,496			77,421			93,246
Other Investment Securities		78,906			77,709			78,413			77,722			77,709
Total Securities		886,665			1,115,730			890,988			966,920			1,103,645
Total Cash and Securities		1,501,518			1,423,510			1,603,550			1,416,687			1,681,352
Loans held for sale		1,304			8,768			1,788			5,284			4,969
Commercial Loans		3,587,518			3,833,221			3,543,273			3,801,254			3,802,531
Mortgage Loans		1,521,663			1,656,791			1,508,536			1,606,560			1,639,152
Consumer Loans		282,883			354,222			275,406			332,964			352,248
Gross Loans		5,392,064			5,844,234			5,327,215			5,740,778			5,793,931
Unearned income		(3,290	)		(4,864	)		(3,197	)		(3,969	)		(4,486	)
Loans, net of unearned income		5,388,774			5,839,370			5,324,018			5,736,809			5,789,445
Allowance for Loan Losses		(69,588	)		(64,375	)		(70,923	)		(67,853	)		(68,082	)
Goodwill		311,877			312,140			311,834			312,069			312,140
Other Intangibles		3,591			5,742			3,350			4,823			5,400
Total Intangibles		315,468			317,882			315,184			316,892			317,540
Real Estate Owned		39,793			43,104			50,567			40,058			44,758
Other Assets		338,064			295,311			348,836			357,224			312,826
Total Assets	$	7,515,333		$	7,863,570		$	7,573,020		$	7,805,101		$	8,082,808
MEMO: Earning Assets	$	6,689,520		$	7,079,538		$	6,733,138		$	6,956,322		$	7,285,613
Interest-bearing Deposits	$	4,513,180		$	4,793,764		$	4,542,216		$	4,862,943		$	4,953,285
Noninterest-bearing Deposits		1,150,999			1,045,448			1,156,167			1,108,157			1,069,381
Total Deposits		5,664,179			5,839,212			5,698,383			5,971,100			6,022,666
Short-term Borrowings		316,066			348,539			329,535			222,944			367,477
Long-term Borrowings		696,459			852,223			696,358			771,935			852,125
Total Borrowings		1,012,525			1,200,762			1,025,893			994,879			1,219,602
Other Liabilities		52,054			58,103			64,117			77,572			73,994
Total Liabilities		6,728,758			7,098,077			6,788,393			7,043,551			7,316,262
Preferred Equity		—			—			—			—			—
Common Equity		786,575			765,493			784,627			761,550			766,546
Total Shareholders’ Equity		786,575			765,493			784,627			761,550			766,546
Total Liabilities & Equity	$	7,515,333		$	7,863,570		$	7,573,020		$	7,805,101		$	8,082,808

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 2010		September 2009		June 2010		March 2010		September 2010		September 2009
Quarterly/Year-to-Date Share Data:
Earnings Per Share:
Basic	$	0.40	$	0.28	$	0.41	$	0.40	$	1.21	$	1.15
Diluted	$	0.40	$	0.28	$	0.41	$	0.40	$	1.21	$	1.15
Common Dividend Declared Per Share:	$	0.30	$	0.29	$	0.30	$	0.30	$	0.90	$	0.87
High Common Stock Price	$	27.25	$	23.56	$	31.99	$	28.00	$	31.99	$	33.64
Low Common Stock Price	$	22.09	$	16.68	$	23.82	$	20.15	$	20.15	$	13.15
Average Shares Outstanding (Net of Treasury Stock):
Basic		43,588,021		43,410,532		43,539,531		43,455,296		43,528,210		43,404,920
Diluted		43,645,653		43,455,723		43,640,805		43,534,435		43,607,091		43,457,258
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	46	$	29	$	279	$	388	$	713	$	31
Common Dividends	$	13,084	$	12,600	$	13,078	$	13,051	$	39,213	$	37,793
					September 2010		September 2009		June 2010		March 2010
EOP Share Data:
Book Value Per Share					$	18.00	$	17.66	$	17.84	$	17.68
Tangible Book Value Per Share					$	10.77	$	10.34	$	10.60	$	10.41
52-week High Common Stock Price					$	31.99	$	35.00	$	31.99	$	28.00
Date						04/23/10		10/02/08		04/23/10		03/23/10
52-week Low Common Stock Price					$	16.39	$	13.15	$	16.39	$	16.39
Date						11/20/09		03/06/09		11/20/09		11/20/09
EOP Shares Outstanding (Net of Treasury Stock):						43,597,507		43,406,545		43,581,834		43,498,754
Memorandum Items:
EOP Employees (full-time equivalent)						1,479		1,497		1,470		1,465

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 2010			September 2009			June 2010			March 2010			September 2010			September 2009
Selected Yields and Net Interest Margin:
Loans		5.30	%		5.45	%		5.33	%		5.32	%		5.32	%		5.47	%
Investment Securities		4.52	%		4.92	%		4.75	%		4.97	%		4.75	%		5.18	%
Money Market Investments/FFS		0.28	%		0.13	%		0.33	%		0.38	%		0.32	%		0.13	%
Average Earning Assets Yield		4.84	%		5.23	%		5.01	%		5.05	%		4.97	%		5.34	%
Interest-bearing Deposits		1.17	%		1.64	%		1.26	%		1.35	%		1.26	%		1.84	%
Short-term Borrowings		0.07	%		0.05	%		0.06	%		0.05	%		0.06	%		0.16	%
Long-term Borrowings		4.33	%		4.29	%		4.32	%		4.32	%		4.32	%		4.24	%
Average Liability Costs		1.50	%		1.93	%		1.58	%		1.66	%		1.58	%		2.04	%
Net Interest Spread		3.34	%		3.30	%		3.43	%		3.39	%		3.39	%		3.30	%
Net Interest Margin		3.60	%		3.60	%		3.69	%		3.65	%		3.65	%		3.60	%
Selected Financial Ratios:
Return on Average Common Equity		8.73	%		6.25	%		9.23	%		9.17	%		9.04	%		8.77	%
Return on Average Assets		0.91	%		0.61	%		0.96	%		0.92	%		0.93	%		0.84	%
Efficiency Ratio		53.24	%		50.94	%		52.87	%		53.34	%		53.15	%		51.26	%
							September 2010			September 2009			June 2010			March 2010
Loan / Deposit Ratio								93.43	%		96.13	%		97.32	%		96.72	%
Allowance for Loan Losses/ Loans, Net of Unearned Income								1.33	%		1.18	%		1.27	%		1.22	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income								1.37	%		1.20	%		1.31	%		1.26	%
Nonaccrual Loans / Loans, Net of Unearned Income								1.10	%		0.83	%		1.19	%		1.11	%
90-Day Past Due Loans/ Loans, Net of Unearned Income								0.24	%		0.41	%		0.17	%		0.18	%
Non-performing Loans/ Loans, Net of Unearned Income								1.34	%		1.26	%		1.35	%		1.29	%
Non-performing Assets/ Total Assets								1.61	%		1.46	%		1.47	%		1.49	%
Primary Capital Ratio								11.21	%		10.26	%		11.27	%		10.92	%
Shareholders’ Equity Ratio								10.36	%		9.48	%		10.42	%		10.10	%
Tier I Capital Ratio								11.97	%(2)		10.74	%		11.73	%		11.32	%
Total Risk-Based Capital Ratio								13.36	%(2)		11.99	%		13.08	%		12.63	%
Leverage Ratio								9.70	%(2)		8.93	%		9.62	%		9.33	%
Price / Book Ratio								1.38	x		1.11	x		1.34	x		1.48	x
Price / Earnings Ratio								15.68	x		17.64	x		14.53	x		16.38	x

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

 (2) Estimated.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	September 2010		September 2009		December 2009		June 2010		March 2010
Asset Quality Data:
EOP Non-Accrual Loans	$	58,302	$	47,933	$	50,856	$	64,831	$	62,449
EOP 90-Day Past Due Loans		12,644		23,854		20,314		9,055		9,959
EOP Restructured Loans		438		1,091		1,087		—		—
Total EOP Non-performing Loans	$	71,384	$	72,878	$	72,257	$	73,886	$	72,408
EOP Other Real Estate Owned		50,567		44,758		40,058		36,019		41,179
Total EOP Non-performing Assets	$	121,951	$	117,636	$	112,315	$	109,905	$	113,587

	Three Months Ended												Year to Date
	September 2010			September 2009			June 2010			March 2010			September 2010			September 2009
Allowance for Credit Losses:(1)
Beginning Balance	$	71,361		$	66,534		$	70,366		$	70,010		$	70,010		$	63,603
Provision Expense		6,123			8,067			6,400			6,868			19,391			39,346
		77,484			74,601			76,766			76,878			89,401			102,949
Gross Charge-offs		(5,420	)		(5,315	)		(5,985	)		(6,935	)		(18,340	)		(34,368	)
Recoveries		742			452			580			423			1,745			1,157
Net Charge-offs		(4,678	)		(4,863	)		(5,405	)		(6,512	)		(16,595	)		(33,211	)
Ending Balance	$	72,806		$	69,738		$	71,361		$	70,366		$	72,806		$	69,738

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